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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