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Finance World Magazine | Edition: December 2024

As 2024 draws to a close, this edition of Finance World Magazine highlights the "UAE's Evolving Financial Landscape", reflecting remarkable transformations that are reshaping its economy. The UAE has not merely adapted to global financial trends but has positioned itself as a proactive architect of future economic paradigms. The cover story features Seyed Mohammad Alizadehfard (Bijan), Board Member, Co-founder and Group CEO of the Phoenix Group. He shares interesting insights on Phoenix Group's role in advancing the UAE's vision for becoming a tech-driven economy and contributions to establishing a sustainable, decentralized future. Furthermore, the issue delves into the transformative changes that have positioned the UAE as a global financial leader, exploring critical themes including the potential impact of U.S. elections on foreign investments and the country's strategies for sustainable growth. Through an in-depth analysis, the magazine examines emerging technologies, strategic investments, and progressive regulatory changes reshaping the region's financial sector, providing a comprehensive overview of the economic dynamics at play.

As 2024 draws to a close, this edition of Finance World Magazine highlights the "UAE's Evolving Financial Landscape", reflecting remarkable transformations that are reshaping its economy. The UAE has not merely adapted to global financial trends but has positioned itself as a proactive architect of future economic paradigms.

The cover story features Seyed Mohammad Alizadehfard (Bijan), Board Member, Co-founder and Group CEO of the Phoenix Group. He shares interesting insights on Phoenix Group's role in advancing the UAE's vision for becoming a tech-driven economy and contributions to establishing a sustainable, decentralized future.
Furthermore, the issue delves into the transformative changes that have positioned the UAE as a global financial leader, exploring critical themes including the potential impact of U.S. elections on foreign investments and the country's strategies for sustainable growth. Through an in-depth analysis, the magazine examines emerging technologies, strategic investments, and progressive regulatory changes reshaping the region's financial sector, providing a comprehensive overview of the economic dynamics at play.

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One way to keep momentum going is

to constantly have greater goals.

Editor’s Note

As 2024 draws to a close, this edition of Finance World

Magazine highlights the “UAE’s Evolving Financial

Landscape”, reflecting remarkable transformations

that are reshaping its economy. The UAE has not merely

adapted to global financial trends but has positioned itself

as a proactive architect of future economic paradigms.

The cover story features Seyed Mohammad Alizadehfard

(Bijan), Co-Founder and Group CEO of the Phoenix Group.

He shares interesting insights on Phoenix Group’s role in

advancing the UAE’s vision for becoming a tech-driven

economy and contributions to establishing a sustainable,

decentralized future.

The issue delves into the transformative changes that have

positioned the UAE as a global financial leader, exploring

critical themes including the potential impact of U.S. elections

on foreign investments and the country’s strategies for

sustainable growth. Through an in-depth analysis, the magazine

examines emerging technologies, strategic investments,

and progressive regulatory changes reshaping the region’s

financial sector, providing a comprehensive overview of the

economic dynamics at play.

Looking ahead to 2025, the edition presents predictive

analysis and key projections for the UAE’s economic trajectory.

A dedicated section provides a detailed examination of the

real estate market, offering valuable metrics and trends for

investors and stakeholders. By combining breakthrough

innovations, lucrative investment opportunities, and analysis

of pivotal regional events within the UAE’s financial landscape.

MCFILL MEDIA &

PUBLISHING MCFILL GROUPMEDIA &

PUBLISHING GROUP

- Ambrish Agarwal, Editor in Chief

- Ambrish Agarwal, Editor in Chief

Published by and © McFill Media & Publishing Group FZE LLC

Published by and © McFill Media & Publishing Group FZE LLC

Dec 2024 www.thefinanceworld.com 5


Contents Dec

2024

FINTECH

COVER STORY

Page 8

Binance’s Leadership: A Year of Crypto

Transformation

P18 | Powering Middle East’s

Web3 Frontier

GLOBAL

BUSINESS INVESTMENTS

P36 | Navigating U.S. Elections and Its Impact

on Foreign Investments in the UAE

P12 | Cyberport: Transforming

Hong Kong into a Global Innovation

Hub

6 www.thefinanceworld.com Dec 2024


INVESTMENT

OPINION

P48 | Decoding Volatility: Essential

Strategies for Smart Investing

Economy

P52 | UAE’s Economic Resilience:

Strategies for Sustaining Growth in a

Changing World

WHEELS

Page 60

Dubai 2024 Witnesses Infrastructure and

Stocks Surge

OPINION

P32 | Mercedes-Maybach SL Class 2026

P65 | Mixed-Use Developments

Redefine Urban Landscape With Key

Focus on Sustainability

Dec 2024 www.thefinanceworld.com 7


FinTech

Source: Supplied

Together, we’ve shown that

crypto is not just here to

stay – it is here to thrive.”

Richard Teng,

CEO of Binance

Binance’s

Leadership: A

Year of Crypto

Transformation

Binance’s Achievements Mark A

Transformative Year, Reinforcing Leadership

In Growth, Compliance, And Innovation.

Over the past year, Binance has strengthened

its position as the world’s leading

cryptocurrency exchange, reaching significant

milestones. With a user base exceeding

200 million and over $100 trillion

in cumulative trading volume, Binance’s

growth also reflects the cryptocurrency

sector’s resilience and maturity. The platform’s

regulatory achievements, workforce

expansion, and enhanced security

measures demonstrate its commitment to

sustainable and responsible development.

This transformative phase highlights Binance’s

influential role in the industry and

signals a new era marked by legitimacy

and widespread acceptance. By setting

new standards, Binance continues to

shape the future of digital assets.

8 www.thefinanceworld.com Dec 2024


The past year has been pivotal for Binance and the

broader crypto industry. Notably, Binance expanded

its user base to over 240 million globally, safeguarding

assets worth over $130B. This remarkable growth was

marked by the platform becoming the first centralised

exchange to surpass $100T in combined all-time spot and

derivatives trading volume. This milestone underscores

the increasing trust and participation from institutional

investors, with the rate of institutional onboarding more

than doubling compared to the previous year.

Binance’s expansion was not limited to user numbers.

The company strategically added 1,600 new employees

globally since November 2023, focusing on world-class

compliance talent. This expansion ensures that Binance

continues to deliver excellence while reinforcing its commitment

to regulatory standards. Such efforts highlight

the broader industry’s maturation, demonstrating that

crypto is no longer on the fringes but an integral part of

the global financial system.

The industry’s resilience is also reflected in the growing

acceptance of Bitcoin ETFs. Approvals in major markets

like the United States, Brazil, Hong Kong, and Australia

signal broader acceptance and integration of digital assets

with traditional financial systems. Net inflows into

Bitcoin ETFs have even surpassed those of gold ETFs,

a testament to crypto’s growing significance. Binance’s

role in these advancements exemplifies its leadership in

driving the industry forward.

A New Era of Responsibility

Binance’s achievements extend beyond growth; they

reflect a commitment to responsible and sustainable

development. The platform now holds over 20 regulatory

approvals worldwide, including recent licenses in

key markets like India and Argentina. This regulatory

leadership underscores Binance’s proactive approach

to compliance and collaboration with global regulators.

In 2024 alone, Binance processed over 55,700 law

enforcement requests and collaborated with more than

13,800 registered officers. This extensive cooperation

demonstrates the platform’s dedication to maintaining

a secure and trustworthy environment. Binance also

conducted over 200 training sessions for law enforcement

agencies, enhancing their ability to combat crypto-related

threats. Events like Binance Law Enforcement Day, which

hosted 1,300 investigators from 80 countries, highlight

the platform’s role in promoting collaborative security.

Responsible growth extends beyond mere compliance;

it involves establishing benchmarks for the entire cryptocurrency

industry. Binance’s development exemplifies

this approach, highlighting the importance of transparency,

collaboration, and robust security practices. While

many exchanges still operate without fundamental KYC

protocols, Binance’s rigorous standards set a model for

others to follow. These measures not only foster trust but

also ensure the long-term sustainability and credibility

of the crypto ecosystem. By prioritising responsible

practices, Binance is paving the way for a more secure

and mature industry, encouraging other platforms to

uphold similar standards for the benefit of the broader

crypto community.

Facing The Future

The future of cryptocurrency appears bright, with Binance

leading this transformative journey. The platform’s impressive

growth over the past year, coupled with favourable

market trends, points to a strong outlook for 2025 and

beyond. Increasing institutional interest in digital assets

underscores their growing acceptance and integration

into traditional financial systems. Moreover, cryptocurrencies

are becoming embedded in mainstream culture

and daily life, expanding their relevance beyond finance

alone. This evolving landscape positions Binance to play

a pivotal role in shaping the future of digital finance,

driving innovation, and fostering broader adoption across

diverse sectors and communities globally.

Innovations such as Bitcoin ETFs and the popularity of

meme-coins illustrate the growing influence of cryptocurrency

beyond traditional financial systems. Memecoins,

in particular, have emerged as a cultural trend, often

introducing younger, internet-savvy individuals to the

crypto world. This phenomenon highlights how digital

assets are increasingly becoming part of everyday life and

culture, bridging the gap between finance and broader

societal trends. The widespread appeal and accessibility

of these innovations suggest that mainstream adoption

of cryptocurrencies is drawing nearer, signalling a future

where digital assets play a more integral role in global

financial and cultural ecosystems.

Binance’s leadership remains dedicated to its core

mission of promoting financial freedom and creating

opportunities on a global scale. Engaging directly with

users and crypto enthusiasts continues to inspire Binance’s

vision, emphasising the vital role of community and empowerment

in its strategy. This unwavering commitment

to user-focused growth distinguishes Binance, enabling

it to stay at the cutting edge of financial innovation. By

prioritising the needs and aspirations of its community,

Binance not only strengthens its platform but also drives

the broader adoption of cryptocurrency, fostering a

more inclusive and accessible financial future for people

around the world.

Binance’s remarkable year signifies the dawn of a

new chapter for the cryptocurrency industry. Achieving

significant milestones in growth, regulatory adherence,

and security, Binance has established new standards of

excellence. As the crypto landscape continues to evolve,

Binance’s leadership will be instrumental in steering the

future of digital finance. By driving innovation, fostering

responsible development, and expanding global opportunities,

the platform not only strengthens its position but

also contributes to the broader acceptance and maturity

of the industry. Binance’s ongoing commitment ensures

that millions worldwide can benefit from a more inclusive

and secure financial ecosystem.

Dec 2024 www.thefinanceworld.com 9


Finance

theUAE

5 Key Metrics

to Watch in

Real Estate

Market

The Dubai real estate market continues to

evolve at a rapid pace, driven by visionary

urban planning, robust infrastructure

development, and an ever-growing appeal

to international investors. Here are five

key trends redefining the landscape:

10 www.thefinanceworld.com Dec 2024


Luxury Properties Leading the Surge

Dubai’s luxury real estate market is booming, with high-net-worth individuals (HNWIs) from

around the globe seeking exclusive properties. Iconic areas like Palm Jumeirah, Downtown

Dubai, and Emirates Hills are witnessing record-breaking sales, with demand fueled by Dubai’s

safe environment, tax-free lifestyle, and high rental yields. Properties with waterfront views,

smart-home technology, and sustainability-focused designs are particularly coveted.

Rise of Affordable Housing Projects

Parallel to the luxury surge, Dubai is prioritizing affordable housing to cater to its growing

expatriate population. Developers are launching budget-friendly apartments and townhouses

in areas like Dubai South, Jumeirah Village Circle (JVC), and Al Furjan. These properties offer

modern amenities, easy payment plans, and proximity to transport links, making them ideal

for young professionals and families.

Tech-Driven Real Estate

The integration of technology is transforming the market. Smart homes with AI-enabled features,

augmented reality (AR) for virtual tours, and blockchain for transparent transactions

are becoming commonplace. Real estate platforms are leveraging big data and AI to provide

personalized experiences for buyers and investors.

Sustainability and Green Buildings

The demand for eco-friendly and energy-efficient homes is increasing. Dubai’s government is

focusing on sustainability through initiatives like the Dubai Green Building Regulations. This

trend is driving developers to integrate sustainable building materials, renewable energy solutions,

and efficient designs into residential and commercial properties.

Government Policies and Expo 2020 Legacy

The real estate market is benefitting from supportive government policies, such as long-term

visas for investors and the continued impact of Expo 2020. Dubai’s position as a global hub

for business, tourism, and investment continues to drive demand for both commercial and

residential properties.

Dec 2024 www.thefinanceworld.com 11


Business Investments

in innovation. With a dynamic network

of 2,100+ companies, including startups

and unicorns, it has collectively raised

an impressive HK$41.2 billion (approx.

USD 5.29 billion). The Macro Fund further

enhances its reputation, with strategic

investments totalling HK$1.94 billion

(USD 249 million) and a notable 1:9 co-investment

ratio, solidifying its appeal to

venture capital and its ability to drive

impactful growth.

Key Strategic Pillars

1. FinTech Innovation: Cyberport has

emerged as a FinTech powerhouse,

hosting over 430 specialized companies.

The ecosystem actively explores cutting-edge

domains like virtual banking,

InsurTech, RegTech, and digital payments,

while simultaneously promoting

sustainable finance through initiatives

like the HKSAR Government-commissioned

Green and Sustainable

FinTech Proof-of-Concept Scheme.

Simon Chan, Chairman of Cyberport

Cyberport: Transforming

Hong Kong into a Global

Innovation Hub

2. Artificial Intelligence and Computational

Power: The launch of Hong

Kong’s largest Artificial Intelligence Supercomputing

Centre (AISC), backed

by the HKSAR Government with HK$3

billion to subsidise computing power usage,

represents a significant leap in technological

infrastructure. This facility

provides unprecedented computational

resources, enabling startups to develop

sophisticated solutions in health and

life science, advanced manufacturing,

new energy, material science, and more.

3. Smart Living and Technological

Solutions: With a dedicated Smart Living

portfolio comprising over 800 companies,

Cyberport is driving innovations

in health technology, educational technologies,

smart mobility, and sustainable

urban development. The HK$265 million

Smart Living Startup Incubation Programme

supports entrepreneurship with

groundbreaking projects in robotics,

IoT, and environmental technologies.

In the fast-paced world of global technology

and finance, Cyberport stands

out as a key driver of digital transformation,

positioning Hong Kong at the

forefront of innovation and entrepreneurial

excellence. Established in 2004 by the

Hong Kong SAR Government, Cyberport

has evolved from an innovation centre

into a thriving ecosystem, propelling startups

and enterprises across high-potential

domains. Its recognition as a “State-level

Scientific and Technological Enterprise

12 www.thefinanceworld.com Dec 2024

Incubator” by China’s Ministry of Science

and Technology underscores its pivotal

role in technological advancement, with

a robust portfolio spanning sectors such

as FinTech, artificial intelligence, digital

entertainment, smart living technologies,

and Web3 innovations.

Investment Landscape and Economic

Impact

The financial achievement of Cyberport

highlights its stature as a powerhouse

4. Web3 and Digital Innovation: Cyberport

exemplifies forward-thinking

leadership by hosting events like the

Digital Entertainment Leadership Forum

and supporting over 270 Web3

enterprises, cementing its position at

the forefront of blockchain, gaming,

and metaverse innovation. Through

its Web3 Hub initiative, Web3 Living

Lab, and proof-of-concept subsidy programs,

Cyberport fosters the adoption

of decentralized technologies. These


initiatives ensure startups have access

to the necessary resources to

experiment, innovate, and thrive in

a rapidly evolving digital landscape.

Global Connectivity and Market

Expansion

Cyberport’s strategic partnerships extend

across critical global markets, including

the Middle East, ASEAN, and Europe,

connecting Mainland China to the world.

Specific collaborations with notable organizations

like Dubai Future Foundation

and Saudi Arabian KACST facilitate

cross-border innovation exchanges and

provide startups with unprecedented

access to international investment and

expansion opportunities.

Cyberport Campus, Hong Kong

Key Facts

Established: Founded in 2004 by the Hong Kong SAR Government.

Community: Home to over 2,100 companies, including startups

and unicorns.

Funding Raised: Startups have collectively secured HK$41.2 billion

(USD 5.2 billion) in funding.

Macro Fund Investments: HK$1.94 billion (USD 249 million)

invested, with a co-investment ratio of 1:9.

Core Focus Areas: FinTech, Smart Living, Digital Entertainment,

Artificial Intelligence, and Web3.

Global Reach: Partnerships extend across the Middle East, ASEAN,

Europe, and beyond.

AI Supercomputing Centre: Supported by the HKSAR Government

with HK$3 billion to accelerate AI innovation.

SME Support: The HK$500 million Digital Transformation Support

Pilot Programme has benefitted over 1,400 SMEs.

Talent Development: Offers internships, university partnerships,

and training programs to nurture future leaders.

Supporting the Entrepreneurial Ecosystem

The platform offers comprehensive support

mechanisms:

• Up to HK$1.1 million in funding for

startups

• Rent-free office spaces

• Comprehensive mentorship programs

• Access to networks of global investors,

established enterprises, forefront

technology companies, leading

professional services to accelerate

corporate growth

• Digital transformation resources for

SMEs

Talent Development and Future

Outlook

Recognizing human capital as the most

critical asset, Cyberport has established

robust partnerships with universities and

launched targeted training programs. Key

initiatives include Cyberport Academy,

comprehensive internship programs, strategic

university collaborations, specialized

professional training initiatives.

The Digital Transformation Support Pilot

Programme, with a HK$500 million budget,

has already supported over 1,400 SMEs

in their digital evolution, ensuring their

competitiveness in a rapidly changing

technological landscape.

As Hong Kong solidifies its position

in the global innovation landscape, Cyberport’s

mission is clear to energize the

digital economy and position Hong Kong

as a premier global hub for innovation

and technology. More than a platform,

Cyberport bridges entrepreneurial ambition

with technological advancement,

offering the infrastructure, funding, and

global connections necessary for success.

Dec 2024 www.thefinanceworld.com 13


Technology

Source: Ai generated

Understanding how AI-driven trading could lead to faster and more efficient markets.

Could Artificial

Intelligence

Change the Way of

Investing?

AI Emerges as a Game-Changer,

Providing Investors with Powerful

Tools and Insights.

The investment landscape has traditionally

been dominated by human expertise,

market intuition, and countless hours of

research and analysis. However, as artificial

intelligence continues to evolve at

an unprecedented pace, we stand at the

cusp of a transformation that could fundamentally

alter how we approach investing.

From automated trading systems to predictive

analytics, AI is not just augmenting

human capabilities – it’s revolutionizing the

entire investment ecosystem, promising

a future where data-driven decisions and

algorithmic precision become the new

normal. AI-powered tools are empowering

investors to identify patterns, uncover

hidden opportunities, and mitigate risks

with unprecedented efficiency.

14 www.thefinanceworld.com Dec 2024


The integration of AI into investment

strategies represents more than

just a technological upgrade; it’s

a paradigm shift in how we analyze, predict,

and execute investment decisions.

Traditional investment methods rely

heavily on human analysis of historical

data, market trends, and company

fundamentals. While these approaches

have served the industry well, they’re

inherently limited by human cognitive

capabilities and the sheer volume of data

available in today’s markets.

AI systems, particularly machine learning

algorithms, can process and analyze vast

amounts of data in real-time, identifying

patterns and correlations that might escape

even the most experienced human

analysts. These systems can simultaneously

monitor multiple markets, analyze news

feeds, track social media sentiment, and

evaluate company financials – all while

learning and adapting their strategies

based on new information. For instance,

natural language processing algorithms

can now analyze thousands of earnings

calls, news articles, and social media posts

in seconds, providing instant insights

into market sentiment and potential

investment opportunities.

One of the most significant advantages

of AI in investing is its ability to remove

emotional bias from decision-making. Human

investors often fall prey to cognitive

biases like fear, greed, and confirmation

bias, leading to suboptimal investment

decisions. AI systems, operating purely

on data and predetermined parameters,

can maintain objectivity even in volatile

market conditions. This emotional neutrality

has proven particularly valuable during

market crises, where human investors

might panic-sell while AI systems stick

to their programmed strategies.

The democratization of investing

through AI-powered platforms is another

transformative aspect. Robo-advisors,

powered by sophisticated algorithms, are

making professional-grade investment

strategies accessible to retail investors.

These platforms can provide personalized

portfolio management, tax-loss harvesting,

and rebalancing services at a fraction of

the cost of traditional financial advisors.

Companies like Betterment and Wealthfront

have already demonstrated the viability

of this model, managing billions of dollars

in assets while maintaining low fees and

high accessibility.

However, the rise of AI in investing

also presents significant challenges

and considerations. The complexity of

AI algorithms can create a “black box”

problem, where the reasoning behind

investment decisions becomes opaque.

This lack of transparency raises concerns

about accountability and risk management.

Additionally, the increasing reliance on

AI systems could potentially amplify

market volatility if multiple systems react

similarly to the same signals, creating a

cascade effect in market movements.

The role of human expertise in this

AI-driven future remains crucial. Rather

than replacing human investors entirely,

AI is more likely to evolve into a powerful

tool that enhances human decision-making.

The most effective approach appears

to be a hybrid model, combining

AI’s analytical capabilities with human

judgment, experience, and strategic

thinking. This collaboration allows for

the exploitation of AI’s computational

power while maintaining the strategic

oversight and contextual understanding

that humans provide.

​The regulatory landscape surrounding

AI-driven investing is rapidly evolving as

financial authorities grapple with unprecedented

challenges. At the forefront, the

Securities and Exchange Commission

(SEC) and other global regulatory bodies

are developing comprehensive frameworks

that seek to balance technological

innovation with market stability and

investor protection. These regulations

primarily focus on ensuring algorithmic

accountability, where investment firms

must maintain detailed documentation

of their AI trading strategies and provide

clear explanations of their models’

decision-making processes. This push

towards “explainable AI” represents

a significant shift from the traditional

“black box” approach, requiring firms

to implement systems that can trace

and justify automated trading decisions.

Cybersecurity concerns have also

emerged as a critical consideration. As

investment decisions become increasingly

automated, protecting AI systems

from manipulation and cyber attacks

becomes paramount. The industry must

invest heavily in security measures to

prevent potential market disruptions

caused by compromised AI systems.

The integration of AI into investing represents

a transformative shift that could

democratize access to sophisticated

investment strategies while potentially

improving efficiency and reducing human

bias. However, this transformation

For emerging economies,

AI is a game-changer. It

enables better services

without the constraints

of conventional

development.”

Omar Sultan Al Olama,

UAE Minister of State for Artificial Intelligence,

Digital Economy, and Remote Work

Applications

isn’t without its challenges. The key to

successful AI integration lies in striking

the right balance between technological

innovation and human oversight.

As we move forward, the question isn’t

whether AI will change investing – it

already has. The real question is how we

can harness this technology’s potential

while maintaining market stability and

protecting investor interests. The future

of investing likely lies in the successful

collaboration between human expertise

and artificial intelligence, creating a more

efficient, accessible, and sophisticated

investment landscape.

While challenges remain in terms of

transparency, regulation, and integration,

the potential benefits of AI in investing are

too significant to ignore. As technology

continues to evolve, we can expect to

see even more innovative applications

of AI in the investment world, potentially

revolutionizing how we think about and

approach investing in the years to come.

Dec 2024 www.thefinanceworld.com 15


Funding & Investment News

UAE Startup Funding to

Triple to $2B by 2024

The UAE and wider GCC region are

set to witness a significant surge

in startup funding from Q4 2024

through 2025, driven by the reversal of

interest rate cycles, enhancing equity

funding’s appeal. Experts predict venture

capital and private equity investments

in the UAE to triple, reaching $2B by

2024 and $2.5B in 2025. This growth,

fuelled by favourable regulations and

a thriving tech ecosystem, is attracting

global investors. However, experts

foresee a structural shift, with investors

prioritising safer instruments like

robust cash coupons and equity-linked

options. Khaled Talhouni of Nuwa

Capital emphasises that national budgets

and oil prices will influence this

trajectory. Sharaf Sharaf from Amplify

Growth Partnership notes a focus on

strong cash flows over mere growth

metrics, favouring startups with steady

revenue streams.

FasterCapital Launches

Global EV Funding

Programme

FasterCapital, a UAE-based investment

firm, has launched a

global initiative to support and

fund electric vehicle (EV) startups as

part of its Raise Capital programme.

The initiative seeks to empower innovative

EV companies by providing

financial backing, and strategic advice.

Responding to the increasing demand

for sustainable transport solutions

both in the Middle East and globally,

FasterCapital will assist EV startups

at various stages, from concept development

to market expansion. Support

includes mentorship from industry

experts, financial planning, and connections

within the EV ecosystem.

“EV startups play a critical role in

shaping sustainable mobility,” said

Hesham Zreik, CEO of FasterCapital,

highlighting the initiative’s mission to

foster impactful innovation. Tailored

support will address each startup’s

unique needs. By empowering these

startups, the initiative seeks to drive

advancements in clean transportation.

The program aims to accelerate the

adoption of EV technologies.

Locad Targets Middle East Expansion with $9M

Fundraise

Singapore-headquartered Locad,

a digital logistics platform, has

secured $9M in a Pre-Series B

round to support international expansion,

starting with the UAE and Saudi

Arabia. The round was led by Global

Ventures and Reefknot Investments,

with participation from Sumitomo

Equity Ventures and existing backers

such as Antler Elevate and Febe Ventures.

Funds will also enhance Locad’s

AI-driven logistics capabilities. Locad

offers a Cloud Supply Chain-as-a-Service,

integrating e-commerce and retail

sales channels into a unified inventory

and logistics system. Its Control Tower

platform provides real-time analytics

and AI-automated workflows. CEO

Constantin Robertz highlighted Locad’s

mission to simplify omnichannel

distribution and localized fulfillment,

expanding from its APAC base into

the GCC and US, aiming to deliver

seamless, localized experiences for

global brands.

Singapore Fund to Invest $1.4B in Dubai’s AMIS

Development

Singapore-headquartered First

APAC Fund VCC plans to invest

up to AED 5B ($1.36B) in Dubai’s

AMIS Development. Managed by Pilgrim

Partners Asia (PPA), the fund is

currently finalising its due diligence on

the real estate developer. AMIS Development

aims to leverage this funding to

expand its land bank, project pipeline,

global partnerships, technology, and

project teams, enhancing both local

and international operations. Founder

and CEO Neeraj Mishra highlighted

that the investment reaffirms AMIS’s

commitment to luxury real estate and

boosts its capacity to undertake larger

projects. Notably, in September 2024,

the company awarded the main construction

contract for its ‘Woodland

Residences’ project to Dar Al Aayan

Contracting, showcasing its continued

focus on high-end developments.

MBR Innovation Fund Signs MoU with Wio Bank

The Mohammed Bin Rashid Innovation

Fund (MBRIF), launched

by the Ministry of Finance to

support innovation in the UAE, has

signed an MoU with Wio Bank PJSC,

the region’s first platform bank. The

partnership offers MBRIF members

exclusive benefits through Wio Bank’s

tailored digital banking solutions. As

part of the agreement, members will

receive a comprehensive Business

Bundle, which includes streamlined

onboarding, a six-month free subscription

to Wio Business, and quarterly

networking sessions on innovative

banking solutions. Wio Business, the

bank’s flagship digital banking app,

provides businesses with efficient financial

management tools. The suite of

lending solutions available to MBRIF

members includes supply chain finance,

overdraft facilities, and a credit

card for SMEs, along with access to

a workshop on banking solutions for

start-ups.

16 www.thefinanceworld.com Dec 2024


UAE-Finland Business Council Discusses Boosting Mutual Investments

The first meeting of the UAE-Finland

Business Council in Helsinki

focused on fostering mutual

investments and collaboration across

various sectors. Discussions covered

transport and logistics, education,

aquaculture, biotechnology, health,

IT, AI, energy, and sustainable solutions.

Humaid Mohamed bin Salem,

Secretary General of the Federation

of UAE Chambers of Commerce and

Industry, stressed the importance of

strengthening trade ties and diversifying

private sector investments between the

two nations. Leading the UAE delegation,

Bin Salem emphasised leveraging

Finland’s expertise in research and

development, education, start-ups, and

innovation. Both sides highlighted the

potential for significant economic and

technological cooperation, aiming to

build a robust partnership that benefits

from each country’s unique strengths

and advances shared goals.

Innovative Startups & SMEs Fund Invests $5M in

Saqr Fund II

The Innovative Startups & SMEs

Fund (ISSF) has announced a

$5M investment in Saqr Fund II,

managed by Vision Ventures. Saqr Fund

II focuses on supporting early-stage

startups from pre-seed to pre-Series

B stages. This move aligns with ISSF’s

mission to bolster Jordan’s startup

ecosystem. Mohammed Al-Muhtaseb,

ISSF CEO, highlighted Vision Ventures’

strong commitment to Jordanian

companies, enhancing access to Saudi

and GCC markets. Kais Al Essa, Vision

Ventures CEO, emphasized the value

of Jordan’s talent and innovation, describing

the region as interconnected.

Vision Ventures, the MENA region’s

most active VC since 2019, aims to

foster cross-market partnerships and

M&As, benefiting the entire ecosystem

through this strategic collaboration

with ISSF.

Saudi Aramco Unit Eyes $1B Investment in US Firm

Mavenir

Hamriyah Free Zone Highlights

Investment Potential

at Big 5 Global 2024

The Hamriyah Free Zone Authority

(HFZA) in Sharjah is presenting

promising investment opportunities

at the 45th edition of Big 5 Global

2024, which began today at the Dubai

World Trade Centre. At this prominent

event, bringing together experts and

specialists in urban development and

construction, HFZA will showcase

its extensive suite of services and

facilities designed for investors. The

authority is highlighting its advanced

infrastructure and unique advantages,

including efficient logistics solutions

and a diverse range of products that

support manufacturers, particularly in

the building and construction sectors.

Additionally, HFZA is emphasizing its

efficient logistics network and comprehensive

offerings tailored to meet the

varied needs of businesses operating

within the free zone.

Saudi Aramco’s digital subsidiary

is in discussions to invest $1B in

U.S.-based telecommunications

software maker Mavenir, potentially

valuing the company at $3B, according

to sources. The deal, which could be

finalised by the end of the year, would

give Aramco Digital a significant minority

stake. Mavenir, working with

investment bank Evercore, has kept

the negotiations confidential. This

move marks Aramco Digital’s first

major foray into the telecommunications

sector, aligning with Saudi

Arabia’s Vision 2030 initiative to drive

technological innovation and diversify

its economy. The investment signals

Aramco’s growing interest in expanding

beyond oil into high-tech sectors,

further strengthening the kingdom’s

global presence in emerging digital

markets.

Dec 2024 www.thefinanceworld.com 17


OVER

S

Cover Story

18 www.thefinanceworld.com Dec 2024


TORY

Dec 2024 www.thefinanceworld.com 19


Cover Story

Seyed Mohammad

Alizadehfard

Co-Founder &

Group Chief Executive Officer

of Phoenix Group

20 www.thefinanceworld.com Dec 2024


In an Exclusive Conversation with Seyed Mohammad Alizadehfard

Founded in 2017 by entrepreneurs

Seyed and Munaf Ali, Phoenix Group

has emerged as a key innovator

in the cryptocurrency and blockchain

sector. Through his vision and leadership,

the company transformed from a

startup to a major player and a multi-billion

dollar listing on the Abu Dhabi

Securities Exchange. Phoenix Group’s

reputation was made by developing

state-of-the-art cryptocurrency mining

facilities across the world including

the United States, Canada, CIS, and

the UAE. It is the 4th largest Bitcoin

miner in the world. Phoenix Group has

diversified its portfolio beyond mining

and has made key strategic investments

in Web 3 projects including M2, the

UAE’s homegrown crypto exchange,

Lyvely, a revolutionary social media

platform that puts power back in the

hands of content creator and Rekt

Studios, an immersive gaming company

that uses blockchain to create cutting

edge products that enhance gameplay.

Q: What initially drew you to the

cryptocurrency space, and how did

the idea of Phoenix Group take

shape?

In one of those sliding door moments,

in 2012, a client settled an invoice with

Bitcoin. That was my first real encounter

with cryptocurrency, and it completely

captured my attention. I became obsessed

with learning everything I could about this

emerging technology. I spent hours, days,

and weeks deep-diving into blockchain

and cryptocurrencies.

While many mining

companies were

struggling with market

volatility, we maintained

strong profitability.”

What intrigued me most was the transformative

potential—the ability to decentralize

finance, increase transparency,

and eliminate inefficiencies in traditional

financial systems.

At that time, I was already conceptualizing

a company that could operate in the

UAE, one that could navigate complex

regulatory landscapes while harnessing

the innovative potential of blockchain.

While it took a few more years of planning

– at that moment, the idea of Phoenix

Group was born.

Our mission was clear from the beginning:

to create a best-in-class organization

that could bridge the gap between technological

innovation and regulatory compliance.

I wanted to provide robust and

reliable solutions in the cryptocurrency

space that would adhere to, and even exceed

regulatory compliance while pushing

the boundaries of what is possible when

delivering all of the new opportunities

cryptocurrency and blockchain create.

Q: Building a company that bridges

innovation and regulation is no

small feat. What were the defining

moments in Phoenix Group’s

journey toward becoming the first

publicly listed cryptocurrency firm

in the region?

Several defining moments have occurred

in our journey. Having Munaf as my partner

was, and is, a blessing. In the early

days of cryptocurrency, people used to

come and ask why we had left traditional

finance and entered this new world of

cryptocurrency. They could not understand.

Now of course, that has changed.

People are now asking – how can I get

into this business? Munaf and I navigated

thousands of complex challenges together

from the theoretical to the physical,

even installing mining machines ourselves

in the early days. Our public listing on

the Abu Dhabi Securities Exchange was

truly a watershed moment—not just for

Phoenix Group, but for the entire blockchain

ecosystem in the region. It was a

powerful validation of our commitment

to transparency and innovation.

We’ve had several defining milestones

since then. We developed the largest mining

farm in the MENA region and formed

strategic partnerships that have pushed the

boundaries of what’s possible. Our recent

collaboration with Tether to launch a UAE

Dirham-pegged stablecoin is a perfect

example of how we balance cutting-edge

innovation with rigorous regulatory compliance.

These achievements aren’t just

business wins—they represent our broader

mission of establishing Phoenix Group as

a pioneering force in the digital economy.

Q: In an industry where speculation

often overshadows substance, how

does Phoenix Group approach creating

lasting value for its stakeholders?

At Phoenix Group, our strategy has

always been about substance. We’ve

deliberately built a diversified business

model that spans multiple verticals—

mining, hosting, trading, technology

incubations, and strategic investments.

This approach isn’t just a strategy; it’s

our core philosophy of resilience. Take

2024, for example. Our diversification

acted as a strategic buffer, allowing us

to navigate market fluctuations with remarkable

stability. The cryptocurrency

industry is inherently complex, but we’ve

turned that complexity into an opportunity.

We provide our shareholders with

a sophisticated pathway to benefit from

Bitcoin’s growth and the broader cryptocurrency

ecosystem. Whether it’s through

mining operations, trading platforms, or

strategic investments in emerging blockchain

technologies, we offer a comprehensive

approach to crypto investment.

Transparency and security are not just

buzzwords for us—they’re fundamental

principles. Our stakeholders don’t just

invest in a company; they invest in our

forward-thinking approach to the digital

economy. We’re not just riding the wave of

cryptocurrency; we’re shaping its future.

Q: How do you scale operations while

maintaining efficiency and compliance

across multiple continents?

Scaling our operations efficiently is

a complex art that our long experience

has allowed us to master.

We’ve strategically

positioned our mining

facilities across four

key regions—the United

States, Canada, the

United Arab Emirates,

and the CIS Countries.”

But it’s not just about geographical

spread; it’s about intelligent, purposeful

Dec 2024 www.thefinanceworld.com 21


Cover Story

deployment. Our approach to mining

is holistic. We’re committed to

renewable energy sources like solar

and wind, which isn’t just an environmental

statement—it’s a strategic

business decision. By reducing our

carbon footprint, we simultaneously

lower operational costs and enhance

our long-term sustainability.

Our proprietary data management

systems are essentially the nervous system

of our operations. We can monitor

and optimize energy consumption and

mining efficiency in real time, which

gives us an unprecedented level of

operational control. We’re continuously

investing in next-generation miners that

enhance our power while minimizing

energy consumption.

Regulatory compliance is not an afterthought

for us—it’s a core component of

our business model. We maintain close,

proactive partnerships with regulatory

bodies in each jurisdiction, ensuring

we’re always ahead of evolving local

laws related to data security, energy

use, and financial reporting. We’ve also

integrated AI and machine learning tools

that enable predictive maintenance

and real-time operational adjustments.

This means we can reduce downtime

and maintain consistent performance

across our global network. These technical

capabilities, combined with our

rigorous compliance standards, allow

us to scale our operations without ever

compromising operational integrity.

Q: Your recent partnership with

Tether to develop a stablecoin pegged

to the UAE dirham has sparked

conversations about the future of

digital finance. What’s the broader

vision behind this initiative?

The UAE Dirham-pegged stablecoin is

our answer to bridging traditional finance

and the digital economy. In partnership

with Tether, the world’s largest stablecoin

provider, we’re developing a digital

currency that offers stability, security,

and global accessibility. This isn’t just

a product launch—it’s a strategic initiative

designed to facilitate seamless

transactions while providing a robust

mechanism to mitigate foreign exchange

risks. By creating a stablecoin directly

linked to the UAE Dirham, we’re offering

a financial instrument that combines the

best of cryptocurrency’s innovation with

the reliability of a strong, stable national

currency.

Tether’s decision to

partner with Phoenix

Group is itself a powerful

validation.”

As the leading stablecoin provider globally,

their choice to collaborate with us

underscores our reputation as the most

sophisticated cryptocurrency company

in the Middle East region. More importantly,

it highlights the UAE’s pivotal role

in shaping the future of the global digital

economy. This partnership is more than

a business agreement—it’s a statement

about the UAE’s commitment to technological

innovation and financial leadership.

We’re not just participating in the digital

economy; we’re actively designing its next

evolutionary stage.

Q: The concept of a borderless

economy sounds revolutionary. How

do you see Phoenix Group contributing

to creating a global financial

ecosystem without barriers?

When I first explored digital assets years

ago, I was captivated by a transformative

vision—how blockchain could facilitate

frictionless international trade and create

unprecedented economic opportunities.

My goal for Phoenix

Group was always

clear: to leverage

blockchain technology

to dismantle traditional

financial barriers and

drive global financial

inclusivity, and to do

this from the strategic

hub of the UAE.”

Through initiatives like the UAE Dirham-pegged

stablecoin developed with

Tether, we enable seamless cross-border

transactions while reducing currency

conversion costs and promoting financial

accessibility, particularly in regions with

limited banking infrastructure.

Our diversified operations serve as

the fundamental infrastructure for decentralized

digital services, empowering

users and businesses across the global

landscape. By strategically positioning

our mining facilities across continents and

integrating renewable energy solutions, we

ensure our operations are not just cost-efficient,

but environmentally sustainable.

Our investments extend beyond mining.

Platforms like Lyvely and M2 in the Web3

space are expanding economic opportunities,

particularly in innovative areas

like social content monetization. These

aren’t just investments—they’re strategic

interventions designed to reshape digital

economic participation. Ultimately, our

mission transcends technology. Through

continuous education and outreach initiatives,

we’re bridging knowledge gaps and

actively constructing a genuinely global,

decentralized financial ecosystem. We’re

not just observers of this digital transformation—we’re

architects.

Q: Phoenix Group’s multi-million

investment in a crypto mining farm

in Oman has been a bold move.

What excites you most about this

project, and how does it fit into the

company’s larger strategy?

The multi-million investment in Oman

represents a milestone in our expansion

strategy. We’re making a calculated move

into a region with exceptional energy

infrastructure and a progressive regulatory

landscape. Oman’s stable and

cost-effective electricity grid provides an

ideal environment for high-performance

cryptocurrency mining. But what makes

this project truly distinctive is our commitment

to integrating renewable energy

sources, particularly solar power. This

isn’t just an environmental gesture—it’s

a fundamental approach to operational

sustainability.

By leveraging Oman’s energy infrastructure,

we’re achieving multiple objectives.

We’re expanding our mining capabilities,

reducing operational costs, and setting

a new standard for sustainable mining

practices across the GCC region. This

investment demonstrates our ability to

identify and capitalize on strategic geographic

opportunities that align with our

technological and environmental commitments.

Our Oman project is a blueprint

for how advanced technology companies

can create value while maintaining envi-

22 www.thefinanceworld.com Dec 2024


ronmental responsibility. We’re proving

that high-performance digital infrastructure

can coexist with sustainable energy

practices.

Q: Blockchain technology has implications

far beyond cryptocurrency.

How is Phoenix Group exploring

applications in other industries,

and what sectors hold the most

potential in your view?

Blockchain’s potential extends far beyond

traditional financial applications,

and at Phoenix Group, we’re actively

demonstrating that through strategic

ventures like Rekt Studios in e-gaming

and Lyvely in social content monetization.

These ventures showcase how

blockchain can revolutionise industries

beyond finance, bringing transparency,

efficiency, and empowerment to creators

and consumers alike.

Q: What has fueled the growth of

blockchain and crypto innovation

in the Middle East, and how does

Phoenix Group align with the region’s

broader tech vision?

As a homegrown UAE company listed

on the Abu Dhabi Securities Exchange,

our mission is deeply intertwined with

the UAE’s vision to become the global

epicentre of Web3 and cryptocurrency

innovation.

Our listing on the

Abu Dhabi Securities

Exchange is a statement

of our commitment to

transparency, our belief

in the UAE’s technological

vision, and our role in

driving this transformative

digital revolution.”

The Middle East—and the UAE in particular—has

emerged as a world leader

in blockchain, and this is no accident.

Our success is a direct result of visionary

government policies, a remarkably robust

regulatory framework, and strategic economic

diversification efforts. Initiatives

like the Dubai Blockchain Strategy and

the ADGM RegLab for FinTech have transformed

this region into a fertile ecosystem

for technological innovation. The UAE

government’s proactive stance, including

regulatory clarity on ICOs, exchanges,

and digital assets, has attracted major

players in the industry and encouraged

local startups to innovate. This environment

has accelerated adoption, with over

41% of the UAE’s adult population using

cryptocurrencies as of 2024, the country

showcases growing acceptance and integration

of digital assets into daily life,

holding the third-highest adoption rate

in the world.

Q: As blockchain technology evolves,

debates about environmental sustainability

continue. How is Phoenix

Group addressing concerns related

to energy consumption in crypto

mining?

Phoenix Group addresses energy consumption

challenges in crypto mining

through renewable energy integration

and advanced technologies. Our approach

demonstrates a commitment to sustainability

without compromising operational

performance.

In the Middle East, we’ve implemented

solar-powered mining farms that significantly

reduce carbon emissions and operating

costs. These initiatives align with

global sustainability goals while providing

economic advantages by insulating our

operations from volatile energy markets.

We’ve invested in cutting-edge ASIC miners

that optimize computational output

while minimizing energy consumption.

These high-efficiency technologies allow

us to maintain competitive performance

while dramatically reducing our environmental

footprint. Our predictive analytics

systems play a crucial role in energy

management. By continuously monitoring

and analyzing energy use, we identify

inefficiencies and implement real-time

optimizations that reduce waste and

enhance overall operational efficiency.

By proactively addressing environmental

concerns, Phoenix Group not only

strengthens its operational resilience

but also reinforces its commitment to

creating a sustainable and responsible

blockchain industry.

Q: Your journey as a leader has

been both inspiring and challenging.

What are some of the most

significant lessons you’ve learned

while navigating the complexities

of blockchain and finance?

When I first entered the crypto space,

I realized how much I didn’t know, and I

needed to educate myself to get ahead of

the curve – I could never be complacent.

This mindset has been fundamental to

Phoenix Group’s approach, keeping us

agile in an industry defined by constant

transformation. Blockchain is a complex

ecosystem that operates at the intersection

of technology, finance, and policy. Success

here requires more than technical expertise;

it demands a holistic understanding

of how these domains interconnect. For

us, this means actively fostering collaboration

across diverse stakeholders – from

regulators and investors to technologists

and end-users.

We’ve taken a proactive approach to

industry engagement, working closely

with governments to help shape forward-thinking

regulations. Instead of

viewing regulatory frameworks as obstacles,

we see them as opportunities

to create more robust and responsible

blockchain solutions. Our collaborative

strategy ensures that our innovations are

not just cutting-edge, but also practical

and scalable. Continuous learning is our

core philosophy. In an industry where

technological advancements emerge at

lightning speed, the ability to adapt is our

most valuable asset. This approach has

allowed us to navigate the volatile blockchain

landscape, transforming potential

challenges into strategic opportunities. By

maintaining our commitment to learning,

collaboration, and adaptability, Phoenix

Group has positioned itself as a leader

in the blockchain ecosystem. We don’t

just respond to change – we anticipate

and drive it.

Q: Phoenix Group’s public listing

was a turning point for the industry.

What message do you think it sent

to investors and policymakers about

the credibility of cryptocurrency?

Our public listing on the Abu Dhabi

Securities Exchange marked a pivotal moment

for Phoenix Group and the broader

blockchain industry. This milestone went

beyond a traditional initial public offering;

it represented a significant validation of

blockchain’s potential to integrate with

established financial ecosystems. The success

of our IPO demonstrated that cryptocurrency

ventures can operate within

robust regulatory frameworks, challenging

long-standing perceptions about the industry’s

volatility. By choosing the Abu

Dhabi Securities Exchange, we aligned

ourselves with the UAE’s strategic vision

Dec 2024 www.thefinanceworld.com 23


Cover Story

of economic diversification and technological

innovation. For investors, our listing

provided unprecedented transparency and

credibility. We effectively bridged the gap

between innovative blockchain technology

and traditional investment mechanisms,

offering a compelling narrative of operational

excellence and strategic vision.

For policymakers, it demonstrated how

regulatory clarity can attract investment,

foster innovation, and drive economic

growth. This event set a precedent for

other blockchain companies to follow,

establishing a pathway for legitimacy

and mainstream adoption. Our listing

was more than a financial transaction.

It was a statement about the future of

digital assets; transparent, regulated,

and increasingly integrated into global

economic systems.

Q: What role does trust play in an

industry where scepticism often

dominates the narrative, and how

does Phoenix Group work to earn

and maintain that trust?

Trust is the cornerstone of our business

at Phoenix Group, and we’ve built our

reputation through an unwavering commitment

to transparency, performance,

and accountability. We rigorously adhere

to both local and international regulatory

standards, ensuring our operations are

not just legal, but exemplary. Regular,

independent audits and comprehensive

stakeholder reporting are more than procedural

requirements for us; they’re a

fundamental expression of our organizational

values. Our financial performance

speaks volumes about our credibility.

In Q2 2024, we delivered

a remarkable 141%

year-over-year net profit

growth, demonstrating

that innovative blockchain

ventures can generate

sustainable returns.”

This combination of operational excellence

and a forward-thinking ethos

positions Phoenix Group as a trustworthy

leader in blockchain.

Q: The idea of Web3 is transforming

how we think about the internet

and data ownership. How do you

envision the Phoenix Group contributing

to this next evolution of

the digital world?

Phoenix Group is committed to positioning

the UAE as a global hub for Web3

innovation. Our strategic investments in

M2, Lyvely, and Rekt Studios are more

than financial commitments—they’re

a deliberate effort to catalyze the next

generation of decentralized technologies.

Our vision extends beyond individual

projects. We’re focused on constructing

a comprehensive Web3 ecosystem that

provides seamless access to decentralized

technologies, empowering both users

and developers. By creating a robust

infrastructure for decentralized finance

(DeFi) and tokenized economies, we’re

reimagining how value can be exchanged

and stored. Collaboration is key to our

approach. We work closely with regulators

and technology partners to develop secure,

transparent, and scalable platforms that

can drive widespread Web3 adoption. Our

goal is to create an environment where

innovative ideas can flourish, breaking

down traditional barriers to entry and

democratizing technological access.

Q: From an entrepreneurial standpoint,

how do you identify opportunities

in a space that’s as dynamic

and unpredictable as blockchain

and crypto?

At Phoenix Group, opportunity identification

is a strategic art form. We maintain

a vigilant approach, continuously

scanning technological landscapes, regulatory

shifts, and market dynamics to

anticipate industry trends before they

become mainstream.

For instance, the growing emphasis

on sustainability has led us to focus on

renewable energy-powered mining farms,

which reduce costs and align with global

environmental goals. Our diversification

strategy is equally deliberate. By investing

in complementary industries like gaming,

DeFi, and social monetization, we capitalize

on blockchain’s broader applications

beyond cryptocurrency.

This multifaceted approach enables

us to adapt to industry shifts and seize

emerging opportunities while maintaining

a resilient and innovative portfolio.

Q: Regulations around cryptocurrency

are constantly evolving. How

do you see governments and private

players working together to shape

the future of the industry?

Governments play a pivotal role in

establishing the legal and regulatory

frameworks that make cryptocurrency

accessible and secure for global markets.

For example, The United Arab Emirates

(UAE) offers a prime example of a progressive

regulatory environment, with

clear guidelines on digital assets and

initial coin offerings (ICOs) that have

accelerated innovation and positioned

the region as a leader in blockchain adoption.

Such comprehensive frameworks

create the stability and trust essential

for the cryptocurrency industry’s longterm

growth and mainstream acceptance.

Private sector innovators like Phoenix

Group complement these governmental

efforts by pushing technological boundaries

and identifying practical applications

for blockchain technology. Their

work extends beyond mere regulatory

compliance, creating solutions that not

only align with public policy objectives

but also expand the potential use cases

for decentralized finance and Web3

ecosystems. These connections and understandings

between public policy and

private innovation are crucial to shaping

a balanced and inclusive crypto future.

Q: How does Phoenix Group differentiate

itself in an increasingly

competitive market, particularly

with global players entering the

space?

Phoenix Group’s differentiation lies in

its ability to integrate sustainability with

innovation on a regional and global scale.

Our adoption of renewable

energy-powered mining

and efficient hardware

technologies makes us

a leader in sustainable

blockchain solutions.”

While competitors focus on niche aspects

of blockchain or cryptocurrency,

24 www.thefinanceworld.com Dec 2024


operational stability.

Moreover, our leadership team actively

engages with regulatory bodies and industry

experts to anticipate and adapt to

changes in the global blockchain landscape.

We push boundaries, but we do so

strategically, always with our stakeholders’

interests at the forefront.

Q: Looking ahead, what excites you

most about the future of Phoenix

Group, and what can we expect

from you and the company in the

coming decade?

When I reflect on Phoenix’s journey,

I’m reminded of the vision Munaf and I

shared from the beginning. We recognized

the transformative potential of blockchain

early on, navigating challenging periods

while maintaining our strategic focus.

Today, we’ve reached a

critical inflexion point

where businesses,

investors, and the global

market increasingly

appreciate the

revolutionary potential of

blockchain technology.”

we operate across multiple verticals,

including mining, trading, hosting, and

investments.

Additionally, our strategic focus on

scalability and compliance ensures that

we can grow in both regulated and emerging

markets. By continually aligning with

regional and global trends, we provide

stakeholders with long-term value and

innovative opportunities that are both

secure and forward-looking. Being the only

home-grown blockchain company listed

in UAE also gives us unrivalled knowledge

in this region which has become the very

centre of growth and innovation in the

blockchain universe.

Q: Your leadership style is often

described as visionary yet pragmatic.

How do you strike the balance

between pushing boundaries and

mitigating risks?

A leader must balance visionary leadership

with clear risk management, guided

by careful strategic planning and a data-driven

approach to decision-making.

At Phoenix Group, we do prioritize innovation

but not to the exclusion of everything

else. We ensure comprehensive risk

assessments and a robust understanding

of the underlying market dynamics.

Our core philosophy is

simple: innovation with

intelligence.”

This allows us to pursue ambitious

projects like stablecoin development or

mining expansions without jeopardizing

What truly motivates me is our mission

to create a borderless financial ecosystem.

Blockchain represents more than just a

technological innovation—it’s a powerful

tool for democratizing financial access and

empowering communities that have been

traditionally underserved by conventional

financial systems. Phoenix Group has

deliberately built a strong foundation that

balances innovative thinking with rigorous

compliance. We’re not just observing the

digital finance revolution; we’re actively

shaping it. Our strategic positioning in the

UAE provides us with a unique platform

to drive meaningful change, expanding

our impact both regionally and globally.

The coming years represent an extraordinary

opportunity for growth and

transformation. We intend to be at the

forefront of that change, turning technological

potential into tangible economic

opportunities.

Dec 2024 www.thefinanceworld.com 25


Finance

What’s

Next for

UAE

As

the UAE continues to evolve as a global

powerhouse, 2025 is set to be a pivotal

year for the nation. From cutting-edge

innovations to economic diversification,

here’s a glimpse of what’s on the horizon:

in

20

25

?

26 www.thefinanceworld.com Dec 2024


1

Tech-Driven Economy: AI and

Blockchain Revolution

The UAE has always been at the forefront of adopting

new technologies, and 2025 will see AI and blockchain

technologies deeply integrated into everyday life.

The nation’s ambitious AI Strategy 2031 will accelerate

automation in sectors like healthcare, finance,

and retail, while blockchain will power government

services, enhancing transparency and efficiency.

3

The Space Race: UAE’s

Cosmic Ambitions

By 2025, the UAE aims to further solidify its position

as a leader in space exploration. After the success of

the Mars mission, Hope Probe, the country is planning

to launch new missions. Additionally, the UAE is set

to host the International Space Conference in 2025,

bringing together global leaders and innovators in

the space industry to collaborate on future space

exploration initiatives and technologies.

5

Digital Transformation of

Government Services

The UAE government is pushing boundaries in digital

governance. By 2025, we can expect a fully integrated,

smart city experience, where everything from healthcare

to finance to public services will be accessible

at the tap of a button. The digitalization of the entire

nation’s infrastructure is expected to make the UAE

one of the most efficient and user-friendly places to

live, work, and invest in the world.

2

Sustainability Takes Center

Stage

The UAE is set to become a model of sustainability.

As the world shifts towards renewable energy,

the UAE’s Net Zero 2050 commitment will gain momentum,

with vast investments in solar power and

green technologies. Expect to see eco-friendly urban

developments and sustainable transport solutions

shaping the cities of tomorrow. With Expo 2020’s

sustainability legacy, the UAE is laying the foundation

for a greener future.

4

Tourism 2.0: The Next Chapter

in Luxe Travel

The UAE is gearing up for a tourism surge but with

a twist. With the development of futuristic attractions

like The Museum of the Future and SeaWorld

Abu Dhabi, the tourism landscape will shift towards

high-tech experiences. From virtual reality theme

parks to underwater hotels, 2025 promises unique,

tech-infused travel adventures. Plus, the UAE’s cultural

heritage will take centre stage with a rise in

luxury cultural tourism.

Dec 2024 www.thefinanceworld.com 27


FinTech

Source: Supplied

Dubai is synonymous with

luxury, and the influx of

UHNWIs in recent years is

exemplary.”

Mike Meldman,

Founder and Chairman of Discovery Land

Company

UHNWIs Drive

Dubai’s $4.4 Billion

Property By End of

2024

Dubai’s Ultra-Luxury Real Estate Market

Attracts Ultra-High-Net-Worth Individuals,

Boosting Investments and Innovation.

Dubai’s ultra-luxury real estate market

continues to thrive, driven by a surge in

interest from ultra-high-net-worth individuals

(UHNWIs). With residential sales

reaching AED 120 billion in Q3 2024, Dubai

has cemented its reputation as a global

hub for luxury investments. Projections

indicate that UHNWIs will spend an impressive

$4.4 billion on Dubai properties

by the end of 2024, marking a 76% increase

from the previous year. This upward trend

highlights the city’s appeal, combining

lucrative business opportunities with an

unparalleled lifestyle. Developers, such as

Discovery Land Company, are responding

with innovative luxury projects designed

to meet the growing demand, further solidifying

Dubai’s position.

28 www.thefinanceworld.com Dec 2024


Dubai’s ultra-luxury real estate sector is witnessing

unprecedented growth, solidifying the emirate’s status

as a prime destination for ultra-high-net-worth

individuals (UHNWIs). Residential sales hit AED 120 billion

in Q3 2024, representing an impressive 30% increase compared

to the same period in 2023. This surge underscores the

emirate’s robust market potential, with UHNWIs projected to

invest $4.4 billion in Dubai properties by the end of 2024—a

staggering 76% increase from the previous year, according

to Knight Frank.

The Driving Factors Behind The Surge

Several factors contribute to Dubai’s appeal among global

investors. The emirate offers an enticing combination of

business opportunities, political stability, and a luxurious

lifestyle. Its strategic location, favourable tax environment,

and investor-friendly policies make it an attractive choice for

wealth preservation and growth. The recent influx of UHN-

WIs reflects a broader trend where Dubai is not just seen as

a luxury destination but a hub for economic prosperity and

high-quality living.

Mike Meldman, Founder and Chairman of Discovery Land

Company, commented on this trend: “Dubai is synonymous

with luxury, and the influx of UHNWIs in recent years is exemplary.

This demographic has invested heavily in the city’s

real estate landscape and is one of the key reasons for our

expansion into the Middle East.”

Innovative Development Shaping the Future

To meet this growing demand, developers are unveiling innovative

projects tailored to UHNWIs’ expectations. Discovery

Dunes, developed by the Discovery Land Company, is a prime

example. Positioned in Dubai South’s Golf district, Discovery

Dunes offers exclusive members-only premium residences

spread across 27 million square feet. This development is

part of a broader trend where luxury real estate goes beyond

opulent homes, incorporating personalised services and

unique lifestyle experiences.

Discovery Dunes will feature world-class amenities, including

concierge-style services that cater to members’ every

need—from organising travel to booking golf lessons. The

development aims to offer “elevated luxury” through curated

experiences, ensuring that members and their families enjoy

unparalleled comfort and convenience.

Market Trends and Future Projections

The rise of innovative concepts such as elite private clubs,

underwater suites, and bespoke developments reflects the

evolving preferences of UHNWIs. These projects are not

merely about luxury but about offering unique, immersive

experiences. The high demand for ultra-luxury properties

also signals a broader acceptance of Dubai as a global hub

for elite living.

According to CBRE, the consistent growth of Dubai’s real

estate market reflects its maturity and resilience, attracting

increased institutional interest. Financial institutions and

investment firms now view Dubai as a stable, lucrative market

with long-term potential. This confidence is bolstered by the

city’s progressive stance on finance and innovation, exemplified

by the approval of Bitcoin ETFs and the integration of digital

assets. Such initiatives position Dubai as a forward-thinking

global hub, enhancing its appeal to investors seeking modern,

diversified opportunities. These developments underscore

Dubai’s commitment to staying at the forefront of economic

and technological advancements.

Discovery Dunes: A New Standard in Luxury

Discovery Dunes is set to redefine luxury living in Dubai. The

development is strategically located in Dubai South, near

the area’s airport expansion project, which is expected to

accommodate a million residents. This positioning ensures

that Discovery Dunes is at the heart of one of Dubai’s most

promising regions.

The project offers more than just residences. Members

will have access to organic farms, equestrian facilities, kids’

clubs, and cultural programming. The exclusive Discovery

Downtown, located at The Dubai EDITION Hotel, will feature

a signature restaurant, private dining room, and a state-of-theart

golf simulator. These amenities are designed to provide

an all-encompassing luxury experience, creating long-lasting

memories for members and their families.

Meldman added: “With Discovery Dunes, our goal is to take

this to the next level and provide our members and their entire

families with unforgettable experiences in an ideal market

such as the United Arab Emirates, which was our first choice

when we had made our decision to expand in the region.”

The Broader Impact on Dubai’s Economy

The influx of UHNWIs and the development of ultra-luxury

projects like Discovery Dunes carry substantial economic

benefits for Dubai. These high-value investments not only

drive real estate sales but also stimulate job creation across

various sectors, from construction to hospitality. Additionally,

the luxury market’s growth enhances tourism and attracts

global attention, further cementing Dubai’s status as a premier

destination for affluent individuals. This expansion bolsters

the emirate’s reputation as a global hub for high-end living,

innovation, and investment, contributing significantly to

its overall economic resilience and long-term development

prospects.

In conclusion, Dubai’s ultra-luxury real estate market is

entering a dynamic new era, fuelled by strong demand from

UHNWIs and groundbreaking developments. As the city

continues to redefine luxury living, projects like Discovery

Dunes highlight the future of real estate—where opulence

meets innovation, and every detail is meticulously crafted

for an exceptional experience. With a bright outlook for

2025 and beyond, Dubai stands at the forefront of global real

estate, setting new benchmarks and reaffirming its position

as a leader in luxury living, poised to shape the future with

unmatched sophistication and visionary projects.

Dec 2024 www.thefinanceworld.com 29


Healthcare News

Dubai Autism Center

Launches UAE’s First

Autism-Friendly Dental

Clinic

The Dubai Autism Center (DAC)

has launched the UAE’s first

autism-friendly dental clinic,

developed in collaboration with Curaden,

the company behind the Curaprox

brand. Located within DAC’s premises,

the clinic caters to the unique needs

of individuals on the autism spectrum,

offering specialized oral care in an environment

designed to be sensitive to

their sensory preferences. Mohammed Al

Emadi, Director General of DAC, stated

that the clinic underscores the center’s

commitment to inclusive services for

all community members, particularly

people of determination. He also expressed

gratitude to Curaden for their

role in enhancing the dental experience

for individuals with autism, with the

clinic’s innovative design, advanced

technology, and trained staff providing

crucial support to the community. This

pioneering initiative sets a benchmark

for inclusive healthcare, ensuring they

receive tailored care with dignity.

Interstitial Lung

Disease Summit 2024:

Over 140 Experts

Gather Regionally

The Interstitial Lung Disease (ILD)

Summit, hosted by Boehringer

Ingelheim, convened over 140

healthcare professionals from the

Middle East and Africa to discuss advancements

in managing conditions like

Idiopathic Pulmonary Fibrosis (IPF),

Progressive Fibrosing ILD (PF-ILD),

and Systemic Sclerosis-associated ILD

(SSc-ILD). The fourth edition, held on

22–23 November in Dubai, was accredited

by ACCME and BACME. Ousama

AlHaj, General Manager for UAE and

Near East, emphasised the importance

of early diagnosis, multidisciplinary

coordination, and sharing clinical insights

to enhance patient outcomes. The

summit fostered dialogue on scientific

guidelines and challenges in diagnosis

and prognosis, aiming to improve ILD

care and ultimately benefit patients

across the region.

Arab Health to Address MEA’s $3.29B Wearable

Medical Device Market

Arab Health, the Middle East’s

largest healthcare event, will

highlight the rapid expansion

of the region’s wellness wearables

market, projected to surpass $3.29B by

2033. SPER Market Research reports an

18.1% Compound Annual Growth Rate

(CAGR) from 2024 to 2033, encompassing

devices like smartwatches, fitness

trackers, ECG monitors, insulin pumps,

and continuous glucose monitors. These

wearables track vital signs, activity,

sleep, and glucose levels. Globally, the

market is expected to exceed $151B

by 2029. Growth is driven by rising

chronic disease rates, an ageing population,

and investments in preventive

care. Technological advancements in

sensors, connectivity, and real-time

alerts are boosting adoption, offering

better health management and reducing

hospitalisation.

Dubai Makes History With The Launch Of Gýneco

Gýneco Clinic has opened its

doors today, marking a new era

in women’s healthcare across the

GCC. As the first clinic dedicated solely

to aesthetic and functional gynaecology,

Gýneco offers advanced, tailored treatments

for women at every stage of life.

By combining cutting-edge technology

with holistic care, the clinic aims to

empower women and break stigmas

around intimate health. From aesthetic

services like labiaplasty, vaginoplasty,

and intimate makeovers to functional

treatments for menopause, urinary

incontinence, and postnatal rehabilitation,

Gýneco addresses a wide spectrum

of needs. Beyond healthcare, Gýneco

fosters open, supportive conversations,

ensuring each woman feels confident

and understood. This transformative

initiative is redefining women’s health,

creating a space where wellness and

empowerment go hand in hand.

Dubai Insurance and Aster DM Healthcare

Launch “Vibrance Senior”

Dubai Insurance and Aster DM

Healthcare have launched “Vibrance

Senior,” an innovative

health insurance plan specifically

designed for senior residents in the

UAE. This first-of-its-kind plan offers

comprehensive medical services

through Aster’s extensive network

of hospitals, clinics, and pharmacies.

It addresses key challenges faced by

seniors, providing specialised care for

chronic diseases, arthritis, and longterm

conditions. The plan includes

preventive screenings, advanced treatments,

and holistic disease management,

ensuring seniors maintain their

health and well-being. Additionally,

the package offers home-based care

via TruDoc’s telehealth platform and

My Aster, enabling seniors to access

consultations and follow-ups from the

comfort of their homes. This initiative

marks a significant step towards enhancing

healthcare accessibility and

quality for the elderly population in

the UAE.

30 www.thefinanceworld.com Dec 2024


Mubadala-Owned KELIX Bio Acquires Four Pharma Assets of GHH

Mubadala Investment Company

has empowered its new specialty

pharmaceutical business,

KELIX Bio, to acquire a 100% stake

in four pharma assets of GlobalOne

Healthcare Holding (GHH). These assets,

previously owned by Yas Holdings,

include Bioventure, Bioventure Healthcare,

Gulf Inject, and Wellpharma. While

the financial details were not disclosed,

this acquisition strengthens Mubadala’s

position in the life sciences sector and

enhances the UAE’s global leadership

in the field. The four companies bring

valuable expertise: Bioventure is a key

player in biopharma and generics commercialisation,

Bioventure Healthcare

leads in soft gelatin capsule production,

Gulf Inject excels in sterile fluid and

parenteral therapy, and Wellpharma is

a top producer of intravenous therapies

in the region.

Abu Dhabi Launches World’s First Long-Life Health

Medicine Clinic

Abu Dhabi has unveiled the world’s

first dedicated long-life health

clinic, the Institute for Healthier

Living Abu Dhabi (IHLAD). Licensed by

the Department of Health – Abu Dhabi

(DoH), IHLAD is the first specialised

centre in the world for healthy longevity

medicine. This milestone follows the

institute’s successful adherence to

DoH’s licensing framework standards.

IHLAD aims to optimise the health

span of individuals by addressing the

ageing process and chronic disease

progression throughout life. Offering

a mix of preventative and therapeutic

approaches, the institute will use AI-enabled

personalised treatments, tailored

to each patient’s biology, lifestyle, goals,

and clinical needs. This initiative is set

to revolutionise the way individuals

approach long-term health.

Saudi Almoosa Health to Launch IPO by Year-End

Saudi hospital operator Almoosa

Health is set to launch its initial

public offering (IPO) before the

end of the year, potentially one of the

largest listings in Saudi Arabia this

year. The company will offer 13.3

million shares, representing 30% of

its equity, with approval granted by

the Saudi Capital Market Authority in

September. The approval is valid for

six months. The IPO is expected to be

similar in size to that of Fakeeh Care

Group, which raised $764M. Almoosa

operates a network of facilities, including

its flagship Al Ahsa hospital, which

opened in 1996. Its peer hospital operators,

such as Saudi German and Dr

Sulaiman Al Habib, trade at P/E ratios

of 20.6 and 36.1 times, respectively.

Abu Dhabi to Host European

Arab Medical

Congress

Abu Dhabi will host the 34th European

Arab Medical Congress

on 11th–12th December 2024,

organised by the Emirates Scholar

Centre for Research and Studies, part

of the Emirates Science and Research

Foundation. Held in collaboration with

the Zayed Higher Organisation for

People of Determination (ZHO) and the

Arab Med Union in Europe, the event

will take place at ZHO’s headquarters.

Supported by the European Medical

Association (EMA) and the Abu Dhabi

Convention and Exhibition Bureau, the

congress will gather leading experts

from Europe and the Arab world to

discuss medical innovations, health

technologies, and global healthcare

challenges. With over 40 scientific

sessions and interactive workshops,

it aims to foster knowledge exchange

and enhance healthcare service quality.

Dec 2024 www.thefinanceworld.com 31


Wheels

Mercedes-Maybach

SL Class 2026

9-speed 800 Nm

Auto Transmission

Torque

577 HP

Horsepower

The 2026 Mercedes-Maybach SL Class

sets a new standard for ultra-luxury

vehicles by merging exceptional

performance with unparalleled comfort.

As a member of the esteemed Maybach

brand, this vehicle integrates state-ofthe-art

technology with classic luxury,

resulting in a unique and distinguished

driving experience.

At the heart of the SL Class lies a

powerful 4.0-litre twin-turbocharged V8

engine, which generates 577 horsepower

and 800 Nm of torque. This engine

works in conjunction with a 9G-TRON-

32 www.thefinanceworld.com Dec 2024


IC automatic transmission, providing a

seamless combination of performance

and sophistication. The vehicle achieves

acceleration from 0 to 100 kmph in merely

4.0 seconds, with an electronically limited

top speed of 259 kmph. Equipped with

a 4MATIC+ all-wheel-drive system, the

SL Class guarantees outstanding traction

and stability across diverse driving conditions,

whether navigating winding roads

or travelling on highways.

Aerodynamic design significantly influences

both the vehicle’s performance and

its visually striking appearance. The front

grille features Maybach-specific chrome

accents, while the detailed pattern on

the hood enhances its elegance. The

streamlined and sculpted body design

facilitates improved airflow, thereby increasing

stability and efficiency, along

with reducing drag. Furthermore, the

notable 21-inch forged wheels, offered

in either a 5-hole Monoblock or multispoke

configuration, serve to accentuate

the vehicle’s exclusivity.

The interior of the SL Class epitomizes

comfort and luxury. The cabin is adorned

with MANUFAKTUR Crystal White Nappa

leather, creating an opulent sensory experience.

Maybach’s commitment to luxury

is evident in the geometric seat design,

which ensures aesthetic appeal alongside

comfort. The vehicle incorporates

advanced technology, featuring digital

driver displays with Maybach-specific

animations and intuitive multimedia controls.

Enhanced sound insulation creates

a tranquil environment for passengers,

allowing them to enjoy the journey in

peace.

Mercedes-Maybach’s vision for the SL

Class encompasses not only performance

and design but also a dedication to sustainability

and innovation. This vehicle

harmonises advanced hybrid technologies

with traditional craftsmanship. The

bespoke tuning of its suspension system

and braking capabilities contributes to

an unparalleled driving experience.

Standard rear-wheel steering enhances

manoeuvrability, while the high-performance

braking system guarantees precise

control at elevated speeds.

In summary, the 2026 Mercedes-Maybach

SL Class exemplifies the pinnacle of

automotive luxury by integrating power,

comfort, and exclusivity. It delivers an

unmatched driving experience, setting

a new benchmark within the luxury automobile

sector. Whether driving along

the highway or navigating sharp turns,

the SL Class ensures a journey that is

both exhilarating and serene, providing

its occupants with a remarkable blend

of experiences.

Dec 2024 www.thefinanceworld.com 33


Merger and Acquisition News

Middle East M&A Market Sees 7% Increase in Deal Volume

Middle Eastern mergers and acquisitions

(M&A) are thriving, with a

7% increase in deal volume during

the first nine months of 2024, despite a

13% global decline, according to BCG’s

2024 M&A Report. Investors in the region

are increasingly focusing on sectors

such as logistics, energy, and advanced

technology, reflecting a shift towards

economic diversification. The report

highlights substantial investments across

various industries, including industrial

and logistics, technology and telecommunications,

and energy and renewables.

Noteworthy deals like the $1B logistics

acquisition and the $3.2B engineering

bid emphasize the region’s commitment

to strengthening industrial capabilities.

Additionally, significant investments in

satellite communications, AI for energy,

and renewable energy projects, such as

the $2.7bn renewable energy transaction,

demonstrate the region’s progressive

focus on clean energy.

ADNOC Gas to Acquire

60% Stake in Ruwais

LNG by H2 2028

ADNOC Gas has announced that it

expects to acquire ADNOC’s 60%

stake in the Ruwais LNG plant in

the second half of 2028, at an estimated

cost of $5B. The company is managing

the plant’s construction, design, and

marketing of LNG volumes, with over

7 mtpa of its 9.6 mtpa capacity already

committed to international customers. Dr.

Ahmed Mohamed Alebri, CEO of ADNOC

Gas, highlighted that the acquisition is

central to ADNOC Gas’ global growth

strategy and will strengthen its position

in the LNG market. The Ruwais LNG

project will more than double ADNOC

Gas’ current LNG capacity, featuring

two electrically powered liquefaction

trains, setting a new standard for lowcarbon

intensity LNG production in the

MENA region.

Middle East M&A Market Drives Economic

Diversification

Middle Eastern mergers and

acquisitions (M&A) are progressing

steadily, driven by

resilient investment and a strong focus

on economic diversification. BCG’s 2024

M&A Report highlights a 7% rise in deal

volume in the first nine months of 2024,

while global deal volume fell by 13%.

Investors in the region are targeting

key sectors like logistics, energy, and

advanced technology, signalling a shift

toward a more diversified economy.

Despite global caution, energy, financial

services, and technology companies

continue with strategic deals, driving

transformative change. Additionally,

the consumer sector is increasingly

active, suggesting growing interest in

high-impact transactions. Sectors such

as healthcare, technology, and energy

will likely remain dominant in shaping

future M&A activity.

Maarif Education Signs Agreement to Acquire

Ibn Khaldoun Education Company

Maarif Education, one of Saudi

Arabia’s largest education

companies with over 50 years

of experience in K12 education, has signed

a definitive agreement to acquire 100%

of Ibn Khaldoun Education Company

(IKEC). The deal, pending approval from

relevant authorities, represents one of

the largest investments in the Kingdom’s

education sector, boosting Maarif’s size by

nearly 60%. IKEC operates four schools in

Riyadh with around 13,000 students, and

post-acquisition, Maarif’s total enrollment

will exceed 36,000. This move aligns with

Maarif’s expansion strategy, strengthening

its position as the largest K12 education

company in Saudi Arabia by revenue and

coverage, and positioning it as a regional

leader. The agreement was signed by

Dr. Husam Zaman and Mr. Thunayyan

al Obaikan in Riyadh.

34 www.thefinanceworld.com Dec 2024


Beyon Solutions Advances Acquisition of Link Development

Beyon Solutions, part of Beyon

Group, announced at the Gateway

Gulf Investor Forum 2024 that it

is nearing the unconditional close of

its acquisition of a controlling stake in

Link Development, a leading provider

of software solutions for digital transformation

in Egypt, Saudi Arabia, and

the UAE. The acquisition has received

all necessary regulatory approvals,

with finalization now dependent on

administrative conditions. Shaikh

Mohamed bin Khalifa Al Khalifa, CEO

of Beyon Digital Growth, highlighted

that the acquisition aligns with the

company’s commitment to advancing

digital transformation in the region. He

emphasized that Link Development’s

expertise, combined with Beyon’s capabilities,

will strengthen their position

as a key digital transformation hub in

the region.

PureHealth In Talks to

Buy Hospital Operator

NMC

PureHealth Holding, the UAE’s

largest healthcare group, is reportedly

in talks to acquire NMC

Healthcare, a prominent UAE hospital

operator. The deal, if finalised, could

be announced before mid-2025, according

to sources familiar with the

matter. Other potential bidders had

shown interest but were not expected

to proceed. PureHealth, backed by

the Abu Dhabi sovereign wealth fund

ADQ, and NMC did not immediately

comment. NMC, which operates 85

medical facilities in the UAE, began

exploring strategic options in June,

appointing Rothschild & Co as its financial

adviser. The company, which

emerged from administration in 2022

after a $4B debt restructuring, had

faced financial irregularities uncovered

by Muddy Waters in 2019.

ADNEC Subsidiary Acquires Exhibition Spaces

Abu Dhabi’s ADNEC Group has

acquired BDCG Holdings, the

owner of the Business Design

Centre (BDC) in London, one of the

city’s largest exhibition venues. The

acquisition was completed through

ADNEC’s subsidiary ExCel London,

with financial details undisclosed.

BDC, a Grade II listed venue in North

London, spans a 4.5-acre freehold

estate and hosts major events like

the London Art Fair and Surface Design

Show. The estate includes 6,000

sqm of event space and the freehold

title to the Hilton Hotel land in Islington.

This move aligns with ADNEC’s

strategy to expand its presence in the

global events industry. Following the

acquisition, ExCel London becomes

Europe’s largest integrated conference

and exhibition venue.

MBC Group Sells 54% Stake in Istedamah to

Saudi’s PIF for $1.97B

MBC Group has announced that

Istedamah Holding Company,

a significant shareholder, has

entered into a binding share sale and

purchase agreement (SPA) with the

Public Investment Fund (PIF). According

to the terms of the agreement,

Istedamah will sell its entire 54% stake

in MBC Group, which amounts to

179,550,000 shares, to PIF in a private

transaction valued at SR7.469B, or

SR41.60 per share. The deal is subject

to regulatory approvals, and once these

conditions are met, it will proceed as a

negotiated transaction in line with the

Saudi Exchange’s (Tadawul) Trading

and Membership Procedures. Upon

completion, PIF will hold a 54% majority

stake in MBC Group, positioning it as

the primary shareholder and influencing

future strategic directions of the company.

This transaction highlights PIF’s

growing involvement in key sectors and

underscores MBC Group’s continued

expansion and prominence within the

media landscape in the region.

Dec 2024 www.thefinanceworld.com 35


Global

Source: Ai generated

Exploring what Trump’s election win means for your investments.

Navigating U.S.

Elections and Its Impact

on Foreign Investments

in the UAE

Trump’s Return and Its Impact

on Middle Eastern Economic

Dynamics.

The victory of Donald Trump in the 2024

U.S. presidential election marks a pivotal

moment for UAE-US economic relations.

As Trump returns to the White House, his

administration’s anticipated policies, based

on his previous tenure, are expected to

significantly influence UAE’s investment

landscape, particularly in real estate and

international trade. With Trump’s known

approach to Middle Eastern diplomacy and

business relations, the UAE’s position as

a strategic ally and vital economic partner

could strengthen further. His emphasis on

bilateral trade deals and regional stability

suggests enhanced economic cooperation

opportunities. For UAE investors, this

transition presents both challenges and

opportunities, particularly in sectors like

technology.

36 www.thefinanceworld.com Dec 2024


In recent years, the UAE has demonstrated

remarkable economic resilience

and growth, particularly in its

foreign direct investment (FDI) sector.

According to the UN Conference on Trade

and Development’s World Investment Report

2023, the UAE recorded impressive

FDI inflows of USD 22.8 billion in 2022,

establishing itself as one of the world’s

most attractive investment destinations.

This achievement reflects the nation’s

successful economic diversification

strategies and business-friendly policies

that continue to draw global investors.

The UAE’s strategic vision, as outlined

by Sheikh Mohammed bin Rashid Al

Maktoum, demonstrates the nation’s

ambitious plans for future growth. The

country has launched a transformative

national investment strategy to triple

FDI to reach AED 2.2 trillion (USD 599

billion) by 2031. This bold initiative encompasses

a comprehensive approach

to economic development, focusing on

emerging sectors such as financial technology,

artificial intelligence, renewable

energy, and advanced manufacturing.

U.S. foreign policy developments will

likely influence investment patterns in

the Middle East, particularly given the

UAE’s role as a key hub for American and

international investors. Past U.S. administration

policies have demonstrated a

focus on protecting American interests

through strategic trade measures, including

targeted tariffs, sanctions, and diplomatic

alliances. These approaches can disrupt

global supply chains, impacting companies

with significant trade dependencies.

Moreover, U.S. policies surrounding

energy independence and sustainability

initiatives may shift investment flows, as

the Middle East continues to diversify

away from oil and gas toward renewable

energy. This diversification aligns

with U.S. goals for a greener economy,

creating new investment opportunities

in alternative energy projects and green

technology.

The technology sector remains a crucial

area of UAE-U.S. investment relations. The

Emirates has successfully positioned itself

as the Middle East’s premier technology

hub, attracting significant attention from

American tech companies and venture

capitalists. This technological renaissance,

marked by advancements in AI,

FinTech, and cybersecurity, has been

supported by robust digital infrastructure

and forward-thinking regulatory frameworks

that protect intellectual property

rights while encouraging innovation.

The UAE’s strategic vision, particularly

through initiatives like Smart Dubai and

Abu Dhabi’s Hub71, has created a fertile

environment for emerging technologies,

strengthening collaboration with U.S.

firms and fostering a dynamic startup

ecosystem that drives digital transformation

in the region.

Trade relations between the UAE and

the U.S. have historically been strong,

characterised by bilateral agreements

and strategic partnerships. The evolution

of these relationships will likely focus

on strengthening existing ties while

adapting to new economic realities. Investment

treaties between both countries

continue to play an instrumental role in

facilitating and protecting investments

at a macro level.

The UAE’s economic diversification

strategy has proven particularly resilient

to international political fluctuations.

Recent reforms in the nation’s business

environment have created additional

buffers against policy shifts. The implementation

of the new commercial

companies law, enhanced intellectual

property protection measures, streamlined

business setup procedures, and

expanded foreign ownership rights have

collectively created a more robust and

attractive investment ecosystem. These

efforts have not only strengthened the

UAE’s appeal to global investors but also

positioned it as a key player in fostering

stability and growth within the region.

What Does This Mean for Investors?

The return of Donald Trump to the White

House signals a potential transformation

in global investment dynamics, with

particular significance for the UAE’s

diverse investment landscape. As a

premier global financial hub, the UAE’s

strategic position is likely to strengthen,

offering investors a unique combination

of stability, tax efficiency, and sophisticated

market infrastructure during this

period of global realignment.

The UAE’s real estate sector, particularly

in dynamic markets like Dubai

and Abu Dhabi, stands to benefit from

these shifting global dynamics. The region’s

established reputation for luxury

developments, combined with its growing

emphasis on sustainable projects,

positions it favourably for increased

international investment interest. This

dual focus on premium properties and

environmental consciousness aligns well

Beyond the US election,

UAE and Middle Eastern

investors are also

influenced by factors like

economic diversification

initiatives, global energy

market trends, and local

regulatory changes

supporting alternative

asset classes.”

with evolving global investor preferences

and regulatory trends.

Trump’s anticipated economic policies

could catalyse new investment patterns

in the region. The UAE’s robust regulatory

framework, strategic location, and

business-friendly environment make it

an increasingly attractive destination for

global capital flows. This is particularly

relevant for high-net-worth individuals

seeking stable investment environments

amid potential global market adjustments.

For strategic investors, the key to success

lies in understanding the interplay

between U.S. policy directions and the

UAE’s continuing economic evolution. The

emirate’s demonstrated ability to adapt

to global changes while maintaining its

growth trajectory suggests significant

opportunities across various real estate

segments. By maintaining a keen awareness

of these evolving dynamics, investors

can strategically position themselves to

capitalise on the UAE’s unique market

advantages and emerging opportunities

in this new global economic landscape.

As the global economic landscape

continues to evolve, the UAE’s robust

economic framework and strategic

initiatives position it well to navigate

any shifts in international relations. The

focus on diversification, technology,

and sustainable development creates a

strong foundation for continued growth

and investment opportunities. While

political changes may influence specific

sectors, the UAE’s fundamental economic

strengths and adaptive policies suggest a

positive outlook for foreign investment

in the region.

Dec 2024 www.thefinanceworld.com 37


Sustainability

Source: Ai generated

ESG investments are transforming the UAE’s business and environmental landscape.

The ABCs of ESG:

Environment, Social,

and Governance

Investing in the UAE

Exploring the UAE’s Adoption

of ESG Principles in Shaping a

Sustainable Financial Future.

As global investment trends shift toward

sustainability, the UAE is at the forefront

of incorporating Environment, Social,

and Governance (ESG) principles into

its financial ecosystem. ESG investing

evaluates businesses not only by their

profitability but also by their environmental

impact, societal contributions, and

governance practices. In the UAE, these

principles align with the country’s larger

vision for sustainable development and

economic diversification, as outlined in

initiatives like the UAE Net Zero by 2050

strategy. This article explores how ESG

investing is shaping financial decisions,

the UAE’s progress in implementing ESG

frameworks, and the opportunities it offers

for sustainable growth.

38 www.thefinanceworld.com Dec 2024


The UAE’s commitment to sustainability

is deeply intertwined with

its national strategies, including

Vision 2021 and the UAE Green Agenda.

These frameworks emphasize reducing

carbon emissions, enhancing social equity,

and promoting ethical governance

practices. ESG investing builds on these

goals, offering a robust framework for

businesses and investors to align their

practices with sustainability principles.

The global focus on ESG has prompted

companies in the UAE to integrate these

principles into their operational models.

The nation has emerged as a regional

leader in adopting sustainable investment

practices across diverse sectors, including

real estate, energy, and technology. Key

stakeholders, such as the Abu Dhabi Global

Market (ADGM) and the Dubai Financial

Market (DFM), have launched guidelines

to foster ESG reporting and compliance,

thereby encouraging transparency and

accountability in business operations.

Additionally, ESG principles are increasingly

shaping government policies,

with authorities offering incentives

for green investments and sustainable

financing. In 2021, the UAE established

a federal ESG committee to oversee

the implementation of these practices

across industries. This initiative not only

reinforces the nation’s sustainability

objectives but also positions the UAE as

a prime destination for global investors

seeking ethical investment opportunities.

Environmental Investments: Green

Growth in Action

The UAE’s environmental strategies are

central to its ESG agenda. Projects like the

Mohammed bin Rashid Al Maktoum Solar

Park exemplify the nation’s investment

in renewable energy, reducing reliance

on fossil fuels and mitigating climate

change. The solar park, the largest of

its kind globally, aims to generate 5,000

MW of energy by 2030, reinforcing the

UAE’s commitment to a greener future.

Additionally, green bonds and sustainable

financing instruments are gaining

momentum in the UAE’s financial markets.

Abu Dhabi’s Masdar City, an eco-friendly

urban development, is a living example

of how environmental sustainability

can drive innovation and attract green

investment.

Social Initiatives: Building Inclusive

Growth

ESG investing also prioritizes social impact,

focusing on inclusivity, workforce

well-being, and community development.

The UAE has championed initiatives to

promote gender equality and empower

women in leadership, aligning with the

UN’s Sustainable Development Goals

(SDGs). Programs such as the UAE

Gender Balance Council and platforms

like SheTrades Middle East highlight the

country’s commitment to social equity.

Education and healthcare are other

pillars of social ESG efforts. Investments

in smart education systems and worldclass

healthcare facilities demonstrate

how ESG principles are applied to improve

quality of life and foster social cohesion.

Governance: The Ethical Foundation

Good governance is an essential pillar

of ESG investing. The UAE has introduced

regulatory measures to ensure

transparency, accountability, and ethical

decision-making across businesses. The

Securities and Commodities Authority

(SCA) has mandated ESG disclosures for

publicly listed companies, encouraging

greater accountability and alignment

with global best practices.

Corporate governance reforms, coupled

with anti-corruption measures, create

an environment of trust and credibility

for investors. The UAE’s leadership in

implementing international governance

standards enhances its appeal as a

global financial hub, ensuring long-term

sustainability.

ESG Challenges and Opportunities

While the UAE has made remarkable

progress, implementing ESG principles

across all sectors comes with challenges.

Adopting standardized metrics for ESG

compliance, increasing awareness among

businesses, and addressing data transparency

gaps are some of the hurdles.

However, the UAE’s proactive approach

positions it to overcome these challenges.

Partnerships with international

organizations, government support for

sustainable finance, and private-sector

innovation are driving ESG adoption at

an accelerated pace.

The Future of ESG Investing in the

UAE

The future of ESG in the UAE looks

promising as the nation builds on

its achievements and strengthens its

commitment to sustainability. With the

upcoming COP28 set to be hosted in the

UAE, global attention will focus on the

country’s ESG strategies and their role

in combating climate change.

Investors, both local and international,

have much to gain by aligning with the

To achieve these

objectives, we will need

to mobilise all sources

of public, private, and

charitable funding.”

His Excellency Mohamed Bin Hadi Al

Hussaini,

Minister of State for Financial Affairs

UAE’s ESG frameworks. By fostering

collaboration between businesses, policymakers,

and financial institutions, the

UAE is not only redefining sustainable

investing but also setting a benchmark

for the global financial community.

The UAE’s embrace of ESG investing

demonstrates its commitment to balancing

economic growth with sustainability,

equity, and ethical governance. By prioritizing

these principles, the nation is

positioning itself as a global leader in

sustainable finance and a hub for purpose-driven

investment. The integration

of environmental initiatives, such as

renewable energy projects and green

bonds, reflects the UAE’s dedication

to addressing climate challenges while

creating economic opportunities.

As ESG principles continue to reshape

the investment landscape, the UAE is

uniquely positioned to lead this transformation,

demonstrating that financial

prosperity and sustainability are not mutually

exclusive. Its journey serves as an

inspiring blueprint for other economies

aiming to embrace the ESG paradigm.

With its unwavering commitment to

progress, the UAE is set to redefine

the future of ethical investing, ensuring

long-term resilience and prosperity for

generations to come.

Dec 2024 www.thefinanceworld.com 39




Investing

Source: Ai generated

How to adjust your investment approach amidst rising costs.

Inflation and

Interest Rates:

Mastering the New

Investment Reality

Understanding the Ripple Effects

Of Inflation and Rates On Your

Portfolio.

The interconnected relationship between

inflation, interest rates, and investment

decisions forms a crucial foundation of

modern economics and financial markets.

Understanding how these three elements

influence each other is essential for investors,

policymakers, and individuals

managing their financial futures. In today’s

dynamic economic environment, these

three factors have become increasingly

intertwined, creating both challenges and

opportunities for market participants.

The global financial landscape has witnessed

numerous cycles where changes

in one factor have triggered significant

ripple effects across the entire economic

spectrum. As economies become more

integrated the need to comprehend these

relationships has never been more critical.

42 www.thefinanceworld.com Dec 2024


Inflation, often described as the general

increase in prices over time, erodes

the purchasing power of money. When

the cost of goods and services rises,

each unit of currency buys less than it

did previously. While some inflation is

considered normal and even healthy for

a growing economy, excessive inflation

can destabilize markets and create significant

economic challenges. Central banks

worldwide monitor inflation carefully, as

it plays a pivotal role in their monetary

policy decisions.

Interest rates serve as one of the primary

tools central banks use to manage

inflation. When inflation rises above

desired levels, central banks typically

respond by increasing interest rates. This

monetary policy action works through

several channels. Higher interest rates

make borrowing more expensive, which

tends to reduce consumer spending

and business investment. The reduced

spending helps cool down the economy

and contain inflationary pressures.

Conversely, when inflation is low and

economic growth needs stimulation,

central banks may lower interest rates

to encourage borrowing and spending.

The relationship between inflation

and interest rates significantly impacts

investment decisions and market behaviour.

When interest rates rise, the

yields on fixed-income investments like

bonds typically increase. While this might

seem attractive, investors must consider

the real return on their investments –

the nominal return minus the inflation

rate. If inflation exceeds the interest

rate, investors experience negative real

returns, effectively losing purchasing

power despite earning nominal returns.

Stock markets often react sensitively to

both inflation and interest rate changes.

Higher interest rates generally pressure

stock valuations for several reasons. First,

they increase the cost of borrowing for

companies, potentially reducing profits

and growth opportunities. Second, higher

rates make fixed-income investments

more attractive relative to stocks, potentially

causing some investors to shift

their allocations. Additionally, higher

rates increase the discount rate used in

valuation models, which typically leads

to lower theoretical stock values.

Different sectors of the stock market

respond differently to inflation and interest

rate changes. Some sectors, such

as consumer staples and utilities, are

considered defensive and may perform

relatively well during inflationary periods

as they can often pass increased costs to

consumers. Other sectors, particularly

growth stocks and technology companies,

may struggle in high-interest-rate environments

because their valuations often

rely heavily on future earnings potential.

Real estate investments present another

interesting dynamic in this relationship.

Rising inflation often correlates with

higher property values, as real estate is

considered a “real” asset that can serve

as an inflation hedge. However, higher

interest rates increase mortgage costs and

can dampen real estate market activity.

This creates a complex environment for

real estate investors, who must balance

potential appreciation against higher

financing costs.

Commodities and precious metals,

particularly gold, have historically been

viewed as inflation hedges. During periods

of high inflation or economic uncertainty,

investors often increase their allocation to

these assets. However, these investments

typically don’t provide regular income

and may underperform during periods

of low inflation and high interest rates.

For individual investors, understanding

these relationships is crucial for portfolio

management. A diversified investment

approach that includes a mix of assets

can help manage the risks associated

with different inflation and interest

rate environments. This might include

a combination of stocks, bonds, Real

Estate Investment Trusts (REITs), and

inflation-protected securities such as

Treasury Inflation-Protected Securities

(TIPS).

The timing of investment decisions also

becomes more critical in environments

of changing inflation and interest rates.

Dollar-cost averaging – investing fixed

amounts at regular intervals – can help

manage the risks of market timing and

provide some protection against the volatility

that often accompanies significant

changes in inflation and interest rates.

This strategy proves particularly valuable

during periods of market uncertainty,

as it helps investors avoid the common

pitfall of emotional decision-making. By

systematically investing regardless of market

conditions, investors can potentially

benefit from price fluctuations, buying

more shares when prices are lower and

fewer when prices are higher.

​Market analysis and economic indicators

play crucial roles in refining investment

timing decisions. Monitoring leading economic

indicators, central bank policies,

and global economic trends can provide

valuable insights for adjusting investment

strategies. However, it’s important to

With the prospect of

lower interest rates, the

UAE’s investment climate

will become even more

attractive.”

Khaled Al Hammadi,

General Manager of Personal Banking

Group at Commercial Bank of Dubai

note that attempting to perfectly time

the market remains challenging even for

experienced investors. This reinforces

the value of a disciplined, systematic

approach to investing that acknowledges

market cycles while maintaining a longterm

perspective.

Looking forward, investors must

remain vigilant about how these three

factors continue to influence each other

and evolve. Global economic conditions,

technological changes, demographic

shifts, and policy decisions can all affect

the traditional relationships between

inflation, interest rates, and investment

returns. Successful investing requires not

only understanding these relationships

but also adapting strategies as economic

conditions change. The intricate relationship

between inflation, interest rates,

and investing creates both challenges

and opportunities for investors. While

higher inflation and interest rates can

present immediate challenges, they

also create environments where careful

investors can find attractive opportunities.

Success in navigating these waters

requires a thorough understanding of

these relationships, a well-thought-out

investment strategy, and the flexibility

to adapt as conditions change.

Dec 2024 www.thefinanceworld.com 43


Travel News

Flydubai to Add Al Alamein Flights to Boost to the UAE-Egypt Network

Flydubai has announced new seasonal

summer flights to Al Alamein

International Airport (DBB),

starting from June 21 to September 7,

2025. The daily flights will depart from

Terminal 2, Dubai International (DXB),

offering customers more travel options

to one of the region’s most promising

holiday destinations. This new route will

provide easier access to Egypt’s popular

EaseMyTrip, BNZ

Green Partner for Eco-

Friendly Travel

EaseMyTrip.ae has partnered with

BNZ Green to promote eco-friendly

travel for UAE travellers. This

collaboration integrates BNZ Green’s

advanced APIs into EaseMyTrip’s platform,

enabling a blockchain-based carbon offset

programme. Travellers can purchase

carbon credits directly and receive

verifiable blockchain-stored certificates.

Additionally, users will have real-time

access to carbon emission calculations,

helping them understand their flights’

environmental impact. Rikant Pittie,

Co-Founder of EaseMyTrip, stated that

the partnership aligns with their vision

of providing innovative, eco-conscious

solutions. “This initiative aims to create

responsible travellers committed to

protecting the environment,” EaseMyTrip

noted. The partnership underscores

the growing importance of sustainable

travel, offering customers tools to make

informed, environmentally-friendly

decisions and contribute towards reducing

their carbon footprint.

Al Sahel North Coast, renowned for its

stunning Mediterranean coastlines and

vibrant atmosphere. Ghaith Al Ghaith,

CEO of flydubai, expressed excitement

about adding Al Alamein to their seasonal

schedule, stating that the daily flights will

allow more visitors to experience the

beautiful beaches and lively ambiance

of the area.

Etihad Announces Major Expansion With 10

New Destinations in 2025

Etihad Airways has announced the

launch of ten new destinations

starting in 2025 as part of its rapid

expansion programme. This initiative

aligns with the airline’s commitment to

providing guests with a route map that

includes sought-after destinations, offering

convenient connections and frequencies.

The new routes span Asia, Africa, and

North America, adding to previously

announced locations such as Prague,

Warsaw, and Al Alamein. New destinations

include Algiers (Algeria), Atlanta (USA),

Chiang Mai (Thailand), Hanoi (Vietnam),

Hong Kong, Krabi (Thailand), Medan

(Indonesia), Phnom Penh (Cambodia),

Taipei, and Tunis (Tunisia). These routes

aim to strengthen Abu Dhabi’s position as

a world-class tourism and business hub

while extending its renowned hospitality

to global visitors.

MENA Restaurant Community Meets to Discuss

F&B Innovations in Dubai

The MENA Restaurant Community

recently held a meet in Dubai to

discuss innovations in the region’s

food and beverage (F&B) sector. Key

topics included digital transformation,

operational efficiency, customer-centric

services, and loyalty-building strategies.

Industry leaders from establishments such

as LDC Kitchen+Coffee, Hookahplace

Chain, and Sunrise Cafe participated.

Alexandr Ponomarev, CEO of Syrve

MENA, highlighted the importance of

fostering industry connections as the

UAE’s full-service restaurant market

is expected to reach $8.39B in 2024.

A workshop by Anna Suvorova, a

performance management consultant,

focused on enhancing customer retention

through personalised service. The event

underscored the community’s commitment

to advancing the F&B sector by embracing

digital solutions and creating exceptional

dining experiences.

44 www.thefinanceworld.com Dec 2024


Saudi Real Estate: Diriyah Starts Seven Hotels, Targets 6,500 Rooms

Diriyah Company has commenced

construction on seven world-class

luxury hotels, advancing Saudi

Arabia’s transformative Diriyah and Wadi

Safar projects. The hotels—Raffles Diriyah,

Armani Diriyah, Orient Express Diriyah,

Baccarat Diriyah, Corinthia Diriyah,

Fauchon L’Hotel Diriyah, and Rosewood

Diriyah—will collectively offer 877 rooms.

This milestone is part of a broader vision

to develop over 40 luxury hotels with

more than 6,500 rooms across the region.

Announced at the “Bashayer – Delivering

Our Future” event, the project highlights

Diriyah’s ambition to attract 50 million

visitors annually. With participation from

global investors and industry experts,

the groundbreaking reflects a strategic

push to position Diriyah as a premier

international tourism and hospitality hub,

meeting the rising demand for top-tier

accommodations.

Emirates Boosts Madagascar

And Seychelles

Flights

Emirates is set to enhance its

Dubai–Antananarivo service

with a fifth weekly flight, starting

December 13, 2024, for a four-week

period. This additional Friday flight

aims to meet the surge in demand from

holiday travellers, increasing capacity

to over 1,800 seats per direction each

week. The move follows the successful

launch of Emirates’ Madagascar services

in September, reflecting strong

market demand. Operating as EK707

and EK708, the flights will link Dubai,

Seychelles, and Antananarivo, utilising

Boeing 777-300ER aircraft in a threeclass

configuration, including First,

Business, and Economy classes. This

temporary capacity boost offers passengers

more flexibility, choice, and

connectivity during the busy travel

season, supporting Emirates’ goal of

providing enhanced travel experiences

to key destinations.

Abu Dhabi’s ADTIC Partners With Accor For

$100M Sofitel Legend Hotel In Giza

Abu Dhabi Tourism Investment

Company (ADTIC), a subsidiary

of the Abu Dhabi Fund for

Development (ADFD), has partnered

with French hospitality group Accor

to manage the Sofitel Legend Pyramids

Hotel near the Grand Egyptian

Museum in Giza. With an investment

of approximately $100M, excluding

land costs, the 303-room luxury hotel

is scheduled to begin construction in

December 2024 and open in May 2027.

ADTIC’s CEO, Kotub, emphasized that

the Sofitel Legend brand would combine

French luxury with Egypt’s rich

heritage to transform the luxury travel

experience in Giza. ADTIC, which is

84% owned by ADFD, also holds stakes

in Movenpick Sharm El Sheikh and

Mercure Hurghada, making this their

third major hospitality project.

Diriyah Unveils Multi-Billion-Dollar Art And Culture

Districts

Diriyah Company has unveiled

plans for two major multi-billion-dollar

educational and

arts districts as part of its $63.2B

Diriyah project on Riyadh’s outskirts.

The announcement, made during the

“Bashayer – Delivering Our Future”

event, highlighted the rapid growth

of Diriyah, a key urban development

project spanning 14 sq km. The Qurain

Cultural District and Northern District

will serve as pillars of this expansion.

The Qurain Cultural District, designed

to blend culture with modern living, will

offer a mix of arts, retail, office, and

residential spaces. Cultural attractions

will include cinemas, museums, and

academies focusing on Arabic music,

culinary arts, performing arts, theatre,

and traditional Najdi architecture,

providing a dynamic hub for creativity

and community engagement.

Dec 2024 www.thefinanceworld.com 45


Crowdfunding

?

Crowdfunding

What is

Crowdfunding is a method of raising capital by collecting small amounts

from many contributors via online platforms. It is an alternative to

traditional financing methods like bank loans or venture capital.

Crowdfunding in the United Arab Emirates has emerged as a popular

and effective way for entrepreneurs and creatives to raise capital for

their ventures. By leveraging the power of the Internet, crowdfunding

allows individuals and businesses to gather small amounts of money

from a large number of contributors, typically via specialised online

platforms. The UAE government has recognised the potential of crowdfunding

and has taken steps to create a supportive environment for

such initiatives. Consequently, the region has seen a rise in licensed

crowdfunding platforms tailored to serve unique market needs.

Key

Benefits

Accessible financing for entrepreneurs and SMEs

Innovative funding for creative projects

Overview of Crowdfunding

Platforms in the UAE

Crowdfunding in the UAE has emerged as a notable alternative

financing method. This process involves raising

small amounts of money from a large number of contributors,

typically via the Internet. UAE-based startups and

small and medium enterprises (SMEs) increasingly turn

to crowdfunding platforms to secure the capital they need

for growth and development.

Licensed Platforms

The UAE government mandates that crowdfunding platforms

operate with a proper license.

Government Initiatives

The Dubai government has launched DubaiNext, a digital

platform aimed at fostering the growth of SMEs through

crowdfunding. This initiative reflects the government’s support

for innovative financing models and its commitment

to nurturing the entrepreneurial ecosystem.

46 www.thefinanceworld.com Dec 2024


Types of Crowdfunding

Models:

Reward-based

Funders receive a tangible reward (product/service).

Equity-based

Investors gain company shares and potential profits.

Debt-based (P2P Lending)

Loans repaid with interest.

Donation-based

Philanthropic contributions without returns.

Regulatory Landscape for

Crowdfunding in the UAE

The United Arab Emirates takes a progressive approach

to digital finance, underscoring this through regulatory

frameworks for crowdfunding. Cabinet Resolution No.

(36) of 2022 is a cornerstone regulation, paving the way for

crowdfunding platform operations. This demonstrates the

country’s dedication to modernising financial opportunities

and fostering innovation within its borders.

Key Regulatory Bodies

include:

The Securities and Commodities Authority (SCA),

regulates securities-based crowdfunding operations.

The Central Bank of the UAE (CBUAE), which oversees

loan-based crowdfunding activities.

The Regulatory Framework Set Forth by the UAE Aims to:

01 02 03

Enhance the sustainability

and integrity

of crowdfunding

operations.

Ensure the protection

of investors and

participants.

Provide a formal

structure under

which crowdfunding

platforms can operate

reliably.

Licencing Requirements

Licencing requirements are integral to this framework,

ensuring that operators adhere to compliance standards.

Furthermore, the regulation encompasses specific guidelines

and restrictions for crowdfunding activities to promote

transparency and accountability.

Leading Crowdfunding

Platforms in the UAE

The UAE’s strategy supports small and medium enterprises

(SMEs) in accessing alternative funding streams and balances

investor protection with market innovation. This

strategic move showcases the UAE’s commitment to aiding

the growth of the SME sector while diligently managing

risks associated with investments.

Dec 2024 www.thefinanceworld.com 47


Investment

Source: Ai generated

Decoding market swings to empower smarter investment decisions.

Decoding

Volatility: Essential

Strategies for

Smart Investing

Understanding Stock Market

Volatility and How It Could Help

Investors.

In the intricate world of financial markets,

volatility stands as a complex and often

misunderstood phenomenon. It represents

the heartbeat of investment landscapes,

a dynamic force that can simultaneously

inspire excitement and invoke fear among

investors. Like an unpredictable ocean

current, market volatility captures the

essence of financial movement—rapid,

significant, and ever-changing price fluctuations

that define the very nature of

investment environments. For both seasoned

professionals and newcomers to the

financial world, understanding volatility

becomes not just an academic exercise

but a crucial survival skill in the modern

investment landscape. At its fundamental

core, volatility is more than just a mathematical

calculation.

48 www.thefinanceworld.com Dec 2024


When financial experts discuss

volatility, they are essentially

exploring the degree of uncertainty

and potential for unexpected

changes in market prices. This concept

goes far beyond simple numbers,

delving deep into the emotional and

rational responses that drive financial

decision-making. The interplay between

these factors creates a complex tapestry

of market movements that requires both

analytical skill and emotional intelligence

to navigate successfully.

The psychological dimension of volatility

cannot be overstated. Markets

are not cold, mechanical systems but

living ecosystems influenced by human

emotions. Fear during market downturns

and euphoria during bullish periods can

drive price movements far beyond rational

expectations. This emotional rollercoaster

often leads to what experts call the

“fear-greed cycle,” where investors make

impulsive decisions based on emotional

reactions rather than sound financial

principles. The ability to recognise and

resist these emotional triggers becomes

a crucial skill for successful long-term

investing.

Market volatility manifests in various

forms, each requiring different

analytical approaches and management

strategies. Systematic volatility affects

entire markets or sectors, often driven

by macroeconomic factors such as interest

rate changes, policy shifts, or global

economic events. Unsystematic volatility,

conversely, relates to specific securities

or companies, influenced by factors like

earnings reports, management changes,

or industry-specific developments.

Understanding these distinctions helps

investors develop more targeted and

effective risk management strategies.

The United Arab Emirates market

presents a particularly fascinating

study in market dynamics and volatility

management. As a pivotal financial hub

in the Middle East, the UAE has transformed

its market structure through

strategic initiatives and reforms. The

establishment of the Dubai International

Financial Centre (DIFC) and Abu Dhabi

Global Market (ADGM) as financial free

zones has created sophisticated market

environments that attract international

investors while maintaining regional

distinctiveness. The UAE’s markets

demonstrate unique volatility patterns

influenced by both global trends and

regional factors.

Institutional investors in the UAE

market have developed sophisticated

approaches to volatility management.

These include the use of advanced financial

instruments, strategic asset allocation,

and risk management tools adapted to

regional market conditions. The growing

presence of international institutional

investors has also introduced global

best practices in volatility management,

while local institutions contribute a

deep understanding of regional market

dynamics.

The rise of retail investing in the UAE

adds another dimension to market volatility.

Increased accessibility to trading

platforms and growing financial literacy

have brought more individual investors

into the market. This democratization

of investing, while positive for market

development, can sometimes amplify

short-term volatility as retail investors

may react more emotionally to market

events. Understanding this dynamic becomes

crucial for all market participants.

Technology’s role in modern market

volatility cannot be underestimated.

High-frequency trading algorithms,

artificial intelligence-driven analysis,

and automated trading systems have

fundamentally changed market behaviour.

These technological advances can create

microsecond price movements and amplify

market reactions, requiring investors to

adapt their strategies accordingly. Integrating

blockchain technology and digital

assets adds another layer of complexity

to volatility patterns, as these new asset

classes often exhibit unique volatility

characteristics.

Environmental, Social, and Governance

(ESG) factors have emerged as significant

influencers of market volatility.

Companies and markets that fail to adapt

to ESG considerations may experience

increased volatility as investors adjust

their portfolios to reflect changing social

and environmental priorities. This trend

is particularly relevant in the UAE, where

significant investments in sustainable

development and green energy projects

reflect a commitment to future-oriented

market development.

The role of market makers and liquidity

providers in managing volatility has

evolved significantly, becoming a cornerstone

of modern financial markets.

These institutions not only help maintain

market stability by providing continuous

trading opportunities but also play a

critical role in narrowing bid-ask spreads

and ensuring the efficient functioning of

markets. By absorbing short-term shocks

and supplying liquidity during periods

of stress, they mitigate extreme price

swings, thereby reducing systemic risk.

Effective risk management in volatile

markets requires a comprehensive and

dynamic approach that incorporates

both strategic and tactical elements.

Strategic approaches emphasize long-term

considerations such as diversified asset

allocation across geographies, sectors,

and asset classes, reducing overall portfolio

risk. Diversification, particularly

into uncorrelated assets like gold, real

estate, or alternative investments, acts

as a buffer against market-specific

downturns. Meanwhile, aligning these

strategies with well-defined investment

objectives ensures that decisions remain

consistent even during turbulent periods.

Tactical approaches, on the other

hand, involve more agile and responsive

measures. These include active portfolio

rebalancing, deploying hedging instruments

like options and futures, and capitalizing

on short-term opportunities arising from

mispriced assets. Adaptability is key,

as successful investors must quickly

respond to shifting market conditions,

unexpected economic data, or geopolitical

developments. Striking the right balance

between strategic and tactical approaches

often determines an investor’s ability to

weather periods of high volatility while

seizing opportunities for growth.

The impact of monetary policy on

market volatility has grown profoundly

significant, shaping the rhythm of

global financial markets. Central bank

decisions, particularly those related to

interest rates, quantitative easing, and

liquidity measures, can set off waves of

market activity.

In recent years, unprecedented monetary

policies—such as negative interest

rates and massive asset purchase programs—have

introduced complexities

that defy traditional market patterns. For

example, shifts in inflation expectations

or surprise announcements by central

banks can rapidly change investor sentiment,

creating sharp price movements.

In this context, understanding central

bank communication, forward guidance,

and policy nuances becomes essential

for navigating the evolving landscape.

Looking ahead, the future of investment

strategy is increasingly recognizing volatility

not as an anomaly to be feared but

as an inherent and manageable aspect of

financial markets. Volatility reflects the

complexity of our interconnected global

economy, where geopolitical tensions,

technological disruptions, environmental

concerns, and human psychology interplay

to influence asset prices.

Dec 2024 www.thefinanceworld.com 49


FinTech News

Commercial Bank International Partners with Areeba to Boost UAE FinTech

Commercial Bank International

(CBI) has announced a strategic

partnership with areeba, a

global payment infrastructure provider,

becoming the first UAE bank to offer

areeba’s comprehensive card and payment

solutions to local FinTechs. This

collaboration aims to empower FinTechs

in the UAE by providing scalable, secure

card management capabilities, driving

the growth of the digital payment ecosystem.

With the UAE hosting 46% of

FinTech startups in the MENA region,

the partnership supports the sector’s

expansion, offering innovative solutions

that enhance competitiveness in the

finance market. As the FinTech space in

the UAE is projected to reach $5.7B in

assets by 2029, CBI’s tie-up with areeba

contributes to the country’s vision of

a digital-first economy.

Consumer Payment Card Behaviour Trends in UAE

IDEMIA Secure Transactions (IST)

has unveiled its comprehensive

2024 Global Survey on consumer

payment behaviour, gathering insights

from over 3,100 respondents across

12 countries, including the UAE. The

survey, encompassing ages 18 to 71,

highlights shifting consumer preferences

influencing financial technology’s

future. Key findings show a growing

demand for biometric and metal cards,

an increased preference for digital

delivery, and heightened security expectations.

Over the past decade, banks

and FinTechs have transformed the

payments ecosystem, offering diverse

banking options. As services digitise,

card design remains essential for

customer engagement. IST continues

to innovate with premium materials

like metal, unique inks, and features

such as illuminating cards, ensuring

relevance and appeal in an evolving

financial landscape.

Careem Pay Launches Instant Transfers to India,

Europe

Careem Pay has expanded its

international remittance service

to include instant transfers to

Spain, Italy, France, Ireland, and Germany,

with more European corridors

planned. UAE residents can send up

to AED 150,000 per transaction and

AED 450,000 monthly via SEPA instant

bank transfers, with funds typically

arriving in minutes. Careem Pay’s rates

are 50% lower than traditional banks,

and its rate alert feature helps users

optimise transfers. Over 90% of European

transfers have been completed

within 30 minutes. Additionally, Careem

Pay introduced a business remittance

feature, starting with India, allowing

UAE residents to securely pay for

expenses such as real estate, events,

and education fees. This new service

offers a fast, cost-effective solution

for managing international financial

commitments, enhancing convenience

for users.

Zand Bank Partners

with Alibaba Cloud, Ant

Digital

Zand Bank, a fully licensed all-digital

bank in the UAE, has signed an MoU

with Alibaba Cloud and Ant Digital

Technologies to enhance FinTech solutions

in the Middle East. This collaboration

will focus on generative AI use cases

and FinTech advancements, including

real-world assets, e-wallets, mPaaS, and

other digital services. Alibaba Cloud aims

to support regional digital transformation

through its advanced infrastructure and

innovations. The partnership highlights

the growing influence of AI, blockchain,

and modern payment technologies in reshaping

financial services. Together, Zand

Bank and Alibaba Cloud aim to accelerate

the adoption of cutting-edge solutions,

fostering a more digitally connected and

technologically advanced future for businesses

and consumers in the region.

50 www.thefinanceworld.com Dec 2024


Royal Group Introduces

Comera Pay in the UAE

Mastercard Partners with Fundbot to boost

Payments in UAE and Saudi Arabia

Comera Financial Holding, part

of Abu Dhabi’s Royal Group,

has launched Comera Pay, an

all-inclusive digital payment suite in

the UAE. Designed for individuals

and businesses, Comera Pay offers

a secure, user-friendly app for easy

payments anytime, anywhere. For individuals,

it provides services such as

digital wallets, P2P transfers, QR code

payments, bill payments, remittances,

mobile top-ups, and virtual accounts.

Businesses can access advanced solutions

like POS systems, payment gateways,

multi-currency wallets, cross-border

remittances, and corporate expense

management. Akhtar Saeed Hashmi,

CEO of Comera Pay, highlighted that

the platform meets the growing demand

for seamless, user-friendly payment

solutions in a digitally savvy UAE.

Built on cutting-edge technologies, it

ensures security, real-time updates,

and efficient customer support for a

smooth digital financial experience.

Mastercard has partnered with

Fundbot, a UAE-based FinTech

specializing in supply chain financing,

to enhance business-to-business

(B2B) payment flows in the UAE and

Saudi Arabia. The collaboration aims to

streamline payments by linking buyers

and suppliers through a new tech-driven

platform. The solution includes

Fundbot’s dynamic discount feature,

incentivising faster B2B payments,

accelerating receivables conversion

for suppliers, and reducing days sales

outstanding (DSO). Initially focused

on the healthcare sector, the platform

addresses payment delays, particularly

in early claim settlements. Mastercard’s

initiative seeks to empower businesses

of all sizes, driving a shift in the B2B

payments landscape by overcoming

inefficiencies and enabling seamless

digital transactions.

Lean Technologies Raises $67.5M in Series B Funding

Riyadh-based Lean Technologies

has secured $67.5M in Series

B funding, led by General Catalyst,

with participation from Bain

Capital Ventures, Duquesne Family

Office, Arbor Ventures, and JIMCO.

This brings Lean’s total funding to

over $100M. Focused on enabling

financial innovation in MENA, Lean

provides secure access to critical

financial infrastructure, empowering

businesses to offer personalised financial

services. Regulated by ADGM in

the UAE, Lean has simplified payment

processes for major clients like e&,

DAMAC, and Careem through its A2A

payment solutions. In Saudi Arabia,

Lean’s data solutions, launched under

the Saudi Central Bank’s regulatory

sandbox, have verified nearly 1 million

bank accounts, benefiting clients

such as Tawuniya, Abdul Latif Jameel

Finance, and Tabby. Lean continues to

shape a connected, inclusive financial

ecosystem across the region.

Saudi EdfaPay Secures $5M

in Pre-Series A Funding

to Expand across MENA

Saudi FinTech platform EdfaPay

has raised $5M in a pre-Series A

funding round, led by OmanTel

Innovation Labs, Aljabr MENA, and

Waad Investment. The investment will

help strengthen EdfaPay’s presence in

Saudi Arabia and fuel its expansion

across the MENA region and Pakistan.

The platform aims to provide

secure and adaptable financial tools

to businesses, supporting startups and

SMEs across the region. Ghormallah

Alghamdi, Co-Founder and CEO of EdfaPay,

described the funding as a key

milestone for the company, enabling

further innovation to meet the growing

demand for FinTech solutions.

Dec 2024 www.thefinanceworld.com 51


Economy

Source: Ai generated

Insights into how the UAE adapts and thrives amid global shifts.

UAE’s Economic

Resilience: Strategies

for Sustaining Growth

in a Changing World

Understanding How the UAE

Has Created a Robust Economic

Foundation.

The United Arab Emirates stands as a beacon

of economic innovation and strategic

adaptation in the rapidly evolving global

landscape. Navigating through complex

geopolitical tensions, technological disruptions,

and unprecedented economic

challenges, the UAE has consistently

demonstrated remarkable resilience and

forward-thinking approaches. By leveraging

its strategic geographic location,

visionary leadership, and commitment to

diversification, the nation has transformed

potential obstacles into opportunities for

sustainable growth. This article explores

the multifaceted strategies that have positioned

the UAE as a global economic

powerhouse, and examines the key initiatives

driving its continued economic

success and resilience.

52 www.thefinanceworld.com Dec 2024


The UAE’s economic resilience is not

a product of chance but a result

of meticulously crafted strategies

that address multiple dimensions of economic

sustainability. At the core of these

strategies lies a comprehensive approach

to economic diversification, which has

been instrumental in reducing the nation’s

historical dependence on oil revenues.

Recognizing the volatility of oil markets,

the UAE has systematically implemented

its Economic Diversification Strategy to

build a resilient and future-ready economy.

Central to this effort are initiatives

like the Dubai Industrial Strategy 2030

and Abu Dhabi’s Economic Vision 2030,

which focus on advancing key sectors

such as technology, renewable energy,

tourism, manufacturing, and advanced

services. These targeted strategies have

created robust ecosystems that attract

international investments while nurturing

local entrepreneurship, enabling the UAE

to develop alternative and sustainable

economic engines.

Abu Dhabi’s Economic Vision

2030: Key Objectives

1. Reduce GDP volatility by

diversifying income sources.

2. Expand the base of enterprises

to include innovative

and dynamic businesses.

3. Enhance global competitiveness

through infrastructure, policy,

and talent development.

This diversification strategy extends

beyond mitigating economic risks; it

represents a transformative shift in the

nation’s economic blueprint. The UAE is

transitioning from a resource-dependent

model to a knowledge-driven, innovation-centric

global hub. This evolution

is underpinned by the development of

comprehensive infrastructures, progressive

policies, and a focus on sustainable,

long-term growth. By prioritizing innovation

and fostering a business-friendly

environment, the UAE has redefined

economic resilience and positioned

itself as a leader in shaping the future

of global economies.

Innovation and Technology Ecosystem

A critical component of the UAE’s resilience

strategy is its commitment to

technological innovation. The nation has

invested heavily in creating world-class

innovation infrastructure, establishing free

zones like Dubai Internet City and Abu

Dhabi’s Hub71. These platforms provide

comprehensive support for tech startups,

including funding, regulatory facilitation,

and cutting-edge infrastructure.

The government’s proactive approach

extends to emerging technologies, with

dedicated strategies for artificial intelligence,

blockchain, and quantum computing. By

establishing specialized research centres

and offering attractive incentives for tech

companies and researchers, the UAE is

positioning itself as a global technology

innovation centre. Initiatives like the

UAE AI Strategy 2031 and substantial

investments in research and development

underscore this commitment, creating

an ecosystem that attracts global talent

and fosters breakthrough innovations.

Foreign Investment and Economic

Openness

The UAE has systematically reformed

its regulatory environment to attract

foreign direct investment (FDI). Recent

legislative changes, such as allowing 100%

foreign ownership in numerous sectors

and introducing long-term residency

visas, have significantly enhanced the

country’s attractiveness to international

investors. These reforms signal a commitment

to creating a transparent, competitive,

and investor-friendly business

landscape. By reducing bureaucratic

barriers and offering unprecedented

levels of economic freedom, the UAE has

transformed its investment climate. The

country has moved beyond traditional

investment attraction strategies, developing

sophisticated investor engagement

programs that provide comprehensive

support, from initial setup to long-term

operational success.

Sustainable Development and Green

Economy

Environmental sustainability has emerged

as a key pillar of the UAE’s economic

resilience strategy. The nation has made

substantial investments in renewable

energy, with projects like the Mohammed

bin Rashid Al Maktoum Solar Park

demonstrating its commitment to sustainable

development. These initiatives

are not merely environmental statements

but strategic economic investments in

future-proof infrastructure.

The green economy approach extends

beyond energy, encompassing sustainable

urban development, water conservation

technologies, and circular economy principles.

By positioning itself as a leader

in green technology and sustainable

infrastructure, the UAE is creating new

economic opportunities while addressing

critical global environmental challenges.

Human Capital Development

Recognizing that economic resilience

fundamentally depends on human capabilities,

the UAE has prioritized education

and skill development. Initiatives like

the UAE National Strategy for Higher

Education and comprehensive workforce

development programs aim to create a

knowledge-based economy. Substantial

investments in education, particularly

in STEM fields and emerging technologies,

are preparing the workforce for

future economic challenges. Scholarship

programs, and continuous upskilling

initiatives ensure that the UAE’s human

capital remains competitive and adaptable

in a rapidly changing global economy.

Financial Sector Modernization

The UAE’s financial sector has undergone

significant transformation, embracing

digital banking, FinTech innovations,

and robust regulatory frameworks. The

establishment of financial centres like

the Dubai International Financial Centre

(DIFC) and Abu Dhabi Global Market

(ADGM) has attracted international

financial institutions and fostered a

sophisticated, globally competitive

financial ecosystem.

Geopolitical Diplomacy and Economic

Collaboration

Strategic diplomatic engagement has

been another cornerstone of the UAE’s

economic resilience. By maintaining

balanced international relationships

and participating in global economic

forums, the UAE has created a network

of economic partnerships that provide

stability and opportunities for growth. The

UAE’s approach to economic resilience

represents a holistic, forward-looking

model of national economic development.

By simultaneously pursuing diversification,

innovation, sustainability, and

human capital development, the nation

has created a robust and adaptable

economic framework.

Dec 2024 www.thefinanceworld.com 53



Paiseec W3 3-in-1 Electric Wheelchair

The Paiseec W3 3-in-1 Electric

Wheelchair is an innovative mobility

device showcased on Gadget

Flow, designed to transform comfort,

convenience, and functionality. Featuring

cutting-edge technology, this wheelchair

is a breakthrough solution for individuals

seeking enhanced independence and

seamless mobility.

At the heart of the Paiseec W3’s brilliance

is its ability to switch effortlessly

between three modes: electric wheelchair,

manual wheelchair, and mobility scooter.

This multifunctional design caters to diverse

user needs, providing unmatched

versatility and freedom.

One of its standout features is the advanced

directional signal system. Utilizing

state-of-the-art sensors, the wheelchair

ensures precise directional control, making

navigation safer and more reliable, even

in confined spaces. The intuitive joystick

control simplifies operation, ensuring it’s

accessible to users of all ages and abilities.

This tech is equipped with an ergonomic

seat designed for extended comfort, along

with a foldable frame for easy transport

and storage. Its durable construction supports

substantial weight while maintaining

stability and safety. The wheelchair’s

user-friendly design also sets it apart. The

intuitive joystick and seamless transitions

between modes offer a stress-free

experience for users and caregivers alike.

These features position the Paiseec W3

as a comprehensive solution for modern

mobility needs.

The Paiseec W3 is built to excel across a

range of environments. Its compact frame

is perfect for navigating indoor spaces,

while the robust wheels and powerful

motor ensure stability and smooth operation

on outdoor terrains. It is especially

suitable for individuals who value mobility

without limitations, whether at home, in

urban areas, or on vacation.

Unlike conventional wheelchairs, the

Paiseec W3 combines multiple functions

into a single device, eliminating the need

for separate mobility aids. Its long-lasting

battery reduces the inconvenience of

frequent recharging, while the advanced

directional system ensures safe and accurate

movement even in crowded or tricky

environments.

The Paiseec W3 is designed to empower

individuals facing mobility challenges,

enabling them to lead more independent

lives. It aligns with Gadget Flow’s mission

of showcasing innovative, life-enhancing

products that make a real difference. With

compatibility for healthcare subsidies

and insurance programs, this wheelchair

extends its benefits to a broader range

of users. The Paiseec W3 3-in-1 Electric

Wheelchair is not just a mobility device

but a testament to modern engineering

and thoughtful design. By combining versatility,

safety, and ease of use, it provides

an unparalleled mobility experience.

Nov 2024 www.thefinanceworld.com 55


Sports News

Emirates Arabian Horse Society Hosts Ajman Auction: 66 Horses on Offer

The Emirates Arabian Horse

Society (EAHS) is hosting the

Ajman Arabian Horses Auction,

featuring 66 of the purest Arabian

breeds, at the Ajman Arabian Horse

Stud in Al Bahia. EAHS confirmed

all horses are registered, and horses

born are under registration. UAE-bred

horses lead the list, with viewing and

bid reservations available before the

Zayed Grand Camel Race

2024 Commences in Al

Wathba

Under the patronage of President

His Highness Sheikh Mohamed

bin Zayed Al Nahyan, the Zayed

Grand Camel Race 2024 commenced

at the Al Wathba Camel Racetrack in

Abu Dhabi. The prestigious event was

attended by Sheikh Sultan bin Hamdan

Al Nahyan, Adviser to the UAE President

and Chairman of the UAE Camel Racing

Federation, alongside camel owners,

breeders, and enthusiastic fans from

the UAE and GCC countries. Abdulla

Mubarak Al Muhairi, Director of the

UAE Camel Racing Federation, awarded

winners of the 13-round heritage race

held on the opening day. This year’s

Zayed Grand Camel Race is set to attract

thousands of camel owners and

competitors from across the region,

celebrating a rich cultural tradition

and the spirit of the UAE’s heritage.

auction starts. Breeders from the UAE,

GCC, and globally are expected, with

remote participation possible via a

dedicated app offering live broadcasts

and secure bidding. The app streamlines

transport and export processes. Last

year, 85 out of 89 horses were sold,

achieving one of the highest global

sales at AED 20,662.

Sharjah Club Clinches Emirati-Korean

Taekwondo Title

Sharjah Sports Club was crowned

champions of the eighth Emirati

Korean Taekwondo Friendship

Championship, winning the men’s

category cup in a highly competitive

tournament held at the club’s gymnasium

in Al Hazana. The event featured

over 190 players from 12 national clubs,

with Sharjah clinching their sixth title.

They secured an impressive 20 medals—5

gold, 6 silver, and 9 bronze—

demonstrating their dominance in the

sport. The championship showcased

remarkable talent and skill, with Sharjah

athletes standing out in a vibrant competitive

atmosphere. Engineer Sulaiman

Abdulrahman Al Hajri, board member

and head of individual games, praised

the team’s performance, acknowledging

the efforts of the administrative and

coaching staff, especially Captain

Abdullah Hatem, for their vital role

in this success.

Fakhr Al Bateen Clinches Gold at Emirates

Breeders Championship

The Emirates Arabian Horse

Championship for Private Stud

Owners concluded with thrilling,

closely contested events. Organised by

the Emirates Arabian Horse Society,

the four-day competition featured a

record-breaking 333 horses at Boudheib

Academy. Mohamed Ahmed Al Harbi,

Director General of the EAHS, crowned

the winners in the Senior Stallions

category during the closing ceremony,

attended by UAE stud owners, breeders,

and managers. Fakhr Al Bateen of Al

Bateen Stud claimed gold, while JS Al

Sultan and Aned Al Hawajer took silver

and bronze, respectively. Al Harbi also

honoured American handler Troy Smith

for his contributions to Arabian horse

championships. MZ Afaal dazzled in

the Yearling Fillies category, winning

gold for Mezyad Stud, with Shehailiah

Alnoud and Sheikha Alyah securing

silver and bronze.

56 www.thefinanceworld.com Dec 2024


UAE and Qatar Gear up for Crucial Gulf Derby in World Cup Qualifying Match

The UAE faced a vital World Cup

qualifying match against Qatar

at Al Nahyan Stadium in Abu

Dhabi. Paulo Bento’s side, with seven

points, were third in the group, tied

with Qatar, who were fourth but had

a worse goal difference. Both teams

trailed second-placed Uzbekistan by

three points and group leaders Iran by

six. Despite being the fourth-highest

ranked team in the group, the UAE

Baseball United

Completes New Dubai

Ballpark

Baseball United, the first professional

baseball league focused

on the Middle East and South

Asia, announced the completion of

Baseball United Ballpark, the region’s

first professional baseball field. Built

in just 38 days, the ballpark will host

all Baseball United events, including

the upcoming league season, and

serve as a launchpad for international

tournaments featuring top global

teams. It will debut with the Arab

Classic Tournament, featuring nine

nations from the GCC and Subcontinent

in the region’s largest baseball

competition. Kash Shaikh, Chairman

& CEO of Baseball United, credited

the achievement to support from the

Dubai government, regional federations,

and global baseball legends. This

milestone follows Baseball United’s

merchandise launch in Dubai and Abu

Dhabi, enhancing baseball’s regional

presence.

had exceeded expectations. However,

their campaign had been hampered by

a 0-0 draw against lowly-ranked North

Korea and a costly red card to Abdulla

Hamad in Uzbekistan. The dismissal

came with the score locked at 0-0, and

a late penalty from Otabek Shukurov

condemned the UAE to a narrow defeat,

leaving them with much to recover in

their bid for qualification.

UAE Olympic Committee to Launch Elite Club for

Sports Talent Development

Sheikh Ahmed Bin Mohammed

Bin Rashid Al Maktoum, Second

Deputy Ruler of Dubai and

President of the National Olympic

Committee (NOC), has announced

the launch of the Elite Club under a

new vision, aligned with NOC Statutes

and International Olympic Committee

(IOC) standards. The club’s goal is to

identify, support, and nurture exceptional

athletes across various sports.

This announcement was made during

the NOC General Assembly’s Extraordinary

Meeting in Dubai, chaired by

Sheikh Ahmed. The meeting also

presented his vision for the future of

Abu Dhabi will host the Bitball Flag

Football event on December 10

at Al Nahyan Stadium, marking

the first American football competition

where winners receive Bitcoin rewards.

The event, starting at 7pm, will feature

Super Bowl Champion Russell Okung, who

made headlines as the first professional

athlete to receive his salary in Bitcoin.

the UAE’s Olympic movement for the

2024-2028 period. Attendees included

Sheikh Rashid Bin Humaid Al Nuaimi,

Dr. Ahmad Belhoul Al Falasi, Faris

Mohammed Al Mutawa, and other key

NOC figures.

Abu Dhabi Hosts First Bitcoin-Rewarded NFL Flag

Football Event

A roster of 22 NFL veterans, including

Antonio Brown, Le’Veon Bell, and Dez

Bryant, will compete. “The flag football

match at our Bitcoin event embodies the

collaboration and resilience of the Bitcoin

community,” said George Mekhail, BTC

Inc. The event coincides with Bitcoin

MENA 2024, the region’s largest gathering

of Bitcoin investors and developers.

Dec 2024 www.thefinanceworld.com 57


Finance

Source: Ai generated

Mitigating risks and maximizing returns through strategic diversification.

The Importance

of Investment

Portfolio

Diversification

Exploring How Diversification Can

Help Reduce Risk by Spreading

Your Money Around.

In the dynamic world of financial management,

investors constantly seek strategies

to maximize returns while minimizing

risks. Portfolio diversification emerges

as a critical approach to achieving this

delicate balance. By spreading investments

across various asset classes, sectors, and

geographical regions, investors can create

a robust financial safety net that helps

protect wealth against market volatility.

This strategic allocation not only mitigates

potential losses but also provides opportunities

for consistent growth, making

diversification a fundamental principle

of sound investment planning. In this

article, we will explore the core principles

of diversification, its benefits in risk

management, and practical strategies to

build a well-balanced portfolio.

58 www.thefinanceworld.com Dec 2024


Portfolio diversification is more

than just a financial strategy; it’s

a sophisticated risk management

technique that serves as a protective

shield for investors’ hard-earned money.

At its core, diversification involves

spreading investments across different

asset classes to reduce the impact of

market fluctuations on overall portfolio

performance. This approach acknowledges

a fundamental investment principle:

not all assets perform identically under

similar market conditions.

The Mathematical Logic of

Diversification

The power of diversification can be

understood through modern portfolio

theory, developed by Nobel laureate

Harry Markowitz. His groundbreaking

research demonstrated that intelligent

asset allocation could generate superior

risk-adjusted returns compared to

concentrated investments. By carefully

selecting assets with low correlation,

investors can optimize their portfolio’s

performance while simultaneously reducing

potential volatility.

Key Components of Effective

Diversification

Asset Class Allocation: Successful

diversification begins with distributing

investments across multiple asset classes.

These typically include stocks, bonds, real

estate, commodities, and cash equivalents.

Each asset class responds differently to

economic changes, providing a natural

buffer against market uncertainties. For

instance, when stock markets decline, bonds

might offer stability or real estate investments

could continue generating returns.

Sector Diversification: Within asset

classes like stocks, spreading investments

across various sectors is crucial.

Technology, healthcare, finance, energy,

and consumer goods represent different

economic segments with unique growth

trajectories. By investing in multiple sectors,

investors can protect themselves from

sector-specific downturns. A technology

sector slump might be offset by strong performance

in healthcare or consumer goods.

Geographical Diversification: Global

markets offer distinct opportunities and

risks. Investing across different countries

and regions helps mitigate country-specific

economic challenges. Emerging markets

might provide higher growth potential,

while developed markets offer stability.

This approach reduces dependency on

a single economy’s performance and

opens doors to international investment

opportunities.

Advanced Diversification Techniques

Beyond traditional asset allocation, sophisticated

investors employ additional

strategies:

• Alternative investments like private

equity

• Derivative instruments for hedging

• Cryptocurrency and blockchain-based

assets

• Sustainable and ESG (Environmental,

Social, Governance) investment options

Risk Quantification

Professional investors often use metrics

like standard deviation and Sharpe ratio

to quantify portfolio risk. These mathematical

tools help assess the potential

volatility and expected returns of diversified

investment strategies. By understanding

these metrics, investors can make more

informed decisions about their portfolio

composition. Diversification acts as a

risk reduction mechanism by preventing

significant portfolio losses. When one

investment underperforms, others can

potentially compensate, maintaining

overall portfolio stability. This strategy

doesn’t guarantee profits but substantially

reduces the probability of catastrophic

financial losses.

Implementing Diversification

Effective diversification requires careful

planning and periodic rebalancing.

Investors should:

• Assess personal risk tolerance - Understanding

your risk appetite is critical.

Some investors may prefer low-risk

bonds and stable assets, while others

might lean towards high-risk equities

and emerging markets for potential

higher returns. Aligning your portfolio

with your comfort level is essential for

long-term stability.

• Understand individual investment

goals - Clearly define your financial

objectives, whether they are short-term,

such as buying a home, or long-term,

like retirement planning. This helps in

selecting the right mix of investments

that cater to specific timelines and

growth expectations.

• Regularly review and adjust portfolio

allocation - Markets and personal circumstances

evolve, requiring periodic

evaluation of your portfolio. Rebalancing

ensures that your allocation stays

aligned with your original goals and

risk tolerance, avoiding overexposure

to any single asset class.

Modern investment platforms and tools

have simplified diversification. Mutual

funds, Exchange-Traded Funds (ETFs),

and robo-advisors offer cost-effective

methods to achieve broad market exposure

with minimal individual stock

selection complexity.

Common Diversification Mistakes

to Avoid

• Over-diversification leading to diluted

returns - Spreading investments too

thinly across a large number of assets

can dilute the potential for significant

returns, as gains in some areas may

be offset by losses in others.

• Neglecting correlation between investments

- Simply holding a variety

of assets is not enough; their performance

should not be closely linked.

For example, investing in different

companies within the same industry

may not provide true diversification.

• Failing to Diversify Across Time HorizonsDiversification

isn’t just about

asset type; it also involves aligning

investments with different time horizons.

For example, long-term growth-focused

investments like stocks should be

balanced with short-term, low-risk

instruments like money market funds

to meet immediate liquidity needs.

• Neglecting Expense Ratios Diversification

tools like mutual funds and ETFs come

with expense ratios. Overloading your

portfolio with multiple high-cost funds

can erode returns over time. Choosing

low-cost options that still offer broad

exposure is a smarter approach.

The Strategic Value of Diversification

Portfolio diversification remains a cornerstone

of sound investment strategy,

offering a structured approach to managing

risks while pursuing growth. By allocating

assets intelligently across different

classes, industries, and geographies,

investors can build portfolios that withstand

market turbulence and capitalize

on opportunities. Portfolio diversification

represents a sophisticated yet essential

strategy for managing investment risks.

By intelligently spreading investments

across various assets, and sectors can

build resilient portfolios.

Dec 2024 www.thefinanceworld.com 59


Opinion

Source: Supplied

This phenomenal rise in

population growth over

the last 24 months is also

creating positive dynamics

for the local stock market

sentiment.”

Vijay Valecha,

Chief Investment Officer, Century Financial

Dubai 2024

Witnesses

Infrastructure and

Stocks Surge

Rising Population And Strategic

Investments Drive Dubai’s

Financial Markets

The Gulf region’s stock markets have

showcased robust performance in 2024,

with Dubai leading the charge. The city’s

financial growth has been bolstered by a

sharp rise in its resident population, which

increased by nearly 260,000 since early

2023, fuelling market optimism. IPO successes

like Salik and Parkin have played a

pivotal role, with these stocks delivering

impressive year-to-date gains of 85% and

60%, respectively. Dubai’s strategic focus

on infrastructure, highlighted by its AED

3.7 billion road expansion plan, further

strengthens its economic resilience. This

surge in development and market activity

underscores Dubai’s pivotal role in driving

financial and economic growth across

the Gulf region.

60 www.thefinanceworld.com Dec 2024


In 2024, stock indices across the Gulf region have

demonstrated significant strength, indicating a favorable

economic landscape. The ADX General Index in Abu

Dhabi experienced an increase of 0.5%, reaching a value

of 9,278.65 during early trading sessions. International

Holding Co. PJSC contributed notably to this uptick,

achieving a growth of 0.7%. Additionally, the Abu Dhabi

National Co. for Building Materials emerged as a leading

performer, registering a substantial increase of 3.7%.

Conversely, the DFM General Index in Dubai opened

at 4,783.25, reflecting a rise of 0.3%. This increase was

largely propelled by Emaar Properties PJSC, which saw

a gain of 1.2%. The National Central Cooling Co. PJSC

recorded the most significant growth in this index, with

a rise of 3.3%.

In Riyadh, the Tadawul All Share Index commenced

trading at a slightly elevated position of 11,792.57, bolstered

by a 0.5% increase from Saudi National Bank.

The most pronounced gain was observed in MBC Group

CJSC, which recorded a rise of 4.4%.

Oil and Gold Trends:

Oil prices have steadied, buoyed by geopolitical developments

and uncertainties surrounding President-elect

Donald Trump’s proposed tariffs. Brent crude traded

above $73 per barrel, and West Texas Intermediate hovered

near $69. Trump’s tariff threats on China, Mexico,

and Canada spurred a dollar rally, which pressured

commodity prices. Following an earlier 2.9% slump, the

oil market’s sentiment remained cautious amid Israel’s

potential ceasefire with Hezbollah, which could reduce

Middle Eastern supply risks.

Gold, however, faced a sharp decline, falling over 3%

and marking its worst day since June 2023. This drop

came amidst optimism about an Israel-Lebanon ceasefire

and President Trump’s nomination of Scott Bessent as

Treasury Secretary, which diminished the risk premium

tied to Trump’s protectionist policies. Nevertheless, his

subsequent remarks about tariffs on imports from China,

Mexico, and Canada stoked inflationary concerns,

placing further pressure on gold. Currently holding

steady around $2,622, gold faces resistance at $2,666 and

support at $2,573. Despite this setback, gold has risen

over 25% year-to-date, spurred by central bank purchases

and haven demand. The upcoming release of the Fed’s

November FOMC meeting minutes, consumer confidence

data, and personal consumption expenditure reports are

anticipated to shed light on future Fed policy moves.

Gold prices in the UAE are as follows:

• 24 Carat – AED 318.00

• 22 Carat – AED 294.50

• 21 Carat – AED 285.00

• 18 Carat – AED 244.25

Focus on Dubai’s Stock Market Leaders (Parkin

& Salik):

Dubai’s stock market has been propelled by exceptional

performances from Parkin Co PJSC and Salik Co PJSC.

Parkin has gained 60% year-to-date (YTD) since its March

2024 listing, driven by strong operational growth and

strategic partnerships. Parkin’s public parking revenue

surged due to its collaborations with new developers

and the phased addition of parking spaces in Dubai’s

evolving districts, showing a 42% rise in parking revenues.

Salik, on the other hand, stands out as the top performer

in the DFM Index with an 85% YTD increase.

The company’s financial results for Q3 reflected strong

earnings, with revenue growth bolstered by a near 10%

increase in vehicle registrations and a high EBITDA

margin of 68%. Salik has provided optimistic guidance

for 2025, forecasting a 25-26% YoY revenue growth, in

line with market expectations. These gains are linked to

Dubai’s rising resident population, which has increased

by nearly 260,000 since early 2023, underscoring the

positive dynamics in the local market sentiment.

Infrastructure Development and Future Prospects:

Dubai is undertaking strategic investments in its infrastructure,

exemplified by the AED 3.7 billion road

expansion plan scheduled for implementation between

2025 and 2029. This initiative, which forms part of Dubai’s

Master Urban Plan Strategy, entails the construction of

634 kilometers of new roads across twelve districts. Such

efforts aim to improve connectivity in regions experiencing

urbanization rates ranging from 30 to 80 percent. This

plan is particularly noteworthy as it corresponds with

nearly half of Dubai’s 2025 government budget, which

is earmarked for infrastructure projects, encompassing

roads, bridges, and the expansion of the metro system.

Furthermore, the road expansion is anticipated to

facilitate the introduction of new toll gates, thereby

contributing to the growth of Salik, as an increase in

roadways is likely to enhance toll revenue. Additionally,

the demographic shift in Dubai from rental properties

to homeownership in developing areas, including the

South District and Jumeirah, further supports a favorable

economic forecast. The anticipated expansion is expected

to result in elevated traffic rates and an increase in

vehicle registrations, which will directly benefit Parkin’s

operations and augment public parking revenues.

Dubai’s economic resilience, driven by strategic

infrastructure investments and a growing population,

continues to underpin the region’s stock market success.

With the population surge supporting demand for

services and driving stock performances like those of

Parkin and Salik, Dubai is well-positioned to maintain

its leadership role in the Gulf’s financial markets. The

sustained investment in urban infrastructure promises to

strengthen this growth, supporting the broader financial

ecosystem and cementing Dubai’s status as a key player

in the region’s economic landscape.

Dec 2024 www.thefinanceworld.com 61


UAE Banking News

UAE Banks Record

Highest Return on

Equity in the GCC

UAE-listed banks maintained

their position as the top performers

in the GCC, recording

the highest return on equity (RoE) at

16.8% by the end of Q3 2024, recent

data reveals. According to Kamco Invest’s

latest report, GCC-listed banks

experienced robust lending growth,

reflecting the region’s resilient economic

performance despite lower

oil prices. This growth was largely

driven by non-oil sectors in the UAE,

Qatar, Bahrain, and Saudi Arabia.

Junaid Ansari, Kamco Invest’s Head

of Investment Strategy and Research,

noted the strong pipeline of projects,

highlighting GCC nations’ commitment

to diversifying their economies. Aggregate

gross loans for GCC-listed banks

rose by 3.1% to a record $2.12T, with

year-on-year growth reaching 10.1%,

supported by broad-based expansion

across all markets.

UAE Central Bank Fosters Innovation with New

Hub at EIF

The UAE Central Bank has

launched its “Innovation Hub”

at the Emirates Institute of Finance

(EIF) to foster research and

development in financial services.

This initiative aligns with the UAE’s

vision to drive technological transformation

and cultivate specialised

national talent in financial innovation.

As part of the Financial Infrastructure

Transformation Programme’s nine

initiatives, the hub aims to accelerate

digital transformation across the

financial sector. The collaboration

between EIF and the Central Bank will

nurture skilled professionals equipped

to meet industry demands. By promoting

advanced technologies, including

AI, the hub will provide a supportive

environment for innovation.

Banque Misr Secures $1B Financing from

Emirates NBD, Mashreq Bank

Banque Misr has secured a $1B

senior unsecured syndicated

term loan facility for two years,

with an option for a 12-month extension.

Emirates NBD Capital and

Mashreq Bank jointly coordinated the

financing, acting as the initial mandated

lead arranger and bookrunner.

Despite a challenging macroeconomic

environment in Egypt, the loan attracted

significant interest from financial

institutions across Europe, the Middle

East, Asia, and Africa, leading to an

oversubscription of 1.8 times. The

loan proceeds will be used for general

corporate funding and refinancing

existing facilities. The transaction

involved 18 financial institutions,

with Middle Eastern banks contributing

72% of the liquidity. The deal

was concluded within 40 days. Both

Hitesh Asarporta and Joel Van Dusen

highlighted the growing confidence in

Egypt’s economic recovery.

UAE Unveils Digital KYC Platform to Enhance Financial Transparency

The UAE government has

launched a digital “Know Your

Customer” (KYC) platform to

enhance banking sector operations,

improve financial transparency, and

combat financial crime. Introduced under

Federal Decree-Law No 30 of 2024,

this initiative marks a significant step

in the UAE’s efforts to modernise its

financial infrastructure and solidify its

position as a global leader in financial

technology. The platform is designed

to provide secure and accurate customer

data, ensuring compliance with

regulations and building trust in the

UAE’s business and financial systems.

By integrating advanced digital solutions

tailored to banking, insurance,

and financial services, the platform

strengthens the competitiveness of the

UAE’s banking industry while streamlining

data exchange and co-operation

in preventing financial crime.

62 www.thefinanceworld.com Dec 2024


Abu Dhabi’s Royal Group Launches Comera Pay Digital Payment Solutions

Comera Financial Holding, part

of Abu Dhabi’s Royal Group,

has launched Comera Pay, a

comprehensive suite of digital payment

services aimed at individuals and

businesses in the UAE. This secure

and user-friendly app offers seamless

access to a range of services, including

digital wallets, P2P transfers, QR code

payments, remittances, and bill payments.

For businesses, Comera Pay provides

Dubai Chambers Adds

51,550+ New Companies

as Exports Top $61B

Dubai Chamber of Commerce

welcomed 51,561 new member

companies in the first nine months

of 2024, reflecting a 4% year-over-year

(YoY) growth compared to the same

period last year. This growth highlights

Dubai’s growing appeal to both regional

and global investors. The chamber’s efforts

to enhance the city’s business environment

have contributed to economic growth and

supported the Dubai Economic Agenda

(D33). During Q1-Q3 2024, members’

exports and re-exports reached AED 224B

($61B), a 7% YoY increase. Additionally,

578,268 certificates of origin were issued,

marking a 7% YoY growth, while 3,259

ATA Carnets were issued for goods

valued at over AED 2B ($545M). These

figures underscore Dubai’s strengthening

position in global trade.

advanced solutions such as POS systems,

payment gateways, multi-currency wallets,

and cross-border remittances. Akhtar

Saeed Hashmi, CEO of Comera Pay,

emphasized that the platform simplifies

transactions by offering unlimited digital

payment options, catering to the techsavvy

UAE population. Built on cuttingedge

technologies, the service ensures

real-time updates and strong security

protocols to protect customer data.

UAE Leads Middle East Banking with $1.1T in Assets

The UAE leads the Middle Eastern

banking sector, holding the

largest share of the region’s

$3.2T in assets. According to Arthur

D. Little’s (ADL) report, the UAE’s

$1.1T banking assets underscore its

dominance, surpassing Saudi Arabia’s

$971B. The UAE’s pioneering role

in digital banking is reinforced by

advancements in AI, blockchain, and

cloud technologies. Yacin Mahieddine

of ADL notes that initiatives like

Rothschild & Co has opened a

new office in Dubai as part of

its strategy to expand in the

Middle East. Alexandre de Rothschild,

Executive Chairman of the global

financial services group, met with

Sheikh Maktoum bin Mohammed bin

Rashid Al Maktoum, First Deputy Ruler

of Dubai, to discuss the company’s

regional operations and expansion

plans. Sheikh Maktoum congratulated

Rothschild & Co on its new wealth

the Central Bank’s digital currency

and blockchain integration position

the UAE as a modern financial hub.

With an 8.7% CAGR over the past two

years, the UAE’s digital banking sector

is projected to reach $175.7B by

2029, growing at 4.8% annually. The

CBUAE’s leadership in Central Bank

Digital Currency (CBDC) initiatives

sets a benchmark for innovation in

the region.

Rothschild & Co Opens Dubai Office to Tap into

DIFC’s $3.5T Capital

management office, highlighting the

UAE’s strong reputation in global

finance. He praised the country’s

flexible business environment, which

fosters growth, particularly in the

financial services and consultancy

sectors. The meeting also focused

on the UAE’s future vision, underpinned

by strategic plans and strong

public-private sector partnerships to

drive sustainable development and

shared success.

Dec 2024 www.thefinanceworld.com 63



Opinion Piece

Eng. Amer Khansaheb,

CEO and Board Member of Union Properties PJSC

Mixed-Use Developments

Redefine the Urban

Landscape with Key Focus on

Sustainability

As Dubai’s Real Estate market

continues its dynamic evolution,

bolstered by government initiatives

and major landmark events, it is quickly

becoming one of the most dynamic and

multicultural Real Estate markets in the

world. Drawing residents from diverse

backgrounds, the Emirate has transformed

into a thriving international community

with a unique urban fabric. Driven by

high-end properties, exclusive living

experiences, and distinctive designs,

Dubai’s development aligns with a forward-looking

vision that prioritises quality

of life, sustainability, and convenience.

Aligned with evolving market demands,

developers are increasingly considering

the requirements of various communities

to create projects that cater to both

residents and the latest industry trends,

such as fostering social sustainability.

An innovative approach in this regard

is mixed-use projects, which hold a key

role in ensuring a convenient lifestyle.

By blending residential, commercial and

recreational spaces, mixed-use projects

reduce the need for extensive commuting,

allowing individuals to access essential

services, workplaces and leisure activities

within walking distance or a short

transit ride.

The surge in mixed-use projects reflects

Dubai’s unwavering commitment to sustainability,

environmental consciousness

and enhancing the quality of life. These

developments are uniquely positioned

to benefit residents by minimising travel

time, expanding leisure opportunities

and fostering a vibrant community atmosphere.

The comprehensive design

of mixed-use projects contributes to a

sustainable urban landscape.

In today’s fast-evolving market,

mixed-use developments are crucial in

maximizing property value, leveraging

their prime locations and the seamless

blend of upscale living, working, and

leisure spaces. This integrated lifestyle

resonates strongly with discerning

buyers and investors looking for more

than just a property—seeking instead

a sustainable and enriched community

experience. Developments that prioritize

sustainability and forward-thinking

design not only attract environmentally

conscious buyers but also set the stage

for enduring value appreciation, aligning

with the growing demand for responsibly

built and distinctively crafted properties.

Mixed-use developments are wellaligned

with visionary frameworks such

as Dubai’s Urban Master Plan 2040, aimed

at positioning the city as a model of

sustainability, connectivity, efficiency

and green living. Beyond transforming

Dubai’s Real Estate sector, mixed-use

projects significantly contribute to the

UAE’s ambitious goals for sustainable,

efficient and connected urban development.

These projects further bolster the nation’s

economic diversification ambitions by

stimulating local business growth and

enriching the tourism landscape, creating

significant value in the property market.

Ultimately, it supports the advancement

of future-focused communities and fosters

sustainable urban growth.

Takaya, one of the new communities

by Union Properties, stand as a testament

to Dubai’s vision for sustainable

Real Estate, promoting urban planning

and nurturing environmentally friendly

neighbourhoods. The project incorporates

walkable layouts and ample green spaces,

supporting the Emirate’s commitment to

sustainability and elevating urban living

standards. Above these factors, from an

economic standpoint, mixed-use developments

also represent an ideal investment,

consistently delivering strong returns

ensuring long-term value.

Dec 2024 www.thefinanceworld.com 65


Year-In-Review

Source: Ai generated

A snapshot of the UAE’s evolving financial trends and opportunities.

Exploring the

UAE’s Financial

Landscape as 2024

Closes

The UAE has Continued Its

Rapid Growth Across All

Sectors.

As 2024 draws to a close, the UAE has

solidified its position as a global leader

in innovation, economic diversification,

and sustainability. Throughout the year,

the nation has continued to make significant

strides across various sectors,

from finance to technology, cementing

its place as a hub of opportunity in the

Middle East and beyond. Dubai and Abu

Dhabi have continued to thrive as major

international business hubs. In this article,

we will explore the major highlights

that shaped the UAE’s remarkable year in

2024, focusing on the key developments

in finance, sustainability, technology, and

real estate, as well as the country’s continued

rise on the global stage.

66 www.thefinanceworld.com Dec 2024


On the international stage, the UAE

further reinforced its economic and

diplomatic influence by hosting

key global events, including the World

Climate Summit in Dubai, showcasing

the nation’s leadership in environmental

initiatives. Additionally, Dubai’s hosting

of the International Financial Forum

2024 highlighted the UAE’s role as a

global financial center, with discussions

on innovation, sustainable investment,

and economic recovery post-pandemic.

Abu Dhabi continued to lead in wealth

management, with the UAE capital remaining

the world’s wealthiest city by

sovereign wealth fund assets, according

to the latest Global SWF report. This

growth has attracted significant global

interest in the UAE’s financial markets,

with investors looking to tap into the

country’s wealth of opportunities in sectors

like FinTech, energy, and infrastructure.

Growth in IPO Market

The UAE’s Initial Public Offering (IPO)

market has experienced significant growth,

with a surge in companies from emerging

sectors such as technology, renewable

energy, and advanced financial services

entering the public markets. This trend

reflects a broader economic transformation,

as businesses utilize public

offerings as strategic tools for capital

generation and market positioning. Both

Abu Dhabi and Dubai have modernized

their stock exchanges with cutting-edge

technological infrastructures, creating a

more transparent and efficient market

that attracts global investors. These advancements

have not only enhanced the

liquidity of the UAE’s financial markets

but have also positioned the nation as a

global financial hub with high potential

for growth.

Booming Real Estate Sector

Real estate development in the UAE has

moved beyond its traditional role, evolving

into a significant driver of economic

diversification. The sector is now seen as a

comprehensive ecosystem that integrates

urban planning, technological innovation,

and sustainability. Major real estate projects,

such as smart city developments

and eco-friendly architectural designs,

are reshaping the urban landscape and

attracting global investors. These projects

are designed to meet the needs of

a rapidly growing population while also

promoting sustainability, making the UAE

an attractive destination for investment

in future-oriented infrastructure. The

sector’s dynamism is a testament to the

country’s commitment to technological

and environmental innovation, further

boosting its economic resilience.

Increase in Foreign Direct Investments

(FDI) in the UAE

Foreign Direct Investment (FDI) in the

UAE has reached unprecedented levels,

driven by the nation’s strategic economic

policies and open investment climate.

The establishment of comprehensive free

zone ecosystems, advanced regulatory

frameworks, and a focus on technological

integration has created an appealing

environment for global corporations.

The UAE’s FDI strategies are no longer

limited to offering financial incentives;

they encompass a holistic approach that

prioritizes long-term value creation,

sustainable growth, and innovation.

As a result, the country has attracted

substantial international investments,

reinforcing its position as a prime investment

destination in the Middle East

and beyond.

GDP Growth & Projections for 2025

The UAE’s economy is set to continue its

upward trajectory, with a projected GDP

growth of 3.9% in 2024 and an acceleration

to 6.2% in 2025. This growth is indicative

of a broader economic transformation

fueled by the diversification of key sectors

such as technology, renewable energy, and

advanced manufacturing. Investments in

human capital, technological infrastructure,

and knowledge-driven industries

have created a resilient and adaptable

economic ecosystem. The projections

for 2025 suggest that the UAE is on track

to achieve sustained growth, positioning

itself as a global economic leader with

a robust and diversified economic base.

Heightened Focus on Anti Money

Laundering

In response to the growing demand for

financial transparency and accountability,

the UAE has heightened its focus on

Anti-Money laundering (AML) efforts.

Advanced monitoring systems, including

the integration of artificial intelligence

and machine learning, have been implemented

to detect and prevent illicit

financial activities. These technologies

allow for real-time tracking of financial

transactions, enhancing the country’s

ability to combat money laundering

effectively. Additionally, the UAE has

The UAE’s real GDP growth

is projected to reach 3.9%

in 2024 and accelerate

further to 6.2% in 2025.”

taken steps to strengthen its financial

regulatory frameworks, positioning

itself as a leader in global economic

cooperation and financial intelligence.

The enhanced AML measures reinforce

the nation’s commitment to maintaining

the integrity and transparency of its

financial system.

UAE’s Largest Ever Budget

The UAE government has unveiled its

largest-ever budget for the 2025-2027

period, reflecting a forward-thinking

approach to national economic planning.

This unprecedented budget goes beyond

traditional fiscal strategies, integrating

social development goals, technological

innovation initiatives, and sustainable

growth objectives. The strategic allocation

of resources within this budget will

enable the UAE to maintain its position

as a global economic powerhouse, with

a focus on long-term growth, innovation,

and social welfare. This budget sets a bold

vision for the country’s future, aligning

with the UAE’s ambitions to achieve

sustainable, inclusive prosperity for its

citizens and investors alike.

The UAE’s financial landscape in 2024

reflects a remarkable blend of strategic

vision, and progressive governance. By

seamlessly integrating technological

advancements, and robust fiscal policies,

the nation continues to cement its position

as a globally recognized financial hub

and a leader in economic transformation.

Looking ahead, the UAE’s dedication

to innovation and sustainability sets it

apart as a forward-thinking economy.

The country’s proactive measures,

such as enhanced AML frameworks and

record-breaking budgets, showcase a

comprehensive approach to building

a future-ready financial ecosystem. As

the UAE continues to navigate an increasingly

interconnected and dynamic

global economy, its focus on innovation,

transparency, and sustainable development

serves as an inspiring model for

nations worldwide.

Dec 2024 www.thefinanceworld.com 67


Mobility

Source: Ai generated

The adoption of electric vehicles is expanding in the UAE.

How the UAE is

Shaping the Future

of Electric Vehicle

Adoption

The EV Revolution is Transforming the

Automotive Industry, and the UAE is at

the Forefront of this Change.

The automotive landscape is undergoing

a dramatic transformation, with electric

vehicles (EVs) emerging as a pivotal force

in reshaping transportation and environmental

sustainability. In this global shift,

the United Arab Emirates (UAE) stands

out as a remarkable pioneer, leveraging

its innovative spirit and strategic vision

to become a leader in the electric

mobility revolution. By embracing cutting-edge

technology and implementing

forward-thinking policies, the UAE is not

just participating in the EV revolution—it

is actively driving it forward, reimagining

the future of transportation in one of the

world’s most dynamic regions. With substantial

investments in EV infrastructure

the nation is setting a global benchmark.

68 www.thefinanceworld.com Dec 2024


The UAE’s commitment to electric

vehicles is deeply rooted in its

ambitious national strategies for

sustainable development. Recognizing

the need to diversify its economy beyond

traditional fossil fuels, the country has

made substantial investments in EV

infrastructure and supportive policies.

Cities like Dubai and Abu Dhabi have

been particularly proactive, developing

comprehensive charging networks and

introducing incentives that make electric

vehicle ownership increasingly attractive.

Dubai, for instance, has set an audacious

target of having 42,000 electric vehicles

on its roads by 2030, complemented by

an extensive charging infrastructure. The

Dubai Electricity and Water Authority

(DEWA) has been instrumental in this

effort, installing hundreds of charging

stations across the emirate and offering

attractive rates for EV charging. These

strategic initiatives are part of a broader

vision to create a sustainable, technology-driven

urban environment.

Abu Dhabi has taken similar strides,

with its “Green Charger” initiative enhancing

the availability of EV charging

stations and promoting clean energy use.

Additionally, the emirate has introduced

tax exemptions and free parking for EV

owners, further incentivizing the transition

to electric vehicles. These measures not

only make EVs more accessible to residents

but also underscore the UAE’s leadership

in blending technological advancement

with environmental consciousness.

The private sector, too, has played

a crucial role in this ecosystem, with

collaborations between government

entities and leading automakers fostering

innovation in electric mobility. Together,

these efforts highlight the UAE’s holistic

approach to driving the EV movement

while setting a global example of sustainable

urban transformation.

Government Incentives and Policy

Support

The UAE government has implemented

a range of compelling incentives to

accelerate EV adoption. These include:

• Free parking for electric vehicles in

designated areas

• Exemption from registration and

renewal fees

• Reduced electricity rates for home

charging

• Dedicated lane access for EVs in some

urban areas

• Significant reductions in vehicle purchase

taxes

• Zero customs duties on imported

electric vehicles

• Corporate tax incentives for businesses

investing in electric mobility

infrastructure

Such comprehensive support demonstrates

the UAE’s holistic approach to

promoting electric mobility, making it

financially and practically appealing for

consumers to transition from traditional

combustion engines. This multi-faceted

strategy addresses both economic and

environmental considerations, creating

a supportive ecosystem for electric vehicle

adoption.

Technological Innovation and Investment

Local and international automotive manufacturers

have recognized the UAE’s

potential as a key market for electric

vehicles. Major brands like Tesla, and

Nissan, and local innovators are increasingly

focusing on the region, introducing

advanced EV models tailored to the region’s

unique climate and infrastructure.

The Mohammed bin Rashid Al Maktoum

Solar Park, one of the world’s

largest single-site solar installations,

plays a crucial role in this ecosystem.

By generating clean electricity, the

park ensures that electric vehicles are

powered by renewable energy, further

enhancing the environmental credentials

of electric mobility in the UAE.

This integration of renewable energy

and electric transportation represents

a sophisticated approach to sustainable

urban development. This collaboration

between clean energy infrastructure and

electric vehicles not only strengthens

the UAE’s environmental goals but also

bolsters its economy by creating new

industries and opportunities in the green

technology sector. It is an investment in

the future, positioning the UAE as a world

leader in sustainable transportation and

energy solutions.

Overcoming Regional Challenges

The UAE’s automotive market presents

unique challenges for electric vehicle

adoption, including extreme temperatures

and long driving distances. However,

technological advancements have made

modern EVs increasingly resilient. Improved

battery technologies now offer enhanced

performance and range, making electric

vehicles more suitable for the region’s

demanding environmental conditions.

Advanced thermal management systems

and specialized cooling technologies developed

specifically for hot climates have

significantly improved EV performance.

These innovations ensure that electric

Electric vehicles are set to

be at the core of our shift

to green mobility.”

His Excellency Suhail bin Mohammed Al

Mazrouei,

Minister of Energy and Infrastructure

vehicles can maintain optimal battery

temperature and efficiency, even in the

UAE’s challenging desert environment.

Future Outlook

The future of electric vehicles in the UAE

looks promising. Projections suggest

that EVs could constitute up to 20% of

new vehicle sales by 2030, a significant

increase from current levels. Continued

investments in charging infrastructure,

battery technology, and supportive policies

will be critical in achieving these

ambitious targets.

The UAE’s electric vehicle revolution

represents more than a technological

transition—it is a testament to the country’s

visionary approach to sustainable

development. By embracing electric

mobility, the UAE is not just transforming

its transportation sector but also

setting a global example of how strategic

planning, innovation, and commitment

can drive meaningful environmental

and economic change. As the world

watches, the UAE continues to charge

ahead, proving that sustainable mobility

is not just a possibility, but an exciting,

achievable reality that can reshape our

understanding of transportation, energy,

and urban development.

Dec 2024 www.thefinanceworld.com 69


Global News

Abu Dhabi Boosts Sustainable Development Through Partnerships

The Abu Dhabi Investment Office

(ADIO) plays a key role in advancing

the emirate’s Public-Private

Partnership (PPP) framework,

aligning with Abu Dhabi’s economic

and investment strategies. The framework

fosters collaboration between

local and international investors and

government entities, with a focus on

sectors like renewable energy, transportation,

and healthcare. Since 2020,

ADIO has facilitated AED 2.4B in PPP

deals, furthering Abu Dhabi’s position

as a top investment destination. The

Zayed City Schools project, a first in

the UAE under a PPP model, reflects

this success. A 22-year contract with

BESIX and Plenary Group will see the

development of three state-of-the-art

schools for over 5,000 students, showcasing

the PPP model’s integration of

private sector efficiency with public

interests.

UK Regulator Fines Barclays $51M After Dropping

Appeal Over Qatar Dealings

UAE Solidifies Role as

Global Financial Hub

Britain’s Financial Conduct Authority

(FCA) has fined Barclays

40 million pounds ($50.9 M) for

failing to disclose payments to Qatari

entities in 2008. This penalty follows

Barclays’ decision to drop its appeal

over the case, which had lingered

for 16 years. While the bank did not

admit wrongdoing, it chose to end

the legal battle, noting that the time

elapsed since the events made further

proceedings unproductive. The fine

relates to Barclays’ efforts to raise

capital during the global financial

crisis, including undisclosed payments

to Qatari investors who helped the

bank avoid a state bailout. The FCA

had previously found Barclays’ actions

during the capital raising reckless, and

despite the appeal, the bank ultimately

chose to settle.

As of September 2024, Dubai

ranks 16th in the Global Financial

Centers Index (GFCI),

reinforcing its position as the Middle

East’s leading financial hub. Since the

inception of the Dubai International

Financial Center (DIFC) in 2004, the

UAE has provided a premier platform for

financial institutions to thrive. Dubai’s

Economic Agenda D33 aims to make

the city the world’s fastest, safest, and

most connected, with plans to double

its GDP and FDI by 2033. The city is

heavily investing in FinTech, AI, and

blockchain, positioning itself as a global

leader in innovation and technology. The

UAE also boasts a competitive business

environment, with tax exemptions, and

robust regulations enhancing ease of

doing business.

UAE’s Mubadala Capital to take Canada’s CI Financial Private in $3.36B Offer

Mubadala Capital, an affiliate

of the UAE-based Mubadala

Investment Company, has

agreed to acquire Canada’s CI Financial

Corp. in a transaction valued at

approximately CAD 4.7B ($3.36B).

Under the terms, CI Financial’s shareholders

will receive CAD 32 per share,

a 33% premium over the latest closing

price and a 58% premium over the 60-

day volume-weighted average trading

price. The deal implies an enterprise

value of CAD 12.1B. Mubadala Capital,

which manages $24B in assets,

is a wholly owned subsidiary of Abu

Dhabi’s sovereign wealth fund. CI Financial,

a global asset and wealth management

company, oversees more than

CAD 518B in assets. The transaction

is subject to regulatory approvals,

court clearance, and other customary

conditions.

70 www.thefinanceworld.com Dec 2024


Saudi’s GASCO to

Invest $10M In SAIB

Sukuk

Saudi Arabia’s National Gas & Industrialization

Co. (GASCO) has

announced its intention to purchase

an additional $10M of sustainable first

tranche capital dollar-denominated sukuk

issued by the Saudi Investment Bank

(SAIB). The transaction is set to take

place on November 27 and is part of

GASCO’s ongoing investment strategy.

The sukuk carries an expected annual

return of 6.375% and has a term of 5.5

years, with dividend distributions to

be made semi-annually. GASCO has

stated that the financial impact of this

investment will be realised from the

second quarter of 2025. The purchase

will comply with GASCO’s investment

policy and does not grant any preferential

benefits to the company. The

transaction will also be presented at

the upcoming general assembly for

approval, ensuring adherence to the

relevant laws and regulations. This

strategic move highlights GASCO’s

commitment to expanding its diverse

investment portfolio while maintaining

transparency, sustainability, and

regulatory compliance.

AI Firms Forge Deals

With Publishing Giants to

Fuel Growth

Publishing giants and AI firms are

increasingly striking agreements

to balance copyright protection

with the AI industry’s growing demand

for training data. HarperCollins, a major

US publisher, has partnered with

an unnamed tech company, granting

limited access to select nonfiction

backlist titles for AI model training.

This deal reportedly offers $2,500 per

book for up to three years, ensuring

clear guardrails to protect authors’

rights. The publisher emphasised that

authors can choose to participate or

opt out. These AI models require vast

textual data to refine their language

capabilities, but reactions remain

mixed. Some authors have openly

rejected the proposition, highlighting

ongoing tensions between protecting

intellectual property and advancing

AI technology.

US Indicts Gautam Adani: Controversial Indian Tycoon

Indian billionaire Gautam Adani,

recently indicted in New York over a

$265M bribery scheme, is a first-generation

tycoon known for his meteoric

rise, often shadowed by controversies.

Asia’s second-richest person survived

the 2008 Mumbai attacks but now faces

U.S. fraud charges. His conglomerate,

spanning power, ports, and commodities,

lost $150 B in market value last year

after Hindenburg Research accused it of

financial malpractice a claim the Adani

Group denies. Though it recovered

some losses, the company’s valuation

stands at $141B. Adani, once briefly the

world’s richest man, now ranks 25th

globally with a $57.6B net worth. His

ventures, including contentious coal

projects, often attract scrutiny, with

Indian opposition alleging governmental

favouritism towards his businesses.

German Economy Grew Less Than Expected in Q3

Germany’s economy grew by

just 0.1% in the third quarter

of 2024, revised down from

the initial 0.2% estimate, underscoring

its ongoing struggle as the weakest

performer among G7 nations. This

stagnation reflects a broader trend of

minimal growth since 2021, with the

country expected to contract for the

second consecutive year. Claus Vistesen

of Pantheon Macroeconomics highlighted

the lack of momentum, while

ING’s Carsten Brzeski warned of an

impending winter recession. Although

household consumption rose by 0.3%

and government spending by 0.4%,

investment in machinery, equipment,

and construction declined, indicating

persistent economic vulnerabilities.

The second quarter’s 0.3% contraction

further intensified recession fears,

casting doubt on Germany’s short-term

recovery prospects.

Bitcoin Continues To Surge, Crosses $89,000

Bitcoin’s record-breaking rally

propelled its value past $89,000,

pushing the total crypto market

above its pandemic-era peak. Since the

U.S. election on Nov. 5, Bitcoin has

surged 32%, hitting an all-time high

of $89,599. Investors are optimistic

about President-elect Donald Trump’s

pro-crypto stance, including friendlier

regulations, plans for a U.S. Bitcoin

stockpile, and boosting domestic

mining. This contrasts sharply with

the previous administration’s SEC-led

crackdown, sparking a speculative

buying frenzy that lifted the crypto

market to $3.1T. Traders expect Bitcoin

to exceed $100,000 by year-end,

with companies like MicroStrategy

bolstering their holdings. According

to Mohamed Hashad of Noor Capital,

market makers ensure liquidity and

use hedging strategies, such as selling

options, to manage financial market

risks.

Dec 2024 www.thefinanceworld.com 71


Wheels

Audi Q5

Sportback 2025

The 2025 Audi Q5 Sportback epitomizes

luxury in the compact SUV

segment, distinguished by its refined

design and commendable performance

capabilities. This vehicle effectively combines

advanced technology, comfort, and

dynamic driving characteristics, positioning

it as a formidable option within its

category.

The Q5 Sportback is equipped with a

variety of engine choices, prominently

featuring a 2.0-liter turbocharged inline-4

engine that produces 261 horsepower

and 273 Nm of torque. For consumers

desiring enhanced performance, a 3.0-liter

turbocharged V6 engine is available,

which generates 349 horsepower and 369

Nm of torque. Both engine options are

matched with either a seven-speed dual-clutch

transmission or an eight-speed

automatic transmission, which facilitates

smooth gear shifts and promotes efficient

performance.

The design of the 2025 Q5 Sportback

exemplifies a harmonious blend of sleekness

and sportiness, characterized by its

coupe-like silhouette and sharp angular

lines that contribute to its athletic aesthetic.

The front façade prominently features

Audi’s signature Singleframe grille, complemented

by distinctive LED headlights.

The rear of the vehicle incorporates a

sporty diffuser and integrated LED taillights,

which together enhance the overall

dynamic appearance. Furthermore, the

vehicle’s aerodynamic properties have

been meticulously optimized to minimize

drag and improve stability at elevated

speeds, achieved through its streamlined

contours and sculpted bodywork.

The driving dynamics of the Q5 Sportback

are central to its allure. The Quat-

72 www.thefinanceworld.com Dec 2024


tro all-wheel drive system provided by

Audi guarantees a secure and engaging

driving experience across various conditions,

while the adaptive suspension

system offers a tailored driving experience.

Whether manoeuvring through

tight turns or travelling at high speeds on

highways, the suspension setup ensures

a balanced and comfortable ride without

sacrificing performance.

The interior of the 2025 Q5 Sportback is

designed to deliver a luxurious ambiance,

characterized by comfort and advanced

technology. High-quality materials, including

leather upholstery and premium trims,

establish an upscale environment. The

dashboard is equipped with Audi’s Virtual

Cockpit, a 12.3-inch digital display that

conveys critical driving information in

an accessible and customizable format.

Additionally, the MMI infotainment system

facilitates straightforward access to navigation,

entertainment, and connectivity

features, which include integration with

Apple CarPlay and Android Auto.

Audi’s vision for the Q5 Sportback revolves

around the integration of style,

performance, and innovative technology,

delivering an experience that harmonizes

sportiness with luxury. Emphasizing sustainability,

Audi has introduced hybrid

and plug-in hybrid powertrains, which

provide environmentally aware consumers

with viable alternatives that do not

compromise performance.

In conclusion, the 2025 Audi Q5 Sportback

represents a distinguished choice

for individuals in search of a compact

luxury SUV that offers a confluence of

advanced technology, exceptional performance,

and an eye-catching design.

240 km/h

Speed

369 Nm

Torque

349 HP

Horse Power

Dec 2024 www.thefinanceworld.com 73


Finance

Source: Ai generated

Embedded Finance is the next big wave in FinTech.

The Rise of

Embedded Finance

for the Future of

FinTech

The Seamless Integration of Financial

Services into Non-Financial Platforms is

Reshaping Global and UAE Markets.

The global financial landscape is experiencing

a major transformation with

the rise of embedded finance, where

financial services seamlessly integrate

into non-financial platforms. According

to Marqeta’s 2024 “State of Payments”

report, 78% of U.S. consumers use financial

services beyond their primary bank,

highlighting this trend’s momentum. In

the UAE, embedded finance is gaining

traction, revolutionising how businesses

engage with customers by offering financial

services like payments, lending, and

insurance within digital environments. As

embedded finance grows, its impact on

traditional banking, FinTech innovation,

and consumer expectations becomes more

significant.

74 www.thefinanceworld.com Dec 2024


Embedded finance marks a significant

transformation, driven

by technological progress and

shifting consumer expectations. Core

technologies such as APIs, cloud computing,

and data analytics enable the

seamless incorporation of advanced

financial services into digital platforms.

This allows non-financial companies to

provide payment processing, insurance,

and lending services within their ecosystems.

Consequently, businesses can enrich

customer experiences and generate new

revenue streams without depending on

traditional financial institutions. This

democratisation of financial services

promotes accessibility, addressing specific

user needs across various digital

environments. Ultimately, embedded

finance is redefining how consumers

engage with financial products in their

everyday lives.

In the UAE, government initiatives

like the Financial Infrastructure Transformation

Programme are driving rapid

digital transformation, creating an ideal

environment for the adoption of embedded

finance. These efforts modernise

the financial ecosystem, encouraging

innovation and integration. Today’s consumers,

particularly younger, tech-savvy

generations, expect seamless, intuitive

financial interactions embedded within

their everyday digital experiences.

Traditional banking models often fall

short in meeting these expectations, as

they lack the flexibility and integration

capabilities that embedded finance provides.

By embedding services such as

payments, lending, and insurance into

various digital platforms, businesses can

cater to evolving consumer demands and

enhance user engagement.

Business Benefits and Opportunities

For businesses, embedded finance offers

significant opportunities to enhance

customer experiences and drive revenue

growth. By integrating financial services

directly into their platforms, companies

can create seamless, cohesive interactions

that foster loyalty and reduce

transaction friction. In the UAE, sectors

such as e-commerce, transportation, and

healthcare are increasingly adopting

embedded finance solutions. For example,

ride-hailing apps that incorporate

instant payments or Buy Now, Pay Later

(BNPL) services not only improve user

convenience but also increase conversion

rates. These integrated solutions enable

businesses to meet evolving customer

expectations, providing added value and

We are committed to

creating a robust digital

infrastructure that fosters

innovation and positions

the UAE as a global

FinTech hub.”

H.E. Khaled Mohamed Balama,

Governor of the Central Bank of the UAE

streamlining financial processes within

their ecosystems.

Additionally, embedded finance offers

businesses valuable consumer insights by

analysing transactional data. This allows

companies to personalise their offerings,

optimise inventory management, and refine

marketing strategies to better align with

customer needs. In the competitive UAE

market, where customer-centric innovation

is key to standing out, this data-driven

approach is invaluable. By understanding

consumer behaviours and preferences,

businesses can create targeted, relevant

experiences that enhance engagement

and loyalty. This ability to adapt and

optimise based on real-time data not

only strengthens business strategies but

also ensures companies stay ahead in a

rapidly evolving marketplace.

Impact on Traditional Financial

Institutions

The rise of embedded finance presents

considerable challenges for traditional

banks, as consumers increasingly access

financial services through non-bank

platforms. This shift threatens to erode

direct customer relationships and reduce

market share for established financial

institutions. However, this trend also

offers banks a unique opportunity to

collaborate with FinTech firms, enabling

them to provide services via APIs and

extend their reach into emerging digital

ecosystems. By embracing innovation

and partnering with technology-driven

companies, banks can remain relevant,

enhance their offerings, and tap into

new revenue streams, adapting to the

evolving landscape of financial services.

In the UAE, banks are proactively

investing in digital infrastructure and

forging strategic partnerships to stay

competitive in the face of the FinTech

revolution. The Central Bank’s regulatory

frameworks and the introduction of

digital banking licenses have created a

collaborative environment, encouraging

innovation while ensuring that traditional

financial institutions remain relevant.

These measures provide a balanced

approach, enabling banks to embrace

technological advancements while

maintaining regulatory oversight and

consumer protection. By adapting to the

evolving digital landscape, UAE banks

can continue to play a key role in the

financial ecosystem, leveraging FinTech

solutions to enhance their services and

customer experiences.

The Future of FinTech in the UAE

Embedded finance is set to play a crucial

role in shaping the UAE’s FinTech

landscape. With initiatives like the Dubai

International Financial Centre (DIFC)

FinTech Hive and regulatory sandboxes,

the UAE is positioning itself as a global

FinTech hub. These platforms encourage

innovation, providing startups and

established firms with the tools needed

to develop and test embedded finance

solutions.

Embracing the Embedded Future

As embedded finance evolves, its potential

to transform the financial landscape

is undeniable. In the UAE, this trend

supports the nation’s broader economic

diversification goals, driving innovation

and opening new growth avenues. For

businesses and financial institutions,

adopting embedded finance is crucial

to staying competitive in an increasingly

fast-paced environment.

The future of FinTech lies in integration,

and seamless user experiences—principles

that embedded finance is already

realising. By embedding financial services

within digital ecosystems, businesses

can provide enhanced value, streamline

operations, and meet the evolving

demands of tech-savvy consumers in the

UAE and beyond.

Dec 2024 www.thefinanceworld.com 75


Business News

Saudi Arabia Sees 73.7% Rise in Investment Licences in Q3 2024

The number of investment licenses

issued in Saudi Arabia surged

by 73.7% in Q3 2024, reaching

3,810 licenses, up from 2,193 in the

same period last year According to

the Ministry of Investment, key sectors

receiving licenses included construction,

manufacturing, education, retail trade,

and IT, comprising about 72% of the

total. Single-member limited liability

companies received 2,853 licenses,

while 713 were issued to multi-member

companies, with 284 distributed among

other types. The Kingdom excelled in

global metrics like government trust

and AI strategy. Additionally, 65 regional

headquarters licenses were granted,

and the ministry resolved 65 investor

challenges, delivering over 67,000 call

centre services and 36,000 integrated

service centre services, marking a 40%

quarterly increase.

Ras Al Khaimah’s

Economy Set to

Expand Until 2027

Ras Al Khaimah’s (RAK) economy

is forecast to grow steadily,

with an average annual expansion

rate of 4.2% until 2027, driven by

strong performances in key sectors

such as tourism, real estate, manufacturing,

and mining, according to

a recent report by S&P Global. The

rating agency predicts that GDP per

capita will rise significantly, reaching

around $32,800 by 2027, compared to

an estimated $30,000 in 2024. This optimistic

outlook follows S&P’s decision

to upgrade RAK’s long- and short-term

foreign and local currency sovereign

credit ratings to “A/A-1” from “A-/A-2.”

Major upcoming tourism projects and

increased infrastructure spending are

expected to further strengthen the

mining sector, economic free zones,

airport, and real estate industry. Currently,

the hospitality sector contributes

approximately 4% to RAK’s GDP, while

real estate accounts for 7%.

UAE Extends Timeline for Tax Assessment Disputes

The UAE’s Federal Tax Authority

(FTA) now grants businesses 40

working days to dispute corporate

tax assessments or penalties. This

extended time frame allows companies

to thoroughly review assessments

and raise concerns if necessary. Experts

highlight the importance of this

window, as corporate tax involves

complex calculations and assumptions,

unlike VAT or excise taxes, which are

invoice-based. The learning curve

for corporate tax is steeper for both

companies and regulators. “Unlike

VAT, corporate tax requires multiple

assumptions and calculations before

Sheikh Mohammed bin Rashid Al

Maktoum, Vice President, Prime

Minister, and Ruler of Dubai, inaugurated

the Federal National Council’s

second ordinary session on behalf of

UAE President Sheikh Mohamed bin

Zayed Al Nahyan. The event, marking

the 18th legislative chapter, was held

at the FNC headquarters and attended

by Crown Princes, Deputy Rulers,

Sheikhs, military and civic officials,

filing a year’s audit with the regulator,”

noted Sandip Mukherjee, Director

of International Tax and Transfer

Pricing at Jitendra Tax Consultants.

For VAT-related disputes, businesses

have a shorter period of 20 days to

file petitions.

Sheikh Mohammed Inaugurates FNC Session

and members of the diplomatic corps,

according to the Dubai Media Office

(DMO). The ceremony began with FNC

Speaker Saqr Ghobash, accompanied by

a committee of FNC members and the

Secretary-General, welcoming Sheikh

Mohammed. This session followed

President Sheikh Mohamed’s Federal

Decree No. 163 of 2024, convening the

council on November 25, 2024.

76 www.thefinanceworld.com Dec 2024


Saudi Aramco Unit Eyes $1B Investment in US Firm Mavenir

Saudi Aramco’s digital arm, Aramco

Digital, is in advanced talks to acquire

a significant minority stake

in U.S. telecommunications software

maker Mavenir, valuing the company

at around $3B, according to sources

familiar with the matter. The deal, estimated

at $1B, could be finalised by

the end of the year, though there is no

guarantee. Mavenir is collaborating with

investment bank Evercore during these

discussions. This potential investment

ADNOC Considers

Larger Stake Sale in

Gas Subsidiary

UAE oil giant Abu Dhabi National

Oil Company (ADNOC)

is considering the sale of an

additional 3 to 5 percent stake in

ADNOC Gas, according to reports.

A 5 percent stake could raise AED

12.9B ($3.5B) based on Friday’s share

price of AED 3.48 on the Abu Dhabi

Securities Exchange (ADX), Reuters

reported. While the deal is expected

to be announced soon, no final decisions

on the size or timing of the sale

have been made. ADNOC clarified in

a statement that no decision had been

taken regarding the additional sale,

emphasising its ongoing efforts to

drive growth and shareholder value.

In March 2023, ADNOC raised $2.5B

through the initial public offering of its

gas business, marking the largest-ever

listing on ADX.

marks Aramco Digital’s first major foray

into the telecom sector, aligning with

Saudi Arabia’s Vision 2030 strategy

focused on technological advancement

and economic diversification.

Mavenir, based in Richardson, Texas,

is known for its Open RAN technology,

which reduces telecom infrastructure

costs by using cloud-based software

and equipment from various suppliers,

challenging established vendors like

Ericsson, Nokia, and Huawei.

Major Trade Shows Move to Expo City Dubai

Dubai will relocate its major trade

shows from the World Trade Centre

to Expo City next year, marking

a significant shift in the city’s event

landscape. The move aims to transform

Expo City into a hub for large-scale

events, businesses, and sustainable living,

confirmed Nadim Badran, director

of commercial and engagement at Expo

City Dubai. The site, which opened in

October 2022, is positioned as a key

At COP29 in Baku, the UAE and

China unveiled a $3B initiative

to co-invest in renewable energy

projects across developing countries and

the global south. A memorandum of understanding

(MoU) was signed between

China’s Silk Road Fund (SRF) and the

UAE’s Masdar, with SRF committing to

invest up to CNY 20B ($2.8B) in projects

developed, operated, or invested in by

part of Dubai’s long-term development

under the 2040 urban master plan and

the Dubai Economic Agenda (D33). The

Dubai Exhibition Centre, which hosted

COP28, is undergoing a major expansion

to accommodate the growth in events,

increasing its space from 40,000 to 180,000

square metres. Key events like Gitex, Arab

Health, and The Big Five are expected

to relocate due to limited space at the

World Trade Centre.

Masdar, Silk Road Fund to Co-Invest in Renewables

Masdar. Mohamed Jameel Al Ramahi,

Masdar’s CEO, highlighted that the collaboration

will accelerate the energy

transition. The UAE plays a key role in

China’s Belt and Road Initiative (BRI),

which promotes infrastructure development

across 150 countries. SRF, a Chinese

sovereign fund, supports BRI expansion

by investing in long-term infrastructure

and trade projects.

Dec 2024 www.thefinanceworld.com 77


FinTech

Source: Ai generated

Financial services are undergoing significant changes due to AI in demand.

Future FinTech to

Focus on Web3

and Artificial

Intelligence Push

Exploring the Transformative Role

of Web3 and Artificial Intelligence in

Reshaping the FinTech Landscape.

The UAE is rapidly emerging as a global

hub for technological innovation, particularly

in the FinTech sector. The adoption

of cutting-edge technologies such as Web3

and artificial intelligence (AI) is spearheading

a new era of financial services,

opening up unprecedented opportunities

for individuals and businesses alike. This

transformation is set to redefine financial

landscapes, creating a more inclusive,

and efficient. By leveraging the power of

decentralisation, blockchain, and advanced

data analytics, the UAE is fostering an

environment where FinTech solutions

can thrive. This article explores how the

UAE is leading the charge in integrating

powerful tools and what it means for the

future of FinTech.

78 www.thefinanceworld.com Dec 2024


Web3 represents the third generation

of the internet, characterised

by decentralisation, blockchain

technology, and increased user autonomy.

Unlike its predecessors, Web3 empowers

users by giving them control over their own

data and financial assets. In the context

of FinTech, Web3 enables decentralised

finance (DeFi), allowing individuals to

engage in financial activities without

the need for traditional intermediaries

such as banks.

In the UAE, the embrace of blockchain

has been particularly notable in the development

of DeFi platforms that provide

services such as lending, borrowing,

and investing. These platforms operate

on smart contracts, which automate

transactions and ensure transparency

and trust without relying on centralised

authorities. The potential for financial

liberation and reduced costs has attracted

startups and established financial institutions

eager to leverage blockchain for

innovative products and services. Dubai,

for example, is positioning itself as a

blockchain-powered economy, with its

regulatory sandbox encouraging experimentation

in Web3 applications.

Revolutionising Financial Services

AI is another transformative force that is

reshaping the financial sector, particularly

in areas like risk management, customer

service, and data analytics. By utilising

machine learning algorithms, AI can

analyse vast amounts of data to uncover

patterns and predict future trends. This

enables FinTech companies to enhance

their decision-making processes, optimise

investment strategies, and provide personalised

services to customers.

In the UAE, AI is being harnessed to

automate and personalise financial experiences.

Chatbots and virtual assistants

powered by AI are enhancing customer

service, providing instant support and

advice. Furthermore, AI-driven analytics

are enabling banks and FinTech firms to

assess credit risk more accurately, helping

them make better lending decisions

and reduce default rates. Companies

like Abu Dhabi-based AiBank are integrating

AI into their core operations to

provide seamless and efficient banking

experiences.

Combining Web3 and AI: A Synergetic

Approach

While Web3 and AI offer significant benefits

individually, their integration presents

even more potential. The combination

of these technologies enables a more

We want to be the fastest

country and fastest city

to deploy AI for a good

quality of life and to deploy

AI to make more effective

decision-making.”

H.E. Omar Sultan Al Olama,

UAE AI Minister

secure, efficient, and automated financial

ecosystem. For instance, AI can be used

to enhance the functionality of blockchain-based

applications by improving the

efficiency of smart contracts, automating

complex decision-making processes, and

enhancing security protocols through

predictive analytics.

A prime example of this synergy is the

development of AI-enhanced decentralised

autonomous organisations (DAOs). DAOs

are blockchain-based entities that operate

without central leadership, governed

by smart contracts. By incorporating

AI into DAOs, organisations can make

data-driven decisions that adapt and

evolve in real-time. This leads to more

responsive, adaptive, and transparent

financial operations.

The UAE is at the forefront of these

innovations, with government-led initiatives

such as the Dubai Future Foundation

promoting research and investment into

the integration of AI and blockchain technologies.

Startups in Dubai and Abu Dhabi

are exploring AI-driven DeFi solutions

that merge blockchain’s transparency

with AI’s analytical prowess to deliver

smart, responsive financial tools.

Challenges and Consideration

Despite the promising outlook, the adoption

of Web3 and AI in the UAE’s FinTech

sector is not without its challenges. One

significant issue is regulatory uncertainty.

While the UAE has been proactive

in setting up regulatory frameworks

that encourage innovation, the rapid

pace of technological advancement can

make it difficult to keep regulations upto-date.

The challenge lies in striking a

balance between fostering innovation

and ensuring consumer protection and

financial stability.

Another consideration is data privacy

and security. While blockchain provides an

inherent level of security, the integration

of AI raises concerns about data usage

and potential vulnerabilities. FinTech

companies must adopt robust data governance

strategies and cybersecurity

measures to safeguard user information.

Additionally, there is the question of

accessibility and financial inclusion. While

Web3 and AI offer numerous benefits,

there is a risk that these technologies

could exacerbate existing inequalities if

not implemented thoughtfully. Ensuring

that the benefits reach a wide demographic

and that education on using these tools is

accessible will be essential to maximise

their potential.

The UAE stands as a shining example

of how Web3 and AI can transform the

FinTech landscape, positioning itself as a

global hub for technological innovation.

By embracing these cutting-edge technologies,

the region is pioneering new ways

of delivering financial services that are

more secure, efficient, and accessible.

Initiatives such as blockchain-based

banking, decentralized finance, and

AI-driven credit assessments are revolutionizing

traditional models, creating

opportunities for both consumers and

businesses alike.

However, to fully realize the transformative

potential of these advancements,

significant challenges must be addressed.

Regulatory frameworks must evolve to

keep pace with rapid innovation, ensuring

compliance without stifling growth.

Data security remains a top priority, with

increased focus needed on safeguarding

user information . By prioritizing robust

cybersecurity measures and equitable

access, the industry can build trust and,

sustainable growth in the digital economy.

Dec 2024 www.thefinanceworld.com 79


Energy News

Aramco and Rongsheng Petrochemical Sign Deal to Drive SASREF Expansion

Saudi energy and chemicals giant

Aramco, its affiliate Saudi Aramco

Jubail Refinery Company (SASREF),

and an affiliate of Chinese company

Rongsheng Petrochemical have signed

a development framework agreement

for the expansion of SASREF in Jubail,

Saudi Arabia. The agreement, signed

in Beijing, outlines the cooperation

mechanism for the project’s design and

development. The expansion aims to

enhance SASREF’s refining and petrochemical

capabilities while fostering

international collaboration. Aramco’s

Downstream President, Mohammed

Y. Al Qahtani, emphasized that the

agreement will deliver additional value

to stakeholders and support Aramco’s

strategic downstream expansion in

both Saudi Arabia and internationally.

Rongsheng Petrochemical Chairman

Li Shuirong highlighted the agreement

as a significant step for the company’s

participation in the project, which aligns

with Saudi Arabia’s energy sector goals.

TRANSCO Boosts UAE

Power Resilience with

Key Projects

TRANSCO, a subsidiary of TAQA,

has achieved key milestones to

advance the UAE’s sustainable

energy future. The company activated

two of the UAE’s largest phase-shifting

transformers in Abu Dhabi and commissioned

the country’s largest dynamic

reactive power system, alongside a

utility-scale reactive power system in

Al Ain. These projects enhance network

resilience, accommodating the UAE’s

evolving energy mix, including solar

and nuclear sources. Dr Afif Al Yafei,

CEO of TRANSCO, highlighted that

these advancements support the UAE’s

2050 net-zero target by ensuring reliable

and advanced transmission infrastructure.

The phase-shifting transformers,

commissioned in May and August,

control power flow, reduce losses, and

optimise grid management—critical for

integrating renewable energy sources

and sustaining balanced energy distribution

across the network.

UAE EWEC Opens Q4 2024 Clean Energy

Certificates Auction

The Emirates Water and Electricity

Company (EWEC) has opened

registration for its Q4 2024 Clean

Energy Certificates (CECs) auction,

closing on 13th December 2024. Othman

Al Ali, EWEC’s CEO, highlighted that

the CEC scheme supports the UAE’s

decarbonisation goals, allowing stakeholders

to contribute to the country’s

clean energy targets and net-zero ambitions.

With significant interest from

various economic sectors during the

UAE’s Year of Sustainability, EWEC

has strengthened strategic agreements

to advance sustainable practices. The

Abu Dhabi Department of Energy issues

Emerson, a leader in automation

technology, exhibited at

ADIPEC 2024 in Abu Dhabi

from November 4 to 7. The company

demonstrated how its extensive

portfolio of industrial technologies

and software accelerated the energy

sector’s journey toward enhanced

operational efficiency, sustainability,

and cost-effectiveness.Aligning with

ADIPEC’s theme, “Accelerating Energy

Progress,” Emerson showcased solutions

that tackled significant industry

challenges, including enhancing capital

project performance and optimising the

efficiency of existing industrial assets

while meeting crucial sustainability

targets. “At ADIPEC, we showcased

how our technologies empower energy

CECs in units of 1 MWh, verifying that

consumed electricity comes from renewable

sources. The scheme, aligned

with the International Renewable

Energy Certificate Standard (I-REC),

ensures entities can demonstrate credible

green credentials and benefit from

clean energy consumption.

UAE Aims for Global Nuclear Leadership

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.

80 www.thefinanceworld.com Dec 2024


UAE Achieves Nuclear Power Milestone to Advance Clean Energy Goals

The UAE has made a significant

advancement in its clean energy

strategy with a key meeting between

President Sheikh Mohamed bin Zayed

Al Nahyan and the Emirates Nuclear

Energy Company (ENEC) delegation

to review the country’s nuclear energy

progress. Held at Qasr Al Bahr in Abu

Dhabi, the President praised ENEC’s

efforts in driving national projects and

highlighted the essential role of local

talent in advancing strategic initiatives.

ENEC’s success has positioned the

UAE as a leader in the clean energy

transition, particularly with the recent

start of commercial operations at Unit

4 of the Barakah Nuclear Energy Plant.

This milestone is crucial to the UAE’s

net-zero emissions target by 2050. The

UAE now leads globally in adding clean

electricity per capita, with 75% of this

electricity generated by the Barakah

plant.

Saudi and South

Korean Firms Ink $4B

Power Deal

The Saudi Electricity Company

(SEC), ACWA Power, and South

Korea’s KEPCO have signed

a power purchase agreement (PPA)

with the Saudi Power Procurement

Company (SPPC) for two independent

power generation projects: Rumah

1 and Nairyah 1. With investments

of around SR 15B ($4B) and a total

capacity of 3.6 gigawatts (GW), these

projects mark a significant step in

Saudi Arabia’s transition to a sustainable

energy future. Utilizing advanced

gas turbines with a combined cycle

system, they will replace oil-based

electricity production, helping to

reduce carbon emissions. These

projects will also promote economic

growth by creating jobs and boosting

local content. SEC’s acting CEO, Eng.

Khalid Salem Al Ghamdi, emphasized

the agreement’s alignment with Vision

2030 and highlighted ongoing support

from Energy Minister Prince Abdulaziz

bin Salman.

Masdar and Silk Road Fund Partner for $2.8B

Investment

Abu Dhabi Future Energy Company

(Masdar) and China’s Silk

Road Fund (SRF) have signed a

Memorandum of Understanding (MoU)

to jointly invest up to $2.8B in renewable

energy projects, focusing on Belt

and Road Initiative (BRI) countries,

primarily in the developing world and

the global south. The MoU was signed

at COP29 by Masdar CEO Mohamed

Jameel Al Ramahi and Silk Road Fund

Abu Dhabi National Oil Company

(ADNOC), the UAE’s leading energy

firm, is reportedly considering

selling a 3-5% stake in its subsidiary, AD-

NOC Gas (ADNOCGAS.AD), according

to Bloomberg News. Sources familiar

with the matter suggest that the potential

deal, valued in the billions, could be

announced in the coming days. However,

no definitive decisions have been made

regarding the exact size or timing of the

offering. ADNOC may also reconsider or

delay the sale if market conditions prove

unfavourable. The move reflects ADNOC’s

ongoing strategy to unlock value from

its assets and attract global investors,

aligning with broader efforts to diversify

the UAE’s economy and strengthen its

Chairwoman ZHU Jun. The partnership

will explore co-investment opportunities

in renewable energy projects

that Masdar has developed, invested

in, or operates. Silk Road Fund plans

to invest up to RMB 20B ($2.8B)

alongside Masdar. This collaboration

targets renewable energy investments

across the Middle East, Central Asia,

Southeast Asia, and Africa, many of

which are part of the BRI.

ADNOC Weighs Stake Sale in Gas Unit

position in the global energy market.

Dec 2024 www.thefinanceworld.com 81



HOMMI Drop 1 x Karim Rashid QUENTIN

Play Collectible

The HOMMI Drop 1 x Karim Rashid

QUENTIN Play Collectible, now

featured on Gadget Flow, is a stunning

blend of gaming culture and modern

art. Designed by the renowned Karim

Rashid, this piece celebrates the dynamic

intersection of aesthetics, nostalgia, and

innovation, making it a must-have for

gaming enthusiasts and art collectors alike.

The QUENTIN Play collectible is a

vibrant embodiment of gaming inspiration,

featuring bold geometric patterns

and fluid lines that reflect Karim Rashid’s

signature style. Its gaming-inspired design

pays homage to iconic avatars while

adding a contemporary twist, creating a

visual statement that transcends trends.

Crafted with precision from high-quality,

sustainable materials, this limited-edition

collectible ensures durability and exclusivity.

The dynamic pose and intricate

detailing evoke a sense of energy and

motion, capturing the essence of gameplay

moments. The vibrant color palette

enhances its aesthetic appeal, making it

a centerpiece in any setting.

This collectible is versatile and functional,

designed to enhance any gaming

setup, office desk, or living space. It serves

as a conversation starter for gaming enthusiasts

and design aficionados alike,

bridging the gap between pop culture

and fine art.

For collectors, the QUENTIN offers

an opportunity to own a piece of Karim

Rashid’s artistry, immortalizing the essence

of gaming culture in a tangible form. Its

compact size and eye-catching design

make it perfect for display in personal

spaces or curated collections.

Unlike conventional gaming memorabilia,

the QUENTIN elevates its purpose by

integrating Karim Rashid’s iconic design

philosophy. Its limited-edition status ensures

exclusivity, while the use of sustainable

materials aligns with environmentally

conscious values.

The QUENTIN’s unique design seamlessly

merges retro gaming nostalgia

with a futuristic aesthetic, appealing to

a broad audience. It transcends its role as

a decorative item, embodying the spirit

of gaming culture and artistic innovation.

Nov 2024 www.thefinanceworld.com 83


Corporate Results

Tabreed

9M 2024: AED 462M

Tabreed, Dubai’s district cooling services

provider for iconic landmarks like

Burj Khalifa and Dubai Mall, reported

a 6% year-on-year consumption growth

in its financial results for the first nine

months of 2024. The company added

29,000 Refrigeration Tons (RT) in

the past year, driving revenue up to

AED 1.85B ($500M). Normalised net

profit before tax increased by 4% to

AED 462M ($125.8M). EBITDA rose to

AED 933M ($254M), compared to AED

914M ($248.8M) last year, maintaining

a stable EBITDA margin of 50%. In the

third quarter, 12,444 RT were added,

surpassing the 4,646 RT connected in

the first half. Internationally, Tabreed

expanded with 3,000 RT in India and

1,500 RT in Egypt, reinforcing its global

presence.

Phoenix Group

9M 2024: $977.6M

UAE’s Phoenix Group reported a 148%

surge in a total of $977.6M in the first

nine months of 2024, up from $394.1M in

the same period last year. The company

recorded core revenue of $35.9M and investment

income of $68.5M in Q3 2024,

with self-mining being the primary revenue

driver, alongside contributions from

trading and hosting services. Despite a

decline in trading and hosting revenue

due to a strategic shift toward self-mining,

the company highlighted the resilience of

its self-mining operations, showing only a

7 per cent quarter-over-quarter drop amid

halving impacts and lower bitcoin prices.

Co-Founder and CEO Seyed Mohammad

Alizadehfard stated that the adaptive

investment strategy positions Phoenix

Group to deliver shareholder value and

support regional tech growth as mining

economics improve and a potential bull

market emerges.

Amanat Holdings

9M 2024: AED 78.36M

Amanat Holdings recorded net profits

of AED 78.36M for the first nine months

(9M) of 2024, down from AED 88.24M in

9M-23. Revenues grew to AED 566.25M

as of 30 September 2024, compared to

AED 495.03M YoY. Basic and diluted

earnings per share (EPS) declined to

AED 0.02 from AED 0.03. In Q3-24,

Amanat reported net losses of AED

10.75M, compared to AED 8.20M in

Q3-23, with revenues increasing to

AED 132.85M from AED 125.62M. Loss

per share rose to AED 0.004 from AED

0.003. For the six months ending 30

June 2024, the company posted net

profits of AED 89.11M, an 80% drop

compared to AED 96.44M in the same

period of 2023.

RAK Ceramics

9M 2024: AED 169.85M

RAK Ceramics reported a 29% yearon-year

(YoY) decline in net profits,

totalling AED 169.85M for the first

nine months (9M) of 2024, compared to

AED 239.08M in 9M-23. The company’s

revenues for 9M-24 were AED 2.36B,

an 8.90% decrease from AED 2.59B

in the previous year. This decline is

attributed to various challenges in the

market, including changing demand

patterns. Earnings per share (EPS) fell

to AED 0.16 in 9M-24, down from AED

0.22 in 9M-23. In Q3-24, the company’s

net profit dropped 33.30% YoY to AED

55.93M, with revenues decreasing by

4.10% to AED 802.51M. EPS for Q3-24

also dropped to AED 0.05, down from

AED 0.08 in Q3-23. In the first half

(H1) of 2024, net profits stood at AED

113.91M, reflecting a 26.60% decline

from AED 155.19M in H1-23.

Mashreq

9M 2024: AED 6.5B

Mashreq Bank has reported a strong

financial performance for the first nine

months of 2024, with a pre-tax net profit

of AED 6.5B, reflecting a 9% year-onyear

increase despite a rise in corporate

income tax. This growth is driven by a

13% rise in net interest income and a

21% increase in non-interest income.

Factors such as robust business growth,

healthy margins, and a favourable

interest rate environment contributed

to this success. Additionally, Mashreq’s

Cost-Income ratio of 27.9% highlights

its operational efficiency. The bank’s

ongoing focus on digitalization, innovation,

and client experience, along with

strategic investments, helped drive the

17% increase in operating profit, from

AED 5.6B to AED 6.6B.

United Arab Bank

9M 2024: AED 209M

United Arab Bank PJSC (UAB) has

reported a net profit before tax of

AED 233M for the nine months ending

30th September 2024, reflecting a 12%

increase compared to AED 209M in

the same period last year. Net interest

income grew by 20% YoY to AED

354M. The bank’s strong performance

is attributed to a 13% growth in total

assets since December 2023 and

effective risk management, leading

to a lower cost of risk. Additionally,

loans, advances, and Islamic financing

increased by 15% from December 2023.

These efforts contributed to a stronger

balance sheet and led to an upgrade in

the bank’s credit ratings, reinforcing

its solid financial position.

84 www.thefinanceworld.com Dec 2024


Agthia

9M 2024: AED 254.9M

Agthia Group PJSC recorded a 24% rise

in net profit to AED 254.9M in the first

nine months of 2024, alongside a 10.3%

increase in net revenue to AED 3.6B.

The Group’s performance was driven

by operational efficiencies, disciplined

cost management, and strategic shifts

toward higher-growth segments. Innovations

accounted for 57% of total growth,

reinforcing its strong market position.

Chairman Khalifa Sultan Al Suwaidi attributed

the success to the strength of

Agthia’s diversified portfolio and strategic

initiatives, which helped mitigate

challenges like currency fluctuations

and inflation. He noted that the results

underscore Agthia’s resilience and focus

on sustainable value creation across its

extensive portfolio.

Spinneys

9M 2024: AED 182M

Spinneys reported robust financial

results for the nine months ending

30th September 2024, with revenue

reaching a record AED 2.3B, marking

an 11.4% increase from the same period

in 2023. Profit before tax surged by

27.1% to AED 203M, while net profit

grew by 14.6% to AED182M, reflecting

the company’s strong operational

efficiency and margin management.

CEO Sunil Kumar highlighted Spinneys’

record-breaking performance

and reaffirmed their commitment to

expansion in the UAE and Saudi Arabia,

alongside enhancing e-commerce and

introducing new concepts. Gross profit

rose 12% year-on-year to AED 948M,

maintaining a 41.2% margin driven by

efficient sourcing, supply chain management,

and a focus on high-margin

private label products.

E7 Group

9M 2024: AED 180.8M

E7 Group PJSC (ADX: E7) announced

strong financial results for the threeand

nine-month periods ending 30th

September 2024. Net profit before tax

surged 82% year-on-year to AED 180.8M,

while revenue rose 6% to AED 491.7M.

EBITDA increased 5% to AED 129.9M,

reflecting solid operational performance.

The Group ended the period

with robust cash and bank balances

of AED 1.44B, supporting its future

expansion plans. E7 secured security

printing and solutions contracts worth

AED 115.5M for passport and ID card

production over seven years. Growth

momentum continues with successful

client acquisitions and expansion

across key segments. Additionally,

E7 partnered with SAP to implement

a Group-wide ERP system, driving its

digital transformation strategy forward.

ADNH Catering

9M 2024: AED 110M

ADNH Catering plc has reported strong

financial results for the three- and

nine-month periods ending 30th September

2024. The company achieved

AED 1.2B in revenue during the first

nine months, delivering an EBITDA

of AED 167M, reflecting an EBITDA

margin of 13.7%. The net profit reached

AED 110M, with a net profit margin

of 9.0%, highlighting the company’s

effective supply chain management and

operational efficiencies. Clive Cowley,

CEO of ADNH Catering, commented

on the results, expressing satisfaction

with the company’s first set of results

since listing on ADX. He highlighted

growth in contracts, particularly in

the support services sector, and reaffirmed

the company’s commitment to

strategic expansion. ADNH Catering

also announced a dividend policy with

plans for a cash dividend of AED 60M

in April 2025.

Salik

9M 2024: AED 822.0M

Salik Company PJSC, Dubai’s exclusive

toll gate operator, has announced strong

financial results for the three- and ninemonth

periods ending 30th September

2024. The company reported 355.6

million revenue-generating trips, a 5.1%

year-on-year (YoY) increase, driving

total revenue of AED 1,640.9M. Revenue

from toll usage, which accounted for

86.7% of total revenue, rose 5.1% YoY

to AED 1,422.2M, with third-quarter toll

revenue increasing 5.7% YoY to AED

468.4M. Salik achieved an EBITDA of

AED 1,115.0M, up 8.9% YoY, and profit

before tax of AED 903.3M, up 12.5%

YoY. The company generated a net

profit after tax of AED 822.0M, with

third-quarter profit after tax rising 8.8%

YoY to AED 277.3M.

Bank of Sharjah

9M 2024: AED 295.61M

Bank of Sharjah returned to profitability

in the first nine months (9M) of 2024,

reporting AED 295.61M in net profits, a

significant turnaround from a net loss

of AED 122.42M in 9M-23. Net operating

income increased to AED 497.87M, up

from AED 326M in the previous year.

Earnings per share (EPS) also improved,

reaching AED 0.09 in 9M-24, compared

to a loss per share of AED 0.04 in 9M-

23. Total assets rose by 3.20% to AED

40.72 B, and customer deposits grew

by 4.50% to AED 27.52B. In Q3-24,

the bank generated AED 124.64M in

profits, a sharp increase from AED

21.45M in Q3-23.

Dec 2024 www.thefinanceworld.com 85


Real Estate News

SOL Properties Unveils Triplex Sky Mansion at Fairmont

SOL Properties and Fairmont Hotels

& Resorts have introduced a

luxurious 20,000-square-foot triplex

sky mansion in Downtown Dubai,

crowning the Fairmont Residences

Solara Tower Dubai. Spanning three

floors, this exclusive residence boasts

five bedrooms, two infinity pools, and

a private elevator linking all levels

from the lobby. Designed with opulent

Italian marble flooring, the penthouse

Global Real Estate Leaders

to Convene in Dubai

The World Realty Congress &

Awards 2024, held from December

9th to 13th at Palazzo Versace

Dubai, will gather global leaders in real

estate, PropTech, development, and

sustainability. This landmark event will

facilitate crucial discussions on how

the real estate sector can support the

UAE’s Vision 2033, which champions

innovation, sustainability, and economic

growth. As Dubai transforms into a hub

for advanced urban development, the

congress will focus on green building

practices, PropTech advancements,

and sustainable frameworks. Experts

will address key issues shaping the

industry. Jatin Deepchandani, CEO of

Plan3 Media, stated, “The World Realty

Congress will highlight trends and catalyse

discussions shaping real estate’s

future, underscoring its role in economic

growth, community development, and

environmental responsibility.”

offers sweeping panoramic views of

iconic landmarks such as the Burj

Khalifa, Dubai Fountains, Burj Al Arab,

and Dubai Canal. This architectural

masterpiece sets a new standard in

luxury living, redefining the skyline

of Downtown Dubai and underscoring

the collaboration’s commitment to

world-class real estate.

MAG Group’s Real Estate Portfolio Reaches $11.9B

MAG Group Holding has announced

that its real estate

portfolio, including current and

upcoming projects, has reached AED

43.7B ($11.9B). The group’s diverse

subsidiaries, such as MAG Lifestyle

Development, Keturah, Invest Group

Overseas (IGO), MBL, Shoumous, Art of

Living Mall, and MAG Leasing for warehouses,

contribute to this impressive

valuation. Moafaq Al Gaddah, Founder

and Chairman of MAG Group Holding,

highlighted the UAE’s robust real estate

Penthouse Sets $1.08M Rent Record

A

Dubai-based property consultant

has achieved one of the highest

residential rental agreements

in the emirate’s history, securing a

penthouse at One at Palm Jumeirah

for AED 4M (approximately $1.08M)

annually. Vasileios (Bill) Kandris of

Dacha Real Estate brokered the deal

for the 7,450-square-foot residence,

featuring a private pool and terrace with

panoramic views of Palm Jumeirah, Ain

Dubai, Burj Al Arab, and Burj Khalifa.

sector, stating, “The UAE’s strategic

vision and leadership initiatives have

fostered unprecedented demand, creating

a favourable investment climate.

MAG Group takes pride in offering

innovative developments that cater

to diverse needs, adding value to the

thriving market.” He underscored the

group’s commitment to supporting the

UAE’s growth by delivering projects

that meet the evolving expectations

of both residents and global investors.

The penthouse, modified from four

to three bedrooms, includes a master

suite with a walk-in closet. Situated

in a Dorchester Collection-managed

development, it offers beach access,

infinity pools, a spa, fitness centres, and

concierge services. Kandris noted the

importance of understanding clients’

needs to align every detail with their

vision, reflecting Dubai’s appeal to

ultra-high-net-worth individuals.

86 www.thefinanceworld.com Dec 2024


ROSHN’s ALAROUS Hits 80% Sales in Phase 1, Targets Jeddah Expats

ROSHN, a leading Saudi mega-developer,

has achieved 80% sales

and over 70% completion of infrastructure

for the first phase of its

ambitious ALAROUS residential project

in north Jeddah. Covering 4 million

square meters, the development is designed

to deliver 18,000 homes across

three phases, helping to alleviate the

country’s housing shortage. Located near

King Abdulaziz International Airport,

Arada Begins Armani

Beach Residences on

Palm Jumeirah

Arada has officially started construction

on the ultra-luxury

Armani Beach Residences in

Palm Jumeirah, Dubai. The UAEbased

developer has awarded the first

construction contract for the project,

which features a collaboration with

Armani/Casa Interior Design Studio

and renowned architect Tadao Ando.

The development will offer 52 bespoke

residences with panoramic views of

the Arabian Gulf and Dubai’s skyline,

along with 90,000 square feet of highend

amenities. The enabling works,

including shoring, piling, dewatering,

and excavation, are being handled

by International Foundation Group

LLC (IFG), a leading Dubai-based

contractor. The work is expected to

be completed by March 2024, with the

main construction contract set to be

awarded in early 2025. Arada has also

opened a dedicated Show Apartment

at City Walk, offering a glimpse of

the luxurious interiors designed by

Armani/Casa.

ALAROUS is attracting significant interest,

particularly from expatriates

eligible for Saudi Arabia’s premium

residency scheme. The project focuses

on creating a balanced lifestyle with

amenities like parks, schools, clinics,

and shops, alongside walkable neighbourhoods

and bike paths. ROSHN’s

goal is to provide modern, high-quality

living spaces for both Saudi nationals

and expats.

$48M ‘Sunken Balcony’ Project Sells Out in One Day

REEF Luxury Developments’

innovative REEF 1000 residential

project in Dubai’s Land

Residential Complex has sold out on

its first day of launch. Valued at AED

175M ($48M), the project captivated

investors and residents with its unique

climate-controlled “sunken balconies,”

a globally patented feature and the

first of its kind in the UAE. This design

redefines outdoor living, providing a

Dubai Creek Resort introduces the

Elara Villas, redefining luxury with

an exclusive collection designed

for discerning travelers. Nestled in the

heart of the resort, these villas offer a

serene escape, blending contemporary

elegance with opulent comfort. Each

villa features four en-suite bedrooms,

a dining room, living room, kitchen,

and private garden with a garage, creating

home-away-from-home ambiance.

Guests can relax in private pools, enjoy

breathtaking views of lush golf courses

and the creek, and experience seamless

integration with nature. State-of-the-art

appliances ensure modern convenience,

while dedicated butler service delivers

personalised care, from bespoke dining

arrangements to coordinating activities.

comfortable, year-round outdoor space

for residents. REEF 1000 includes 125

exclusive residences, offering a variety

of floor plans from studios (436 sq ft)

to townhouses (1,653 sq ft), catering

to diverse lifestyle needs. The development’s

innovative payment plan made

luxury living more accessible, sparking

high demand and contributing to the

project’s rapid success.

Dubai Creek Resort Unveils New Elara Villas

The Elara Villas promise an unparalleled

retreat, combining privacy, luxury, and

tailored experiences within the tranquil

setting of Dubai Creek Resort.

Dec 2024 www.thefinanceworld.com 87




Supply Chain

Source: Ai generated

Exploring the UAE’s role in reshaping global trade and supply chains.

UAE’s Transport and

Logistics Finance:

Adapting to Global

Shifts

Strategic Financial Adaptations

Powering the UAE’s Global

Logistics Hub.

As a global logistics and transport hub,

the UAE stands at the crossroads of international

trade, leveraging its strategic

location and innovative policies. Amid

ongoing global disruptions—from shifting

supply chains and evolving trade norms

to sustainability imperatives—the UAE

has continually adapted to maintain its

leadership in transport and logistics. By

focusing on financial innovation, infrastructure

development, and sustainability,

the nation has demonstrated resilience

and forward thinking. This article delves

into the UAE’s strategies for navigating

these challenges, ensuring it remains a

key player in global trade and logistics

while addressing the future demands of

a connected and sustainable world.

90 www.thefinanceworld.com Dec 2024


The UAE’s geographic position at

the junction of Asia, Europe, and

Africa has long established it as a

vital hub for global commerce. Ports like

Jebel Ali and Khalifa Port rank among

the busiest in the world, while worldclass

airports like Dubai International

facilitate seamless cargo movement.

These facilities are equipped with stateof-the-art

technologies, enabling them to

handle high volumes of goods efficiently.

The UAE accounts for significant global

trade flows, driven by its free zones and

trade-friendly policies. For instance, the

Jebel Ali Free Zone (JAFZA) supports

over 8,000 companies from more than

140 countries, contributing heavily to

Dubai’s GDP. As global trade patterns

shift, the UAE’s focus on digitalization

and automation of customs and shipping

processes ensures its competitiveness

remains intact. Advanced systems such

as blockchain-enabled tracking provide

transparency, improving trust and reliability

for global partners.

Financial Adaptations for a Changing

Landscape

The UAE’s financial sector has been pivotal

in supporting logistics and transportation

growth. Innovative financing tools, such

as trade finance solutions and export

credit facilities, ensure liquidity for businesses

navigating uncertain economic

conditions. Institutions like the Emirates

Development Bank (EDB) have launched

initiatives to support SMEs and logistics

companies with competitive financing

options, aiding in resilience building.

Additionally, the UAE has introduced

specialised financial products tailored to

logistics, such as supply chain financing

and freight invoice factoring. These

tools help businesses optimise cash flow

while managing operational challenges.

Moreover, the Central Bank’s regulatory

reforms have improved financial transparency,

attracting global investors to the

logistics sector. The issuance of green

bonds and sukuk has further diversified

funding sources, aligning with the UAE’s

sustainability goals.

Sustainability in Logistics Financing

With the global shift towards sustainability,

the UAE has embraced green finance to

support environmentally friendly logistics

projects. The government’s Net Zero by

2050 strategy aligns with funding initiatives

for renewable energy-powered transport,

electric vehicle (EV) fleets, and smart

urban logistics systems. Investments in the

Mohammed bin Rashid Al Maktoum Solar

Park and eco-friendly port infrastructure

demonstrate the UAE’s commitment to

sustainable logistics.

Furthermore, logistics operators are

increasingly adopting green technologies

to align with international regulations

and consumer preferences. For example,

the introduction of hydrogen-powered

trucks and automated electric cranes

at ports underscores this commitment.

Financial support for these initiatives

comes from partnerships between

private sector players and government

entities, showcasing a unified approach

to sustainable growth.

Digital Transformation in Logistics

Digitalization is transforming the UAE’s

logistics sector, with significant investments

in AI, blockchain, and IoT technologies.

Platforms like Dubai Trade streamline

customs and shipping documentation,

reducing inefficiencies and expediting

trade processes. Real-time cargo tracking

enabled by blockchain enhances

transparency and trust among global

trading partners.

The adoption of AI-powered predictive

analytics is also revolutionizing supply

chain management by optimizing routes,

reducing fuel consumption, and minimizing

delays. This digital shift is crucial for

adapting to post-pandemic supply chain

disruptions and accelerating economic

recovery. Free zones like Dubai South and

Abu Dhabi’s KIZAD (Khalifa Industrial

Zone) have become hubs for tech-enabled

logistics innovations, providing

businesses with access to cutting-edge

technologies.

The UAE’s logistics

sector is not just

adapting to change;

it’s defining the future

of global connectivity

through innovation and

resilience.”

Ahmed Al Zeyoudi,

UAE Trade and Logistics Council

Key Infrastructure Investments

The UAE’s robust infrastructure underpins

its logistics capabilities. Projects like

Etihad Rail, connecting major emirates

with a unified freight network, signify

the nation’s commitment to efficient

intermodal transport. This rail network

is designed to integrate seamlessly with

ports and industrial zones, creating a

cohesive logistics ecosystem.

Further, expansion plans for Jebel

Ali Port and strategic upgrades to Abu

Dhabi Ports align with the growing

global demand for scalable, resilient

supply chain hubs. The development of

the Al Maktoum International Airport

into one of the world’s largest cargo

hubs reinforces Dubai’s position as

a global logistics powerhouse. These

investments not only enhance capacity

but also position the UAE as a critical

node in future trade routes, such as the

Asia-to-Africa corridor.

COP28 and Future Sustainability Goals

Hosting COP28, the UAE has spotlighted

sustainable logistics and climate-smart

trade practices. The event highlights

the nation’s role in addressing global

challenges through collaboration and

innovation, positioning logistics financing

as a crucial enabler of these goals.

By integrating green technologies and

decarbonizing supply chains, the UAE

is setting benchmarks for the logistics

sector globally.

Furthermore, initiatives like the

National Green Freight Strategy aim to

reduce emissions in the logistics sector,

aligning with global standards such as

the Paris Agreement. These efforts ensure

that the UAE remains a leader in

sustainable logistics while continuing

to attract environmentally conscious

investors.

The UAE’s adaptability in transport

and logistics finance is a testament to

its strategic vision and commitment to

global excellence. By addressing challenges

posed by global shifts through

innovative financing, sustainability efforts,

and technological advancements,

the nation has solidified its leadership

position. Through proactive investments

and robust partnerships, the UAE is not

only navigating global transitions but

also shaping the future of logistics and

trade finance, setting an example for

nations worldwide.

Dec 2024 www.thefinanceworld.com 91


Local News

Hamdan Bin Mohammed Reviews Dubai Land Operations

H.H. Sheikh Hamdan bin Mohammed

bin Rashid Al Maktoum,

Crown Prince of Dubai, reviewed

the Dubai Land Department’s (DLD)

operations and progress towards the

Dubai Real Estate Sector Strategy

2033. This strategy aligns with the

vision of H.H. Sheikh Mohammed bin

Rashid Al Maktoum to cement Dubai’s

status as a global economic hub and

premier real estate destination. Sheikh

Hamdan noted the sector’s growth

reflects Dubai’s rapid development

and increasing global appeal. He highlighted

the need for expanded real

estate projects to attract local and

international investors, supported by

strong regulations ensuring a secure

investment environment. Briefed by

Marwan Ahmed bin Ghalita, DLD’s

Director General, Sheikh Hamdan

discussed initiatives under the Dubai

Economic Agenda D33, focusing on

technological advancement and enhancing

investor experiences.

UAE Approves $19.5B

Balanced Budget

The UAE has approved a balanced

budget for the fiscal year 2025,

with both revenues and expenditure

set at AED 71.5B ($19.5B).

The Federal National Council (FNC)

approved the draft federal law during

its second ordinary session of the 18th

legislative chapter. The session, chaired

by FNC Speaker Saqr Gobash, included

attendance by Abdul Rahman bin Mohammad

Al Owais, Minister of Health

and Prevention, and Mohamed Hadi Al

Hussaini, Minister of State for Financial

Affairs. Al Hussaini emphasized that

the budget, representing the largest in

UAE history, reflects the government’s

commitment to improving quality of life

and promoting sustainable development.

It will fund key projects in sectors like

social development, government affairs,

and economic growth.

Ras Al Khaimah Economy Upgraded With S&P

Approval

Ras Al Khaimah’s credit rating has

been upgraded from “A-/A-2” to

“A/A-1” with a “stable” outlook by

S&P Global, reflecting strong economic

growth and fiscal stability. The upgrade

is attributed to a robust pipeline of

tourism-related projects and anticipated

growth in mining, real estate, free zones,

and ports, supported by infrastructure

spending across the UAE, GCC, and the

The Ministry of Economy announced

that Continuous Ventures, an

Ireland-based venture capital

firm specialising in tech startups, is

now a strategic partner in the NextGen

FDI initiative, which aims to attract

pioneering global companies to the

UAE. Continuous Ventures will support

the initiative by assessing potential

programme entrants, providing go-tomarket

strategies, and introducing their

startups to the programme. Dr. Thani

Indian subcontinent. S&P projects 4%

average real GDP growth from 2024-

2027, driven by these initiatives. RAK’s

strategy, under Sheikh Saud bin Saqr Al

Qasimi’s leadership, has laid a resilient

economic foundation, enhancing its

appeal as a hub for living, working,

and investment. This strategic vision

has solidified RAK’s position within the

UAE’s dynamic economic framework.

NextGen FDI Partners With Continuous Ventures

Al Zeyoudi, Minister of State for Foreign

Trade, stated that the partnership

reinforces the UAE’s commitment to

becoming a global hub for innovation

and entrepreneurship. He emphasised

that collaboration with Continuous

Ventures will help foster growth in key

sectors such as med-tech, renewable

energy, and advanced manufacturing,

contributing to the nation’s economic

diversification and knowledge-driven

future.

92 www.thefinanceworld.com Dec 2024


Sharjah Chamber Explores Economic Ties With Rwanda

The Sharjah Chamber of Commerce

and Industry (SCCI)

highlighted its commitment to

strengthening economic relations with

Rwanda during a meeting between

Abdallah Sultan Al Owais, Chairman

of the SCCI, and John Mirenge, Ambassador

of Rwanda to the UAE. The

discussion focused on the potential

inclusion of Rwanda in the Chamber’s

annual trade mission to East Africa,

aimed at enhancing trade, tourism, and

joint investments. This initiative seeks

to promote economic collaboration

across various sectors, aligning with

the sustainable development goals of

both nations. Al Owais underscored

the importance of private sector cooperation

to foster stronger economic

and investment ties, noting the UAE’s

prominent role as a major source of

foreign direct investment in Rwanda,

creating a strong foundation for future

partnerships.

UAE Non-Oil Economy

to Grow 4.7% in 2024

The UAE’s non-oil economy is

projected to grow by 4.7% in

2024, according to Michael Bolliger,

CIO of Global Emerging Markets

at UBS Global Wealth Management.

This reflects the UAE’s adaptability

and robust fiscal strategy in facing

global challenges. Bolliger highlighted

that sustainable growth is driven by

thriving tourism and real estate sectors,

increased government spending

on capital projects, and strong foreign

direct investment (FDI) inflows.

Residential sales have surged by 60%,

with rising mortgage applications due

to favourable interest rates. Additionally,

streamlined visa procedures and

improved business ownership laws

have attracted businesses and tenants,

boosting commercial property

investments in Dubai and Abu Dhabi.

The construction sector remains vital,

supported by infrastructure projects,

while Dubai’s tourism has surpassed

pre-pandemic levels, with international

visitor numbers steadily increasing.

UAE Supports International Maritime Organisation

The UAE’s proposals to the International

Maritime Organisation

(IMO) Council, recently approved,

aim to enhance global maritime operations.

These include amendments to

the Council’s procedures, expanding

IMO’s working languages, and creating

a fund to cut GHG emissions from

ships. A high-level UAE delegation,

led by Hessa Al Malek, Advisor to

the Minister for Maritime Transport

Affairs, presented these during the

The Central Bank of the UAE

(CBUAE) has launched the “Innovation

Hub” at the Emirates

Institute of Finance (EIF), reinforcing its

commitment to fostering financial sector

innovation. This initiative aligns with the

UAE’s vision of advancing technological

transformation and developing specialised

expertise. Part of the “Financial Infrastructure

Transformation Programme,” the Hub

features six cutting-edge labs—Learning

Lab, Digital Lab, Reg Lab, Think Lab,

Collab Lab, and Future Lab—designed to

facilitate collaboration among students,

researchers, and finance professionals to

address industry challenges. During the

Dubai launch, CBUAE Governor Khaled

Mohammed Balama highlighted the

Hub’s role, stating it reflects the Central

IMO Council meeting in London. The

delegation also included Mohammed

Khamis Al Kaabi and maritime sector

stakeholders. Al Malek emphasised that

these initiatives align with the UAE’s

vision for a sustainable, climate-resilient

maritime sector. She reiterated the

UAE’s commitment to supporting the

IMO’s mission to strengthen international

cooperation and reduce carbon

emissions, promoting global maritime

transport infrastructure development.

CBUAE Launches Innovation Hub at Emirates Institute

of Finance

Bank’s strategic objectives of building

innovative and resilient financial market

infrastructure to drive the nation’s digital

transformation goals.

Dec 2024 www.thefinanceworld.com 93


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