16.01.2025 Views

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.

SHOW MORE
SHOW LESS

Create successful ePaper yourself

Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.


GROW YOUR

BUSINESS

We make Short / Long Term

Investments in Growing Businesses

info@wasayainvestments.com

www.wasayainvestments.com



SUBSCRIBE NOW

Contact us at: +971 58 591 8580

www.thefinanceworld.com | subscribe@thefinanceworld.com


Editor’s Editor’s Note Note

EDITORIAL

Ambrish Agarwal, ambrish@thefinanceworld.com

Ayushi Sharma, ayushi@mcfillmedia.com

DESIGN

Hassan Khan, hassan@mcfillmedia.com

Nauman Khan, nauman@mcfillmedia.com

EDITORIAL

Ambrish Agarwal, ambrish@thefinanceworld.com

Ayushi Sharma, ayushi@mcfillmedia.com

STUDIO AND PRODUCTION

Mommina Asif, mommina@mcfillmedia.com

COMMERCIAL (EVENTS & ADVERTISING)

Sakshi Lalwani

DESIGN

Hassan Khan, hassan@mcfillmedia.com

Nauman Khan, nauman@mcfillmedia.com

+971 58 596 6036, sakshi@mcfillmedia.com

STUDIO AND PRODUCTION

Abhinay Mommina Bhartiya Asif, mommina@mcfillmedia.com

+971 58 596 4066, abhinay@mcfillmedia.com

COMMERCIAL (EVENTS & ADVERTISING)

Sakshi Lalwani

PARTNERSHIPS

+971 58 596 6036, sakshi@mcfillmedia.com

Khwahish Waghnani, khwahish@mcfillmedia.com

Abhinay Bhartiya

+971 58 596 4066, abhinay@mcfillmedia.com

DISTRIBUTION

PARTNERSHIPS

Ashish Kumar, ashish@mcfillmedia.com

Khwahish Waghnani, khwahish@mcfillmedia.com

GENERAL DISTRIBUTION

Advertisement, advertise@thefinanceworld.com

Ashish Kumar, ashish@mcfillmedia.com

Press Release, feature@thefinanceworld.com

News, news@thefinanceworld.com

GENERAL

Partnerships, Advertisement, partnerships@thefinanceworld.com

advertise@thefinanceworld.com

Public Relations, Press pr@thefinanceworld.com

Release, feature@thefinanceworld.com

News, news@thefinanceworld.com

Partnerships, partnerships@thefinanceworld.com

Public Relations, pr@thefinanceworld.com

The Publisher has taken all reasonable steps to ensure the accuracy of the

content at the time of publication. However, The Publisher accepts no

liability for any errors, omissions, or inaccuracies within this publication.

The views and opinions The Publisher expressed has do taken not all necessarily reasonable steps reflect to ensure those the of accuracy The of the

Publisher. Readers are content encouraged at the time to seek of publication. professional However, advice The before Publisher acting accepts no

on any information provided, liability for as any the errors, content omissions, for general or inaccuracies reference within and this may publication.

not apply to individual The circumstances. views and opinions All trademarks, expressed do not logos, necessarily and intellectual reflect those of The

Publisher. Readers are encouraged to seek professional advice before acting

property rights featured in this publication are acknowledged and remain the

on any information provided, as the content is for general reference and may

property of their respective not apply to owners. individual No circumstances. part of this All trademarks, publication logos, may and be intellectual

reproduced, stored, property or transmitted rights featured in any in this form publication without are the acknowledged prior written and remain the

consent of The Publisher. property All of rights their reserved. respective owners. No part of this publication may be

reproduced, stored, or transmitted in any form without the prior written

consent of The Publisher. All rights reserved.

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




Discount Your Invoices

and Receivables Now

APPLY ONLINE!

info@ifundfactoring.com

www.iFundFactoring.com

iFund

Hooray! Your file is uploaded and ready to be published.

Saved successfully!

Ooh no, something went wrong!