Finance World Magazine | Edition: January 2025
As we step into 2025, Finance World Magazine is delighted to present you with an edition that captures the vibrant pulse of the UAE’s financial landscape. Our cover story showcases an exclusive Power List of the UAE’s Top 25 Pioneers of Web3 Innovation. These visionaries, from both public and private sectors, are not merely participating in the digital revolution – they’re actively shaping it through groundbreaking initiatives, regulatory innovation, and technological advancement that positions the UAE at the forefront of the global digital economy. Within these pages, you’ll find comprehensive performance reviews of major companies that defined 2024, alongside an examination of the surging investor interest in the UAE’s real estate market, which continues to set new benchmarks for growth and innovation.
As we step into 2025, Finance World Magazine is delighted to present you with an edition that captures the vibrant pulse of the UAE’s financial landscape. Our cover story showcases an exclusive Power List of the UAE’s Top 25 Pioneers of Web3 Innovation. These visionaries, from both public and private sectors, are not merely participating in the digital revolution – they’re actively shaping it through groundbreaking initiatives, regulatory innovation, and technological advancement that positions the UAE at the forefront of the global digital economy.
Within these pages, you’ll find comprehensive performance reviews of major companies that defined 2024, alongside an examination of the surging investor interest in the UAE’s real estate market, which continues to set new benchmarks for growth and innovation.
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Welcome to 2025 - a year of unprecedented
opportunities and transformation in the world Editor’s of finance. Note
As we step into 2025, Finance World Magazine is delighted
to present you with an edition that captures the vibrant
pulse of the UAE’s financial landscape. The Emirates
have emerged as a global nexus for digital asset innovation,
with Dubai and Abu Dhabi crafting progressive regulatory
frameworks that have attracted the world’s leading crypto
enterprises and blockchain pioneers.
Our cover story showcases an exclusive Power List of
the UAE’s Top 25 Pioneers of Web3 Innovation. These
visionaries, from both public and private sectors, are not
merely participating in the digital revolution – they’re actively
shaping it through groundbreaking initiatives, regulatory
innovation, and technological advancement that positions
the UAE at the forefront of the global digital economy.
This edition delves deep into several transformative trends
reshaping the Emirates’ financial sector. We explore the
fascinating convergence of Artificial Intelligence and AdTech,
uncovering how this synthesis is revolutionizing marketing
strategies and consumer engagement. Our special feature
on family businesses in Dubai reveals how these traditional
powerhouses are adapting to the digital age while maintaining
their cultural heritage and values.
The UAE’s SME sector takes center stage as we analyze the
robust growth trajectory ahead, supported by government
initiatives and technological adoption. We also provide an
in-depth analysis of the UAE’s significant 2025 tax reforms
and their implications for businesses and investors.
Within these pages, you’ll find comprehensive performance
reviews of major companies that defined 2024, alongside an
examination of the surging investor interest in the UAE’s real
estate market, which continues to set new benchmarks for
growth and innovation.
MCFILL MEDIA MCFILL & MEDIA &
PUBLISHING PUBLISHING GROUP 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
Jan 2025 www.thefinanceworld.com 5
Contents Jan
2025
FINANCE
COVER STORY
Page 12
Building A Digital Lending Ecosystem
For Growth
Page 16
UAE’s Top 25 Pioneers of
Web3 Innovation
ARTIFICIAL INTELLIGENCE
BUSINESS
P08 | Why Finance Is Perfect Launchpad For AI
Transformation
P48 | The Growing Influence of
Family Businesses in Dubai
6 www.thefinanceworld.com Jan 2025
CORPORATE TAX
HEALTHCARE
P72 | 15 Percent Domestic
Minimum Tax for Multinationals
INSURANCE
P76 | UAE’s Insurance Markets Set To
Thrive in 2025
WHEELS
Page 88
UAE’s Strategic Pathway to Becoming a
Leading Global Health Hub
TOURISM
P54 | Aston Martin 2026 Valhalla
P100 | UAE’s Travel Market: Surge
Expected in 2025
Jan 2025 www.thefinanceworld.com 7
AI
Source: Ai generated
AI is transforming finance by delivering smarter customer experiences.
Why Finance
Is the Perfect
Launchpad For AI
Transformation
Finance in the UAE Provides a Strong
Foundation for Artificial Intelligence
Transformation and Technological Growth.
The UAE has positioned itself at the
forefront of Artificial Intelligence (AI)
adoption, recognising the transformative
potential AI holds across various
sectors. Finance, with its complex data
management, rapid transactions, and constant
innovation, serves as the perfect
launchpad for AI integration. The sector
is increasingly embracing AI technologies
to streamline operations, and improve
decision-making. The UAE’s government
has actively supported this AI revolution
with initiatives like the UAE Artificial
Intelligence Strategy 2031, aimed at creating
a world-leading ecosystem for AI.
As AI continues to reshape the financial
landscape, the UAE stands as a key player
in its transformation, paving the way for
broader economic growth and innovation.
8 www.thefinanceworld.com Jan 2025
The finance sector has long been a
pioneer in adopting new technologies
to enhance efficiency, and
artificial intelligence (AI) is no exception.
With its vast amount of data, complex
transactions, and regulatory requirements,
the financial industry is ideally suited
for AI integration. The UAE, as part of
its strategic vision, is focusing on AI to
drive economic growth, with the finance
sector serving as a crucial component of
this transformation.
AI applications in finance can enhance
decision-making, optimise operations,
reduce risks, and deliver more personalised
services to customers. The UAE’s
strong digital infrastructure, coupled with
a government committed to technological
innovation, makes it the perfect environment
for AI’s role in finance.
Government Support for AI in Finance
The UAE government has positioned AI
as a key driver of its economic diversification
plans. With initiatives such as
the UAE Artificial Intelligence Strategy
2031, the country aims to integrate AI
into various sectors, including finance, to
foster growth and global competitiveness.
The strategy encourages the adoption of
AI in key financial areas such as asset
management, fraud detection, and risk
management.
Furthermore, the Dubai International
Financial Centre (DIFC) and other financial
free zones in the UAE are becoming hubs
for FinTech startups leveraging AI. These
zones offer a conducive environment for
innovation, attracting global companies
seeking to develop and implement AI
technologies in finance. Through initiatives
like regulatory sandboxes, the UAE
is enabling companies to experiment with
AI in a controlled environment before
full-scale adoption.
AI in Finance: Transforming Key Areas
AI is transforming the UAE’s finance
sector with significant applications in
fraud detection, customer service, and
risk management. Through machine
learning algorithms, AI detects fraud by
analysing transaction data in real-time,
ensuring greater security. In customer
service, AI-powered chatbots and virtual
assistants provide 24/7 support, improving
customer interactions and offering
personalised financial advice.
Additionally, AI helps financial institutions
in risk management by predicting
market trends, assessing credit risks,
For emerging economies,
AI is a game-changer.
His Excellency Omar Sultan AI Olama,
Minister of AI, UAE
and managing portfolios more efficiently,
allowing for better decision-making and
reducing financial losses. These innovations
are enhancing both operational
efficiency and customer satisfaction in
the financial industry.
The UAE’s Financial Ecosystem and
AI Investment
The UAE is committed to becoming a
leader in AI and finance by fostering a
thriving FinTech ecosystem. The country’s
financial institutions are increasingly
adopting AI-powered solutions to optimise
their services. For instance, Emirates
NBD, one of the UAE’s largest banks,
has implemented AI in its operations,
including customer service and risk
management. By investing in AI, the
bank aims to reduce operational costs,
improve efficiency, and enhance the
customer experience.
The UAE’s investment in digital infrastructure
plays a crucial role in supporting
the AI revolution in finance. The country
boasts a high internet penetration
rate, advanced mobile networks, and a
well-developed banking system. These
factors create a solid foundation for the
widespread adoption of AI in financial
services. With the UAE government’s focus
on creating a “smart city” ecosystem, AI
integration in finance will continue to
expand, with new opportunities emerging
for both businesses and consumers.
Challenges and Considerations
Despite the numerous benefits, the
integration of AI in the finance sector
comes with challenges. One of the primary
concerns is data privacy. Financial
institutions must ensure that AI tools
comply with stringent data protection
regulations, particularly with the increasing
amount of personal data being
processed. The UAE has made strides in
establishing data protection laws, but as
AI continues to evolve, regulations will
need to keep pace with technological
advancements.
Another challenge is the skills gap.
The adoption of AI in finance requires a
workforce that is skilled in data science,
machine learning, and other advanced
technologies. While the UAE is making
significant efforts to build a talent pool
in AI through educational initiatives,
attracting and retaining skilled professionals
remains a critical hurdle for
financial institutions aiming to maximize
AI’s potential.
The Future of AI in UAE’s Finance
Sector
Looking ahead, the future of AI in the
UAE’s finance sector looks promising.
As AI technologies continue to evolve,
financial institutions are expected to
increasingly rely on them for everything
from predictive analytics to regulatory
compliance. With initiatives such as
the Dubai FinTech Summit and government-backed
funding opportunities for
AI startups, the UAE’s finance sector is
well-positioned to lead the region in AI
adoption. The UAE is making significant
strides in adopting AI within its finance
sector, with government support and
robust digital infrastructure paving
the way for innovation. As the country
integrates AI technologies, it is set to
become a global leader in AI-driven financial
services. This transformation will
enhance operational efficiency, improve
customer experiences, and strengthen
security, driving economic growth. The
UAE’s commitment to digitalisation and
AI ensures its continued competitiveness
in the global finance industry, positioning
it at the forefront of technological advancement
and sustainable development
in the sector.
Jan 2025 www.thefinanceworld.com 9
FinTech News
Dubai-based FinTech Stake starts Saudi Operations
Stake, a Dubai-based digital real
estate investment platform, has
launched in Saudi Arabia in partnership
with local property developer
Al Rajhi Seventh (RJ7). For its inaugural
fund, Stake has selected an income-generating
commercial building in North
Riyadh. The company has also teamed
up with Saudi asset management firm
Mulkia to create private real estate
funds tailored to the Saudi market.
These funds, managed by Mulkia and
distributed through Stake’s platform,
aim to make real estate investment
in both residential and commercial
properties more accessible by lowering
the entry barrier. In June, Stake
raised $14 million in Series A funding
led by MEVP, with contributions from
Mubadala Investment Company, Wa’ed
Ventures, Al Jomaih Holding, and USbased
platform Republic.
Bitpanda Secures In-Principle Approval for Expansion
into the UAE
Bitpanda has secured in-principle
approval from the Virtual Assets
Regulatory Authority (VARA) in
under eight months, accelerating its
global expansion. Once fully licensed,
Bitpanda will operate in the UAE as
Bitpanda Broker MENA DMCC, marking
its official entry into markets outside
Europe and reinforcing its role as a
global leader in the digital assets space.
The UAE’s growing prominence as a hub
for digital finance and cryptocurrency
trading aligns with Bitpanda’s vision to
drive regulated virtual asset adoption
worldwide. This milestone follows
strategic moves, including launching
its Dubai office at the DMCC Crypto
Centre, building a regional team of
experts, and partnering with key financial
institutions like The National
Bank of Ras Al Khaimah (RAKBANK)
and CoinMENA, a prominent licensed
crypto platform in the UAE.
Dubai Prepares for the Return of the E-Invoicing
Exchange Summit in February 2025
The E-Invoicing Exchange Summit
will return to Dubai from 10 to 12
February 2025, as the Middle East
and Africa experience rapid advancements
in e-invoicing and VAT reporting.
Building on its previous success, the
summit will focus on the UAE’s leadership
in e-invoicing adoption and its
ambitious goal to expand compliance
by 2026, showcasing its commitment
to a digitally driven economy. The
event will provide practical insights
on achieving e-invoicing compliance,
enhancing efficiency, and mitigating tax
compliance risks. Key topics include
technology integration, transparency
in indirect tax consolidation, and
strategies for seamless global trade
through standardised processes. Attendees
will also explore compliance
solutions, including sessions on SAP
for UAE e-invoicing. An accompanying
exhibition will feature leading players
in e-invoicing, tax reporting, payment
solutions, and automation.
Adyen Launches Tap to
Pay on iPhone for the
UAE Businesses
Adyen has launched Tap to Pay on
iPhone for UAE businesses, enabling
them to accept contactless
payments using just an iPhone and a supporting
iOS app—eliminating the need for
additional hardware. Italian professional
cosmetics brand KIKO is among the first
to adopt the solution in its stores. Tap
to Pay on iPhone supports all forms of
contactless payments, including credit
and debit cards, Apple Pay, and digital
wallets. At checkout, customers simply
hold their contactless payment near the
merchant’s iPhone, and the transaction is
securely processed via NFC technology.
This solution eliminates reliance on POS
terminals or portable hardware, improving
efficiency and enhancing the customer
experience. Apple’s technology ensures
privacy and security, as card numbers and
transaction details are neither stored on
devices nor on Apple servers.
10 www.thefinanceworld.com Jan 2025
Emirates NBD Group’s
Deniz Ventures Invests
in TeamSec
Deniz Ventures, the venture capital
fund of DenizBank under the
Emirates NBD Innovation Fund,
has invested in TeamSec, an AI-driven
securitisation technology pioneer.
TeamSec is focused on transforming
the financial sector by digitising the
securitisation process to enhance efficiency
and transparency. By leveraging
AI and data analytics, TeamSec aims to
create significant value for investors
and financial institutions, driving
the creation of a more efficient and
transparent financial ecosystem. This
investment marks a strategic move by
Deniz Ventures to address technological
gaps in securitisation by supporting
innovative startups. This partnership
highlights Emirates NBD’s commitment
to advancing the securitisation market
and fostering stronger collaborations
with FinTech innovators, enabling the
sector’s continued growth.
MNT-Halan Expands to UAE with Innovative FinTech
Solutions
MNT-Halan, Egypt’s leading FinTech
company and its first unicorn
has expanded into the UAE as
part of its regional growth strategy.
The company aims to offer innovative
financial solutions to underserved
communities and businesses in the
UAE through its financial super app.
The first offering, Halan Advance, is
a fast, secure, and user-friendly salary
financing solution, with additional
services to follow. This expansion
highlights MNT-Halan’s commitment
to reshaping the financial landscape
by leveraging cutting-edge technology,
a deep understanding of underbanked
markets, and compliance with CBUAE
regulations. The company plans to
introduce solutions that promote financial
inclusion, enhance cash flow
management, and drive economic
empowerment. The UAE marks the
latest step in MNT-Halan’s expansion
following its success in Egypt, Türkiye,
and Pakistan.
LuLu Financial Holdings Partners with Circle
LuLu Financial Holdings, a global
financial services conglomerate,
has announced a strategic
partnership with digital financial
technology firm Circle Internet Group.
Formed at the Abu Dhabi Finance
Week (ADFW), the collaboration will
utilise USDC, Circle’s fully-reserved
digital dollar, to enhance cross-border
payments. This partnership strengthens
LuLuFin’s leadership in adopting
digital innovations to transform financial
services. By integrating USDC into
its payments orchestration platform
Digit9, LuLuFin aims to optimise remittances
and cross-border payment
flows, focusing initially on corridors
between the Middle East and Asia.
Digit9 simplifies cross-border transactions,
integrating various payment
methods, banks, and service providers.
Leveraging USDC offers benefits such
as increased liquidity and reduced
volatility, while blockchain technology
ensures speed, immutability, and
traceability, delivering near-instant
payments, lower costs, and enhanced
efficiency.
CBI Partners with Areeba
to Boost FinTech Payment
Solutions in UAE
Commercial Bank International
(CBI) has formed a partnership
with Areeba to become
the first UAE lender to offer Areeba’s
extensive card and payment solutions
to FinTechs across the nation. This
collaboration seeks to equip UAEbased
FinTechs with scalable, secure
card management features, enhancing
the growth of the country’s digital
payment ecosystem. By leveraging
Areeba’s advanced payment platform,
CBI will offer a seamless solution for
FinTechs to launch and manage digital
payment products efficiently. The
agreement coincides with the rapid
growth of the UAE’s FinTech sector,
where assets under management
(AUM) are expected to reach $5.70
billion by 2029. Ali Sultan Rakkad Al
Amri, Chief Executive Officer of CBI,
expressed that the partnership aligns
with the bank’s vision of supporting
innovation and empowering FinTechs
in a fast-evolving financial landscape,
driving the future of digital finance.
Jan 2025 www.thefinanceworld.com 11
Finance
Source: Ai generated
A strong digital lending ecosystem enhances financial access.
Building A
Digital Lending
Ecosystem For
Growth
Enabling Seamless Access to Credit
Through Technology, Innovation, and
User-Centric Financial Solutions.
The United Arab Emirates (UAE) is embracing
a transformative shift in financial
services through the development of a
robust digital lending ecosystem. As the
demand for accessible and seamless borrowing
options grows, integrating innovative
technologies and customer-focused
strategies becomes crucial. A well-structured
digital lending framework not only
empowers businesses and individuals with
quick and efficient access to credit but
also drives economic growth and financial
inclusion. By leveraging advanced
data analytics, artificial intelligence, and
secure platforms, lenders can enhance
risk assessment, reduce operational costs,
and improve customer experiences. This
approach positions the UAE as a leader
in modern financial solutions.
12 www.thefinanceworld.com Jan 2025
Several factors have propelled the
growth of the UAE’s digital lending
sector. Government initiatives have
played a pivotal role, with the Central
Bank of the UAE (CBUAE) implementing
policies such as the Regulatory Sandbox.
This initiative allows FinTech startups
to test solutions under regulatory oversight
without full compliance, fostering
innovation and efficient market entry.
Such measures have facilitated the rapid
expansion of digital lending platforms that
cater to individuals and SMEs. According
to the UAE FinTech Ecosystem report,
these policies have attracted significant
investment and increased the number of
digital lending companies in the region.
Technological integration has also
driven this transformation. Artificial intelligence
(AI) and data analytics are being
harnessed to enhance credit assessments
and personalise loan products, making
financial services more accessible and
efficient. AI-driven algorithms can analyse
various data points, enabling lenders
to predict creditworthiness and tailor
terms for individual borrowers. Cloud
computing has streamlined operations,
supporting scalability and cost reduction
while ensuring secure access to digital
platforms. Mobile technology has made
it easier for consumers to apply for
loans, manage repayments, and monitor
financial health through apps, boosting
the adoption of digital lending services.
Impact On Economic Growth And
Financial Inclusion
Digital lending has significantly boosted
economic growth by improving access to
credit. SMEs, vital to the UAE’s economy,
have benefited most. Traditional banking
systems often struggle to meet the needs of
smaller enterprises due to stringent credit
assessments and collateral requirements.
Digital platforms leverage data-driven
insights to assess creditworthiness and
expand loan access, supporting business
growth and stimulating economic activity.
This has created a dynamic market
where businesses can secure funding for
innovation and expansion.
Moreover, digital lending promotes
financial inclusion. The World Bank
has reported that around 60% of adults
in the MENA region remain excluded
from formal financial services. Digital
lending platforms bridge this gap by offering
financial products to underserved
groups, including those without traditional
credit histories. This increased access
empowers entrepreneurship, supports
small businesses, and helps families
manage financial needs. Inclusive credit
access fosters more stable financial
systems and economic resilience.
Challenges And Solutions
Despite rapid growth, the UAE’s digital
lending ecosystem faces challenges.
Regulatory compliance remains a concern.
While the CBUAE’s Regulatory
Sandbox facilitates innovation, the fast
pace of technology requires continuous
updates to the regulatory framework.
A flexible yet comprehensive approach
to regulation will help lenders innovate
while protecting consumers. The UAE
government has been proactive in exploring
new frameworks and collaborating
internationally to address challenges.
Cybersecurity is another pressing issue.
The digital nature of lending platforms
The UAE’s thriving
economic, legislative,
and social ecosystem
fosters business growth,
investment opportunities,
and positions the nation as
a global hub for innovation
and events.
His Excellency Abdulla bin Touq Al Marri,
Minister of Economy, UAE
makes them targets for cyberattacks
and data breaches. To mitigate these
risks, robust cybersecurity measures
are essential. Blockchain technology
can enhance transaction security and
transparency, reducing fraud and boosting
consumer confidence. The UAE can learn
from FinTech hubs like Singapore, where
robust security protocols and continuous
monitoring have strengthened trust in
digital financial services.
Digital literacy is also a barrier. While
the UAE has advanced technologically,
segments of the population may lack
the skills to engage effectively with
digital finance. Public and private sector
partnerships could develop educational
programmes to improve digital literacy
and financial awareness. Successful
campaigns, such as those in the UK, have
shown that financial education increases
adoption rates and responsible use of
digital services.
Strategies For Future Success
To build on its current momentum,
the UAE should adopt a multi-faceted
strategy. First, fostering collaboration
among banks, FinTech companies, and
regulatory bodies is crucial. Strategic
partnerships can lead to resource sharing,
co-development of innovative solutions,
and comprehensive financial services
that meet varied consumer needs. These
partnerships can bridge the gap between
traditional banks and FinTech startups,
creating a seamless lending ecosystem.
Promoting financial literacy is another
key strategy. Public education initiatives
that teach digital finance basics and
responsible borrowing can enhance
consumer confidence and adoption
rates. The UAE can look to successful
examples from countries like Singapore,
where nationwide financial education
programmes have increased digital service
use and understanding. The digital
lending ecosystem in the United Arab
Emirates has significantly altered the
landscape of financial services, thereby
contributing to economic growth and
facilitating financial inclusion. Despite
the existence of challenges, including
regulatory compliance, and the need for
improved digital literacy, it is possible to
effectively tackle these issues through
strategic partnerships. Ongoing investment
and collaboration are essential for
the UAE to reinforce its position as a
global leader in digital finance, serving
as a model for other nations.
Jan 2025 www.thefinanceworld.com 13
UAE Banking News
Standard Chartered
Expands Private
Banking Team in the
UAE
Standard Chartered has announced
plans to expand its frontline private
banking team by 20% in the
UAE, as part of a broader strategy to
cater to high and ultra-high-net-worth
clients. The bank, which is focused on
Asia, is aiming to enhance its wealth
management services amid declining
revenues from lending, driven by falling
central bank interest rates. Similar
to its London-listed peers such as Barclays
and HSBC, StanChart is seeking
growth in wealth management to offset
lower returns from traditional banking.
As part of its five-year plan, the
bank intends to double investments
in private banking in the UAE. Seven
key appointments have been made to
support this expansion. Additionally,
StanChart targets $200B in new assets
and significant growth in income from
its global wealth business, focusing on
wealthy Chinese and Indian clients.
Mubadala, Alpinvest Launch Global Finance Fund
Mubadala Investment Company
and Carlyle subsidiary AlpInvest
Partners have announced
the launch of a new credit co-investment
partnership focused on providing
portfolio senior fund financing globally.
This strategic partnership builds on
the long-standing relationship between
Mubadala and Carlyle and marks a
significant advancement in AlpInvest’s
portfolio finance strategy, which began
in 2018. AlpInvest has since pioneered
approximately $4B in portfolio fund financing
transactions, positioning itself
as an early leader in this sector. The
new venture will enhance AlpInvest’s
ability to support private equity managers,
while Mubadala’s involvement
expands its credit investment strategy,
tapping into the growing private debt
segment.
Zand Unveils Digital Asset Custody Service for
Institutions
Zand, a fully licensed AI-powered
digital bank based in the UAE,
has introduced its Digital Asset
Custody service, becoming the first
bank in the country to offer institutional-grade
digital asset custody under
its banking licence. Approved by the
Virtual Asset Regulatory Authority
(VARA), the service is designed for
corporate and institutional clients,
providing top-tier security with private
keys stored in onshore UAE Hardware
Security Modules (HSMs) in line with
global standards. By combining blockchain
technology and AI, Zand bridges
traditional finance (TradFi) and decentralised
finance (DeFi), enabling
secure management of both fiat and
digital assets. Mohamed Alabbar,
chairman of Zand, emphasised the
milestone’s significance for both the
bank and the UAE’s digital economy,
reinforcing Zand’s commitment to
innovation and sustainable growth.
UAE Banks’ Assets Reach Over AED 4.4T by September: CBUAE Reports
The Central Bank of the UAE
(CBUAE) reported that gross
banks’ assets, including bankers’
acceptances, rose by 0.5% from
AED 4,378.0B in August 2024 to AED
4,401.7B by the end of September 2024.
According to its Monetary & Banking
Developments Report, gross credit
grew by 2.3%, from AED 2,112.9B to
AED 2,161.9B during the same period.
This increase was attributed to
a 1.6% rise in domestic credit and a
6.9% rise in foreign credit. Domestic
credit expanded across sectors, with
government sector credit increasing
by 0.4%, government-related entities
by 2.7%, private sector by 1.5%, and
non-banking financial institutions by
1.8%. Banks’ deposits also rose by
0.8%, driven by growth in both resident
and non-resident deposits.
14 www.thefinanceworld.com Jan 2025
Sheikh Mansour Praises UAE Central Bank, Approves Initiatives
His Highness Sheikh Mansour bin
Zayed Al Nahyan, Vice President,
Deputy Prime Minister, Chairman
of the Presidential Court, and Chairman
of the Central Bank of the UAE (CBUAE),
chaired the seventh meeting of the
CBUAE Board of Directors at Qasr
Al Watan. During the meeting, His
Highness praised the Central Bank’s
contributions to financial inclusion
and stability, highlighting its success
in winning the Leading Federal Entity
Award at the Mohammed bin Rashid
Government Excellence Award 2024.
He also emphasized the CBUAE’s role
in advancing regulations and driving
innovation to ensure the UAE’s financial
future, aligning with national sustainable
development and economic resilience
goals. The Board approved key initiatives,
including the 85% complete Financial
Infrastructure Transformation Programme,
aimed at digitizing and enhancing the
financial sector.
CBUAE, National Bank
of Tajikistan Sign MoU
to Enhance Cooperation
Khaled Mohamed Balama, Governor
of the Central Bank of the UAE
(CBUAE), and Tolibzoda Firdavs
Nazrimad, Chairman of the National Bank
of Tajikistan (NBT), signed a Memorandum
of Understanding (MoU) to strengthen
bilateral ties and establish a collaborative
framework. This agreement focuses on
areas such as the exchange of information,
expertise, and best practices in banking
and finance. Both institutions aim to
enhance the development of financial
systems, improve banking transaction
efficiency, and share knowledge of
relevant banking laws and regulations.
Balama highlighted the MoU’s significance,
stating, “The agreement reflects the
strong economic partnership between
the UAE and Tajikistan and highlights
the vast opportunities available for trade,
investment, and financial growth.”
Beyon Money Gains New Licenses From Central
Bank of the UAE
Beyon Money, part of the Beyon
Group, has secured two new licenses
from the Central Bank of
UAE (CBUAE), marking a significant
milestone in its expansion. The RPSCS
(Retail Payment Services and Card
Schemes) and SVF (Store Value Facilities)
licenses will allow Beyon Money
to offer UAE customers a broader
range of financial services, including
payment accounts, card issuance, and
domestic and cross-border transfers.
Following its successful launch in
The CEOs Advisory Council of the
UAE Banks Federation (UBF),
under the chairmanship of His
Excellency Abdul Aziz Al Ghurair, held
its fourth and final meeting of 2024 to
review the performance of the banking
sector. The council discussed key
developments, initiatives, and UBF’s
plans for 2025, ensuring continued
progress. The meeting highlighted
the banking sector’s achievements,
focusing on UBF’s role in enhancing
Bahrain, these licenses complement
Beyon Money’s Financial Services
Permission (FSP) license from the Financial
Services Regulatory Authority
(FSRA) in ADGM. This makes Beyon
Money the first Bahrain FinTech to
hold both CBUAE and FSRA licenses,
enabling seamless digital onboarding
and access to services like Prepaid
Cards, Personal Financial Management,
and international remittances
across over 190 countries.
CEOs Advisory Council Reviews UAE Banks Sector
Performance in 2024
services and supporting the UAE’s
economic and social development
under the guidance of the Central
Bank of the UAE. H.E. Al Ghurair
praised the UAE’s robust economic
policies, noting their contribution to
the sector’s growth. He emphasized
the importance of the CEOs Advisory
Council’s input in shaping decisions
and reinforcing the UAE’s position as
a global financial hub.
Jan 2025 www.thefinanceworld.com 15
OVER
S
Cover Story
16 www.thefinanceworld.com Jan 2025
TORY
Jan 2025 www.thefinanceworld.com 17
Pioneers of Web3
ALIREZA
ALETOMEH
Chief Operating Officer
MoonWalk
As Chief Operating Officer of Moonwalk Systems, Alireza
Aletomeh is helping to establish the region as a powerhouse
in cryptocurrency mining and high-performance
computing infrastructure. The journey from biochemistry labs
in Canada to Bitcoin mining farms in the UAE might seem
unlikely, but for Aletomeh, it represents a natural evolution
driven by opportunity and innovation. His academic background
in Biochemistry, paired with business and management
studies, provided the perfect foundation for tackling complex
operational challenges in emerging technologies.
“The principles of scientific precision and systematic thinking
apply whether you’re dealing with molecular structures
or mining operations,” Aletomeh explains. “In both fields,
efficiency and accuracy are paramount.”
After relocating to the UAE in 2014, Aletomeh cut his teeth
in the oil and gas sector, developing the business acumen and
project management skills that would later prove crucial in the
blockchain industry. His transition to cryptocurrency in 2020
came at a pivotal moment, as the region began positioning
itself as a global hub for digital asset innovation. At Moonwalk
Systems, Aletomeh has been instrumental in developing what
has become one of the MENA region’s leading mining operations.
The company’s success stems from its holistic approach
to blockchain infrastructure, encompassing both hardware
and software solutions. Perhaps most notably, Moonwalk has
developed a proprietary cooling system that addresses one of
the most critical challenges in desert-based mining operations.
His previous role as General Manager at Phoenix Group,
where he managed a sophisticated distribution network for
cryptocurrency mining hardware, provided valuable insights
into the industry’s supply chain dynamics. This experience
now informs Moonwalk’s approach to scaling its operations
globally while maintaining operational excellence. Under
Aletomeh’s leadership, Moonwalk has expanded its footprint
beyond traditional cryptocurrency mining. The company’s
investment in High-Performance Computing applications
reflects a broader vision for the future of digital infrastructure
in the region. Their data centres, strategically located around
the world, serve as a testament to the company’s commitment
to reliability and performance.
His decade-spanning experience across energy and technology
sectors has proven invaluable in navigating the complexities
of large-scale project implementation. Whether managing
vendor relationships, directing sales strategies, or leading
operational teams, Aletomeh brings a methodical approach
honed through years of cross-sector experience. Looking
ahead, Aletomeh remains focused on expanding Moonwalk’s
global presence while maintaining the operational excellence.
18 www.thefinanceworld.com Jan 2025
Pioneers of Web3
BEN
ZHOU
Co-Founder & CEO
ByBit FinTech Limited
The co-founder and CEO of Bybit, Ben Zhou didn’t
stumble into crypto by chance – he arrived with a
vision shaped by years of experience in traditional
forex markets and an innate understanding of what makes
traders tick. Bybit’s meteoric rise from a startup in 2018 to
one of the world’s leading cryptocurrency exchanges, now
serving over 50 million users globally. Zhou’s journey begins
in Hangzhou, China, where he was born in 1990. At age 11, his
family relocated to New Zealand, a move that would shape
his global perspective and adaptability – traits that would
prove invaluable in the borderless world of cryptocurrency
trading. His parents instilled in him the values of diligence
and perseverance, while his passion for baseball taught him
the importance of discipline and teamwork. After earning his
economics degree from Earlham College in 2010, Zhou cut his
teeth in the traditional financial world, serving as the managing
director for XM.com’s Greater China region. Those seven
years in forex trading would prove crucial, giving him deep
insights into the minds of retail traders and the mechanics
of financial markets.
When a friend introduced Zhou to blockchain technology
in 2016, something clicked. He saw beyond the hype of rising
crypto prices to the transformative potential of the technology.
But he also noticed something else: a glaring gap in the
market. Rather than just complaining about the problems,
Zhou took action. He started a YouTube channel to educate
newcomers about cryptocurrency trading, building a following
of 20,000 on WeChat. But education wasn’t enough – the
market needed better infrastructure. In 2018, Zhou co-founded
Bybit with a clear mission: to create the exchange he wished
had existed when he first entered crypto. The platform was
built to handle 100,000 transactions per second, ensuring no
trader would ever miss an opportunity due to system overload.
He insisted on 24/7 live customer support in multiple
languages – a feature that was almost unheard of in crypto
at the time. Under Zhou’s leadership, Bybit has evolved from
a derivatives exchange to a comprehensive crypto platform
offering over 100 cryptocurrencies and more than 100 derivative
contracts. The platform’s innovative features, like the
Unified Trading Account and AI-powered tools, have set new
industry standards.
The year 2023 marked a new chapter for Zhou and Bybit
with the opening of their Dubai headquarters. Strategic
partnerships with the Dubai Multi Commodity Centre and
the American University of Sharjah have positioned the
company at the forefront of crypto adoption in the Middle
East. A high-profile partnership with Oracle Red Bull Racing
has further elevated Bybit’s global profile.
Jan 2025 www.thefinanceworld.com 19
Pioneers of Web3
CHRISTOPHER
FERNANDEZ
Chief Executive Officer
Block Gemini
Christopher Fernandez’s journey to tech leadership began
uniquely early – at age eight, exploring Unix systems
and programming languages through his father’s work
as a Canadian government computer administrator. This early
exposure proved transformative, as young Chris mastered
complex tools like HP Irix and Dbase at an age when most
children were just beginning to use computers.
A natural entrepreneur, Fernandez launched his first online
venture at 15, securing seed funding from a networking industry
pioneer. The dot-com boom provided fertile ground for his
technical skills and business instincts, leading him to build
and self-fund multiple successful ventures in digital media and
technology. His innovations would help shape the evolution
of online advertising and web hosting, establishing him as
a pioneer in the digital transformation landscape. Under his
leadership, Block Gemini has emerged as a formidable force
in enterprise technology solutions. The company specializes
in leveraging cutting-edge technologies to help traditional
businesses navigate their digital transformation journeys.
Fernandez’s approach combines deep technical expertise
with strategic vision, enabling Block Gemini to forge partnerships
with multi-billion-dollar global enterprises seeking
to modernize their operations.
His extensive background in network engineering – from
planning and implementing to configuring and testing IT
systems – allows him to bridge the gap between technical
possibilities and business objectives. This unique perspective
has proven invaluable in developing solutions that not
only meet current enterprise needs but anticipate future
technological trends.
Born in Dubai and raised in Toronto, Fernandez embodies
a global perspective that serves him well in leading Block
Gemini’s international operations. His understanding of diverse
business cultures and technology markets has been crucial in
expanding the company’s global footprint. Under his guidance,
Block Gemini has established itself as a trusted partner for
enterprises undertaking complex digital transformations.
Looking ahead, Fernandez continues to position Block
Gemini at the forefront of technological innovation. His vision
extends beyond traditional digital transformation, encompassing
emerging technologies and their potential impact
on enterprise operations. Through strategic partnerships
and continued investment in talent and technology, Block
Gemini under Fernandez’s leadership is shaping the future
of enterprise technology solutions.
For Fernandez, success in technology has always been
about understanding how technology can solve real business
challenges and drive innovation.
20 www.thefinanceworld.com Jan 2025
Pioneers of Web3
DMITRIY
SHELUDKO
Chief Executive Officer
Biconomy
As the CEO and co-founder of Biconomy, Dmitriy Sheludko
is driven by a mission that extends far beyond the
typical crypto narrative of moonshots – he wants to
make digital finance accessible to billions. A Yale graduate
with degrees in economics and psychology, Sheludko cut his
teeth trading on the New York Stock Exchange after training
with SMB Capital. For five years, he successfully managed a
family fund, but everything changed when a new asset class
caught his eye: Bitcoin.
“I’m not one of those who bought Bitcoin early,” he admits
with refreshing candor, “but I actively became interested in
it and have immersed myself in this world since 2014.” This
immersion would prove transformative, leading him down a
path that would combine his trading expertise with his lifelong
fascination with company building. By 2017, Sheludko
had already made his mark in the blockchain space, serving
as an Investment Director for a project that secured $20 million
in funding and forged partnerships with tech giants like
IBM, Amazon Web Services, and Lenovo. These experiences,
particularly his work on token listings and relationships with
cryptocurrency exchanges, laid the groundwork for what would
become Biconomy. Founded in October 2019, Biconomy has
quickly established itself as a significant player in the crypto
exchange market. Under Sheludko’s leadership, the platform
now handles an average of $200 million in daily transactions
and has earned recommendations from over 200 brands. With
offices spanning the UK, Turkey, CIS countries, South Korea,
and Japan, the exchange has built a global presence while
maintaining a strong focus on the North American market.
But what sets Biconomy apart isn’t just its impressive
numbers – it’s Sheludko’s commitment to education and
accessibility. This focus on education reflects Sheludko’s
broader vision for cryptocurrency’s role in the global economy.
He sees digital assets as more than just trading vehicles
– they’re tools for financial empowerment. Biconomy’s
platform offers not just spot and futures trading, but also
P2P exchanges and traditional banking integrations, making
it easier for newcomers to enter the crypto space. Looking
ahead, Sheludko is particularly excited about the intersection
of artificial intelligence and cryptocurrency, seeing it
as a crucial development for both individual and national
economies. But regardless of how the technology evolves,
his core mission remains unchanged: providing free access to
the cryptocurrency market and capital for anyone who wants
to participate. As the digital asset space continues to evolve,
this focus on education, accessibility, and long-term value
creation might just be the key to bringing cryptocurrency
into the mainstream.
Jan 2025 www.thefinanceworld.com 21
Pioneers of Web3
FARDAD
ZAND
Co-Founder & CEO
Wisdomise
Fardad Zand, co-founder and CEO of Wisdomise, is leveraging
his unique blend of academic expertise and
industry experience to build a platform that could revolutionize
how we think about financial knowledge sharing.
Zand’s journey is anything but conventional. With two bachelor’s
degrees in engineering and computer science, followed
by an MBA and a PhD in Information Economics from TU
Delft, he represents a rare combination of technical depth and
business acumen. His postdoctoral research at MIT Media Lab
laid the groundwork for understanding how information flows
through networks – knowledge that would prove invaluable in
his future ventures. Before founding Wisdomise, Zand played
a pivotal role at Careem, the Middle Eastern ride-hailing giant
that was acquired by Uber. As Head of Platform Strategy and
leader of the Careem Incubator, he gained firsthand experience
in scaling platform businesses. His tenure as CEO’s
Chief of Staff provided crucial insights into managing rapid
growth and navigating complex regulatory environments.
In December 2021, Zand co-founded Wisdomise with a bold
vision: tokenizing the wisdom of crowds in the crypto markets.
The platform aims to solve one of DeFi’s most persistent
challenges – the asymmetric distribution of knowledge and
opportunity. “We’re not just building another trading platform,”
Zand emphasizes. “Wisdomise is about creating an
ecosystem where expertise has tangible value, and where
anyone, regardless of their background, can both contribute
and benefit from collective market intelligence.”
What sets Wisdomise apart is its focus on accessibility and
fairness. By tokenizing expertise, the platform creates a new
asset class that rewards knowledge sharing while providing
users with sophisticated DeFi opportunities in an intuitive
format. This democratization of financial wisdom could be
particularly transformative for regions traditionally excluded
from advanced financial markets. With deep experience in
platform economics from his academic work and professional
career, Zand is uniquely positioned to tackle the challenges
ahead. His background in programming, structural equation
modeling, and data analysis informs Wisdomise’s technical
architecture, ensuring a robust and scalable platform. This
unique combination of skills enables the creation of seamless,
secure, and user-friendly financial solutions. Additionally,
Zand’s ability to anticipate market trends ensures the platform
remains ahead of industry challenges.
As DeFi continues to evolve, Wisdomise’s vision of democratizing
financial wisdom could represent the next frontier in
the industry’s development. Under his leadership, the company
aims to bridge the gap and make decentralized finance
accessible, impactful, and beneficial for all.
22 www.thefinanceworld.com Jan 2025
Pioneers of Web3
GRACY
CHEN
Chief Executive Officer
Bitget
From television host to crypto pioneer, Gracy Chen’s
appointment as Bitget’s CEO in May 2024 marks a
defining moment in cryptocurrency leadership. Her
journey began in 2014 when, as a TV host, interviews with
blockchain pioneers like Tim Draper ignited her fascination
with the technology. This curiosity quickly transformed into
strategic action, leading her to invest in promising crypto
startups, most notably BitKeep, which would later become
Bitget Wallet, Asia’s largest Web3 multi-chain wallet.
Since joining Bitget as Managing Director in 2022, Chen has
orchestrated remarkable growth through bold initiatives and
strategic partnerships. Under her leadership, the platform’s
user base quadrupled to 25 million, cementing Bitget’s position
as a top-five crypto exchange. Her masterstroke partnership
with football legend Lionel Messi and La Liga, coupled with
the development of a robust global affiliate network, transformed
Bitget’s market presence and user acquisition strategy.
Chen’s vision extends far beyond traditional business metrics.
She has emerged as a powerful advocate for industry
inclusivity, spearheading groundbreaking initiatives like
#Blockchain4Youth, which has reached over 6,000 young
talents across 50 educational institutions. The program exemplifies
her commitment to nurturing the next generation of
blockchain innovators. Simultaneously, her #Blockchain4Her
initiative tackles gender disparity in the blockchain space,
creating pathways for female entrepreneurs and practitioners
in this male-dominated industry.
With a foundation in Applied Mathematics from the National
University of Singapore and an MBA from MIT, Chen
brings unique analytical rigour to Bitget’s operations. This
technical background, combined with her media savvy, has
made her a compelling voice in crypto education. Through
over 50 published articles in leading publications like Forbes
and Cointelegraph, she continues to demystify blockchain
technology for the masses.
Her role as a judge on “Killer Whales,” the first crypto reality
TV show co-created by Hollywood producers, showcases her
commitment to discovering and nurturing innovative Web3
projects. This platform allows her to directly impact the ecosystem
by identifying and empowering promising blockchain
initiatives that can drive real-world change.
As CEO, Chen’s leadership style combines technological
innovation with social impact. Under her guidance, Bitget
has launched several transformative products, including the
Bitget Card, which bridges the gap between crypto and everyday
transactions. Her strategic focus on Web3 integration
through the Bitget Wallet’s product blueprint demonstrates
her understanding of the industry’s evolving landscape.
Jan 2025 www.thefinanceworld.com 23
Pioneers of Web3
LUUK
STRIJERS
Chief Executive Officer
Deribit
In the rapidly evolving landscape of cryptocurrency derivatives
trading, few executives bring the depth of traditional
finance experience that Luuk Strijers carries to his role as
CEO of Deribit. With over two decades of expertise in exchange
trading, Strijers is steering one of crypto’s most sophisticated
trading platforms through a pivotal expansion phase.
Strijers’ journey to the cryptocurrency frontier began
in traditional finance. Armed with a Master of Science in
Finance from Maastricht University, he built his reputation
handling listed products, ETFs, warrants, and derivatives.
His tenure at the Singapore Exchange (SGX) from 2014
marked him as a veteran in Asian markets, where he managed
complex trading operations and product development.
The transition to cryptocurrency markets came in 2019
when Strijers joined Deribit as Chief Commercial Officer.
The move from traditional finance to crypto represented a
natural progression, leveraging the underlying principles of
derivatives trading while embracing blockchain technology’s
potential for enhanced market efficiency and accessibility.
Now as CEO, Strijers is orchestrating Deribit’s most ambitious
transformation yet. The company recently secured a
conditional Virtual Asset Service Provider (VASP) license
from Dubai’s Virtual Asset Regulatory Authority (VARA),
marking a significant milestone in its institutional journey.
This strategic move includes relocating Deribit’s global headquarters
to Dubai, positioning the company at the heart of a
rapidly emerging crypto hub.
Strijers’ background in corporate finance and exchange
operations has proved invaluable in navigating regulatory
frameworks while maintaining Deribit’s position as a leader
in crypto derivatives. Under his leadership, the platform continues
to set industry standards for reliability and innovation
in cryptocurrency futures and options trading. With Dubai’s
emergence as a crypto-friendly jurisdiction and Deribit’s
expanding institutional presence, Strijers stands at the forefront
of cryptocurrency’s evolution from alternative asset
class to mainstream financial instrument. His journey from
traditional exchange trading to crypto innovation exemplifies
the growing convergence of these once-separate worlds, as he
leads Deribit in building bridges between traditional financial
systems and cryptocurrency markets for a global audience.
Under Strijers’ guidance, Deribit has solidified its position
as the world’s leading crypto options exchange, commanding
over 90% market share in Bitcoin and Ethereum options
trading. His vision goes beyond market dominance, focusing
on infrastructure and risk management vital to digital finance
integration.
24 www.thefinanceworld.com Jan 2025
Pioneers of Web3
MATTI
ZINDER
Co-Founder and President
BEDU
As the Co-Founder and President of Bedu, the UAEbased
Web3.0 pioneer, Matti Zinder is bringing his
three decades of technology-driven business success
to the frontier of the metaverse and blockchain innovation.
What sets Zinder apart isn’t just his track record of founding
successful companies – it’s his unique approach to business
building. At the heart of his philosophy lies a profound belief
that long-term personal relationships form the bedrock of
business growth. This human-centric approach has shaped
not only his management style but also his vision for the
digital future.
His academic background offers a glimpse into his multifaceted
perspective. With Bachelor’s degrees in Chinese,
East Asian Studies, and Business Administration from The
Hebrew University of Jerusalem, and as a graduate of Harvard
Business School’s first cohort Senior Executive Leadership
Program for the Middle East, Zinder brings a global outlook
to his ventures. This broad worldview has proven invaluable
in spotting emerging opportunities and technologies with
transformative potential. Through Bedu, Zinder is working to
establish the UAE as a potential Silicon Valley for NFTs and
blockchain. The company operates through two innovative
verticals: Bedu Labs, an ‘NFT factory’ providing comprehensive
Web3 solutions, and Bedu World, an ambitious project
to create a groundbreaking metaverse ecosystem. This dual
approach reflects Zinder’s understanding that the future of
digital interaction requires both practical tools for today and
visionary platforms for tomorrow.
Beyond his role as a business leader, Zinder is deeply committed
to regional development and philanthropy. His involvement
in various social and economic initiatives, focusing on
education, and entrepreneurship demonstrates his belief in
technology’s power to create positive societal change. This
commitment to impact extends beyond the digital realm – as
a private pilot and extreme sports enthusiast, he brings the
same spirit of adventure to his pursuits that he brings to his
business ventures. Perhaps what truly distinguishes Zinder
is his ability to see beyond the immediate horizon. While
others might focus on current trends, he consistently positions
himself at the forefront of digital innovation, whether in
e-commerce, digital media, or the emerging Web3 space. As
the digital economy evolves towards a future characterized by
tokenomics and blockchain, Zinder’s vision for Bedu becomes
increasingly relevant. Under his leadership, the company isn’t
just building products; it’s creating a gateway to the metaverse
for the UAE and the broader MENA region. This ambitious
goal aligns perfectly with his career-long commitment for
creating transformative opportunities.
Jan 2025 www.thefinanceworld.com 25
Pioneers of Web3
DR. MARWAN
ALZAROUNI
Chief Executive Officer
Dubai Blockchain Center (DBCC)
In the heart of Dubai’s transformation into a global technology
hub stands Dr. Marwan Alzarouni, a visionary leader
whose work is reshaping the future of digital innovation.
As CEO of Dubai Blockchain Center and Strategic Advisor
at Dubai’s Department of Economy and Tourism, he exemplifies
the perfect blend of technical expertise and strategic
foresight that has helped position Dubai at the forefront
of the blockchain revolution. With a career spanning over
two decades, Dr Alzarouni’s journey is as impressive as it
is diverse. From his beginnings studying Aviation Computer
Science at Embry-Riddle University to earning his doctorate
in Information Technology specializing in Smartphone Forensics,
his pursuit of knowledge has always been matched
by his drive to innovate.
“Over the past five years, attitudes towards cryptocurrency
in Dubai have evolved significantly,” Dr Alzarouni observes,
and he has been instrumental in this evolution. Under his
leadership, the Dubai Blockchain Center, inaugurated by
His Highness Sheikh Mohammed Bin Rashid Al Maktoum in
2018, has become a fertile ground for blockchain innovation,
hosting startups and conducting educational programs that
bridge the gap between technology and practical application.
Perhaps his most significant achievement is his role in establishing
the world’s first purpose-built Virtual Asset Regulatory
Authority (VARA). Rather than forcing traditional financial
regulations onto the crypto space, Dr Alzarouni championed
a collaborative approach, working with stakeholders to create
a regulatory environment that nurtures innovation while
ensuring security. As the head of the Digital Asset Task Force
and a member of the World Economic Forum’s Global Future
Council on Cryptocurrencies, his influence extends far beyond
Dubai’s borders. His recognition among Cointelegraph’s Top
100 most influential people in crypto is a testament to his
global impact on the blockchain ecosystem. But what truly
sets Dr. Alzarouni apart is his holistic vision for technology’s
role in society. As a founding member of both the Dubai Electronic
Security Center and the Artificial Intelligence Ethical
Committee, he understands that technological advancement
must be balanced with ethical considerations and security
measures. Through his leadership at the Dubai Blockchain
Center, he has created more than just a technology hub – he’s
built a community where educators, investors, and developers
converge to shape the future of blockchain technology. His
commitment to education is evident in the centre’s regular
seminars, training courses, and awareness programs. Dr.
Alzarouni continues to push boundaries, leading initiatives
that position Dubai not just as a blockchain capital, but as
the happiest place to live on the planet.
26 www.thefinanceworld.com Jan 2025
Pioneers of Web3
MOHAMMAD
RAAFI HOSSAIN
Chief Executive Officer
Fasset
As the founder and CEO of Fasset, an emerging markets
digital assets exchange, Mohammad Raafi Hossain
is continuing a career-long mission to democratize
financial access—but this latest venture is just one chapter
in a story that spans continents, sectors, and disciplines.
“The next billion people deserve access to the same financial
opportunities that have traditionally been reserved for a select
few,” Hossain reflects, embodying the philosophy that has
guided his diverse career trajectory.
Before founding Fasset, Hossain’s role as Advisor to the
UAE Prime Minister’s Office showcased his ability to bridge
government policy with technological innovation. There, he
catalyzed initiatives that strengthened the bonds between
governmental operations and emerging technologies, setting
new precedents for public sector innovation in the region. But
perhaps his most impactful work came through Finocracy, the
think-and-do tank he founded with a mission to democratize
financial opportunities. Under his leadership, Finocracy has
forged partnerships with global heavyweights including the
United Nations, the Global Fund, and the Islamic Development
Bank. These collaborations aren’t just institutional
achievements—they’re platforms for real-world change. One
of Hossain’s standout achievements is the Narwi platform,
an innovative solution that connected ethical microfinance
institutions with entrepreneurs and crowdfunded capital.
The numbers tell a compelling story: 5,000 new businesses
created, 15,000 jobs generated across six MENA countries,
and a community of over 100,000 global supporters. These
aren’t just statistics—they represent real lives transformed
through financial inclusion.
His academic background in Environmental Economics
and Sustainable Development from UC Berkeley and Harvard
University provides the theoretical foundation for his practical
work. This unique combination of environmental consciousness
and financial innovation is reflected in his approach to
digital assets—seeing them not just as investment vehicles,
but as tools for sustainable economic development. Through
Fasset, Hossain is now working to make digital assets more
accessible to emerging market participants. The platform
represents a convergence of his experiences—combining
the technological innovation he championed in the UAE
government, the financial inclusion mission of Finocracy,
and the practical impact demonstrated through Narwi. What
sets Hossain apart is his ability to operate across traditionally
siloed sectors. From agriculture to healthcare, from climate
change to economic development, his work demonstrates
that the most effective solutions often lie at the intersection
of different disciplines.
Jan 2025 www.thefinanceworld.com 27
Pioneers of Web3
MOHAMMED
AL HAKIM
President
Crypto.com
In a groundbreaking appointment that signals both personal
achievement and industry evolution, Mohammed Al-Hakim
has become the first GCC and Emirati national to assume
the presidency of a major cryptocurrency platform’s regional
operations. As the newly appointed President of Crypto.com’s
UAE division, Al Hakim’s rise reflects the emerging synthesis
of traditional leadership excellence with digital finance
innovation. Al-Hakim brings to the position a proven track
record of catalyzing economic growth and fostering strategic
partnerships. His signature achievement—facilitating over $800
million in foreign investments into Dubai—demonstrates his
ability to attract global capital while maintaining strong local
relationships. This balanced approach will be crucial as Crypto.
com seeks to expand its presence in a region that ranks third
in cryptocurrency adoption across MENA. His appointment
comes at a pivotal moment for both the company and the
region. The UAE has emerged as a leading hub for financial
innovation, with cryptocurrency adoption accelerating rapidly
among both institutional and retail investors. Al Hakim’s deep
understanding of the local regulatory landscape, combined
with his experience in digital transformation, positions him
uniquely to navigate this dynamic environment.
At the Ministry of Human Resources and Emiratisation,
Al Hakim’s leadership as Director of Corporate Management
and Loyalty Programs showcased his ability to modernize
traditional institutions. Under his guidance, the Ministry
achieved the prestigious Mohammed Bin Rashid Government
Excellence Award for “Best Entity in Partnership and
Integration”—a testament to his skill in fostering cross-sector
collaboration. Beyond his corporate achievements, Al
Hakim’s selection as a member of the Mohammed Bin Rashid
Center for Leadership Development (MBRCLD) speaks to his
role in shaping the future of Emirati leadership. As part of
the program’s 7th cohort, he joins a select group of leaders
charged with driving the UAE’s continued evolution as a
global innovation hub. Looking ahead, Al Hakim’s vision
extends beyond traditional metrics of success. “Our goal is
not just to grow Crypto.com’s market presence,” he explains,
“but to contribute meaningfully to the UAE’s digital economy
transformation.” This mission involves close collaboration
with government entities, blockchain initiatives, and FinTech
programs across the GCC region. His appointment represents
a significant milestone for both Crypto.com and the broader
cryptocurrency industry.
As the first Emirati national to hold such a position, Al
Hakim’s leadership promises to combine local insights with
global expertise, potentially setting new standards for how
digital asset platforms operate in the region.
28 www.thefinanceworld.com Jan 2025
Pioneers of Web3
MO ALI
YUSUF
CEO & Co-Founder
Fuze
As co-founder and CEO of Fuze, Mo Ali Yusuf is not just
participating in the financial technology revolution—he’s
helping to shape its infrastructure from the ground up.
“I’ve always been a fan of technology that creates impact,”
Yusuf reflects, explaining his journey into the startup world.
This philosophy has guided him from his early days in FinTech
through to his current role at the helm of one of MENA’s most
promising digital asset infrastructure platforms. The numbers
speak to Fuze’s potential: a record-breaking $14 million seed
funding in Q3 2023—the largest of its kind for a digital assets
infrastructure startup in the MENA region. But for Yusuf, the
true measure of success lies in the platform’s transformative
potential. “With a single internet connection, blockchain enables
anyone to access the world of financial services in a faster
and cheaper way,” he explains. This vision of accessibility and
efficiency drives Fuze’s mission to help financial institutions,
banks, FinTechs, and Web3 organizations seamlessly integrate
blockchain processes and crypto products.
Yusuf’s path to founding Fuze reads like a masterclass
in financial technology leadership. His career has spanned
prestigious roles at global powerhouses including Checkout.
com, Visa, and Booz & Company. At the latter, he served as
an advisor to SAMA, the Central Bank of Saudi Arabia, where
he helped shape the future of eCommerce and payment
systems in the region. This blend of traditional finance and
innovative technology gives him a unique perspective on the
industry’s evolution. Armed with a Computer Science degree
and an MBA from London Business School, Yusuf bridges the
technical and business aspects of digital asset infrastructure
with rare fluency. Beyond his role at Fuze, Yusuf serves as
Co-Chair of the MENA FinTech Association’s Digital Assets
Working Group, positioning him at the forefront of regional
FinTech policy and innovation. His influence extends beyond
individual success—he’s helping to shape the regulatory and
operational framework for an entire industry. The UAE’s
emergence as a key driver of the digital assets sector aligns
perfectly with Yusuf’s vision. In a region where some remain
sceptical of digital assets, he sees tremendous potential. His
entrepreneurial journey isn’t his first venture into startup
territory—it’s his third, having founded two previous FinTech
startups. This serial entrepreneurship has given him valuable
insights into building and scaling financial technology companies
in emerging markets.
What sets Yusuf apart is his holistic understanding of the
digital assets ecosystem. From payment systems to blockchain
infrastructure, from regulatory compliance to operational
excellence, he recognizes that success in this space requires
mastery of multiple disciplines.
Jan 2025 www.thefinanceworld.com 29
Pioneers of Web3
MELANIE
MOHR
Co-Founder & CEO
PWR Chain
When Melanie Mohr talks about the future of the
internet, she speaks with the authority of someone
who has spent decades shaping it. As the founder
and CEO of PWR Labs and WOM Protocol, Mohr isn’t just
riding the wave of digital transformation – she’s helping to
determine its direction.
“In the ever-evolving landscape of web3, I find myself at the
intersection of innovation and practicality,” says Mohr, whose
20-year journey through media, marketing, and technology
has culminated in some of the most innovative projects in
the blockchain space. But what sets her apart isn’t just her
technical expertise – it’s her unwavering focus on bridging the
gap between ambitious technology and real-world usability.
This practical approach to innovation has been evident
since 2016, when Mohr launched YEAY, a platform that tapped
into Generation Z’s appetite for authentic product recommendations
through video content. It was an early indication of
her ability to spot not just trends, but fundamental shifts in
how people interact with technology and each other. Two
years later, she founded WOM Protocol, taking the concept
of word-of-mouth marketing into the blockchain era. The
project’s success – reaching 200,000 daily transactions through
its integration with BULLZ – validated her vision of creating
a credible alternative to traditional advertising models. Now,
as WOM prepares to migrate to PWR, Mohr sees even greater
potential for transforming how brands and consumers connect.
But it’s perhaps PWR Labs, her latest venture, that best embodies
Mohr’s vision for the future of web3. It’s an ambitious
project that tackles one of blockchain’s biggest challenges:
making complex technology accessible to everyday users
without compromising on security or functionality. Mohr’s
influence extends far beyond her own ventures. As a senior
advisor at global consultancy Roland Berger, she helps shape
their crypto economy expertise. Her role as Regional Coordinator
for IEEE’s Blockchain Section in the Middle East
and Africa puts her at the forefront of global technological
advancement. She serves on advisory boards for numerous
blockchain funds and technology companies, including CVlabs,
Crypto Oasis, Hashed, and Moralis Web3 Technologies.
Perhaps most notably, she holds the position of Global
Chair for Silicon Valley’s prestigious H2 network, leading
their Disruption Disciples chapter. It’s a role that perfectly
aligns with her reputation as a thought leader and frequent
speaker at global tech, blockchain, and marketing events.
What makes Mohr’s approach unique is her ability to see
beyond the technical specifications to the human element of
technology. Her dedication to inclusive web3 design shapes
the future of how we use technology.
30 www.thefinanceworld.com Jan 2025
Pioneers of Web3
MIRIAM
KIWAN
Vice President, Middle East & Africa
Circle
Miriam Kiwan brings over two decades of rich experience
across Europe and the Middle East, positioning
herself as a key player in the region’s transformation
into a leading global hub for technology and digital assets. Her
expertise and vision have been instrumental in driving this
shift, cementing her reputation as a thought leader in the field.
Currently leading Circle’s market and operational expansion
across the Middle East and Africa, Miriam’s journey
reflects the dynamic intersection of traditional finance and
digital innovation. Her previous role at Abu Dhabi Global
Market (ADGM) offers a compelling glimpse into her ability
to architect comprehensive ecosystem changes. There, she
didn’t just lead growth in the crypto and digital assets sector
– she fundamentally reimagined how a financial centre could
nurture technological innovation.
“The key is creating an environment where innovation can
thrive while maintaining the trust and stability that financial
markets require,” she explains. Under her leadership, ADGM
implemented initiatives that went beyond traditional regulatory
frameworks, including cost-effective licensing programs
and strategic partnerships that attracted both established
players and promising startups. What sets Miriam apart is her
global perspective, honed through an impressive educational
journey. Her TRIUM Global Executive MBA, earned across
three prestigious institutions – London School of Economics
& Political Science, NYU Stern School of Business, and
HEC Paris – provides her with a unique lens through which
to view global financial innovation. The recent completion
of UC Berkeley’s blockchain and cryptocurrency executive
program adds cutting-edge technical expertise to her arsenal.
But perhaps most striking is her approach to leadership. As a
catalyst for change and social impact, Miriam has demonstrated
an uncanny ability to spot global trends and translate them into
actionable strategies. Her work spans multiple sectors – from
financial services and Web3 to higher education and entrepreneurship
– always to create sustainable, inclusive growth. Her
board membership and advisory roles with early-stage funds
in digital assets, blockchain, and DeFi showcase her commitment
to nurturing the next generation of financial innovation.
These positions allow her to shape the future of finance while
ensuring that emerging technologies serve the broader goals
of economic inclusion and development. As the Middle East
continues to position itself as a global hub for digital innovation,
Miriam’s role becomes increasingly crucial. Her ability
to bridge the gap between traditional financial systems and
emerging technologies, combined with her deep understanding
of both Western and Middle Eastern business cultures,
makes her an invaluable architect of the region’s digital future.
Jan 2025 www.thefinanceworld.com 31
Pioneers of Web3
MATTHEW
WHITE
Chief Executive Officer
Virtual Assets Regulatory Authority (VARA)
As the CEO of Dubai’s Virtual Assets Regulatory Authority
(VARA), Matthew White brings more than two decades
of technology expertise to one of the world’s most
ambitious regulatory experiments in the digital asset space.
“I’m a firm believer in the power of technology to bring about
positive change if used responsibly,” White reflects, his words
carrying the weight of someone who has witnessed both the
promise and pitfalls of technological advancement. His journey
to VARA’s leadership position reads like a masterclass in
preparing for the challenges of regulated digital innovation. As
the former head of PwC’s Cybersecurity practice, White built
a powerhouse team of over 150 specialists, demonstrating his
ability to scale complex technical operations. But his unique
combination of corporate leadership and entrepreneurial spirit
sets him apart. Between his corporate endeavours, White
co-founded two startups: ‘decent,’ a platform reimagining
charitable giving, and ‘Clubbie,’ a social network for amateur
sports enthusiasts. These ventures reveal a leader who
understands the digital economy’s established and emerging
sides. White’s academic credentials mirror his professional
versatility. With education from both MIT Sloan School of
Management and Oxford’s Saïd Business School, he embodies
the intersection of technical expertise and strategic leadership.
Yet, what truly distinguishes him is his commitment to
making complex technology accessible to diverse audiences.
“My goal is to make this complex subject more accessible
to all audiences,” he explains, “so that everyone can be a part
of our generation’s most crucial discussions and decisions.”
This democratizing approach to technology understanding
could prove crucial as VARA navigates the challenging
waters of virtual asset regulation. The timing of White’s
appointment couldn’t be more significant. As digital assets
and Web3 technology reshape the financial landscape, Dubai
has positioned itself at the forefront of regulatory innovation.
The planned transition from incumbent CEO Henson Orser
has been carefully orchestrated to ensure continuity and
accelerated growth for the authority. Looking ahead, White’s
vision extends beyond mere regulation.
In Dubai’s ambitious bid to become a global hub for the
virtual asset economy, White’s blend of cybersecurity expertise,
entrepreneurial insight, and commitment to accessible
technology could prove to be exactly what the emirate needs.
As he takes the reins at VARA, his mission is clear: to help
create a regulatory framework that enables innovation while
building the trust necessary for the widespread adoption of
digital assets.
For Matthew White, the future of finance is about ensuring
that this technological revolution benefits everyone.
32 www.thefinanceworld.com Jan 2025
Pioneers of Web3
NADEEM
LADKI
Global Head
BitPanda
An engineer by degree and an extrovert by nature, Ladki
has spent two decades crafting his reputation as a
builder of bridges – between technologies, institutions,
and most importantly, between the traditional and digital
financial worlds. Now as a key leader at Bitpanda Technology
Solutions, one of the world’s most scalable digital assets
infrastructure providers, Ladki is leveraging his extensive
experience to transform how financial institutions approach
digital assets. His impact was immediately felt upon joining
Bitpanda, where in just three months, he orchestrated pivotal
partnerships with crypto brokers Coinmotion in the Nordics
and CoinMENA in the UAE, while also securing a significant
deal with RAKBANK, a major UAE banking institution.
Ladki’s journey through the financial world reads like a
masterclass in building global partnerships. With leadership
roles at industry giants including Deutsche Bank, Binance,
Ripple, and Standard Chartered Bank, he has developed a deep
understanding of what financial institutions need to thrive in
the digital age. His experience spans multiple regions – from
the United States to Europe and the Middle East/Africa – and
encompasses work with diverse client types, from traditional
financial institutions and corporates to hedge funds and highnet-worth
individuals. What sets Ladki apart is his focus on
practical solutions that bridge the gap between traditional
finance and the crypto space. Under his leadership, Bitpanda
Technology Solutions has positioned itself as a crucial infrastructure
provider, offering regulated trading, investment,
and custody services for a comprehensive range of assets
– from stocks and ETFs to cryptocurrencies and precious
metals. The platform’s modular and scalable 24/7 trading
infrastructure can be implemented by banks and FinTech
companies in as little as three months, either through stateof-the-art
API integration or direct white-label solutions. As
global demand for digital assets continues to surge, Ladki’s
role becomes increasingly crucial. Financial institutions
worldwide are recognizing that digital asset services are no
longer optional but essential for staying competitive. With
his unique blend of technical knowledge, business acumen,
and cross-cultural experience, Ladki is perfectly positioned to
guide these institutions through their digital transformation
journeys. His engineering background provides the technical
foundation, while his natural extroversion and two decades
of experience in building strategic partnerships enable him
to communicate complex ideas effectively across different
organizational cultures and regulatory environments.
Looking ahead, Ladki’s vision for Bitpanda Technology
Solutions reflects the growing sophistication of the digital
asset space.
Jan 2025 www.thefinanceworld.com 33
Pioneers of Web3
OLA
DOUDIN
Co-Founder and CEO
BitOasis
When Ola Doudin left her comfortable position as an
IT risk advisor at Ernst & Young London, few could
have predicted she would become the Middle East’s
“Bitcoin Pioneer.” Yet today, as co-founder and CEO of BitOasis,
she stands at the helm of the region’s largest digital asset
platform, proving that sometimes the boldest career moves
yield the most extraordinary results. Born and raised in Jordan,
Doudin’s journey began with a passion for engineering and
technology. But it was her willingness to challenge conventional
wisdom that truly set her path apart. After completing
her engineering degree in the United Kingdom, she made the
pivotal decision to leave the corporate world behind, joining
forces with Aramex founder Fadi Ghandour to explore the
world of startups and FinTech. Her eureka moment came
during her exploration of various payment models, where she
discovered the transformative potential of Bitcoin. A chance
meeting with fellow enthusiast Daniel Robenek at a Dubai
gathering sparked the idea that would become BitOasis. What
started as a modest “minimum viable product” in 2015 has
evolved into a powerhouse platform trading over 40 digital
currencies, with more than 700,000 users and an impressive
$5 billion in trading volume.
“Cryptocurrency can reshape how we transact, save, invest,
and understand money,” Doudin often says, a philosophy
that has guided BitOasis from its inception. Her vision has
proven prescient – under her leadership, BitOasis has secured
a coveted license from Dubai’s Virtual Assets Regulatory
Authority in 2023, marking a new chapter in the region’s
financial evolution.
What sets Doudin apart is her balanced approach to innovation
and responsibility. While pushing boundaries, she maintains
an unwavering commitment to regulatory compliance and
user protection. This dual focus has helped BitOasis navigate
the volatile crypto landscape while building trust across the
MENA region. The numbers tell a compelling story of success
– a $30 million Series B funding round and the integration of
over 20 new tokens in 2021 alone. But for Doudin, this is just
the beginning. Her ambitious five-year plan targets expansion
into emerging markets across MENA, Pakistan, Turkey, Africa,
and Asia, positioning BitOasis as a global player in the crypto
ecosystem. To aspiring entrepreneurs, Doudin’s message is
clear: resilience and self-belief are non-negotiable in a rapidly
evolving industry. Her journey from an engineer to a FinTech
pioneer serves as a testament to the power of embracing risk
and viewing setbacks as opportunities for growth.
As global crypto giants make their way into the Middle
East, Doudin remains confident in BitOasis’s position.
She continues to push the boundaries of what’s possible.
34 www.thefinanceworld.com Jan 2025
Pioneers of Web3
RALF
GLABISCHNIG
Founder & Board Member
Crypto Oasis
When Bitcoin companies began flooding into the small
Swiss town of Zug in 2013, Ralf Glabischnig found
himself at the epicentre of a technological revolution.
As an IT consultant turned entrepreneur running a coworking
space, he couldn’t have predicted that his lakeside town would
become ground zero for some of the most influential crypto
companies in the world, including the Ethereum Foundation.
But Glabischnig’s journey to this pivotal moment began long
before the crypto boom.
Born with an innate curiosity for technology and a drive
for economic advancement, Glabischnig pursued a dual education
in software development and economics in 1995. His
choice was deliberate – while his passion lay in technology,
he understood that economic knowledge would be crucial
for transcending his childhood circumstances. This combination
would prove prescient in his future role as a blockchain
ecosystem builder. After spending much of his early career in
Germany as a software consultant with firms like Accenture,
Glabischnig made a decisive move to Switzerland in 2005. He
chose Zug, a picturesque town with a beautiful lake, primarily
for its strategic location between his Zurich head office
and a major client in Lucerne. What seemed like a practical
career decision would later position him perfectly for the
cryptocurrency revolution that would transform the region
into what became known as “Crypto Valley.”
As the blockchain industry began to take root in Zug, Glabischnig
didn’t just observe the transformation – he became
one of its key architects. He co-founded the Crypto Valley
Association and Swiss Blockchain Federation, organizations
that would help shape the regulatory and business landscape
for blockchain technology in Switzerland. His creation of CV
Labs, a blockchain co-working hub with locations in Zug,
Vaduz, and Dubai, provided crucial infrastructure for the
growing ecosystem. Today, Glabischnig’s influence extends
far beyond Switzerland’s borders. From his position in Dubai’s
Almas Tower, where the DMCC Crypto Center hosts nearly
300 blockchain companies, he works across time zones to
help build both Switzerland and the United Arab Emirates into
regional powerhouses of the blockchain revolution. His role
on the Grant Giving Committee of the DLT Science Foundation
(DSF) allows him to support promising innovative startups
and shape the future of distributed ledger technology.
What drives Glabischnig is a profound belief in the
power of decentralization – of regulations, companies,
and power structures. For a man who started by studying
software development to understand how systems work,
he’s ended up helping to build entirely new ones that might
just reshape the future of global finance and business.
Jan 2025 www.thefinanceworld.com 35
Pioneers of Web3
RICHARD
TENG
Chief Executive Officer
Binance MENA
Rising from Singapore’s bustling streets to the cryptocurrency
world’s pinnacle, Richard Teng’’s journey proves
that it’s never too late to embrace transformation.
Starting as a civil servant at the Monetary Authority of Singapore,
Teng could have settled into a comfortable career in traditional
finance. Instead, he chose to push boundaries continuously.
Through thirteen years of dedicated service, he built a foundation
of expertise that would later prove invaluable in unexpected ways.
Each career move reflected his courage to step into increasingly
challenging roles. As Chief Regulatory Officer at the
Singapore Exchange, he didn’t just enforce rules – he helped
shape the future of Asian finance. When he took the helm at
Abu Dhabi Global Market, he transformed it into a beacon
of financial innovation, proving that traditional markets
and cutting-edge technology could thrive together. But his
bold leap into cryptocurrency truly showcased his visionary
leadership. Joining Binance in 2021, Teng embraced the
challenge of bridging two worlds: the stability of traditional
finance and the dynamic potential of digital assets. His rapid
rise to CEO of the world’s largest cryptocurrency exchange
in 2023 wasn’t just a personal triumph – it was a signal to
everyone that adaptation and growth know no boundaries.
What makes Teng’s story truly inspiring is his unwavering
commitment to positive change. In an industry often criticized
for its resistance to regulation, he champions a future where
innovation and responsibility go hand in hand. His leadership
style proves that you don’t have to choose between breaking
new ground and building trust – you can do both. Today, as
he guides Binance toward a future where cryptocurrency
becomes accessible to all, Teng embodies a powerful message:
your experience is never wasted – it’s preparation for
opportunities you haven’t yet imagined. His journey from
regulator to crypto pioneer shows that with the right mindset,
every career step can lead to extraordinary possibilities.
In Teng’s own words, success in the digital age isn’t about
choosing between tradition and innovation – it’s about
building bridges between them. His story reminds us that
the most impactful leaders aren’t those who simply disrupt
the status quo, but those who transform it into something
better for everyone.
Building a Legacy of Transformative Leadership
What sets Teng apart is his unique approach to leadership in
times of change. Rather than viewing regulations as obstacles,
he sees them as building blocks for sustainable growth. His
experience on both sides of the regulatory fence has taught
him that true innovation flourishes in an environment of
trust and stability.
36 www.thefinanceworld.com Jan 2025
Pioneers of Web3
RIFAD
MAHASNEH
Chief Executive Officer - MENA
OKX
In the rapidly evolving world of cryptocurrency, timing
and location are everything. As Dubai emerges as a global
crypto hub, Rifad Mahasneh stands at the intersection
of opportunity and innovation. As the General Manager of
OKX MENA, he’s not just witnessing the transformation of
the region’s digital asset landscape – he’s actively shaping it.
Mahasneh brings to OKX more than just experience; he brings
a deep understanding of what it takes to scale operations in
challenging markets. His journey through the digital economy
is impressive: from leading Uber’s ride-hailing business
across the GCC and Levant to serving as Vice President and
General Manager of Rain Financial in the UAE. This diverse
background, combined with his education at the University of
Toronto and IE Business School, gives him a unique perspective
on the intersection of technology, regulation, and market dynamics.
What sets Mahasneh’s approach apart is his emphasis
on trust and transparency. “The responsibility on our side is
to ensure that any product we offer has the factors of trust
and transparency,” he explains. This commitment to integrity
comes at a crucial time for the crypto industry, as markets
mature and institutional investors seek reliable partners in
the digital asset space. The UAE’s regulatory environment
plays a crucial role in Mahasneh’s strategy. “We’ve got three
different regulators in one country, and that only gives you
more confidence about starting business operations,” he
notes. This regulatory clarity, combined with Dubai’s establishment
of the Virtual Assets Regulatory Authority (VARA),
creates what Mahasneh sees as the perfect environment for
crypto innovation.
Under his leadership, OKX isn’t just expanding its geographical
footprint; it’s working to enhance its operational
and regulatory framework while growing its user base in one
of the world’s fastest-growing markets for digital assets. The
company’s recent acquisition of a provisional license from
Dubai’s VARA for services to qualified investors in the UAE
marks a significant milestone in this journey. Mahasneh’s vision
extends beyond mere market presence. He sees Dubai and
the broader UAE as more than just another jurisdiction for
crypto operations – he views it as a potential epicentre of the
global crypto revolution. The combination of forward-thinking
regulation, advanced infrastructure, and a growing pool
of talent creates what he believes is the perfect ecosystem
for sustainable growth in the digital asset space. As Dubai
continues to make headlines for its ambitions to become a
global hub for crypto and blockchain, Mahasneh’s role becomes
increasingly pivotal. As he leads OKX’s expansion in
the MENA region, his focus remains clear: creating a trusted
platform that can serve as a gateway to the future of finance.
Jan 2025 www.thefinanceworld.com 37
Pioneers of Web3
SAEED HAREB AL
DARMAKI
Co-Founder & CEO
Sheesha Finance
As CEO of Sheesha Finance, Saeed Hareb Al Darmaki is
pioneering innovative approaches to DeFi investment,
making early-stage projects accessible to a broader
investor base.
Al Darmaki’s journey began conventionally at the Abu
Dhabi Investment Authority (ADIA) in 2009, where he honed
his expertise in fixed-income and treasury operations. This
traditional finance foundation would later prove invaluable as
he ventured into the cryptocurrency space. His pivotal shift
came in 2018 when he left ADIA to fully immerse himself in
the blockchain industry.
The transition led to co-founding Alphabit Digital Currency
Fund, marking his first major entrepreneurial venture in the
crypto space. His vision expanded further with the launch
of Sheesha Finance in 2020, introducing a novel approach
to DeFi investment that emphasizes portfolio diversification
and reward mechanisms through native tokens. As Managing
Director for the MENA region at CasperLabs, Al Darmaki
continues to bridge traditional and decentralized finance. His
strategic influence extends across multiple boards, including
CV Labs, DEX, RealEx, and the MENA FinTech Association,
creating a vast network that spans Africa and the Middle East.
Through his leadership roles at Sheesha Finance, Casper-
Labs, and various advisory positions, Al Darmaki has become
instrumental in shaping the region’s blockchain landscape.
His involvement with projects like TeraBlock, Splinterlands,
and Aqar Chain showcases his commitment to diverse blockchain
applications, from gaming to real estate. Al Darmaki’s
trajectory from traditional finance specialist to blockchain
pioneer exemplifies the evolving nature of financial technology
in the Middle East. As he continues to expand his influence
across the crypto ecosystem, his work at Sheesha Finance
and other ventures is helping position the MENA region as a
global hub for blockchain innovation and DeFi development.
His recent initiatives have focused on accelerating institutional
adoption of blockchain technology across the Gulf region.
Through strategic partnerships and educational programs, Al
Darmaki is working to demystify DeFi for traditional investors
while fostering a new generation of blockchain entrepreneurs
in the MENA region, cementing his role as a key architect of
the area’s digital financial future.
Looking ahead, Al Darmaki’s vision extends beyond individual
project success to the broader transformation of MENA’s
financial landscape. Under his guidance, Sheesha Finance
has established partnerships with over 20 prominent blockchain
projects, while his work at CasperLabs has facilitated
groundbreaking implementations of blockchain technology
in government and enterprise sectors.
38 www.thefinanceworld.com Jan 2025
Pioneers of Web3
DR. SAMEER
AL ANSARI
Chief Executive Officer
RAK Digital Assets Oasis
With nearly four decades of corporate leadership and an
impressive track record spanning traditional finance to
digital innovation, Dr Sameer Al Ansari Possesse now
leads RAK Digital Assets Oasis (RAK DAO), the world’s first and
only common law free zone dedicated to virtual assets companies.
Dr Al Ansari’s journey is a masterclass in financial leadership
and strategic innovation. As a UK-qualified chartered accountant
and Fellow of the Institute of Chartered Accountants
in England & Wales, he has built a career that bridges traditional
financial expertise with cutting-edge innovation. His
recognition with an Honorary Doctorate from Loughborough
University for outstanding achievement in finance and his
role as a visiting fellow at Oxford University’s Said Business
School underscores his academic credentials. But it’s his
practical experience that truly sets him apart. In 2004, Dr.
Al Ansari played a pivotal role in establishing Dubai Holding
and founded Dubai International Capital (DIC), where as
Executive Chairman and CEO, he built a global investment
powerhouse managing US$12 billion in assets. His tenure as
Group CFO for The Executive Office of His Highness Sheikh
Mohammed Bin Rashid Al Maktoum, the Ruler of Dubai,
further demonstrated his ability to operate at the highest
levels of financial leadership. Now, as CEO of RAK DAO, Dr
Al Ansari is writing a new chapter in his illustrious career.
Under the wise leadership of His Highness Sheikh Saud bin
Saqr al Qasimi, The Ruler of Ras Al Khaimah, he is pioneering
a unique approach to digital asset regulation and innovation.
RAK DAO offers what no other free zone in the world does: a
dedicated common law framework specifically designed for
non-regulated digital and virtual asset companies.
“The future of finance is increasingly digital,” Dr Al Ansari
often emphasizes, “and our role at RAK DAO is to create an
ecosystem where innovation can flourish within a transparent
and supportive regulatory framework.” His vision for RAK
DAO reflects a deep understanding of both traditional finance
and emerging technologies, informed by his extensive board
experience across sectors ranging from healthcare to real estate.
What makes Dr. Al Ansari particularly effective in his
current role is his intimate understanding of regional culture
and business practices, combined with his international
expertise. His 20-plus years of board experience, including
12 years on the Dubai International Financial Centre (DIFC)
board from 2004 to 2016, have given him unique insights into
the delicate balance between innovation and regulation. For
Dr. Ansari, the journey from traditional finance to digital
assets innovation represents not just a career progression,
but a bridge between the established world of finance and
its digital future.
Jan 2025 www.thefinanceworld.com 39
Pioneers of Web3
SEYED MOHAMMAD
ALIZADEHFARD
(BIJAN)
Partner
Cypher Capital
As the CEO of Cypher Capital, Bijan Alizadeh has not
only witnessed the UAE’s transformation into a global
crypto hub—he’s been one of its primary architects.
His journey in the crypto space began in 2015 when he
co-founded Phoenix Technology, building one of the largest
mining farms in the UAE while also establishing operational
mining farms across Russia, Canada, and the USA, totalling
450 MW of capacity.
But Alizadeh’s vision extends far beyond mining operations.
Understanding that the future of blockchain requires nurturing
innovation at every level, he ventured into investment, first
through Phoenix VC, which successfully deployed $10 million
into blockchain startups. The success of this venture led to an
even more ambitious project: Cypher Capital, a Dubai-based
fund with a self-funded war chest of $100 million dedicated
to blockchain, crypto, and digital asset projects.
What sets Alizadeh apart is his holistic approach to ecosystem
building. In late 2022, Cypher Capital unveiled a
10,000-square-foot hub for blockchain and crypto startups
at Jumeirah Beach Residence. This physical space embodies
Alizadeh’s philosophy of creating a community where visionary
innovators and outstanding talent can collaborate and grow
together. Perhaps most notably, Alizadeh stands out as a
strong advocate for regulation in an industry often sceptical
of oversight. “I’m a big supporter of regulation because it will
help grow the crypto ecosystem,” he explains. “That is why
I believe that people who live in UAE are lucky because this
government is in favour of implementing new ideas.” Alizadeh
has been a firsthand witness to the UAE’s regulatory evolution,
from the Dubai Blockchain Strategy in 2016 to the Dubai
Virtual Asset Regulation Law in 2022. He’s watched the Abu
Dhabi Global Market develop its comprehensive crypto asset
framework and seen the Dubai World Trade Centre transform
into a virtual assets zone. Through it all, he’s maintained
that clear regulation is the key to sustainable growth in the
crypto space. Even in challenging market conditions, Alizadeh
maintains his characteristic blend of realism and optimism.
His perspective is shaped by having seen both the highs and
lows of the crypto market, yet his commitment to the space
remains unwavering. Through Cypher Capital, he continues
to invest in the future of blockchain technology, providing not
just capital but also mentorship and guidance to promising
projects. Under Alizadeh’s leadership, Cypher Capital has become
more than just a venture capital firm – it’s a cornerstone
of the UAE’s blockchain ecosystem. As traditional financial
centres grapple with crypto regulation, the UAE’s proactive
approach, championed by leaders like Alizadeh, positions it
perfectly to become a global leader in the digital asset space.
40 www.thefinanceworld.com Jan 2025
Pioneers of Web3
TALAL
TABBAA
Chief Executive Officer
CoinMENA
between traditional finance and the digital future, making
crypto accessible to millions across the Middle East. Launched
in 2021, the platform has achieved remarkable milestones:
1. Over 1 million app downloads and user sign-ups.
2. Exceeded $2 billion in lifetime fiat-to-crypto trading volume.
3. Achieved 430% growth in trading volume from 2023 to 2024.
4. Established itself as the fastest-growing cryptocurrency
exchange in the MENA region.
When Talal Tabbaa graduated from Purdue University
with an Industrial Engineering degree, few could
have predicted his meteoric rise to becoming one
of the Middle East’s most influential crypto entrepreneurs.
Yet his journey from management consultant to revolutionary
FinTech leader perfectly captures the spirit of innovation
reshaping the region’s financial landscape.
Tabbaa’s story is one of recognizing opportunities where
others see challenges. After cutting his teeth at PricewaterhouseCoopers
UAE and managing investments for Saudi
royalty, he made a bold decision to dive into the then-nascent
world of cryptocurrency. Co-founding Jibrel Network in Switzerland,
he successfully raised $30 million in a token sale – a
remarkable achievement that was just the beginning of his
crypto journey. But it’s his creation of CoinMENA that truly
showcases his visionary approach. Recognizing the MENA
region’s unique advantages – a young, tech-savvy population
and forward-thinking regulatory environment – Tabbaa built
more than just a cryptocurrency exchange. He created a bridge
What sets CoinMENA apart is its dual regulatory compliance,
holding licenses from both the Central Bank of Bahrain
and Dubai’s Virtual Asset Regulatory Authority (VARA). This
regulatory backbone has enabled Tabbaa to build what he
envisioned from the start: “the simplest and safest way for
regional investors to go from fiat to crypto and crypto to fiat.”
Looking ahead, Tabbaa’s ambitions remain bold. With plans
to take CoinMENA public within three years. The company
is also continuously expanding its range of crypto assets
through strategic partnerships, such as the collaboration
with Bitpanda Technology Solutions, ensuring users have
safe and secure access to a broader range of digital assets.
Tabbaa’s journey from engineer to crypto pioneer serves as
an inspiration to emerging entrepreneurs across the region.
It proves that with the right blend of technical knowledge,
business acumen, and bold vision, it’s possible to not just
participate in the digital revolution – but to lead it. As the
Middle East continues its transformation into a global crypto
hub, Talal Tabbaa stands as a testament to the power of
embracing change and building bridges to the future.
Jan 2025 www.thefinanceworld.com 41
Pioneers of Web3
VAKHTANG
ABRAHAMYAN
Chief Executive Officer
Fastex
For over two decades, Vakhtang Abrahamyan helped
shape Armenia’s financial infrastructure from within its
central bank. Now, as CEO of Fastex since November
2022, he’s bringing his deep understanding of traditional finance
to the frontier of financial technology. This transition from
central banking veteran to FinTech leader represents more
than a career change – it symbolizes the broader convergence
of traditional and digital finance.
Abrahamyan’s journey in finance began in 1995 at the
Central Bank of Armenia, where he would eventually rise to
become Deputy Chairman, a position he held from 2015 to
2022. During his tenure, he wore many hats, serving as Chief
Auditor and Board Member, while simultaneously chairing
multiple financial infrastructure units that formed the backbone
of Armenia’s financial system. His leadership extended
to crucial institutions including the ACRA-Credit Bureau,
ARCA-Card Processing Center, the Financial Ombudsman
office, and the Deposit Guarantee Fund.
What sets Abrahamyan apart is his unique combination of
traditional financial expertise and digital literacy. His academic
credentials reflect this duality: alongside his degree from
Yerevan State University of Economics, he holds advanced
degrees from prestigious institutions including the Fletcher
School of Law and Diplomacy at Tufts University. His commitment
to staying at the forefront of digital transformation is
evidenced by executive education at Columbia Business School
and Cambridge University, where he specifically focused on
digital transformation. In the international arena, Abrahamyan
has been a significant figure in fostering cooperation between
financial institutions. He chaired the committee of Payments
in EEU member Central/National banks and served as a board
member of the Alliance for Financial Inclusion. His role in
chairing the board of the Eastern Europe and Central Asia
Initiative further demonstrates his ability to bridge different
financial systems and cultures. What makes his current role at
Fastex particularly intriguing is how it leverages his extensive
risk management and IT governance expertise. Abrahamyan
holds an impressive array of professional certifications, including
CRISC, CISA, CGEIT, and CRMA, making him uniquely
qualified to navigate the complex intersection of traditional
finance and emerging technologies. His experience lecturing
on topics such as IT Governance, Risk Management, Cybersecurity,
and Web3 shows his deep understanding of both
the technical and practical aspects of financial innovation.
As Fastex’s CEO, Abrahamyan brings a rare perspective to
the FinTech sector – one that understands both the cautious,
regulatory mindset of central banking and the innovative,
fast-paced nature of digital finance.
42 www.thefinanceworld.com Jan 2025
Tech
Source: Ai generated
AI and AdTech are reshaping the future, and driving innovation in digital experiences.
Shaping The
Future Of Artificial
Intelligence and
AdTech
Transforming Digital Marketing with
Innovative AI Solutions, Revolutionising
AdTech Strategies for the UAE’s Growth.
The UAE is rapidly emerging as a leader
in the integration of artificial intelligence
(AI) and AdTech, transforming the landscape
of digital marketing. With strategic
investments and supportive policies, the
UAE is leveraging AI to streamline advertising
processes, enhance consumer
targeting, and optimise marketing campaigns.
AI technologies, including machine
learning and big data analytics, enable
marketers to predict consumer behaviour,
personalise experiences, and maximise
ROI. The government’s commitment to
technological innovation, embodied in initiatives
like the UAE Artificial Intelligence
Strategy 2031, fosters an environment
ripe for AdTech growth. This strategic
focus positions the UAE as a dynamic
hub for AI-driven advertising solutions.
44 www.thefinanceworld.com Jan 2025
A
significant advantage of artificial
intelligence in advertising technology
lies in its capacity to analyze
extensive volumes of consumer data
in real time. This capability facilitates
marketers in comprehending consumer
behavior patterns, thereby enabling the
formulation of precisely targeted marketing
campaigns. Artificial intelligence
algorithms can systematically examine
user data across multiple platforms,
including social media, search engines,
and browsing history, to forecast future
behaviors and preferences. Such precision
results in heightened engagement
as well as elevated conversion rates, as
advertisements are directed towards
users who exhibit a higher likelihood
of interest in the promoted products
or services.
Machine learning algorithms play a
critical role in the personalization of
marketing initiatives. These algorithms
enhance their effectiveness by learning
from user interactions, thereby adapting
and refining campaigns over time. For
instance, an e-commerce platform may
employ machine learning to recommend
pertinent products based on a user’s
previous purchases, browsing behavior,
or similarities with other user profiles.
This degree of personalization not only
improves the user experience but also
fosters customer loyalty and encourages
repeat transactions. Moreover, by automating
the processes of targeting and
optimization, companies can conserve
substantial resources, which may then
be allocated towards further innovation.
The Role Of Data Privacy And Ethics
The emergence of artificial intelligence
and advertising technology has elevated
discussions surrounding data privacy and
ethical considerations within the public
sphere. In the United Arab Emirates, the
current framework of data protection
laws and regulations aims to strike a
balance between encouraging innovation
and protecting consumer interests. These
regulations are intended to create an
environment that fosters consumer trust
while also facilitating the advancement
of marketing strategies driven by artificial
intelligence. It is essential that the
processes for collecting and handling
user data occur with transparency,
thereby empowering users to control
the use of their personal information.
Consequently, businesses operating in the
UAE are required to comply with these
legal stipulations to avoid penalties and
maintain consumer confidence.
In addition to data privacy issues, ethical
concerns regarding the application
of artificial intelligence in advertising
technology are significant. There is a
risk that algorithms may inadvertently
sustain biases or misuse data, leading to
unethical marketing practices. To mitigate
these issues, the UAE could explore the
adoption of international best practices,
such as those established by the General
Data Protection Regulation (GDPR) of
the European Union. Furthermore, collaboration
between government entities,
industry stakeholders, and academic
institutions can help foster innovation
while maintaining ethical standards. The
development and enforcement of ethical
guidelines for artificial intelligence and
machine learning, with a focus on fairness
and transparency, could help to address
these concerns and encourage a more
responsible deployment of technology
in the advertising sector.
Future Trends In AI And AdTech In
The UAE
The prospects for artificial intelligence
and advertising technology in the United
Arab Emirates appear to be highly
favorable, as emerging technologies
and trends are poised to transform the
industry further. A notable trend is the
incorporation of augmented reality and
virtual reality to develop immersive
advertising experiences. By utilizing
these technologies, brands can engage
consumers in ways that extend beyond
conventional static or video advertisements.
Interactive campaigns employing
augmented reality and virtual reality
are more likely to attract attention and
create a memorable impact on users,
thereby becoming an increasingly favored
instrument for advertisers.
Additionally, voice search and artificial
intelligence-driven chatbots are influencing
the evolution of advertising technology.
The proliferation of voice-activated devices
and smart assistants necessitates
that marketers adjust their strategies to
optimize for voice search. Conversely, artificial
intelligence-powered chatbots can
deliver immediate customer service and
assist prospective customers throughout
their purchasing journey. These chatbots
can employ natural language processing
to comprehend user inquiries and provide
pertinent product recommendations,
thereby improving customer experience
The UAE’s approach is
unique, viewing AI not
as a tool for profit, but as
a catalyst for enhancing
quality of life, attracting
and retaining talent, and
ultimately improving
societal well-being.
His Excellency Omar Sultan Al Olama,
Minister of AI, UAE
and facilitating higher conversion rates.
Furthermore, the adoption of blockchain
technology presents a promising
opportunity. Blockchain can enhance
transparency and security in advertising
transactions, mitigating the risk of fraud
and ensuring that advertising budgets are
utilized efficiently. The UAE is strategically
integrating AI and advertising technology
(AdTech), thereby transforming its
advertising sector. This transformation
not only fosters innovation but also sets
a standard for other countries. Looking
ahead, the future landscape is expected
to become more interconnected and
impactful due to advancements such as
augmented reality (AR), voice search,
and blockchain technology. These developments
will further reinforce the
UAE’s status as a global leader in digital
innovation.
Jan 2025 www.thefinanceworld.com 45
Travel News
UAE Festive Season Travel Trends Announced
The UK, India, and Thailand are
among the top destinations for
UAE travellers this festive season,
according to Skyscanner’s latest report.
Popular cities like London, Bangkok, and
Istanbul continue to attract visitors with
their mix of cultural appeal and festive
vibrancy. Meanwhile, serene escapes
such as the Maldives and Turkey’s coastal
retreats have also gained traction. For
departures between December 20 and
31, travellers are seeking destinations
offering seasonal celebrations and relaxation.
London, Mumbai, and Bangkok
are standout choices, reflecting strong
demand for family reunions and cultural
experiences. The most popular departure
dates are between December 14 and 18,
with round-trip bookings dominating as
UAE residents prioritise seamless travel
experiences. Skyscanner’s findings are
based on search trends from September
to early December.
France, Italy Top Visa
Choices for the UAE
Residents
France and Italy have emerged
as the top visa destinations for
the UAE residents, according to
new data from travel technology firm
Atlys. Saudi Arabia, Egypt, the UK,
and Australia follow closely, reflecting
strong outbound travel interest. Atlys,
which launched in the UAE in August
2024, reported a 144% month-on-month
increase in applications for November,
driven by December’s peak travel season.
Other popular destinations include
Azerbaijan, Spain, Japan, Singapore,
Morocco, and Turkey, showcasing the
diverse preferences of UAE travellers.
A recent five-day promotion by Atlys
saw over 10,000 visa applications, with
Saudi Arabia comprising 42%, Schengen
countries 22%, and the UK 12%. The
platform has processed over 80,000 visas,
with rising applications for family and
friends indicating robust inbound travel
this winter.
UAE, Qatar Citizens Granted 10-Day Visa-Free
Entry to China
UAE and Qatar citizens can
now enjoy a 10-day visa-free
stay in China, following a
major expansion of the country’s visa
policies. China’s State Administration
of Immigration extended its visa-free
transit period to 240 hours (10 days) for
eligible travellers, up from the previous
three or six days. Additionally, 21 new
ports were added for visa-free entry,
increasing the total to 60. This programme
allows travellers transiting to a third
country, including Hong Kong or Macao,
to explore select regions in China. The
number of provinces covered under the
transit scheme has risen to 24, enhancing
access to key tourist cities. Citizens of 52
other countries, including the UK, USA,
Schengen nations, Russia, and Canada,
are also eligible for this visa-free initiative.
Flydubai Launches New Business Class Lounge
Flydubai has officially launched its
new 900sq m Business Class Lounge
at Terminal 2, Dubai International
(DXB), designed to accommodate over
200 passengers. The lounge’s opening was
attended by key figures, including Hamad
Obaidalla, Chief Commercial Officer at
flydubai, Major-General Obaid Muhair
bin Suroor from the General Directorate
of Residence and Foreigners Affairs
(GDRFA), and Jamal Al-Hai, Deputy
CEO at Dubai Airports. Hamad Obaidalla
highlighted the milestone of flydubai’s
15 years of operations, reaffirming
the airline’s commitment to improving
customer experience. Mohamed Hassan,
Senior VP of Airport Services and Cargo,
emphasized the importance of lounges
in ensuring a seamless and comfortable
travel experience for passengers.
46 www.thefinanceworld.com Jan 2025
Expedia Sees Surge in the UAE Staycation Interest for 2024 End
UAE residents are increasingly
opting for end-of-year staycations,
with hotel searches for Dubai
and Ras Al Khaimah more than doubling
compared to last year, according to
Expedia’s Winter Travel Outlook report.
The UAE remains a top destination, with
Dubai (+130%), Abu Dhabi (+210%),
and Ras Al Khaimah (+295%) all seeing
significant growth in popularity. For
New Year’s Eve, the UAE offers diverse
options, from spectacular fireworks at
Burj Khalifa to the cooler mountain views
of Jebel Jais, the country’s highest peak.
Emirates Clinches Multiple
Titles at World
Travel Awards 2024
Emirates is ending the year on
a high note, winning several
prestigious awards at the World
Travel Awards 2024. The airline claimed
top titles including the World’s Leading
Airline First Class, the World’s Leading
Airline Brand, the World’s Leading
Airline Inflight Entertainment and the
World’s Leading Airline Rewards Programme.
Emirates was also recognised
as Best Airline App Worldwide and Best
Airline App in the Middle East at the
World Travel Tech Awards 2024. This
recognition follows the airline’s recent
victories at the ULTRAs 2024, Telegraph
Travel and Forbes Travel Guide’s Air
Travel Awards, alongside its ranking as
a 2025 APEX World Class Airline. David
Quinto, Emirates’ Country Manager in
Portugal, accepted the awards at the
ceremony held at the Savoy Palace in
Madeira, Portugal.
Dubai and Ras Al Khaimah have become
the top spots to ring in 2025, with their
popularity surging by 120% and 240%,
respectively. However, some residents
are also planning overseas trips, with
London and New York seeing increased
demand.
UAE Hotel Revenue Hits $9.1B in Nine Months
The UAE tourism sector continues
to thrive, with hotel establishments
generating AED
33.5B ($9.1B) in revenue during the
first nine months of 2024, reflecting
a four per cent increase compared to
the same period in 2023. The average
hotel occupancy rate across the seven
emirates rose to 77.8 per cent, one of
the highest globally, while hotel nights
reached approximately 75.5 million,
marking an eight per cent year-on-year
increase. This growth was announced
during the UAE delegation’s participation
in the 27th session of the Arab
Ministerial Council for Tourism in
Cairo. The delegation reaffirmed the
UAE’s commitment to advancing joint
Arab tourism efforts, emphasising the
sector’s role as a vital economic driver
and a platform for cultural rapprochement
and preserving Arab heritage.
Green Tourism in the UAE: Nature’s Beauty
Embracing Sustainability
The UAE has emerged as a global
leader in sustainable tourism,
transforming its desert landscapes
into vibrant green spaces and
eco-friendly destinations. Through
innovative infrastructure and a strong
commitment to sustainability, the country
is enhancing its tourism sector by
focusing on eco-tourism and preserving
its cultural heritage. The UAE’s
environmental initiatives promote
responsible tourism and environmental
stewardship, ensuring a balanced
approach to development. Building
on these efforts, the UAE recently
launched the fifth season of its “World’s
Coolest Winter” campaign, with the
theme “Green Tourism.” This initiative,
a partnership between the Ministry of
Economy, the National Agricultural
Centre, and local tourism authorities,
encourages agritourism by promoting
visits to farms and agricultural projects,
aligning with the national strategy led
by His Highness Sheikh Mohammed bin
Rashid Al Maktoum to establish the
UAE as a premier sustainable tourism
destination.
Jan 2025 www.thefinanceworld.com 47
Business
Source: freepik.com
Dubai family businesses are embracing new strategies for growth and legacy.
The Growing
Influence of Family
Businesses in
Dubai
Family Businesses are Growing in Dubai
Due to Innovative Initiatives and a
Strong Business Ecosystem.
Dubai’s family businesses are a critical
part of the emirate’s economic fabric,
contributing significantly to the national
GDP and employing a large portion of
the private sector workforce. With over
90% of the private companies in the UAE
being family-owned, their influence is undeniable.
These businesses span various
sectors, including real estate, construction,
and more. Their adaptability and resilience
have allowed them to thrive. The government
has introduced several initiatives
to promote their growth, including legislative
support, and programmes aimed
at enhancing governance and succession
planning. Dubai’s family businesses also
play a key role in attracting global wealth
and talent, positioning the city as a nexus
for family-run enterprises worldwide.
48 www.thefinanceworld.com Jan 2025
Family businesses in Dubai play a
crucial role in the city’s economy,
contributing over 40% of the emirate’s
GDP and employing more than 70%
of the private sector workforce. These
enterprises are found across key sectors
such as real estate, retail, hospitality, and
manufacturing, where they drive innovation
and economic growth. Dubai’s strategic
location, business-friendly environment,
and advanced infrastructure further
position the city as an attractive hub for
family businesses seeking expansion.
Moreover, the government’s continuous
support in fostering this sector ensures
that these businesses remain competitive
in the global market.
As Dubai seeks to enhance the competitiveness
of its family business sector,
several initiatives have been launched.
The Dubai Chambers’ Centre for Family
Businesses focuses on leadership transition,
succession planning, and governance,
providing essential training and resources
to ensure sustainability. Additionally, the
Dubai International Financial Centre
(DIFC) has introduced the Family Wealth
Centre, offering specialized services
Family businesses are a
cornerstone of Dubai’s
economy, contributing
to its growth and
competitiveness.
Abdulaziz Al Ghurair,
Chairman of Dubai Chambers
to support family businesses globally.
These developments reflect Dubai’s
commitment to nurturing the growth of
family businesses, helping them navigate
the complexities of a rapidly evolving
global economy.
Strategies for Growth and Success
Planning
Family businesses in Dubai are increasingly
prioritising digitalisation and
future-proofing strategies to maintain
their competitiveness in a rapidly evolving
global economy. Younger generations are
at the forefront of this transformation,
adopting advanced technologies such
as artificial intelligence, machine learning,
and automation to drive efficiency
and innovation across various sectors.
These businesses are leveraging Dubai’s
supportive ecosystem, which includes
initiatives like the Dubai Centre for Family
Businesses, to enhance governance,
streamline leadership transitions, and
address the challenges of generational
shifts. Additionally, the city’s targeted
educational programmes and strategic
guidance are helping family-run enterprises
expand into new markets and
secure their long-term success.
By embracing digital tools and evolving
their business models, these family-owned
businesses are better equipped to meet
the demands of the future. Dubai’s initiatives
offer tailored support for business
owners to navigate the complexities of
modernisation, which includes fostering
a culture of innovation and leadership
development. As family businesses in
the UAE continue to diversify into new
sectors like technology and healthcare,
they are positioning themselves as key
players in the global marketplace. The
government’s continuous push for digital
transformation ensures that Dubai
remains a competitive, thriving hub for
these enterprises.
Leadership Transitions and Governance
Enhancements
Generational transition planning remains
a key concern for many family businesses
in Dubai. As these companies prepare for
leadership changes, developing strong
governance frameworks has become
a primary focus. The Dubai Centre for
Family Businesses plays a crucial role by
offering guidance on leadership development
and governance, helping ensure
that family-run businesses continue
to thrive under the next generation’s
stewardship. Such strategies are essential
for maintaining stability, ensuring smooth
leadership handovers, and upholding
the business’s legacy, particularly as
the market continues to evolve rapidly.
The significance of planning for leadership
transitions is further supported
by initiatives from organisations like
Dubai Chambers and DIFC’s Family
Wealth Centre. These institutions offer
comprehensive resources on governance,
leadership training, and strategic
foresight, providing family businesses
with the tools they need to adapt and
grow. By addressing these challenges,
businesses can build resilience and position
themselves for continued success,
ensuring they are well-equipped to handle
generational shifts.
Government Support and Institutional
Initiatives for Family Businesses
in Dubai
The government of Dubai has been instrumental
in supporting the growth of
family businesses by introducing strategic
policies and creating key institutions. One
notable example is the Dubai International
Financial Centre (DIFC) Family Wealth
Centre, which offers advisory services,
certifications, and tailored assistance
in areas such as succession planning,
governance, and business expansion.
These initiatives enable family businesses
to navigate generational transitions and
adopt modern practices, ensuring their
long-term sustainability. Furthermore,
new legislative measures have created
a more competitive and attractive
business environment, both locally and
internationally.
Family businesses have long been
integral to the economic success and
growth of Dubai, contributing significantly
to the emirate’s GDP and private
sector workforce. Their presence spans
crucial industries such as real estate,
retail, hospitality, and manufacturing,
where they continue to drive innovation
and expansion. With Dubai’s strategic
location, business-friendly environment,
and advanced infrastructure, the city
offers an ideal setting for family-run
businesses to thrive and diversify. Moreover,
the Dubai government’s continuous
support through initiatives such as the
DIFC Family Wealth Centre and the
Dubai Centre for Family Businesses has
helped businesses navigate challenges
like governance, leadership transitions,
and expansion strategies.
Jan 2025 www.thefinanceworld.com 49
Business News
UAE, Qatari Energy Giants Strike LNG Deals
State-owned energy companies in
the UAE and Qatar have signed
long-term liquefied natural gas
(LNG) deals with international firms.
The UAE’s Adnoc has secured its
third agreement to supply LNG from
its Ruwais plant. This 15-year deal,
valued at 0.6 million tonnes per annum
(mtpa), is with Germany’s EnBW
Energie Baden-Württemberg AG. The
Ruwais project, located in Al Ruwais
Industrial City, Abu Dhabi, is set to
start deliveries in 2028, with over
eight mtpa of its 9.6 mtpa capacity
committed to international customers
through long-term agreements. Adnoc’s
collaboration with EnBW is part of its
broader strategy, which also includes
a similar 15-year deal with Sefe Marketing
and Trading Singapore. The
partnership reflects the UAE-Germany
energy security and decarbonisation
agreement signed in 2022.
UAE to Introduce 15
percent Tax on Large
Multinationals
The UAE will raise corporate tax
on large multinational enterprises
(MNEs) to 15 per cent
from January 1, 2025, according to the
Ministry of Finance. Currently, MNEs
in the UAE pay 9 per cent of their
profits. The domestic minimum top-up
tax (DMTT) will apply to MNEs with
consolidated global revenues of €750
million ($793 million) or more in at least
two of the last four financial years. This
change follows the introduction of a
9 per cent business tax in 2023, with
exemptions for many free zones. The
Ministry stated that the move aligns
with the Organisation for Economic
Co-operation and Development’s
(OECD) two-pillar solution, aiming
for a fair and transparent global tax
system. Bahrain and Kuwait have also
announced similar measures.
UAE Joins 113th Arab Energy Organisation Ministerial
Meeting
The UAE participated in the 113th
ministerial meeting of the Arab
Energy Organisation (AEO) in
Kuwait, with oil and energy ministers
from member states in attendance.
The UAE delegation was led by Sharif
Al Olama, Under-Secretary for Energy
and Petroleum Affairs at the Ministry of
Energy and Infrastructure, and Saif Ghobash,
Assistant Under-Secretary for the
Petroleum, Gas, and Mineral Resources
Sector. During the meeting, a ministerial
Dubai’s Roads and Transport
Authority (RTA) has awarded
an AED 20.5B ($5.6B) contract
for the Dubai Metro Blue Line to a consortium
of Turkish companies MAPA
and LIMAK, alongside Chinese firm
CRRC. The project will expand the
metro network by 30km, featuring 14
stations to serve over one million residents
by 2040 and generating AED 56.5B
($15.4B) in economic benefits. The line
will include 15.5km of underground
decision led to the restructuring of the
Arab Petroleum Exporting Countries
Organisation (OAPEC), renaming it to
the Arab Energy Organisation (AEO).
Key topics discussed included the 2025
budget and energy sector alignment.
Al Olama emphasized the meeting’s
importance in fostering cooperation,
sharing ideas, and addressing both
current and future energy challenges
amidst global changes.
RTA Awards $5.6B Dubai Metro Blue Line Contract
tracks, 14.5km of elevated tracks, and
a landmark 1,300m bridge crossing
Dubai Creek. With key connections to
Dubai Creek Harbour, Festival City, and
Dubai Silicon Oasis, it is expected to
serve 200,000 passengers daily by 2030,
rising to 320,000 by 2040. The signature
Dubai Creek Harbour station will accommodate
160,000 passengers daily,
while International City will host the
network’s largest underground station.
50 www.thefinanceworld.com Jan 2025
ADGM Unveils Insurance Association to Boost Industry Growth
The Abu Dhabi Global Market
(ADGM) has revealed plans to
establish an Insurance Association
to boost the growth of the insurance
and reinsurance industries in its jurisdiction.
This move aims to position Abu
Dhabi and the UAE as a leading hub
for financial and insurance innovation.
The Association will provide a platform
for collaboration, innovation, and best
practices among stakeholders in the
UAE Accountability
Authority Boosts
Cooperation with
Greece
Humaid Obaid Abushibs, Chairman
of the UAE Accountability
Authority (UAEAA), recently
visited Greece to bolster cooperation
between the two nations in auditing
and anti-corruption efforts. During the
visit, he held significant discussions
with Ntouni Sotiria, President of the
Hellenic Court of Audit, focusing on
sharing auditing methodologies and
oversight practices. Abushibs also
met Alexandra Rogkakou, Interim
Governor of Greece’s National Transparency
Authority, to strengthen joint
actions in promoting transparency
and combating corruption. This visit
highlights the UAEAA’s commitment
to building global partnerships, exchanging
knowledge, and advancing
international best practices in the
fields of auditing, accountability, and
anti-corruption, further enhancing
bilateral relations with Greece.
insurance sector. ADGM intends for the
Association to act as a collective voice
for the industry, enabling discussions
with regulators, policymakers, and business
leaders to overcome challenges
and seize growth opportunities. This
initiative highlights ADGM’s commitment
to fostering a sustainable, competitive
insurance framework aligned with national
economic goals.
UAE President Appoints Industry Leaders to
ADNOC Board
Sheikh Mohamed bin Zayed Al Nahyan,
President of the UAE, has
appointed a distinguished group
of international business leaders to
the board of ADNOC’s new investment
arm, ADNOC XRG. This strategic move
is designed to enhance ADNOC’s global
presence and strengthen its influence
in both the energy and financial sectors.
Key appointees include Jonathan
Gray, President and COO of Blackstone,
underscoring the growing partnership
between ADNOC and Blackstone. Other
notable figures include Huda Al Suwaidi,
a respected financial strategy expert, and
industry veterans from leading global
institutions. ADNOC XRG will focus on
ADNOC Distribution has launched
ARIF, an advanced AI-powered
chatbot designed for investor
relations, during Abu Dhabi Finance
Week. Meaning “knowing” or “informed”
in Arabic, ARIF provides current and
potential investors with real-time financial
insights, performance updates, and
strategic information through an intuitive,
interactive platform. Supporting natural
language queries in both English and
Arabic, it ensures 24/7 accessibility for
a diverse investor base. Bader Saeed Al
Lamki, CEO of ADNOC Distribution,
stated: “ARIF’s launch underscores our
commitment to innovation across our
business. By combining the power of AI
with our dedication to transparency, we
are delivering a powerful resource for
investors to gain deeper insights into our
growth journey and make better-informed
guiding strategic investments in energy,
sustainability, and emerging markets,
supporting the UAE’s vision for long-term
economic diversification. Jonathan Gray
highlighted ADNOC’s role in the global
energy transition, saying, “This is an
extraordinary opportunity to contribute
to a transformative strategy.”
ADNOC Launches AI-powered Chatbot to Support
Investors
decisions.” ARIF surpasses traditional
chatbots by offering dynamic, context-aware
responses.
Jan 2025 www.thefinanceworld.com 51
Security
Source: Ai generated
Visual depiction of cybersecurity safeguards securing digital assets and data.
The Digital
Economy: Data
Protection and
Security
Exploring the Importance of Data
Protection and Security in Today’s
Digital-Driven Economy.
As the digital economy expands, securing
data and protecting personal information
has become a pressing concern. With
businesses and consumers increasingly
relying on digital platforms for transactions,
communication, and data storage,
the risk of cyberattacks and data breaches
continues to grow. Safeguarding sensitive
information is essential not only for
compliance with regulations but also for
maintaining trust and operational efficiency.
Governments in the UAE, have enacted
comprehensive data protection laws like
the Data Protection Law of 2021, while
cities like Dubai have adopted strategies
to enhance cybersecurity across sectors.
These efforts ensure that the digital economy
can progress securely, with businesses
to manage risks effectively.
52 www.thefinanceworld.com Jan 2025
In today’s interconnected environment,
data serves as the foundation for both
businesses and governments. The
digital economy relies heavily on vast
quantities of data generated by users,
organisations, and technology. This data
whether personal, financial, or operational
holds significant value but also
poses considerable risks if not properly
safeguarded. With the growing prevalence
of online transactions, cloud computing,
and the Internet of Things (IoT), sensitive
information is increasingly exposed
to cyber threats. In response, the need
for robust data protection regulations
has driven governments worldwide to
implement comprehensive frameworks,
such as the EU’s General Data Protection
Regulation (GDPR) and the UAE’s Data
Protection Law.
The Role of Governments and Regulators
Governments play a vital role in ensuring
data protection through legislation
and regulatory oversight. In the UAE,
the introduction of the Data Protection
Law in 2021 marked a significant step
towards enhancing privacy standards
and enforcing stricter compliance among
businesses. This law aims to protect
personal data, foster trust in digital platforms,
and encourage investment in the
technology sector. Similarly, Dubai has
implemented the Dubai Cybersecurity
Strategy, designed to protect its growing
digital infrastructure. This strategy,
coupled with Dubai’s Data Manual and
other regulatory initiatives, ensures
secure data flow across the city’s public
and private sectors.
Dubai’s vision of becoming the world’s
smartest and happiest city hinges on the
seamless integration of data-driven services,
which are safeguarded by strong
data protection measures. The city has
made significant strides in implementing
frameworks like the Dubai Data Manual,
designed to regulate data management
across government entities. This ensures
not only data privacy but also unlocks
new opportunities for businesses and
residents to create innovative solutions.
Business Strategies for Data Security
For businesses operating in the digital
economy, protecting data is both a
strategic and operational necessity. Cybersecurity
threats are diverse, ranging
from phishing attacks to ransomware, and
they can have catastrophic consequences
for a company’s reputation and bottom
line. Therefore, businesses must invest
in advanced security measures, such
as encryption, multi-factor authentication,
and secure data storage solutions.
Conducting regular security audits and
employee training can also mitigate the
risk of internal breaches. Additionally,
companies should adopt transparent
privacy policies and engage in continuous
monitoring of their digital infrastructure
to quickly respond to emerging threats.
The Challenge of Cyber Threats
The digital economy faces a persistent
challenge from cyber criminals. As more
individuals and businesses embrace
digital transformation, the volume and
sophistication of cyberattacks increase.
Ransomware, data theft, and system intrusions
can disrupt operations, resulting
in financial losses, legal liabilities, and
irreparable damage to brand reputation.
One of the biggest hurdles in protecting
data is the fast-evolving nature of cyber
threats. Hackers are constantly innovating,
making it difficult for traditional security
measures to keep up. This creates a
need for businesses to adopt proactive,
real-time threat detection and response
capabilities.
Impact of Data Breaches on Businesses
The consequences of data breaches are
far-reaching. Not only can they lead to
substantial financial penalties, especially
under laws like the GDPR, but they can
also damage customer trust irreparably.
Consumers are increasingly aware of
the risks involved in sharing their data
online, and a company’s failure to protect
this information can result in a loss of
market share, a tarnished reputation, and
decreased customer loyalty. According
to a report by IBM, the average cost of a
data breach in 2023 was approximately
$4.45 million. This underscores the
importance of investing in robust cybersecurity
measures to prevent breaches
before they occur.
The Future of Data Protection
As the digital economy expands, the
need for innovative solutions to address
growing cyber threats becomes increasingly
vital. Artificial intelligence (AI) and
machine learning are at the forefront of
these advancements, playing a crucial
role in enhancing data security. These
technologies enable businesses to detect
and respond to security breaches in
real-time, providing an additional layer
Data protection is no
longer just a regulatory
requirement; it is a
critical component of
building trust in the digital
economy.
Khaled Al Huraimel,
Group CEO, BEEAH Group
of protection against cyberattacks. With
AI’s ability to analyse large datasets and
identify patterns, it can predict potential
threats, ensuring faster mitigation and
reducing the risk of data breaches. Machine
learning models continue to evolve,
becoming more adept at recognising
emerging threats and adapting to new
security challenges. Data protection and
security are paramount in today’s digital
economy. With the increasing reliance on
digital platforms for business operations,
ensuring the security of sensitive information
has become a core responsibility for
companies, governments, and individuals.
By embracing advanced technologies,
complying with regulatory frameworks,
and fostering a culture of security, the
digital economy can continue to grow
and thrive while maintaining trust and
privacy. Dubai’s cybersecurity initiatives,
combined with UAE-wide regulations,
provide a model for secure data management
in a rapidly changing digital
landscape.
Jan 2025 www.thefinanceworld.com 53
Wheels
2026 Valhalla
The 2026 Aston Martin Valhalla marks
a significant milestone in the automotive
world, blending cutting-edge
hybrid technology with Aston Martin’s
renowned luxury and performance. Designed
to rival the world’s most prestigious
supercars, the Valhalla is set to make a
remarkable entrance into the UAE’s automotive
market.
At the heart of the Valhalla lies a sophisticated
plug-in hybrid powertrain,
combining a 4.0-litre twin-turbocharged
V8 engine with three electric motors—two
powering the front axle and one at the
rear. This configuration delivers a combined
output of 1,064 horsepower and
811 lb-ft of torque, propelling the vehicle
from 0 to 62 mph in just 2.5 seconds and
achieving a top speed of 217 mph. The
power is transmitted through an 8-speed
dual-clutch transmission, ensuring rapid
gear shifts and optimal power delivery
to the rear wheels. This setup not only
provides exhilarating acceleration but also
offers a driving experience that balances
raw power with refined control.
The Valhalla’s design is a testament to
Aston Martin’s commitment to performance
and aesthetics. Its aerodynamic
profile features a low-slung body with
sculpted lines and active aerodynamic
elements that adjust to driving conditions,
enhancing downforce and stability at high
speeds. The dihedral doors, hinged at the
front, open upwards, providing both a
striking visual appeal and practical access
to the cabin. Constructed around a central
carbon-fibre monocoque, the Valhalla
achieves a remarkable balance between
rigidity and weight savings, contributing
to its dynamic handling and overall
performance. The exterior dimensions
and proportions are meticulously crafted
to ensure optimal airflow and cooling,
essential for maintaining performance
during extended driving sessions.
Engineered as a road-going race car, the
Valhalla offers exceptional driving dynamics.
The integration of hybrid technology
allows for instantaneous torque delivery
from the electric motors, complementing
the V8 engine’s powerband and providing
a seamless acceleration experience.
The vehicle’s lightweight construction
and advanced aerodynamics contribute
to its agility, making it responsive to driver
inputs and capable of navigating both
54 www.thefinanceworld.com Jan 2025
350 km/h
Speed
1000 Nm
Torque
1000 HP
Horse Power
tight corners and high-speed straights
with confidence.
The Valhalla is equipped with a sophisticated
suspension system featuring double-wishbone
front and multi-link rear
setups, designed to provide a balance
between comfort and performance. This
configuration ensures precise handling
and stability across various driving conditions.
Complementing the suspension, the
braking system utilizes carbon-ceramic
discs, offering exceptional stopping power
and heat resistance. This setup ensures
consistent performance during high-speed
driving and track sessions, providing the
driver with confidence and control.
Inside, the Valhalla combines luxury
with functionality. The cabin features premium
materials such as leather, Alcantara,
and carbon fibre, creating an environment
that is both opulent and performance-oriented.
The minimalist dashboard design
emphasizes the driving experience, with
a digital instrument cluster and a centrally
mounted infotainment system that
provides essential information without
distraction. The seating is designed to
offer support during dynamic driving while
ensuring comfort during longer journeys.
The cabin layout reflects a driver-focused
philosophy, with controls and displays
intuitively positioned for ease of use.
Aston Martin’s Valhalla pushes hybrid
performance boundaries, blending exceptional
speed, agility, and driving pleasure
with sustainable technology. Combining
hybrid power with traditional engineering,
it offers a forward-thinking approach to
supercar design, catering to the growing
demand for high-performance vehicles
with environmental consciousness. Limited
to just 999 units, the Valhalla is set
to become a rare, exclusive addition to
the market. Production will begin in mid-
2025, with deliveries shortly thereafter.
In the UAE, where luxury and high-performance
cars are highly valued, the
Valhalla is poised to make a significant
impact with its cutting-edge technology,
exceptional performance, and exclusive
design, making it a top choice for automotive
enthusiasts.
In summary, the 2026 Aston Martin Valhalla
stands as a testament to the brand’s
dedication to innovation and excellence.
By merging hybrid technology with supercar
performance, it offers a glimpse into
the future of high-performance vehicles,
setting new standards in the automotive
world.
Jan 2025 www.thefinanceworld.com 55
Sustainability
Source: Ai generated
A forward-thinking business ecosystem in the UAE highlights sustainability in action.
Building
Sustainable
Opportunities in
the UAE
The UAE’s Dedication to Sustainability is
Fostering New Business and Investment
Opportunities for a Greener Future.
Sustainability has become a fundamental
pillar of the UAE’s development, driving
numerous business opportunities. The
Year of Sustainability in 2024 further
strengthens the country’s commitment
to eco-friendly growth, with strategies that
blend economic progress and environmental
care. This vision encourages both local
and international businesses to integrate
sustainable practices across industries,
from green finance to renewable energy.
The UAE’s focus on green technology,
alongside efforts like the Dubai Clean
Energy Strategy 2050 and initiatives by
the Dubai International Financial Centre,
highlights the abundant opportunities for
growth within sustainable sectors. The
country promises future for sustainability-driven
investments.
56 www.thefinanceworld.com Jan 2025
The UAE’s commitment to sustainability
is visible in its national
policies, driven by His Highness
Sheikh Mohamed bin Zayed Al Nahyan.
In 2024, the Year of Sustainability extends
the groundwork laid in previous years,
reinforcing the importance of creating a
green economy. This commitment aligns
with the UAE’s broader vision of achieving
carbon neutrality by 2050, with interim
goals such as the UAE Energy Strategy
2050, which aims for 50% of the nation’s
energy to come from clean sources by
mid-century.
A significant element of the country’s
plan is its focus on building a green economy
that balances the need for growth
with environmental protection. The UAE
government has outlined clear strategies
to promote renewable energy, sustainable
agriculture, waste reduction, and circular
economies. Key initiatives include the
Dubai Clean Energy Strategy 2050 and
the Abu Dhabi Sustainable Development
Goals, which are shaping the future of
the nation’s economy.
Green Finance and Technology
As a financial hub, the UAE is leading
the charge in sustainable finance, with
the Dubai International Financial Centre
(DIFC) taking the lead in implementing
green finance initiatives. The DIFC
announced a Decarbonisation Strategy
aiming for net-zero emissions by 2045,
which is five years ahead of the UAE’s
official target. This initiative is part of
Dubai’s wider ambition to become a
global leader in sustainable finance by
creating an ecosystem that encourages
the flow of capital into green projects.
The UAE’s green bond market has seen
impressive growth, with the country issuing
$10.7B in green bonds in 2023 alone,
accounting for nearly half of the total
green bond issuance in the MENA region.
These efforts are being complemented by
new technologies and innovative startups
that focus on sustainable solutions.
The DIFC Sustainable Finance Catalyst,
launched during COP28, supports startups
in sustainable sectors by providing the
necessary capital, expertise, and access
to global networks.
Private Sector Innovation and
Partnerships
Businesses across the UAE are rapidly
adopting sustainable practices, capitalizing
on the opportunities created
by government policies and initiatives.
The UAE’s 2024
development plan serves
as a turning point for
businesses dedicated to
sustainability.
Hisham Al Gurg,
CEO of Seed Group
Companies such as Seed Group are at
the forefront, focusing on partnerships
that promote sustainable development.
Through collaborations with companies
like BlueBell Index, which connects
landowners with global environmental
markets, and Farm to Plate, a blockchain
platform improving the food supply
chain, these businesses are setting new
standards for sustainability in the UAE.
Such collaborations are pivotal for
achieving the nation’s sustainability goals.
By leveraging cutting-edge technologies
like blockchain, artificial intelligence,
and renewable energy solutions, private
sector players are driving innovation in
sectors ranging from food production to
waste management. These companies not
only align with the UAE’s sustainability
targets but also contribute to the country’s
broader goal of establishing a resilient
green economy.
The Renewable Energy Revolution
Renewable energy is a cornerstone of
the UAE’s sustainability efforts. The
Mohammed bin Rashid Al Maktoum
Solar Park, the largest of its kind in the
world, is a prime example of the UAE’s
commitment to clean energy. The project
is expected to provide 75% of Dubai’s
energy from renewable sources by 2050.
This ambitious goal is part of the UAE’s
larger plan to reduce dependence on fossil
fuels and diversify its energy sources,
positioning the nation as a global leader
in renewable energy production.
These efforts have attracted significant
foreign investment, with companies
worldwide looking to partner with the
UAE in areas such as solar energy, wind
power, and energy storage solutions. The
growth of the UAE’s green energy sector
has created a wide array of business
opportunities for companies involved in
research, development, and the deployment
of renewable energy technologies.
The Future of Sustainability in the
UAE
Looking ahead, the UAE’s commitment
to sustainability is only set to intensify.
With strong government support,
well-developed infrastructure, and an
increasingly eco-conscious consumer
base, businesses that align with sustainability
will find abundant opportunities
for growth. The country’s focus on
green finance, renewable energy, and
technological innovation is creating an
ecosystem where sustainability is both
a driver of economic development and
a competitive advantage.
Furthermore, initiatives like the Green
Finance Programme and the UAE’s participation
in global sustainability forums
such as COP28 have solidified its role as
a key player in the global climate action
movement. As the UAE continues to lead
the way in sustainable development, the
opportunities for businesses to contribute
to a greener future are limitless.
The UAE’s forward-thinking approach
to sustainability is creating a wealth
of opportunities for businesses and
investors to thrive in an emerging green
economy. By prioritising sustainable
practices across sectors, the nation is
positioning itself as a global leader in
environmental responsibility while driving
innovation and economic growth. As
the UAE continues its journey towards
carbon neutrality and green development,
businesses that embrace sustainability
will not only contribute to the nation’s
goals but also secure their place in a
future-focused economy.
Jan 2025 www.thefinanceworld.com 57
Global News
UAE to Strengthen Ties with Global Financial Institutions
In an effort to strengthen financial
ties, the UAE Ministry of Finance
(MoF) welcomed a high-level delegation
from the Eurasian Development
Bank (EDB) to Abu Dhabi.
The meeting, which was attended by
Younis Haji AlKhoori, Undersecretary
of the MoF, and Ali Abdullah Sharafi,
Acting Assistant Undersecretary for
International Financial Relations,
focused on enhancing collaboration
and identifying new investment opportunities.
The EDB delegation included
Nikolay Podguzov, Chairman; Evgeny
Vinokurov, Deputy Chairman and Chief
Economist; Daniyar Imangaliev, Deputy
Chairman; and Anna-Mariya Chkoniya,
Managing Director. Discussions centred
on infrastructure, alternative energy,
food and water security, and regional
integration. Both sides also explored
the potential for joint financing of
development projects, aiming to al the
Bank’s development goals.
UAE Tops Global Rankings in 223 Competitiveness
Indicators
Apple released iOS 18.2, iPadOS
18.2, and macOS Sequoia 15.2,
bringing advanced Apple Intelligence
features and the integration of
ChatGPT into Writing Tools and Siri.
This much-anticipated addition to
iPhones, iPads, and Macs has sparked
excitement among Apple users and investors,
with many experts predicting
it will boost Apple’s sales. The update
also marks the expansion of Apple
Intelligence’s language capabilities,
adding localised English support for
Australia, Canada, Ireland, New Zealand,
South Africa, and the UK, which
was previously only available in US
English. Throughout the year, additional
languages, including Chinese, English
(India), French, German, Italian, Japanese,
Korean, Portuguese, Spanish,
and Vietnamese, will be added.
UAE, Saudi Drive Middle
East M&A to $36B in
2024
Merger and acquisition (M&A)
activity in the Middle East has
nearly doubled in 2024, driven
by major deals in the UAE and Saudi
Arabia. In the first ten months, the region’s
inbound and domestic M&A deals
reached $36 billion, an 88% increase
from the previous year, according to
Bain & Company. This surge was fueled
by strategic investments from Saudi and
Emirati sovereign wealth funds (SWFs)
and government-backed entities. Gregory
Garnier, Bain’s Middle East Head
of Private Equity and SWF practices,
highlighted the region’s transformation
into a global investment powerhouse,
with increased big-ticket deals in energy,
and advanced manufacturing.
Apple Integrates ChatGPT Feature in New iOS and iPadOS Updates
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.
58 www.thefinanceworld.com Jan 2025
UAE’s ADIA Sells Stake
in UK’s Liverpool ONE
Shopping Centre
A
unit of the Abu Dhabi Investment
Authority (ADIA) and UK property
firm Grosvenor have sold a
92% stake in Liverpool ONE shopping
centre to Landsec for $622 million.
ADIA, the majority shareholder, sold a
69% stake, while Grosvenor sold a 23%
stake. While the specific payout details
were not disclosed, ADIA confirmed
that £35 million of the payment has
been deferred for two years. The deal
also includes performance-related
overage provisions, though the terms
remain undisclosed. This sale comes
after reports earlier in the year of ADIA
pulling out of a £350 million deal to
sell its stake to Landsec. Following
the transaction, Landsec anticipates
an income return of 7.5% on the initial
£455 million investment, with financing
coming from proceeds of non-core asset
sales earlier in the year. Grosvenor also
plans to reinvest the proceeds from the
sale, focusing on further expanding its
property portfolio in key urban locations.
The move marks a strategic shift
for both ADIA and Grosvenor, as they
look to diversify their investments in
a changing real estate market.
UAE’s Emirates NBD,
ADIB Close $177.6M
PBSA Deal in London
Emirates NBD, the UAE’s second-largest
lender, and Abu
Dhabi Islamic Bank (ADIB)
have completed a $177.6 million senior
financing deal for a prime purpose-built
student accommodation (PBSA) asset in
central London. The asset, Paddington
Citi View, features 353 bedrooms and
is located near Paddington Station.
Previously known as Lillian Pension
Hall, it was acquired by Union Property
from the University of London in
2022. The UK PBSA market has seen
growing interest, with a Knight Frank
report revealing $1.1 billion invested
in Q3 2024 across 15 deals, bringing
the year-to-date total to $4.1 billion, a
$1.6 billion increase compared to the
previous year. Legal advisors included
Addelshaw Goddard LLP, Foot Anstey
LLP, and Muckle LLP.
Ohana Development, Jacob & Co. Partner for $1.3B
Project
UAE-based Ohana Development
has announced its partnership
with Jacob & Co., the renowned
global luxury timepiece and jewellery
brand, to launch the $1.3 billion “Jacob
& Co. Beachfront Living by Ohana”
project in Abu Dhabi. Situated in Al
Jurf, between Dubai and Abu Dhabi, the
waterfront development will feature a
range of high-end residences and luxury
amenities. The project includes one-,
two-, and three-bedroom apartments,
as well as three- to six-bedroom villas,
penthouses, sky mansions, canal-front
mansions, and beachfront mansions.
Residents will enjoy branded amenities
such as a Jacob & Co. beach club,
residents club, cigar lounge, wellness
facilities, and outdoor spaces. The
project is set for completion by Q2
2028. Ohana Development’s portfolio
includes over 9,000 residential units
valued at more than $2 billion.
OPEC Fund Approves $1 Billion for Global Development
The OPEC Fund for International
Development (OPEC Fund) has
approved nearly $1B in new development
financing during the final
quarter of 2024, including key decisions
taken at its 190th Governing Board
meeting in Vienna. The financing is
designed to support global development
initiatives, focusing on strengthening
infrastructure, enhancing food security,
expanding renewable energy projects,
and boosting economic resilience.
According to the Fund, these projects
aim to drive sustainable growth and
create long-term positive impact in
partner countries. OPEC Fund President
Abdulhamid Alkhalifa highlighted, “2024
has been a landmark year for the OPEC
Fund, marked by a significant increase
in project approvals and commitments
across key sectors, helping to build
resilience, develop sustainable infrastructure,
and address climate change.”
CBUAE, Hong Kong Monetary Authority
Strengthen Financial Market Ties
The Central Bank of the UAE
(CBUAE) and the Hong Kong
Monetary Authority (HKMA)
held their second bilateral meeting in
Hong Kong, advancing cooperation
between the two financial sectors.
Attended by senior officials, including
Saif Humaid Al Dhaheri from CBUAE
and Stanley Chan from HKMA, the
discussions built on the first meeting
in Abu Dhabi in May 2023. Key topics
included cross-border debt capital
market connectivity, financial infrastructure
development, and investment
opportunities in the MENA region and
Mainland China. A Memorandum of
Understanding (MoU) was signed by
Khaled Mohamed Balama, CBUAE
Governor, and Eddie Yue, HKMA Chief
Executive, to formalise efforts in connecting
debt capital markets and related
infrastructures, enabling greater
cross-border debt securities issuance
and investment activities.
Jan 2025 www.thefinanceworld.com 59
Payments
Source: Ai generated
Digital payment systems are reshaping the Middle East’s financial landscape.
Understanding
the Middle East’s
Digital Payment
Revolution
The Digital Payment Landscape in the Middle East
is Rapidly Transforming, Shaping the Future of
Financial Transactions in the Region.
Traditionally, the Middle East has been
known for its cash-forward economies,
where residents predominantly rely on
local fiat currencies for transactions.
While cash remains the preferred form
of payment in some countries, advanced
economic hubs in the region are beginning
to shift towards digital payments. This
transformation is occurring amidst ongoing
regional tensions, including incidents
such as Hezbollah’s pager and walkie-talkie
blasts. As financial technology continues
to advance, tech-savvy consumers are
increasingly adopting digital payment
methods. According to a Mastercard report,
around 85% of people in the Middle
East and North Africa region have used
at least one emerging digital payment
method over the past year.
60 www.thefinanceworld.com Jan 2025
For many consumers, convenience
and efficiency are key considerations
when making payments or completing
transactions. However, research
by Mastercard in the Middle East has
revealed that cybersecurity ranks highly
among the factors consumers consider
when choosing a payment method they
feel most comfortable with.
While digital security is crucial, there
are additional aspects to consider.
Consumers in the region also take into
account factors such as ease of use, the
availability of rewards and promotions,
as well as the social and environmental
advantages they may gain.
Given that these factors are significant
to local consumers, digital payment
companies and regulators are focusing
on crucial areas to help advance each
country’s unique payment sector. This
will lead to faster and more effective
payment solutions for consumers, while
also shifting the way digital payments
are perceived.
Buy-Now-Pay-Later
Buy-Now-Pay-Later (BNPL) has firmly
established itself in the payments landscape,
both globally and in the Middle
East. Deloitte’s forecasts predict that the
global BNPL Gross Merchandise Value
(GMV) will rise from $433B in 2022 to
over $960B by 2028.
BNPL services are available worldwide.
In the United States, approximately nine
million consumers use BNPL, though
this is a small proportion of the overall
population. The number of users has
grown by 40% in recent years.
Estimates from the Middle East, North
Africa, and Pakistan suggest that more
than 50% of the region’s population used
BNPL payments in 2022, making it the
largest and potentially most active area
for buy-now-pay-later transactions.
Stored Value Facilities
A strong indicator that the Middle East is
advancing in the digital payments sector
is the substantial growth that stored
value facilities (SVFs) have experienced
in recent years.
SVF refers to the digital wallets and
prepaid cards ecosystem, which offers
alternative payment methods to traditional
banking services. These services have
become a key solution for large unbanked
populations, enabling more convenient,
secure, and efficient transactions without
the need for a physical bank account or
commitment to a single service provider.
The SVF sector has already undergone
significant transformation in the Middle
East, with countries like Bahrain taking
the lead in SVF regulation. The Central
Bank of Bahrain (CBB) has introduced
the CBB Rulebook Volume 5, which sets
out the rules, regulations, and governing
principles for digital wallets and prepaid
cards.
Business to Business and Software
as a Service
The ongoing digital transformation in
the Middle East would not have been
achievable without the integration of B2B
SaaS (Software as a Service) solutions.
Globally, including in the Middle East,
B2B SaaS technologies have ushered in a
new era of banking, allowing merchants
and financial institutions to adopt more
efficient and solution-oriented software
through third-party collaborations. The
introduction of these systems has enabled
banks and financial service providers in
the Middle East to lower overhead costs,
minimise time-consuming tasks for both
employees and customers and rely on
automation technology to streamline
more complex transactions and other
financial processes.
Artificial Intelligence
AI technology plays a crucial role in the
future of digital banking and payment
solutions, and for many countries, investing
in this technology now, rather
than later, can help them stay ahead of
the competition and establish themselves
as leaders in innovation. Earlier this
year, Saudi Arabia announced a $40B
AI-focused investment fund, which will
serve as a foundation for both the country
and the Middle East in the broader
global technological landscape. Saudi
Arabia is among many countries in the
region eager to invest in AI’s potential.
According to a PWC study, the Middle
East could capture around two per cent
of global AI capabilities by 2030, worth
over $320B.
Open Banking
The collaboration between SaaS solutions
and open banking allows merchants to
access valuable customer data, which
can improve banking systems and provide
more personalised digital solutions.
Countries such as Bahrain, Saudi Arabia,
and the United Arab Emirates (UAE)
have already begun developing open
Digital payments are
not just reshaping how
we transact, but they
are also unlocking new
opportunities.
Omar Al Suwaidi,
Director of Digital Transformation at Dubai
Financial Services Authority
banking systems.
Digital Payment Ecosystem
The rapid adoption of electronic payment
tools, accelerated by the pandemic,
continues to drive growth in the digital
payments ecosystem. With increasing
consumer demand for convenience
and security, the Middle East remains
well-positioned to continue its progress
in this sector. The Middle East is rapidly
evolving as a hub for digital payments,
driven by innovative technologies and
strategic investments. The adoption of
Buy-Now-Pay-Later, the growth of stored
value facilities, and the integration of
AI and open banking are reshaping the
financial landscape, and efficient solutions
for consumers. With key countries
like Saudi Arabia, Bahrain, and the UAE
leading the charge, the region is positioned
to continue its momentum in digital
payments. As both public and private
sectors invest in the future of FinTech,
the Middle East is poised to become a
global leader in driving innovation and
growth in digital financial services.
Jan 2025 www.thefinanceworld.com 61
Merger and Acquisition News
UAE, Saudi Drive Middle East M&A to $36B in 2024
Merger and acquisition (M&A)
activity in the Middle East has
surged nearly 88% this year,
reaching $36B in the first ten months,
driven by significant deals in the UAE
and Saudi Arabia, according to Bain &
Company. This surge is largely attributed
to strategic investments from Saudi and
Emirati sovereign wealth funds (SWFs)
and government-backed entities. Gregory
Garnier, Middle East Head of Bain’s
Modon Holding
Completes La Zagaleta
Acquisition in Spain
Modon Holding P.S.C. has
announced the completion of
its acquisition of 100% of La
Zagaleta S.L., the owner of the prestigious
La Zagaleta residential estate in Costa del
Sol, Spain. This milestone marks Modon
Holding’s strategic entry into Europe’s
luxury real estate market. Nestled in the
hills of Benahavís, just 20 minutes from
Marbella, La Zagaleta is an ultra-luxury
gated community offering exclusivity,
privacy, and access to the Mediterranean
coastline. Jassem Mohammed Bu Ataba
Al Zaabi, Chairman of Modon Holding,
said the acquisition is a key step in their
international growth plans, adding that La
Zagaleta’s reputation as one of the world’s
most exclusive private communities aligns
perfectly with Modon’s vision to expand
and redefine luxury living globally.
Private Equity and SWF practices, highlighted
the region’s transformation into
a global investment hub. The increase
in large deals spans energy, technology,
and advanced manufacturing sectors.
Between January and September 2024,
the UAE and Saudi Arabia saw 239 M&A
deals worth $24.5B, with the biggest
deal being Truist Insurance Holdings’
acquisition for $12.4B.
Covestro Shareholders Accept ADNOC’s $15B
Takeover Offer
Covestro shareholders have approved
a $15B takeover offer
from XRG, the international investment
arm of Abu Dhabi National Oil
Company (ADNOC), making ADNOC the
majority owner of the German chemicals
company. This deal marks the largest
foreign acquisition by a Gulf company
and highlights the region’s commitment
to diversifying investments amid the
global shift towards cleaner energy.
It is the second-largest takeover by a
Middle Eastern firm, following Teva
Pharmaceuticals’ $40B acquisition
of Allergan’s generics unit in 2015,
according to Dealogic data. XRG now
holds 91.32% of Covestro’s outstanding
shares. Subject to regulatory approvals,
the deal is expected to close in the
second half of 2025. ADNOC aims to
expand its petrochemicals, gas, LNG,
and renewable energy operations for
long-term growth.
DIEZ Unit Acquires Axiom’s MENA Distribution
Business
Tradeling Holding, the B2B
e-commerce arm of Dubai
Integrated Economic Zones
Authority (DIEZ), has signed a definitive
agreement to acquire Axiom Telecom’s
MENA distribution business. Serving
over 50,000 customers, Tradeling has
quadrupled its order volumes since
2023, shipping 3.3 million units this year,
with projections to exceed 3.5 million
units. Witnessed by Sheikh Ahmed bin
Saeed Al Maktoum, Chairman of DIEZ,
the deal positions Tradeling as a key
technology partner for global brands, with
projected annual revenues surpassing
AED 2 billion. Tradeling will acquire
100% of A&T Holding FZCO, which
owns Axiom’s distribution businesses,
including UAE-based Axiom Distribution
and Axiom International Distribution
FZCO, strengthening its regional and
global presence.
62 www.thefinanceworld.com Jan 2025
Bahrain Acquires 29% Stake In UAE’s Alliance Insurance
Bahrain, a leading insurance provider
and subsidiary of Solidarity
Group Holding, has successfully
acquired a 29% stake in Alliance Insurance,
a prominent Dubai-based insurer
listed on the Dubai Financial Market
with an ‘A-’ financial strength rating.
Founded in 1975, Alliance Insurance
offers life and general insurance, with
life business representing over 60%
of net premiums in recent years. This
Abu Dhabi’s CYVN
Signs Deal to Acquire
McLaren’s Automotive
Business
Abu Dhabi’s CYVN Holdings, an
investment firm based in the
UAE, has signed a strategic
partnership agreement with Bahrain’s
Mumtalakat sovereign wealth fund to
acquire McLaren’s automotive business
and a non-controlling stake in its racing
unit. This acquisition is a key step in
CYVN’s goal to establish a globally
connected mobility platform. Jassem
Mohammed Bu Ataba Al Zaabi, Chairman
of CYVN Holdings, stated, “This
acquisition marks a defining moment
in CYVN’s vision.” Mumtalakat, which
raised its stake in McLaren to 100%
earlier this year, has long been an investor
in the British automaker. CYVN
also plans to invest in industry leaders,
including a $2.2B equity investment in
China’s Nio. The deal is still subject to
regulatory approvals.
acquisition is a significant step in Solidarity’s
regional expansion strategy and
marks its entry into the UAE market.
The purchase, involving 289,850 shares
for 130.4 million dirhams, received
approvals from both the Central Bank
of the UAE and the Central Bank of
Bahrain. Solidarity plans to increase its
stake in Alliance Insurance, leveraging
its M&A expertise for future growth.
NMDC LTS Acquires 70% Stake in Emdad
NMDC LTS, a wholly owned
subsidiary of NMDC Group, has
signed a definitive agreement
to acquire a 70% stake in Emdad, an
integrated service provider in the oil
and gas, utilities, and industrial sectors.
Subject to regulatory approvals, this
acquisition will allow NMDC Group
to expand into oilfield services, diversifying
its portfolio and enhancing
its competitive edge. The deal will
enable NMDC to offer a broader range
of services, including operations and
maintenance, complementing its expertise
in engineering, procurement,
construction, and installation. Leveraging
partnerships with ADNOC
and ARAMCO, NMDC aims to scale
operations and diversify its services,
aligning with its strategy to drive value
creation and growth. The acquisition
also capitalizes on favorable market
conditions in the regional oil and gas
sector.
Masdar Acquires Terna Energy in Strategic Deal
Masdar has successfully completed
the acquisition of 70%
of TERNA ENERGY SA’s outstanding
shares from GEK TERNA
SA and other shareholders, receiving
all regulatory approvals. The deal,
valued at 3.2 billion euros at 20 euros
per share, marks the largest energy
transaction on the Athens Stock Exchange
and one of the largest in the
EU renewables sector. Following the
completion, Masdar will seek further
regulatory approvals for a mandatory
tender offer to acquire the remaining
shares of TERNA ENERGY. With a
strong presence in Greece, Bulgaria,
and Poland, TERNA ENERGY operates
a diversified clean energy portfolio,
including wind, solar, biomass, and
hydro projects. The acquisition aligns
with Masdar’s growth strategy, targeting
6GW by 2029 and 100GW global
capacity by 2030.
Jan 2025 www.thefinanceworld.com 63
BoT Talk: AI-Powered GPS
Communicator for Children
Ensuring the safety and well-being
of children is a top priority for
parents. The BoT Talk emerges as
a groundbreaking solution, seamlessly
integrating advanced GPS tracking with
two-way voice communication. Designed
to empower both parents and children,
this device offers a blend of security,
convenience, and peace of mind.
The BoT Talk is a compact device explicitly
designed for children and lacks
screen components. It is made from lightweight
and durable materials, ensuring
its resilience against the challenges of
everyday use. The device features an intuitive
interface that allows children to
operate it independently. A notable characteristic
of the BoT Talk is its two-way
voice messaging capability, which enables
effective communication between parents
and their children. This functionality is
beneficial for performing quick check-ins
or responding to emergency scenarios.
The BoT Talk is outfitted with advanced
GPS technology, enabling real-time tracking
of location. This capability allows
parents to monitor their child’s location
with accuracy. The device utilizes a combination
of various location technologies,
including GPS satellites, Assisted GPS,
Wi-Fi positioning, and motion sensors,
to ensure precise and reliable tracking,
even in difficult environments.
A notable characteristic of the BoT
Talk is its supervision powered by artificial
intelligence. The device possesses
the capability to learn the daily routines
of the child and to recognize significant
locations, including home, school, and
extracurricular activities. By establishing
designated “Geospots,” parents are
provided with immediate notifications
upon the child’s arrival at or departure
from these defined areas. This method
of proactive monitoring contributes an
additional layer of security, ensuring that
parents remain informed without necessitating
continuous manual checks.
In addition to its location tracking capabilities,
the BoT Talk enables direct
communication between parents and
their children through voice messaging.
Parents can transmit messages to their
children, and children can respond accordingly,
which promotes a feeling of
connection and safety. Furthermore, the
device includes text-to-speech functionality,
thereby allowing parents to convey
messages even when verbal communication
is impractical.
In summary, the BoT Talk represents a
carefully crafted communication device
that integrates advanced technology and
user-friendly characteristics. Its focus on
safety, communication, and screen-free
interaction renders it a significant asset for
families aiming to improve their children’s
security and overall well-being. Given its
substantial features and favourable user
testimonials, the BoT Talk emerges as a
commendable option for parents who wish
to equip their children with a dependable
and engaging device.
Nov Jan 2024 2025
www.thefinanceworld.com 65
Local News
Binghatti Appoints Suppliers for Dubai Luxury Projects
Dubai-based property developer
Binghatti has appointed suppliers
for formwork and elevators for
its luxury projects in the city. Finland’s
Kone Corporation will provide 16 KONE
Minispace DX elevators with a top speed
of 10 m/s, alongside KONE UltraRope
super-light hoisting technology for Burj
Binghatti Jacob & Co Residences. This
100-storey building, located in Business
Bay, is set to become the world’s tallest
residential structure upon completion
in 2027. The main contractor for the
project is Granada Europe Engineering
Construction, with architectural design
by Silver Stone Engineering Consultants.
Additionally, Austrian formwork and
scaffolding company Doka will supply
solutions for four Binghatti projects,
including Burj Binghatti Jacob & Co
Residences, One by Binghatti, Mercedes-Benz
Places by Binghatti, and
Bugatti Residences by Binghatti.
UAE’s ADNOC Gas
Appoints New CEO to
Lead Future Growth
UAE’s ADNOC Gas has appointed
Fatema Al Nuaimi as its new
CEO, effective January 1, to
drive the company’s growth and decarbonisation
strategy. Al Nuaimi, who
previously served as CEO of ADNOC
LNG from 2019 to 2022, took over after
the resignation of Ahmed Alebri. Prior
to her new role, she was the executive
vice president of downstream business
management at ADNOC. Al Nuaimi also
has experience managing ADNOC’s gas
strategy and master planning unit. She
serves on the board of ADNOC Offshore
and is a director of Emirates General
Petroleum (Emarat) and the ADIPEC
executive steering committee. Additionally,
she chairs ADNOC’s Gender
Balance Committee. Alebri will assume
the CEO role at ADNOC Sour Gas in
January 2025.
Space42 Bags $5.1B Satellite Services Contract
from the UAE Government
Space42, the AI-powered spaceTech
company, has signed a significant
AED 18.7 billion ($5.1 billion)
contract with the UAE government to
deliver critical and secure communication
services for an additional 17 years,
extending beyond 2026. The company
will utilise the existing Al Yah 1 and Al
Yah 2 satellites to provide these services,
while also launching two new advanced
satellites, Al Yah 4 and Al Yah 5, in 2027
and 2028. The contract also includes
The UAE’s ADNH Catering PLC
has signed an agreement to
increase its stake to 50% in its
Saudi joint venture, Compass Arabia.
ADNH Catering, which listed on the
Abu Dhabi Securities Exchange earlier
this year following an IPO, currently
holds a 30% stake in Compass Arabia,
established in 2012. The transaction,
expected to conclude in Q1 2025, will
grant ADNH Catering a controlling stake,
advanced payments of AED 3.7 billion,
earmarked for the development of Al
Yah 4 and Al Yah 5, which will enhance
governmental communications across
the Middle East, Africa, Europe, and
Asia. The total development cost of the
new satellites is expected to be nearly
AED 3.9 billion. This strategic move
follows the October merger of Bayanat
and Al Yah Satellite Communications
Company (Yahsat), forming Space42.
UAE’s ADNH Catering to Raise Stake in Saudi JV
to 50%
with Al-Rushaid Petroleum Investment
Company retaining the remaining 50%
equity. “We are seeking to build out
from our market-leading position in
the UAE to expand ADNH Catering
Group’s operations across various
business segments and provinces in
the kingdom, including Riyadh,” said
Clive Cowley, CEO of ADNH Catering
Group. The JV will be rebranded as
Compass fully exits.
66 www.thefinanceworld.com Jan 2025
India’s Imports from the UAE Surged by 109% in November
India witnessed a substantial rise
in imports from the UAE in November,
soaring by 109.57% yearon-year
to $6.12 billion, as per the
Commerce Ministry. Simultaneously,
exports from India to the UAE grew
by 11.38% to $3 billion, resulting in a
trade deficit exceeding $3 billion. This
growth underscores the strengthening
economic partnership between the
two nations, driven by the India-UAE
UAE Payments Revenue
to Hit $27.3B by
2028
The UAE’s payments sector is on
track for substantial growth,
with revenues projected to
reach $27.3 billion by 2028, according
to the Global Payments Report 2024
by Boston Consulting Group (BCG).
Despite a global slowdown, the UAE
leads the GCC region, benefiting from
its rapid digital transformation and
financial sector investments. While
global payments revenue is expected
to slow to a 5% CAGR by 2028, down
from 9% over the past five years,
regions like the Middle East will see
stronger growth. The Middle East,
driven by emerging market digital
payments, is forecasted to achieve a
7% CAGR. This positions the UAE as
a hub of innovation and resilience,
outperforming global trends and
fostering regional leadership in the
payments industry.
Comprehensive Economic Partnership
Agreement (CEPA), which came into
effect in May 2022. Between April and
November 2024, cumulative imports
from the UAE surged 60.84% to $44.76
billion, up from $27.83 billion in the
previous year, while exports rose by
15.25% to $23.94 billion, compared to
$20.77 billion during the same period
last year. This reflects improved market
access under CEPA.
UAE Corporate Tax Hike Boosts Multinational Shift
to Free Zones
The UAE’s decision to hike corporate
tax is expected to drive
multinationals and major corporations
to relocate or expand within
the country’s economic free zones.
Experts anticipate that companies will
leverage tax refund provisions, particularly
for research and development
(R&D) activities, to maximise benefits.
Starting January 1, 2025, the UAE will
raise the Domestic Minimum Top-up Tax
(DMTT) to 15 percent from the current
9% for multinational firms earning EUR
750 million (AED 3 billion) or more
in global revenues. The new proposal
includes refundable tax credits for
R&D activities (30-50%) and high-value
roles, such as C-suite executives, to
help offset tax burdens. Companies
within free zones will maintain their
tax-exempt status, further boosting
the appeal of these areas.
Hamdan Bin Mohammed Appoints New CEOs for
Dubai CDA
H.H. Sheikh Hamdan bin Mohammed
bin Rashid Al Maktoum,
Crown Prince of Dubai, Deputy
Prime Minister, Minister of Defence,
and Chairman of the Dubai Executive
Council, has issued executive decisions
appointing new CEOs at the Community
Development Authority (CDA) in Dubai.
The appointments align with the emirate’s
commitment to strengthening leadership
and advancing social development initiatives
for a progressive and inclusive future.
Under Executive Council Decision No.
103 of 2024, Huraiz Almur Bin Huraiz has
been appointed CEO of the Regulation
and Social Services Sector, focusing on
policies to ensure residents’ well-being.
Saeed Ahmed Thani Al Tayer, appointed
CEO of the Social Development Sector
under Decision No. 104 of 2024, will lead
initiatives to enhance social inclusivity
and improve quality of life across Dubai.
Jan 2025 www.thefinanceworld.com 67
Business
Source: Ai generated
Boosting SMEs through government-led growth opportunities for a brighter future.
UAE Small
and Medium
Enterprises Sector
Set for Major Boost
The UAE’s SME Sector is Poised for
Significant Growth with Supportive
Government Policies.
The small and medium enterprises (SME)
sector in the United Arab Emirates is
poised for considerable expansion, bolstered
by various governmental initiatives
and a supportive business climate. Essential
policies, including the UAE National
Program for Small and Medium
Enterprises, tax incentives, and enhanced
access to financing, are designed to stimulate
entrepreneurship and foster innovation.
Furthermore, the government’s
commitment to economic diversification
beyond the oil sector promotes a more
favourable environment for small businesses.
Consequently, these initiatives are
anticipated to establish SMEs as a significant
contributor to economic growth,
employment generation, and sustainability
in the forthcoming years.
68 www.thefinanceworld.com Jan 2025
The UAE government has launched
several initiatives specifically designed
to support SMEs. The UAE
National Program for Small and Medium
Enterprises is a key initiative that aims to
empower entrepreneurs through access
to financing, tax relief, and streamlined
business registration processes. Additionally,
the SME Empowerment Program
offers a wide range of support services,
including advisory, technical assistance,
and financial backing, to help businesses
scale successfully.
Among these measures is the One-Stop-
Shop initiative, which simplifies business
registration, reducing both time and
costs for entrepreneurs. This move has
encouraged the entry of new businesses
and made it easier for existing ones to
expand. The Dubai SME programme is
another example of government efforts
to streamline the establishment and
operation of SMEs, allowing them to
quickly access the necessary resources
for growth.
Access to Capital and Funding
Opportunities
Access to capital remains a critical
challenge for SMEs globally, but the
UAE is addressing this with a variety
of funding initiatives. The Abu Dhabi
SME Fund and Dubai SME Development
Fund offer financial resources to small
businesses, particularly in sectors like
technology, manufacturing, and retail.
These funds provide SMEs with grants,
loans, and equity investments, supporting
them through various stages of their
development.
The rise of venture capital (VC) and
private equity (PE) investments in the
UAE has opened additional avenues
for start-ups to secure funding. These
investors are focusing on sectors such
as FinTech, healthcare, and clean energy,
providing much-needed capital to
innovative businesses. Moreover, angel
investors and crowdfunding platforms
are growing in popularity, enabling SMEs
to access funding outside traditional
financial channels. These platforms are
particularly beneficial for tech-based
start-ups, helping them connect with a
global pool of investors and raise capital
more easily.
Digital Transformation and Technological
Innovation
The UAE is positioning itself as a global
leader in digital innovation, and SMEs are
central to this vision. The government
has introduced several initiatives aimed
at accelerating digital transformation.
Through the Smart City Program and the
Dubai Blockchain Strategy, the government
is encouraging businesses to integrate
emerging technologies, such as artificial
intelligence (AI), blockchain, and cloud
computing, into their operations. These
initiatives help SMEs streamline operations,
improve customer experiences,
and enhance their competitive edge on
a global scale.
The Digital Dubai Strategy further
supports this transformation, providing
SMEs with access to digital infrastructure
and tools to digitise services and expand
their reach. The government’s efforts
to foster innovation and streamline
digital services have created a business
environment that enables SMEs to grow
and scale rapidly. With initiatives such
as Dubai Internet City and Dubai Silicon
Oasis, SMEs can benefit from a thriving
technological ecosystem that supports
rapid development and internationalisation.
Focus on Sustainability and Green
Economy
Sustainability is central to the UAE’s
economic diversification, offering SMEs
opportunities to capitalise on the growing
demand for clean energy and eco-friendly
solutions. Government initiatives like
the Green Economy for Sustainable
Development and the UAE Green Fund
provide financial incentives to businesses
focusing on green technologies. SMEs in
sectors such as construction, manufacturing,
and energy are well-positioned
to enhance their competitiveness by
adopting green practices while contributing
to the nation’s environmental goals.
Additionally, the UAE’s commitment to
renewable energy projects, such as the
Mohamed bin Rashid Al Maktoum Solar
Park, creates a robust market for clean
energy innovations. By aligning with
sustainability objectives, SMEs can not
only access new growth avenues but
also strengthen their brand reputation as
environmentally conscious businesses.
This shift towards sustainability offers
long-term economic resilience and positions
SMEs as key players in the UAE’s
green transition.
Looking Ahead: The Future of SMEs
in the UAE
The UAE’s commitment to supporting the
SME sector is evident in its numerous
SMEs today represent
94 per cent of the total
companies and institutions
operating in the country
and contribute more than
50 per cent to the country’s
GDP.
His Excellency Dr. Ahmed Belhoul Al
Falasi,
Minister of State for Entrepreneurship and
Small and Medium Enterprises
policies, funding opportunities, government
led initiatives, and digital transformation
strategies. As the country continues to
diversify its economy, SMEs are expected
to play an even more significant role in
driving economic development and job
creation. The government’s strong focus
on innovation, sustainability, and digitalisation
will likely see SMEs in the UAE
flourish, particularly in technology, clean
energy, and renewable energy sectors.
With further advancements in digital
infrastructure and a growing pool of investment,
the UAE will remain a competitive
environment for SMEs looking to scale.
The ongoing push for innovation, coupled
with supportive government policies,
ensures that small and medium-sized
businesses will continue to drive the
UAE’s economic diversification.
Jan 2025 www.thefinanceworld.com 69
Funding & Investment News
Franklin Templeton
Launches FTIFF
Franklin India Fund in
the UAE
Franklin Templeton has expanded
its Dubai International Financial
Centre (DIFC) fund range by
launching the FTIFF Franklin India Fund
for the UAE onshore retail market. The
new fund, part of the Franklin Templeton
Investments Feeder Funds (FTIFF)
series, offers UAE retail investors the
opportunity to tap into India’s positive
growth potential. Amar Mehta, Head of
Retail, Gulf, Eastern Mediterranean &
Africa, Franklin Templeton, expressed
excitement about providing investors
with more choices. The firm continues to
assess local market trends and investor
preferences to enhance its offerings.
This move follows the firm’s July 2024
announcement of becoming one of the
first global asset management firms to
offer feeder funds in the UAE, providing
access to a range of international
investment strategies.
Revibe Secures $7M
in Series A Funding to
Expand Sustainable
Tech Marketplace
UAE-founded Revibe, a leading
marketplace for refurbished
electronics, has raised $7M
in Series A funding co-led by ISAI
and Resonance, with participation
from investors like Kima Ventures and
footballer Edouard Mendy. This round
follows last year’s $2.3M seed funding,
positioning Revibe as a major player
in the MENA region’s $6B refurbished
electronics market. Co-founder Abdessamad
Benzakour noted that the
pre-loved tech market is set to reach
$20B in the next decade, driven by
government initiatives, sustainability
trends, and cost-conscious consumers.
Revibe, launched in 2022, has expanded
from smartphones and laptops to gaming
devices and smartwatches, selling
over 80,000 refurbished devices and
saving 4 million kg of CO2 emissions
and 960 million litres of water. Revibe
is providing affordable tech solutions
while reducing electronic waste.
UAE Hodler Investments Joins Forces with
Vertical Data
UAE-based Hodler Investments,
a company with a portfolio
spanning energy assets, AI, and
digital asset mining startups such as
PermianChain, Brox Equity, and NEX-
GEN, has partnered with Vertical Data,
known for its advanced infrastructure
designs that improve computing capabilities
at the data generation source.
Through this collaboration, Vertical
Data will offer its GPUaaS “solution in
a box” across the UAE and the wider
Middle East & North Africa (MENA)
region, working alongside Permian-
Chain, a Hodler subsidiary. The partnership
focuses on advancing modular,
portable data centre solutions to drive
faster, secure, and efficient AI-driven
computing. This alliance is crucial as
AI is expected to contribute up to 9%
of GCC GDP by 2030, with the Middle
East data centre market projected to
grow significantly by 2029.
BuyAnyAutoPart Raises $750,000 in Pre-Seed
Funding
BuyAnyAutoPart, a UAE-based
B2B used car part aggregator,
has secured $750,000 in pre-seed
funding. Investors in the startup include
Galadari Brothers, the exclusive dealer
for Mazda in the UAE, and 6G Capital,
the family office of the Allana Group.
The company focuses on sourcing
and supplying used car parts to multibrand
regional workshops. The newly
acquired capital will finalize contracts
with some of the UAE’s largest workshops
and expand services to small
and medium-sized garages nationwide.
CEO Zarir Saifuddin expressed the
company’s ambition to become the
largest used car part supplier in the
UAE, with plans to extend its reach
to the GCC, Middle East, Central Asia,
Russia, and parts of Europe.
UAE and China Explore Economic Ties in Key
Sectors
The UAE-China Joint Investment
and Economic Cooperation
Working Group held its inaugural
meeting to strengthen economic
ties and foster investment growth
between the two nations. The discussions
focused on key sectors such as
the new economy, entrepreneurship,
tourism, aviation, and logistics. The
meeting was chaired by H.E. Abdullah
Ahmed Al Saleh, UAE Under-Secretary
of the Ministry of Economy, and
H.E. Ling Ji, China’s Vice Minister of
Commerce, with participation from
senior officials, including H.E. Ou
Boqian, Chinese Consul General in
the UAE. H.E. Al Saleh highlighted
the strategic and long-standing Emirati-Chinese
relations, underpinned by
the vision of their respective leaders.
He emphasised the meeting’s role in
building mutual trust, exploring new
opportunities, and enhancing the
competitive investment environment
to drive sustainable economic growth
for both countries.
70 www.thefinanceworld.com Jan 2025
UAE’s ADIA Sells Stake in UK’s Liverpool ONE
A
unit of the Abu Dhabi Investment
Authority (ADIA) and UK property
firm Grosvenor have sold a
combined 92% stake in Liverpool ONE
shopping centre to Landsec for $622M.
ADIA, the majority shareholder, sold a
69% stake, while Grosvenor offloaded
23%. Although payout details remain
undisclosed, Landsec confirmed that
$44.4M to ADIA is deferred for two years.
The deal includes performance-related
overage provisions, specifics of which
were not revealed. This sale follows
earlier reports of ADIA withdrawing
from a $444M agreement. Landsec
expects a 7.5% income return on its
$578M initial outlay, financed through
proceeds from non-core sales. Grosvenor
plans to reinvest its share of the
proceeds.
Wio and Lunate Team Up for Automated ETF
Purchases
UAE investors can now make
automated ETF investments
and access innovative funds
across 10 stock markets, thanks to a
new collaboration between Wio Invest
and Lunate. This partnership enables
Wio Invest to offer recurring orders for
Lunate Chimera ETFs, making it the first
UAE broker to provide such a service.
Exchange Traded Funds (ETFs) are
a simple way to invest in pre-defined
baskets of bonds, stocks, or commodities,
giving investors exposure to
various markets. With recurring orders,
users can automate their purchases of
Lunate Chimera ETFs in UAE Dirhams,
fostering consistent investing habits
for both seasoned and new investors.
The Chimera ETF suite provides access
to local, regional, and global markets.
Marwan Binhashim, General Manager
of Wio Securities, highlighted the milestone
of empowering investors with
diversified, innovative tools.
UAE Space Industry Surpasses $10.9B in Investments
The UAE’s space sector has
reached new heights, with investments
exceeding AED 40B
($10.9B). Spearheading missions to the
moon, Mars, and the asteroid belt, the
UAE demonstrates its dedication to
innovation, scientific exploration, and
public-private collaboration. Chairing
the inaugural Supreme Space Council
meeting, His Highness Sheikh Hamdan
bin Mohammed bin Rashid Al
Maktoum, Crown Prince of Dubai,
reviewed the sector’s economic milestones,
solidifying the UAE’s leadership
in space exploration. The UAE
further made history as the first nation
to launch a mission to the asteroid
belt while contributing to NASA’s Artemis
programme. Strategies to boost
economic opportunities were also discussed,
including updates on the UAE
Astronaut Programme, Lunar Gateway,
and the Space Economic Zones Programme,
which now supports over 200
private companies.
Dubai Real Estate Adopts
Fractional Investment
Model
Tokinvest DMCC, a Dubai-based
real estate tokenization company,
has partnered with YallaValue,
an innovative property valuation
platform, to revolutionize property
investment. The collaboration aims
to offer smarter, more transparent
investment opportunities in tokenized
real estate. YallaValue’s real-time, independent
property valuations, powered
by smart contracts and decentralized
applications, ensure accurate and
transparent data for investors. This
technology will be integrated into
Tokinvest’s real-world asset (RWA)
tokenized products, enabling fractional
ownership of premium properties.
“Real estate tokenization is a perfect
use case for us,” said Jack Sellers,
Founder and CEO of YallaValue. The
partnership opens up Dubai’s lucrative
real estate market to a broader
audience, eliminating financial and
administrative barriers.
Jan 2025 www.thefinanceworld.com 71
Corporate Tax
Source: Ai generated
The UAE aligns with global tax standards, ensuring growth through strategic incentives.
15 Percent
Domestic
Minimum Tax for
Multinationals
The UAE Adopts OECD’s Pillar Two
Framework with a 15 Percent Minimum Tax
and New Incentives for Growth.
There has been a surge of developments in
the Middle East regarding tax reforms, for
large multinational corporations operating
within the GCC. All six GCC nations are
members of the OECD Inclusive Framework,
this move is in line with global
standards. The implementation of the 15
percent Global Minimum Tax under the
Pillar 2 rules is underway. On 9th December
2024, the UAE Ministry of Finance
confirmed the introduction of a Domestic
Minimum Top-up Tax (DMTT) at a rate
of 15 percent. This tax will apply to large
multinational groups with consolidated
revenues exceeding EUR 750 million and
operations in multiple jurisdictions. The
DMTT is set to be effective from 1st January
2025, aligning with global efforts to
ensure fair taxation.
72 www.thefinanceworld.com Jan 2025
Analysts suggest that the UAE’s
introduction of a 15 per cent tax
on large multinational companies
did not take corporates by surprise.
While there may be short-term effects
on profits, experts believe it provides
businesses with the certainty needed for
effective long-term planning.
The Ministry of Finance announced
that the Domestic Minimum Top-up Tax
(DMTT) will be implemented from January
1. The tax will apply to multinational
corporations with consolidated global
revenue of at least €750 million ($793
million) in two of the four financial years
immediately preceding the financial year
in which the tax is enforced.
Vishal Sharma, Managing Director
and UAE Tax Practice Leader at Alvarez
& Marsal, stated: “Taxpayers impacted
by the new regulations were already
aware of these changes due to global
developments under the OECD Pillar
Two framework and the UAE’s public
consultation on Pillar Two. Many have
already started analysing the implications
of these rules for their group, including
the potential tax burden and compliance
requirements.”
Impact On Profit
In the short term, businesses accustomed
to the UAE’s comparatively lower taxes
will inevitably see an effect on profitability
under a higher tax regime, stated Bal
Krishen, Chairman of Century Group.
However, companies operating within
the country’s free zones will continue to
enjoy their tax-exempt status. Despite the
introduction of a 15 per cent tax rate, the
UAE remains a competitive business hub
when compared to nations such as the
UK and Saudi Arabia, where corporate
tax rates are 25 per cent and 20 per cent,
respectively, he explained.
In the short term, businesses accustomed
to the UAE’s comparatively lower
taxes may experience some effects on
profitability under the new tax regime,
as explained by Bal Krishen, Chairman
of Century Group. However, companies
operating within the UAE’s free zones will
continue to benefit from their tax-exempt
status. Despite the 15 percent tax rate,
the UAE remains a competitive business
hub, particularly when compared to
countries like the UK and Saudi Arabia,
which have corporate tax rates of 25%
and 20%, respectively.
The introduction of the 15 percent
minimum tax aligns the UAE with
The introduction of the
Domestic Minimum Topup
Tax is a critical step in
aligning with international
tax standards, ensuring the
UAE remains a competitive
and transparent business
environment.
His Excellency Younis Haji Al Khoori,
Undersecretary of the Ministry of Finance,
UAE.
international tax standards, and eligible
businesses are urged to implement the
Pillar Two rules effectively. Companies
are advised to allocate budgets towards
investing in technology and transformation
to meet the compliance challenges
posed by the new framework. The UAE’s
proactive approach in this regard helps
businesses prepare for the future while
maintaining the country’s appeal as a
leading global business hub.
OECD’s Reforms
The OECD’s Pillar Two reform initiative
established a global minimum corporate
tax to ensure that large multinational
companies pay at least 15 per cent tax
on their profits in every country where
they conduct business.
According to the OECD, the global
minimum tax, based on the Global Anti-Base
Erosion (Globe) Model Rules,
seeks to reduce profit-shifting incentives
and set a baseline for tax competition.
This effectively curtails the race to the
bottom regarding corporate tax rates.
More than 140 jurisdictions have
committed to the reform programme,
which was introduced in October 2021.
As of May, the OECD reported that the
global minimum tax is already in force
across more than 30 jurisdictions, with
many others planning to adopt the Globe
rules within the next year.
R&D Tax Incentive In The Pipeline
To support sustainable development,
innovation, and investment, the Ministry
of Finance is exploring the introduction
of new Corporate Tax Incentives.
A tax incentive for research and development
(R&D) is under consideration
to stimulate R&D activities, driving
innovation and economic advancement
in the UAE. This proposal follows public
consultations held in April 2024, and
it is anticipated to come into effect
for tax periods beginning on or after 1
January 2026.
The proposed R&D tax incentive will
be based on expenditure, providing a tax
credit of 30-50 per cent, which may be
refundable depending on the business’s
revenue and workforce size in the UAE.
Eligible R&D activities will adhere to
the OECD’s Frascati Manual guidelines
and must be carried out within the UAE.
Tax Credit For High-Value Employment
Activities
A refundable tax credit for high-value
employment activities is also under consideration.
The objective is to incentivise
businesses to undertake activities that
provide substantial economic advantages,
drive innovation, and strengthen the
UAE’s position in global markets.
This tax credit is scheduled to come
into effect on 2 January 2025 and will be
calculated as a percentage of qualifying
salary expenses for employees involved
in high-value roles. These roles include
C-suite executives and senior professionals
responsible for core business
operations that significantly contribute
to the UAE economy.
The final structure and implementation
of these proposed incentives will depend
on legislative approval.
In conclusion, the UAE’s evolving tax
landscape, including the introduction of
the 15 per cent tax on large multinational
corporations and proposed incentives
for R&D and high-value employment,
reflects a strategic approach to align
with global standards while fostering
long-term economic growth.
Jan 2025 www.thefinanceworld.com 73
Sports News
Dubai Marathon 2025 to Return with World-Class Athletes
The Dubai Marathon is set to
return on January 12, with an
impressive field of world-class
athletes, including former World Marathon
Champion Lelisa Desisa. The
34-year-old Ethiopian, who set a personal
best of 2.04:45 when he won the 2013
Dubai Marathon, is returning to the
event after several years focused on
business and family matters. His 2013
UAE Shine at IFBB World
Fitness Championships
& Men’s World Cup
The United Arab Emirates bodybuilding
team has made a significant
impact at the ongoing
International Fitness and Bodybuilding
Federation (IFBB) World Fitness Championships
& Men’s World Cup in Tokyo.
The team showcased exceptional skill
and determination, securing an impressive
haul of 11 medals. This includes
four gold, one silver, and six bronze,
highlighting the UAE’s growing presence
in the international bodybuilding
arena. Their remarkable performance
not only underscores the talent of the
UAE’s bodybuilders but also reflects
their dedication to the sport. This
achievement is a testament to the hard
work and commitment of the athletes,
further solidifying the UAE’s position
on the global bodybuilding stage.
victory was a breakthrough moment,
placing him firmly on the world stage
and propelling him to later triumphs at
the Boston and New York Marathons,
as well as securing a gold at the 2019
World Marathon Championship in
Doha. Desisa’s international opportunities
were limited during the global
pandemic, which led him to focus on
establishing a business in Ethiopia.
XRG Named Co-Title Partner, Official Energy
Partner of UAE Team Emirates
UAE Team Emirates, the UCI
World Tour’s No. 1 ranked cycling
team, has announced a
six-year partnership with XRG, an
international energy and chemicals
investment company focused on transforming
global energy systems. From the
2025 season, the team will be renamed
UAE Team Emirates XRG, with XRG
serving as Co-Title Partner and Official
Energy Partner. Committed to achieving
net zero by 2030, the partnership
will optimise team travel logistics and
adopt energy-efficient technologies.
Dr. Sultan Ahmed Al Jaber, Minister
of Industry and Advanced Technology
and Executive Chairman of XRG, stated,
“XRG is proud to partner with the
No.1 UCI World Tour team, reflecting
our commitment to pioneering sustainable
solutions that meet global energy
demands while delivering long-term
value and positive impact.”
Khaled bin Mohamed bin Zayed Attends Jiu-
Jitsu Championship Final
H.H. Sheikh Khaled bin Mohamed
bin Zayed Al Nahyan,
Crown Prince of Abu Dhabi and
Chairman of the Abu Dhabi Executive
Council, attended the final round of the
2024 Khaled bin Mohamed bin Zayed
Jiu-Jitsu Championship at Mubadala
Arena in Abu Dhabi. He presented
trophies to Al Ain Sports Club (Gi
category) and Sharjah Mixed Martial
Arts Club (No-Gi category), recognising
their outstanding performances. The
championship, spanning five rounds
across various emirates, showcased
exceptional competitive spirit. Sheikh
Khaled praised sponsors for supporting
Emirati sports talent and emphasised
the event’s role in nurturing young
athletes, enhancing their skills, and
contributing to the national team’s
success, positioning jiu-jitsu as a key
sport in the UAE.
74 www.thefinanceworld.com Jan 2025
Sixth Edition ADNOC Abu Dhabi Marathon 2024 Returns
The ADNOC Abu Dhabi Marathon
took place on 14 December, attracting
over 33,000 participants,
including elite international athletes,
professionals, and community runners.
Organised by the Abu Dhabi Sports
Council and ADNOC, the sixth edition
was the largest community sports
event on the Abu Dhabi waterfront. The
marathon aimed to enhance the UAE’s
global sports presence, promote health,
and encourage an active lifestyle. The
42.195 km race started at 6:00 am from
ADNOC Headquarters on Corniche
Road, passing iconic landmarks like
the Sheikh Zayed Grand Mosque and
Qasr Al Hosn, ending at the ADNOC
Campus near Baynunah Public Park.
Additional races included a 10 km, 5
km, and 2.5 km run, reinforcing the
organisers’ commitment to promoting
healthier lifestyles and addressing health
challenges in the community.
Arabian Horses Key
to Arab Heritage says
Zayed bin Hamad
Sheikh Zayed bin Hamad Al
Nahyan, Vice Chairman of the
Emirates Arabian Horse Society,
emphasised that Arabian horses
are an integral part of Arab history
and heritage, playing a vital role in
social and economic life throughout
the ages. His remarks were made at
the 7th International Arabian Horse
Championship in Riyadh, held under
the patronage of King Salman bin
Abdulaziz Al Saud of Saudi Arabia.
Sheikh Zayed praised the championship’s
organisation by the King
Abdulaziz Arabian Horse Centre. The
event was attended by notable figures,
including Prince Faisal bin Bandar bin
Abdulaziz Al Saud, Governor of Riyadh
Region; Prince Abdulaziz bin Ahmed Al
Saud, President of the Arabian Horse
Organisation; and other distinguished
officials, including Mohamed Ahmed
Al Harbi, Director-General of the Emirates
Arabian Horse Society.
UAE Joins IFHA Horse Welfare Committee
The Executive Council of the
Asian Racing Federation (ARF)
has selected the UAE to represent
the Federation in the Horse
Welfare Committee of the International
Federation of Horseracing Authorities
(IFHA). This decision was made during
the ARF Executive Council meeting in
Hong Kong, where the UAE delegation
was led by Mohammad Saeed Al
Shehhi, General Manager and Board
Member of the Emirates Racing Authority
and Vice-Chair of the ARF.
The meeting focused on enhancing
horse welfare and safety practices,
improving race organisation standards
A
total of 2,200 swimmers from 93
nationalities are competing in the
OCEANMAN World Final Championship
Dubai, which began on Saturday
and continues until December 15. Organisers
noted that this year’s finals are the
largest in the global championship series,
with participants having competed in 26
tournaments across 23 countries since the
start of the year. The competition began
across Asia, and developing racing
infrastructure. It also emphasised increasing
cooperation among members
to achieve sustainable goals, ensuring
the continued growth and development
of horseracing in the region.
2200 Swimmers Compete in OCEANMAN World
Final Championship in Dubai
with the 500-metre Ocean Kids event,
followed by the 2 km sprint and the 3.5
km team races. The championship will
conclude with professional races over 5
and 10 kilometres, showcasing the skills
of elite swimmers from around the world.
The event highlights Dubai’s growing
prominence in international sports and
its commitment to promoting aquatic
sports on a global scale.
Jan 2025 www.thefinanceworld.com 75
Insurance
Source: Ai generated
The UAE insurance market is poised for significant growth and transformation.
UAE’s
Insurance
Markets Set To
Thrive in 2025
Robust Growth, Digital Innovation, and
Regulatory Support are Shaping the Future
of UAE’s Insurance Sector.
The UAE’s insurance market is set for
accelerated growth in 2025, underpinned
by regulatory advancements, rising demand
for health and life insurance, and
rapid digital transformation. Mandatory
health insurance policies, expanding to
cover all workers, are enhancing access
and driving premium growth. Economic
resilience and investment in insurtech are
helping insurers navigate challenges such
as climate-related risks, exemplified by
the April 2024 floods. Additionally, the
market is addressing rising healthcare
costs, increasing reinsurance rates, and
emerging cyber threats. By embracing
AI, data-driven solutions, and customer-centric
strategies, insurers are fostering
operational efficiency and positioning the
sector for sustainable long-term success.
76 www.thefinanceworld.com Jan 2025
The UAE Central Bank continues
to play a key role in strengthening
market stability and fostering
growth within the insurance sector. A
significant regulatory advancement, the
extension of compulsory employer-funded
health insurance starting January 2025,
mandates coverage for domestic workers
across all emirates. This initiative aims
to enhance healthcare accessibility for
employees while significantly boosting
the demand for health insurance policies.
It is expected to drive premium growth
across the sector, reinforcing the UAE’s
commitment to employee welfare and
insurance inclusivity. These measures
not only foster sustainable growth but
also position the market for enhanced
resilience and long-term success.
Regulatory frameworks in the UAE
are evolving to ensure robust financial
stability and consumer protection. Recent
oversight actions by the UAE Central
Bank have focused on addressing insurers’
capital adequacy, reinforcing their
ability to meet obligations amid rising
claims and economic pressures. These
measures create a more competitive and
transparent market, safeguarding policyholders
while fostering industry trust.
The UAE’s insurance
industry is at the forefront
of innovation and
resilience, balancing
growth with stability.
Avinash Babur,
CEO of InsuranceMarket.ae
Growth Drivers and Market Performance
The UAE insurance industry demonstrated
remarkable resilience in 2023, with total
premiums reaching AED 42.4B, reflecting
a robust 19% year-on-year growth.
This surge highlights strong demand
across key segments, including motor,
health, and life insurance. The general
insurance sector remains a significant
driver, supported by rising urbanisation,
large-scale infrastructure developments,
and increasing consumer awareness of
insurance benefits. Property insurance, in
particular, experienced notable growth as
climate-related risks, such as the severe
April 2024 floods, underscored the need
for robust coverage. This momentum
reflects the market’s adaptability and its
capacity to address evolving risks while
sustaining consistent growth.
Life insurance in the UAE is experiencing
significant momentum, driven
by the country’s expanding expatriate
population and growing awareness of
financial planning. With a large proportion
of residents seeking long-term
financial security, insurers are responding
with innovative savings and protection
products tailored to meet diverse individual
needs. These products combine
investment benefits with life coverage,
appealing to families and professionals
alike. As financial literacy improves,
there is a rising demand for customised
solutions that ensure future stability and
wealth preservation.
Technology and Digital Transformation
Digital innovation is transforming the
UAE’s insurance industry, enabling greater
efficiency and customer-centric solutions.
Insurers are increasingly adopting AI,
machine learning, and data analytics
to optimise underwriting, streamline
claims processing, and enhance customer
engagement. AI-driven risk assessments
improve accuracy and allow insurers
to offer competitive premiums while
reducing operational costs. Additionally,
InsurTech platforms and mobile
applications are simplifying processes,
giving policyholders seamless access
to quotes, claims tracking, and policy
management.
Leading insurers like ADNIC and Sukoon
Insurance are embracing digital-first
strategies to maintain a competitive edge
in the evolving UAE insurance market.
By leveraging AI tools, mobile applications,
and advanced data analytics,
these companies are enhancing customer
experiences and catering to the growing
demands of a tech-savvy consumer base.
InsurTech adoption is expected to drive
a significant share of market growth by
2025, offering innovative solutions like
streamlined claims processing, personalised
policy recommendations, and
real-time service accessibility.
Challenges and Risks in the Sector
Despite its promising growth prospects,
the UAE insurance industry faces several
challenges that demand strategic
attention. Healthcare inflation remains a
significant concern, with rising medical
costs putting pressure on premiums and
squeezing insurer margins. This trend is
compounded by increasing reinsurance
rates, driven by global climate events,
which are affecting profitability across
the sector. Insurers must adapt to these
pressures by finding ways to balance cost
management and maintain competitive
premiums while ensuring customer satisfaction.
Furthermore, market players are
exploring innovative risk management
strategies to mitigate the impact of these
rising costs on both their operations and
policyholders.
Climate change presents significant
long-term risks to the UAE insurance
market, with severe floods and natural
disasters testing insurers’ ability to
manage claims and maintain resilience.
The devastating floods in April 2024
are a prime example, highlighting the
growing frequency of extreme weather
events. Additionally, cyber risks are becoming
an increasing concern, with data
breaches and cyber-attacks threatening
both insurers and policyholders. This has
led to a growing demand for cybersecurity-focused
insurance products.
Strategic Opportunities Ahead in
the UAE
The future of the UAE insurance market
lies in its ability to embrace change and
innovation. Investments in insurtech, AI,
and digital platforms will play a critical
role in improving efficiency and customer
satisfaction. The integration of blockchain
for claims processing and AI-driven fraud
detection will further strengthen sector
resilience.
With strong regulatory backing and a
focus on delivering value to policyholders,
the sector is set to thrive, offering
opportunities for growth and long-term
resilience.
Jan 2025 www.thefinanceworld.com 77
Corporate Results
ADNOC L&S Plc
9M’2024 Net Profit: $576M
ADNOC Logistics and Services plc
(ADNOC L&S), a global leader in energy
maritime logistics, reported strong
financial results for Q3 and the first
nine months (9M) of 2024. Revenue for
9M 2024 surged 38% to $2.67B (AED
9.8B) compared to 9M 2023, while
EBITDA rose 37% to $867M (AED
3.18B), maintaining margins at 32%. Net
profit increased 27% to $576M (AED
2.12B), equating to $0.08 (AED 0.29)
per share. In Q3 2024, revenue climbed
32% year-on-year to $928M (AED 3.41B),
with EBITDA growing 26% to $275M
(AED 1.01B) and net profit rising 18%
to $175M (AED 643M). ADNOC L&S
continues its transformative growth
strategy, delivering on commitments
after its record-setting IPO, supported
by long-term contracted demand.
Etihad Airways
9M Net Profit: $381M
Abu Dhabi’s Etihad Airways reported a
66% increase in net profit for the first nine
months of 2024, driven by strong passenger
traffic growth. The airline achieved
a net profit of AED 1.4B ($381M) as of
September 30, compared to AED 814M in
the same period last year. Total revenue
rose 21% to AED 18.4B, supported by a
35% increase in passenger numbers to
13.6M. Etihad’s strategic expansion of
flights and new routes contributed significantly
to this growth. “This impressive
growth is driven by strong results
in both passenger and cargo revenues,”
said CEO Antonoaldo Neves. For Q3 2024,
the airline recorded a profit of AED 549M
and revenue of AED 6.7B, reinforcing its
robust financial performance and growth
trajectory.
First Abu Dhabi Bank
Q3 y/y Net Profit: AED 4.46B
First Abu Dhabi Bank (FAB), the UAE’s
largest lender by assets, surpassed
third-quarter profit expectations, driven
by increased client activity and a boost
in revenue from higher demand for
banking services. The bank reported
a 5% rise in net profit to AED 4.46B
($1.21B) for the three months ending
September 30, compared to AED 4.26B
in the same period last year. This result
exceeded analysts’ expectations,
which had projected a net profit of
AED 3.97B, according to LSEG data.
The strong performance highlights
FAB’s continued growth, driven by its
effective business strategies, innovative
offerings, and operational efficiencies.
With a well-diversified portfolio and a
strong capital position, FAB remains
well-equipped to navigate changing
market dynamics and capitalise on
new growth opportunities.
Dubai Islamic Bank
9M’24 Net Profit: AED 5.45B
Dubai Islamic Bank (DFM: DIB), the
UAE’s largest Islamic bank, reported
impressive financial results for the
period ending September 30, 2024.
The bank’s balance sheet expanded
to AED 329B, up 4.7% YTD, driven by
strong growth in total income, which
increased 17% YoY to AED 17B. Group
Pre-Tax Profit surged 23% YoY to
AED 6B, while Net Profit rose 13% to
AED 5.45B. Net financing and sukuk
investments climbed 7% YTD to AED
286B. Customer deposits grew to AED
237B, with CASA deposits reaching
38.1%. Fitch Ratings has upgraded the
bank’s Viability Rating (VR) to ‘bbb-’
from ‘bb+’, and the MSCI ESG Rating
improved to ‘A.’ Dubai Islamic Bank
remains well-capitalised, with a robust
LCR of 140.1% and a steady ROA of 2.3%.
Emirates NBD
Q3 y/y Net Profit: AED 5.2B
Emirates NBD, Dubai’s largest bank
by assets, reported a flat net profit of
AED 5.2B for Q3 2024, unchanged from
the same period in 2023. The bank’s
net interest income rose 8% to AED
8.5B, offset by a 15 percent decline
in non-funded income, which fell to
AED 3B. Despite a rise in impairment
charges and investments for future
growth, Emirates NBD missed analyst
expectations of AED 6B. Total assets
grew 14% year-on-year to AED 931B,
with gross loans up 6% at AED 508B.
Deposits also increased by 13%, reaching
AED 624B. Non-performing loans
improved to 3.9% from 4.6% last year.
The bank continues to focus on growing
non-funded income amid interest rate
expectations, as it anticipates potential
rate cuts later in the year.
Parkin
Q3 y/y Net Profit: AED 104.7M
Parkin Company PJSC (“Parkin”), the
largest provider of paid public parking
facilities in Dubai, has reported strong
operational and financial results for
the third quarter (“Q3”) and the nine
months (“9M”) ending 30 September
2024. For Q3, Parkin saw a 25% increase
in total revenues, reaching AED 239.2M.
EBITDA surged by 40% to AED 146.8M,
with margins expanding to 61%, up
from 54%. Despite the introduction
of a 9% corporate tax rate, net profit
rose by 5%, reaching AED 104.7M.
The company also expanded its operations
by adding approximately 4.3k
new parking spaces, increasing total
parking transactions by 16%, bringing
the total to 33.8 million. The average
public parking utilisation rate saw a
2.7 percentage point increase to 26.4%.
78 www.thefinanceworld.com Jan 2025
Aramex
9M’24 Net Profit: AED 76M
Aramex (DFM: ARMX), a leading global
logistics and transportation provider, announced
its financial results for Q3 and
9M of 2024. In Q3, the company reported
revenue of AED 1.59B, an 18% year-onyear
(YoY) increase, driven by consistent
volume gains across all product lines.
The GCC region contributed significantly,
posting a 21% YoY revenue growth
and accounting for 41% of total revenues.
MENAT saw a 33% YoY revenue increase,
while Oceania improved in both revenue
and profitability. Aramex’s product lines
showed double-digit revenue growth, led
by Domestic Express at 27%. Net profit
for Q3 2024 was AED 27M, reflecting a
177% YoY increase. For 9M 2024, net profit
stood at AED 76M, a 45% increase from
the previous year.
Aldar
9M’24 Net Profit: AED 24B
Aldar recorded strong development
sales of AED 24B in the first nine
months of 2024, up 24% YoY, driven
by robust demand for new launches
and inventory. Notable Q3 launches
include Verdes by Haven in Dubai,
The Arthouse on Saadiyat Island, and
Yas Riva, bringing total launches to
eight. Overseas and expat resident
customers accounted for 76% of UAE
sales, totalling AED 15.3B. The group’s
backlog reached a record AED 48.6B,
including AED 40.5B in the UAE. Aldar
strategically expanded its landbank,
with London Square acquiring 10 plots
in 2024. Investment revenue hit AED 5B,
a 24% YoY rise, while partnerships like
Mubadala add AED 30B in assets. With
AED 9.5B in free cash, Aldar remains
well-positioned for future growth.
Dubai Aerospace Enterprise
(DAE)
9M 2024: AED 180.8M
Dubai Aerospace Enterprise (DAE)
Ltd reported a strong net profit of
$310.8M for the nine months ending
September 30, 2024, reflecting a significant
54.9% increase compared to
the same period in the previous year.
This growth was driven by a 57% rise
in profit before tax, which reached
$326.6M, alongside a 3% increase in
total revenue to $1.02B. DAE’s pre-tax
profitability margins stood at 23%,
and the company achieved a pre-tax
return on equity of 11%. The company’s
liquidity remained exceptionally
strong, ending the quarter with $4.0B
and a Liquidity Coverage Ratio of 335%,
ensuring its financial stability. DAE’s
balance sheet management, alongside
strategic investments, contributed to
this positive performance.
Emirates Integrated
Telecommunications
Company PJSC (du)
Q3 y/y Net Profit: AED 719M
Emirates Integrated Telecommunications
Company PJSC (du) announced its
financial results for Q3 2024, showcasing
a remarkable 9.1% year-on-year topline
growth and a 16.9% rise in EBITDA. The
Q3 EBITDA margin reached a record
48.3%, the highest since inception. Net
profit for the quarter surged to AED
719M, marking the highest quarterly
profit in three years, while net profit
for the first nine months grew by 49.7%.
This stellar performance reflects strong
commercial momentum, effective
strategy execution, and efficient cost
management. Du’s expansion beyond
telecom services includes significant
milestones in its connectivity business.
The company continues to evolve into
a leading Telecom and Digital Services
Provider, with a global partnership with
Orange for digital innovation.
International Holding
Company
9M’24 Net Profit: AED 18.0B
International Holding Company (ADX:
IHC), a diversified Abu Dhabi-based
conglomerate, reported a strong profit
after tax of AED 18.0B for the nine
months ending 30 September 2024,
marking an 18.3% year-on-year increase.
Revenue surged to AED 64.0B,
a 49.4% rise, bolstered by significant
contributions from its Real Estate and
Construction segment. This was driven
by Aldar’s strong property sales, new
acquisitions, and the consolidation of
assets under Modon Holding. Additionally,
the Marine and Dredging segment
benefited from NMDC’s recent project
wins. IHC’s EBIT increased by 24.9% to
AED 21.8B, while total assets rose by
44.9% to AED 382.9B. Cash and bank
balance grew by 43.9% to AED 48.8B,
positioning IHC for sustained growth.
National Bank of Umm Al
Qaiwain
9M’24 Net Profit: AED 399.9M
National Bank of Umm Al Qaiwain
(NBQ) reported a net profit of AED
399.92M for the first nine months of
2024, marking a year-on-year (YoY)
increase from AED 385.46M in the
same period last year. Basic and diluted
earnings per share (EPS) increased
to AED 0.20, up from AED 0.19 in the
previous year. The bank’s total assets
grew significantly to AED 16.53B by
the end of September 2024, up from
AED 14.77B as of 31 December 2023.
In the third quarter (Q3) of 2024, NBQ
reported a net profit of AED 114.55M,
a decrease from AED 130.33M in Q3-
23. However, interest income in Q3-24
jumped to AED 224.13M, up from AED
196.23M in the same period last year.
Jan 2025 www.thefinanceworld.com 79
Retail
Source: Ai generated
Technology is enhancing retail experiences to streamline operations.
Retail Redefined:
Innovating the
Future of Shopping
Experiences
Technology is Reshaping the Retail Landscape,
Influencing Customer Experience and Driving
Operational Efficiency.
Retail is being redefined by an increasing
integration of advanced technologies
and rapidly evolving consumer expectations.
From artificial intelligence (AI)
and machine learning (ML) to augmented
reality (AR) and data analytics, the retail
landscape is undergoing a transformation
that prioritises personalised experiences,
operational efficiency, and customer
engagement. In this environment, traditional
retail models are being replaced by
more dynamic, omnichannel strategies
that blend the physical and digital worlds
seamlessly. Retailers are leveraging these
innovations to stay competitive, streamline
their operations, and meet the growing
demand for seamless, hyper-personalised
shopping experiences. This shift is shaping
the future of the industry.
80 www.thefinanceworld.com Jan 2025
AI is transforming the retail industry
by enhancing both customer experience
and operational efficiency.
Retailers leverage AI to analyse vast consumer
data, offering hyper-personalised
product recommendations and targeted
marketing campaigns. Machine learning
algorithms forecast demand and optimise
inventory management, reducing waste
and increasing profitability. AI-driven
chatbots and virtual assistants are also
improving customer service by offering
24/7 real-time support. Companies like
Amazon and Alibaba are setting the
benchmark for AI-driven personalisation,
with many others following suit by
integrating AI into their operations to
strengthen customer relationships and
stay competitive in the rapidly evolving
retail landscape.
Augmented reality (AR) is reshaping
the retail experience, offering interactive
and immersive shopping journeys that
bridge the gap between physical stores and
online platforms. Retailers are integrating
AR to enable customers to try on clothes
virtually or visualise how furniture would
look in their homes before purchasing.
This technology reduces uncertainty and
enhances consumer confidence, leading
to higher conversion rates. Brands like
IKEA and Gucci have pioneered the
use of AR to create more engaging and
convenient shopping experiences. AR is
becoming increasingly popular across
sectors, providing a more interactive and
satisfying way for customers to make
informed purchasing decisions while
shopping online or in-store.
Omnichannel Strategies in the Retail
Sector
As consumer preferences evolve, omnichannel
retail has become crucial for
staying competitive. Shoppers now expect
a seamless experience across various
touchpoints, whether online, in-store,
or through mobile apps. Retailers are
increasingly adopting integrated systems,
allowing customers to browse online
and purchase in-store, or vice versa.
This strategy enhances convenience,
offering flexibility in how customers
make purchases. The ability to access
a consistent and personalised shopping
experience across all channels fosters
greater customer loyalty. Furthermore,
omnichannel approaches help retailers
maintain brand consistency and improve
satisfaction, ultimately leading to higher
sales and better retention rates. As more
consumers embrace digital solutions,
businesses that successfully implement
omnichannel strategies will remain
well-positioned for growth.
The Role of Data in Retail Innovation
Data is at the core of modern retail, enabling
businesses to understand consumer
behaviour more effectively. By utilising
big data analytics, retailers can identify
purchasing patterns, predict future trends,
and personalise marketing strategies to
specific consumer segments. Real-time
data gives companies the ability to adapt
quickly, responding to changing demands
and preferences. From customised
shopping recommendations to targeted
advertising, data allows retailers to create
more personalised experiences, improving
customer satisfaction. Additionally, data
plays a critical role in optimising supply
chains, helping businesses forecast demand
more accurately and prevent costly issues
like overstocking or stockouts, ultimately
enhancing operational efficiency.
The power of data extends beyond customer
interaction, also aiding in business
optimisation. By analysing vast amounts
of transactional and behavioural data,
retailers can refine inventory management
and reduce waste. Predictive analytics
allows for better demand forecasting,
ensuring products are available when and
where they are needed most. Furthermore,
data-driven insights help brands tailor
promotions and discounts to specific
customer needs, improving conversion
rates and loyalty. Retailers who harness
data to its full potential can anticipate
shifts in consumer behaviour, stay ahead
of market trends, and maintain a competitive
edge in a fast-evolving industry.
The Future of Retail: Innovation and
Consumer Focus
The future of retail is increasingly shaped
by the fusion of advanced technology
and consumer-focused strategies. As
consumers demand more personalised,
seamless, and engaging shopping experiences,
retailers must innovate to keep
pace. Artificial intelligence (AI), augmented
reality (AR), and data analytics
are key drivers in this transformation,
helping businesses improve customer
engagement and streamline operations.
These technologies offer fresh ways for
retailers to provide targeted recommendations,
enhance product visualisation,
and optimise supply chains. Retailers
who embrace these changes will enhance
The UAE’s commitment to
fostering a technologically
advanced retail
environment is central
to driving innovation,
efficiency, and customercentric
solutions, ensuring
long-term growth and
competitiveness in the
global market.
His Excellency Khaled Ali Al Bustani,
Director-General of the Federal Tax Authority,
UAE.
operational efficiency and strengthen
customer loyalty, ensuring they remain
competitive in an increasingly digital
and fast-paced marketplace.
Alongside technological advancements,
sustainability and ethical consumerism are
playing a pivotal role in shaping retail’s
future. Modern consumers are becoming
more conscious of the environmental
and social impacts of their purchasing
decisions, pushing retailers to prioritise
responsible practices. Sustainable
product offerings, ethical sourcing, and
transparent supply chains are becoming
central to brands’ value propositions.
Retailers who integrate these principles
while maintaining agility and innovation
will not only meet consumer expectations
but also differentiate themselves in a
crowded market. Adapting to these trends
is crucial for staying relevant in a competitive,
digital-first retail environment.
Jan 2025 www.thefinanceworld.com 81
Energy News
ADNOC launches $80Bn Low-Carbon Energy Investment Company XRG
ADNOC has unveiled XRG, a
pioneering international lower-carbon
energy and chemicals
investment company valued at over
$80bn. XRG plans to double its asset
value over the next decade, driven by
the growing demand for low-carbon
energy and chemicals, shaped by three
megatrends: energy transformation, the
rise of AI, and the growth of emerging
DEWA offers 740 EV
Green Charger Points
across Dubai
Dubai Electricity and Water Authority
(DEWA) has expanded
its network to include over 740
electric vehicle (EV) Green Charger
points across Dubai, supporting the
Emirate’s increasing EV adoption,
which exceeded 34,970 vehicles as of
October 2024. Customers can locate
these charging stations through DEWA’s
website, and 14 other digital platforms.
Saeed Mohammed Al Tayer, MD and
CEO of DEWA stated “We align with
the vision of our wise leadership to
make Dubai the smartest and happiest
city globally by leveraging the transformative
technologies of the Fourth
Industrial Revolution.” Introduced in
2014, the EV Green Charger initiative
delivers advanced charging infrastructure,
driving EV adoption in Dubai and
aligning with the UAE’s goal of making
50% of cars electric by 2050.
economies. The company will focus on
three core platforms. Its Global Chemicals
platform aims to rank among the
top five global chemicals producers,
meeting a 70% rise in global demand by
2050. The International Gas platform
will build a large-scale integrated gas
portfolio, addressing a 15 percent
increase in natural gas demand and
a 65% surge in LNG demand by 2050.
ADNOC Drilling announces JV With SLB,
Patterson-UTI
ADNOC Drilling has finalised an
agreement to establish Turnwell
Industries LLC OPC, a joint venture
with SLB and Patterson-UTI TW
Holdings LLC. ADNOC Drilling holds
a 55% majority stake, while SLB, the
world’s largest oilfield services provider,
holds 30%, and Patterson-UTI,
a leading drilling services provider,
holds 15 percent. ADNOC Drilling CEO
Abdulrahman Abdulla Al Seiari stated,
“Closing the Turnwell JV with SLB and
Patterson-UTI advances our plans to
unlock the UAE’s world-class unconventional
energy resources, reinforcing
the UAE’s position as a global leader in
XRG, ADNOC’s international
investment company for lower-carbon
energy and chemicals,
has teamed up with BP to launch Arcius
Energy, a natural gas joint venture in
Egypt. BP holds a 51% stake, while
XRG owns 49%. The venture combines
their technical expertise and successful
development to build a competitive
gas portfolio. Arcius will manage BP’s
the responsible supply of energy.” The
venture has already delivered its fastest
well in a record 19.9 days during a
144-well drilling campaign, showcasing
remarkable efficiency improvements
with further gains anticipated.
ADNOC XRG Partners With BP to Launch
Arcius Energy
interests in Egypt, including a 10%
stake in Shorouk, which contains the
Zohr field, and full ownership of North
Damietta, home to the Atoll field. It
also holds exploration agreements in
several other areas. Dr Sultan Ahmed
Al Jaber, Executive Chairman of XRG,
said the venture aligns with XRG’s goal
of expanding its gas and chemicals
portfolio to meet global energy demand.
82 www.thefinanceworld.com Jan 2025
DEWA Generates 45.14 TWh of Power in Nine Months
Dubai Electricity and Water
Authority (DEWA) recorded
a generation of 45.14 terawatt
hours (TWh) of power in the first nine
months of 2024, reflecting a 5.49% rise
compared to the same period last year.
This increase underscores Dubai’s economic
growth and DEWA’s dedication
to meeting the rising energy demand.
DEWA also achieved its best summer
gross heat rate of 7,923 BTU/kWh,
ADNOC Gas Secures
Worley Engineering
for Bab Gas Cap
Project
ADNOC Gas plc has awarded
Worley Engineering Pty Ltd
a Front-End Engineering and
Design (FEED) contract for new gas
processing facilities at the Bab Gas
Cap (BGC) project. The development
aims to increase ADNOC Gas’ processing
capacity by over 1.8 billion
standard cubic feet per day (scfd), a
significant 20% boost. A Final Investment
Decision (FID) is anticipated
in 2026. Dr. Ahmed Alebri, CEO of
ADNOC Gas, emphasised the project’s
importance in unlocking revenue,
enhancing gas self-sufficiency, and
reinforcing ADNOC Gas’ position as
a global supplier. The FEED scope includes
gas processing, acid gas recovery,
dehydration, sulfur recovery, NGL
recovery, and CO2 capture facilities,
integrating advanced technologies to
ensure efficiency and sustainability in
the UAE’s energy sector.
showcasing its focus on operational
sustainability. Saeed Mohammed Al
Tayer, MD & CEO of DEWA, stated
that DEWA is committed to supporting
Dubai’s economic agenda, including D33
and ‘We the UAE 2031,’ by enhancing
infrastructure, expanding network capacity,
and ensuring reliable services
to accommodate the Emirate’s growing
population and thriving economy.
Saudi Aramco Acquires 10% Stake in Horse
Powertrain
Aramco, a leading integrated
energy and chemicals firm, has
successfully completed the purchase
of a 10% equity stake in Horse
Powertrain, a global leader in hybrid
and internal combustion powertrain
solutions. The acquisition was made
through Aramco Asia Singapore Pte
Ltd, a wholly owned subsidiary. This
move aligns with Aramco’s strategy to
develop innovative mobility solutions
aimed at reducing transport emissions.
The transaction, following the signing
Dr. Sultan Ahmed Al Jaber, Minister
of Industry and Advanced Technology
and ADNOC Managing
Director and Group CEO, and Suhail
bin Mohammed Al Mazrouei, Minister
of Energy and Infrastructure, led a UAE
delegation to Uzbekistan. The visit included
meetings with Shavkat Mirziyoyev,
President of Uzbekistan, who reaffirmed
his commitment to strengthening bilateral
ties across key sectors. The discussions
underscored mutual efforts to advance
cooperation in vital industries, including
oil and gas, clean and renewable energy,
infrastructure, and other priority areas.
Several Uzbek ministers and officials
of agreements on June 28, 2024, and
regulatory approvals, was based on
a ($7.8 billion) enterprise valuation
of Horse Powertrain, with Renault
Group and Geely each holding a 45%
stake. Ahmad O Al Khowaiter, Aramco’s
Executive Vice President of
Technology & Innovation, emphasized
that addressing transport emissions
requires a comprehensive, tailored
approach considering global variations
in vehicles and infrastructure.
UAE Delegation Attends Launch of Renewable Energy
Projects in Uzbekistan
engaged with the delegation, exploring
opportunities for joint investments
and partnerships. This visit reflects the
shared vision of both nations to enhance
collaboration and deepen economic and
developmental ties to serve their mutual
interests.
Jan 2025 www.thefinanceworld.com 83
Real Estate
Source: Ai generated
UAE real estate sees surge as investor appetite grows amid booming market opportunities.
Growing Investor’s
Appetite: Real
Estate Surge in
the UAE
Rising Investor Interest Drives UAE’s Real Estate
Growth Amid Robust Demand and Strategic
Development Plans
The UAE’s real estate market is witnessing
a remarkable surge, fuelled by growing
investor appetite and strategic government
initiatives. In 2023, the sector attracted
foreign investments worth AED 300 billion,
representing a 20% increase from
2022. Investors are drawn to the UAE’s
robust economic policies, relaxed visa
regulations, and world-class infrastructure.
Residential, commercial, and luxury real
estate projects continue to flourish, catering
to local and global demand. Dubai and
Abu Dhabi remain hotspots, with property
transactions reaching record highs. As
the nation prioritises sustainable urban
development and innovation, the real estate
sector is set to maintain its growth
trajectory, solidifying the UAE’s position
as a global investment hub.
84 www.thefinanceworld.com Jan 2025
The real estate sector in the United
Arab Emirates has experienced significant
transformation, achieving
unprecedented performance in the year
2023. The total value of real estate transactions
reached AED 634 billion, which
represents a 20% increase in comparison
to the previous year. Additionally, the
volume of transactions surged to 166,400,
indicating a rise of 36%. This growth can
be attributed to effective government
initiatives, advantageous policies, and
an influx of foreign investment, which
now constitutes 42% of new investors.
Furthermore, Dubai’s Economic Agenda
D33 seeks to double the economy within
the next decade and has established
ambitious objectives, including the generation
of AED 650 billion in foreign direct
investment by the year 2033. Within this
framework, the real estate sector plays
a significant role in reinforcing Dubai’s
status as a global investment hub.
Luxury Properties in Demand
The luxury real estate sector is experiencing
significant growth, making a notable
contribution to the overall expansion of
the industry. In 2023, transactions involving
premium properties exceeded AED 24
billion, indicating a marked increase in
interest from high-net-worth individuals
and international investors. Prime areas,
including Palm Jumeirah, Downtown
Dubai, and Emirates Hills, have recorded
exceptional sales figures, with villas and
upscale apartments demonstrating an
average price increase of 15 per cent.
This surge in demand is further supported
by policies that promote longterm
residency, such as the Golden Visa
program. This initiative permits investors
and their families to obtain residency for
ten years. Such measures play a critical
role in attracting international capital
and fostering sustainable growth within
the luxury property market.
Mortgage Market Gaining Momentum
The mortgage market in the United Arab
Emirates has experienced a substantial
increase in activity, amounting to AED
168 billion in transactions. This growth is
primarily attributed to favourable interest
rates and readily available financing
options. Approximately 60% of these
transactions have been financed through
mortgages, indicating a remarkable influx
of first-time buyers into the market. In
response to varying investor requirements,
banks are providing tailored solutions,
which include flexible payment plans
and competitive interest rates.
Furthermore, mortgage-backed investments
have surged by 23% in 2023,
reinforcing the UAE’s status as an attractive
destination for long-term property
investments. Developers are also
introducing payment-linked ownership
plans, which enhance the feasibility of
property acquisition for both expatriates
and residents.
Increasing Foreign Investments
Foreign investors have significantly
contributed to the advancement of the
sector. In 2023, the total amount of
investments from international buyers
increased by 35%, thereby reaching AED
412 billion. The primary sources of these
investments included participants from
India, Russia, China, and Europe. The
established freehold property regulations
in Dubai, coupled with the transparency
of transaction procedures, have fostered
The UAE and ASEAN can
form a powerful new
corridor of opportunity,
one that can direct capital
into high-growth sectors,
develop new solutions in
food security and energy
transition, and create
clusters of excellence in
the industries of the future.
His Excellency Dr. Thani bin Ahmed Al
Zeyoudi,
Minister of Investment, UAE
a sense of confidence among global investors,
thereby facilitating a consistent
influx of capital.
Additionally, initiatives implemented
by the UAE government, including the
expansion of freehold zones and the
development of streamlined digital platforms
for property transactions, have
effectively simplified the investment
process. Such measures have bolstered
investor confidence and created a foundation
for sustained growth in the sector.
Innovations Shaping Real Estate
The real estate sector is undergoing a
significant transformation due to advancements
in digital technology, including
the adoption of blockchain technology,
artificial intelligence-driven platforms, and
the implementation of smart contracts,
all of which contribute to the optimization
of operational processes. In 2024,
data indicates that approximately 65%
of real estate companies had integrated
blockchain solutions to ensure secure
and transparent transaction methods.
Furthermore, artificial intelligence tools
are being utilized to evaluate market
dynamics, forecast property values, and
improve customer engagement.
In addition to these technological advancements,
urban development is being
redefined through smart city initiatives
such as the Dubai 2040 Urban Master Plan.
This initiative emphasizes sustainability,
the creation of green spaces, and the
integration of transportation systems,
thereby attracting investors who prioritize
environmental considerations and aligning
with international environmental, social,
and governance standards.
Challenges and Future Outlook
Despite its impressive growth, the UAE’s
real estate sector faces challenges,
including global economic uncertainty
and fluctuating oil prices. However,
diversification strategies and digital
innovations provide resilience against
external shocks.
Looking ahead, the UAE’s real estate
market is poised for further expansion,
with projections indicating an additional
30% growth by 2026. Developers are focusing
on affordable housing and mixed-use
developments, catering to the growing
middle-class and expatriate population.
The UAE’s real estate sector continues
to set new benchmarks, driven by government
initiatives, foreign investments,
and technological advancements.
Jan 2025 www.thefinanceworld.com 85
Real Estate News
Boutique Real Estate Firm closes $95M Sheikh Zayed Road Land Deal
Pride and Property, a boutique
real estate company in Dubai,
has successfully facilitated an
AED 350 million ($95 million) land
transaction in the city’s prestigious
Business District along Sheikh Zayed
Road. This acquisition is set to become
the site for an iconic new luxury tower,
adding to the city’s ever-evolving
skyline. The deal was spearheaded
by partners Nitin Chauhan and Kunal
Six Senses Villa in Dubai
Sells for $35.4M
A
beachfront villa at Six Senses
Palm Jumeirah has been sold
for AED 130 million ($35.4 million),
marking a significant milestone
in Dubai’s luxury real estate market.
This sale, the highest within the project,
places the villa among the top ten most
expensive branded properties sold in
2024. The five-bedroom Signature Villa
features premium Italian marble and
sustainable teakwood finishes, offering
residents unrivalled luxury. Managed
by Six Senses, it provides access to
world-class amenities. Completion is set
for October 2025, setting a new benchmark
for Dubai’s branded residences.
George Azar, CEO of Dubai Sotheby’s
International Realty, highlighted the
global appeal of branded properties,
stating they offer high-net-worth individuals
superior quality and service
in cities like Dubai, Miami, New York,
and London.
Singh Sandhu, both known for their
expertise in managing high-value real
estate transactions. Their recent success
includes a sale of a villa plot in Jumeirah
Golf Estates for AED 300 million ($81.7
million), further cementing the firm’s
reputation in Dubai’s high-end property
market. This transaction is one of the
largest land deals in Dubai for 2024,
reinforcing the city’s global appeal to
investors and developers.
Tokinvest and YallaValue to Support Fractional
Property Investments
Tokinvest DMCC, a Dubai-based
real estate tokenization firm, has
joined forces with YallaValue, an
advanced property valuation platform,
to revolutionize investment in tokenized
real estate. This partnership is a significant
leap towards making Dubai’s
property market more accessible and
transparent. YallaValue’s platform offers
independent, real-time property
valuations, leveraging smart contracts
and decentralized applications to
provide investors with accurate data.
Through this collaboration, Tokinvest
will integrate YallaValue’s cutting-edge
technology into its real-world asset
(RWA) tokenized offerings. “YallaValue
was designed to deliver trusted and
transparent real estate valuations,”
said Jack Sellers, Founder and CEO of
YallaValue. “Real estate tokenization
is a perfect use case for us, and we’re
thrilled to collaborate with Tokinvest.”
Dubai Penthouse Rental Sets Record at $1.19M
In a landmark transaction, Metropolitan
Premium Properties (MPP)
secured Dubai’s largest single-unit
rental deal, leasing a penthouse at The
Royal Atlantis Resort & Residences
for AED 4.4 million ($1.19 million)
annually. Located on Palm Jumeirah,
the expansive four-bedroom penthouse
spans 10,000 square feet and
features a library, exercise room, and
elegantly appointed living spaces. A
major highlight is the 2,717-square-foot
terrace with a transparent infinity pool
offering breathtaking views of the Dubai
skyline and Burj Al Arab. The Royal
Atlantis is renowned for its world-class
amenities, including a private beach,
a 295-foot sky-high infinity pool, 17
celebrity restaurants, fitness centres,
and boutique shopping, all of which
attracted the affluent European family
who secured the lease.
86 www.thefinanceworld.com Jan 2025
Dubai Residential Sales Rise 15.4%; Commercial Sales Reach $2.5B
Dubai’s real estate market saw
continued growth in November,
with residential sales rising 15.4%
year-over-year and the commercial sector
achieving AED 9.2 billion ($2.5 billion)
in sales. According to Engel & Völkers
Middle East, the residential market
recorded 12,695 total sales. While this
marked a slight cooling from October’s
peak, it reflects steady and sustainable
growth. Average prices increased modestly
by 0.38%, reinforcing the market’s upward
trend. The demand for affordable
properties surged, with sales of units
under AED 1 million rising to 32.2%,
compared to 26.7% in October. Studios
and one-bedroom apartments saw increased
interest, making apartments
the dominant asset class, comprising
over 84% of total sales. Jumeirah Village
Circle, Jumeirah Village Triangle,
and Business Bay topped the list of
communities by transaction volume.
DarGlobal Unveils
$531M Trump
Residential Tower
in Jeddah
DarGlobal, the London-listed luxury
real estate developer, has
unveiled the launch of Trump
Tower Jeddah, a SAR 2 billion ($531
million) architectural marvel developed
in collaboration with the Trump
Organization. This 47-floor tower, set
along Jeddah’s Corniche, will be one of
the city’s tallest residential buildings,
elevating the level of luxury and exclusivity
in the Kingdom. The project includes
the Trump Club, Saudi Arabia’s
first-ever members-only social club,
designed to be the ultimate gathering
spot for the elite, offering privacy,
luxury, and curated events. Trump
Tower Jeddah aims to meet demand
for vibrant, upscale developments,
offering luxury residences with stunning
Red Sea views. With world-class
amenities like retail spaces, fitness
centres, spas, and gourmet dining, the
tower promises an unparalleled living
experience while integrating green
spaces and smart urban planning.
Nakheel Launches Latest Phase of Bay Grove Residences
Nakheel, a member of Dubai
Holding Real Estate, has
launched the latest phase
of Bay Grove Residences on Dubai
Islands, following the remarkable
success of its first phase unveiled in
October. This expansion enhances
Nakheel’s renowned portfolio while
solidifying Dubai Islands’ reputation
as a premier destination for exclusive
waterfront living. Bay Grove
Residences features one, two, and
three-bedroom apartments, along with
Imtiaz Developments, a key player
in Dubai’s real estate sector, has
announced the early handover of
Westwood Grande, a 20-storey residential
development in Jumeirah Village Circle
(JVC), two months ahead of schedule. This
accomplishment highlights the company’s
commitment to delivering high-quality
projects with precision and efficiency.
Following this success, Imtiaz Developments
is set to complete four additional
projects—Westwood Grande 2 Residence,
Pearl House 1 and 2 Residences, and Hyde
Walk Residence—by Q2 2025, six months
earlier than expected. Masih Imtiaz, CEO
of Imtiaz Developments, affirmed, “The
early delivery of Westwood Grande showcases
our dedication to excellence and
innovation.” Westwood Grande features
spacious four-bedroom duplexes. Residences
overlook podium gardens with
peaceful pathways, shaded seating,
and a raised ocean pool for ultimate
relaxation. Strategically located within
Dubai Islands, the development offers
breathtaking views, pristine shores,
and seamless access to city attractions
via the Infinity Bridge. Designed
for families and individuals alike, it
includes play areas, a clubhouse, a
residents’ lounge, and a fully equipped
fitness centre.
Imtiaz Developments Marks Early Handover of
Westwood Grande
boutique-style studio and one-bedroom
apartments, complete with smart home
technology, a rooftop swimming pool,
state-of-the-art gym, landscaped gardens,
and advanced 24-hour security.
Jan 2025 www.thefinanceworld.com 87
Healthcare
Source: Ai generated
UAE’s ambitious journey towards becoming a leading global health hub and medical innovator.
UAE’s Strategic
Pathway to
Becoming a Leading
Global Health Hub
The UAE is Leveraging Innovation, Advanced
Healthcare Systems, and Strategic Partnerships to
Lead Global Health Advancements.
The UAE is actively positioning itself as a
global health hub by focusing on advanced
healthcare infrastructure, innovative medical
technologies, and a robust regulatory
framework. With an ambitious healthcare
spending plan of $21 billion by 2025, the
country is increasing investments in stateof-the-art
facilities, AI-driven healthcare,
and medical research. Through initiatives
like the Dubai Health Authority’s Medical
Tourism Strategy and partnerships with
international healthcare providers, the
UAE is attracting global patients and medical
professionals. As part of its strategy,
the UAE also aims to become a centre
for medical excellence, providing worldclass
treatments, cutting-edge healthcare
services, and fostering an ecosystem for
health innovation.
88 www.thefinanceworld.com Jan 2025
The UAE has set its sights on
becoming a global health hub, leveraging
its strong infrastructure,
strategic partnerships, and cutting-edge
innovations. With a rapidly expanding
healthcare sector, the UAE aims to not
only improve healthcare access for its
citizens but also to attract international
patients, medical professionals, and investors.
This vision aligns with the UAE’s
broader goal of diversifying its economy
and positioning itself as a leader in global
health and wellness.
Strategic Investments in Healthcare
Infrastructure
The UAE government has made substantial
investments in healthcare infrastructure,
with healthcare spending expected to
reach $21 billion by 2025, marking a steady
growth rate of 7.4% annually. The focus
is on creating world-class healthcare
facilities, including hospitals, research
centres, and medical universities, which
will cater to both local and international
patients. The UAE is also developing
medical tourism, with Dubai emerging as
a regional medical tourism hub, offering
treatments in various specialities such
The UAE has established an
innovative and integrated
health system, based on a
well-thought-out roadmap
that incorporates digital
technologies and efficient
cadres applying the best
international practices.
His Excellency Abdul Rahman Al Owais,
UAE Minister of Health and Prevention
as cosmetic surgery, fertility treatments,
and orthopaedics.
In line with its vision, the UAE has
developed cutting-edge medical facilities,
including the Cleveland Clinic Abu Dhabi
and the Mediclinic City Hospital, which
have set new benchmarks in healthcare
quality and services. These initiatives
support the UAE’s ambition of positioning
itself as a leader in the Middle East’s
healthcare sector and attracting patients
from across the globe.
Advancements in Medical Technology
A key pillar of the UAE’s healthcare
strategy is the integration of medical
technology. With increasing adoption
of digital health solutions, the UAE has
embraced artificial intelligence (AI),
telemedicine, and robotic surgery to
revolutionise healthcare delivery. AI is
being used for predictive diagnostics,
personalised treatment plans, and optimising
patient care. Additionally, the
country has already implemented AI-driven
healthcare systems like the Dubai Health
Authority’s (DHA) electronic health
records system, which improves patient
care, reduces errors, and streamlines
healthcare management.
Robotic surgery and minimally invasive
techniques are also gaining ground, with
hospitals like Mediclinic City Hospital
and the American Hospital Dubai utilising
advanced robotic systems such as the Da
Vinci Surgical System. These innovations
not only improve surgical outcomes but
also reduce recovery times, enhancing
the patient experience.
Building a Skilled Workforce
As part of its healthcare vision, the UAE
is working on building a highly skilled
healthcare workforce. The country has
introduced several training and education
initiatives aimed at nurturing medical
talent. For instance, the UAE University
Medical School and the Mohammed Bin
Rashid University of Medicine and Health
Sciences are key players in producing
top-tier medical professionals. By 2025,
the UAE aims to increase the number
of healthcare professionals to 150,000,
which will be crucial for both local care
provision and attracting international
patients.
Moreover, the UAE’s recent efforts
to attract global medical professionals
through initiatives such as the Golden
Visa Programme, which offers longterm
residency to qualified expatriates,
demonstrate the country’s commitment
to building a robust healthcare system.
Medical Research and Innovation
The UAE is also becoming a hub for
medical research and innovation. With
various research institutions such as the
UAE University’s College of Medicine and
Health Sciences, and the Dubai Science
Park, the country is fostering a strong
research environment. In 2022, the UAE
launched the Mohammed bin Rashid
Medical Research Institute, which focuses
on a range of medical advancements,
including stem cell research, genetic
medicine, and public health studies.
The country’s investment in biotech is
also noteworthy. The UAE has actively
sought to attract international biotech
companies and foster collaborations
between local and international research
organisations. For example, Dubai Science
Park has established itself as a hub
for more than 350 health and wellness
companies, creating an ecosystem that
facilitates collaboration between industry
players and startups.
Medical Tourism Growth
A key element of the UAE’s ambition to
become a global health hub is medical
tourism. With a population of diverse
nationalities and high-quality healthcare
services, the UAE is well-positioned to
attract medical tourists, particularly from
Europe, the Middle East, and South Asia.
According to the Dubai Health Authority,
the medical tourism market in the UAE is
expected to grow at a compound annual
growth rate (CAGR) of 14.2%, reaching
$1.3 billion by 2025.
The UAE’s robust healthcare system,
supported by a wide range of specialised
medical centres, is poised to attract
patients for elective procedures such as
cosmetic surgery, fertility treatments, and
orthopaedic surgeries. With state-of-theart
infrastructure, high-quality medical
services, and cutting-edge treatments,
the UAE is positioning itself as a destination
for medical tourists seeking
world-class care. The UAE’s efforts to
establish itself as a global health hub
are well on track, driven by strategic
investments in healthcare infrastructure,
cutting-edge medical technologies, and
a skilled workforce. With initiatives to
foster medical research and innovation,
as well as a growing medical tourism
sector, the country is set to lead the way
in global health in the coming years.
Jan 2025 www.thefinanceworld.com 89
Healthcare News
UAE Launches Basic
Health Insurance for
Workers and Domestic
Staff
The UAE’s Ministry of Human
Resources and Emiratisation
(MoHRE) has launched a basic
health insurance package targeting
private sector employees and domestic
workers without current coverage.
Approved by the UAE Cabinet, the
initiative will take effect on January
1, 2025, expanding healthcare access
to workers in Sharjah, Ajman, Umm
Al Quwain, Ras Al Khaimah, and Fujairah.
The scheme is implemented in
cooperation with the Ministry of Health
and Prevention, the Federal Authority
for Identity, Citizenship, Customs, and
Port Security, and insurance companies.
Employers are required to purchase
insurance as a condition for issuing or
renewing residency permits. However,
workers with permits issued before
January 1, 2024, will only need coverage
upon renewal. This programme aligns
with existing mandatory systems in Abu
Dhabi and Dubai, ensuring universal
workforce coverage.
ShopDoc Launches
$50M Dubai-Kerala
Healthcare Corridor
ShopDoc, a Dubai-based digital
healthcare company, is spearheading
a $50M UAE-Kerala medical
tourism corridor to boost healthcare
connectivity. The initiative will link
Dubai with the Malabar-Mangalore
region, covering Kerala and Karnataka,
to create a luxury wellness and medical
tourism ecosystem. By partnering with
top healthcare and wellness providers,
the project will offer a blend of traditional
Ayurvedic treatments, herbal
rejuvenation programmes, and advanced
tertiary medical care. The investment will
be managed through the Malabar-Mangalore
Medical Management Alliance
Fund (4MFund). Focus areas include
upgrading healthcare infrastructure
and integrating AI-driven solutions to
ensure seamless services. This ambitious
project aims to position the region as
a hub for both traditional and modern
medical tourism, catering to growing
cross-border healthcare demands.
UAE Introduces Low-Cost Health Insurance
Starting at $87
The UAE has introduced an affordable
health insurance package
for private sector employees
and domestic workers, starting at
AED320 ($87) annually. Launched
by the Ministry of Human Resources
and Emiratisation (MoHRE) under the
Health Insurance Scheme approved by
the UAE Cabinet, the initiative targets
workers without existing insurance
coverage. The scheme, developed in
collaboration with the Federal Authority
for Identity, Citizenship, Customs,
and Port Security, and the Ministry of
Health and Prevention, ensures comprehensive
coverage across the UAE.
Starting January 1, 2025, private sector
workers in Sharjah, Ajman, Umm Al
Quwain, Ras Al Khaimah, and Fujairah
will benefit, aligning with mandatory
systems already in place in Abu Dhabi
and Dubai. Employers must purchase
policies for residency permit issuance
or renewal, excluding permits issued
before January 1, 2024, until renewal.
UAE to Cut Healthcare Carbon Emissions by 20%
A
recent report has confirmed
the UAE’s commitment to reducing
carbon emissions from
its healthcare sector by 20% by 2030.
This goal is part of the country’s wider
strategy to adopt energy-saving measures,
enhance recycling efforts, and
reduce waste. The initiative aligns
with the UAE’s Net Zero 2050 vision
and mirrors regional efforts, such as
Saudi Arabia’s Saudi Green Initiative,
to decarbonise various sectors. Key
strategies for achieving these goals
include eco-friendly hospital designs,
waste reduction programmes, and
optimising supply chains. The healthcare
sector globally contributes 4.4%
of total greenhouse gas emissions,
with emissions in the Middle East
exceeding the global average due to
high energy demands for cooling and
challenges in managing medical waste.
UAE Healthcare Sets Global Standards in
Preventive Medicine, Says M42 CEO
Hasan Jasem Al Nowais, Managing
Director and Group CEO
of M42 highlighted the UAE’s
healthcare system as a global leader
in preventive medicine. He attributed
this achievement to Abu Dhabi and
other emirates, which host state-ofthe-art
hospitals, innovative robotic
technologies, genomic research, and
AI-enhanced healthcare infrastructure.
Speaking to the Emirates News Agency
(WAM), Al Nowais credited the UAE’s
progress to the leadership’s vision
and commitment to adopting global
advancements. He emphasized M42’s
collaboration with government entities
in shaping a new healthcare model
focused on data analysis, early health
threat identification, and targeted
treatments. Al Nowais also underscored
the importance of precision,
preventive, and predictive medicine
in enhancing human longevity, advocating
for AI, genomic science, and
cross-sector collaborations.
90 www.thefinanceworld.com Jan 2025
Arab Health Marks 50th Anniversary in January
The Middle East’s premier healthcare
exhibition, Arab Health,
will celebrate its 50th edition
in January 2025 at the Dubai World
Trade Centre (DWTC) from January
27-30. Under the theme “Where the
world of healthcare meets,” the event
aims to attract an even larger international
audience, marking a significant
milestone in the healthcare industry.
The 2024 edition was a record-breaker,
securing over Dhs9bn in deals, hosting
3,600 exhibitors, and welcoming 58,000
visitors globally. As the event prepares
for its 50th year, expectations are high,
with more than 3,800 exhibitors and
an expanded floor space, including the
Al Mustaqbal Hall. Visitor numbers are
projected to exceed 60,000, cementing
Arab Health’s status as a global leader
in healthcare innovation.
Burjeel Holdings to Provide Healthcare Services
to Maldivians
Burjeel Holdings has partnered
with Aasandha Company Ltd,
the administrator of the Maldives’
National Social Health Insurance
Scheme, to enhance medical tourism
and expand healthcare options for
Maldivians. The agreement enables
Maldivian patients to access advanced
treatments, including multi-organ
transplants and specialised care in
oncology, cardiology, advanced orthopaedics,
and endometriosis, at Burjeel
Medical City (BMC) in Abu Dhabi. The
partnership was formalised at Aasandha
Headquarters in Male, with John Sunil,
Group CEO of Burjeel Holdings, and
Aminath Zeeniya, Managing Director
and CEO of Aasandha, signing the
agreement in the presence of senior
officials. This collaboration ensures
that patients under the National Social
Health Insurance Scheme can now
benefit from world-class healthcare
services at BMC.
Zahrawi Group Opens Advanced Distribution Centre
in Dubai
Zahrawi Group, a prominent
healthcare solutions provider
in the GCC, has opened its new
38,000-square-foot Distribution Centre
near Dubai International Airport,
marking a key milestone in its expansion.
The facility, designed to enhance
operational efficiency, was officially
launched in a ceremony attended by
Zahrawi’s leadership, including Chairman
Isam M Al-Muhaidib, and key
partners and government representatives.
The centre features cutting-edge
technologies such as automated loading
bays, temperature-controlled storage,
and an advanced inventory management
system. These innovations
aim to optimise scalability, improve
accuracy, and reduce turnaround times
in healthcare logistics. Group CEO
Abdulrahman Ramadan highlighted
the strategic role of the new facility in
meeting the growing demands of the
healthcare industry while maintaining
high-quality standards and delivering
value to customers and partners.
Dubai Insurance Partners
with Aster DM for
Custom Health Plans
Dubai Insurance and Aster DM
Healthcare have partnered
to launch ‘Vibrance Senior’,
a groundbreaking health insurance
plan designed specifically for senior
residents in the UAE. This first-ofits-kind
solution provides senior citizens
with access to a wide range of
medical services, from preventive
care to advanced treatments, through
Aster’s extensive network of hospitals,
clinics, and pharmacies. The ‘Senior
Parent’ plan offers specialised care,
including chronic disease and arthritis
management, preventive screenings,
advanced tertiary care, and home-based
consultations and follow-ups. While
Dubai Insurance and Aster DM Healthcare
spearhead this initiative, TruDoc
has been appointed as the telehealth
partner, ensuring seamless and remote
access to Aster’s healthcare services.
This tailored insurance plan aims to
address the evolving healthcare needs
of the UAE’s growing senior population.
Jan 2025 www.thefinanceworld.com 91
Wealth
Source: Ai generated
The UAE continues to attract wealth professionals and investors with its robust financial ecosystem.
The UAE’s
Expanding
Independent Wealth
Management Market
The UAE is Emerging as a Hub for Independent
Wealth Management, Attracting Global HNW and
UHNW Clients.
The UAE’s independent wealth management
sector is experiencing significant
growth, driven by economic diversification,
liberalisation, and a favourable business
environment. Firms such as External
Asset Managers (EAMs), Multi-Family
Offices (MFOs), and Independent Financial
Advisors (IFAs) are capitalising on
the increasing population of High-Net-
Worth (HNW) and Ultra-High-Net-Worth
(UHNW) individuals. Recent developments
include North of South Capital receiving
approval to establish an office in Dubai,
and Standard Chartered expanding its
private banking team in the UAE by 20%
to better serve HNW and UHNW clients.
Additionally, the Abu Dhabi Global Market
(ADGM) reported a 215 percent year-onyear
increase in assets under management.
92 www.thefinanceworld.com Jan 2025
The UAE’s strategic location, political
stability, and investor-friendly
policies have established it as a
leading destination for wealth management
services. The rise of key financial hubs
such as the Dubai International Financial
Centre (DIFC) and Abu Dhabi Global
Market (ADGM) has created thriving
ecosystems that attract global wealth
managers and financial institutions.
These centres offer modern regulatory
frameworks, world-class infrastructure,
and a business-friendly environment.
Combined with a favourable tax regime,
exceptional living standards, and advanced
financial systems, the UAE provides a
compelling base for wealth management
firms seeking growth and expansion in
the region’s rapidly evolving financial
landscape.
The UAE’s growing appeal is underscored
by its increasing influx of
High-Net-Worth (HNW) and Ultra-High-
Net-Worth (UHNW) individuals. In 2024
alone, the country is projected to attract
over 6,700 millionaires, outpacing other
nations globally. This trend is largely
driven by initiatives such as the Golden
The UAE is committed to
creating a world-class
investment environment
and continues to
implement policies that
encourage global investors
and businesses to thrive.
His Excellency Abdulla bin Touq Al Marri,
UAE Minister of Economy
Visa program, which offers long-term
residency to investors, entrepreneurs,
and their families, enhancing the UAE’s
status as a wealth hub. Many of these
individuals are transferring their assets
to the region, seeking tailored wealth
management solutions to grow and
safeguard their wealth. As a result, the
demand for bespoke financial services
has surged, further solidifying the UAE’s
position as a preferred destination for
global investors.
Expansion of Financial Institutions
In response to the rising demand, many
international banks and wealth management
firms are expanding their presence in the
UAE. Standard Chartered, for example,
plans to grow its private banking team in
the UAE by 20% to cater to the increasing
number of HNW and UHNW clients in the
region. Similarly, the Bank of Singapore
has shifted its focus to the Middle East,
projecting that the region will account
for 20% of its total assets in the next
three to five years. These expansions
underscore the UAE’s growing importance
in the global wealth management sector
and its appeal to international financial
institutions.
Surge in Assets Under Management
(AUM)
The growth in assets under management
(AUM) in the UAE is particularly striking.
Abu Dhabi Global Market (ADGM)
reported a staggering 215 percent yearon-year
increase in AUM by the third
quarter of 2023, highlighting the growing
importance of the region in global wealth
management. This surge is primarily driven
by the influx of international financial
services firms establishing operations in
the UAE, attracted by its investor-friendly
policies, strategic location, and worldclass
financial infrastructure.
The rise in AUM reflects not only the
increasing number of wealth management
firms but also the growing confidence
in the UAE as a financial hub. As more
institutions capitalise on the country’s
business-friendly environment and robust
regulatory frameworks, the UAE is
rapidly solidifying its position as a key
player in the global wealth management
landscape.
Technological Advancements and
Innovation
Technology is a key growth driver in the
UAE’s wealth management sector. The
adoption of FinTech solutions, blockchain,
and artificial intelligence is revolutionising
how wealth managers interact with
clients and manage investments. Many
firms are leveraging these technologies
to enhance efficiency, transparency, and
security-critical factors in attracting
global clients. Digital wealth management
platforms are also becoming increasingly
popular, offering clients greater control
over their portfolios while providing access
to innovative investment opportunities.
These advancements not only improve
client experiences but also position the
UAE as a forward-thinking hub for wealth
management, catering to the needs of an
evolving global market.
Future Outlook
The future of the UAE’s independent
wealth management market is bright, with
continued economic growth driving the
demand for wealth management services.
The country’s ability to adapt to evolving
global trends, such as the rising focus on
sustainability and the shift towards digital
finance, will further boost its appeal as a
wealth management destination.
As more HNW and UHNW individuals
move to the UAE, attracted by its favourable
business environment and tax
regime, the market for bespoke wealth
management services will expand. Additionally,
the UAE’s growing financial
infrastructure, supported by innovations
in FinTech and digital platforms, ensures
the country remains competitive on a
global scale. With these developments,
the UAE is well-positioned to solidify
its role as a leading hub for independent
wealth management, not just in the Middle
East, but globally, attracting investors
seeking secure, dynamic, and modern
wealth management solutions.
The UAE’s expanding independent
wealth management sector highlights
its strategic positioning, favourable tax
regime, and rising reputation as a financial
hub. As the region’s population of
HNW and UHNW individuals continues
to grow, the UAE’s wealth management
market will remain a key destination for
global investors. Supported by a robust
regulatory framework, evolving financial
infrastructure, and the increasing
adoption of technology-driven solutions,
the country is well-equipped to lead the
wealth management sector. With these
advantages, the UAE is set to become a
dominant player in the global financial
landscape.
Jan 2025 www.thefinanceworld.com 93
Wheels
190 km/h
Speed
94 www.thefinanceworld.com Jan 2025
479 Nm
Torque
The 2025 Lexus GX is an extraordinary
blend of luxury, performance,
and rugged versatility, offering an
exceptional driving experience for those
who demand both sophistication and offroad
capability. With a bold redesign and
a host of advanced technologies, this
luxury SUV is set to make a significant
impact in the UAE, a market known for
its appreciation of high-performance,
luxury vehicles.
Powering the 2025 Lexus GX is a 3.4-litre
twin-turbocharged V6 engine that delivers
an impressive 349 horsepower and
479 lb-ft of torque. This powerful powertrain
provides the necessary strength for
off-road adventures while maintaining a
smooth and responsive drive on urban
roads. Mated to a 10-speed automatic
transmission, the GX offers optimal power
delivery, contributing to its towing capacity
of up to 9,000 pounds, making it
ideal for both recreational and utilitarian
needs. Whether you’re tackling dunes or
cruising through city streets, the GX’s
performance ensures an exciting yet
refined driving experience.
The exterior design of the 2025 Lexus
GX reflects its robust capabilities, with a
bold, muscular look that’s both imposing
349 HP
Horse Power
and sophisticated. A large, angular grille,
sleek LED headlamps, and a well-defined
hood give the GX a commanding presence
on the road. The SUV’s dimensions have
been thoughtfully designed to balance
off-road capabilities with interior spaciousness.
The GX is available with a
range of wheel options, including 18, 20,
and 22 inches, which enhance its road
presence and performance. The aerodynamic
elements of the design contribute
not only to the vehicle’s aesthetics but
also to its overall efficiency, ensuring that
the GX maintains a smooth ride even in
less-than-ideal driving conditions.
The 2025 Lexus GX delivers remarkable
driving dynamics with its advanced
suspension system, ensuring a smooth
ride on uneven surfaces. The adaptive
variable suspension, standard on higher
trims, adjusts to various driving conditions,
offering comfort on highways
and stability off-road. Additionally, the
GX features multi-terrain select modes,
allowing the driver to switch between
settings for mud, sand, and rock. This
adaptability ensures the GX excels in both
city commutes and off-road adventures,
providing a versatile driving experience.
The braking system of the 2025 GX is
another area where Lexus has gone above
and beyond. With its large carbon-ceramic
brakes, the GX offers impressive stopping
power, even under the most demanding
conditions. The brake system works in
conjunction with the vehicle’s stability
and traction control systems, ensuring
smooth deceleration and stability across
all terrains. Whether on a downhill grade
or navigating a tight curve, the GX’s braking
system offers confidence and control.
The 2025 Lexus GX blends luxury
and practicality, featuring high-quality
materials like leather, wood, and metal
accents. With seating for up to seven passengers,
it ensures ample legroom and
headroom for all. The interior boasts
a 14-inch touchscreen, wireless Apple
CarPlay and Android Auto, and a premium
Mark Levinson audio system. It also
includes driver-assistance features such
as adaptive cruise control, lane-departure
warning, and automatic emergency braking,
offering a comfortable, tech-savvy
experience while providing peace of mind
during every journey.
The vision behind the 2025 Lexus GX is
to offer an SUV that doesn’t just perform
in terms of power and luxury but also
sets a new benchmark for off-road and
urban versatility. With its hybrid powertrain
options on the horizon, the GX is
aiming to be both eco-friendly and performance-driven,
meeting the demands of a
diverse customer base. Lexus has blended
cutting-edge technology with traditional
luxury to create a vehicle that is capable
of dominating the toughest terrains while
offering the highest level of comfort and
sophistication.
In the UAE, the 2025 Lexus GX is set to
redefine expectations in the luxury SUV
market. Whether navigating the bustling
streets of Dubai or exploring the rugged
desert landscapes, this remarkable SUV
offers a driving experience like no other.
With its blend of performance, luxury, and
advanced technology, the 2025 Lexus GX
is truly a symbol of automotive excellence.
Jan 2025 www.thefinanceworld.com 95
Sustainability
Source: Ai generated
Advancing sustainable technologies for a greener, innovative future.
Building on
Sustainable
Technologies: UAE’s
Vision Forward
The UAE Advances its Ambitions through
Innovations that Embrace Green Technologies and
Future-Focused Solutions.
The UAE is at the forefront of adopting
sustainable technologies, aligning its vision
with global environmental and economic
goals. The nation is investing heavily in
renewable energy projects, smart cities,
and advanced waste management systems
to drive sustainability. With initiatives such
as the UAE Net Zero by 2050 Strategic
Initiative and the Dubai Clean Energy
Strategy 2050, the country is setting ambitious
targets for reducing carbon emissions
and enhancing energy efficiency. Through
partnerships with global innovators and
local enterprises, the UAE is fostering a
thriving ecosystem for green technology.
These efforts underline the nation’s
commitment to sustainable growth while
maintaining its position as a global leader
in innovation and development.
96 www.thefinanceworld.com Jan 2025
The United Arab Emirates has established
itself as a global leader
in sustainability through the
adoption of clean energy technologies.
The UAE Energy Strategy 2050 seeks
to achieve a 50% contribution of clean
energy to the overall energy mix by the
year 2050. This objective encompasses
44% from renewable energy sources and
6% from nuclear power, supported by
an anticipated investment of AED 600
billion over three decades. A significant
initiative that aligns with this vision is
the Mohammed bin Rashid Al Maktoum
Solar Park, which is recognized as the
largest single-site solar park in the world,
to reach a capacity of 5,000 megawatts by
2030. At present, Phase IV of this project
produces energy at an unprecedented
low cost of 1.35 cents per kilowatt-hour.
Innovation in Green Hydrogen and
Advanced Technology
The United Arab Emirates is at the
forefront of developing green hydrogen
technologies, strategically positioning
itself as a prospective global centre for
hydrogen energy. In collaboration with
Siemens Energy, the Dubai Electricity
and Water Authority (DEWA) initiated
the Green Hydrogen Project, which
generates clean hydrogen through the
utilization of solar energy. This initiative
is consistent with the nation’s aspirations
to contribute to the global hydrogen
market, projected to reach a valuation
of $2.5 trillion by the year 2050.
Furthermore, the integration of advanced
technologies, such as artificial intelligence
(AI) and blockchain, into energy
distribution and monitoring processes is
underway. AI-based predictive maintenance
systems have enhanced energy efficiency,
while the application of blockchain
technology ensures accountability and
transparency in carbon trading and the
issuance of green certificates.
Economic Impact of Sustainable
Investments
The commitment of the United Arab
Emirates to sustainability is yielding
substantial economic advantages. As of
2023, investments in renewable energy
projects have exceeded $40 billion, resulting
in increased employment opportunities
and advancements in innovation. In the
year 2022, the green economy accounted
for 5.4% of the nation’s Gross Domestic
Product (GDP), and it is projected to
expand at an annual rate of 6% until
2030. Furthermore, the implementation
of solar energy in the region is decreasing
dependence on oil exports, thereby diversifying
revenue sources and promoting
long-term economic stability.
Sustainable Urban Development
The UAE’s commitment to sustainable
living is evident in urban development
projects like Masdar City and The Sustainable
City. Masdar City is designed
to be carbon-neutral, using renewable
energy to power its infrastructure and
employing advanced recycling methods.
In 2023, it housed over 900 businesses
specialising in clean technology and
innovation. Meanwhile, The Sustainable
City reduces energy consumption by 40%
through innovative cooling systems and
water recycling.
In transportation, the UAE promotes
electric vehicles (EVs) by setting a target
of 42,000 EVs on the roads by 2030.
We stand at the dawn of
a new era of hope and
possibility, defined by
three megatrends: first,
the rise of the global south
and emerging markets.
Second, the transformation
of energy systems, and
third, the exponential
growth of Artificial
Intelligence.
His Excellency Dr. Sultan Ahmed Al Jaber,
Minister of Sustainability, UAE
The nation has also invested AED 1.3
billion in EV charging stations, bolstering
infrastructure for greener commuting
solutions.
Collaborative Efforts and Global
Leadership
The UAE has partnered with international
organisations to tackle global sustainability
challenges. The Abu Dhabi Sustainability
Week and World Future Energy Summit
serve as platforms for sharing knowledge
and fostering partnerships. Furthermore,
the country’s leadership in hosting COP28
underscores its commitment to addressing
climate change.
Collaborations with nations like the UK,
Japan, and Germany have accelerated the
adoption of renewable energy technologies.
For instance, the UAE-Japan hydrogen
agreement aims to enhance hydrogen
production capabilities, contributing to
a decarbonised future.
Empowering the Private Sector
The involvement of the private sector
is essential for the attainment of
sustainability objectives. For instance,
organizations such as Masdar and Bee’ah
are engaged in the development of
waste-to-energy facilities and sustainable
waste management strategies. In 2024,
Bee’ah’s Sharjah Waste-to-Energy Plant
successfully transformed 300,000 tonnes
of waste into energy, thereby advancing
the goal of a zero-landfill future.
In addition, Expo City Dubai serves
as an illustration of how collaborations
between public and private entities
can foster sustainability. This location
operates entirely on renewable energy,
demonstrating sustainable urban design
on an international platform.
Challenges and Future Prospects
Despite advancements made, the United
Arab Emirates continues to confront
significant obstacles in the pursuit of its
sustainability objectives. The substantial
initial investments required for renewable
energy initiatives, coupled with the variable
availability of solar energy, represent
critical challenges. Furthermore, it is
imperative to educate the population
regarding sustainable practices while
promoting behavioural changes that
are vital for achieving enduring success.
In the future, the UAE intends to direct
its efforts towards the exportation
of green technologies and renewable
energy solutions to surrounding regions.
Jan 2025 www.thefinanceworld.com 97
Yoto Mini: The Screen-Free Audio
Player for Kids’ Adventures
The Yoto Mini functions as a compact
audio player that is devoid of
a screen, specifically designed to
cater to the needs of children. This device
promotes entertainment and educational
engagement while eliminating the distractions
that screens often present. Developed
by Yoto, a company dedicated to providing
innovative audio experiences for young
audiences, the Yoto Mini offers access
to a wide-ranging library that includes
stories, music, podcasts, and other audio
materials. Users can operate the device
through physical cards and an intuitive
application, thereby facilitating a seamless
interaction with the audio content.
The Yoto Mini has been designed with
a focus on usability for children. It is
equipped with a 1.3-inch pixel display that
complements audio content with simple
visual representations. The compact size
of the device contributes to its portability,
allowing it to be easily handled by children
and conveniently stored in bags, thus
rendering it suitable for travel and mobile
activities. Additionally, the device features
both Wi-Fi and Bluetooth connectivity,
which permits its function as a wireless
speaker and enables efficient content
updates as well as streaming capabilities.
One of the notable features of the Yoto
Mini is its use of physical cards to control
audio playback. By placing a card into the
device, children can start the playback of
the related audio material, which fosters
their autonomy and streamlines the user
experience. Furthermore, the Yoto Mini is
equipped with functionalities such as sleep
sounds, white noise, and an OK-to-wake
clock, making it a versatile companion
for evening routines.
The Yoto Mini is equipped with a
rechargeable battery that allows for a
playtime duration of up to 14 hours per
charge. This functionality enables the
device to remain operational throughout
a child’s daily activities. To support
efficient recharging, the product includes
a USB-C fast-charge cable. In addition,
the device offers compatibility with both
3.5mm wired headphones and Bluetooth
headphones, thereby catering to diverse
listening preferences and fostering quiet
usage in shared settings.
Yoto offers a wide range of content for
children, including audiobooks, music,
and educational resources, which can
be customized through its app. The Yoto
Mini, a compact, screen-free audio player,
provides access to this content while
promoting independent use by children.
Unlike the original Yoto Player, it lacks
features like the nightlight and has lower
volume capacity, but its portable design
and affordable price make it ideal for
travel. Parents appreciate the device’s
user-friendly interface, durability, and its
ability to reduce screen time, making it
a valuable tool for homeschooling and
entertainment without screens.
Nov Jan 2024 2025
www.thefinanceworld.com 99
Tourism
Source: Ai generated
UAE travel market poised for growth in 2025, with rising tourist demand and investments.
UAE’s Travel
Market: Surge
Expected in
2025
The UAE’s Travel Market is Expected to
see Significant Growth by 2025, Driven by
Global Demand.
The UAE’s travel market is projected to
experience significant growth by 2025,
driven by a surge in global demand and the
country’s strong position as a hub for tourism
and business. With the government’s
focus on boosting tourism through initiatives
such as the Dubai Tourism Strategy
and Expo 2020’s long-term impact, the
UAE is positioning itself as an attractive
destination for international travellers.
With world-class infrastructure, luxury
offerings, and an emphasis on cultural
experiences, the UAE’s tourism sector
is poised for expansion. As the global
travel industry rebounds, the UAE is set
to capitalise on emerging opportunities
and solidify its position as a leading global
travel destination, attracting leisure and
business travellers from around the world.
100 www.thefinanceworld.com Jan 2025
The UAE’s travel market is set for
significant growth in 2025, driven by
robust economic recovery, strong
government support, and an expanding
global tourism trend. The nation’s
tourism sector is projected to reach
new heights, bolstered by factors such
as major infrastructure developments,
growing global flight connectivity, and
the UAE’s increasing role as a key global
transit hub.
Tourism Sector Growth Projections
The UAE’s tourism industry has already
seen impressive growth in recent years,
with projections indicating a 10% yearon-year
growth in tourism revenues
leading up to 2025. By 2025, the sector is
expected to contribute over $40 billion
to the economy. The UAE’s national
strategy, which includes the expansion
of the hospitality sector, is laying the
foundation for these growth projections.
The UAE has been heavily investing in
state-of-the-art airport facilities, including
the expansion of Dubai International Airport
(DXB) and the construction of new
terminals and runways. This infrastructure
push, along with the UAE’s strategic location
as a global travel hub, is expected
to increase the number of international
tourists arriving by air. Furthermore,
the government’s commitment to easing
visa requirements for select countries, as
well as its tourism-friendly policies, has
further accelerated the flow of visitors
into the country.
Key Drivers of Growth
1. Airport and Transportation Infrastructure:
Dubai International Airport
is expected to retain its position as the
world’s busiest airport for international
passengers, accommodating more than
100 million passengers annually by 2025.
The UAE is also making substantial
investments in new public transport
systems, such as the Dubai Metro expansion,
and enhancing accessibility
to key tourist destinations across the
emirates.
2. Rising Global Travel Demand: With
global travel set to rebound post-pandemic,
the UAE’s tourism market stands
to benefit from increasing numbers
of international visitors. The growth
of air travel, particularly from China,
India, and emerging markets in Africa,
is expected to fuel this growth. The
country’s strategic positioning as a
central hub for both short and long-haul
flights is a crucial advantage.
3. Government Initiatives: The UAE
government’s National Tourism Strategy,
aiming to attract 40 million tourists by
2031, is playing a key role in stimulating
sector growth. Furthermore, various
incentives, including tax exemptions
and infrastructure subsidies, are set to
make the UAE a more attractive destination
for both tourists and investors
in the hospitality sector.
4. Sustainable Tourism Initiatives:
The UAE is increasingly focusing
on sustainable tourism, integrating
eco-friendly initiatives into tourism
development. The “Sustainability
Vision 2025” aims to create a greener
tourism infrastructure, reduce carbon
emissions, and promote responsible
tourism. This is appealing to the
growing demographic of eco-conscious
travellers who prefer destinations that
prioritise environmental preservation.
Tourism Sub-sectors Showing Strong
Growth
• Medical and Wellness Tourism: The
UAE is positioning itself as a global
medical tourism hub, attracting patients
seeking high-quality, affordable medical
services. Dubai and Abu Dhabi’s investment
in world-class medical facilities,
combined with the UAE’s favourable
regulatory framework, has already
resulted in an increase in medical
tourists. In fact, the UAE’s medical
tourism market is expected to grow
by 10-15 percent annually, reaching a
valuation of $1.5 billion by 2025.
• Luxury Tourism: The UAE’s luxury
tourism sector is thriving, with Dubai
and Abu Dhabi offering a range of
exclusive experiences for high-networth
individuals (HNWIs). With the
introduction of luxury resorts, private
yachts, and exclusive experiences,
this sub-sector is forecasted to grow
by 12-15 percent annually, making the
UAE one of the leading luxury travel
destinations globally.
• MICE Tourism: Meetings, Incentives,
Conferences, and Exhibitions (MICE)
tourism is another key driver for the
UAE’s travel market. Dubai’s standing
as a world leader in MICE events,
bolstered by the state-of-the-art Dubai
Exhibition Centre and other venues, is
expected to contribute significantly to
the sector’s growth. The MICE tourism
market is projected to grow by 8-10%
annually, driven by increased demand
The tourism sector is
considered one of the
key sectors that foster
economic relations
between the two friendly
countries.
His Excellency Abdulla Bin Touq Al Marri,
Minister of Economy, UAE
for international conferences, exhibitions,
and corporate travel.
Challenges and Opportunities Ahead
Despite these promising projections, there
are challenges the UAE must navigate.
Geopolitical tensions, fluctuating oil
prices, and global economic uncertainty
could impact travel demand. However,
the UAE’s strategic diversification of its
economy and its emphasis on becoming
a global business and tourism hub will
mitigate these risks.
Moreover, the country’s continued
efforts to promote inclusivity, such as
focusing on women’s empowerment
and improving access to healthcare and
services for visitors with special needs,
will create new opportunities in the travel
sector, helping to build a more diverse
and resilient tourism economy.
The UAE’s travel market is poised for
remarkable growth in 2025, driven by
comprehensive government initiatives,
strategic investments in infrastructure,
and a growing global demand for tourism
experiences.
Jan 2025 www.thefinanceworld.com 101
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