Finance World Magazine | Special Edition: April 2025

R

SPECIAL EDITION

Apr 2025

Beyond growth, we are committed

to setting new benchmarks in

responsible and innovative urban

development across the UAE.”

IRFAN WAHID

Chief Executive Officer,

GFS Developments

HORIZONS

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One way to keep momentum going is

to constantly have greater goals.

Editor’s Note

We are proud to present this special edition of Finance

World Magazine, celebrating “The UAE’s Ascent:

Finance, Influence, and Innovation.” As the world

watches the UAE scale new heights, this edition captures

the spirit of transformation sweeping through the nation’s

financial, real estate, and technology sectors. From pioneering

fintech strategies to record-breaking property developments

and the rapid integration of AI across industries, the UAE

is shaping a new global narrative - bold, visionary, and

unmistakably forward-looking.

Our cover story features Irfan Wahid, the CEO of GFS

Developments and a transformative force in the real estate

sector. Over the past 15 years, Irfan has not only built structures

but reshaped the very standards of what modern, sustainable,

and community-focused development should look like. Through

GFS, he has spearheaded a vision rooted in affordability,

precision, and long-term value, turning the company into one

of the most respected names in the industry. His journey is

a testament to how far purpose-driven leadership can take

you, and how true innovation lies in the details.

Further, we explore The Impact of Gulf Sovereign Wealth

Funds on AI, Sports, and Renewable Energy. These funds

are driving innovation in AI, transforming global sports, and

playing a crucial role in the transition to renewable energy,

positioning Gulf nations as key global players. We also assess

The Interplay Between Real Estate and Economic Growth,

highlighting how the real estate sector acts as a key driver

of economic expansion, influencing both urban development

and market opportunities across the region.

As you journey through these insights, we hope you gain

a deeper understanding of the pivotal forces shaping the

future of our region and beyond.

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

Apr 2025 www.thefinanceworld.com 7

Contents Apr

2025

COVER STORY

BANKING

P18 | The End of Traditional Banking?

How DeFi is Challenging the System

This piece analyzes how blockchain-based

models are challenging traditional banking

institutions.

TECH MY MONEY

P22 | Expanding Horizons

Our cover story features Irfan Wahid, CEO of GFS Developments,

a transformative leader in real estate.

REAL ESTATE

P10 | The Interplay Between Real Estate and

Economic Growth

Real estate plays a pivotal role in shaping and signalling economic

performance. This article examines how property markets influence and

are influenced by national growth trajectories.

P14 | Experience the Hush:

Silence Please in Green

Silence Please will release a limited-edition highgloss

green Hush speaker, blending exceptional

sound and sleek design, in April 2025.

8 www.thefinanceworld.com Apr 2025

INVETMENT

OPINION

P26 | Is Gold Still a Safe Haven Investment in

the Digital Age?

Gold has long been a trusted store of value, but its role is evolving. We

assess its relevance amid digital assets, inflation, and changing investor

behaviour.

ENERGY

P37 | Inside the Rise of the UAE’s

Billion-Dollar Startup Scene

George Hojeige, Group CEO of Virtuzone, explores

the dynamic rise of the startup scene in the UAE.

GLOSSARY

P32 | The Impact of Gulf Sovereign Wealth Funds on

AI, Sports, and Renewable Energy

Gulf sovereign wealth funds are reshaping global industries through

targeted investments. This article explores their growing influence across

AI, sports, and sustainable energy

P28 | A-Z Investment & Wealth

Management

This glossary provides a comprehensive A–Z

reference of investment and wealth management

terms.


Real Estate

Source: Ai generated

UAE’s real estate sector drives economic diversification, attracting investors and boosting tourism.

The Interplay

Between Real

Estate and

Economic Growth

The UAE’s Real Estate Sector Continues to Drive

Economic Growth and Diversification through

Ambitious Projects and Strategic Investments.

The UAE’s real estate sector has emerged

as a key driver of economic diversification,

complementing the nation’s efforts

to reduce reliance on oil revenues. Iconic

projects like Burj Khalifa, Palm Jumeirah,

and Saadiyat Island have not only transformed

the UAE’s skyline but also boosted

tourism and attracted significant foreign

investment. The sector’s contribution

to the Gross Domestic Product (GDP)

highlights its importance in the country’s

economic framework. As non-oil GDP is

projected to grow by 6.2% by 2025, real

estate remains instrumental in enhancing

the UAE’s global competitiveness and

positioning it as a prime destination for

business, tourism, and luxury living. Additionally,

the sector is poised for sustained

growth and international recognition.


The United Arab Emirates (UAE)

has undergone an extraordinary

transformation over recent decades,

shifting from an oil-dependent

economy to a diverse global centre for

tourism, finance, and real estate. This

evolution is largely driven by the mutually

reinforcing relationship between

the real estate sector and the nation’s

economic growth. As of March 2025, this

connection remains crucial in shaping

the UAE’s economic framework, with

real estate developments playing a dual

role in influencing economic progress and

mirroring the country’s broader growth

strategies. The sector’s expansion continues

to attract investments, enhance

tourism, and contribute significantly to

the national GDP.

Real Estate as a Catalyst for Economic

Diversification

The UAE’s strategic push towards diversifying

its economy beyond oil has placed

real estate at the centre of its development

efforts. Ambitious projects such

as the Burj Khalifa, Palm Jumeirah, and

Saadiyat Island have not only reshaped

the country’s skyline but also drawn

global attention, significantly boosting

tourism and foreign investment. The real

estate sector’s substantial contribution

to the UAE’s Gross Domestic Product

(GDP) underscores its importance in the

nation’s economic framework.

Tourism-focused real estate developments,

in particular, have been instrumental in

this growth. Projections indicate that the

UAE’s non-oil GDP is expected to grow by

an impressive 6.2% by 2025, emphasising

the vital role of real estate and tourism

in the country’s economic evolution. As

the UAE continues to prioritise economic

diversification, the real estate sector remains

a key driver of sustainable growth

and global competitiveness, cementing

the nation’s reputation as a premier

destination for business, tourism, and

luxury living.

Dubai’s Real Estate Surge and Economic

Impact

Dubai, in particular, has witnessed a robust

rally in its property market, approaching

record pre-2008 levels. Average property

prices have surged by 75% since February

2021, reaching AED 1,750 ($476.50) per

square foot. This growth is attributed

to economic resilience, liberalized visa

policies, and population growth, which

have collectively driven demand and led

to a 50-month price rally. The influx of

expatriates and high-net-worth individuals

has further stimulated demand for luxury

properties, prompting the construction

of nearly 9,000 villas by the end of 2024,

with plans for an additional 19,700 in 2025.

Record-Breaking Transactions and

Infrastructure Investments

The impressive growth of the UAE’s real

estate sector in 2024 reflects the nation’s

strategic focus on infrastructure development

and economic diversification. The

substantial volume of transactions and

mortgage activities indicates sustained

investor confidence and a thriving market

environment. This upward trend is further

supported by favourable government policies,

innovative projects, and increased

demand for residential, commercial, and

tourism-related properties. As the UAE

continues to enhance its real estate

landscape, the sector is expected to play

a critical role in achieving the country’s

broader economic goals, attracting foreign

investment, and solidifying its status as

a global investment hub.

The residential market experienced

notable growth, with average property

prices in Dubai registering close to an

18% increase in Q4 2024 compared to

the same period in the previous year.

Apartment rents increased by 12%, while

villa rentals saw a more modest 4% rise,

indicating sustained demand for diverse

housing options. This upward trend

aligns with projections that anticipate

the UAE’s real estate market reaching

approximately US$693.53 billion by 2025,

with the residential segment expected to

hold a market volume of US$400 billion.

To meet the growing demand, Dubai

is constructing nearly 9,000 villas by

the end of 2024 and plans to build an

additional 19,700 in 2025. Despite these

efforts, the market still faces a shortage

of luxury properties, as current listings

for houses priced over $10 million have

significantly decreased. This scarcity

has contributed to a 20% price increase

in prime neighbourhoods like Palm Jumeirah,

although Dubai’s luxury real estate

remains relatively affordable compared

to cities like London and New York.

Future Prospects and Strategic

Initiatives

Looking ahead, the UAE’s strategic

initiatives aim to sustain and enhance

the growth of the real estate sector.

Significant investments in infrastructure,

The real estate sector is

a key pillar of the UAE’s

economic diversification

strategy, contributing

significantly to GDP

and attracting foreign

investment.”

H.E. Abdulla Bin Touq Al Marri, Minister of

Economy of the UAE

such as the expansion of Al Maktoum

International Airport, are set to further

catalyze the tourism sector’s growth,

creating a conducive environment for

investment in tourism-related real estate

projects. The luxury sector, in particular,

has witnessed steady growth, driven by

both demand and strategic initiatives

aimed at enhancing the UAE’s position

as a premier global tourism destination.

Moreover, the government’s efforts to

attract high-net-worth individuals through

liberalized visa policies and the development

of ultra-luxurious neighbourhoods

have positioned the UAE as a haven for

the world’s wealthy elite.

The relationship between real estate

and economic growth in the UAE highlights

the country’s strategic approach

to diversification and progress. As the

real estate market flourishes, it plays a

vital role in boosting GDP and strengthening

the UAE’s reputation as a global

destination for tourism, luxury living,

and investment. However, ensuring longterm

prosperity requires balancing this

growth with sustainable urban planning

and infrastructure development. By

addressing these challenges, the UAE

aims to provide a thriving environment

for both residents and investors.


Merger and Acquisition News

Investcorp Acquires Stake in German Supply Chain Consultancy Miebach

Investcorp, a global alternative investment

firm, has signed a definitive

agreement to acquire a majority stake

in Miebach Logistik Holding GmbH, a

leading provider of supply chain and

logistics consultancy services. Miebach’s

existing equity partners will retain a significant

minority stake, though transaction

terms remain undisclosed. Founded in

1973 and headquartered in Frankfurt,

Miebach operates in a €30 billion market

projected to grow at double-digit rates

annually, driven by supply chain resiliency,

sustainability, digitalisation, and

automation. With 500 employees across

27 offices in 20 countries, Miebach offers

end-to-end consultancy, from strategy

development to engineering and digital

solutions. Under Investcorp’s ownership,

Miebach aims to enhance its organic

growth, strengthen customer relationships,

and pursue a targeted M&A strategy to

expand its global footprint.

Mubadala Completes

Sale of its Stake in

Calisen

Mubadala Investment Company

has successfully sold its indirect

stake in Calisen, the UK’s leading

provider of smart meters and smallscale

energy transition infrastructure

assets. This sale concludes a four-year

investment period during which Mubadala,

alongside partners Global Infrastructure

Partners, BlackRock, and Goldman

Sachs Alternatives, collaborated closely

with Calisen to enhance its financial and

commercial performance. Mubadala

supported Calisen’s expansion into new

growth areas, including electric vehicle

charging, and electrification of heating,

solar, and battery solutions, thereby

deepening Calisen’s role in the UK’s energy

transition. A significant milestone was

Calisen’s 2023 acquisition of MapleCo, a

UK smart metering company previously

owned by Equitix, which strengthened

Calisen’s market position.

Borouge Updates Investors on $60B Petrochemical

Expansion

Borouge Group International

has announced the acquisition

of Nova Chemicals, a leading

North American polyethene producer,

for USD 13.4 billion, strengthening its

global market presence. The Borouge

4 expansion project, valued at USD

7.5 billion, is expected to contribute

approximately USD 900 million in

EBITDA once fully operational. Following

the acquisition, the newly formed

company will become the world’s

fourth-largest polyolefins producer by

nameplate capacity, with an anticipated

through-the-cycle EBITDA exceeding

USD 7 billion. The deal capitalises on

the combined strengths of Borouge,

Borealis, and Nova, leveraging a vast

production and sales network across

key global markets. Borouge Group

International will be listed on the Abu

Dhabi Stock Exchange, with a targeted

annual dividend payout of 16.2 fils per

share, delivering immediate accretion

compared to Borouge’s existing dividend

structure.

UAE’s ADNOC and Austria’s OMV Form $60B

Chemicals JV

Abu Dhabi National Oil Company

(ADNOC) and Austria’s OMV

have agreed to merge their

shareholdings in Borouge plc and

Borealis AG, forming Borouge Group

International. This new entity will acquire

NOVA Chemicals Corporation, a North

American producer, for $13.4 billion,

including debt. With the inclusion of

Borouge 4, Borouge Group International

will become a global integrated chemicals

powerhouse valued at over $60 billion,

positioning it as the world’s fourth-largest

producer of polyolefins. The company

will be jointly owned and controlled by

ADNOC and OMV, each holding equal

stakes of approximately 46.94%, with

headquarters in Vienna and Abu Dhabi.

OMV will inject €1.6 billion in cash into

the consolidated company to equalize its

share. The merger is expected to yield

annual synergies of around $500 million

and deliver dividend growth for existing

Borouge plc shareholders.


Abu Dhabi’s Multiply Group Acquires 67.9% Stake in Spain’s Tendam

Abu Dhabi-based investment

holding company, Multiply Group

PJSC, has agreed to acquire a

67.9% controlling stake in Castellano

Investments S.à r.l., the parent company

of Spanish fashion retailer Tendam

Brands S.A.U. This transaction, subject

to regulatory approval, positions Multiply

Group as the majority shareholder

alongside existing minority stakeholders,

CVC Funds and PAI Partners. Tendam,

Spain’s third-largest fashion retailer,

owns renowned brands such as Cortefiel,

Pedro del Hierro, Springfield,

and Women’s Secret. The acquisition

aligns with Multiply Group’s strategy

to diversify its portfolio and expand

its global footprint, marking its entry

into the retail and apparel sector. This

move is expected to double Multiply’s

operational EBITDA post-consolidation,

enhancing its financial performance.

Tendam’s CEO, Jaume Miquel, highlighted

that this investment endorses

the company’s growth strategy and

provides increased capacity for accelerated

expansion.

GULFNAV Shareholders

Approve AED 3.2B Brooge

Energy Acquisition

Gulf Navigation Holding PJSC

(GULFNAV), listed on the Dubai

Financial Market, has secured

shareholder approval for the strategic

acquisition of Brooge Energy Limited’s

(BEL) assets and companies. The decision

was made during the General

Assembly Meeting on March 13, 2025.

The acquisition encompasses Brooge

Petroleum and Gas Investment Company

FZE, Brooge Petroleum and Gas

Investment Company Phase III FZE,

and BPGIC Phase 3 Limited, reinforcing

GULFNAV’s position in the midstream

oil & gas and logistics sectors. The deal

will be settled through a mix of cash,

newly issued shares, and Mandatory

Convertible Bonds (MCBs), including

358.8 million new shares at AED 1.25

per share, MCBs worth AED 2.336

billion convertible at the same rate,

and an additional AED 500 million in

MCBs at AED 1.10 per share for existing

shareholders.

Dubizzle Group Acquires Egypt’s Hatla2ee

The UAE-based Dubizzle Group

has acquired Hatla2ee, a leading

online car marketplace in

Egypt, strengthening its presence in

the country’s automotive sector. This

acquisition aims to enhance the buying

and selling experience for Egyptian

consumers by integrating Dubizzle

Group’s advanced technology and

resources into Hatla2ee’s established

platform. With Egypt’s rapidly growing

automotive market and a population of

114 million, the acquisition positions

Dubizzle Group for further expansion

in the region. The company already

operates leading platforms in Egypt,

including Dubizzle for general classifieds

and Bayut for real estate. Adding

Hatla2ee to its portfolio allows Dubizzle

Group to offer a more comprehensive

range of automotive services, leveraging

its expertise in digital marketplaces

and advanced technology to drive

efficiency and innovation in Egypt’s

online car sales sector.

EQT Consortium Completes Nord Anglia Education

Acquisition

EQT, leading a global consortium

of premier institutional investors

including Neuberger Berman

Private Markets, Canada Pension Plan

Investment Board (CPP Investments),

Corporación Financiera Alba, S.A. (CF

Alba), and Dubai Holding Investments

has completed the acquisition of Nord

Anglia Education, valuing the company

at $14.5 billion. This strategic move

underscores Nord Anglia’s prominence

in private international education. The

company operates over 80 schools

across 33 countries, educating more

than 90,000 students aged 2 to 18.

Nord Anglia’s personalized learning

approach tailors classroom teaching

to each student’s unique learning

style, contributing to consistently excellent

academic results and frequent

acceptance of Year 12 graduates into

the world’s top 100 universities. The

expanded and diversified shareholder

base, enriched by the consortium’s

deep expertise and long-term capital,

enhances Nord Anglia’s resilience and

paves the way for continued innovation

and growth in premium education.


Experience the

Hush: Silence

Please in Green

Silence Please, the renowned hi-fi speaker studio

from New York City, is set to release a striking highgloss

green variant of its acclaimed Hush speaker.

This compact studio monitor, designed to deliver

exceptional sound quality without compromising

on aesthetics, is scheduled for a limited release in

April 2025.

Design: A Vibrant Statement

Silence Please is set to unveil its Hush speaker in a stunning high-gloss green finish, reminiscent of Bottega Veneta’s

signature shade. Combining style and function, this edition is crafted to stand out while offering premium sound quality.

High-gloss green finish

Modern, artistic design

Durability: Built to Last

Made with premium materials, the high-gloss finish is both sleek and sturdy, ensuring longevity. The speaker’s craftsmanship

ensures it remains a timeless piece in any setting.

Sleek, sturdy high-gloss finish

Premium materials for long-lasting durability


Craftsmanship &

Functionality

Designed as an art piece and a sound powerhouse,

the Hush speaker seamlessly integrates into modern

interiors. It complements diverse spaces — from cosy

apartments to sleek office setups.

Audio Technology:

Precision and Warmth

Despite its compact size of 7 x 7 x 14 inches, the Hush

speaker is equipped with a 4-inch paper cone woofer

and a Tetoron dome tweeter with ferrite magnet

drivers. Expect crisp highs, deep bass, and immersive

audio for every genre.

4-inch paper cone woofer

Tetoron dome tweeter with ferrite magnet

drivers

Clear highs and deep bass for all genres

Global Launch & UAE

Availability

Global Launch Date: April 2025

UAE Availability: Stay tuned for updates on

its release across select premium retailers.

Design and Portability:

Dimensions: Small yet powerful at 7 x 7 x 14

inches

Green High-Gloss Finish: Bold and artistic design

Limited Edition: Only 20 pairs are available

globally

Audio Performance:

Unmatched Clarity

4-Inch Woofer - Deep and resonant bass

Tetoron Tweeter - Clear and detailed highs

Ferrite Magnets - Enhanced sound precision

Pros

Exceptional sound quality

Unique, eye-catching design

Durable materials

Cons

Limited availability

Premium price tag

Final Thoughts

With its striking green design and advanced sound technology, the Hush speaker is an ideal choice for both audiophiles and

design enthusiasts. Its limited-edition release adds exclusivity, making it a must-have for those who appreciate high-quality

audio and modern aesthetics. Stay tuned for updates on its UAE launch - this is a speaker you won’t want to miss!


Travel News

Gulf Air Collaborates with Airalo to Enhance Global Connectivity for Travelers

Gulf Air has partnered with Airalo,

a leading eSIM provider, to revolutionize

in-flight connectivity

for its passengers. This collaboration

allows Falconflyer members to earn 20

points for every $1 spent on Airalo eSIMs,

offering seamless mobile data access

in over 200 countries and territories.

Travelers can now enjoy uninterrupted

communication without the hassle of

traditional SIM cards, enhancing their

overall travel experience. This initiative

not only provides cost-effective connectivity

but also aligns with Gulf Air’s

commitment to integrating innovative

solutions for passenger convenience.

By embracing eSIM technology, Gulf

Air addresses the growing demand

for reliable in-flight internet services,

ensuring passengers remain connected

throughout their journeys. This partnership

exemplifies Gulf Air’s dedication

to enhancing customer satisfaction

through technological advancements.

Jumeirah Marsa Al Arab:

Dubai’s New Pinnacle of

Luxury Hospitality

Jumeirah Group has unveiled the

Jumeirah Marsa Al Arab, a state-ofthe-art

luxury resort that redefines

opulence in Dubai. Strategically located

adjacent to the iconic Burj Al Arab,

this resort seamlessly blends modern

design with traditional Arabian hospitality.

Featuring an array of world-class

amenities, including exquisite dining

venues, a cutting-edge wellness centre,

and private beachfront access, it offers

guests an unparalleled experience. The

resort’s architecture draws inspiration

from superyachts, symbolizing Dubai’s

maritime heritage. Each suite and villa

is meticulously designed to provide

panoramic views of the Arabian Gulf,

ensuring a serene retreat for guests.

With its commitment to exceptional

service and luxury, Jumeirah Marsa

Al Arab solidifies Dubai’s position as

a leading destination for discerning

travellers seeking unique and lavish

experiences.

Dubai’s Hospitality Sector to Expand with Over

11,300 New Hotel Rooms by 2027

Dubai is set to significantly boost

its hospitality capacity by adding

more than 11,300 hotel rooms

by 2027, bringing the total to over

162,600 across 769 hotels. In 2025

alone, 20 new hotels are expected

to open, contributing approximately

4,620 rooms. This expansion aligns

with Dubai’s robust tourism growth,

which saw 18.72 million overnight

visitors in 2024—a 9.1% increase from

the previous year. The surge in hotel

development is anticipated to create

around 15,000 direct hospitality jobs

and up to 50,000 indirect roles, further

bolstering the local economy. Notably,

the luxury and upper-upscale segments

Rove Hotels, a contemporary

midscale hotel brand in the

UAE, has been appointed as

the official hotel partner for the Dubai

Airshow 2025. This collaboration aims

to provide attendees with convenient

and comfortable accommodation options,

enhancing their overall event

experience. Rove Hotels is known for its

modern amenities, strategic locations,

and commitment to sustainability, making

it an ideal choice for international

visitors. The partnership underscores

Rove’s dedication to supporting major

events in the region and promoting

Dubai as a global hub for business and

dominate the upcoming supply, reflecting

Dubai’s commitment to catering

to high-end travellers. This strategic

growth underscores Dubai’s status as

a premier global destination for tourism,

hospitality, business, and leisure.

Rove Hotels Named Official Partner for Dubai

Airshow 2025

tourism. By aligning with the Dubai

Airshow, Rove Hotels continues to

strengthen its brand presence and

showcase its hospitality excellence

to a worldwide audience.


Dubai Tourism and Premier Inn Collaborate to Enhance Visitor Experience

Dubai’s Department of Tourism

and Commerce Marketing has

entered into a strategic partnership

with Premier Inn to elevate

the visitor experience in the Emirates.

This collaboration focuses on providing

affordable, high-quality accommodation

to cater to the diverse needs of

tourists. By leveraging Premier Inn’s

reputation for comfort and value, the

initiative aims to attract a broader

Ras Al Khaimah Plans

Major Expansion Amid

Casino Developments

Ras Al Khaimah is poised for

a transformative expansion,

aiming to double its hotel room

capacity and introduce 5,600 branded

residences, positioning itself as a premier

entertainment destination in the

region. Central to this development

is the $3.8 billion Wynn Al Marjan Island

resort, set to open in early 2027,

featuring the Gulf’s first legal casino.

The resort will offer 1,542 rooms,

suites, and villas, alongside 22 restaurants

and bars, significantly boosting

tourism and the local economy. The

main casino, spanning 224,000 square

feet, will be larger than Wynn’s Las

Vegas counterpart, with an additional

private gaming area on the 22nd floor.

This strategic move aligns with Ras

Al Khaimah’s vision to diversify its

tourism offerings, attract a diverse

range of tourists, and create numerous

employment opportunities, solidifying

its status as a leading entertainment

hub in the Middle East.

demographic of travellers. The partnership

also includes joint marketing

campaigns and promotional offers to

showcase Dubai’s rich cultural heritage,

world-class attractions, and vibrant

lifestyle. This endeavour aligns with

Dubai’s vision to diversify its tourism

offerings and reinforce its position as

a leading global destination that caters

to all budget segments.

Emirates and Trip.com Group Strengthen

Partnership to Enhance Travel Services

Emirates and Trip.com Group have

expanded their longstanding partnership

to enhance the travel

experience for customers globally. This

collaboration aims to integrate Emirates’

extensive flight offerings with Trip.

com’s growing portfolio of hotels and

travel services, providing travellers with

comprehensive and tailored packages.

The partnership will focus on exploring

growth opportunities in emerging markets

and customer segments, leveraging

The planned expansion of Al Maktoum

International Airport (DWC)

is poised to significantly enhance

Dubai’s tourism and economic landscape.

With an investment of AED 128 billion,

the new passenger terminal is set to

become the world’s largest, ultimately

accommodating up to 260 million passengers

annually. This monumental project

aligns with Dubai’s strategic vision to

bolster its position as a global aviation

hub, facilitating increased tourism and

Emirates’ international network and Trip.

com’s global presence. Joint promotional

efforts will target key Asian and European

markets, offering exclusive promotions

tailored to families and holiday seekers.

Additionally, both companies plan

to coordinate impactful campaigns to

drive measurable growth in key global

markets and explore the incorporation

of value-added services and customized

offers for the Trip.com Rewards and

Emirates Skywards programs.

Dubai’s New Airport Set to Boost Growth for

Dubai Parks and Resorts

business travel. The enhanced connectivity

provided by DWC is anticipated to

drive growth for local attractions, such as

Dubai Parks and Resorts, by making them

more accessible to a broader audience.

Furthermore, the airport’s expansion is

expected to stimulate economic growth

in the surrounding areas, attracting new

residents and businesses, and reinforcing

Dubai’s commitment to advancing its

infrastructure to meet the evolving needs

of modern travellers.


Banking


DeFi is reshaping banking by enabling secure, transparent, and decentralised financial transactions.

The End of

Traditional Banking?

How DeFi is

Challenging the System

Revolutionising Traditional Banking through

DeFi with Decentralisation, Transparency and

Greater Accessibility.

Decentralised finance (DeFi) is reshaping

the financial sector by providing an alternative

to traditional banking. Leveraging

blockchain technology, DeFi facilitates

direct peer-to-peer transactions, eliminating

intermediaries while enhancing

transparency, security, and accessibility.

Its rapid expansion presents both opportunities

and challenges, prompting

banks to explore integration strategies

while regulators work to develop suitable

frameworks. DeFi has the potential

to improve financial inclusion, reduce

costs, and enhance efficiency. However, its

long-term success depends on addressing

regulatory, security, and operational risks.

Striking a balance between innovation

and oversight will be essential to ensuring

DeFi’s sustainable growth.


Decentralised finance (DeFi) is

a technology-driven financial

system revolutionising traditional

banking by transforming lending,

borrowing, trading, and investment. It

operates through financial platforms

built on public blockchains, secure and

distributed ledgers that ensure data remains

immutable, eliminating the need

for banks and other intermediaries.

The introduction of Ethereum’s blockchain

in 2015 marked the onset of the

DeFi revolution, which gained momentum

in 2020 when “transaction volumes

on DeFi platforms surged 25-fold.” The

COVID-19 pandemic further accelerated

digital payment adoption and financial

accessibility. By 2021, “71% of individuals

in developing nations held a financial

account,” a substantial rise from 42% a

decade earlier. Despite this progress, 1.4

billion people globally remain unbanked,

though two-thirds of the world’s adults

The Financial Services

Regulatory Authority

(FSRA) is actively

engaging with industry

stakeholders to explore the

opportunities and risks of

DeFi, ensuring a balanced

regulatory framework that

fosters innovation while

maintaining financial

stability.”

Emmanuel Givanakis, CEO, Financial

Services Regulatory Authority (FSRA), Abu

Dhabi Global Market (ADGM)

now engage with digital payment systems.

DeFi offers an alternative to conventional

financial services, with the potential to

enhance transparency, accessibility, and

financial inclusion worldwide. However,

as it is built on emerging and evolving

technologies, it presents complex regulatory

and security challenges. Business

leaders must grasp both the risks and

advantages of DeFi and adopt best

practices to maximise its opportunities.

Benefits of DeFi

Financial Inclusion: Access to traditional

banking services remains challenging for

unbanked and underbanked populations

due to geographic, economic, and documentation

barriers. DeFi overcomes these

limitations by enabling anyone with an

internet connection and a digital wallet

to access financial services.

Speed & Cost Efficiency: By removing

intermediaries and leveraging smart

contracts, DeFi significantly accelerates

transaction processing. Fees on DeFi

platforms are generally lower than those

charged by traditional banks, particularly

for cross-border payments.

Transparency: As DeFi operates on

blockchain technology, it ensures a high

level of transparency and trust. Every

transaction is recorded on a public ledger,

making financial activities verifiable

and auditable.

Innovation and Flexibility: Regulatory

and technological constraints often slow

down innovation in traditional banking.

In contrast, DeFi fosters a more agile

and dynamic ecosystem, allowing for

the rapid development of new financial

products and services.

The Impact of DeFi on Traditional

Banking Institutions

The emergence of decentralised finance

(DeFi) presents both challenges and

opportunities for traditional banks. By

removing intermediaries from core banking

functions such as lending, borrowing, and

payments, DeFi introduces a significant

competitive threat. Its platforms often

provide higher interest rates on deposits

and lower fees on loans, attracting customers

seeking better returns and reduced

costs. However, forward-thinking banks

are actively exploring ways to integrate

DeFi solutions into their operations. This

includes adopting blockchain technology

to enhance transaction efficiency,

transparency, and security. Additionally,

some banks are diversifying their revenue

streams by developing DeFi-enabled

products and services.

The Potential of DeFi to Reshape

the Financial Industry

DeFi has the potential to fundamentally

transform the financial sector by democratising

access to financial services,

reducing transaction costs, and improving

overall efficiency. Its transparent protocols

facilitate the creation of financial

products tailored to a broader audience.

Furthermore, blockchain technology

enhances security by mitigating the

risks of fraud and cyberattacks, further

increasing DeFi’s appeal and adoption.

DeFi and Banking Regulation

The swift advancement of DeFi has

outstripped existing regulatory frameworks,

posing significant challenges

for both regulators and early adopters.

Traditional financial laws often struggle

to accommodate DeFi’s decentralised

nature, leading to uncertainties around

compliance, consumer protection, and

financial stability. As DeFi continues to

evolve, regulators must strike a balance

between fostering innovation and mitigating

risks such as fraud, cyber threats,

and market manipulation. A proactive

approach involving collaboration between

governments, financial institutions, and

blockchain developers is essential to establish

clear guidelines. Well-structured

regulations can enhance trust, security,

and long-term sustainability within the

DeFi ecosystem while preserving its

innovative potential.

The Current State of DeFi Regulations

At present, there is no comprehensive

regulatory framework specifically designed

for DeFi within the banking sector.

Regulators worldwide face difficulties in

applying existing financial regulations to

this rapidly evolving space. However, an

increasing number of jurisdictions are

acknowledging the need for tailored

policies and are proactively working

towards DeFi-specific regulations. The

European Union is developing the Markets

in Crypto-Assets Regulation (MiCA) to

establish guidelines for crypto assets,

including those utilised in DeFi.

DeFi is reshaping the banking sector,

for a future where financial services are

more accessible, efficient, and customer-centric.

Despite regulatory and security

challenges, its potential to revolutionise

traditional finance remains significant.


Banking News

Dubai Islamic Bank’s

Income Grows 15.9%

to $6.36bn in 2024

Dubai Islamic Bank (DIB), the

largest Islamic bank in the

UAE, reported a total income

of AED 23.34 billion ($6.36 billion) for

the financial year ending December

31, 2024, marking a 15.9% increase

from the previous year. The bank’s

profit before tax rose by 27% to AED 9

billion ($2.45 billion), while net profit

increased by 16% to AED 8.17 billion

($2.22 billion). Customer deposits

grew by nearly 12% to AED 249 billion

($67.8 billion), with current and savings

accounts comprising 38% of total

deposits. Additionally, the non-performing

financing ratio improved

to 4.0%, down 140 basis points from

the prior year. These robust results

reflect DIB’s strategic initiatives and

the overall economic growth of Dubai.

DIB’s shareholders approved a 45%

dividend for 2024, underscoring the

bank’s commitment to delivering value

to its investors.

UAE Central Bank Maintains Interest Rates at 4.40%

The Central Bank of the UAE

(CBUAE) has announced that

it will maintain the Base Rate

applicable to the Overnight Deposit

Facility (ODF) at 4.40%. This decision

aligns with the recent move by

the US Federal Reserve to keep its

Interest Rate on Reserve Balances

(IORB) unchanged. The Base Rate

serves as a benchmark for monetary

policy, providing an effective floor

for overnight money market interest

rates within the UAE. Additionally, the

CBUAE has decided to maintain the

interest rate applicable to borrowing

short-term liquidity from the CBUAE

at 50 basis points above the Base Rate

for all standing credit facilities. This

approach aims to ensure monetary

stability and support sustainable economic

growth in the region.

Accenture and CBD Launch AI Training to Boost

Employee Skills

Accenture and the Commercial

Bank of Dubai (CBD) have

partnered to launch the ‘CBD

AI and Data for the Future’ program,

aiming to enhance employee skills in

data management and artificial intelligence

(AI). This initiative positions

CBD as the first bank in the UAE to

implement a comprehensive data literacy

program, enabling staff to earn

certifications in both data and AI. By

leveraging innovative technologies, the

program seeks to improve customer

experiences and operational resilience.

Udacity, part of Accenture, contributes

its expertise by offering a comprehensive

digital upskilling curriculum that

includes hands-on training, expert-led

sessions, and insights into emerging

data and AI trends. This collaboration

reflects CBD’s commitment to

fostering a culture of innovation and

aligns with the UAE’s vision for AI

leadership.

United Arab Bank Reports 30% Increase in Pre-Tax Profit for FY2024

United Arab Bank (UAB), based

in Sharjah, announced a 30%

rise in pre-tax profit for the

fiscal year ending December 31, 2024,

reaching AED 331 million, up from

AED 255 million in 2023. This significant

growth reflects the bank’s

effective strategic initiatives and the

overall economic development in the

UAE. Operating income for FY2024

increased by 5% year-on-year to AED

606 million, demonstrating the bank’s

ability to generate higher revenues.

Total assets grew by 22% to AED

21.5 billion, driven by a 23% rise in

loans, advances, and Islamic financing.

Customer deposits also saw a substantial

increase of 33%, indicating strong

customer confidence and the bank’s

growing market presence. In the fourth

quarter of 2024, UAB reported a pretax

profit of AED 98 million, marking

a sequential growth of 20% and a

year-on-year increase of 111%. This

robust performance underscores the

bank’s resilience and its commitment

to delivering value to shareholders.


UAE Banking Sector Leads GCC in Resilience and Growth

The United Arab Emirates (UAE)

continues to demonstrate

exceptional resilience and growth

in its banking sector, positioning itself

as a leader within the Gulf Cooperation

Council (GCC). In the second quarter

of 2024, UAE banks achieved a 3.4%

quarter-on-quarter increase in gross loans,

primarily driven by robust retail lending.

This growth contributed to a record-high

aggregate gross loan value of $2.1 trillion

across GCC-listed banks. Furthermore,

UAE-listed banks reported the highest

return on equity in the region, reaching

16.8% by the end of the third quarter

of 2024. The nation’s banking sector

also achieved a significant milestone in

consumer trust, with confidence levels

rising to 90% in 2023, up from 84% the

previous year. These accomplishments

underscore the UAE’s effective economic

diversification efforts in the GCC.

Emirates NBD Recognized

as Best Foreign

Bank in Saudi Arabia

Emirates NBD, a leading banking

group in the Middle East, has been

honoured as the “Best Foreign

Bank in the Kingdom of Saudi Arabia”

for 2025. This accolade underscores the

bank’s commitment to empowering the

communities it serves and highlights its

significant contributions to the Saudi

banking sector. Established in 2004 as the

first UAE-based bank to operate in the

Kingdom, Emirates NBD has consistently

demonstrated dedication to delivering

innovative financial solutions tailored

to the needs of its Saudi clientele. The

bank offers a comprehensive range

of services, including retail banking,

wealth management, trade finance,

corporate finance advisory, and project

and syndicated finance through its

investment banking arm, Emirates NBD

Capital KSA. In line with its strategic

expansion plans, Emirates NBD has been

actively increasing its presence across

the Kingdom.

UAE Bank Employees Exceed 39,000 for First Time

Since 2015

According to the Central Bank

of the United Arab Emirates

(CBUAE), the number of employees

in UAE banks has surpassed

39,000 as of December 2024, marking

the highest level since 2015. This

increase reflects the banking sector’s

growth and resilience, aligning with

the country’s economic expansion and

diversification efforts. The CBUAE’s

Monthly Statistical Bulletin for December

2024 indicates that this rise in

employment is part of a broader trend

Abu Dhabi Islamic Bank (ADIB),

a prominent financial institution

in the UAE, has launched

the 2025 ADIB Financial Education

Programme (FEP) to enhance financial

literacy across all age groups

in Arabic and English. In 2024, over

1,000 participants benefited from

interactive and customised sessions,

highlighting ADIB’s commitment to

lifelong learning and financial empowerment.

The programme is part

of ADIB’s Environmental, Social,

of growth within the UAE’s financial

sector. The expansion in banking employment

is a positive indicator of the

sector’s health and its contribution to

the nation’s economy. This milestone

underscores the UAE’s commitment to

strengthening its financial industry and

supporting employment opportunities

within the sector. Furthermore, the

CBUAE’s gold bullion holdings surged

by 26.63% in 2024, reaching AED 22.981

billion by year-end, up from AED

18.147 billion in 2023.

ADIB Launches 2025 Programme to Boost the

UAE Financial Literacy

and Governance (ESG) strategy, supporting

the UAE leadership’s vision

for economic sustainability and skill

development. Collaborating with the

Ministry of Community Development,

the Ministry of Culture and Youth, and

various universities and schools, ADIB

ensures free, accessible financial education

for individuals from age seven

to pre-retirement. The programme

covers investment, entrepreneurship,

and fraud awareness while adhering to

Sharia-compliant principles.


Cover Story

Irfan Wahid’s Strategic Move

into the UAE Real Estate Market


In the ever-evolving world of real estate, few leaders have made as significant an

impact as Irfan Wahid. As the CEO of GFS Developments, Irfan has spent the

past 15 years shaping the landscape of the region’s property market. Under his

visionary leadership, GFS has transformed from a small team of builders into one

of the most respected and successful real estate development firms in the region.

Irfan’s commitment to creating high-quality, sustainable, and affordable properties

has not only set GFS apart but has also redefined the standards of excellence in the

industry. His keen eye for detail, combined with his unwavering focus on safety and

precision, ensures that every project is delivered to the highest standards.

Exclusive Interview with FinanceWorld

Q: GFS Developments has built a

strong legacy in Pakistan. What

inspired the strategic expansion

into the UAE, and how does the

Dubai market align with your longterm

vision?

GFS Developments has indeed built a

strong legacy in Pakistan. Our expansion

into Dubai marks a deliberate evolution

of our founding vision. Having established

our reputation for excellence

in Pakistan’s real estate sector, we

identified Dubai as the natural next

step in our global growth strategy, a

market that aligns perfectly with our

core values of innovation, scale, and

long-term value creation.

Dubai’s sophisticated real estate ecosystem

offers us the ideal environment

to extend our legacy. The emirate’s

world-class regulatory framework,

progressive investor policies, and

international prestige provide fertile

ground for our distinctive approach to

property development. We are particularly

drawn to Dubai’s commitment to

pioneering urban planning, sustainability

leadership, and uncompromising luxury

standards, principles that have always

defined our development philosophy.

Through this expansion, we reaffirm

our commitment to creating communities

that will set tomorrow’s lifestyle

standards while delivering exceptional

returns for our stakeholders.

Q: What is your approach to strategic

decision-making when considering

international expansion, especially

into competitive regions like the

MENA region?

International growth requires a

thoughtful approach combining market

research, organisational readiness, and

cultural sensitivity. In competitive and

evolving regions like the MENA region,

our expansion strategy is founded

on comprehensive market analysis,

engagement with local partners, and

thorough assessments covering financial

viability, operational considerations,

and regulatory requirements.

We commit fully to new markets rather

than taking tentative steps. Prior to our

Dubai launch, we invested significant

time studying the regulatory environment,

population movements, consumer

preferences, and property market cycles.

Our expansion decisions are strategic

and deliberate, aligned with long-term

Our presence in Dubai is not merely about

expanding our geographical footprint; it represents

a strategic reinforcement of the GFS brand in a

global arena where our dedication to quality,

reliability, and visionary development is recognised

and valued.”

economic trends and identified market

opportunities, rather than reactions to

short-term developments.

Q: With two decades of experience,

how do you see GFS Developments

redefining luxury living in the UAE,

particularly compared to established

regional players?

When we think about luxury today,

it’s really about depth, not just fancy

designs. While UAE’s established

developers have certainly set high

standards for grandeur and magnitude,

GFS Developments offers a distinctive

philosophy centred on practicality,

thoughtful design, and sophistication.

We believe luxury should genuinely

enhance residents’ lives through balanced

spaces, wellness features, smart

technology integration, and refined

elegance that requires minimal upkeep.

Our mission focuses on

creating homes that are

enduring, practical, and

emotionally connected.”

We prioritise environmentally conscious

design, intelligent space utilisation, and

community well-being, ensuring that

luxury is not just seen, but deeply felt

in every facet of daily life.

Q: What trends are you currently

observing in the Dubai real estate

market, and how is GFS positioning

itself to leverage these evolving

dynamics?

Dubai’s real estate market is experiencing

a notable transition from

speculative short-term transactions

toward long-term value-driven ownership.

Today’s buyers are increasingly

seeking residences that balance aspirational

qualities with sound investment

potential. We are observing significant

market demand for mixed-use communities,

wellness-centric design elements,

and technology-enabled living

environments. Foreign investment is

returning with enhanced confidence,


Cover Story

while domestic purchasers are prioritising

quality-of-life considerations.

GFS is strategically positioning itself

within these market dynamics by developing

projects that accommodate

hybrid lifestyles and appeal to both

end-users and investors. Each element

of our developments, from smart home

automation systems and communal

rooftop spaces to adaptable floor

plans and family-oriented amenities,

is deliberately engineered to address

these emerging consumer preferences.

Q: Luxury real estate in Dubai is

more competitive than ever. Do you

plan on carving a niche within this

premium segment?

Indeed, we are pursuing this direction

with a deliberate strategy. Rather than

directly challenging the ultra-high-end

luxury market, our objective is to establish

a distinct position in what we

define as purpose-driven luxury. This

approach involves creating properties

that deliver exclusivity, innovation, and

comfort to a wider range of buyers and

investors. We provide value through

intelligent design principles, strategic

location selection, and forward-looking

features. Our developments are specifically

crafted for individuals seeking

premium living experiences without

entering the hyper-luxury category. By

strategically balancing aspiration with

accessibility, we are confident that GFS

will establish itself as a respected brand

within the premium market segment.

Q: What is your unique proposition

to the investor pool of the UAE?

We are among the select few developers

who have successfully delivered

projects across diverse markets, including

Pakistan, the United Kingdom,

South Africa, and now the United Arab

It’s our foundation of

credibility, consistency,

and cross-border

experience that speaks

volumes.”

Emirates, spanning more than 25 years.

For UAE investors, our value proposition

comprises three essential elements:

properties strategically positioned in

high-growth zones, units meticulously

designed to address genuine market

requirements, and a development philosophy

anchored in transparency and

accountability. We complement these

offerings with structured payment

flexibility, adherence to construction

timelines, and investment projections

that are both conservative and data-informed.

Ultimately, investors evaluate

partnerships based on performance

metrics, and consistent performance

delivery remains the hallmark of our

operational ethos.

Q: What difference do you see operating

in the Middle East compared

to that in Pakistan?

The Middle East, particularly Dubai,

functions at a scale and sophistication

requiring adherence to global standards.

Regulatory frameworks, architectural

excellence, and purchaser expectations

differ substantially from those

in South Asia. Our growth trajectory

in Pakistan was characterised by

community-centric approaches and

adaptable residential solutions. In the

UAE market, we’ve successfully transitioned

to a development environment

demanding exceptional performance

and precision, one where corporate

reputation, delivery reliability, and

innovative practices face continuous

evaluation. The inherent rigour in this

marketplace elevates the capabilities

of organisations with long-term strategic

frameworks. For our company,

this environment has fundamentally

enhanced our construction methodologies,

design approaches, and project

delivery systems.

Q: Can you share details of any

upcoming projects in the UAE

that highlight your commitment

to bespoke living and innovative

architecture?

We are currently progressing with

multiple developments that embody

our philosophy of curated luxury.

Coventry Gardens represents one of

our signature offerings, a collection

focused on low-density, amenity-rich

residences featuring rooftop gardens,

open-air social spaces, and integrated

wellness facilities. Our forthcoming

development on the Dubai Islands

stands as another milestone project,

combining beachfront living with

spacious glass-fronted residences and

architectural design that harmonises

urban sophistication with natural

elegance. These properties transcend

mere real estate investments to become

comprehensive lifestyle experiences.

Each architectural component is purposefully

conceived, every amenity

thoughtfully selected, and every square

foot optimised to enhance contemporary

living standards

Q: With such a diverse buyer base

- families, and investors, how do

you strike a balance between exclusivity

and accessibility?

We achieve this delicate balance by

creating integrated communities that

serve both families and investors. For

families, we focus on essential community

infrastructure, safety features, and

comfortable living spaces that foster

belonging. Meanwhile, investors find

value in our properties’ strong rental

potential, operational efficiency, and

appreciation prospects.

Our development strategy incorporates

thoughtful zoning that maintains

premium areas while ensuring the

overall community remains broadly

accessible. Family-oriented amenities

like play spaces and wellness facilities

exist alongside investor-friendly features

such as optimised maintenance costs

and proximity to growth corridors.

This dual-focused approach allows us

to create environments where accessibility

doesn’t compromise exclusivity.

Instead, these qualities complement

each other within our carefully designed

ecosystem, ensuring all buyer

segments find genuine value in our

developments.

Q: With the rise of foreign investor

interest in Dubai, how are you

tailoring your offerings to appeal

to international buyers while maintaining

local relevance?

In response to the growing interest

from foreign investors in Dubai’s real

estate market, we have strategically

refined our approach to serve international

buyers while maintaining our

commitment to local relevance. We

recognise that international investors


have specific expectations regarding

process efficiency, trust, and design

standards. To meet these needs, we’ve

implemented a comprehensive set of

improvements, including simplified

documentation procedures, multilingual

buyer support services, and advanced

digital platforms for seamless sales and

customer service experiences.

While our designs incorporate globally

appreciated elements and standards,

we remain firmly committed to local

integration. This commitment is

demonstrated through our close collaboration

with Dubai’s city planners,

strict adherence to local sustainability

mandates, and careful attention to

ensuring our properties reflect the

contextual environment.

Our development

philosophy centres on

creating properties

with universal appeal

that simultaneously

honour the cultural and

architectural identity of

the Emirates.”

This balanced approach allows us

to create spaces where international

buyers feel confident in their investment

decisions while residents experience an

authentic sense of home and belonging.

Q: What emerging technologies

are you most excited about implementing

in your upcoming UAE

developments?

We are highly focused on incorporating

emerging technologies such as

AI-powered facility management systems,

Iot-enabled infrastructure, and

sustainable energy solutions across

our upcoming developments in the

UAE. We aim to build self-sustaining

environments through innovations like

predictive maintenance, smart waste

management, and advanced water

recycling systems. Additionally, we

are deploying next-generation smart

home ecosystems that offer real-time

energy analytics, voice-controlled

interfaces, and AI-integrated security

features. These technologies are not

merely enhancements; they are integral

to our design and execution strategy,

reflecting our commitment to shaping

the future of intelligent, sustainable

real estate.

Q: Where do you see GFS Developments

five years from now within

the UAE market?

Over the next five years, we aspire to

be recognised as one of the UAE’s most

trusted and design-centric developers.

Our strategic roadmap includes the successful

delivery of multiple mid-scale,

high-quality residential projects across

Dubai, complemented by a strategic

foray into the branded residences

segment through collaborations with

esteemed global lifestyle brands. These

efforts will see us working closely with

leading international design firms to

create spaces that blend modern luxury

with sustainability.

In addition to residential projects,

we are advancing plans to introduce

integrated mixed-use community townships

that seamlessly blend residential,

retail, and hospitality components.

These townships will offer dynamic

environments for residents and visitors

alike, featuring world-class amenities

and eco-conscious designs, reinforcing

our commitment to creating vibrant,

sustainable communities. We are also

doubling down on enhancing the overall

customer experience by investing in

robust after-sales services, cutting-edge

digital engagement platforms, and

comprehensive lifecycle management

solutions. These initiatives will not only

provide ongoing value to our clients but

also set new standards for customer

care within the real estate industry. As

we expand our portfolio, our dedication

to high-quality construction, design

excellence, and ethical development

will ensure that we remain at the forefront

of the UAE’s real estate sector

for years to come.

Q: Finally, what advice would you

give to other real estate developers

aiming to enter and succeed in

Gulf markets?

The Gulf markets, especially the

UAE, place a premium on consistency,

transparency, and strategic commitment.

It’s a region where reputation

is everything, and the margin for error

is minimal.

My advice to aspiring

developers is clear:

enter this market only

when you are fully

equipped, operationally,

financially, and

culturally, to meet its

rigorous expectations.”

Compliance with regulatory frameworks,

timely project delivery, and

maintaining a credible track record are

not optional; they are prerequisites for

survival and growth. Equally important

is the ability to forge meaningful, value-driven

local partnerships that bring

insight, agility, and cultural alignment to

your operations. Embrace the region’s

unique business culture, where relationships

are nurtured over time, and

trust is built through consistent delivery

and integrity. Success here demands

more than capital; it requires a longterm

vision, a deep understanding of

regional dynamics, and an unwavering

commitment to quality at every stage

of development.

Above all, maintain absolute transparency

with your clients, whether in

pricing, progress updates, or service

delivery. In this market, trust is the

most valuable currency. Once earned,

it opens doors to long-term loyalty,

sustained growth, and access to a

clientele that values reliability over

rhetoric. The UAE rewards those who

build with purpose, integrity, and a

genuine respect for the communities

they serve.


Investment


Despite changing financial trends and new products, gold remains a reliable store of value.

Is Gold Still

a Safe Haven

Investment in the

Digital Age?

Gold is a liquid, credit-risk-free

asset, scarce and historically valuepreserving.

In the digital age, gold’s status as a

safe-haven investment remains robust,

even as digital assets gain prominence.

In the UAE, traditional gold investments

are integrating with modern technology,

giving rise to digital gold platforms. These

platforms allow investors to buy, sell, and

store gold online, offering accessibility

and convenience. For instance, Fasset

plans to tokenize $1 billion worth of gold,

providing UAE residents with digital gold

investment opportunities starting from

as little as $1. This blend of tradition and

innovation ensures that gold remains a

reliable component of diversified investment

portfolios in the UAE, preserving

its value amid financial and technological

advancements.


For centuries, gold has been esteemed

as a store of value and a hedge

against economic uncertainties. Its

intrinsic qualities - scarcity, durability, and

universal acceptance—have cemented its

position as a safe-haven asset. Investors

traditionally flock to gold during periods

of inflation, currency devaluation, or

geopolitical tensions, seeking stability

amidst volatility. In times of economic

crisis, gold prices often rise as investors

seek refuge in assets perceived as secure.

Central banks worldwide also hold

significant gold reserves as part of their

financial strategy, further reinforcing

their importance in the global economy.

Emergence of Digital Assets

Expanding digital assets, particularly

cryptocurrencies like Bitcoin, have

shaped the 21st-century financial landscape.

Often referred to as “digital gold,”

cryptocurrencies attract investors with

decentralisation and high return potential.

However, their extreme volatility and

regulatory uncertainties hinder their reliability

as safe-haven assets. Unlike gold,

digital currencies experience sharp price

swings driven by speculation, regulatory

shifts, and cybersecurity threats. Market

crashes and hacking incidents further

expose their vulnerabilities, making

them an unstable store of value. While

blockchain technology has transformed

finance, cryptocurrencies remain unpredictable.

These factors prevent them from

fully replacing gold’s traditional role as

a stable investment option, reinforcing

gold’s continued dominance as a secure

financial hedge.

Gold’s Performance in Recent Market

Conditions

Despite the allure of digital assets, gold

has demonstrated resilience in contemporary

markets. For instance, on March

14, 2025, gold prices surged to a record

high of $2,993.80 per ounce, driven by

escalating trade tensions and expectations

of monetary policy easing by the

Federal Reserve. This surge underscores

gold’s enduring appeal during periods

of financial uncertainty. Over the past

decade, gold has maintained a steady

upward trajectory, providing consistent

returns to investors. Market analysts note

that during economic downturns, gold

prices tend to spike as investors move

away from riskier assets. The COVID-19

pandemic in 2020 saw gold prices soar

above $2,000 per ounce, highlighting its

reliability in times of crisis.

Gold Investment Trends in the UAE

The United Arab Emirates (UAE) has

a rich history intertwined with gold

trading. Dubai, often dubbed the ‘City

of Gold,’ has historically accounted for

a significant share of the global gold

trade, competing with major hubs like

Shanghai and London. The city’s strategic

location and business-friendly policies

have solidified its status as a global gold

trading centre. The UAE government has

taken proactive measures to enhance

gold trading regulations, ensuring transparency

and efficiency in transactions.

With strong demand from both local and

international investors, Dubai’s gold

market continues to play a pivotal role

in the global economy. Over the years,

the city has strengthened its position

through initiatives like the Dubai Multi

Commodities Centre (DMCC) and the

UAE Gold Bullion Committee, which

standardise trading practices and promote

ethical sourcing.

Integration of Gold and Digital

Platforms

In response to the digital revolution,

the UAE has embraced technological

advancements to modernise gold investments.

Digital gold platforms have

emerged, allowing investors to buy, sell,

and store gold online with ease. These

platforms offer fractional ownership,

enabling investments with minimal

capital, thereby democratising access to

gold investments. Fasset, a digital asset

management company, plans to tokenize

$1 billion worth of gold, providing UAE

residents with digital gold investment

opportunities starting from as little as

$1. The introduction of such platforms

provides greater liquidity, security, and

convenience, making gold more accessible

to retail investors.

Additionally, the integration of blockchain

technology in gold trading has enhanced

transparency and reduced fraud risks.

Platforms like the UAE Gold Souk Online

and global initiatives such as GoldPass

and BullionVault facilitate seamless

transactions, allowing investors to track

and verify gold holdings in real-time. This

digital transformation reflects the UAE’s

commitment to maintaining its leadership

in the gold trade while catering to evolving

investor preferences. As digital innovations

continue to reshape the financial

landscape, Dubai’s gold market remains

The gold and precious

metals industry is core to

our economy”

H.E. Dr. Thani bin Ahmed Al Zeyoudi, Minister

of State for Foreign Trade of the UAE

adaptable, ensuring its relevance in the

modern investment ecosystem.

Central Banks and Gold Reserves

Central banks worldwide play a pivotal

role in the gold market. Their purchasing

and selling activities can influence

global gold prices, reflecting the metal’s

importance in national financial strategies.

The UAE’s Central Bank has consistently

increased its gold reserves, recognising

its value as a stabilising asset in the

country’s financial system. Globally,

central banks have been diversifying their

reserves by increasing their gold holdings

amid economic uncertainties. The trend

indicates continued confidence in gold

as a long-term store of value.

In the digital age, while new investment

avenues have emerged, gold’s status as a

safe-haven asset remains unshaken. Its

historical significance, coupled with its

adaptability to modern investment platforms,

ensures its continued relevance.

For investors in the UAE and globally,

gold continues to offer stability and

security, reinforcing its position as a

cornerstone in diversified investment

portfolios. The integration of technology

into gold investments, such as digital gold

trading platforms, has further expanded

its accessibility, bridging the gap between

tradition and innovation. As financial

markets evolve, gold remains a timeless

asset, proving its resilience and reliability

in an increasingly digital economy.


Glossary

Investment &

A-ZWealth Management

Building wealth isn’t just about earning money, it’s about knowing how to invest and manage it

wisely. A clear understanding of key investment terms can help you make smart decisions, minimize

risks, and maximize returns. Whether you’re just starting out or refining your investment

strategy, this A-Z glossary is designed to equip you with the knowledge you need to succeed.

A

for Asset Allocation

Spreading your

investments across

different asset types, like

stocks, bonds, and real

estate, helps balance risk

and potential returns.

B

for Blue-Chip Stocks

These are shares

of big, established

companies known for

their stability and strong

financial performance,

like Apple or Coca-Cola.

Cfor Capital Gains

When you sell an

investment for more

than you paid, the profit

you make is called capital

gains. Keep in mind that this

is often taxable income.

D

for Diversification

Investing in different

types of assets

instead of putting all your

money into one thing reduces

risk and helps protect your

portfolio from big losses.

G

for Growth Investing

Investors who follow

this strategy look

for companies with high

growth potential. While these

stocks can rise quickly, they

can also be more volatile.

J

for Junk Bonds

These are high-risk, highreward

bonds issued by

companies with lower credit

ratings. They offer higher

interest rates but come with

a greater chance of default.

E

for Exchange-Traded

Fund (ETF)

An ETF is an investment

fund that holds a mix of

assets and trades on the stock

exchange, just like a stock. It’s

a popular option for investors

looking for diversification.

H

for Hedge Fund

A hedge fund is an

investment fund that

uses advanced strategies

to try and generate high

returns. They’re often riskier

and usually only available

to wealthy investors.

K

for KYC (Know

Your Customer)

Financial institutions

use this process to verify your

identity before you can open an

account or invest. It’s a key step

in preventing money laundering.

F

for Fixed Income

This refers to

investments, like

bonds, that pay a steady

income over time. They’re

great for stability and lower

risk compared to stocks.

I

for Index Fund

This is a type of fund

that simply tracks a

stock market index, like

the S&P 500. It’s a low-cost,

hands-off way to invest

in the broader market.

L

for Liquidity

If you need to sell an

investment quickly,

liquidity determines how easily

you can do so without losing

money. Stocks are highly

liquid, but real estate is not.


M

for Mutual Fund

A mutual fund

pools money from

multiple investors to buy

a diversified portfolio of

stocks, bonds, ETF, Real

Estate or other assets.

N

for Net Asset

Value (NAV)

This is the price of

one share of a mutual fund or

ETF, calculated by dividing

the total value of its assets

by the number of shares.

O

for Options Trading

This involves contracts

that let investors buy

or sell assets at a set price

in the future. It’s a complex

but potentially rewarding

investment strategy.

P

for Portfolio

Management

Managing investments

in a way that balances

risk and return to meet

financial goals. This can be

done by an individual or

a professional advisor.

Q

for Quantitative

Investing

This strategy relies

on data, algorithms, and

statistical models to make

investment decisions rather

than human judgment.

R

for Risk Tolerance

Everyone has a

different level of

comfort when it comes to

risk. Some investors are

willing to take big risks for

big rewards, while others

prefer a safer approach.

S

for Stock Market

The stock market

is where shares

of publicly traded

companies are bought

and sold. It’s a key driver

of global economies.

V

for Volatility

Some investments

swing up and down in

price more than others. This

level of price fluctuation is

called volatility, and higher

volatility means higher risk.

T

for Tax-Efficient

Investing

Smart investors use

strategies to minimize taxes

on their investments, such as

investing in tax-advantaged

accounts like IRAs or 401(k)s.

W

for Wealth

Management

Wealth management

is a professional service that

helps individuals manage

and grow their wealth,

including investments.

U

for Underwriting

When banks and

financial institutions

assess risk before

approving investments,

loans, or insurance, it’s

called underwriting.

X

for X-Dividend Date

If you buy a stock

on or after this date,

you won’t receive the next

scheduled dividend payment.

Y

for Yield

Yield refers to the

income generated

by an investment, like

interest from a bond or

dividends from a stock.

Z

for Zero-Coupon Bond

Unlike regular bonds,

zero-coupon bonds don’t

pay interest. Instead, they’re

sold at a discount and pay

their full value at maturity.


Sports News

Dubai Unveils Art-Inspired Sports Fields through Global Brand Collaborations

Dubai Municipality has recently

completed a series of innovative

sports fields across public

parks, achieved through collaborations

with prominent global brands such as

PepsiCo, Red Bull, Deliveroo, Puma,

and Intercontinental Tyres. These

fields, spanning seven popular parks,

including Mankhool Park, Uptown

Mirdif Park, Hor Al Anz, Al Satwa, Al

Barsha Lake, Al Jafilia Square, and Al

Warqa Park seamlessly blend artistic

creativity with functional design, offering

residents unique environments

for physical activity and community

engagement. By integrating modern art

installations with sports facilities, this

initiative enhances Dubai’s recreational

spaces, reflecting the city’s commitment

to sustainability and urban vibrancy.

Notably, the volleyball court in Al

Mankhool Park has been constructed

using recycled tyres, exemplifying

eco-friendly practices. Each field

features hand-painted artwork by local

and international artists, transforming

these spaces into cultural landmarks.

Emirati Athletes Shine at

Special Olympics World

Winter Games in Turin

At the Special Olympics World

Winter Games Turin 2025, Emirati

athletes delivered outstanding

performances, particularly in snowboarding.

Abdulla Al Nuaimi clinched

a gold medal, while Meena Al Mazrouei

secured a bronze, showcasing their

exceptional skills on the international

stage. These achievements reflect the

UAE’s dedication to supporting athletes

of determination and promoting inclusivity

in sports. The success of Al Nuaimi

and Al Mazrouei not only brings pride

to the nation but also inspires others,

highlighting the transformative power

of sports in empowering individuals

and fostering a culture of excellence.

Overall, the UAE delegation excelled

at the Games, securing a total of 16

medals, including four golds, five silvers,

and seven bronzes, further cementing

the country’s commitment to athletic

excellence and inclusivity.

Al Tadawi 1 Crowned Champions of Nad Al

Sheba Sports Tournament

In a thrilling finale at the 12th Nad

Al Sheba Sports Tournament, Al

Tadawi 1 delivered a dominant

performance to clinch the volleyball

championship title. They outplayed

Al Hilal with a straight-sets victory,

securing scores of 25-23, 25-20, and

25-21. Comprising players from Russia’s

top club, Dynamo Moscow, Al

Tadawi 1 showcased exceptional skill

and teamwork. The match was closely

contested, especially in the opening

set, where both teams were tied at

23-23 before Al Tadawi 1 edged ahead.

Outside hitter Anton Semyshev was

instrumental in the win, contributing

Isaac del Toro, a 21-year-old Mexican

cyclist from UAE Team Emirates-XRG,

showcased his burgeoning

talent by winning the 2025

Milano-Torino race. He executed the

final kilometres with precision, securing

a significant victory for his team. This

triumph not only highlights del Toro’s

potential but also underscores UAE

Team Emirates-XRG’s strategic prowess

and commitment to nurturing young

talent. Notably, del Toro became the

first Mexican to win this historic race

in its 149-year history. The win adds to

the team’s impressive performance in

recent competitions, reinforcing their

status in the international cycling arena.

significantly with his serves and blocks,

and emerging as the top scorer with

17 points. This victory underscores

the high level of competition and the

tournament’s role in elevating sports

excellence in the region.

UAE Team Emirates’ Isaac del Toro Triumphs at

Milano-Torino Race

However, del Toro was fined 200 Swiss

francs for crossing the finish line with

his jersey unzipped due to a broken

zipper, an action deemed by the UCI

as “damage to the image of the sport.”


Mansoor Bin Mohammed Honours Nad Al Sheba Tournament Sponsors

His Highness Sheikh Mansoor

bin Mohammed bin Rashid Al

Maktoum, Chairman of the Dubai

Sports Council, has expressed his gratitude

to all national establishments,

companies, and institutions that sponsored

the 12th edition of the Nad Al

Sheba Sports Tournament. Held under

the patronage of His Highness Sheikh

Hamdan bin Mohammed bin Rashid Al

Maktoum, Crown Prince of Dubai, the

event reaffirmed Dubai’s commitment to

fostering sports excellence. Organised

under Sheikh Mansoor’s directives,

this year’s tournament, themed ‘Unlimited

Abilities,’ ran from March 1

to 20, showcasing diverse sports and

promoting inclusivity. He commended

the sponsors’ crucial role in achieving

the event’s sporting and community

objectives. Their contributions have

helped elevate the tournament’s stature,

providing a platform for local athletes

to compete alongside top-tier professionals

and amateurs from across the

UAE and beyond.

UFC Set to Return to

Abu Dhabi for Thrilling

Fight Night

The Ultimate Fighting Championship

(UFC) is gearing up for an

eagerly awaited return to Abu

Dhabi on July 26, 2025, at the Etihad

Arena. Following two successful

events in 2024, this upcoming showcase

reinforces Abu Dhabi’s reputation

as a prime destination for world-class

mixed martial arts competitions. The

partnership between the Department

of Culture and Tourism – Abu Dhabi

and the UFC demonstrates the

emirate’s dedication to attracting

major sporting events, boosting its

international sporting profile, and

delivering electrifying live-action experiences

for fans. With each event,

Abu Dhabi strengthens its position as

a hub for global sports entertainment,

offering enthusiasts unforgettable

moments and solidifying its status

on the international MMA stage. The

upcoming event is expected to draw

massive attention from fans and media

worldwide.

Dubai’s Elite Racehorse Market Embraces

Fractional Ownership

Racehorse investment in the UAE,

traditionally reserved for the elite,

is undergoing a transformation

through the collaboration of Tokinvest,

a Dubai-based real-world asset (RWA)

tokenization marketplace, and DSG Group,

a New Zealand-based blockchain-powered

tokenization platform. This partnership

aims to democratize access to the equestrian

sports market by offering fractional

ownership opportunities in racehorses,

stables, and siring rights. Leveraging

blockchain technology, their tokenized

‘syndicated ownership’ model simplifies

asset management and enhances liquidity

by making fractional shares transferable.

This initiative aligns with Dubai’s broader

adoption of tokenization across various

asset classes, including real estate, where

The Dubai World Trade Centre

(DWTC) has announced the launch

of the International Sports & Entertainment

Free Zone (ISEZA), marking

the UAE’s first dedicated business cluster

within a Free Zone environment. This

initiative aims to serve as an industry-focused

hub for sports and entertainment

businesses, facilitating licensing for various

activities and fostering a collaborative

ecosystem to support and accelerate

growth in these sectors. ISEZA will

provide a unified platform for licensing

businesses across established sectors,

such as sports management and marketing,

event management, talent representation,

and media and broadcasting, while also

supporting growth in emerging areas

like e-sports, AI-driven sports tech, and

the Dubai Land Department forecasts the

sector to reach AED60 billion by 2033,

representing 7% of the city’s total real

estate transactions. By embracing such

innovations, Dubai continues to position

itself at the forefront of technological

advancement, attracting global investors

and enhancing its reputation as a hub

for innovative investment opportunities.

Dubai Launches International Sports & Entertainment

Free Zone

fan tokens. By providing a specialized

ecosystem, the Free Zone seeks to attract

global talent and investment, further

cementing Dubai’s position as a leading

destination for sports and entertainment

enterprises. This development aligns

with the emirate’s broader strategy to

diversify its economy and enhance its

global competitiveness.


Energy


Gulf nations are investing in innovative renewable energy projects for a sustainable future.

The Impact of Gulf

Sovereign Wealth

Funds on AI, Sports,

and Renewable Energy

Promoting Sustainability through Ambitious

Renewable Energy Projects and Eco-Friendly

Urban Developments.

Gulf nations are actively transitioning

towards renewable energy, aiming to diversify

their energy portfolios and promote

environmental sustainability. Saudi Arabia,

for instance, has set an ambitious goal

to source at least 50% of its power from

renewable energy by 2030, expanding its

capacity to 130 gigawatts. Similarly, the

United Arab Emirates is making significant

investments in solar energy projects, such

as the Mohammed bin Rashid Al Maktoum

Solar Park, which, upon completion,

will be one of the largest single-site solar

parks globally. These initiatives not only

reduce carbon emissions but also stimulate

economic growth. Gulf countries are

strategically positioning themselves as a

global leader in innovative sustainable

energy solutions.


Gulf sovereign wealth funds are

increasingly investing in artificial

intelligence (AI), sports, and renewable

energy, marking a significant

shift from traditional hydrocarbon-based

investments to more diversified and

sustainable sectors. For instance, Saudi

Arabia’s Public Investment Fund has

partnered with venture capital firms to

establish a $40 billion tech fund aimed

at positioning the kingdom as a leader in

AI investments. Similarly, Qatar’s $500

billion sovereign wealth fund plans to

ramp up investments in technology and

AI, anticipating a significant increase in

funds from an expected liquefied natural

gas production windfall. These strategic

investments reflect a broader agenda to

diversify income sources and project soft

power, aligning with national economic

development and reform plans.

Artificial Intelligence (AI) Investments

Gulf nations are actively investing in

artificial intelligence (AI) to position

themselves as leaders in the technology

sector. Abu Dhabi’s MGX, a $330 billion

investment vehicle backed by Mubadala,

has taken a $2 billion minority stake

in cryptocurrency exchange Binance,

marking its first institutional investment

in the crypto space. Previously, MGX

focused on AI infrastructure investments,

including collaborations with SoftBank

Group, OpenAI, and Elon Musk’s xAI.

This strategic move into blockchain

technology reflects MGX’s recognition

of its transformative potential for digital

finance. The investment aligns with the

United Arab Emirates’ goal of becoming

a global hub for digital assets and the

crypto industry, as the country seeks

economic diversification.

Investments in Sports

Gulf sovereign wealth funds (SWFs) are

leveraging sports investments to enhance

global influence and diversify economies.

Qatar’s hosting of the 2022 FIFA World

Cup exemplifies its commitment to

establishing a global sports presence.

The Qatar Investment Authority (QIA),

managing assets nearing $500 billion,

is poised to increase investments in

sports and related sectors, anticipating

a significant boost from liquefied natural

gas (LNG) revenues. Beyond Qatar, Gulf

states are actively investing in international

sports entities. For instance, Saudi

Arabia’s Public Investment Fund (PIF)

acquired a majority stake in Newcastle

Whoever is going to

lead in the Artificial

Intelligence race will lead

the future. This technology

will change the world.”

H.E. Omar Sultan Al Olama, Minister of

State for Artificial Intelligence, Digital

Economy, and Remote Work Applications

of the UAE

United Football Club, reflecting a strategic

move to bolster the kingdom’s global

sports footprint. These investments align

with broader economic diversification

strategies, aiming to reduce reliance on

hydrocarbons and promote sustainable

growth through sports and entertainment

sectors.

Renewable Energy Initiatives

Transitioning to renewable energy is a

strategic priority for Gulf nations, and

their SWFs are at the forefront of this

shift. The Qatar Investment Authority

(QIA) announced in January 2020 that

it would cease new hydrocarbon investments,

with approximately 50% of

its power generation investments now

having zero carbon emissions. The UAE’s

sovereign wealth funds, including the Abu

Dhabi Investment Authority (ADIA) and

Mubadala, are aligning their strategies

with the nation’s net-zero ambitions by

integrating renewable energy investments.

Gulf nations are making remarkable

progress in diversifying energy sources and

advancing environmental sustainability.

By prioritising renewable energy projects,

they are investing significantly in solar,

wind, and green hydrogen technologies

to lower their carbon footprints. Notable

examples include the UAE’s Masdar City

and Saudi Arabia’s NEOM city project,

which showcase innovative, eco-friendly

urban developments striving for carbon

neutrality. These ambitious initiatives

highlight the region’s commitment to

creating sustainable, resilient economies

that balance growth with environmental

responsibility. As Gulf countries continue

to push for greener solutions, they are

setting a powerful example for global

sustainability efforts.

By embracing clean energy solutions,

Gulf nations are enhancing energy

security while actively contributing to

global climate change mitigation. Their

efforts align with the Paris Agreement’s

objectives and national sustainability

agendas, such as the UAE’s Net Zero by

2050 strategic initiative. Through largescale

investments in renewable energy

projects and innovative technologies, they

are making significant strides towards

reducing carbon emissions and diversifying

energy sources. Moreover, partnerships

with international organisations and the

private sector are accelerating technological

advancements, fostering sustainable

growth, and promoting knowledge

exchange. These initiatives demonstrate

the region’s commitment to a greener,

more resilient, and sustainable future.

The region’s dedication to green energy

underscores its proactive approach to

addressing climate change. By investing

heavily in renewable energy projects and

innovative technologies, Gulf nations are

not only reducing their carbon footprint

but also diversifying their economies

away from oil dependence. This commitment

reflects a strategic vision focused

on balancing economic growth with

environmental sustainability. As these

countries implement ambitious clean

energy targets, they set a benchmark

for other nations striving for a greener

future. Their efforts demonstrate that

economic progress and environmental

responsibility can coexist, serving as

a model for global sustainability and

climate resilience.

Gulf sovereign wealth funds are actively

reshaping AI, sports, and renewable energy

through strategic investments. Their vast

financial resources and forward-thinking

strategies are not only transforming their

domestic economies but also significantly

influencing global markets. As these

funds continue to diversify portfolios,

the global shift toward a more diversified

and sustainable economic future.


Energy News

ADQ and ECP Announce $25B Investment in U.S. Energy Infrastructure

Abu Dhabi’s sovereign wealth

fund, ADQ, has partnered with

U.S.-based Energy Capital Partners

(ECP) to invest over $25 billion

in U.S. power generation and energy

infrastructure projects. This collaboration

aims to support the increasing

energy demands of data centers and

cloud-computing services, driven by

advancements in artificial intelligence.

The partnership plans to develop 25

gigawatts of power capacity, with initial

projects expected to commence operations

in approximately three years. By

aligning with ADQ’s substantial resources

and its chairman Sheikh Tahnoon bin

Zayed Al Nahyan’s relationships in the

tech industry, ECP aims to increase

credibility and capability in delivering

necessary power infrastructure. This

initiative is expected to enhance ECP’s

collaboration with KKR & Co., with

whom they established a $50 billion

deal last year focusing on global data

centres and power plant development.

Fabtech, Groupe M Partner to Boost UAE’s

Nuclear and Sustainable Energy

Fabtech Engineering, a Dubaibased

steel fabrication specialist,

has entered into a strategic

partnership with France’s Groupe M

to enhance the United Arab Emirates’

(UAE) nuclear and sustainable energy

sectors. This collaboration aims to

develop comprehensive engineering,

manufacturing, and on-site solutions

that align with the UAE’s Energy Strategy

2050, which seeks to diversify energy

sources and promote sustainability.

Established in 2010 and headquartered

in Dubai Industrial City, Fabtech has

been pivotal in serving heavy engineering

demands across sectors such

as energy, utilities, food and beverage,

and chemicals. Through this alliance,

Fabtech plans to expand its offerings

in the nuclear sector by providing locally

manufactured products to both

domestic and international clients. This

move not only enhances the company’s

portfolio but also contributes to the

UAE’s vision of becoming a leader in

sustainable energy solutions.

Borouge Plans Share Buyback to Enhance

Shareholder Value

Masdar to Invest

$200M in Endesa’s

Spanish Solar Assets

Abu Dhabi’s renewable energy company,

Masdar, is finalizing a $200

million investment to acquire a

49.9% stake in a 450-megawatt solar portfolio

owned by Spain’s Endesa. This move

strengthens Masdar’s presence in Spain,

a key market for its European expansion,

and aligns with its goal to achieve 100

gigawatts of global renewable energy capacity

by 2030. The deal also supports

Endesa’s parent company, Italy’s Enel,

in its strategy to reduce debt by selling

minority stakes while maintaining asset

control. This investment builds on Masdar’s

previous ventures, including a minority

stake in a 2-gigawatt solar portfolio with

Endesa and the acquisition of Saeta Yield

for $1.4 billion. Masdar is backed by the

UAE’s TAQA, ADNOC, and Mubadala Investment

Company.

Borouge, a leading petrochemical

company in the UAE, has

announced plans to repurchase

up to 2.5% of its outstanding shares,

pending shareholder approval at the

Annual General Meeting on April 7,

2025. This strategic move reflects the

company’s confidence in its financial

performance and commitment to enhancing

shareholder value. In 2024,

Borouge reported a 24% year-on-year

increase in net profit, reaching $1.24

billion, and generated approximately

$1.6 billion in free cash flow, driven by

record production and sales volumes.

The proposed buyback aims to optimize

Borouge’s capital structure and

boost investor confidence. Additionally,

the company plans to distribute

a final dividend of 7.94 fils per share

on April 28, 2025, bringing the total

2024 payout to $1.3 billion (15.88 fils

per share), subject to shareholder approval.

These initiatives underscore

Borouge’s dedication to maintaining a

robust financial position.


Tabreed and Dubai

Holding Partner on

$410M Cooling Network

Tabreed, in partnership with Dubai

Holding, is developing a $410

million district cooling network

for Palm Jebel Ali. This collaboration

aims to deliver efficient and eco-friendly

cooling solutions, aligning with Dubai’s

ambitious sustainability targets. By

implementing state-of-the-art district

cooling technology, the project seeks

to minimise energy consumption and

reduce carbon emissions, supporting

the UAE’s broader environmental

goals. The planned network will provide

reliable, energy-efficient cooling

services to the expansive Palm Jebel

Ali development, contributing to its

long-term viability and appeal. This

initiative also highlights Tabreed and

Dubai Holding’s shared commitment

to creating innovative infrastructure

that meets the highest environmental

standards while catering to the needs

of one of Dubai’s iconic projects.

NMDC Energy Secures $2.6B EPC Contract in

Abu Dhabi

NMDC Energy has secured a $2.6B

Engineering, Procurement, and

Construction (EPC) contract

in Abu Dhabi, further cementing its

position as a key player in the region’s

energy infrastructure development.

Although specific project details remain

undisclosed, the substantial contract

highlights NMDC Energy’s capability

to manage large-scale projects and its

dedication to supporting the UAE’s infrastructure

growth. This achievement

reflects the company’s expertise and

strategic approach to expanding its

portfolio within the energy sector. By

undertaking such high-value projects,

NMDC Energy continues to demonstrate

its commitment to enhancing the nation’s

energy infrastructure while contributing

to the UAE’s broader economic growth

and development. The contract also

showcases the company’s readiness

to deliver innovative and efficient

solutions for complex energy projects.

Gulf Navigation’s AED 3.3B Acquisition of

Brooge Energy Assets Approved

Shareholders of Gulf Navigation

have approved the acquisition

of Brooge Energy’s assets in a

deal valued at AED 3.3 billion. This

strategic acquisition is expected to

boost Gulf Navigation’s capabilities

in the energy sector and significantly

expand its asset base. By incorporating

Brooge Energy’s assets, Gulf Navigation

aims to diversify its portfolio and

strengthen its position within the regional

energy market. The acquisition

aligns with the company’s long-term

growth strategy, enhancing its market

presence and competitiveness in the

industry. This move also reflects Gulf

Navigation’s commitment to pursuing

opportunities that drive expansion

and profitability. With the addition of

valuable energy assets, Gulf Navigation

is well-positioned to capitalise on

emerging opportunities and achieve

sustained growth in the ever-evolving

energy landscape.

GEMS Education

Signs Landmark Solar

Energy Agreement

GEMS Education has signed the

UAE’s largest school-based solar

energy agreement, marking

a significant step towards promoting

sustainability within the education sector.

This initiative involves installing

solar panels across multiple school

campuses, showcasing a strong commitment

to environmental stewardship

and reducing carbon footprints. By embracing

renewable energy, GEMS Education

aims to contribute to the UAE’s

ambitious renewable energy targets

while inspiring a culture of environmental

awareness among students. The

project not only supports the nation’s

clean energy goals but also provides

valuable learning opportunities about

sustainability and responsible energy

use. Through this agreement, GEMS

Education is reinforcing its dedication

to adopting innovative, eco-friendly

solutions that benefit both the environment

and the broader community,

setting a benchmark for sustainable

practices in education.


Opinion

goal of becoming home to 10 unicorn

companies and more than a million

SMEs by 2031.

In line with this vision, the UAE has

established national development programs

aimed at supporting its upward

growth trajectory and delineating key

economic targets, such as boosting

the value of its foreign trade to AED

4 trillion (USD 1.09 trillion). The UAE

also seeks to lift its gross domestic

product (GDP) to AED 3 trillion (USD

816 billion) and realize AED 800 billion

(USD 217 billion) in non-oil exports.

Buoyed by forward-thinking policies,

progressive leadership strategy and a

business-centric environment, the UAE

continues to solidify its status as a trade

and investment powerhouse rivalling

traditional Western markets, providing

a safe and stable business landscape,

especially in times of uncertainty.

George Hojeige, Group CEO of Virtuzone

Inside the Rise of the

UAE’s Billion-Dollar

Startup Scene

Raising AED 7.5 billion (USD 2

billion) in its initial public offering

(IPO) in December 2024,

Talabat has become the latest unicorn

to join the UAE’s growing list of highly

successful, homegrown startups, further

cementing the country’s position

as the region’s leading economic and

investment hub.

In addition to Talabat’s notable IPO,

the UAE witnessed other landmark IPOs

in recent years, such as the historic

AED 22.32 billion (USD 6.1 billion) IPO

of Dubai Electric and Water Authority

(DEWA) and Alef Education’s AED 1.9

billion (USD 525 million) listing on the

Abu Dhabi Securities Exchange (ASX).

This year, the UAE is expected to

welcome up to eight IPOs worth AED

36.7 billion (USD 10 billion), signalling

positive investor confidence and a

robust capital market despite global

economic challenges.

Future-driven policies and visionary

leadership propel the UAE economy

With a thriving startup sector, the

UAE remains on track to reaching its

Virtuzone and Ascentium – Linking

the UAE and the Middle East with

the rest of the world

A major player and influence in the

UAE’s startup community, Virtuzone

recently joined forces with Singapore-based

Ascentium, a business

services platform supporting over

30,000 active clients across 44 cities

and 22 markets worldwide.

Together, Virtuzone and Ascentium

are leveraging the UAE’s strategic position

as a central nexus for global trade,

creating opportunities for companies

in the Gulf Cooperating Council (GCC)

region to tap into new and emerging

markets in Asia, Europe and Africa,

while enabling international companies

to seamlessly establish their presence in

the UAE, one of today’s fastest-growing

economies in the world.

Marking a transformative step forward

in the UAE’s corporate service industry

and local business sector, Virtuzone

and Ascentium’s collaboration aims

to connect companies across the GCC

and Asia Pacific regions and enable

frictionless global expansion through

a cohesive, streamlined and tried-andtested

operational framework.

By linking these dynamic and lucrative

global markets, Virtuzone and

Ascentium are paving the way for a truly

borderless business landscape where

opportunities are limitless and—with

the UAE as a springboard—international

expansion is made equally simpler and

more accessible for startups, SMEs,

and conglomerates.


Healthcare News

Emirates Invests $2.4M in Cutting-Edge In-Flight Medical Technology

Emirates Airlines has partnered

with Parsys Telemedicine to revolutionize

in-flight medical care by

investing over $2.4 million in advanced

telemedicine equipment. This state-ofthe-art

‘telemedicine station’ is set to be

installed across 300 aircraft in the coming

years and features high-definition video

conferencing, remote patient assessment

tools, secure data transmission, and a

12-lead Telecardia ECG system. The

integrated kit includes essential medical

devices such as a pulse oximeter,

thermometer, blood pressure monitor,

glucometer, and ECG, enabling cabin

crew to efficiently gather and transmit

vital medical data to Emirates’ Ground

Medical Support team, which is available

24/7 at the airline’s headquarters in Dubai.

This innovative system enhances the

airline’s capability to manage medical

emergencies in flight, ensuring timely

and effective interventions for passenger

health and safety.

Etihad Airways and

Burjeel to Boost

Medical Tourism

Etihad Airways and Burjeel Holdings

have signed a memorandum of

understanding (MoU) to bolster

Abu Dhabi’s status as a premier global

medical tourism hub. This strategic

partnership aims to provide international

patients with access to world-class

healthcare services and expand medical

benefits for Etihad Airways employees

and their families. The collaboration

establishes referral pathways for

international patients, facilitating direct

case management and clinician access.

Additionally, Burjeel Holdings will offer

Etihad’s workforce access to its extensive

network of hospitals and medical centres

across Abu Dhabi, Dubai, Sharjah, Al

Ain, and Al Dhafra. This includes health

awareness programs, wellness lectures,

and priority access to medical services.

This initiative aligns with the rapid growth

of the UAE’s medical tourism sector,

which saw wellness tourism expenditure

rise to $5.4 billion in 2022, up from $2.1

billion in 2020.

Dubai Health Authority’s Hayat Programme Saves

200 Lives

The Dubai Health Authority (DHA),

in collaboration with the National

Centre for Regulating Donation

and Transplantation of Human Organs

and Tissues, has achieved a significant

milestone through its Hayat programme,

facilitating over 200 organ transplants.

This remarkable achievement was

made possible by the altruism of more

than 65 donor families who consented

to organ donations, thereby saving

numerous lives. Rashid Hospital, renowned

for its specialized trauma and

emergency care services, has emerged

as the UAE’s leading organ donation

centre, playing a pivotal role in these

transplant procedures. To further

support and comfort donor families,

DHA has established a dedicated ‘Hayat

Lounge’ at the hospital, providing

a private and compassionate space

for discussions on organ donation.

These efforts underscore the UAE’s

commitment to advancing healthcare

services and fostering a culture of organ

donation, aligning with international

best practices.

Dubai Municipality Launches Region’s First

Drive-Thru Laboratory

Dubai Municipality has launched the

region’s first drive-thru laboratory

service at the Dubai Central

Laboratory, revolutionising public health

services. This pioneering facility allows

individuals to submit samples for testing

from the comfort of their vehicles,

enhancing convenience and minimising

waiting times. The drive-thru lab offers a

broad spectrum of tests, including food

safety checks, water quality assessments,

and environmental analysis, all conducted

following international standards. This

initiative demonstrates Dubai’s dedication

to utilising advanced technology and

innovative approaches to strengthen

public health infrastructure and service

delivery. By making laboratory services

more accessible and efficient, Dubai

Municipality aims to ensure the wellbeing

of its residents while setting a new

benchmark for public health services in

the region.


Endowment Initiative Launched for Hamdan Bin Rashid Cancer Hospital

AWQAF Dubai and Al Jalila

Foundation have partnered

to establish a sustainable endowment

project aimed at supporting

cancer treatment at the Hamdan Bin

Rashid Cancer Hospital. This initiative

involves constructing a seven-story

building in Dubai South, with a total

cost exceeding AED 38 million. Al Jalila

Foundation will contribute AED 30

million for construction, while the land,

valued at AED 8.5 million, is owned

Aster and Medcare

Hospitals Honored for

Medical Excellence

Aster Hospital Mankhool and

Medcare Hospital Al Safa have

been honoured for their exceptional

medical services at the Dubai

Quality Group Awards. Aster Hospital

Mankhool secured the Gold category

award, while Medcare Hospital Al Safa

earned the Silver category award, reflecting

their unwavering commitment

to delivering high-quality healthcare.

These accolades underscore the hospitals’

dedication to excellence and

their significant contributions to the

UAE’s healthcare sector. The Dubai

Quality Group Awards, held under the

patronage of H.H. Sheikh Ahmed bin

Saeed Al Maktoum, recognize organizations

that demonstrate outstanding

performance and innovation across

various industries. In the recent ceremony,

131 winners from countries

including Switzerland, the UAE, Saudi

Arabia, Bahrain, Oman, and Iran were

honoured, highlighting the event’s international

scope. The recognition of

Aster Hospital Mankhool and Medcare

Hospital Al Safa not only showcases

their chievements.

by the foundation. The project, to be

completed within 16 months, will be

managed by AWQAF Dubai, ensuring

that all generated revenues support

patient treatment at the hospital. This

collaboration reflects a significant

commitment to enhancing cancer care

in the region and aligns with the UAE’s

broader goals of advancing healthcare

services and supporting underprivileged

patients.

PureHealth Opens Advanced Memory Clinic

PureHealth has inaugurated a

state-of-the-art memory clinic

through a strategic collaboration

between its subsidiaries, Sheikh

Shakhbout Medical City (SSMC) and

Sakina, aimed at enhancing dementia

and cognitive disorder care across the

UAE. This initiative integrates advanced

neuroimaging, biomarker diagnostics,

genetic testing, and precision medicine

to provide early diagnosis, personalised

treatment plans, and ongoing monitoring

of cognitive health. The clinic’s

multidisciplinary team of neurologists,

psychologists, and specialised therapists

offers comprehensive services,

including cognitive rehabilitation,

psychological therapies, caregiver

support, and lifestyle interventions.

Given the UAE’s ageing population

and the high prevalence of conditions

like diabetes, hypertension, and cardiovascular

diseases, the clinic aims to

address a significant gap in specialised

memory care.

EWEC and Burjeel Holdings Partner to Accelerate

Carbon Neutrality in Healthcare

The Emirates Water and Electricity

Company (EWEC) and Burjeel

Holdings have established a

strategic partnership to enhance sustainability

and drive carbon neutrality

in the healthcare sector. Through this

agreement, EWEC will supply clean

energy to 22 of Burjeel’s healthcare

facilities across Abu Dhabi and Al Ain,

verified via Clean Energy Certificates

(CECs) issued by the Abu Dhabi Department

of Energy (DoE). CECs are

the sole recognized instruments in

Abu Dhabi for tracing electricity from

renewable sources, enabling companies

to verify their clean energy consumption

and reduce Scope 2 emissions. This

collaboration aligns with the UAE’s Net

Zero by 2050 strategic initiative and

underscores efforts to reduce carbon

emissions across diverse industries.

By incorporating renewable energy

sources into healthcare operations, the

partnership demonstrates a commitment

to environmentally responsible

practices in the region’s medical field.


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