The Finance World Magazine| Edition: November 2022

Fintech Revolution in the Middle East Boosts Financial Inclusion 

Dubai Real Estate Sector set to Pick up Growth Momentum 

Global Energy Crisis Augments the Influence of Gulf Countries 

High output and new orders help Saudi Arabia's non-oil sector grow 

Investing in Education 

Yields Good Financial Return 

Founder & Managing Director of Bright Capital Investment, Esref Temel 

Sheds a Light on Investing in Education in the UAE 

UAE - AED 30 | USA - USD 8.5 | KSA - SR 

60 | Qatar - QAR 30 | Oman - OMR 3.5 

| Bahrain - BD 3.5 | Kuwait - KWD 2.5 

| UK - £6.5 | EU - €7.5 

P41 | ADIO collaborates with 

Innovaccer to enhance 

healthcare in the Middle East 

P46 | SME & Startup Fundraising 2022 

sets new funding horizons for SMEs & 

Startups in Dubai 

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N O W 

Blockchain and its importance in virtual asset world 

Air Taxis: From fantasy to reality in Dubai 

DeFi modernizing crypto lending routes 

EDTECH STARTUPS 

DRIVE EDUCATIONAL 

GROWTH IN UAE 

The government’s assistance has 

accelerated the development of 

EdTech startups. 

UAE GOLDEN VISA: 

FUELING NATION’S 

FINANCIAL GROWTH 

Golden visa holders in the 

UAE can purchase specialized 

health insurance plans. 

Regulation of NFT trading in the UAE: 

Why It Matters? 

OCTOBER 2022 

SEPTEMBER 2022 

Masdar: Global Leader of clean energy 

Are NFTs the next revenue generation stream? 

BNPL: A new replacement for credit cards? 

Guidelines to keep in mind for CT 

SHARIF 

EL-BADAWI 

CEO OF 

DUBAI 

FUTURE 

DISTRICT 

FUND 

NOVEMBER 2022 

AUGUST 2022 

JULY 2022 

Contact us at: 

+971 58 591 8580 

www.thefinanceworld.com 

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Reaching a visionary goal requires 

one percent vision and 99 percent alignment. 

Dubai’s economy is keeping up with the booming fintech and 

cryptocurrency markets, as the emirate is sparing no effort 

to always be on top of things, acknowledging the constant 

changes accompanying the birth of a new era for the world’s 

economy. Under the leadership of His Highness Sheikh Mohammed bin 

Rashid Al Maktoum, Vice President and Prime Minister of the United 

Arab Emirates and Ruler of Dubai, the emirate is amplifying its position 

as an investment magnet and one of the most fast-paced growing 

business hub. 

Due to Dubai’s expanding status as the world’s fastest-growing 

commercial and innovation center, investment is seeing unprecedented 

success, attracting major businesses from all over the globe. Together 

with other investments, our cover story holds investment in education 

as its main theme, shading light on a long journey of investment in 

Dubai. As we witness major IPOs, such as Burjeel’s, strong investor 

interest in the UAE emerges as a bright light in an otherwise subdued 

global IPO market. This is accompanied by a huge wave of mergers and 

acquisitions, signaling the nation’s booming economy. 

As our readers always expect, this edition includes the latest trends 

and updates from the finance sector, such as corporate results, corporate 

tax, startups, banking, funding and investment, fintech, digital assets, 

and topics such as the global energy crisis augmenting the gulf countries’ 

influence, the boosting of financial inclusion in the Middle East through 

fintech revolution, and many more. 

Providing our readers with latest and credible finance news, with the 

aim of raising financial literacy, is what defines our vision that goes hand 

in hand with His Highness Sheikh Mohammed bin Rashid Al Maktoum’s 

vision to set Dubai apart as a fast-paced and forward-looking metropolis. 

- Ambrish Agarwal, Editor in Chief 

Advertisers advertised in this guide are included on a sponsored basis. 

Details are correct at the time of going to press, but offers and prices 

may change. 

November 2022 www.thefinanceworld.com 5 

September 2022 3

Contents November 

2022 

P07 | Global News 

PERSONAL FINANCE 

P08 | How to fund your startup 

independently 

UAE BANKING 

P10 | UBF Audit Committee 

holds its sixth meeting and 

second for 2022 

P12 | UAE Banking News 

CENTRAL BANK OF UAE 

P15 | Latest trends and 

changes of the central bank of 

UAE 

FINTECH 

P17 | Fintech Revolution in the 

Middle East Boosts Financial 

Inclusion 

P19 | Fintech News 

BUSINESS 

P22 | High output and new 

orders help Saudi Arabia’s nonoil 

sector grow 

P24 | Business News 

INTERVIEW 

P26 | Lalit Matta Chief 

Executive Officer - YaMarkets 

COVER STORY 

P28 | Esref Temel Founder, 

Managing Director of Bright 

Capital Investment 

START-UP 

P34 | Domestic Transfer 

Pricing’s Effect on Startups 

P36 | Start-up News 

ENERGY 

P38 | Global Energy Crisis 

Augments the Influence of Gulf 

Countries 

P40 | Energy News 

HEALTHCARE 

P43 | ADIO collaborates 

with Innovaccer to enhance 

healthcare in the Middle East 

P46 | Healthcare News 

EVENTS 

P48 | SME and Startup 

Fundraising 2022 in Dubai 

brings together SMEs, startups, 

investors, and financial 

institutions 

P52 | World Blockchain Summit 

offers opportunities for crypto 

and metaverse innovators 

MERGERS AND 

ACQUISITIONS 

P54 | Latest mergers and 

acquisitions status in the MENA 

region 

P56 | Mergers & Acquisitions 

News 

CRYPTOCURRENCY 

P58 | DWTC’s Agreement with 

Binance to Establish a Crypto 

Regulatory Framework 

P61 | Cryptocurrency News 

REAL ESTATE 

P62 | UAE real estate continues 

to draw foreign investment 

P64 | Real Estate News 

FUNDING & INVESTMENT 

P66 | Abu Dhabi’s New Funding 

Program Empowers Healthcare 

Innovation 

P68 | Funding & Investment 

News 

P70 | Local News 

SPECIAL FEATURE 

P72 | YaMarkets: A leader of the 

Forex & CFD markets 

P74 | Cryptocurrency ETF 

outflows slow down in the third 

quarter 

P76 | Burjeel hopes to raise 

$300 million to $368 million in 

Abu Dhabi IPO 

CORPORATE TAX 

P78 | Impact Of Corporate Tax 

On Uae Business 

P80 | Corporate Results 

TRAVEL 

P82 | UAE citizens no longer 

need visas to visit Japan under 

a new collaboration agreement 

P33 P84 | Travel News 

6 www.thefinanceworld.com November 2022

Bulgaria’s 

inflation rate rose 

to 18.7% YoY in 

September 

According to data from the 

statistics office, consumer 

prices in Bulgaria increased 

by 18.7% on an annual basis 

in September after increasing by 17.7% 

in August. This represents a new 24- 

year high as a result of rising energy 

and food prices. According to the 

statistics office, monthly consumer 

price growth was unchanged in 

September at 1.2% from a month 

earlier. Consumer price inflation 

measured by the harmonised EU 

index was 15.6% in September relative 

to the prior year. Consumer prices 

increased by 0.7% on a monthly basis, 

according to the data. The central 

bank projects inflation to be 14.9%, 

whereas the finance ministry projects 

inflation to be 12.6% this year due to 

the war in Ukraine and the sanctions 

placed on Russia. 

“Mini-budget” 

strains are 

evident in the UK 

housing market 

After a more than 20% 

increase in prices since 

the start of the pandemic 

as a result of rising living 

expenses and the Bank of England 

gradually raising interest rates, 

the housing market in Britain has 

already started to show indications 

of cooling. However, the Truss 

administration unveiled a plan to spur 

economic growth by unfunded tax 

cuts last month, alarming the financial 

markets. Due to the upheaval, 

several institutions temporarily 

ceased offering mortgages to new 

clients, while others increased the 

repayment requirements for new 

loans. According to Rightmove, the 

uncertainty had a particularly negative 

impact on first-time buyers. 

Above-predicted 

$5 billion trade 

surplus recorded 

by Indonesia in 

September 

Global News 

China promises to increase its 

capacity for energy supply and 

reserves 

According to government 

officials, China would 

significantly boost its capacity 

for domestic energy supply as 

well as its reserve capacity for important 

commodities, reinforcing a policy of 

securing supplies and stabilising raw 

material prices. According to Ren 

Jingdong, deputy chairman of the 

National Energy Administration, the 

world’s largest energy consumer will 

develop its “diversified domestic supply 

base,” which is centred on coal, while 

also accelerating the exploitation of its 

oil and gas reserves. In contrast to its 

In spite of slower-than-expected 

growth in both exports and 

imports, Indonesia’s trade 

surplus for September came in 

at $4.99 billion, beating estimates. 

In contrast to August’s $5.76 billion 

surplus, a Reuters poll had predicted 

a $4.84 billion surplus for September. 

A boom in exports has been occurring 

in Southeast Asia’s largest economy 

as a result of rising commodity prices 

around the world. The resourcerich 

nation posted a $39.87 billion 

surplus for the first nine months of 

2022, surpassing its previous full-year 

record surplus of $39.73 billion in 

2006. 

objective of 4.41 billion tonnes of 

standard coal for 2022, China wants to 

produce more than 4.6 billion tonnes 

of coal from its own resources by 

2025. 

Morgan 

Stanley’s 

earnings decline 

as deal-making 

slump continues 

For the third consecutive 

quarter, M&A volumes 

worldwide declined, with 

U.S. volumes falling by over 

63% as corporations postponed large 

acquisitions due to growing financing 

costs. Companies have postponed 

going public as a result of the financial 

market turmoil brought on by the 

Ukraine War and Rapidly Increasing 

Interest Rates. Rivals JPMorgan 

Chase and Co. and Well Fargo & Co. 

and Morgan Stanley have reported 

comparable losses in quarterly profits. 

The quarter’s net income dropped 

12% to $13 billion. For the quarter 

that ended on September 30, the 

bank posted earnings of $2.49 billion, 

or $1.47 per share, down from $3.58 

billion, or $1.98 per share, in the same 

period last year. 


Personal Finance 

How to fund your startup independently 

Dubai is a rapidly expanding 

global commercial hub 

and the ideal location for 

start-up businesses to 

prosper. It provides budding startups 

and entrepreneurs with the 

ideal business ecosystem in terms of 

infrastructure and financial support. 

Finding is one of the biggest obstacles 

for a start-up business in the UAE. 

The start-up will need money for a 

variety of things, like setting up their 

workspace, making prototypes, doing 

research, investing in marketing, and 

filing for patents. Startups will receive 

assistance from venture capitalists 

and business incubators to navigate 

their early phases until they reach a 

sustainable level where they produce 

enough income to support their 

operations. 

To various people, self-funding or 

bootstrapping a fledgling company 

means different things. Bootstrapping, 

in the opinion of the Silicon Valley 

serial entrepreneur who recently 

sold his business to Google for $100 

million, is simply giving yourself a 

big check. If a new business owner 

is fortunate enough to have some 

personal assets, they may need to 

take money out of their retirement 

or savings to come up with $50,000 

to $100,000 to get things started. 

For others, who make up the 

great majority of entrepreneurs, it 

means subsisting on peanut butter 

sandwiches and Ramen noodles, 

asking friends to perform tasks for 

free, and setting aside a few hundred 

dollars at a time to keep the lights on. 

While some entrepreneurs have 

a history of stable employment and 

outstanding credit, the majority 

do not, since the entrepreneurial 

attitude does not really lend itself 

to living off of a constant paycheck 

and working at the Post Office for 

30 years. Due to this, most business 

owners must borrow money because 

they lack the necessary assets or 

resources to truly use “back pocket 

funding.” Most people will quickly 

become dissatisfied after a few 

trips to the bank, particularly since 

that low interest rates have forced 

banks and traditional lenders to 

strengthen underwriting standards, 

eliminate lower loan thresholds, and 

concentrate more on well-established 

firms. No matter how brilliant your 

idea may be, even if you’re fortunate 

enough to locate a bank that supports 

startups, you’re out of luck unless 

you have a very high FICO score. The 

bank doesn’t care if you’re building 

the next Google if you don’t have 

collateral and a good FICO score 

because lending to small businesses is 

no longer profitable for banks. 

According to B.j. Lackland, CEO of 

Lighter Capital, “the new regulatory 

framework under Dodd -Frank 

doesn’t make it viable or easy for 

banks to offer loans to small firms.” 

Banks will eventually need to adjust 

to this new climate, but they won’t 

make significant changes until the 

regulatory doors are open. The most 

intriguing of the new choices available 

to entrepreneurs is peer-to-peer 

financing, which is frequently more 

expensive than bank loans with low 

interest rates but still less expensive 

than usurious payday loan companies. 

After you start to get some income, 

factoring, or financing against 

receivables, may be an alternative. 

This normally entails less examination 

than a conventional loan does. The 

requirement for predetermined daily 

or weekly payments makes this option 

somewhat rigid. 

RBF, or revenue-based 

financing, is a more adaptable 

choice. Acknowledging Lackland, 


“Traditionally, tech startups had to 

sell equity to get growth capital as a 

result of having no hard assets (like 

equipment or inventory) for a bank 

to lend against. RBF fits the needs 

of tech entrepreneurs because it is a 

flexible instrument, doesn’t require 

hard assets, and combines many of 

the best aspects of debt and equity, 

since it’s non-dilutive yet aligns the 

interests of the entrepreneur and 

investor toward growth.” 

1. Self-Finance Your start-up 

Business 

The best kind of finance used by 

many new businesses is self-financing 

or personal investment. “How much 

capital will you be investing in your 

start-up?” is a question that is asked 

regardless of whether you take out a 

loan, approach a venture capitalist, 

or ask a government agency to give 

funding for your business. The wisest 

course of action for new business 

owners is to invest their own money. 

Lenders won’t have a justification 

to reject your request for a business 

loan when your company is in its 

later phases because they will see 

your company’s stability as a low-risk 

element. 

2. Obtaining Angel Investment 

Angel investors are people with 

extra money who are interested in 

funding start-up businesses both 

in India and around the world. 

Compared to loans provided by 

financial institutions, the risk 

associated with these investments 

by angel investors is higher because 

the rewards on their investments are 

expected to be larger. Mumbai Angels, 

Indian Angel Network, and Hyderabad 

Angels are a few of India’s well-known 

angel investors. These investors are 

available for direct contact from 

startup entrepreneurs seeking finance 

assistance. 

3. Pay attention to crowdfunding 

The idea behind crowdfunding is to 

raise money from a large number of 

investors through online channels like 

social media and business-focused 

websites. Online crowdfunding web 

portals raise money for a range of 

other causes, organisations, projects, 

events, disaster assistance, etc. This 

notion or idea supports social and 

cultural reasons while simultaneously 

earning money for new businesses or 

Peer-to-peer lending can be attractive 

for small businesses as it does not 

require collateral or a long credit history 

to access traditional bank lending. 

first-time entrepreneurs. Kickstarter, 

Ketto, Catapooolt, FuelADream, 

Fundable, Indiegogo, Milaap, 

Wishberry, and others are some of the 

top crowdfunding websites in India. 

4. Make a loan application for a 

government programme 

The Indian government has 

introduced a number of loan 

programmes with the goal of helping 

new businesses, SMEs, MSMEs, as 

well as women business owners, 

educated young, SC/ST individuals, 

Small Scale Industries (SSIs), villages, 

people living in rural and urban areas, 

etc. The MUDRA loan programme 

under the Pradhan Mantri Mudra 

Yojana (PMMY), Start-up India, Credit 

Guarantee Fund Trust for Micro 

and Small Enterprises (CGTMSE), 

Stand-up India, Atal Innovation 

Mission, Make in India, Trade-related 

Entrepreneurship Assistance and 

Development (TREAD), etc. are just a 

few of the loan programmes launched 

by the Indian government to aid new 

businesses. 

5. Obtain Loans from Banks in the 

Public and Private Sectors 

For start-up businesses, banks are 

viewed as the top priority because 

they are a more dependable and 

practical source of funding. The two 

types of financing that banks offer to 

new businesses are term loans and 

working capital loans. In India, almost 

all public and private sector banks 

provide loans for new businesses. The 

interest rate, loan size, and repayment 

period offered, however, will differ 

from bank to bank. 

6. Request loans for small 

businesses from NBFCs or MFIs 

It will be challenging to obtain 

loans from private or public sector 

banks if you are new to lending and 

lack any credit history or score. To 

apply for a startup loan, check your 

credit score and then get in touch 

with a microfinance institution or 

non-banking financial company. In 

comparison to PSU banks, NBFCS 

and MFIs provide interest rates that 

are relatively higher. 

7. Use business credit cards 

Since start-up businesses have 

become more prevalent in recent 

years, the use of credit cards for 

commercial purposes has increased. 

Using credit cards for transactions 

and promptly returning the balance 

will help you avoid debt and extra 

interest rates paid in the form of 

penalties if your startup does not 

initially require big sums of cash. 

8. Peer-to-Peer Lending 

Peer-to-peer lending is a sort of 

money borrowing in which there 

are no middlemen during the entire 

transaction. Borrowers receive money 

at their disposal to invest in their 

start-up from lenders who lend money 

to them as an investment. As a result 

of the greater interest rate offered 

in this process compared to banks, 

NBFCS, and MFIs, lenders can profit 

from the borrowers. For the benefit 

of both lenders and borrowers, the 

RBI regulates peer-to-peer lending 

organisations. Peer-to-peer lending is 

a sort of financing for new businesses, 

but for the lender it becomes an 

investment. 


UAE Banking 

UBF Audit Committee holds its Sixth 

meeting and second for 2022 

TThe UAE Banks Federation’s 

Audit Committee recently 

held its sixth meeting (and 

second for 2022) remotely to 

discuss a number of important issues 

and to examine the Federation’s 

financial statements and internal audit 

reports. The UAE Banks Federation is 

the representative and unified voice of 

the UAE banks. The most recent Audit 

Committee meeting’s minutes and 

action items, which were reviewed 

and approved at the meeting, which 

was chaired by His Excellency 

Abdullah Salem Al-Turifi, a member of 

the UAE Banks Federation Board of 

Directors, took place on June 9, 2022. 

Along with the audited financial 

statements and budgetary control 

reports for the first half of 2022, 

the conference also featured 

presentations and assessments of the 

internal audit report for the second 

quarter (April to June) of this year. 

The participants also discussed 

the projects that the UAE Banks 

Federation intends to implement in 

the following months of this year as 

well as the allocated budget in order 

to ensure that the tasks and initiatives 

are carried out in the best interest of 

member banks, their clients, and the 


UAE economy. 

During its most recent meeting on 

April 21, 2022, the Board of Directors 

of the UAE Banks Federation chose 

three of its members to reorganise 

the Audit Committee and improve its 

role. The chairman of the committee 

was also decided upon to be His 

Excellency Abdullah Salem Al-Turifi, 

a representative of Commercial Bank 

of Dubai. Among the board members 

designated to the audit committee are 

Mr. Abdullah Qassem, a representative 

of Emirates NBD, and Mr. Adnan Al 

Ismail, a representative of Abu Dhabi 

Commercial Bank. 

The UAE Banks Federation 

Board’s choice to support the 

Audit Committee by electing board 

members with in-depth knowledge 

of and experience in the banking 

and financial industries reflects its 

conviction that it is essential to adopt 

a governance model that complies 

with the highest international 

standards. The decision promotes 

openness and stakeholder confidence 

in the UAE Banks Federation’s efforts 

to support and facilitate the banking 

and financial sector’s management 

of risks and opportunity-seizing. 

Vision, strategy, supervision, and 

implementation are the four tiers that 

make up the UAE Banks Federation’s 

governance structure. 

The Financial Action Task Force 

(FATF) requirements and regulatory 

visions in the area of compliance 

were thoroughly discussed during 

the conference’s opening session by 

Fatima Abdullah Al Jabri, Assistant 

Governor for Anti-Money Laundering 

Compliance – Market Conduct 

Regulation and Consumer Protection 

Department. Representatives from 

member banks, financial services 

organisations, financial technology 

companies, and organisations that 

provide ratings and consulting 

services were also present at the 

annual conference. 

His Excellency Abdulaziz Al 

Ghurair, Chairman of the UAE Banks 

Federation, stated that the third 

edition of the Regulatory Compliance 

Conference “reflects the UAE Banks 

Federation’s commitment to continue 

its efforts to improve the framework 

and procedures required to develop 

and maintain compliance processes in 

accordance with the Central Bank of 

the UAE’s guidelines.” The country’s 

banking and financial system will be 

better able to manage risk, encourage

transparency and good governance, 

and guard against fraud and financial 

crime as a result. 

His Excellency said, “The 

conference was a great success in 

bringing together a broad variety of 

banking and financial specialists from 

around the world to examine the most 

recent advancements in compliance 

and their effects on the industry”. 

The groundwork for bettering 

frameworks and strategic strategies to 

assure the application of compliance 

requirements in the face of the 

banking sector’s rapid advancements 

is laid forth by these discussions. 

In the second session, which 

was led by Waheed Rathore, Group 

Head of Compliance for Financial 

Crimes at Dubai Islamic Bank, Michal 

Szabo, Executive Vice President and 

Head of Anti-Money Laundering and 

Technology Oversight at Mashreq 

Bank, Nishanth Nottath, and Andrew 

Kimbrough, Head of Compliance 

at SEBA Bank AG, took part. The 

discussion was conducted by FTI 

Consulting, Inc.’s Abi-Gail Marshman, 

Senior General Manager and Head of 

Financial Crime Advisory. 

The second day of the conference 

was devoted to a discussion of 

the challenges facing the banking 

industry in the future. Many experts 

attended a currency and digital asset 

expert session with the theme “New 

Technologies Helping to Shape the 

Future of Banking.” Participants 

included Richard Teng, Regional 

Head of Binance for Currency and 

Digital Assets in the Middle East and 

North Africa; Wai Lum Kwok, Senior 

Executive Director at ADGM Regist; 

Deepa Raja Carbon, Vice President of 

the Dubai Virtual Assets Regulatory 

Authority (VARA); Malcolm Wright, 

Founder of InnoFi Advisory, Vice 

Chair of the Advisory Board, and Co- 

Chair of the Digital Finance Working 

Group. 

The discussion centred on how 

local banks may follow Financial 

Action Task Force guidelines (FATF). 

A number of people attended the 

session, including Victor Matafonov, 

Group Chief Compliance Officer at 

Emirates NBD and Chairman of the 

UAE Banks Federation Compliance 

Committee, Scott Ramsay, Senior 

Executive Vice President – Group 

Head of Compliance and MLRO at 

Mashreq Bank, Nagendra Shivaraya, 

Managing Director, Head of 

Compliance at Standard Chartered 

Bank, Richard Grint, Senior Director 

of Forensics and Litigation at FTI 

Consulting, and others. The discussion 

was chaired by Wael Qahoush, 

Senior Vice President and Head of 

Compliance at First Abu Dhabi Bank 

– USA. 

The representation of members 

and the protection of their rights and 

interests are essential components of 

UBF’s mission and goals. A vital part 

in educating the populace about the 

banking industry’s contributions to the 

economic and social development of 

the nation is the United Arab Emirates 

Banking Federation. It provides 

a forum for its members to work 

together and share knowledge and 

skills. CEOs and general managers 

from member banks and institutions 

make up the UBF’s advisory council, 

which has 22 members and is in 

responsible of monitoring the 

execution of the organization’s 

policies and programmes. 

The core of UBF’s mission and 

objectives is the representation 

of its members and the defence of 

their rights and interests. The UBF 

has a considerable impact on the 

general public’s knowledge of the 

contributions made by the banking 

sector in the United Arab Emirates 

to the country’s economic and 

social growth. It provides a space 

for its members to collaborate and 

exchange knowledge and abilities. 

The 22-member Advisory Council 

of UBF is in charge of overseeing 

how the organization’s policies and 

programmes are carried out and 

is made up of CEOs and general 

managers from member banks and 

institutions. The CEOs Council also 

oversees the 25 technical and 3 

advisory committees of UBF, which 

are in charge of debating all issues 

pertaining to the banking and financial 

services in the UAE. 

November 2022 

www.thefinanceworld.com 11

UAE Banking News 

First year of ADIB Amwali’s 

operation sees remarkable growth 

In the first year that the company was in existence, Abu Dhabi Islamic Bank (ADIB) 

saw a considerable rise for “Amwali.” A 27% growth rate month over month over 

a 12-month period has been recorded for the first Islamic digital bank account in 

history, which has experienced tremendous growth. 74% of consumers are Emiratis, 

with a gender split of 61% men to 39% women, and over 8,000 accounts have been 

registered since August 2021. 54% of accounts are also between the ages of 15 and 18 

years old. With a variety of specialised features, such as the ability to track spending and 

balances, set saving objectives, pay pals, and more, Amwali offers a customised banking 

experience for its target consumer segments. 

Saudi British Bank makes 

sustainable cards from 

recyclable plastic 

By using sustainable cards made of recyclable plastic, Saudi British Bank 

(SABB) is making its SABB cards more eco-friendly. The bank stated that 

this project is a part of its ongoing efforts to assist the development of 

international environmental standards, the implementation of its strategy 

for environmental, social, and governance (ESG) practises, and the promotion of 

a sustainable economy. The card is composed of 85% recycled plastic, which will 

help save tonnes of plastic garbage from being generated as well as reducing total 

carbon emissions, according to the statement. 

ADIB Joining 

UTC’s e& 

enterprise 

blockchain 

platform 

UAE Trade Connect now has 

the legitimate membership 

of Abu Dhabi Islamic Bank. 

The e& enterprise, UTC, 

fintech blockchain platform is the 

country’s first fully commercialised 

blockchain platform. UAE Trade 

Connect is a cloud-native system that 

recognises questionable transactions, 

averts fraud and duplication, and 

supports a range of trade-related 

documents that need to be validated 

and examined for legitimacy. ADIB’s 

group chief risk officer, Faisal Abu 

Shaar, stated “We are happy to 

cooperate with UTC as we focus on 

proactively lowering fraud risks and 

creating a secure and open online 

banking ecosystem”. 


Dubai’s GII 

helps to make 

UAE banking 

more digital 

LuLu Exchange and Wio Bank to 

provide cash deposits for SMEs 

Cash deposits can now be made by corporate clients of money transfer 

business LuLu Financial Group through the 89 branches of the exchange 

thanks to a partnership with digital lender Wio Bank, based in Abu 

Dhabi. The collaboration broadens the range of financial services that 

LuLu Exchange offers, enabling it to integrate banking services and develop its 

network into a hub for financial institutions. Since the Covid-19 pandemic, UAE 

exchange houses have teamed up more frequently with FinTechs to expand their 

business offerings and serve a wider range of customers. 

Wio and Zand are among 

the first wave of digitalonly 

banks to launch, and 

more traditional banks 

in the UAE are benefiting from the 

shift. Abu Dhabi’s Al Hilal Bank has 

confirmed some significant consumer 

wins since the switch in February. 

Another digital-only bank will soon 

start operating in the United Arab 

Emirates, but with a slightly different 

target market. Anglo-Gulf Trade 

Bank was acquired from Mubadala 

earlier this year, and that is the 

strategy Dubai-based GII (Gulf Islamic 

Investments) has for it. Co-CEO of GII 

Pankaj Gupta said, “We’re working to 

make it a wholesale bank that will be 

strongly driven by technology”. 

UAE’s Cashee raises $3 million 

to support growth in Saudi 

Arabia 

Cashee, a digital banking platform for youth in the Mena area based in the 

UAE, has raised $3 million in a series of funding rounds. ANB Capital and 

Arab National Bank led a fundraising round. Cashee will be able to grow 

in Saudi Arabia thanks to the strategic collaboration with Riyadh-based 

lender ANB. Brad Whitfield, co-founder of Cashee, stated that “closing the series 

A funding was a huge and crucial milestone for the company”. In order to increase 

financial literacy in the Mena region and equip young people with smart money 

skills, Dubai-based Cashee was founded in 2020. 

The CBI is the first UAE 

bank to open a location 

in the Metaverse 

The official opening of their Metaverse location 

has been announced by Commercial Bank 

International (CBI or “the Bank”), a business 

and retail bank with its headquarters in Dubai. 

CBI is the first bank in the UAE to have a presence in the 

Metaverse and one of the few early-adopting financial 

institutions in the region as well as worldwide. Visitors 

can now access CBI’s virtual site in Decentraland by 

going to cbi.dcl.eth or by using the Decentraland map 

coordinates (63, -127). Portals are another way to get to 

CBI’s virtual location. A future-focused agenda has been 

created by CBI. 


UAE Banking News 

UAB relies 

on the UAE’s 

booming 

economy 

A 

ccording to its top 

executive, United Arab 

Bank (UAB) sees a 

promising future for the 

UAE banking sector and is optimistic 

about maintaining high profit growth 

this year because to its conservative 

approach to risk management 

and strict cost control. “Covid-19 

pandemic containment measures 

adopted by the UAE government, the 

targeted economic support scheme 

(TESS) launched by the Central 

Bank to increase liquidity in the 

banking sector, and UAB’s customercentric 

strategy following significant 

management changes were all 

factors”, according to the bank’s chief 

executive officer, Shirish Bhide. 

Dubai Islamic Bank unveils a 

customer-focused charter 

Dubai Islamic Bank (DIB), the largest Islamic bank in the United Arab 

Emirates and the second-largest Islamic bank in the world, recently 

unveiled its Customer Charter #AllAboutYou. This pledge reflects 

DIB’s commitment to offering customers banking services that are 

easy to understand, provided in a responsible manner, and in accordance with 

the highest standards of integrity. In conjunction with the worldwide celebration 

of Customer Service Week last week, #AllAboutYou was unveiled at a ceremony 

conducted at the Sheikh Zayed Road Branch. With the intention of highlighting the 

growing importance of customer service inside the organisation, the unveiling was 

conducted in front of senior management and staff from across the bank. 

GITEX Global 2022 features 

digital first bank Emirates NBD 

Amajor financial organisation 

in the MENAT (Middle East, 

North Africa, and Turkey) 

region, Emirates NBD, 

has announced that it would attend 

GITEX Global (GITEX), the biggest 

technology exhibition in the area, 

which will be hosted at the Dubai 

World Trade Center from 10 to 14 

October. Emirates NBD’s participation 

demonstrates the digital-first bank’s 

dedication to banking innovation as 

it joins world technology leaders at 

the largest technology gathering of 

the year. Emirates NBD collaborates 

with the government and leading tech 

companies to offer visitors genuinely 

innovative events and experiences. 

Emirates NBD has a strong history 

of developing first-to-market 

technologies and digital-first banking 

products that make banking simpler. 

Assets of UAE’s 

Central Bank 

increased by 

4.2% in July 22 

The Central Bank of the UAE’s 

balance sheet increased to 

Dh495.54 billion in July, up 

4.2 percent or Dh19.93 billion 

from Dh475.61 billion in July 2021. In 

July 2022, the bank’s monthly balance 

sheet increased by 0.84 percent, or 

Dh4.13 billion, from Dh491.41 billion 

in June 2022, according to current 

statistics released on Monday by 

the bank. In July, the bank’s assets 

totaled Dh215.74 billion in cash and 

bank balances, Dh179.25 billion in 

investments held to maturity, Dh65.7 

billion in deposits, Dh2.15 billion 

in loans and advances, and Dh32.7 

billion in other assets. 


Central Bank of UAE 

Latest trends and changes of the Central 

Bank of UAE 

The Central Bank of the UAE reported that efforts are now being made in the UAE to put in place a 

financial market infrastructure that will permit instant payments throughout the nation. In a statement 

released after a meeting with bank CEOs, it claimed that the action will “help the change of the payment 

landscape” in the UAE. 

The foundation for consumer 

protection in the nation was 

also examined by officials, 

along with the handling of 

complaints and the proposed creation 

of the Sanadak Ombudsman Unit. 

The unit would serve as a “unique 

consumer complaint resolution 

mechanism in the Middle East 

area, providing easy access and 

quick turnaround for settlement of 

consumer concerns,” according to the 

announcement. 

The Central Bank also emphasised 

the development of measures aimed 

at increasing the proportion of 

Emiratis employed in the banking 

industry this year, in keeping with 

the national objective of the UAE. 

“We at the Central Bank are keen on 

holding these regular meetings with 

the bank chief executives to discuss 

the updates and initiatives that 

would enhance the banking sector 

and support the transformation of 

the UAE’s financial infrastructure, 

to be among the best central banks 

and financial systems worldwide,” 

said Khaled Balama, governor of the 

Central Bank. As banks embraced the 

ideas mentioned at the conference, 

“we also recognise the role they play 

in the development of the industry,” 

he added. 

Following the Covid-19 outbreak, 

the UAE’s payments landscape is 

undergoing a rapid digital revolution. 

Locally, trends in the payments sector, 

such as platforms for “buy now, pay 

later,” digital wallets, and contactless 

The unit would serve 

as a “unique consumer 

complaint resolution 

mechanism in the 

Middle East area, 

providing easy access 

and quick turnaround 

for settlement of 

consumer concerns,” 


Central Bank of UAE 

card designs, are gaining acceptance. 

After the pandemic, online 

purchases skyrocketed, and 

Checkout.com, a provider of payment 

solutions, recently reported that more 

than half of all inhabitants now use 

digital wallets. Among the younger 

age, these have grown in popularity. 

According to a Visa research 

released earlier this year, over 

half of UAE customers intend to 

abandon cash by 2024, compared to 

41% globally. According to a March 

research by US technology company 

Entrust, the majority of Middle 

Eastern consumers are likewise 

moving toward digital banking, with 

61% of UAE consumers choosing to 

transact online. 

In general, the Central Bank 

stated that the UAE’s banking sector 

“remained resilient throughout the 

pandemic, with a broad-based and 

robust recovery visible across key 

banking system indicators during 

2022.” 

According to the statement, the 

regulator “instituted extensive support 

measures throughout the pandemic 

and a well-sequenced exit strategy 

that balanced between a progressive 

lifting of emergency measures and 

sustained support of the recovery.” 

According to a report released 

last month by consultancy Alvarez 

& Marsal, the combined net profit of 

the top ten banks in the United Arab 

Emirates increased by more than 

24% quarter over quarter from April 

to June of this year. This increase 

was driven by a sharp increase in 

net interest income. According to 

the consultant, the total net income 

for the three months ending in June 

increased to Dh12.6 billion ($3.43 

billion). 

CBUAE’s assets increased by 4.2% 

to $135 billion in July 2022 

The Central Bank of the UAE’s 

balance sheet increased to AED495.54 

billion in July, a rise of 4.2 percent 

or AED19.93 billion as compared 

to AED475.61 billion in July 2021. 

Recent statistics from the bank were 

released, showing that its balance 

sheet increased month over month in 

July 2022 by 0.84 percent, or AED4.13 

billion, as compared to June 2022, 

when it increased by AED491.41 

billion. 

In July, the bank’s assets included 

AED215.74 billion in cash and bank 


balances, AED179.25 billion in 

investments held to maturity, AED65.7 

billion in deposits, AED2.15 billion 

in loans and advances, and AED32.7 

billion in other assets. 

The balance sheet shows that 

assets and liabilities were allocated 

among current and deposit accounts 

worth AED 211.82 billion, certificates 

of deposit and cash bills worth AED 

144.84 billion, issued notes and coins 

worth AED 114.94 billion, capital and 

reserves worth AED 17.87 billion, 

and liabilities amounting to AED 6.07 

billion. 

CBUAE issued 1000 coins for the 

30th anniversary of Tawazun 

For the 30th anniversary of the 

Tawazun Economic Council, the 

UAE Central Bank has released a 

commemorative coin. Each 40-gram 

coin features a bitmap image of the 

desert on it. The phrase “Strong 

Roots, Endless Possibilities” is written 

in Arabic and English on the upper 

and lower edges of the coin, while 

the word “Tawazun” is inscribed on 

the front of the coin. The name of 

the Central Bank is written in Arabic 

and English around the notional 

value of Dh30 on the reverse side. 

According to the Central Bank, “Over 

its 30 years, Tawazun has significantly 

succeeded in fostering ecosystem 

growth and human potential 

development through international 

and local partnerships.” 

The UAE Armed Forces and 

Abu Dhabi Police use Tawazun, an 

organisation founded in 1992, as their 

acquisitions authority. The nation’s 

defence and security sector benefits 

from its growth and development. 

A preliminary deal to establish 

a company in Abu Dhabi between 

Tawazun and the aircraft maker 

Airbus was reached last year, 

extending their business relationship. 

To speed up the development of the 

UAE’s industrial sector, it also joined 

the national In-Country Value initiative 

run by the Ministry of Industry and 

Advanced Technology. 

The Central Bank’s headquarters 

and branches will not be selling any of 

the issued coins because they have all 

been sent to Tawazun. In celebration 

of the Sheikh Zayed Grand Mosque 

Center, the Central Bank released 

1,971 silver commemorative coins 

earlier this year. 

The words “The union exists in my 

spirit, in my heart, and it is the dearest 

to my heart” are printed alongside a 

portrait of the late Sheikh Zayed bin 

Sultan Al Nahyan, the founding father 

of the United Arab Emirates. 

The Sheikh Zayed Grand Mosque 

is depicted on the coin along with 

the phrase “The Year of the 50th.” As 

the UAE hosted the world’s fair the 

previous year, the banking authority 

further produced silver coins with the 

official mascots of Expo 2020 Dubai. 

Shari’ah authority meeting held at 

CBUAE 

Also, In the Emirate of Abu Dhabi, 

the Higher Shari’ah Authority at the 

Central Bank of the UAE hosted the 

fourth round table conference of the 

Central Shari’ah Authorities. 

The meeting is in line with 

initiatives to advance cooperation 

and experience sharing, develop 

Islamic finance, and it sheds light on a 

number of significant issues, including 

developments in Shari’ah and legal 

issues, difficulties faced by Islamic 

financial institutions, trends in Islamic 

finance toward sustainability, and 

cooperation in achieving sustainable 

development objectives while taking 

advantage of the central Shari’ah 

authorities’ experiences in this area. 

During the meeting, the participants 

covered three topics: the Shari’ah 

guide for exceptional circumstances, 

the regulatory authorities’ role in 

establishing the necessary controls in 

accordance with Shari’ah principles 

and standards, and the strategic 

planning needed to come up with 

workable solutions for exceptional 

cases. 

The meeting also covered a 

number of other subjects, such as 

the standardisation of cross-border 

transactions, the various approaches 

for Islamic financial institutions to 

adopt green finance and sustainability 

standards, and the social 

responsibility that Islamic financial 

institutions have taken on since their 

inception, which is a key component 

of sustainability.

Fintech 

Fintech Revolution in the Middle East 

Boosts Financial Inclusion 

Fintech has contributed notably to increasing access to digital financial services, and the needs to 

address the high proportion of financially excluded population fuel the rapid growth of fintech in the 

Middle East. Businesses are now able to offer financial services through different forms of technology, 

enabling themselves to expand and grow. There are currently over 470 fintech unicorns globally, while 

several hundred others are being established every day. 

Moreover, the Saudi Arabian 

Technology Venture 

Capital Fund (STV) has 

recently conducted a 

study, through which it predicted 

that MENA region will witness the 

emergence of 45 unicorns worth 

over $100 billion by 2030. Similarly, 

An Economist Impact survey of 300 

C-suite executives from the banking 

industry titled Threat Assessment 

2022: Digital Competition in Global 

Finance, commissioned by WS02, 

concluded that 47% of banking 

executives provide customer services 

through digital channels. 

The survey also predicted that 

over the next two years, 77% of these 

executives expect their organizations 

will provide their services mainly 

through digital channels. As Eric 

Newcomer, WSO2 chief technology 

officer, puts it, “All signs in the 

Economist Impact report point to 

established financial institutions 

successfully rising to the digital 

challenge.” 

Numerous analysts and experts 

predict that the Middle East will be 

the global fintech leader in the near 

future, for it has always aspired to be 

at the forefront of financial innovation 

and has witnessed an influx of fintech 

startups. Statista revealed that the 

number of fintech companies in the 

Middle East is projected to grow from 

30 in 2017 to 465 this year, while the 

number of already existing fintech 

firms in the regain was above 760 in 

2020, according to Statista. 

According to Wamda, a platform 

of programs and networks that 


Fintech 

aims to accelerate entrepreneurship 

ecosystems across MENA, startups 

in the Middle East and North Africa 

region raised $176m in May this year 

across 42 deals, which represents 

a 62.7% increase YoY. Furthermore, 

the post-COVID-19 period has been 

particularly prosperous, although 

most of the capital has been 

traditionally provided by the sovereign 

wealth funds of the Gulf Countries, 

as the region has been attracting 

more international investors who are 

looking for great opportunities. 

However, the infrastructure needs 

to address the high proportion of 

financially excluded population are 

driving the financial inclusion in the 

Middle East, as fintech businesses 

bridge the market gaps where 

traditional banks had limited success 

so far in a region where over 70 

percent of people do not have any 

access to bank accounts. The fintech 

firms have been able to secure fund 

raising, particularly in the fields of 

insurtech, payments, lending, money 

transfer, and digital wallets. 

The government of the UAE has 

taken numerous measures to support 

the growth of fintech. Dubai, for 

example, launched in 2017 a $100m 

fintech-centered fund to accelerate 

the development of fintech through 

investing in startups. In 2019, Dubai 

integrated the top-10 financial centers 

globally, then it became the most 

attractive financial center in the 

Middle East in 2020. In February 2022, 

however, it became home to more 

than 3,600 financial businesses, up 

25 percent from a year earlier, and 

including 1,000 new registrations in 

2021, compared to 735 in 2020. 

In May 2021, the UAE launched the 

DIFC Innovation Hub, which is the 

region’s first ecosystem dedicated 

to bringing innovation and fintech 

communities together. The hub 

connects startups with commercial 

partners and delivers financial 

initiatives to provide funding, hence 

many experts believe that this hub 

is likely to play a prominent role in 

driving collaboration between earlystage 

and growth startups, big tech 

businesses, and tech unicorns. 

In Saudi Arabic, the government 

is aiming at enhancing the economic 

empowerment for individuals and 

communities, as Riyadh turning into 

a global fintech hub. Fintech Saudi 

estimates that the number of active 


fintech firms in the kingdom grew 

by 37% in 2021, whereas investments 

reached $347bn last month. 

However, each country in the GCC 

has its own regulatory requirements, 

fintech businesses have to balance 

their growth plans with each country’s 

operating rules. Governments have 

launched several initiatives of 

regulatory sandboxes across the 

region, aiming to accelerate the 

fintech growth and drive the adoption 

of digital financial solutions. 

Nevertheless, in order to grow 

sustainably, fintech firms must employ 

the right amount of regulatory risk 

as they balance their expansion with 

compliance to the aforementioned 

regulatory requirements. Moreover, by 

confirming that the steps of identity 

verification are secure, seamless, and 

compliant, the robust processes of 

onboarding prevent money laundering 

The central banks 

of UAE, Saudi 

Arabia, And Egypt 

are launching 

National Instant 

Payments Platforms 

(IPPs) in order to 

expedite the process 

of digitalizing 

payments and 

lead to financial 

inclusion 

and reduce the risk of fraud for 

businesses. Thus, fintech firms need 

to have the technology that may be 

deployed effortlessly in all countries. 

Middle Eastern governments, on 

their part, have undertaken significant 

financial reforms and commenced 

major initiatives to drive financial 

inclusion, privatize assets, monetize 

infrastructure assets, and increase 

public-private partnerships. As we 

mentioned earlier, Middle Eastern 

governments have also longestablished 

financial centers in major 

cities such as Abu Dhabi, Dubai, 

Manama, and Riyadh. 

Overall, fintech usage has surged 

as there has been massive increase 

in digital payments, compared to 

a decrease in branch openings. 

However, the usage of Buy Now, Pay 

Later (BNPL) services, as a recent 

focus of fintech initiatives, is still in 

its early stages compared to European 

countries. In 2021, the market share 

of Buy Now, Pay Later in domestic 

commerce payments did not exceed 1 

percent in the UAE and Saudi Arabia, 

compared to 6 percent in the United 

Kingdom, 18 percent in Norway, and 

25 percent in Sweden. 

In spite of that, Buy Now, Pay 

Later is projected to benefit from 

the overall growth of the region 

in electronic payments such as 

m-commerce, e-commerce, cards, and 

e-wallets, especially in the shadow if 

the increased collaboration between 

BNPL players and retail banks. 

The fintech sector is also 

expected to grow over the coming 

years, as suggested by the current 

government initiatives, governmentled 

infrastructure, and the efforts to 

reduce financial exclusion. Thus, the 

central banks of UAE, Saudi Arabia, 

And Egypt are launching National 

Instant Payments Platforms (IPPs) 

in order to expedite the process of 

digitalizing payments and lead to 

financial inclusion. 

Expanding financial technology, 

however, needs higher levels of 

digital financial technology, for there 

has been a significant shift towards 

accessing financial services through 

fintech platforms. Together with the 

widespread of internet access and the 

adoption of smartphones, financial 

inclusion and digital literacy will 

undoubtedly contribute positively 

to the growth of economy. This, 

however, requires tremendous work 

around financial education to confirm 

that financially-excluded people 

access financial facilities and know 

how to use them.

Mubadala 

invests $105 

million in 

Brazilian 

fintech Cerc 

Cerc confirmed Mubadala’s 

interest in the investment, 

which was initially reported 

by a Brazilian news website 

and is still subject to regulatory 

approval, according to Cerc. Reuters 

reported earlier this year that Cerc 

was in discussions with venture 

capital investors for an investment of 

$100 million as a step toward an initial 

public offering (IPO). When Cerc was 

first established in 2015, its primary 

goal was to offer an online platform 

for factoring transactions that would 

serve as a substitute for notaries and 

enable the owners of receivables to 

utilise them as collateral to obtain 

more affordable financing. 

Xpence 

introduces a 

Visa expense 

management 

product in UAE 

The second of five markets 

where Xpence’s fintech 

platform for SMEs is 

currently live was the UAE. 

This was done in the last 18 months. 

Following its early 2019 enrollment as 

one of the region’s first companies in 

the Visa Fintech Fast Track Program, 

the company is now providing the 

service in conjunction with Visa. 

Downloading the app will allow UAE 

business owners to create an Xpence 

account. They can give their workers 

physical or virtual Visa cards that are 

accepted all around the world. Each 

card’s individual spending restrictions 

and limits can be set. 

Fintech News 

YAP negotiates 

with venture 

capital funds 

about $20 

million funding 

The UAE-based fintech firm 

YAP is in negotiations 

to raise $20 million from 

a number of investors, 

including international and Middle 

Eastern venture capital (VC) funds. 

The funding will mostly be used to 

finance the digital banking venture’s 

expansion goals in South Asia and 

Africa. Fintech startup raised $41 

million from family offices and venture 

capital firms in July of this year, 

with Aljazira Capital of Saudi Arabia 

serving as the lead investor. In YAP’s 

most recent round of fundraising, 

other investors included Abu Dawood 

Group, Astra Group, Audacia Capital, 

and a few well-known Family Offices. 

A slowdown in funding for startups 

globally, according to investor circles, 

could raise concerns as YAP enters the 

capital market. 

DFSA grants UAE FinTech Mamo 

permission to operate from DIFC 

The Dubai Financial Services 

Authority (DFSA) has 

granted Mamo, a UAEbased 

FinTech and financial 

services platform for small and 

medium-sized businesses, a licence to 

establish operations within the Dubai 

International Financial Centre. Mamo 

will be able to conduct regulated 

money services and further extend 

its products and services without 

user limits thanks to the regulatory 

approval to operate from the emirate’s 

financial centre, one of the best in the 

Middle East, Africa, and South Asia 

region. The DFSA, the independent 

regulator of DIFC, granted the 

approval after deciding to permit 

Mamo to participate in its Innovation 

Testing Licence (ITL) programme in 

June 2021. 


Fintech News 

Data analytics & AI increase Middle 

East and Turkey’s FinTech industries 

FINTX of 

Emirates Post 

Group debuts 

at Gitex 

Emirates Post Group 

announced that Gitex 

Global 2022, which will 

be hosted in Dubai from 

October 10–14, will be the time when 

its new fintech division, “FINTX,” 

would be introduced. In addition 

to launching new businesses with 

attractive product offerings and 

forming strategic alliances with 

established businesses and start-ups, 

the new company will be dedicated to 

establishing an improved and effective 

fintech eco-system by transforming 

the current financial services 

companies. The new business will also 

present to the general audience during 

Gitex its new strategy, offerings, and 

long-term goals. 

According to a new survey by the global payments corporation MasterCard, 

artificial intelligence and data analytics are the major technologies driving the 

growth of the Middle East and Turkish FinTech industries. FinTech offerings 

are “agile and able to identify opportunities,” frequently during the times of 

unfavourable events like the 2008 financial crisis and the Covid-19 pandemic, according 

to MasterCard’s white-paper, “Future of FinTech: smart, scalable, collaborative,” 

which was released during the Gitex 2022 at the Dubai World Trade Centre. The study 

discovered that the “collaborative approach” is one of the important factors influencing 

FinTech growth in the Middle East and Turkey region. 

Fintech Surge 2022 brings 

Middle East and North Africa 

Fintech Community together 

The greatest gathering of the 

fintech community will take 

place at Fintech Surge 2022, 

featuring over 600 influential 

investors, entrepreneurs, and top 

innovators from disruptive fintech 

companies throughout the world. 

Visionaries and top innovators will 

be featured at the conference, and 

they will share their expertise on 

navigating the continuously changing 

financial ecosystem. The fintech 

industry has recently experienced an 

acceleration, with the UAE having 

been at the forefront of financial 

innovation. The nation is currently 

home to 24 percent of the region’s 

fintech companies, and it provided 41 

percent of the $864 million in startup 

funding for the MENA region in the 

first quarter of 2021. 

Banque Saudi Fransi to establish 

a corporate venture capital fund 

According to Grant Niven, 

head of group digital at 

Banque Saudi Fransi, the 

bank intends to establish 

a corporate venture capital fund 

to invest in fintech businesses. 

In a statement highlighting the 

development of the fintech industry 

in Saudi Arabia, where more than 

SAR 1 billion ($266 million) has 

been invested in fintech companies 

so far this year, Niven said that the 

majority of the nation’s banks have 

now modified their strategy toward 

entrepreneurs. He remarked during a 

panel discussion at Fintech Surge, a 

part of GITEX Global 2022 in Dubai, 

that traditional banks perceive an 

opportunity and anticipate investing 

an additional SAR 2.5 billion in Saudi 

fintech businesses. 


OneConnect Financial Technology establishes a 

presence in the Middle East in ADGM 

OneConnect Financial 

Technology, a supplier of 

Technology-as-a-Service 

for financial institutions, 

declared the beginning of its regional 

operations in Abu Dhabi Global 

Market (ADGM). With OneConnect 

becoming a member of the ADGM 

family, the ecosystem for fintech 

will grow even more, and the region 

and the UAE’s financial services 

will change into digital offerings 

faster. In particular, ADGM and 

OneConnect collaborated to build 

the ADGM Digital Lab, which was 

introduced in April 2021 as a market 

and industry sandbox to promote 

the development of fintech solutions 

under the direction and supervision 

of the Financial Services Regulatory 

Authority (FSRA). 

ADIB joins UAE Trade Connect’s 

e& enterprise blockchain 

platform 

One of the country’s top 

financial institutions, 

Abu Dhabi Islamic Bank 

(ADIB), declared that 

it has joined UAE Trade Connect 

as an official member (UTC). This 

relationship is intended to strengthen 

the Bank’s digital transformation 

plan and improve the security and 

transparency of its services as part 

of the membership agreement. 

Through the use of the UAE Trade 

Connect technology to identify fraud 

and questionable trade financing 

transactions, this relationship further 

solidifies ADIB’s position as the most 

creative Islamic bank in the region. 

UTC is the e& enterprise fintech 

blockchain platform, which was 

developed by e& (formerly known 

as Etisalat Group), and is the first 

fully operational blockchain platform 

to emerge from the United Arab 

Emirates. 


Business 

High output and new orders help Saudi 

Arabia’s non-oil sector grow 

Despite worries about 

inflation and global 

macroeconomic challenges, 

business activity in Saudi 

Arabia’s non-oil private sector 

economy continued to improve in 

September as output and new orders 

surged strongly on strong demand. In 

September, the seasonally adjusted 

S&P Global purchasing managers’ 

index for the kingdom registered 56.6. 

The headline PMI number indicated 

an improvement in the health of 

the nation’s non-oil private sector 

economy for the 25th consecutive 

month, although being down from 57.7 

in August. A reading that is above the 

neutral value of 50 denotes expansion, 

while one that is below it denotes 

contraction. 

“Saudi Arabia’s non-oil private 

sector economy retained an 

impressive pace of growth during 

September, especially against the 

backdrop of increasingly challenging 


global economic conditions,” said 

David Owen, an economist at S&P 

Global Market Intelligence. “Both 

output and new orders rose at rates 

above their averages for their current 

25-month growth sequences.” 

A substantial percentage of 

what is an incredibly favourable 

pipeline of new business, according 

to Mr. Owen, will be successfully 

converted into hard contract wins 

because businesses are confident 

in the quality of their products and 

services. The demand and output 

both continued to improve, which 

fueled consumer spending. In spite of 

August’s seven-year high, growth was 

noticeable as businesses worked to 

maintain inventory levels amid high 

“current and forecast sales demand.” 

According to the most recent data, 

the non-oil private sector economy 

of the kingdom is still adding jobs, 

but more slowly as work backlogs 

have decreased for four consecutive 

months. 

The non-oil private sector 

economies of Saudi Arabia and the 

UAE showed a considerable boost in 

business activity in August despite 

mounting concerns about a global 

economic slowdown and inflationary 

pressures. The seasonally adjusted 

S&P Global purchasing managers’ 

index (PMI) for Saudi Arabia jumped 

to 57.7 in August from 56.3 in July, 

which is the highest reading since 

October 2021 as new business 

growth hit a ten-month high. The 

non-oil private sector economies of 

Saudi Arabia and the UAE showed 

a considerable boost in business 

activity in August despite mounting 

concerns about a global economic 

slowdown and inflationary pressures. 

The seasonally adjusted S&P Global 

purchasing managers’ index (PMI) for 

Saudi Arabia jumped to 57.7 in August 

from 56.3 in July, which is the highest 

reading since October 2021 as new

usiness growth hit a ten-month high. 

According to anecdotal evidence 

provided by survey participants, 

output had risen mostly as a result 

of rising new business inflows, 

which were aided by strengthening 

demand circumstances. The third 

quarter of the year saw advances in 

the output, new orders, inventories 

of purchases, and employment of the 

kingdom. According to the survey, 

manufacturing, construction, and 

services all witnessed rise in the 

number of new jobs, with wholesale 

and retail seeing the largest rate 

of growth. Due to the continuous 

improvement in non-oil economic 

activity, businesses raised their input 

purchases in August, with the growth 

rate increasing to its sharpest in seven 

years. 

The second quarter of 2022 saw 

Saudi Arabia’s GDP rise by 11.8%, with 

the country’s oil-related economic 

activity increasing by 23.1% annually. 

In its World Economic Outlook report 

published in July, the IMF predicted 

that the kingdom’s economy will rise 

by 7.6% this year, followed growth 

of 3.2% in 2021. The non-oil growth 

rate will peak in 2022 at 4.2% before 

reverting to its medium-term potential 

of 4%. The UAE PMI Index recorded a 

score of 56.7 in August, up from 55.4 

in July, which is the fastest growth in 

business activity since June 2019. The 

second-fastest sales growth rate in 

more than three years was recorded. 

The UAE Central Bank projects that 

inflation will normally reach 2.7% in 

2022 after remaining at 3.3% in the 

first quarter. As businesses increased 

employees to clear backlogs in the 

midst of the ongoing economic 

recovery, the number of persons in 

employment increased for the fourth 

month in a row, rising to its highest 

level in a year. 

The second quarter saw Saudi 

Arabia’s GDP expand by 12.2%, faster 

than expected and at its best rate 

in over ten years, thanks to rising 

oil prices. The General Authority 

for Statistics (GASTAT) of the 

kingdom reported last month that 

the annualised real gross domestic 

product growth in the three months 

leading up to the end of June was 

the fastest since the third quarter 

of 2011. Saudi Arabia, OPEC’s top 

crude producer, saw a 23% increase 

in economic activity tied to oil in the 

second quarter. GASTAT revised up 

the non-oil economic activity’s growth 

from its 5.4 percent flash estimates to 

an 8.2 percent increase. 

The IMF predicted that Saudi 

Arabia’s GDP would increase by 7.6% 

this year after growing by 3.2% in 

2021 in its World Economic Outlook 

update. The non-oil growth rate of 

the kingdom will reach 4.2% in 2022 

before reverting to its medium-term 

potential of 4%. The economy of the 

Saudi Arabian kingdom is expected to 

expand by 8.7% this year, according 

to the investment firm Jadwa 

Investment, after showing significant 

growth in both oil and non-oil 

industries in the first half of 2022. 

According to David Owen, 

economist and survey compiler at 

S&P Global Market Intelligence, 

“the upturn was accentuated by a 

significant increase in new business 

levels, which encouraged firms to 

boost their output sharply and make 

higher input purchases.” “The most 

recent data also indicated an increase 

in input cost pressures, as fuel and 

raw material costs grew in response 

to supply issues around the world. 

Notably, cost inflation reached its 

highest point in over two years, 

leading to an additional increase in 

average prices charged.” 

Some businesses raised prices 

as a result of input cost inflation 

reaching its highest level in 22 

months. The most recent survey 

data showed that overall output 

confidence was increasing to a 

17-month high, Owen said, “despite 

some companies reporting fears that 

persistent price increases could slow 

the present path of development.” 

This encouraging development 

aided efforts to raise stock levels 

in anticipation of future demand as 

well as a slight rise in employment. 

Although the employment sub-index 

fell slightly in June, it still managed 

to stay just above the threshold of 

50 that distinguishes expansion from 

contraction. 

According to GASTAT, the 

kingdom’s GDP per capita soared in 

the April to June quarter, growing 

44.6% annually to 29,819 Saudi 

riyals ($7,941). The IMF anticipates 

that even if the kingdom’s central 

bank tightens monetary policy in 

accordance with the US Federal 

Reserve, inflation will be kept under 

control at 2.8% in 2022. According to 

GASTAT, Saudi Arabia’s consumer 

The non-oil 

private sector 

economies of 

Saudi Arabia and 

the UAE showed 

a considerable 

boost in business 

activity in August 

despite mounting 

concerns about a 

global economic 

slowdown and 

inflationary 

pressures. 

prices grew by 3% on an annualised 

basis, which is higher than the 2.7% 

inflation rate seen in August. They 

are significantly lower than OECD 

countries’ multi-decade inflation rates. 

At the end of the third quarter, 

inflation, energy rationing, import 

restrictions, and poor demand 

continued to put pressure on Egypt’s 

non-oil private sector economy. 

Egypt’s September PMI index reading 

was equal to its August level of 

47.6, which was its joint-weakest 

performance in the previous seven 

months. According to Shreeya Patel, 

an analyst at S&P Global Market 

Intelligence, “non-oil activity in Egypt 

continued to suffer from sluggish 

demand, geopolitical tensions, 

and skyrocketing inflation in the 

final month of the third quarter.” 

Energy rationing regulations were 

implemented as a result of the energy 

crisis, which was caused by Russia’s 

conflict with Ukraine. Unfavorable 

changes in the pound-dollar exchange 

rate increased the “already steep price 

pressures,” she continued. 


Business News 

Saudi Crown Prince launches 

a new company to enhance 

downtown areas 

HH Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince 

and Chairman of the Public Investment Fund, officially established the 

Saudi Downtown Company (SDC), whose goal is to build and develop 

downtown areas and mixed-use attractions in 12 cities throughout 

Saudi Arabia Public Investment Fund (PIF). The organisation will work to improve 

the infrastructure and forge strategic partnerships with the private sector and 

investors by establishing new business and investment possibilities in important 

economic sectors like retail, tourism, entertainment, and housing. PIF’s fiveyear 

plan states that by the end of 2025, the wealth fund will create 1.8 million 

direct and indirect jobs, spend at least $40 billion yearly in domestic projects 

and investments, and contribute a total of $320 billion to non-oil GDP through its 

portfolio firms. 

Hackers stole $570 million from 

Binance 

Hackers stole the BNB token 

from Binance, the biggest 

cryptocurrency exchange 

in the world, for around 

$570 million. Following the attack, 

Binance, which processes 1.4 million 

transactions every second and moves 

$2 billion worth of digital assets every 

day, was forced to temporarily suspend 

its blockchain network. On Saturday 

morning, BNB lost more than 4% of 

its value, falling to $281.06. On Friday 

at midday, it had reached a price of 

$293.1. BNB Chain briefly shut down its 

blockchain before starting it up again 

around 06:30 GMT. 

Burjeel Holdings’ IPO to raise 

$300 million at the current share 

price 

Burjeel Holdings of the UAE has set its final share price at AED 2.00 

($0.54), raising AED 1.1 billion ($299.5 million) through its initial 

public offering (IPO). The company will issue shares on the Abu Dhabi 

Securities Exchange and is offering an 11% stake in the IPO (ADX). On 

October 10, 2022, trading under the symbol “BURJEEL”, it is anticipated to begin 

and be listed on ADX. Burjeel’s market value upon listing is anticipated to be over 

AED 10.4 billion based on the final offer price, “making it one of the largest private 

healthcare companies on ADX by market value,” Burjeel Holdings stated in a 

release. 

UAE’s 

e-commerce 

business set to 

grow to $9.2 

billion by 2026 

The Dubai Chamber of 

Commerce predicts that the 

UAE’s e-commerce business 

will be worth $9.2 billion 

by 2026 and that its proportion of 

the country’s total retail sales would 

be 12.6 percent by then. The report, 

which used data from Euromonitor, 

highlighted a number of aspects 

encouraging e-commerce activity and 

expansion possibilities in the UAE. 

Total e-commerce sales in the UAE 

increased significantly in 2021, rising 

to $4.8 billion, up from $2.6 billion in 

2019. According to the report, more 

than a third of UAE customers made 

at least one smartphone purchase 

per week, which is higher than the 

global average for weekly online 

transactions. 


UAE’s Arada wins Dhs377 million 

construction contracts for the 

Aljada project 

In the first residential phase of 

Aljada, Arada claimed to have 

built over 1,500 residences, 

including all 14 apartment 

buildings and a community of garden 

villas. For its Aljada project in 

Sharjah, the real estate development 

business Arada has granted two 

significant contracts. The 24 million 

square foot mixed-use megaproject in 

Gulf alliance formed by Dubai’s 

Apparel Group and India’s Nykaa 

The lifestyle and clothing 

goliath Apparel Group 

in Dubai and the Indian 

cosmetics and fashion 

retailer Nykaa have teamed together 

to expand in the Gulf area. With 

the arrangement, Nykaa intends 

to expand in an area with a high 

demand for beauty items after 

reporting a “subdued season” for the 

three months ending in June due to 

inflationary pressures in India. Falguni 

Nayar, the chief executive of Nykaa, 

stated that “the two businesses would 

collaborate to create a multi-brand 

beauty retail business in the nations 

of the Gulf Cooperation Council, with 

Nykaa owning a 55% ownership and 

Apparel Group the remaining”. 

UAE Cabinet approves 

government spending of $68.69 

billion for 2023 through 2026 

The federal budget for the 

UAE was authorised by the 

cabinet with a total spending 

of Dh252.3 billion ($68.69 

billion) and a projected revenue of 

Dh255.7 billion for the years 2023 to 

2026. The statement came after the 

Cabinet met in Al Watan Palace in Abu 

Dhabi, under the leadership of Vice 

President and Ruler of Dubai Sheikh 

Mohammed bin Rashid Al Maktoum. 

the Muwaileh district of the emirate 

has contracts to build nine luxury 

apartment buildings. The buildings, 

which total 740 residences, are made 

up of the five Sokoon blocks, two 

brand-new apartment complexes 

close to the Aljada museum, and the 

two Gate structures, where about 

7,000 new dwellings are now being 

built. 

Sheikh Mohammed stated in a 

tweet that the union’s budget was 

“sustainable and balanced” and 

that it was a key factor in the union 

government’s development goals 

for the union’s citizens. According 

to the budget, government revenue 

will increase by 11% and spending 

will rise by 3.9% in the upcoming 

fiscal year. 

Binance’s new 

users have 

increased 49% 

YTD in the 

MENA region 

With a year-to-date user 

growth rate of 49% 

specifically for the 

MENA region, the 

cryptocurrency trading platform 

Binance boasts a considerable 

boost in user growth. This surge is 

evidence of the growing demand for 

virtual assets, which is being pushed 

by forward-thinking government 

policies that have opened up the 

market to many companies. Due to 

more licencing and relationships with 

regulated businesses, the company 

has maintained its growth pace in the 

MENA area this year. The number of 

employees at the blockchain service 

provider now exceeds 400 in Dubai 

alone. In response to the rise in 

demand for security training brought 

on by the increased interest in crypto 

adoption from businesses in the 

public and private sectors, Binance 

has also expanded its Global Law 

Enforcement Training Program. 


Interview 

Lalit Matta 

CEO of YaMarkets 


Lalit Matta 

Chief Executive Officer of YaMarkets 

L 

alit Matta has 12 years of expertise in the Forex sector, with a focus on 

educating clients and promoting financial literacy rather than simply 

approaching them. He is currently the CEO of YaMarkets, where he is working to 

extend the company into new industries and nations. 

Exclusive to The Finance World Magazine 

Having been a part of multiple 

seminars that educate people on 

financial planning and literacy, 

can you tell us a little about the 

beginning of your career? 

I began working in the Forex 

sector 12 years ago. As a member 

of the Forex industry, I discovered 

that Forex education is a critical and 

fundamental instrument in this field. 

In the last ten years, we have held 

numerous seminars solely to educate 

people. They should understand what 

this market is and how we can enter 

it. 

It is critical to understand education 

in this industry. We are attempting 

to educate people through a variety 

of means, including seminars, 

workshops, and educational tools. I 

truly believe that in the last ten years, 

there has been one thing that has 

gone unfulfilled in this market, and 

that is education. This is extremely 

important. 

Based on which concept did you 

develop YaMarkets and what does 

YaMarkets focus on? 

We are focusing on our clients with 

the goal of providing them with 

the best tools available. We have 

a reason to teach and educate the 

clients rather than simply approach 

them. YaMarkets’ concept is that 

whoever starts in YaMarkets should 

be a knowledgeable person who 

understands the market and knows 

how it works. 

What do you think the amount 

of money an individual makes is 

directly proportional to? 

It is solely determined by the 

requirements, management, public 

resources, and capacity. It is primarily 

determined by how sources are 

managed. 

Why do you think financial 

literacy is important in the Forex 

industry? 

Financial literacy is critical because 

money must be managed. When it 

comes to money management, you 

must first understand how money 

works. “Money makes money” is 

merely a phrase. We’ve all heard the 

expression “money makes money,” 

but it’s not as simple as that. To make 

money, we must first understand 

how to manage money. As a result, 

even if you have money, it is useless 

if you do not know how to manage 

it. Therefore, when it comes to the 

financial market, basic literacy is 

critical. 

How has your journey been with 

Forex so far? 

This is an incredible industry since 

you can work for yourself, help 

people, and educate them. It is an 

industry with international market 

exposure. 

How does it feel being a seasoned 

c-suite executive? 

It’s interesting because I’m able to 

assist clients while trying to expand 

YaMarkets into different countries. We 

are attempting to leave our mark in 

various industries and regions. 

Do you have any message for our 

readers/listeners? 

I only have one thing to say to the 

readers and listeners: YaMarkets 

is a retail broker, and we provide 

the same services as others. What 

distinguishes us from others is that 

we do not simply approach clients 

who begin interacting with us. We are 

truly attempting to educate and get 

them involved in this industry where 

individuals can make money. The 

most significant factor is education. 

“Learn and then trade” is a hashtag we 

use. In India, we don’t advise “start 

right away,” but rather “don’t start 

trading without knowledge.” Thank 

you to The Finance World Magazine 

for helping me to discuss the Forex 

industry with you. 


Cover Story 

Invest wisely and 

thoroughly in 

human resources, 

making sure 

you get the right 

team, in whatever 

business you are 

in to move your 

company forward. 

Esref Temel 

Founder, Managing Director of 

Bright Capital Investment 

28 28 www.thefinanceworld.com 

November 2022

Esref Temel, Founder, 

Managing Director of 

Bright Capital Investment 

Brief Introduction: 

Esref Temel was born in a city called Tatvan in the East part of Turkey, where through his formative 

years he completed his early education. Since an early age, he always enjoyed learning, reading, 

exploring, and challenging himself. He became interested in building and construction, changing, 

developing and exploring new things; these traits ultimately directed him to take the path to 

Engineering and Finance. 

Exclusive to the Finance World Magazine 

After graduating he gained 

a Bachelor of Science 

Degree in Industrial 

Engineering. His thirst 

for education was prevalent at this 

time, and he wanted to achieve 

more. He therefore moved to the 

USA where he pursued his Master’s 

Degree in Financial Engineering. As 

his educational experience grew, he 

gained knowledge across a variety 

of disciplines including Financial 

Modelling, Restructuring, Real 

Estate Development and Human 

Capital Management and School 

Improvement. 

In 2010, he founded Bright 

Education Investment which was later 

renamed as Bright Capital Investment, 

an investment company focusing on 

the Education, Real Estate, Textile 

and most recently in the Hospitality 

sector. He spent nearly thirteen years 

in the education space in the UAE, 

and in this period he has established 

a growing group of nurseries and 

schools offering excellent education 

at International standards. The main 

area of focus has been to establish 

and operate premium-quality 

international education for midtier 

and affordable market segment 

offering excellent quality of education 

in the region. 

Daily Routine 

As with any business man, I have 

regular morning meetings with the 

management team at Bright Capital 

Investment discussing the status of 

our existing businesses. As a team 

we go through on-going projects: an 

example of these being: additional 

investment in IT infrastructure, online 

resources, or expanding existing 

buildings to create new state of the art 

campuses for schools. 

The company, as with business, 

is continually evolving and now has 

several strings to its bow; investments 

in Real Estate, Education and also 

the Textile business. At present, we 

are also looking at plans to extend 

our company into the hospitality 

sector, identifying the UAE and GCC 

countries as our initial investment 

areas. Even though the existing 

business consumes most of my 

time, I remain the young man I was 

at school with high aspirations for 

success but with that continued 

thirst for knowledge and exploration, 

consequently within the business 

I am keen that we focus on new 

developments. 

Recently Bright Capital Investment 

has successfully closed on a bid for 

a new school in Dubai. We are at 

advanced stages of discussions to sign 

this project and are working closely 

with our partners, stakeholders and 

authorities. The project is due to be 

completed in September 2024, where 

upon Bright Capital will be opening its 

newest British school in Dubai. 

With the global situation at present, 

I am also keen in extending the 

business portfolio to other GCC 

countries especially Qatar and Oman. 

At present we are in the initial stages 

of discussions in both countries, so 

the predictions for company growth 

and versatility are great. 

In having aspirations and a vision 

to move global, it is of the utmost 

importance to continually work with 



Cover Story 

legal advisors to ensure compliance 

with country laws and government 

requirements; a section of my 

work which takes time, patience, 

understanding and dedication to 

our final goals. In order to achieve 

this, frequent meetings are held with 

partners and investors to discuss 

long-term and mid-term strategic 

plans and progress. 

A brief about your journey of 

investment in education. 

The commencement of my business 

journey found me as a Director 

of Finance and Operations in the 

education sector for the initial years 

in the UAE. It was while working at 

these positions I noticed the demand 

for Private education with over 85% 

of the population being expatriates. 

This discovery eventually led me in to 

exploring investment opportunities 

in the education field. Education is 

one of the most important sectors 

in UAE and through H. H. Sheikh 

Mohamed Bin Rashid Al Maktoum’s 

UAE Centennial 2071 vision, the UAE 

is aiming to become one of the best 

educators in the world. As such, the 

demand for high quality education in 

the UAE keeps growing. 

In 2010, with financial support 

from my family and my own savings, I 

started investing in a nursery project 

which gradually and successfully 

expanded to four branches by 

2014. The nurseries practiced the 

Montessori curriculum. Throughout 

the nursery era, the company 

carefully hired qualified early years 

educators. We ensured our students 

acquired good quality education from 

the beginning of their academic lives! 

A really good starting position for all 

of our students! 

While our nursery business grew, 

I became very interested in the 

‘next steps’ in education. I became 

both curious and keen regarding 

investment in the K - through 

12 school business model. Quite 

coincidently, as it would happen, I 

was introduced to the ETA Group, a 

company in Dubai who were looking 

at selling their group of schools. In 

2013, after long negotiations and 

research into this company, we 

secured a lease to buy the contract for 

Star International School- Al Twar and 

30 www.thefinanceworld.com 


Star International School- Mirdif. 

In order to raise capital, we at 

Bright Capital Investment decided 

to sell the nursery chain to an 

investment company in Abu Dhabi. 

We also raised additional capital 

from my own funds and local banks 

and with this we fully acquired Star 

International Schools in the year 2017. 

With this came change and revision 

of the existing systems in place, new 

policies, procedures and protocols 

that built a solid platform on which 

the school would ultimately flourish. 

Initially Star International School 

Mirdif was an acceptable 

primary school with 

270 students. It 

had had five 

Principals in 

its six years 

of opening: a 

situation which 

we needed to 

strategically 

change. In 

2016 with the 

appointment 

of Ms Gill 

Roberts, this 

change started. 

The school 

team, headed by Gill created a strong 

vision to which everyone looked 

to. The vision, mission and values, 

understood by all stakeholders, 

permeated through the school. 

Working closely with Gill and the 

SLT, we soon managed to move the 

school to GOOD. In 2017 school 

also gained the KHDA approval to 

obtain a secondary school license. At 

present, the company has put major 

Investments into Human Resources, 

IT infrastructure, Sports Facilities, 

Educational Resources with student 

numbers tripling from where we 

started. 

In 2016, Star International School 

Al Twar, rated as a Good School 

was at 450 students. Ma’am 

Dolly has been the anchor for 

the school; through her good 

practice and continuity, the 

school has achieved much 

success. Unfortunately, with 

the success of the school came 

growth and it soon became 

clear that the Star Al Twar 

building was not big enough for 

the number of pupils wanting to 

attend. Problems need solutions 

and in October 2020, the 

company invested in a 

new secondary school

Investors, who have an interest in the education sector, 

should expect 1-5 years negative EBITDA and strong 

EBITDA from 8 years onward. 

campus nearby. In March 2022, the 

secondary school operations and 

students moved to their new state of 

the art campus. 

At this time the company also 

established a new American 

curriculum school called Bright 

Learners Private School in Al 

Rashidiya. Currently the school has 

students from Pre-KG to Grade 6 and, 

as with both the other schools, Bright 

Learners is beginning to grow. 

At this point in my educational 

investment phase of life, everything 

that I and my team had developed was 

achieving success. The future looked 

Bright with all of the schools really 

moving forward successfully. 

Unfortunately, as with every 

business, we were affected by Covid. 

Everything that had to happen needed 

quick strategic thinking and teams 

to work systematically together to 

ensure that we met new criteria 

coming from the KHDA to deal with 

this global crisis. 

Schools had to switch to Digital/ 

Distance Learning immediately. 

Massive changes needed to be 

implemented. Schools changed 

overnight from classrooms with 

four walls to global environments; 

the use of IT, Google classrooms, 

Zoom, Teams being innovatively used 

to secure the continuing learning 

process. 

While we were recovering from 

the COVID-19 impacts, and with life 

getting back to normal, we at Bright 

Capital were ready to make the next 

big leap to take the schools to the 

next growth path. We entered into 

a strategic alliance with a wellestablished 

international school 

partner for a majority stake keeping 

in mind further growth and expansion 

for the Star Schools. 

Why investing in education is a 

good financial investment? 

I believe Education is a very 

important sector to invest in since 

there will always be a demand for 

schools, especially quality schools. 

Besides financial return, it is a 

powerful and fulfilling investment that 

allows teachers to nurture the future 

leaders and development of UAE and 

the world. 

In GCC and particularly in UAE, 

85% or more of the population have 

a requirement to send their children 

to private schools. Parents are very 

conscious and selective about the 

school they chose for their children. 

Therefore, if we can offer parents this 

service at good value for money, we 

will continue investing in affordable 

quality education in the upcoming 

years. 

Obviously companies need to 

be very selective in the area / city / 

country to invest- carefully analyzing 

the area, demand, type of curriculum 

needed, size of the school, tuition fee 

structure, etc. We need to ensure we 

create a business that is sustainable 

and has the highest standards which 

offer children the greatest opportunity 

to achieve success. 

How the school managed the 

COVID crisis - any lessons to 

share? 

As we all know, COVID 19 was 

traumatic to live through on so many 

levels. It created chaos since neither 

the World Health Organization nor 

Governments globally knew what to 

do on all these levels to fully contain 

the virus. 

The lessons learnt from COVID are 

many. 

All schools had to deal with financial 

trauma; families left the country, fees 

weren’t paid, discounts needed to be 

given, salaries were reduced, children 

suffered with mental health issues; 

I can go on! However, what lessons 

can I learn from COVID from an 

educational standpoint: 

1. Value your clients, look after 

them, and create a family. Through 

COVID, our schools were all there for 

each other and we all needed each 

other through this time. There was 

always someone to lean on for helpeven 

if through a screen. 

2. Retain your values and humanity. 

Help, support and offer assistance 

where you can 

3. The above builds the character of 

a school. It builds a community who 

stick together through thick and thin. 

There is a support network. School 

became the beating heart of our 

COVID community. 

From a financial perspective: 

4. Invest wisely. 

5. Invest carefully and fully in 

human resources, making sure you get 

the right team, in whatever business 

you are in to move your company 

forward. 

6. Create a strong vision and 

mission statement. Everyone buys into 

it, strategically whatever goes right or 

wrong, you have this as your guiding 

factor. You are all on the same page. 



Cover Story 

7. Have contingency in all areas of 

your company. 

8. Communicate fully with 

all stakeholders, explain what is 

happening. Be transparent. 

How are new innovative 

teaching tools helping in 

education? 

During COVID, Technology ruled 

the world! The aftermath is that 

schools now have an incredible 

technological platform on which 

even more innovative education can 

be practiced. Distance learning / 

remote learning is now an innovative 

methodology for learning- especially 

personalized learning through 

artificial intelligence platforms. 

Children have access and 

collaborate worldwide. They can 

participate in academic global events 

from their classrooms. The world has 

got smaller and as such, the realms 

and opportunities of education have 

grown to a massive scale. School 

buildings have no boundaries, 

classrooms have no limits! 

Google, Microsoft and other 

platforms have made teaching and 

learning highly effective; everyone can 

work at the same time on the same 

document. 

How long does a typical 

investment take to make 

returns? 

Investment in the education sector 

requires patience and stability. 

Broadly, return on investment 

depends on demographics, location of 

the school, average tuition fees, cost 

of the revenue, etc. Before investing 

strategic plans / business plans need 

to be produced to cover all variables. 

This takes time; but it is worth it when 

the investment returns are good. 

The UAE economy is not an 

emerging market anymore. I believe it 

should be considered as a developed 

economy. Investors should be aware 

that huge returns seen in 1990s or 

2000s are not the same case scenarios 

anymore. Investors, who have an 

interest in the education sector, 

should expect 1-5 years negative 

EBITDA and strong EBITDA from 8 

years onward. 



Tell us about a challenge in 

your journey? 

Certainly COVID 19 was the 

biggest challenge I faced during my 

journey. Facing the financial burdens 

through the crisis was unavoidable. It 

required me to be level headed, stable, 

proactive, and mentally strong all the 

time. 

Selecting the right project is also 

quite challenging. You can get excited 

about initial offers, but due diligence 

is a must. As a company we have had 

to let several projects go after going 

through the due diligence process. It 

requires substantial time and money. 

From a financial perspective, we need 

to ensure we have certain liquidity 

either for existing operations or 

expansion. 

A major challenge for myself was 

the emotional element. When I was 

approached by our new partners from 

the UK for the sale of the majority 

stake of our schools, I was excited, 

however it was a tough decision 

to make and this partnership was 

essential for the growth of the 

schools. 

What changes do you foresee 

in the education field? 

I believe private education will 

grow further and governments will 

keep reducing their presence in the 

field globally. I think private education 

is more effective and serves the 

purpose. However, it is essential that 

governments provide more incentives 

such as; subsidised electricity & water 

supply, discounted or free land leases, 

arrangement with banks to provide 

more affordable loans. 

Obviously COVID proved that 

Technology has advanced and will 

advance further. We have a variety of 

educational resources at all different 

levels. All children have access to 

computers either bought or borrowed 

from the school. Artificial Intelligence 

(AI) facilitates personalised learning 

as well as accelerated learning. These 

are exciting developments for the 

education field. 

Unfortunately, too much screen 

time due to technology also has its 

impact. It is important that with these 

new technological advances comes 

the support and strategic management 

to use them only for purpose. Too 

much screen time has detrimental 

effects on children; mental health 

issues could increase; it is important 

we are aware of this and safeguard 

children. 

What advice do you give to 

those thinking of investing in 

education? 

I would advise potential investors 

to have proper due diligence when 

they plan to invest in education 

sector. They should avoid unnecessary 

competition that could potentially 

hurt all the competitors. Selecting the 

right area/ town / city / demographic 

is very important. Proper research on 

demand, appropriate fee structure, 

and the right curriculum is necessary 

and paramount. 

Proper financial planning is 

essential for sustainability. Payments 

to government authorities, permits, 

approvals, utility connection charges 

are mostly ignored costs. Since 

substantial investment is required in 

either construction or other capital 

expenditures, proper planning and 

calculation is very important. 

Expectations should be kept lower 

& reasonable, and a buffer budget 

should be considered for potential 

operating losses especially in the 

first 3 or 4 years. Once the school 

generates positive EBITDA, it is a very 

stable business. 

To me, education is a very 

satisfying business since it serves our 

communities and the children within 

these. Education creates ‘community 

families’ of staff, teachers, parents and 

students. It is an environment where 

all the members respect each other 

more than in any other businesses. 

Do you have a message for our 

readers? 

As in any business, there will 

be good times and difficult times 

when investing in education. If you 

are looking for a stable and longterm 

return, this is the right type of 

investment. 

You need to understand the 

business model, do proper planning 

and due diligence and invest wisely.

Cebu Pacific announces seat 

sales and increased service 

An additional daily frequency 

to Dubai as well as a 

special seat sale have 

been announced by the 

Philippine airline Cebu Pacific. For 

the trip between Manila and Dubai, 

the low-cost airline is running a 

special promotion. Passengers can 

take advantage of this promotion from 

Global Hotel 

Alliance’s 

room income 

increased 

by 68% due 

to increased 

travel 

I 

n the first nine months of the 

year, room revenue increased 

by 68% compared to the same 

period in 2021, reaching 84% 

of pre-pandemic levels, according 

to Global Hotel Alliance, the largest 

network of independent hotel brands 

in the world. As the travel sector 

continues to recover from the effects 

of the coronavirus pandemic, the total 

income generated by the 22 million 

members of its GHA Discovery loyalty 

programme reached more than $900 

million. “An increase of 20% in the 

average length of stay internationally 

from January to September compared 

to the same period in 2021, along with 

higher average charges. 

October 1 to October 16 for a basic 

cost of just Dh399. This will apply 

to travel between November 1, 2022 

and March 31, 2023. The airline has 

also declared that starting on October 

30th, the route will receive more 

flights. Between Manila and Dubai, 

Cebu Pacific will fly twice daily. 

A November opening is planned 

for Jumeirah Gulf of Bahrain 

Resort & Spa 

In November, a new hotel in 

Bahrain will debut under the 

Jumeirah Group brand. On 

the west coast of the island, 

Jumeirah Gulf of Bahrain Resort & 

Spa will be situated. It will feature 196 

guestrooms and suites in addition to 

the 11-bedroom Gulf Summer House, 

which is located directly on the beach. 

The Arabian Gulf’s ripples, waves, and 

flowing waters served as inspiration 

Travel News 

for the building’s design. Bahrain is 

known as “the island of pearls,” and 

mother-of-pearl accents and deep blue 

hues are used throughout. There will 

be eight distinct restaurants, including 

one that serves meals in a family-style 

setting, one by the pool, and others 

with carefully prepared menus that 

use regional flavours, spices, and 

ingredients. 


Start-up 

Domestic Transfer Pricing’s Effect on 

Startups 

Transfer pricing concerns 

are gaining steam within 

the business sector in the 

UAE as Corporate Tax 

is on the horizon. International 

transactions typically involve transfer 

pricing. Such a broad understanding 

shouldn’t catch the UAE enterprises 

off guard or lead them astray as they 

don’t conduct worldwide business. 

Unique “domestic transfer pricing” 

features will be included in UAE 

tax laws. Family businesses, sole 

proprietorships, partnerships, and 

startups should pay greater attention 

to how it may affect their business 

operations. 

A ground-breaking announcement 

about the implementation of a new 

federal corporate income tax system 

in the UAE, effective for fiscal years 

beginning on or after 1 June 2023, 

was made by the Ministry of Finance 

on January 31, 2022. The corporate 

income tax regime in the UAE, which 

will have a standard rate of 9%, is 

being developed to take into account 

best practices from throughout 

the world and lessen the cost of 

compliance on businesses. 

According to the new corporate 

income tax law, business gains 

produced by UAE companies over 

the course of a tax accounting period 

would be subject to corporate income 

tax. The business income tax law’s 

text and specifics are anticipated to be 

released around the middle of 2022. 

When a corporate income tax is 

implemented, the UAE will be subject 

to the OECD Transfer Pricing Rules. 

The documentation requirements and 

transfer pricing regulations would 

apply to all businesses. These transfer 

pricing regulations would need to 

be followed and might even apply to 

domestic transactions. 

Although UAE groups frequently 

engage in intercompany sales and 

financing services, in the past, 

compensation for these activities 

has not been a top priority because 

the transactions would probably be 

deleted upon financial consolidation. 

Intercompany transactions would 

have to be carried out at arm’s 

length and generally be supported 

by sufficient documentation under 

the new tax regime, which would 

be implemented. Businesses must 

therefore assess their current setups 

and take into account how the 

corporate income tax policy may 

affect both domestic and international 

transactions. 

Businesses in today’s globe must 

operate in at least two different 

nations, with fewer and fewer 

remaining wholly local companies. 

Global and regional expansions 

are the new norm as a result of 

globalisation, and there are endless 

opportunities to increase revenues 

and profits when looking outside 

national boundaries. After all, transfer 


pricing aims to price cross-border 

transactions conducted into between 

companies that are a member of the 

same group, therefore operations 

in two countries are enough for 

a business to be subject to the 

legislation (also known as related 

parties). For domestic transactions 

involving related parties, several 

nations even have transfer pricing 

rules, particularly when the nation has 

distinct tax rates. 

Transfer pricing, commonly referred 

to as the arm’s length principle, is the 

practice of valuing transactions using 

market prices and the assumption that 

two or more businesses belonging 

to the same group are completely 

independent and separate. We come 

across companies who are dealing 

with significant headaches that could 

have been avoided more often than 

you may expect. Examples include 

income and expense mismatches that 

cause losses in one company and 

disproportionate profits in another, 

inaccurate service transaction pricing 

and markups, the application of 

incorrect royalty rates, incorrect cost 

centre entity management, and the list 

goes on. 

The truth is that unless your 

company is located in a distant 

area where the “Transfer Pricing 

Tentacles” have not yet spread, which 

we are now unable to imagine, you 

cannot escape transfer pricing. More 

crucially, failing to take transfer 

pricing into account can have an 

influence on a company’s income and 

expenses as well as lead to double 

taxation or inaccurate assessments 

of tax responsibilities across nations. 

The good news is that transfer 

pricing specialists are available and 

willing to assist both large MNEs 

and smaller businesses, startups, and 

entrepreneurs. You won’t believe how 

thrilling it is to support entrepreneurs, 

start-ups, and SMEs since they are 

vibrant, perpetually changing, and 

never-ending. 

Do not dismiss transfer pricing if 

you are an entrepreneur, start-up, 

or small to medium-sized business 

(SME) or fall into the misconception 

that transfer pricing only applies to 

giant MNEs. To prevent headaches 

in the future that will keep you from 

doing what you do best—running a 

business with passion—be proactive 

and control your transfer pricing risks 

from the start. 

In relation to a company, a 

“connected person” is anyone who: 

(a) directly or indirectly owns, 

controls, or is a director or officer of 

the company; (b) is related to such 

an owner, director, or officer to the 

fourth degree of kinship or affiliation, 

including through birth, marriage, 

adoption, or guardianship; or (c) 

has any other close familial or other 

connection to such an owner, director, 

or officer. To be classified as a related 

person, the ownership percentage 

may not matter. Any shareholder, 

whether direct or indirect, may be 

regarded as a linked person. The 

relatives would likewise be protected 

not just from the owners but also from 

the directors and officers. 

Global and regional 

expansions are the 

new norm as a result 

of globalisation, and 

there are endless 

opportunities to 

increase revenues and 

profits when looking 

outside national 

boundaries. 

Transfer pricing regulations and 

the arm’s length principles must be 

followed in all transactions between 

a corporation and its “related 

individuals.” According to the arm’s 

length standards, the business must 

show that the transaction between 

linked parties is compatible with 

similar transactions between 

unrelated third parties, or people who 

are not connected to one another. 

Benchmarking is the analysis of 

such unrelated financial activities. 

Since there is now no income tax in 

the UAE, transfer pricing would still 

be applicable even if the company 

and its “related persons” were both 

based there. By moving a company’s 

taxable profits to its owners, partners, 

senior management, or their family, 

domestic transfer pricing seeks to 

prevent tax fraud. The implementation 

of domestic transfer pricing may 

be a substantial issue and have 

ramifications given the expansion of 

the business environment in the UAE, 

particularly the family enterprises. 

It would be a difficult process 

to locate and keep track of the 

transactions with the owners, 

directors, officers, and their extended 

families. Such requirements might 

grow enormous for a publicly traded 

corporation. The UAE offers a 

thriving environment start-ups and 

SMEs, which pushes many senior 

professionals to quit their jobs 

and launch their own businesses. 

Such professionals would be paid 

significantly more from unrelated 

employers than the initial years’ 

worth of income from their start-ups. 

They may commit far more time in 

their own businesses than they do in 

their regular jobs. The remuneration 

of the owners and officers of major 

corporations may differ greatly 

from those of enterprises with 

similar sizes of operations. The 

arm’s length standards regarding 

owners’ compensation and perks will 

necessitate close attention to detail. 

The tax issues facing family 

enterprises are complex, and setting 

compensation as a baseline for the 

owners is difficult in and of itself. 

Family and friends are frequently 

hired for a variety of positions 

within an organisation. The firms 

might also be required to show that 

a person’s education and experience 

are appropriate for the jobs they 

are applying for and the pay that 

results from them. The company/ 

taxpayer would be responsible for 

ensuring the arm’s length principle 

is upheld. Benchmarking would be 

a yearly obligation for compliance. 

It could not be ignored on the off 

chance that it would be discovered 

by the tax authorities and dealt with 

then. Transfer pricing is a large area 

for studies and specialisation, just 

like all tax-related fields. Optimizing 

tax consequences would benefit 

from an awareness of tax subtleties. 

To manage their forthcoming 

tax compliance requirements, all 

businesses—large or small—need 

to interact with seasoned tax 

professionals in advance. 


Start-ups News 

Nadeera wins PepsiCo’s 

MENA Greenhouse Accelerator 

Program’s 2022 competition 

Nadeera, an organisation 

based in the United 

Arab Emirates that uses 

technology to encourage 

waste sorting at the source, has won 

the first round of PepsiCo’s MENA 

Greenhouse Accelerator Program. As 

part of the award, the organisation 

will receive a grant of $100,000 along 

with a number of other advantages 

to help it scale its sustainable 

packaging solution. The initial round 

of the accelerator aims to uncover 

local entrepreneurs with groundbreaking 

approaches to recycling and 

sustainable packaging, advancing 

PepsiCo Positive’s (pep+) objectives 

to support the creation of a circular 

and inclusive value chain. 

40 startups 

from Kerala will 

participate at 

the Dubai GITEX 

show 

A 

delegation of 40 businesses 

supported by the Kerala 

Startup Mission (KSUM) 

showcased innovative 

products, cutting-edge 

technology, and sustainable ideas 

at the four-day GITEX Global 2022 

exhibition, which was held in Dubai. 

The goal of the exhibition was to 

examine business and investment 

opportunities. Entrepreneurs from 

many industries, including Edutech, 

cybersecurity, enterprise tech, agritech, 

IoT (Internet of Things), media tech, 

health tech, finance, insurance tech, 

and consumer tech, attended the 

specialised event “North Star” that 

was held as part of GITEX Global. The 

delegation from KSUM represented the 

biggest contingent of businesspeople 

supported by KSUM to take part in the 

conference. 

YAP in talks to 

raise $20 

million 

Anumber of investors, 

including international and 

Middle Eastern venture 

capital funds, recently 

started discussions with the UAEbased 

fintech startup YAP about a 

potential $20 million fundraising 

round. The investment would mostly 

be used to finance the expansion 

plans for the online banking business 

in South Asia and Africa. The venture 

was actively recruiting investors 

for a new round of capital raising, 

according to Marwan Hachem, the 

initiative’s founder and group chief 

executive officer. The fintech startup 

raised $41 million in July of this year 

from family offices and venture capital 

firms, with Aljazira Capital of Saudi 

Arabia serving as the lead investor. 

Emirates 

Development 

Bank makes 

opening bank 

accounts simple 

Any company that operates 

in or is closely related 

to one of the five core 

areas recognised as being 

essential to the future success of the 

UAE economy is eligible for the Dh5 

million loans that can be repaid within 

a week. These include infrastructure, 

manufacturing, healthcare, agritech, 

and advanced technology. This is how 

Emirates Development Bank intends 

to differentiate itself with its one-yearold 

digital banking services, according 

to CEO Ahmed Mohamed Al Naqbi. 

The startup community and small 

businesses, he said, find it challenging 

to get some of the services they 

provide from commercial banks, are 

the group that this digital bank was 

created to assist. 

MENA startups 

raised $173 

million in 

September 2022 

As investment levels continue 

to fall this year, startups in 

Mena raised $173 million 

across 51 agreements. 

This is a loss in investment value of 

54% month over month and a loss of 

approximately 50% when compared 

to the same time last year. Investors 

with an eye on the region are still 

feeling the repercussions of the 

global economic crisis, which has 

led to rising prices and a decline in 

IT stocks. Nevertheless, the pre-IPO 

round led by Bahrain’s Investcorp 

raised $100 million for the Saudi 

Arabia-based truck aggregator 

TruKKer, making it one of the year’s 

largest investment rounds. 


Dubai hosts 

UAE’s Future 

Blockchain 

Summit 

More than 600 investors, 

more than 100 speakers, 

and game-changing 

startups will congregate 

for four days of networking and 

education centred around disruptive 

future technologies at the Future 

Blockchain Summit, which is 

expected to attract the region’s 

largest gathering of thought leaders, 

Blockchain architects, and powerful 

investors. The Future Blockchain 

Summit’s fifth iteration will feature 

speakers from organisations like 

ADGM, Emirates Post, BCG, Binance, 

Mastercard, and EmiratesNBD, 

as well as FTX, OKX, and Elliptic, 

among many more. Engaging panel 

discussions on important subjects 

like “Mitigating Risks of Virtual 

Assets (Vas) and Virtual Asset Service 

Providers (VASPs),” “Regulations in 

the Metaverse”. 

Gates Hub attends the GITEX 

Fintech Surge 2022 event in Dubai 

Gates Hub was delighted 

to take part in FinTech 

Surge 2022, the largest 

fintech event held in Dubai 

from October 10 to October 13 at 

the Dubai World Centre, in light of 

its phenomenal performance and 

dominant position in the market. 

Fintech Surge 2022 addressed 

a number of significant gaps in 

today’s local and regional events. 

The show, which was sponsored by 

global Fintech regulators, investors, 

banks, and associations, provided 

the whole fintech community with 

first-rate information and business 

The world’s first utility NFT, 

“Lovely Humans,” which 

gives consumers five hours 

of one-on-one time with 

international industry experts, has 

been launched by GLEAC, a Hub71 

startup that provides a mentorship 

network to help people use human 

skills through simulated work 

circumstances. Recently, GLEAC 

Dubai Chamber’s new training 

academy immerses digital 

startups in the metaverse 

opportunities. Fintech Surge is 

predicted to be the leading and most 

innovative event for the Middle East 

and North Africa’s fintech industry. 

Hub71 Startup GLEAC launches 

of the First Utility NFT “Lovely 

Humans” 

joined the Hub71 community, gaining 

access to its network of investors and 

partners as well as its hospitable work 

environment and talented workforce. 

This groundbreaking application of 

NFTs advances Abu Dhabi and the 

UAE’s aspirations to adopt cuttingedge 

technologies and lead the global 

export of paradigm-shifting ideas. 

The Future of the Digital 

Economy: Business in the 

Metaverse Academy, a 

first-of-its-kind specialised 

training programme created to 

provide digital startups with the 

real-world knowledge and resources 

they need to build in the metaverse 

and take advantage of Web3, has 

been launched by the Dubai Chamber 

of Digital Economy, one of three 

chambers operating under Dubai 

Chambers, in collaboration with the 

SEE Institute. A total of 30 companies 

from Dubai and other markets will be 

chosen to participate in the training 

academy, which makes use of VR, 

AR, and XR technologies to provide 

participants a hands-on understanding 

of the metaverse’s economic 

dynamics. 


Energy 

Global Energy Crisis Augments the 

Influence of Gulf Countries 

The world is now thirsty 

for energy more than ever, 

for the war in Ukraine 

has reshaped the world’s 

economy and revealed the fragility of 

supply chains. Amidst the global crisis 

that the world is witnessing right now, 

Gulf Countries will likely remain the 

most important source for energy, not 

only in the 20th century, but also in 

the coming decades. 

Supply and demand patterns were 

disrupted, and the long-standing 

trading global relationships were 

fractured. Energy prices have also 

surged far more than many consumers 

and businesses could handle, which 

led to the most devastating situations 

of uncertainty in decades. Investors, 

companies, and even governments are 

facing grave difficulties in determining 

what energy projects to develop or 

fund. 

However, even before the beginning 

of the war in Ukraine, the world was 

far off track from achieving energy 

and climate objectives, for the global 

CO2 emissions reached an all-time 

high in 2021, while fuel markets 

were already showing signs of strain. 

Correspondingly, investment in clean 

energy technologies has remained far 

below the levels needed to achieve the 

net-zero emissions by mid-century. 

Taking these facts into account, 

projects with short-lead times 

and quick payback seem to be the 

best options. These may include 

extending oil and gas production 

from existing fields and making use 

of currently flared and vented natural 

gas, but lasting solutions, however, 

lie in reducing demand through the 

rapid deployment low emissions 

technologies. Some countries are 

Amidst the global 

crisis that the world is 

witnessing right now, 

Gulf Countries will 

likely remain the most 

important source for 

energy 

looking to move ahead with the 

exploration and approval of large 

longer-term supply projects, but such 

projects take many years to start 

production. 

Alongside the revolutionary 

development of non-oil sectors in the 

Gulf Countries, the oil and gas boom 

reveals the Gulf Countries as the most 

prominent plyers during the global 

current energy crisis and geopolitics, 

which are rather emphasizing the 

importance of these counties. This 

goes hand in hand with the response 

to the Western sanctions on Russia, 

the climate change, and the reengineering 

of global energy flows. 

Furthermore, America is no longer 

a reliable security guarantor, for the 

reshaping of geopolitical alliances 

in the Middle East is intensifying the 

birth of the multipolar world. 

Despite the fact that Qatar, Saudi 

Arabia and the UAE, the three Gulf 

energy powers, are facing a decline 

in global demand for fossil fuels, the 

changing of global energy trends is 

tipping the scales. Energy markets are 

changing, as the Western sanctions 

on Russia are reshaping the global 

trading of energy. Gulf Countries 

can earn 3.5 trillion dollars over the 

next five years, and as the Russian 


production flows to the east, Gulf 

countries will become a greater 

source of energy to the West. 

On the other hand, UAE and 

Saudi Arabia are ramping up capital 

investment in oil with the long-term 

objective of being the last in the 

industry, with the lowest extractions 

and costs. They both aim to increase 

production from 13 million to 16 

million barrels per day in the medium 

term. 

Similarly, Qatar is expanding 

its North Field project in the next 

few years, making Doha the most 

prominent source of LNG in the 

world, as its annual production 

target equals 33% of total LNG traded 

worldwide in 2021. Qatar is a global 

leader in LNG, the third in natural 

gas reserves after Russia and Iran, 

providing 30% of the World’s LNG 

supplies, mainly to Europe and Asia. 

Thus, any disruption in pricing, 

shipment, or production would have 

an immediate impact on European 

Sates and push them to go for Russian 

gas despite the political tension with 

Russia. 

Saudi Arabia’s exports rose 2.5% to 

7.38 million barrels per day (bpd) in 

July, the highest since April 2020, from 

7.20 million bpd in June, but there 

is no oil or gas exchanges between 

Qatar and Saudi Arabia, which 

limited the impact of political tension 

between these countries on their 

energy polices. 

Moreover, the new alliance 

of powers in the Middle East is 

further enriching the Gulf region. 

For instance, Iran has established 

a great deal of influence across the 

Northern areas, including Syria, 

Iraq, and Lebanon, which led to the 

emergence of some rapprochement 

between some Gulf Countries, Israel, 

Egypt, and other countries. This 

rapprochement would revive the trade 

that can make these states even richer 

in a region with cross-border ties. 

The Gulf Countries have invested 

$22 billion in Egypt this year, and the 

Israelis have made more than half a 

million trips to the UAE. Additionally, 

members of this emerging bloc aim 

to expand their economic ties with 

the rest of the world. The UAE, 

for instance, singed a huge trade 

agreement with India in February. 

Dubai aspires to become another 

financial center for the world’s 

entrepreneurs. 

However, even if business was not 

disrupted, the chaotic atmosphere 

concerning supply routes is more 

likely to continue and have a longterm 

effect. This will push Asian 

and European countries to rethink 

their economies’ reliance on energy 

resources from the GCC Market, for 

global oil demand is projected to 

remain high until 2040. Still, the price 

volatility of crude oil is compelling 

the world’s greatest economies to 

become less dependent on oil, while 

renewables and natural gas are 

becoming the energy sources of the 

future in the coming decades. 

Hence, the Gulf Countries are likely 

to keep playing a vital role in world 

affairs in the coming decades, in 

spite of the fact that some American 

analysts believe their importance 

will fade away. However, the Gulf 

countries’ share of Europe’s imports is 

predicted to surge from less than 10% 

to more than 20% in the coming years. 

At 60% of regional GDP, the economic 

weight of the Gulf countries in the 

Middle East has reached its highest 

level and is set to grow alongside the 

3-trillion-dollar sovereign and reserve 

assets, which will pave the way for 

further investments abroad. 

Nonetheless, it is not clear whether 

the Gulf will be a secure source of 

lasting stability, for the region of the 

Gulf Countries has undergone two 

horrible decades; over one million 

people have been killed in the Middle 

East due to wars and uprisings. In 

addition to that, energy security is no 

longer a given with political stability. 

Thus, securing trade routes will be an 

essential part of the GCC countries’ 

mode of operation. 


Energy News 

ADIO and 

Siemens Energy 

to establish 

an innovation 

centre in Abu 

Dhabi 

Siemens Energy and the Abu 

Dhabi Investment Office 

(ADIO) are collaborating 

to hasten the transition to 

net zero in the UAE and abroad. In 

accordance with the agreement, 

Siemens Energy would receive 

financial and non-financial incentives 

from ADIO, the emirate’s investment 

promotion agency, to aid in the 

establishment of its Middle East 

Innovation Centre in Abu Dhabi. 

ADIO will begin its Dh2 billion ($545 

million) Innovation Programme 

in 2020, which will include the 

incentives. According to Siemens 

Energy, the centre is projected to 

produce a “host” of intellectual 

property. 

UAE Ministry of Energy collaborates with an Engie 

subsidiary on clean energy initiatives 

To create renewable energy 

projects and assist the nation’s 

decarbonization objectives, 

the UAE Ministry of Energy 

and Infrastructure signed a preliminary 

deal with Engie Solutions, a division 

of the French utility giant Engie. 

According to the agreement, they will 

collaborate to establish while looking 

into other energy-related corporate 

social responsibility initiatives, technical 

cooperation” to produce sustainable 

energy projects on MoEI’s properties. 

The largest single-site solar park in the 

world, based on the independent power 

producer model, is already located in 

the UAE; this project strengthens the 

country’s expanding capabilities in the 

renewable energy industry. According 

to the UAE’s objectives for renewable 

energy, “we will keep pursuing these 

projects.” 


ENEC and UAE Cybersecurity 

Council contract improve 

cybersecurity in energy sector 

AMemorandum of 

Understanding (MoU) 

was signed by the 

Emirates Nuclear Energy 

Corporation (ENEC) and the UAE 

Cyber Security Council to support 

the creation and revision of nationallevel 

plans, policies, and standards 

for the cyber security of the UAE 

energy industry. Managing Director 

and Chief Executive Officer of ENEC 

Mohamed Ibrahim Al Hammadi and 

Dr. Mohamed Hamad Al Kuwaiti, 

Head of Cybersecurity for the UAE 

Government, signed the agreement at 

ENEC’s headquarters in Abu Dhabi. 

The partnership is a component of 

ENEC’s commitment to strengthening 

resilience, advancing cyber security, 

and implementing best-in-class 

technologies in the UAE’s renewable 

energy sector.

G42 combines 

sustainability 

and technology 

to drive forward 

G42 and its operational 

businesses are being 

recognised as a leader 

in environmentally 

friendly and ethical technology 

solutions as the UAE gets ready 

to host COP28. G42 promotes AI 

as a tool to propel progress from 

conception to execution, developing 

and implementing solutions that 

are self-sufficient in and of itself 

while simultaneously assisting in the 

development and empowerment of 

greener societies. Environmentalism 

and sustainable development are 

fundamental to G42’s company 

strategy and the solutions it offers, 

which are in accordance with the 

UAE’s Net Zero 2050 aim. Several 

of G42’s operating firms use these 

solutions in real-world settings. 

UAE’s clean energy capacity to 

reach 14 gigawatts by 2030 

As a consequence of fresh 

efforts and projects, the 

UAE’s clean energy capacity 

is “on pace” to achieve 14 

gigawatts by 2030, according to the 

nation’s minister of climate change 

and the environment. According to 

Mariam Almheiri at the RAK Energy 

Summit, the UAE is “home to the 

three largest-in-capacity, lowest-incost 

solar parks in the world” and is 

the “first country to have a carbon 

capture utilisation and storage facility, 

which is currently at a capacity of 

800,000 tonnes per annum and is being 

expanded to five million tonnes per 

annum.” 

Barakah nuclear power plant’s 

third unit now connected to the 

UAE grid 

After successfully connecting 

to the national grid, the third 

unit of the Barakah Nuclear 

Energy Plant in the United 

Arab Emirates has begun supplying its 

first supply of carbon-free power. Only a 

few weeks after the reactor was turned 

on, the nation reached its most recent 

clean energy milestone. With a maximum 

output of 1,400 megawatts of emissionfree 

electricity, Unit 3 can support the 

UAE’s efforts to combat global warming. 

In June, a licence to operate was granted 

for the third unit of the Abu Dhabi 

facility. ENEC said the nuclear sector is 

set to be a vital part of the UAE’s clean 

energy system of multiple low-carbon 

technologies and aims to ensure the 

reliability, efficiency, and resilience of the 

UAE grid for at least the next 60 years. 

UAE approaches 

the energy 

transformation 

“pragmatically” 

According to a representative 

of the Ministry of Energy 

and Infrastructure, the UAE 

is “ideally positioned” to 

take a “pragmatic” approach to its 

energy transition while also becoming 

a global leader in the hydrogen 

industry. The strategy is part of a 

strategy to “hold back emissions, 

but not development,” according 

to Sharif Al Olama, the ministry’s 

undersecretary for energy and 

petroleum affairs. The UAE’s vision 

for clean fuel will be established 

through the National Hydrogen 

Strategy, which will also serve to 

direct policy choices as the country 

works to meet its net zero targets by 

2050. 


Energy News 

Shuaa Energy phase B project in 

Dubai launched by Saudi ACWA 

Power ahead of time 

Energy company ACWA 

Power, based in Saudi 

Arabia, announced in a 

bourse filing that phase B 

of the Shuaa Energy 3 PSC project in 

Dubai had begun operations earlier 

than expected. The financial impact 

is expected to be fully accounted 

for in ACWA Power’s fourth-quarter 

Aldar Properties PJSC 

(Aldar) has agreed to spend 

Dh25 million on energy 

retrofit projects in 13 of 

its residential communities that will 

lower electricity usage for owners 

and tenants as part of the company’s 

efforts to make its communities 

more environmentally friendly and 

energy efficient. A total of Dh12 

2023 results. Mohammed bin Rashid 

Al Maktoum’s fifth solar park will 

be developed by Shuaa Energy 3, 

a special-purpose entity with a 900 

megawatt capacity. A consortium led 

by ACWA Power was given the $570 

million Shuaa Energy III PSC project 

in 2020. 

Aldar increases energy 

efficiency in residential areas 

million in annual utility savings will 

result from Aldar’s investment in 

the 13 neighbourhoods, which will 

offset 19,000 tCO2 of carbon dioxide 

emissions each year. The owners’ 

associations of the communities, 

which Provis, Aldar’s real estate 

property management firm, manages, 

were involved in the creation of the 

plan. 

ADIPEC 2022 

to address the 

issue of energy 

security 

During ADIPEC, which 

will take place in Abu 

Dhabi from October 31 to 

November 3, the UAE will 

be at the center of the international 

conversation about the future of 

energy. ADIPEC has developed to 

reflect a quickly changing global 

energy landscape under the newly 

conferred patronage of His Highness 

Sheikh Mohammed bin Zayed Al 

Nahyan. Under the theme “Secure, 

Affordable and Sustainable,” the 

premier international energy event 

will involve the entire world’s energy 

sector in assisting with the answers to 

the sector’s most pressing questions, 

in addition to bringing attention to the 

current energy needs while reducing 

emissions and working toward a clean 

energy future. 

Dubai’s non-oil 

economy 

continues to 

grow at a 

“strong” rate 

In spite of a decreased rate of 

growth in September, business 

activity in Dubai’s non-oil private 

sector economy continued to 

expand at a “strong” rate as new 

orders increased significantly. S&P 

Global’s purchasing managers’ index 

for the emirate as a whole registered a 

headline reading of 56.2 in September, 

which was a three-month low. From 

the 38-month high of 57.9 reached 

in August, it was reduced by a more 

gradual increase in staffing and 

inventories. An economic expansion 

is indicated by a value above the 

neutral 50 level and a contraction by 

one below. 


ADIO collaborates with Innovaccer to 

enhance healthcare in the Middle East 

Healthcare 

To increase the quality and accessibility of healthcare in the UAE and the rest of the Middle East, Abu 

Dhabi Investment Office has partnered with Innovaccer, a health cloud firm. According to the agreement, 

ADIO, the government agency in charge of luring investment, would offer financial and non-financial 

incentives to Innovaccer in order to support the establishment of its regional headquarters and a 

research and development centre in Abu Dhabi. 

The rewards are a 

component of ADIO’s 

Dh2 billion ($545 million) 

Innovation Programme. “As 

we build Abu Dhabi’s core sectors, 

two important industries that we wish 

to concentrate on are healthcare and 

biopharma,” said Abdulla AlShamsi, 

interim director general of ADIO, 

confirming that this is one of several 

deals in the pipeline and the first 

healthcare deal. 

Innovaccer is a well-known 

name in cloud data activation for 

the healthcare industry and offers 

connectivity between various 

healthcare providers. Their expertise 

and database could strengthen the 

local talent ecosystem and raise 

the standard of healthcare in the 

area. According to Mr. AlShamsi, 

Innovaccer’s establishment in Abu 

Dhabi would quicken the pace of 

healthcare innovation throughout 

the UAE and the region with the help 

of its health cloud, data activation 

platform, healthcare technology 

solutions, and expertise with local 

populations. 

As part of the agreement, 

Innovaccer will collaborate on 

conferences, presentations, and 

research with regional universities 

in Abu Dhabi. The establishment 

of their physical presence in Abu 

Dhabi, according to Mr. AlShamsi, 

“will strengthen the emirate’s talent 

ecosystem and promote knowledge 

transfer”. 

A healthcare technology startup 

called Innovaccer, based in San 

Francisco, has developed a cloudbased 

software platform for 

the healthcare industry. “In this 

transaction, we’re discussing boots 

on the ground. We anticipate more 

prospects for partnership with 

universities and regional industries, 

which will lead to the creation of jobs, 

now that Innovaccer has more than 80 

highly trained workers based in Abu 

Dhabi,” said Mr. AlShamsi. 

Relation between ADIO and 

Innovaccer 

Innovaccer and Abu Dhabi have 

been partners since Mubadala 

Capital’s investment in 2019. OMERS 

Growth Equity, Dragoneer, Steadview 

Capital, Tiger Global Management, 

and other new investors joined 

current investors B Capital Group, 

Microsoft’s M12 fund, and Innovaccer 

in the $150 million Series E funding 

round that Mubadala Capital led last 

year. 

“Since our initial investment in 

Innovaccer in 2019, we have observed 

broad adoption of their solutions by 

healthcare institutions across the 

US, and we are pleased to see them 

now expanding their presence in the 


Healthcare 

Middle East by establishing a regional 

headquarters in Abu Dhabi,” said 

Ibrahim Ajami, head of ventures and 

growth at Mubadala. 

With the most recent round of 

fundraising, Innovaccer has now 

raised more than $375m. As it rapidly 

scales its technical, product, and 

customer experience talent, the firm 

will invest the recently-received 

money in R&D and recruitment. 

Sandeep Gupta, co-founder and chief 

operating officer of Innovaccer, said: 

“We’re excited to cooperate with 

ADIO to bring our technology and 

skills to Abu Dhabi, which is a driving 

force for innovation in the area.” 

Additionally, Innovaccer has gotten 

extensive assistance from the Abu 

Dhabi ecosystem. In order to make 

Abu Dhabi its first commercial market 

in the Middle East and a base for 

regional expansion, the corporation is 

cultivating local ties in the city. 

Patient data from various systems 

is combined in the Innovaccer 

Health Cloud. According to Asma Al 

Mannaei, executive director of the 

Research and Innovation Centre at the 

Department of Health in Abu Dhabi, 

collaboration amongst important 

sectors has a lot of potential to 

raise the calibre of healthcare in the 

emirate. “Today, more than ever, we 

recognise the significance of data as 

it enables organisations to advance 

value-based care, manage population 

health, and produce real-world 

evidence,” said Al Mannaei. 

The robust local healthcare 

environment and breadth of support 

made Abu Dhabi the choice of 

Innovaccer. With its industry-leading 

Health Cloud, Data Activation 

Platform, healthcare technology 

solutions, and deep experience 

available to local communities, 

Innovaccer’s Abu Dhabi headquarters, 

which combines an R&D hub and 

a commercial role, will quicken the 

speed of healthcare innovation. 

Innovaccer will also collaborate 

on conferences, presentations, and 

research with nearby universities in 

Abu Dhabi. 

By linking and curating healthcare 

information from around the world 

to make it accessible and helpful, 

Innovaccer is committed to advancing 

innovation in the healthcare industry. 

By unifying patient data across 

systems and care settings, the 

Innovaccer Health Cloud enables 

healthcare organisations to create 

scalable, cutting-edge apps that 

enhance clinical, financial, and 

operational outcomes. 

Sandeep Gupta, co-founder and 

COO of Innovaccer, expressed his 

excitement about working with ADIO 

to bring his company’s technology 

and skills to Abu Dhabi, which is a 

regional innovation hub. “Healthcare 

faces worldwide difficulties. Global 

markets are striving to boost the 

clinical and financial performance 

of their healthcare systems in 

response to the epidemic and 

spiralling expenses,” said Gupta. 

“In order to meet the demands and 

expectations of the public for readily 

available, reasonably priced, highquality 

healthcare, we will hasten 

the transformation of healthcare 

in the Middle East through this 

collaboration. Our technology is 

crucial to the success of healthcare 

stakeholders in markets that are very 

complicated, heavily regulated, and 

becoming more consumer-centric. We 

are now delivering our tested platform 

to Abu Dhabi in order to promote 

global healthcare data innovation and 

aid the area’s.” 

Wide-ranging support for 

Innovaccer has come from the Abu 

Dhabi ecosystem. The company’s 

valuation reached USD 3.2 billion with 

the most recent Series E fundraising 

round, which was led by Mubadala 

in December 2021. Innovaccer is also 

cultivating local ties in Abu Dhabi 

in order to make the emirate its first 

market for trade in the Middle East 

and a base for regional expansion. 

Ibrahim Ajami, Head of Ventures & 

Growth at Mubadala, stated: “We are 

pleased to see Innovaccer expanding 

their presence in the Middle East by 

establishing a regional headquarters 

in Abu Dhabi. Since we first invested 

in Innovaccer in 2019, we have seen 

widespread adoption of their solutions 

by healthcare institutions across 

the United States.” Abu Dhabi has a 

vibrant research and development 

ecosystem, making it the ideal 

location for Innovaccer to accelerate 

healthcare innovation and advance 

Abu Dhabi’s healthcare system. 

Present and future initiatives 

Abu Dhabi now has a top-notch 

healthcare sector, supported by 

cutting-edge medical care and 

research facilities that serve both the 

local population and a burgeoning 

medical tourism business, thanks to 

years of major investment led by the 


Department of Health – Abu Dhabi. 

The emirate adopts a partnership 

strategy to promote the healthcare 

industry, a strategy that has attracted 

some of the top healthcare providers 

and biopharma businesses in the 

globe. 

The Department of Health in Abu 

Dhabi (DoH), led by Dr. Asma Ibrahim 

Al Mannaei, said: “We are happy to 

see another treasured collaboration 

across important sectors within Abu 

Dhabi to further improve the quality 

of healthcare in the emirate. Today, 

more than ever, we recognise the 

significance of data because it enables 

organisations to improve value-based 

care, manage population health, and 

provide more real-world evidence.” 

Abu Dhabi keeps solidifying its 

reputation as a centre for smart data 

solutions that offer incontrovertible 

proof and guide decision-making 

under the guidance of the UAE’s wise 

leadership and through beneficial 

collaborations across many sectors. 

Moreover, high-growth businesses 

are supported by ADIO’s Innovation 

Programme, which also enables 

them to take advantage of the sizable 

sectoral opportunities present in 

Abu Dhabi. Since the program’s start 

in 2020, more than 40 innovative 

enterprises have received funding 

totalling AED 1.3 billion. 

With its industry-leading Health Cloud, Data Activation Platform, 

healthcare technology solutions, and deep experience available to 

local communities, Innovaccer’s Abu Dhabi headquarters, which 

combines an R&D hub and a commercial role, will quicken the 

speed of healthcare innovation. 


Healthcare News 

Modern Technology may extend 

Abu Dhabi inhabitants’ lifespans 

Using cutting-edge 

technologies like digital 

twins, artificial intelligence, 

and future ideas like 

a personalised smart coach, a 

local healthcare organisation has 

announced a radical vision to raise 

the average person’s life expectancy 

to 101 years. The largest integrated 

Malaffi Health 

Portal launched 

with app for 

accessing 

medical details 

At GITEX Global 2022, the 

Department of Health – Abu 

Dhabi (DoH) introduces 

the Malaffi Health Portal 

as a cutting-edge expansion of the 

region’s first Health Information 

Exchange platform, Malaffi. Through 

a website and mobile application, 

the portal aims to give residents 

of the emirate easy access to their 

centralised medical records. Since 

most patients forget up to 80% of the 

instructions after leaving a clinical 

setting, safe online access to this 

material will enable people to take an 

active role in their own healthcare. 

The site will strengthen the doctorpatient 

connection by enabling more 

meaningful dialogues to achieve better 

health outcomes, which will in turn 

inspire people to be more involved in 

managing their health. 


healthcare platform in the UAE, Pure 

Health, aims to provide individuals in 

Abu Dhabi more years to live, better 

health, and a better quality of life 

while also freeing up their time. The 

goal is to turn Abu Dhabi into a place 

that people visit from all over the 

world to live longer, healthier lives 

filled with happiness. 

SEHA healthcare facility reopens 

following Covid-related closure 

Ambulatory Healthcare 

Services, a SEHA healthcare 

facility, said that Al Maqam 

Healthcare Centre in Al 

Ain has reopened after being closed 

during the Covid-19 pandemic. Dr. 

Noura Al Ghaithi, the temporary CEO 

of AHS, said: “With a wide range of 

services to meet the needs of the Al 

Maqam community and communities 

nearby like Asharej, Al Bateen, and Al 

Markhaniyyah and make access to our 

medical services easier, we are happy 

to announce the reopening of the Al 

Maqam Healthcare Center in Al Ain. 

The center’s specialty services will 

be increased in the upcoming months 

through our efforts.” 

Medcare Women & Children 

Hospital is UAE’s first medical 

establishment in the Metaverse 

People were unable to access 

hospitals during the epidemic 

because of travel restrictions 

and lockdowns, even though 

they still desired to consult with 

their doctors, communicate with 

medical professionals, or otherwise 

obtain assistance. Patients who 

are physically unable to travel can 

nonetheless have access to that 

universal experience thanks to the 

metaverse technology. The Medcare 

Women & Children Hospital will 

currently use the VR/AR world to 

promote itself, particularly among 

those looking for specialised care 

in Dubai. The Metaverse will enable 

them to have the experience of going, 

regardless of whether they are in 

Dubai or face any other obstacles to 

doing so. Within months, Medcare 

will have the Metaverse ‘upload’ 

of the Medcare Hospital Al Safa 

and Medcare Orthopedics & Spine 

Hospital.

ADQ and Abu 

Dhabi Health 

Department 

support activities 

in the healthcare 

sector 

To support the emirate’s 

endeavours in the healthcare 

sector, investment giant ADQ 

and the Department of Health 

– Abu Dhabi (DoH) signed a contract. 

The two parties will work together to 

assist projects related to life sciences 

research and innovation under 

the terms of the agreement, which 

was inked alongside GITEX Global 

Week 2022. A steering committee 

will be established by both parties 

as part of the MoU to oversee and 

manage all projects that will profit 

from the collaboration in clinical 

research, evidence development, and 

innovation. 

Medical Clinic Middle East 

boosts employee benefits for 

mental health 

Aprivate healthcare 

organisation with three 

operating divisions in 

Switzerland, southern 

Africa (South Africa and Namibia), 

and the United Arab Emirates. 

According to Sam Browning, who 

oversees recruitment operations 

and employee welfare for Mediclinic 

Middle East, “As a healthcare 

provider, Mediclinic takes the health 

and wellbeing of its personnel 

extremely seriously.” “We believe 

that everyone should feel confident 

enough to ask for help when they 

need it, especially when it comes to 

mental health. However, we recognise 

that some Mediclinic staff members 

might find it more convenient to 

Dubai: each 

patient will 

have a single, 

unified medical 

record by 2023 

By the end of the year, all 

of Dubai’s hospitals will 

be integrated into a single 

computerised medical 

record. At the ongoing GITEX trade 

show, which is taking place at the 

Dubai World Trade Center, the Dubai 

Health Authority highlighted this 

significant achievement. For patients, 

this means that they will have a single 

electronic medical file with all of their 

medical records safely saved, and 

that the medical file will follow them 

as they travel from one hospital to 

another. The project is related to the 

UAE’s Riyati plan, which will ensure 

that every person in the UAE has 

an electronic medical record in the 

future. 

consult a mental health expert who 

is not affiliated with the Mediclinic 

organisation. 

ADNIC & Jafza 

offer specialised 

health & 

property 

insurance 

The Jebel Ali Free Zone 

(Jafza) and Abu Dhabi 

National Insurance Company 

(ADNIC) have a contract 

for the exclusive provision of health 

and property insurance to the 

residents and visitors of the free 

zone community. Ahmad Al Haddad, 

Chief Operating Officer, Parks and 

Zones, DP World UAE, and Ahmad 

Idris, Chief Executive Officer, Abu 

Dhabi National Insurance Company 

(ADNIC), signed the contract. Preunderwritten 

insurance products for 

health and business insurance will be 

made available by ADNIC at special 

rates. Because of this agreement, 

the Jafza community will be able to 

enrol in health insurance coverage 

easily online without having to submit 

individual application forms or 

medical history information. 

Dubai Health 

Authority 

permits interns 

to work at 

private hospitals 

The Dubai Health Authority’s 

(DHA) Medical Education 

and Research Department has 

stated that medical interns 

will be able to obtain training at both 

public and private institutions in 

the Emirate, which will significantly 

improve medical education in Dubai. 

The action intends to cultivate 

and enhance medical education 

possibilities for medical students as 

well as provide the DHA’s medical 

education programmes more 

momentum. 


Events 

SME and Startup Fundraising 2022 in 

Dubai brings together SMEs, startups, 

investors, and financial institutions 

SME and Startup Fundraising 

2022, organized by the 

Finance World Magazine 

on October 11, 2022 at the 

Radisson Blu Dubai Canal View Hotel, 

witnessed a LIVE pitch by selected 

SMEs and startups. Prominent retail 

and institutional investors, banks, 

financial institutions, entrepreneurs, 

SMEs, and representatives from 

ministries and business associations 

were in attendance for the event. 

Along with the SME & startup 

funding pitch representatives, the 

event also invited speakers such 

as branding and marketing expert 

Sarah Al-Sayegh, Global Executive 

Isabelita Castilho, the author of “All 

the Secrets of Getting a New Job in 

Dubai, Unleashed” and Manoj Sureka, 

Managing Partner, Synergy Fin. 

Consulting. 

“The gathering was teeming with 

brilliant minds and concepts worth 

investing in. The people behind 

Finance World Magazine did a 

fantastic job of assembling such an 

incredible corporate community in 

one location,” says Isabelita Castilho. 

With only eight selected, it is 

notable that over 1600 SMEs and 

startups had registered to be 

part of the fundraising and were 

given the opportunity to pitch for 

funding. AVISA Smart Hospitals, 

NexusMeentis, Toys we Loved, Quantl 

AI, Paisa, Settler, Dassani Connoisseur 


Watch the event video!

DMCC and Order N Get were the 

selected companies pitching for 

investments. 

“This fundraising event is an 

initiative to offer opportunities to 

the SMEs and startups like that of 

mine, looking for business growth, to 

shape long-standing relationships with 

investors and enable us to explore 

new possibilities seamlessly,” said one 

of the companies pitching there. 

As it gathered many high-level 

business representatives and 

investors to offer the selected SMEs 

and startups different funding 

options with the possibility to 

expand their businesses, SME 

and Startup Fundraising 2022 

took place in conformity with HH 

Sheikh Mohammed bin Rashid Al 

Maktoum’s vision to set Dubai apart 

as a fast-paced and forward-looking 

metropolis, working to boost the 

emirate’s position as a business 

hub, drawing the most innovative 

businesses in the world. 

“The event will be followed by 

many similar events in the future to 

offer entrepreneurs who aspire to lead 

the world of entrepreneurship and 

innovation different funding options. 

This event will focus on supporting 

SMEs and Startups in the UAE by 

allowing them to meet with the best 

investors and business leaders in the 

world,” states a spokesperson from 

The Finance World Magazine. 

Building on already existing funding 

choices provided by the UAE’s wise 

Leadership, such as Mohammed 

Bin Rashid Fund for SME (Dubai 

Fund) and Mohammed Bin Rashid 

Innovation Fund (MBRIF), SME and 

Startup Fundraising 2022 aims for 

offering different funding options 

for SMEs and Startups in Dubai, 

which includes bridge finance, equity 

partnership, working capital, invoice 

discounting, and short & long-term 

loans & investments and other 

alternatives that may contribute to the 

seamlessness of business environment 

in Dubai. 

“The best part of the event was 

how the organizer brought SMEs 

and investors in one location. What I 

like about this event is that the SMEs 

companies are in the right direction. 

They are coming with very innovative 

ideas and solutions based on some 

kind of AI, online or automated 

solutions that make other businesses’ 

lives easier and help the economy and 

the society to grow,” says Mr. Yasser 

Abdallah from First Abu Dhabi Bank. 

All these SMEs and startups “bring 

some value addition to the market,” 

adds Mr. Abdallah, expressing 

his joy to witness such a moment 

being granted for these developing 

businesses. 

In addition to the latest regulations 

on cryptocurrency, the UAE has 

recently launched a new visa scheme 

intending to further improve personal 

security, safety, and social stability. 

SME and Startup Fundraising 2022 is 

also in line with the country’s efforts 

to facilitate the growth of alreadyexisting 

businesses and the building of 

new businesses, as the event attempts 

to augment the UAE’s position as a 

magnet for SMEs and startups from all 

over the globe by creating a meeting 

point between SMEs and startups 

as well as a platform to build longlasting 

business relationships between 

business world leaders and investors. 

“We are enormously optimistic 

about what this event will contribute 

to boosting the UAE’s attracting 

position for new businesses,” added 

the spokesperson from The Finance 

World Magazine, “and we are sincerely 

delighted to be part of HH Sheikh 

Mohammed bin Rashid Al Maktoum’s 

vision to augment the UAE’s position 

as a global hub for business and 

innovation.” 

The event was powered by Finance 

World magazine and endorsed by 

the Private Office of HH Sheikh 

Ahmed Bin Faisal Al Qassimi. The 

major supporters of the event 

included Wasaya Investments, the 

venue partner, Radisson Blu Dubai 

Canal View, Ahmed Al Maghribi 

Perfumes, Al Wasl Printing, the 

Company Formation, and iFund 

Factoring and Forfaiting services, 

community partner ICAI Dubai and 

official advisory firm Synergy Fin 

Consulting, media partners Yalla TV, 

Talk 100.3, Big 106.2, and Mobi-shastra 

Technologies. 


Events 




Events 

World Blockchain Summit offers 

opportunities for crypto and metaverse 

innovators 

World Blockchain Summit (WBS), the largest global series of blockchain, cryptocurrency, 

and web3 events, took place on October 17–18, 2022 at Atlantis, the Palm, hosting the most 

important thought of leaders on blockchain, cryptocurrency, NFT, web 3.0, and the Metaverse 

to examine the market’s effects on business, banking, gaming, culture, and community 

development. The event was held under the patronage of HH Sheikh Juma Ahmed Juma Al 

Maktoum, a member of the ruling family of Dubai, Chairman, Elite Partner Investment. 

Dubai is renowned for its 

open attitude toward 

Cryptocurrencies and 

blockchain technologies. 

This is seen from how easily 

blockchain and cryptocurrency 

rules can be implemented, which is 

an amazing opportunity for foreign 

businesses wishing to open offices 

there. This is further supported by the 

Dubai Virtual Asset Regulation Law’s 

recent approval, which creates a more 

“crypto-friendly” framework that 

encourages investment and growth 

in blockchain use. With over 6000 

millionaires living there and a private 

fortune of over $40 billion, the nation 

is a popular place for investments. 

“Dubai is the ideal location for 

blockchain innovation. We are 

pleased to be collaborating with WBS 

to realise the goals outlined by the 

Dubai government’s Blockchain and 

Metaverse Strategy,” said Furqan 


Rassul, CEO Elite Partner Investment. 

In answer to some of the most 

important questions in the present 

market, WBS hosted the most 

informative sessions examining the 

blockchain and cryptocurrency area. 

Along with other things, it included 

fireside chats, use-case studies, panel 

discussions, and industry highlights. 

The CEO and founder of WBS, 

Mohammed Saleem, stated: “One 

of the world’s most blockchain-and 

crypto-friendly travel destinations, 

Dubai has the ideal positioning. We 

are thrilled to bring WBS back to 

Dubai this October as we host some of 

the top experts in the world to share 

their insights and showcase the most 

recent advancements in the space. 

With all the recent announcements 

regarding new crypto licences being 

issued, Dubai Metaverse Strategy, 

and more, we are super excited to be 

bringing WBS back to Dubai.” 

“The government’s attention on 

blockchain is visible in the UAE, 

with many programmes and ventures 

related to the technology. The main 

purpose of the event is to examine 

what the UAE might expect in the 

future with regard to the adoption 

of blockchain technology across 

various businesses and legislative 

developments,” added Mr. Saleem. 

In line with Dubai’s vision of 

being a global Web3 hub, leadership 

backer and provider of a digital asset 

regulatory framework, the summit 

featured presentations, use-case 

studies and educational sessions by 

global technology providers who 

showcased their latest innovations 

designed with the primary focus of 

enabling businesses and organisations 

to adopt blockchain and crypto 

solutions. 

Dubai is the ideal location for blockchain 

innovation. We are pleased to be 

collaborating with WBS to realise the 

goals outlined by the Dubai government’s 

Blockchain and Metaverse Strategy, 

Watch the event video! 


Mergers & Acquisitions 

Latest mergers and acquisitions status 

in the MENA region 

During the first half of 2022, the MENA area saw 359 merger and acquisition (M&A) agreements 

totaling $42.6 billion. The increase in M&A activity reflects a 12% year-over-year (YoY) increase 

in deal volume, which is fueled by the region’s post-pandemic economic expansion, which is 

supported by high oil prices and rising boardroom confidence. 

Domestic transactions 

provided 48% and 33%, 

respectively, of the overall 

value and volume of M&A 

transactions over the course of the 

past six months, according to the 

research. Deal activity was primarily 

fueled by the engagement of private 

equity (PE) or sovereign wealth funds 

(SWF), despite fluctuations in crude 

prices, economic unpredictability, 

and interruptions to global markets 

providing only modest incentive. In 

the first half of 2022, the M&A activity 

involving PE and SWFs made up 35% 

and 38%, respectively, of the overall 

deal volumes and values. 

The UAE was the most popular 

destination among domestic PE or 

SWF deals, receiving 18 deals, while 

Saudi Arabia was the most active 

acquiring area, receiving 27 deals. In 

addition, the research showed that 

deals involving GREs witnessed a 

total deal value of $16.9 billion in the 

first half of 2022, or 40% of all declared 

deal value. It’s interesting to observe 

that GRE-led deals now account for 

40% of value on average rather than 

62% as in previous years, indicating 

a greater involvement of the private 

sector in regional deals. 

“Despite the global economic 

unpredictability, we are continuing to 

witness a positive trajectory in M&A 

activity across the MENA region, as 

economic diversification initiated 

by governments continues to buoy 

interest in strategic transactions,” said 

Brad Watson, EY’s MENA strategy 

and transactions leader. Investors’ 

appetites are growing as a result of 

fiscal reforms, particularly in the UAE 

and Saudi Arabia, which are aimed 

at improving cooperation between 

the public and private sectors. 

Government-led initiatives are also 

supporting the region’s thriving startup 

ecosystem, which drives up deal 

activity. 

Top five MENA target countries by 

deal value 

With 105 agreements worth $14.2 

billion completed, the UAE was the 

top target nation in the MENA area. 

It was followed by Egypt, where 65 

deals totaling US$3.2 billion were 

signed, Saudi Arabia, where 39 deals 

totaling US$2.8 billion were signed, 

Morocco, where 18 deals totaling 

US$1.8 billion were signed, and Oman, 

where 10 deals totaling US$0.7 billion 

were signed. 

The top five MENA target 

subsectors in terms of deal value 

The GCC region continued to 

diversify its economy away from its 

oil and gas industries despite the 

instability of commodity prices and 

inflationary pressures. As a result, the 

majority of investments continued to 

flow into sectors like transportation, 

consumer goods, telecommunications, 

real estate, and electricity & utilities. 


The UAE was the most popular destination among domestic 

PE or SWF deals, receiving 18 deals, while Saudi Arabia 

was the most active acquiring area, receiving 27 deals. 

The less reliance on GRE-led deals is 

the most intriguing shift in the MENA 

M&A market in H1 2022, according 

to Anil Menon, head of MENA M&A 

and ECM at EY. Due to the region’s 

appealing fundamentals, a plenty of 

cash, and the rerating of longer-term 

growth companies, the private sector 

is driving deal making. 

Domestic business 

In total, 173 domestic transactions 

totaling $13.9 billion were completed 

in the first half of 2022. Three 

transactions made up almost 41% of 

the value of domestic M&A. 

Ghitha Holding and Tamween 

Management reached an agreement to 

be acquired for $2.4 billion; Q Holding 

and Reem Investments were acquired 

for $1.6 billion; and Kingdom Holding 

Company (16.8% share) was acquired 

for $1.5 billion by Saudi Arabia’s 

Public Investment Fund. 

Real estate ($3.3 billion), consumer 

products ($2.9 billion), banking and 

financial markets ($2.4 billion), asset 

management ($1.5 billion), and other 

transportation ($0.8 billion) were the 

top five domestic subsectors by deal 

value. 

Inbound deals 

Greater inbound transaction volume 

in the MENA region, with 94 deals 

worth $9.8 billion, compared to 62 

deals in the same period previous 

year, was caused by rising oil prices, 

the adoption of business-friendly 

policies in the area, and the relaxing 

of government travel restrictions. 

With 51 transactions totaling $7.4 

billion in the first half of 2022, the 

UAE remained a top choice for 

investors, thanks to changes aimed at 

enhancing its business climate, luring 

foreign capital, and encouraging 

businesses to establish or extend their 

operations. 

As a result of favourable government 

actions, such as the granting of a 

special licence to foreign investors, 

Egypt has also emerged as a 

significant investment destination, 

with deal activity increasing three 

times in 6M 2022 YoY. 

The US is leading the MENA 

region’s inbound deal activity 

In terms of deal volume, US-based 

organisations were the most active 

investors in MENA, participating in 

30% of inbound deal activity with 

an emphasis on technology-related 

investments. The $5 billion agreement 

made in June by Caisse de Depot et 

Placement du Quebec to purchase a 

22% share in each of Jebel Ali Free 

Zone, National Industries Park, and 

Jebel Ali Port served as a major 

catalyst for activity. 

Other transportation ($5 billion), 

electricity and utilities ($1.7 billion), 

technology ($1.5 billion), chemicals 

($0.6 billion), and real estate 

($0.4 billion) made up the top five 

subsectors by deal value. 

Outbound deals 

In the first half of 2022, the region 

saw 92 outbound deals worth $19 

billion, up from 75 deals worth $5.2 

billion in the same period in 2021. Out 

of 54 overseas sales from the UAE, the 

technology and consumer products 

industry led with the most outbound 

deals, accounting for 35% of the total 

number of export deals. 

The largest outbound deal ever 

done in the UAE occurred in May 

when Emirates Telecommunications 

Group Company paid $4.398 billion 

to acquire a 9.8% share in the UK’s 

Vodafone Group. 

According to deal value, the top five 

outbound target sub-sectors were 

telecoms ($4.4 billion), media and 

entertainment ($3.5 billion), airlines 

($2.2 billion), consumer products 

($1.3 billion), and power and utilities 

($1.3 billion). 

The $2.25 billion sale of NMC 

Healthcare, a hospital operator in the 

UAE, to its creditors is the largest 

MENA target M&A deal so far this 

year. With $2.3 billion in transaction 

activity, or one-fourth of M&A activity 

in 2022, the healthcare sector was the 

most active in Mena, according to a 

study from Refinitiv. 

Since last year, the region has 

experienced significant M&A activity 

as economic growth has accelerated 

due to the relaxation of Covid-19 

limitations. In the first quarter of 

2022, MENA’s equities capital markets 

raised $3.7 billion from 15 offers, 

an increase of seven times annually. 

Since 2008, equity capital markets 

have had their best start to a year. 

13 out of 15 ECM agreements came 

from IPOs, according to the report, 

which stated that IPOs accounted 

for the majority of the total. Egypt 

came in second with $163.3m, and 

Saudi Arabia was the country with the 

largest revenues ($3.5bn). The IPO of 

Nahdi Medical raised $1.3 billion and 

was the largest listing in the MENA 

region. 

In the first quarter of 

2022, MENA’s equities 

capital markets raised 

$3.7 billion from 15 

offers, an increase of 

seven times annually. 


Mergers & Acquisitions News 

Salama, a UAE 

insurance, will 

survive the 

Takaful Emarat 

merger 

In a statement to the Dubai 

Financial Market (DFM), Salama 

stated that the proposed merger, 

which is anticipated to be 

finished in the second half of next 

year, will be a cashless transaction 

accomplished through a statutory 

merger, with all of TE’s assets 

and liabilities being merged into 

Salama. According to the firm, TE 

shareholders will get new shares in 

Salama, and KPMG has been selected 

as a joint valuer in order to determine 

the best ratio swap. The parties have 

not yet finalised the terms of the 

transaction, thus its value is still up in 

the air. 

Starzplay Arabia 

is aquired by e& 

and ADQ 

Aagreement to purchase 

the majority of shares 

in the video streaming 

service Starzplay Arabia 

has been finalised by E-Vision, the 

entertainment division of e&, the 

largest telecom provider in the United 

Arab Emirates. In a report to the 

Abu Dhabi Securities Exchange, e& 

stated that the e&-led consortium has 

successfully acquired a 57% share in 

the Middle East and North Africa’s 

fastest-growing video streaming 

business. This acquisition “is 

consistent with e&’s plan to expand 

up the entertainment part of e& life 

consumer digital vertical by boosting 

E-development Vision’s on the video 

streaming segment,” the company 

claimed. It also greatly improves 

Starzplay Arabia’s position within the 

entire Mena area. 

Mena’s M&A deals are primarily 

focused on the UAE 

As the value of agreements in the first nine months reached $69.7 billion, 

17% less than in the same time in 2021, the UAE was the country most 

sought after for mergers and acquisitions in the Middle East and North 

Africa area. Refinitiv, a subsidiary of the London Stock Exchange Group, 

conducted an investment banking analysis that found that despite the value 

reduction, the number of deals announced in the region climbed by 5.0% from the 

previous year to reach the greatest first-six-and-a-half total since 1980. The next 

most sought-after countries in the area for mergers and acquisitions were the UAE, 

followed by Saudi Arabia and Egypt. 

UAE’s Cashee 

gains ownership 

from Saudi ANB 

Adeal has been concluded 

between Arab National 

Bank (ANB) and Cashee, 

a tech startup offering 

financial services based in the UAE, 

to purchase shares in the latter. 

However, neither the value nor the 

size of the share the Saudi lender 

acquired were mentioned in the 

press statement. The agreement 

supports ANB’s efforts to improve 

banking services geared at millennials 

and increase financial literacy and 

inclusiveness. Additionally, it will 

assist Cashee in introducing its 

banking and knowledge-related 

products, services, and applications 

to the Saudi market. Cashee was 

founded in 2020 and is headquartered 

in Dubai with the goal of promoting 

financial inclusion for young people in 

the MENA area. 

UAE’s e& 

business 

successfully 

acquires 

Smartworld at 

full price 

One of the top technological 

solution providers and 

systems integrators in the 

UAE, Smartworld, has been 

fully acquired by the e& enterprise 

unit based in the UAE, which is a 

division of e& (formerly known as 

Etisalat). The e& enterprise business 

lines for the Internet of Things and 

artificial intelligence will incorporate 

Smartworld’s technologies. According 

to e& enterprise, Smartworld will now 

operate under its umbrella and adopt 

the name e& enterprise iot and ai. 

The company will concentrate on use 

cases in a variety of sectors through 

e& enterprise IoT and AI, including 

smart and sustainable cities, safe 

cities, Industry 4.0, digital healthcare, 

aviation, manufacturing, logistics, oil 

and gas, utilities, and eGovernment. 


Chedid Capital purchases BuyAnyInsurance.com 

Chedid Direct Limited, 

a division of Chedid 

Capital, announced a deal 

to strategically buy the 

majority of MMR Holding Limited, a 

business based in Abu Dhabi Global 

Multiply Group 

buys 80% of 

International 

Energy Holding 

to increase 

utility stream 

ultiply Group, an Abu 

Dhabi investment holding 

firm with a technology 

focus, has purchased 80% 

of the stock in International Energy 

Holding, a division of International 

Holding Company (IHC), an Abu 

Dhabi-based conglomerate. In a 

statement to the Abu Dhabi Securities 

Exchange, where its shares are 

traded, the group claimed that 

Multiply’s acquisition of a majority 

holding in IEH comes after IEH 

bought a 50% investment in the 

Turkish clean and renewable energy 

company Kalyon Enerji Yatrimlari. 

Multiply intends to increase its utility 

and energy investments with this 

acquisition, the business stated. 

Market (ADGM) and the proprietor 

of one of the top online insurance 

marketplaces, BuyAnyInsurance, 

in order to expand its international 

insurance offering (www. 

buyanyinsurance.com). MMR Holding 

Masdar intends to make acquisitions as it 

continues to diversify its business 

Masdar, a clean energy 

firm based in Abu 

Dhabi, is expanding its 

business and considering 

acquisitions in various nations. Its 

goal is to reach 100 gigawatts of 

renewable capacity in the next ten 

years. With a total installed renewable 

energy capacity of 15 gigawatts and 

operations in over 40 countries, the 

US$69.7 billion 

in MENA M&A 

activities in 

the first nine 

months of 2022 

nvestment banking fees in the 

Middle East and North Africa 

are anticipated to have reached 

US$1.1 billion in the first nine 

months of 2022, a 5% increase over the 

same period in 2021 and the biggest 

first-nine-month total since 2008. 

The first three months of the year 

produced almost half of this year’s 

fees, which decreased in the following 

two quarters. The third quarter of 

2022 saw fees reach US$186.4 million, 

which was a six-year low for the 

region. The percentage of fees from 

the MENA region in investment 

banking fees generated so far in 

2022 is 1.3%, which is the highest 

percentage since 2008. United Arab 

Emirates produced 37 percent of total 

MENA fees for the first nine months 

of 2022. 

M I T 

Limited now has access to a network 

of brokers in more than 60 nations 

in the Middle East, North and Sub- 

Saharan Africa, and Asia as a result of 

this deal. 

company is “assessing” fresh chances 

to expand its portfolio. Acting 

executive director of clean energy 

at Masdar, Fawaz Al Muharrami. 

Masdar is rapidly growing its portfolio 

of renewable energy sources as 

nations focus on reducing emissions 

to slow global warming. Masdar 

has investments worth $20 billion 

worldwide. 

DIB will adopt a 

comprehensive 

digital KYC 

journey for new 

bank customers 

he second-largest Islamic 

bank in the world, Dubai 

Islamic Bank (DIB), the 

biggest Islamic bank in the 

UAE, said today that it will work with 

the UAE Ministry of Interior (MOI) 

at GITEX GLOBAL, the biggest tech 

expo on earth, held in Dubai from 

October 10–14, 2022. With the aid 

of a cutting-edge facial recognition 

solution made possible by the new 

partnership, the bank will be able to 

digitise its KYC process and provide 

the opportunity to validate new bank 

customers opening accounts with 

DIB. The MOI digital verification face 

gateway solution, which ensures 

rapid, accurate, and highly secure 

confirmation of identification, 

enhances the modern eKYC journey. 


Cryptocurrency 

DWTC’s Agreement with Binance to 

Establish a Crypto Regulatory Framework 

The Dubai World Trade Centre authority and Binance, a cryptocurrency exchange, have signed 

a memorandum of understanding to work together to develop a regulatory framework for 

cryptocurrencies. Binance announced that it will share its experience cooperating with 

international regulators in order to help the development of “progressive” cryptocurrency 

laws. According to Binance, the project intends to assist cryptocurrency exchanges, 

businesses that offer blockchain and Distributed Ledger Technology (DLT) services, as well 

as a broad range of digital assets and currencies, in obtaining licences in Dubai. 



All financial institutions that have been awarded 

licences and are under the supervision of the UAE 

Central Bank, SCA, DFSA, and FSRA are required to abide 

by the Enabling Technology Guidelines, which deal with 

the use of Distributed Ledger Technologies (DLT) 

Before discussing what this 

memorandum is bringing to 

the UAE crypto regulations, 

it is worth noting that the 

United Arab Emirates (UAE) is a 

federation made up of seven Emirates 

(Abu Dhabi, Ajman, Dubai, Fujairah, 

Ras Al Khaimah, Sharjah and Umm Al 

Quwain). Islamic Sharia, French, and 

Egyptian civil law are all incorporated 

into the civil legal framework known 

as UAE Federal Law. Federal financial 

regulation is overseen by the UAE 

Central Bank and the Securities and 

Commodities Authority (SCA). Each 

of the Emirates is free to choose and 

maintain their own distinct local 

courts in addition to the Federal 

jurisdiction to handle situations that 

the Constitution does not expressly 

reserve for federal jurisdiction. In Abu 

Dhabi, Dubai, and Ras Al Khaimah, 

distinct judiciaries are upheld, and 

they apply both civil law and Sharia 

principles. 

The establishment of free zones is 

also permitted by Article 121 of the 

United Arab Emirates constitution. 

The “Financial Free Zones” are a 

subset of the free zones that Federal 

Law No. 8 of 2004 specifically 

authorises. The key features of a 

Financial Free Zone are that they 

are exempt from all Federal civil 

and commercial laws while still 

being governed by Federal criminal 

laws, such as Federal Anti-Money 

Laundering regulations. Article 3 of 

Federal Law No. 8 of 2004 lists these 

features. The UAE has created two 

financial free zones: the Abu Dhabi 

Global Market (ADGM) and the Dubai 

Internal Financial Centre (DIFC). 

The ADGM Courts and the Financial 

Services Regulatory Authority (FSRA) 

are two different financial regulators. 

English Common Law is rendered 

immediately applicable in the ADGM 

by the ADGM Courts, Civil Evidence, 

Judgments, Enforcement and Judicial 

Appointments Regulations 2015, 

explicitly separating it from the civil 

law that is applicable at the Federal 

level and in Onshore UAE. 

Both DIFC Courts and the Dubai 

Financial Services Authority (DFSA), 

are different financial regulators, and 

independent organisations within 

DIFC. The common law system 

utilised by DIFC Courts is based on 

the English Common Law (i.e., DIFC 

law), despite the fact that, unlike in 

the ADGM, English law is persuasive 

but not immediately applicable, and 

its court rules are closely modelled 

after the English Civil Procedure 

Rules. Both the ADGM and DIFC 

Courts do their business in English, 

and their decisions are also written in 

English. 

The most recent iteration of these 

rules, laws, and regulations was 

made public on February 24, 2020. 

(In the years 2020–2021, onshore 

Federal regulators released the 

first crypto asset legislation. Stored 

Value Facilities Regulation, Retail 

Payment Services and Card Schemes 

Regulation, and Decision No. 23 

of 2020 Concerning Crypto Assets 

Activities Regulation were both 

released by the UAE Central Bank 

(the SCA Virtual Asset Regulation). 

The law only applies to payment 

tokens (also known as stablecoins); 

it expressly exempts security and 

commodity tokens. 

The Guidelines for Financial 

Institutions Adopting Enabling 

Technologies were created in 

collaboration by the SCA, UAE 

Central Bank, DFSA, and FSRA 

and announced on November 15, 

2021, following a time for public 

comment that started in June 

2021 (The Guidelines for Enabling 

Technologies). All financial 

institutions that have been awarded 

licences and are under the supervision 

of the UAE Central Bank, SCA, DFSA, 

and FSRA are required to abide by 

the Enabling Technology Guidelines, 

which deal with the use of Distributed 

Ledger Technologies (DLT), 

sometimes known as “Blockchain.” 

The term “investment token” 

excludes cryptocurrencies and 

tokens backed by assets (such as 

stablecoins). This hasn’t stopped 

people from launching businesses in 

DIFC that are related to blockchain 

and cryptocurrencies. For example, 

the regional headquarters of Ripple 

are located in DIFC, and starting 

on April 29, 2022, Bifinity, Binance’s 

payments technology company, will 

also have a presence there. In March 

2022, both the DFSA of DIFC and the 

Emirate of Dubai achieved significant 

advancements in the regulation of 

virtual currencies. The DFSA unveiled 

its proposed regulatory framework 

for cryptocurrencies in Consultation 

Paper No. 143, which was published 

on March 8, 2022. “These proposals 

were born out of the necessity to 

enact appropriate investor protection 

laws in this field, while also 

encouraging the development of this 

market in a responsible and careful 

manner,” the consultation states. 

According to a statement released 

by the Dubai Media Office, the Dubai 

World Trade Centre will oversee 

cryptocurrency regulation in the 

United Arab Emirates (UAE). The 

centre will create cryptocurrency 

legislation to abide by anti-money 

laundering regulations and oversee 

global trading. Binance has teamed 

with the centre in response to 


Cryptocurrency 

rumours that the exchange is getting 

ready to set up a headquarters in the 

United Arab Emirates. According to 

reports, Binance has spoken with 

representatives from the special 

economic zones Abu Dhabi Global 

Market (ADGM), Dubai International 

Financial Centre (DIFC), and Dubai 

Multi Commodities Centre about this. 

The exchange recently hired Mark 

McGinness from the Dubai Financial 

Services Authority, which regulates 

DIFC, and Matt Gamble from ADGM. 

Prior to it, both men had important 

positions at the economic zones. 

Binance CEO Changpeng “CZ” 

Zhao recently made his first real 

estate purchase in Dubai. “The 

administration there is pretty 

progressive, and it’s a very beautiful 

business climate,” Zhao said in a 

media interview. Zhao has dropped 

various hints in recent months 

regarding possible locations for 

Binance’s headquarters, including 

France and Ireland. Binance, a 2017 

establishment in China, is the largest 

cryptocurrency exchange in the world 

without a head office. Instead, the 

exchange has established businesses 

in a variety of nations, making it 

difficult for regulators to assert 

control over the company. Consumer 

alerts and investigations into Binance 

have been launched in a number of 

countries, including the U.S., U.K., 

Japan, Singapore, Germany, and Italy. 

Binance, one of the largest 

cryptocurrency exchanges in the 

world, took on itself to handle $7.7 

trillion in cryptocurrency deals in 

2021, with an estimated 28 million 

members and a daily trading volume 

of $80 billion. Helal Saeed Almarri, 

director general of the DWTCA, 

said that Dubai is renowned for its 

inventiveness and that the “Future- 

Economy” environment is intended 

to promote collaboration, encourage 

creativity, and, most importantly, 

ensure protection. The establishment 

of the first specialised Authority in 

the world reflects Dubai’s proactive 

reaction to the industry’s request 

for assistance so that governments, 

service providers, and technological 

enablers may work together to 

develop the global Virtual Asset 

Economy’s ecosystem of the future. 

This is consistent with Dubai’s goal of 

creating a totally digital and inclusive 

society. 



Binance’s new users increase 

49% YTD in the MENA area 

With a year-to-date user 

growth rate of 49% 

specifically for the 

MENA region, the 

cryptocurrency trading platform 

Binance boasts a considerable 

boost in user growth. This surge is 

evidence of the growing demand for 

virtual assets, which is being pushed 

by forward-thinking government 

policies that have opened up the 

market to many companies. Due to 

more licencing and relationships with 

regulated businesses, the company 

has maintained its growth pace in the 

MENA area this year. The number of 

employees at the blockchain service 

provider now exceeds 400 in Dubai 

alone. In response to the rise in 

demand for security training brought 

on by the increased interest in crypto 

adoption from businesses in the 

Dubai hosts the 22nd World 

Blockchain Summit in October 

The 22nd global edition of the 

World’s Biggest Blockchain 

Summit Series, one of the 

most exclusive gatherings 

of the global crypto and blockchain 

ecosystem, will make a triumphant 

return to Dubai on October 17–19, 

2022 at Atlantis, The Palm, Dubai, 

UAE. With a market capitalization of 

US$1.4 trillion, up 86% year-to-date, 

and a forecast for the Middle East’s 

public and private sectors, Binance 

has also expanded its Global Law 

Enforcement Training Program. 

blockchain market to reach US$3.2 

billion by 2023, Dubai has set its 

sights on becoming a major global 

tech hub. To that end, it has attracted 

entrepreneurs, investors, and even 

cryptocurrency influencers. Over 30 

exchange licences have been issued 

by the UAE in the past year, and a 

dedicated regulatory body has been 

established. 

Cryptocurrency News 

Hackers stole 

$570 million 

from Binance 

The largest cryptocurrency 

exchange in the world, 

Binance, had its BNB 

token stolen by hackers for 

around $570 million. Binance, which 

processes 1.4 million transactions per 

second and moves $2 billion worth of 

digital assets every day, was forced to 

briefly pause its blockchain network 

as a result of the attack. On Saturday 

morning, the price of a BNB coin 

dropped by more than 4% to $281.06. 

At noon on Friday, it had reached a 

price of $293.1. A few hours later, at 

about 0630 GMT, BNB Chain resumed 

using its blockchain. 

UAE Witnesses 

10-fold 

Increase In 

Crypto Market 

This Year 

The Middle East and North 

Africa (MENA) area has 

the world’s fastest-growing 

Bitcoin market (and crypto 

market in general). Algeria, Bahrain, 

Egypt, Iran, Iraq, Israel, Jordan, 

Kuwait, and Lebanon are nations 

that are a part of the MENA region. 

Libya, Morocco, Oman, Qatar, Saudi 

Arabia, Syria, Tunisia, United Arab 

Emirates, and Yemen are more 

countries in the region. From July 

2021 to June 2022, more than 9% of all 

bitcoin transactions worldwide were 

registered within these sovereign 

entities. During the same time 

frame, individual crypto investors 

from various nations in the area 

received about $566 billion in digital 

currencies. 


Real Estate 

Dubai Real Estate Sector set to Pick up 

Growth Momentum 

Due to the government’s 

relaxation of most 

pandemic-related 

restrictions, which boosted 

the tourism, aviation, hospitality, 

logistics, and retail sectors, experts 

believe Dubai’s real estate sector is 

poised to resume growth. 

The property sector will ultimately 

benefit from the relaxation of travel 

restrictions that were put in place 

to prevent the Covid-19 outbreak, 

according to analysts, top executives, 

and industry experts. They claimed 

that despite the epidemic, real estate 

continued to grow steadily, and that 

this time, investors won’t have any 

significant obstacles to visiting or 

making investments in the UAE. 

As long as there is a high demand in 

the market, real estate will continue to 

rise, high momentum in terms of enduser 

and investment property demand 

in Dubai. The market has not been 


The entire sales value 

exceeded Dh180 billion 

with more than 67,000 

transactions between 

January and September 

2022, setting a record for 

the highest sales value in 

the first nine months of a 

year. 

affected by the pandemic limitations, 

with sales continuing at a record pace 

over the past 21 months. The growing 

cost of living, rising mortgage rates, 

the strengthening US dollar, and the 

anticipated increased supply, but they 

could also cause this trend to change. 

According to the most recent 

data, Dubai’s real estate sector 

experienced record sales during the 

first nine months of 2022 as buyers 

and investors flocked to the emirate 

to buy homes. The entire sales value 

exceeded Dh180 billion with more 

than 67,000 transactions between 

January and September 2022, setting 

a record for the highest sales value 

in the first nine months of a year. 

According to the most recent figures 

from the Dubai Land Department, 

the emirate had previously registered 

sales of Dh116 billion at the same time 

in 2009.

Bright prospects ahead 

The relaxation of Covid-related 

regulations, according to Imran 

Farooq, CEO of Samana Developer, 

will hasten the expansion of the 

real estate industry. “Right now, 

everyone just wants to move on and 

forget about the pandemic. No Covid 

restrictions will promote greater 

travel. Greater inbound and outbound 

tourism will improve the value of real 

estate in Dubai,” said Farooq. 

According to David Abood, a 

partner at the real estate consultant 

CORE, the Dubai real estate 

market has maintained its strong 

pace since the beginning of 2022, 

with robust growth seen across 

performance measures for all asset 

classes. Transaction volumes kept 

increasing, with the third quarter 

of 2022 marking the second-highest 

number of transactions overall and 

the greatest value of secondary 

market transactions closed in a 

quarter. “We expect socio-economic 

mood to improve further as we return 

to pre-pandemic levels with travel, 

mobility, occupancy levels, and rules 

(particularly the recent declaration 

that masks are no longer required, 

with some exceptions) signalling a 

return to normalcy,” said Abood. 

Villa sales to dominate 

According to Haider Tuaima of 

ValuStrat, the demand for villas will 

remain high after Covid. “With the 

exception of Palm Jumeirah and 

Emirates Hills, where villa prices are 

currently significantly higher than 

their 2014 highs, villa and townhouse 

prices have increased by 52% from the 

pandemic’s bottom, although overall 

they remain below the top,” said 

Tuaima. “Despite slower growth rates, 

demand is anticipated to remain high, 

particularly for larger, conveniently 

placed homes”. 

According to Farooq of Samana 

Developer, end-user demand for 

our projects is now above normal 

according to statistics from the Dubai 

Land Department and fresh inquiries. 

“Investor interest is not limited to 

villas or penthouses; it also includes 

high-end flats and luxury properties, 

which are becoming more and more 

popular among the new millionaires 

and billionaires who are moving to 

Dubai,” he said. 

Villa supply is limited 

Villa demand will continue to be 

high, according to Abood of CORE, 

“there is a supply shortage due to 

the high demand for villas, which is 

reflected in the rise in villa prices and 

occupancy rates. For many residents, 

especially for families with children, 

the desire for larger unit types— 

especially villas and townhouses 

with enough usable outdoor space 

and masterplans offering a variety 

of services and a strong feeling 

of community—remains a crucial 

decision-making factor.” He added 

that “the majority of current villa 

occupants would choose to move to 

more inexpensive places to continue 

living in villas, even if we expect 

some demand to shift from villas to 

apartments as a result of the high 

prices.” 

Double-digit expansion 

Villa prices in a few neighbourhoods 

continue to climb by double digits 

each month, according to Seyed 

Mohammad Ata Shobeiry, CEO of 

Zoom Property. “Consider Dubai 

Hills Estate and the Palm Jumeirah 

as examples, said Shobeiry. In August 

2022, prices in these localities rose 

by 11.5 percent and 18 percent, 

respectively. The demand for villas is 

rising despite this substantial price 

hike. This demonstrates unequivocally 

that the villa market would continue 

to experience robust demand even 

after COVID. Sales of villas increased 

during the epidemic as people 

chose more room than flats. “We are 

confident that this trend will sustain 

and we can expect moderate growth,” 

he said, “while the demand for the 

villa and luxury segment did pick up 

during the pandemic as people were 

looking for bigger and better working 

spaces due to the change in lifestyle 

and work schedules. 

The demand for beach front houses 

is now high while the supply is 

constrained, thus Shobeiry predicted 

that the ultra-luxury segment would 

increase at a slower rate while beach 

front properties would continue to 

grow. 

How the $30 trillion metaverse 

opportunity will be tapped into by 

the Dubai real estate market 

Away from the hot spots, the UAE is 

at the forefront of a quiet revolution in 

the real estate sector that is expected 

to soon become the new rage in the 

industry. The Dubai real estate market 

may be booming, with people like the 

Ambanis purchasing villas in upscale 

neighbourhoods for top dollar. 

The metaverse, a virtual 

environment, is where it’s all taking 

place. The UAE’s virtual real estate 

sector, which at first was only 

a curiosity, has recently grown 

dramatically, with virtual land and 

residences selling out quickly and 

reaching new highs in price. 

New virtual real estate assets in 

the UAE are being driven by techsavvy, 

innovation-focused businesses 

like Crypto House Capital, which are 

also drawing investors and corporate 

brands to the developing metaverse 

market. 

The UAE’s real estate market has 

had a great couple of months as 

investors pounce on the Gulf country’s 

attempt to become a global hub for 

property investments. According 

to figures from the Dubai Land 

Department (DLD), sales transactions 

reached a staggering $6.9 billion just 

in June of this year, which is thought 

to be the biggest in the previous 13 

years. 


Real Estate News 

Real estate 

Prices in 

Dubai rise as 

prospects are 

favourable 

A 

ccording to recent analysis 

from global real estate 

consultant Knight Frank, 

continued demand from 

the world’s wealthy has pushed up 

prices in Dubai’s luxury residential 

sector, with values in Palm Jumeirah, 

Emirates Hills, and Jumeirah Bay 

Island jumping by 88.8% in the last 

12 months. Due to higher oil prices 

and a quicker economic recovery 

from pandemic restrictions than the 

majority of other cities around the 

world, Dubai’s real estate market 

recovered strongly from 2020’s severe 

downturn. This attracted UHNWIs 

from all over the world. Due to 

increased Russian market buying 

demand and a dearth of luxury real 

estate, the trend is likely to last the 

rest of the year. 

Sharjah’s real 

estate sales 

reached $517 

million in 

September 

According to the Sharjah 

Real Estate Registration 

Department’s (SRERD) 

monthly report, there were 

2,299 total real estate transactions in 

September, totalling AED 1.9 billion 

in real estate trading value. Six 

hundred seventy-seven of the total 

transactions were for the sale of real 

estate in various areas of the Emirate 

of Sharjah. A total of 2,299 real estate 

transactions of various types were 

reported by the Sharjah Real Estate 

Registration Department over the 

course of the previous month, with 

677 sales transactions accounting for 

29.4% of all executed transactions, 

299 mortgage transactions accounting 

for 13.1% of the total and valued at 

AED608 million, and 1,323 other 

miscellaneous transactions making up 

the remaining 57.5% of the total. 

A new agreement assists real 

estate buyers in applying for 

Golden Visas 

Aldar Properties PJSC, the 

top firm in Abu Dhabi for 

property development, 

management, and 

investment, and the Abu Dhabi 

Residents Office, both parts of the 

Abu Dhabi Department of Economic 

Development (ADDED), have signed 

a strategic agreement to improve the 

services and options available for the 

Abu Dhabi Golden Visa. In accordance 

with the agreement, the Abu Dhabi 

Residents Office and Aldar Properties 

are working together to design a 

plan to market the Emirate of Abu 

Dhabi and its portfolio of real estate 

developments as well as chances to 

attract talent and investors. 

Real estate 

transactions in 

Dubai reached 

about $408 

million 

According to information 

from Dubai’s Land 

Department (DLD), there 

were 469 sales worth 

AED1.29 billion, coupled with 77 

mortgage deals at AED190.01 million 

and 8 gift deals worth AED26.82 

million. As a result of the sales of 

438 villas and apartments worth 

AED976.46 million, the mortgages 

of 47 villas and apartments worth 

AED109.29 million, and the purchases 

of 30 land plots costing AED80.72 

million, more than AED1.5 billion has 

been spent on real estate. 


Dubai property prices improve as the economy 

recovers from the pandemic 

Due to the wider UAE 

economic recovery 

from the coronavirusinduced 

downturn, Dubai 

property prices, particularly in prime 

neighbourhoods, have improved 

during the past 12 months. The city 

has seen a rise in high-net-worth 

individuals, and the success of the 

Dubai has the 

lowest chance 

of a real estate 

bubble 

According to a study by 

a top Swiss bank, the 

nominal house price growth 

worldwide accelerated 

to 10% on average from mid-2021 to 

mid-2022 amid signs that the global 

housing boom is coming to an end. 

Dubai’s real estate bubble risk is the 

second-lowest among the world’s 

25 major cities, behind Warsaw. 

According to the UBS Global Real 

Estate Bubble Index, Toronto and 

Frankfurt exhibit the highest risk 

levels on housing markets, but despite 

having a strong year, the Dubai 

housing market is only back to its 

2019 price level and is still 25% below 

its 2014 peak. As a result, it is in fair 

value territory. 

UAE’s Golden Visa programme 

has helped to bolster its market. 

According to real estate portal 

Property Finder, Dubai saw the 

most sales transactions in July in the 

previous 12 years. But in the latter 

part of the year, rising interest rates 

are anticipated to slow down price 

rise. 

Over 5,000 housing units will 

be available through 18 new 

projects in Abu Dhabi 

18 new projects have been 

registered with the Department 

of Municipalities and Transport 

(DMT) in Abu Dhabi’s online 

real estate services platform, “DARI.” 

In the Abu Dhabi emirate, these 

projects will help provide 5,037 

additional dwelling units in a variety 

of locations, including Saadiyat Island, 

UAE’s premium real estate market 

sees growth and price increases 

Unique Properties, one of 

Dubai’s top real estate 

companies, has noticed a 

steady rise in the buying of 

luxury properties in the UAE. Over 

the first half of the year, there were 

18% more high-net-worth individuals 

(HNWIs) in Dubai. By the end of 

2022, it is anticipated that the emirate 

would surpass the US and UK in terms 

of attracting the greatest net influx 

of millionaires worldwide. Unique 

Properties predicts that as more 

HWNIs choose to make the UAE their 

home, investment in Dubai’s luxury 

real estate market will continue to 

rise. According to recent data, Dubai’s 

real estate market ranked fourth 

globally for the growth in the price of 

luxury properties during the first half 

of 2022. Prices rose by 4.7% compared 

to an average of 2.4% in 30 cities. 

Yas Island, Al Reem Island, Madinat 

Zayed, and other places. Since the 

platform’s introduction in February 

of this year, 178 projects have been 

launched, with various completion 

rates of up to 99%. These projects 

include 74 residential structures, 43 

plots, 49 villas, and 12 mixed-use 

projects. 


Funding & Investment 

Abu Dhabi’s New Funding Program 

Empowers Healthcare Innovation 

The UAE is working 

assiduously to attract the 

most innovative businesses in 

the world, with its businessfriendly 

environment, world-class 

infrastructure, favorable government 

policies in promoting trade and 

investment, and strategic location 

as a global trading hub. Abu Dhabi’s 

Department of Health, on its part, 

is rapidly developing to offer worldclass 

medical care, hence it recently 

launched the first edition of the 

healthcare grant to promote research 

and innovation in the healthcare 

sector in line with the emirate’s 

position as a leading destination for 

life sciences. 

The grant program is a monetary 

fund which fosters the efforts of 

research and innovation among 

the professionals of Abu Dhabi’s 

healthcare sector. It aims to fuel 

healthy competition, unique research 

projects, technologies, services, 

and innovative products across the 

healthcare ecosystem in Abu Dhabi. 

This funding will support clinical 

research projects which have the 

potential to fight Alzheimer’s, cancer, 

and other rare and life-threatening 

Abu Dhabi’s wise 

leadership has long 

recognised the pivotal 

role of research and 

innovation across 

all sectors - more 

importantly in 

healthcare to drive 

better outcomes 

while improving the 

effectiveness and 

efficiency of the 

healthcare system, 

diseases. 

“Abu Dhabi’s wise leadership has 

long recognised the pivotal role 

of research and innovation across 

all sectors - more importantly in 

healthcare to drive better outcomes 

while improving the effectiveness and 

efficiency of the healthcare system,” 

said Dr. Asma Al Mannaei, Executive 

Director, Research and Innovation 

Centre at the Department of Health 

– Abu Dhabi (DoH), commenting 

on the grant program. “Efforts to 

reiterate the capital’s position as a 

leading destination for life sciences 

and innovation, we are committed 

to enabling and empowering 

innovators and researchers within 

our community to take their passion 

projects to the next stage,” she added. 

Many analysts view this program 

as an encouragement to a culture 

of research and innovation among 

innovators and providers of 

healthcare, as well as a means 

to increase clinical research 

and Intellectual Property (IP) 

generation in the emirate. Abu 

Dhabi’s Department of Health stated 

that the grant will be offered to 

professionals who carry out clinical 

research projects in the fields of rare 

diseases, emerging infectious disease, 

antimicrobial resistance, Cardiometabolic 

and Vascular Disorders, 

cancer, and Alzheimer’s, in addition to 

innovative projects solutions focusing 


on smart hospitals and prevention and 

management of chronic diseases. 

“With Abu Dhabi providing the 

right environment for individuals 

and companies to thrive,” stated 

Al Mannaei, “we are thrilled to put 

forward this Grant that will expand 

clinical research capabilities in the 

emirate as well as conceptualise 

unique project in the Capital.” 

Thus, the emirate is planning to 

become an attractive destination for 

clinical trials and research, as it has 

expressed its ambition to establish 

the world’s first whole-population 

gene bank, pioneer connected health, 

and build on previous medical 

research collaborations with global 

pharmaceutical giants such as 

AstraZeneca and Pfizer. 

After the country’s success in 

Phase III clinical trials for the 

development and testing a Covid-19 

vaccine, where 130 nationalities 

participated, the globally-recognized 

AI-Powered company G42 Healthcare 

with innovative healthcare solutions 

was established in Abu Dhabi. Last 

year, the company launched Insights 

Research Organization and Solutions, 

which is a first-of-its kind contract 

research organization in the United 

Arab Emirates, supporting the 

internationally leading standards of 

scientific and ethical research, as well 

as conducting clinical trials, reporting 

and developing treatments. 

Abu Dhabi also partnered with 

Pfizer to train and support 150 Abu 

Dhabi scientists to conduct clinical 

research at the level required by 

multinational companies, aiming to 

produce highly effective medicines. 

On top of that, peer-to-peer 

knowledge sharing, strong 

government investments, together 

with the robust collaboration 

network, have made the emirate an 

emerging global hub of innovation 

and research, especially across the 

healthcare sector, leading the future 

of the UAE and charting the future of 

health care. 

Furthermore, the government 

has urged Emiratis to voluntarily 

give an anonymous blood sample 

to help expand the data collection 

for the Emirati Genome Project. 

Launched officially last year, the 

program has so far collected blood 

samples and buccal swabs from tens 

of thousands of people. According 

to the data, experts claim that they 

can predict, and even in some cases 

prevent, diseases before they happen, 

emphasizing that the end objective 

lies in the collection of samples from 

100% of the country’s population. 

Using biotechnology and AI, 

researchers have the ability to 

characterize things such as genetic 

variations, as well as understand 

how these genetic variations relate to 

different diseases. All volunteers can 

now submit DNA samples at various 

centers across the emirate, including 

NMC Royal Hospital in Khalifa City, 

Bareen International Hospital, and 

NMC Specialty Hospital, Al Ain. 

As for the above-mentioned 

Healthcare Research and Innovation 

Grant, alongside providing awardees 

with financial support for clinical 

research projects and proof of 

concept projects for innovative new 

technologies and services, it will 

support the winners with guidance 

to ensure project continuity and 

sustainability. 

It is led by the Department of 

Health in collaboration with Abu 

Dhabi’s Healthcare Sector and further 

government and non-government 

partners in Abu Dhabi and the UAE. 

“We look forward to receiving and 

reading through all entries as well as 

providing guidance to all applicants,” 

said Al Mannaei. “This is an exciting 

milestone for the healthcare sector 

that will spread a fine share of healthy 

competition among science and 

technology fanatics,” Al Mannaei 

added. 

It is also worth noting that Abu 

Dhabi has been recently recognized 

once again by Deep Knowledge 

Analytics (DKA), a London-based 

DeepTech analytical subsidiary of 

Deep Knowledge Group (DKG), as the 

world’s most pandemic-resilient city, 

which reflects its timely, efficient, and 

comprehensive response to COVID-19 

pandemic. The Emirate was also 

ranked as the leading city in response 

to the pandemic globally in a similar 

report published by DKA in early 2021. 

Abu Dhabi is one of the highest 

cities in the world in vaccination rates 

globally, and the UAE was one of the 

first countries in the world to launch 

a Covid-19 vaccination campaign. As 

an innovation hub, the emirate is on 

its way to complete digitalizing the 

majority of healthcare services, as it 

has reported connecting 100 percent 

if its hospitals to Malaffi, a first-inthe-region 

platform for exchanging 

health information, and safely and 

securely connecting private and 

public healthcare providers, creating 

a centralized database of unified 

patient records, which contributes to 

the improvement of healthcare quality 

and patient outcomes. 

Considering all the facts mentioned 

earlier, it is no surprise that the new 

Healthcare Research and Innovation 

Grant comes in line with Abu Dhabi’s 

efforts to leverage life sciences, 

innovation, digital transformation, 

and medical tourism in order to 

position itself as a leading destination 

for healthcare, as it is continuously 

providing the latest innovative 

treatments to preserve the safety 

and health of the community, in 

addition to continuously supporting 

start-ups throughout their different 

development stages, aiming to elevate 

research and innovative projects 

across the healthcare sector. 


Funding & Investment News 

UAE ADNOC 

Drilling 

receives $980 

million to 

boost offshore 

activities 

To support ADNOC’s offshore 

activities, ADNOC Drilling 

has secured a contract 

worth AED3.6 billion for the 

employment of two jack up offshore 

rigs together with associated labour 

and equipment. Due to the size of 

its rig fleet, which consists of 105 

owned rigs, including 28 offshore 

jack-up units, ADNOC Drilling is the 

largest national drilling business in 

the Middle East. According to Yaser 

Saeed Almazrouei, executive director 

of ADNOC Upstream, “This award 

for the hiring of jack up rigs supports 

our continuous efforts to responsibly 

unlock our lower carbon intensity oil 

and gas.” Using combined resources 

and those of key partners abroad will 

support international energy security. 

Banque Saudi 

Fransi plans 

a corporate 

venture capital 

fund 

Grant Niven, head of group 

digital at Banque Saudi 

Fransi, has stated that 

the company plans to 

create a corporate venture capital 

fund to invest in fintech companies. 

According to Niven, “the majority 

of banks in the nation have now 

modified their approach to startups, 

highlighting the rise of the Saudi 

Arabian fintech sector, where more 

than SAR 1 billion ($266 million) 

has been invested in fintech firms so 

far this year.” He remarked during a 

panel discussion at Fintech Surge, a 

part of GITEX Global 2022 in Dubai, 

that traditional banks perceive an 

opportunity and anticipate investing 

an additional SAR 2.5 billion in Saudi 

fintech businesses. 

MENA start-ups 

have access to 

$2.3 billion in 

venture capital 

According to a Magnitt 

report, venture capital 

funding for start-ups in 

the Middle East and North 

Africa increased 20% yearly to more 

than $2.3 billion in the first three 

quarters of 2022, putting it on pace to 

possibly surpass the total investments 

attracted in 2021. In its quarterly 

update, the data analytics company 

noted that funding had fallen to 

$512 million in the third quarter, the 

lowest level since the first quarter 

of 2021, citing global economic and 

geopolitical reasons as the cause. 

The industry still has a full quarter to 

match or even top the industry’s total 

of about $2.8 billion from last year. 

That, however, brought total funding 

in 2022 to more than 80% of the level 

in 2021. 

Emirates Development Bank approves funding 

totalling $1.12 billion 

As it continues to support the 

UAE’s national economic 

strategy, the stateowned 

lender Emirates 

Development Bank, which focuses 

on lending to businesses in important 

industrial sectors, authorised Dh4.4 

billion ($1.12 billion) in loans in 

the first nine months of the year. 

Comparing the same period a year 

ago to the nine months ending in 


September, the bank’s lending climbed 

nearly seven times. According to 

EDB, loans approved from July to 

September increased by 59% from the 

prior quarter. Total finance for the 

first nine months of the year increased 

EDB’s contribution to the UAE’s gross 

domestic product to Dh2.6 billion, 

an increase of more than 600% when 

compared to the same time in 2021.

UAE’s e& opens a new $250 million venture capital 

fund to help tech startups 

A$250 million venture capital fund was formed by UAE telecom and 

technology giant e& (formerly known as Etisalat Group) as a part of 

its new investment division, e& capital, to promote the ecosystem for 

digital start-ups. The company stated in a statement that the e& Capital 

VC fund will endeavour to draw in, engage, and promote start-ups and give them 

access to investor and expert networks. E& Capital, however, promised to “further 

boost the tech ecosystem through greater investments at the growth stage beyond 

its VC fund”. Additionally, it took part in an investment round worth €1.4 million 

($1.36 million) for Lablabee, a tech start-up that wants to develop a lab platform 

for telecom cloud training that is more interactive and available. 

UAE Royal 

Group to Invest 

$10 Billion 

in the US and 

Europe 

One of the top Abu Dhabi 

royals’ investment 

company, Royal Group, 

intends to invest up to $10 

billion in US and European equities 

and other assets that have been hit 

hard by growing concerns about a 

worldwide recession. According to 

those with knowledge of the situation, 

the group, which is led by Sheikh 

Tahnoun bin Zayed Al Nahyan, the 

national security adviser for the 

United Arab Emirates, sees this as a 

chance to sell off some of its current 

equity holdings, lessen its exposure to 

riskier assets, and expand its global 

portfolio. Investing in shares, fixed 

income, and tangible assets, such 

as real estate, are all being taken 

into consideration, the sources said, 

asking to remain anonymous because 

the plans are private, even if the final 

approach is still being developed. 

UAE’s Vuz obtains $20 million in 

investment to enter new markets 

The UAE-based social app 

Vuz, which enables users to 

broadcast immersive realism 

in extended reality (XR) and 

take part in metaverse digital events, 

has raised $20 million in a series B 

fundraising round, paving the path for 

it to enter new markets and accelerate 

expansion. The cash will also be 

used by the business to create new 

products, speed up the growth of its 

recurring subscription revenue, and 

hire new employees, according to data 

platform. Leading the financing were 

Caruso Ventures, the Vision Ventures 

VC Fund, e& capital, the Dubai Future 

District Fund, SRMG, and the Webit 

Investment Network. According to a 

Markets and Markets study, the size of 

the XR market is predicted to increase 

from $33 billion in 2021 to $125.2 

billion by 2026. 

UAE’s LuLu Group to expand as 

planning an IPO for the following year 

Abu Dhabi based LuLu Group International has hired investment firm 

Moelis to assist it on the deal and plans to launch an IPO next year. 

The action is being taken as the retail group prepares to broaden its 

operations throughout the Middle East. The market is currently in 

good spirits, and the LuLu Group’s director of marketing and communications, V 

Nandakumar, expressed confidence regarding the IPO next year. The company’s 

IPO aspirations come as the Middle East and North Africa area continues to see an 

increase in listings as economies there recover from the Covid-19 outbreak. 

Investopia’s Event highlights the 

future of Investment in Sports 

The UAE government announced in September 2021 that it would develop 

Investopia, a worldwide investment platform, and that it would organise 

a unique event in conjunction with the FIFA World Cup 2022 with the 

theme “The Future of Investment in Sports.” The World Corporate 

Summit (WCS) and the event will be co-hosted in Dubai on December. Peer-to-peer 

discussions and networking sessions on the future of investments in the sports 

sector in light of its current significant opportunities will be part of the event, 

which will take place in December 2022 and bring together influential decisionmakers 

from the football world and sports investors worldwide. 


Local News 

GDP of Ras Al Khaimah will 

increase by 2.7% annually on 

average until 2025 

From 2022 to 2025, Ras Al Khaimah’s GDP is projected to rise by an 

average of 2.7% per year, and the government is predicted to have net 

assets equal to roughly 13% of GDP, thanks to ongoing fiscal surpluses. 

The emirate has relatively strong growth prospects due to increased 

domestic and regional demand, but real GDP per capita growth will still be 

below the average for sovereigns at a similar level of economic development, 

according to S&P, which affirmed the emirate’s credit rating of A-/A-2; outlook 

stable. According to the rating agency, the stable outlook indicates hopes that the 

Ras Al Khaimah (RAK) government will continue to run the country’s finances 

responsibly over the next two years. According to the agency’s forecast, RAK’s real 

GDP would increase 2.8% this year after contracting 4.4% in 2020 and 3.0% in 2021. 

Board of 

Tecom Group 

proposes 

interim 

dividends of 

more than $54 

million 

The interim cash dividends of 

AED200 million, or 4 fils per 

share, have been approved 

by the board of Tecom 

Group. The plan is in accordance with 

the group’s dividend strategy, which 

calls for disbursing a total of 800 

million AED per year through October 

2025. Tecom Group reported net 

earnings of AED 427.53 million in the 

first six months of 2022, an increase 

of 43.40% from AED 298.22 million the 

previous year. From H1-H2, revenues 

increased by 15.80% to AED 989.41 

million from AED 854.51 million. 

Al Seer Marine forms a joint 

venture to construct ships with a 

$10 billion contract goal 

Al Seer Marine Supplies 

and Equipment Co. in 

Abu Dhabi, a division of 

International Holding 

Company (IHC), has formed a joint 

venture with two international firms 

to construct marine boats with a 

view toward prospective contracts 

worth more than AED36.7 billion ($10 

billion) over ten years. According 

to a regulatory filing on the Abu 

Dhabi Securities Exchange, Al Seer 

Marine will collaborate with DTEC, a 

Singapore-based maritime solutions 

firm, and DTC Industries Investments, 

a marine environment technology 

company, to sell, manufacture, and 

service marine boats around the world 

(ADX). The business’s net profit for the 

second quarter of the year increased 

from AED411.3 million to AED882.9 

million. 

UAE and WHO Sign $25-million 

Cooperation Agreement for Al 

Makassed Hospital 

The UAE signed a $25-million 

collaboration deal with 

support for East Jerusalem’s 

Al Makassed Hospital on 

the orders of His Highness Sheikh 

Mohamed bin Zayed Al Nahyan. 

This was done as part of the UAE’s 

initiatives to assist Palestine’s medical 

and healthcare sectors in partnership 

with the World Health Organization 

(WHO) and the Office of the United 

Nations Special Coordinator for 

the Middle East Peace Process 

(UNSCO). The COVID-19 pandemic, 

according to Dr. Tedros Adhanom 

Ghebreyesus, Director-General of the 

WHO, “has proved that health is not 

a luxury, but a human right, and it is 

vital to development.” “We applaud 

the United Arab Emirates for its 

kind donation, pioneering role, and 

dedication to enhancing the provision 

of high-quality medical care,” added 

Ghebreyesus. 


UAE is illuminated by Jafza’s 

electronics centre 

Due to increased disposable income, tourism, and deep internet 

penetration rates, the electronics and electrical sector in the Gulf has 

experienced rapid growth in recent years, making it one of the most 

connected regions in the world. Dubai is a major provider of electrical 

goods to the Middle East and the rest of the world as a result of its advantageous 

position. Over Dh347 billion worth of electronic goods weighing 2.7 million metric 

tonnes (MT) were traded through the Emirate in 2021. The strong local and 

regional e-commerce fulfilment infrastructure and the global re-export markets 

serve to further enhance its trading capabilities. Jebel Ali Free Zone (Jafza) is 

essential for the UAE and the wider region to be able to meet this constantly 

increasing demand. 

UAE 

accelerates 

the growth 

of digital 

economy 

The UAE government’s 

initiative to adopt cuttingedge 

technology and 

increase the use of artificial 

intelligence in finding solutions to 

pressing problems will hasten the 

expansion of the digital economy 

and help create a better future. The 

UAE Council for AI and Blockchain 

seeks to foster collaboration between 

various departments and pave the 

way for new opportunities, according 

to Omar Sultan Al Olama, Minister 

of State for Artificial Intelligence, 

Digital Economy, and Remote Work 

Applications, who was speaking at a 

meeting in Dubai. The minister stated 

during the AI council meeting that the 

adoption of new technological and 

digitally based solutions will increase 

the nation’s competitiveness and 

global leadership. 

$70.84-million deals in UAE to 

produce medical equipment 

locally 

The ministry of industry 

and advanced technology 

recently announced the 

signing of two memorandums 

of understanding between significant 

pharmaceutical and medical device 

businesses in the UAE, totalling 

AED260 million ($70.84 million). 

Signed in the presence of Sarah bint 

Youssef Al Amiri, Minister of State 

for Public Education and Advanced 

Technology, the partnerships are in 

line with the National Strategy for 

Industry and Advanced Technology 

and the ICV Program, which aim to 

attract investors and manufacturers 

to the UAE’s pharmaceutical and 

medical equipment sectors, among 

others. Under the partnerships, 

PureHealth, one of the largest 

healthcare providers in the UAE and a 

member of the ministry’s National ICV 

Program, will work with Abu Dhabi 

Medical Devices Company (ADMD), 

which is a subsidiary of Abu Dhabi 

National Industrial Projects, as well 

as Abu Dhabi Ports Group and Abu 

Dhabi Polymers Company (Borouge) 

to establish a AED 110 million medical 

supplies production line in Abu Dhabi. 


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emphasizes the critical importance of 

financial literacy, for “even if you have 

money, it is useless if you do not know 

how to manage it,” because “when it 

comes to money management, you must 

first understand how money works.” 

Moreover, the Vanuatu Financial 

Services Commission (VFSC) has issued 

a special brokerage licence to YaMarkets 

Ltd, an international Forex broker, under 

number 14819, in addition to a special 

brokerage license T2022091. YaMarkets 

immediately tops up the balance on the 

client’s trading account to zero, and the 

client is not charged for this action if 

market volatility prevents the client from 

maintaining a positive balance. 

YaMarkets is also a participant in The 

Financial Commission’s Compensation 

Fund. The Compensation Fund, a benefit 

of Financial Commission membership, 

offers coverage of up to €20,000 per 

case should a member refuse to follow 

a Financial Commission decision. The 

company belongs to The Financial 

Commission as a “A” member. The 

Commission’s goal is to enable alternative 

pre-trial resolution of disputes between 

traders and brokerage firms. 

Furthermore, YaMarkets has 

been awarded the execution quality 

accreditation Verify My Trade (VMT), 

attesting to its compliance with the 

stringent demands placed on member 

brokers by the Financial Commission. 

YaMarkets has put in place a Civil 

Liability insurance programme with 

a limit of 5,000,000 EUR that offers 

industry-leading protection against risks 

that could cause clients to suffer financial 

losses, including omissions, fraud, 

mistakes, negligence, and other issues. 

According to analysts, the Forex 

market will continue its fast-paced 

growth, making the future of the sector 

quite optimistic. Due to increased efforts 

at globalization being made in Europe, 

especially in the wake of Brexit, as well 

as other Forex markets like India, China, 

and Russia, these numbers are also 

anticipated to rise outside. 

What distinguishes YaMarkets is its 

complete comprehension of the value 

of education and financial literacy in the 

Forex market, in addition to its efforts 

to provide clients with the finest trading 

conditions. Rather than just approaching 

its clients, the company endeavours to 

educate and assist clients so that they 

could easily navigate the Forex market 

and make money. 


Digital Assets 

Cryptocurrency ETF outflows slow down 

in the third quarter 

An Exchange-traded fund 

(ETF) is a fund that trades 

on exchange and operates 

much like a mutual fund but 

can be purchased or sold on a stock 

exchange the same way that a regular 

stock can. An ETF tracks a specific 

index, commodity, sector, or other 

assets. It is a collection of bonds or 

stocks managed by experts and can be 

structured to track prices or specific 

investment strategies. 

An ETF is more like a marketable 

security, having a share price that 

allows you to purchase it or buy it 

easily on exchanges throughout the 

day. As a means of investing, ETFs 

have grown in popularity since the 

mid-1990s as a consequence of their 

low transaction cost and intraday 

liquidity. They allow investors to trade 

their shares in a securities market 

contentiously throughout the trading 

day, purchasing or redeeming shares 

at the close of the trading day. 

On the other hand, cryptocurrency 

ETFs consist of numerous 

cryptocurrencies and track the 

price of digital tokens. They invest 

in business transforming business 

application through creating and 

deploying blockchain technology. 

ETFs based on the blockchain 

invest in cryptocurrency investment 

products provided by asset managers 

or futures or options, the price of 

which is related to the performance 

of cryptocurrencies. The first crypto 

ETF, ProShares Bitcoin Strategy 

ETF, began trading in October 

2021, but the market has many 

alternatives that allow for exposure 

to cryptocurrencies without requiring 

investors to manage the digital asset 

themselves. 

This ETF tracks Bitcoin futures 

prices, and its share price imitates 

the price movements of derivatives, 

instead of the actual cryptocurrencies’ 

prices. Thus, the share’s price 

rises with an increase in future 

contract prices and declines with 

a corresponding decrease in those 

prices. 

Managers of the aforementioned 

products observe the price of Bitcoin 

via the futures markets in spite of the 

fact that there are no EFTs linked 

directly to the Bitcoin’s spot price. 

However, investors should be cautious 


while investing in volatile securities 

such as cryptocurrencies. For 

instance, Bitcoin could pose risks to 

investors in case the fund was holding 

a big portion of the futures market. 

Traditional ETFs directly own 

the underlying asset, while crypto 

ETFs either own the cryptocurrency 

options, futures, or other crypto-based 

securities to emulate the fluctuations 

of the fundamental cryptocurrency’s 

price. In addition, crypto ETFs can 

be backed by synthetic variants such 

as derivatives, where the ETF share 

price mirrors the price movement 

of these derivatives. For instance, 

many ETFs proposed to the U.S. 

Securities and Exchange Commission 

(SEC) track prices of Bitcoin futures 

contracts traded at the Chicago 

Mercantile Exchange. However, 

synthetic cryptocurrency ETFs carry 

added risk because their operations 

may not always be transparent. 

Nevertheless, ETFs can also be 

backed by physical crypto assets, 

where crypto investors own the 

cryptocurrencies indirectly without 

bearing any expenses of owning 

them outright. The investment firm 

that manages the crypto ETF makes 

purchases of cryptocurrencies, 

and the ownership of the coins is 

represented as shares. Owners may 

gain exposure to cryptocurrencies 

without the expense and risk of 

owning them outright because 

when purchasing the shares in the 

ETF, investors will directly own 

cryptocurrencies. 

However, the money flowing out 

of crypto ETFs in the third quarter of 

2022 has slowed down, signaling that 

numerous bearish investors may have 

already left the class of risky assets. 

Recent reports showed that in the 

three months ending in September 30, 

investors have pulled out $17.6 million 

from crypto ETFs, which is far below 

record $683.4 million withdrawn from 

ETFs in the second quarter. 

Assets of risk such as 

cryptocurrencies have been deeply 

affected as fears of global economic 

recession rise. The second quarter’s 

record outflows tracked plunging 

cryptocurrencies prices, with the 

Bitcoin, the world’s largest digital 

asset based on market value, falling 

nearly 60% and posting a record low 

of $17,785 on June 18. However, it 

rose in the third quarter by 3.7%, 

then it was trading above $19,400 on 

September 30, 2022, close to its price 

at the beginning of the quarter. 

It is no doubt that the safety 

of crypto investment lies in the 

investors’ hands and depends upon 

their expertise, for extensive price 

fluctuations may be experienced with 

crypto ETFs investments, especially 

if the funds were physically backed. 

Since ETFs are traded on well-known 

regulated exchanges and issued by 

regulated companies, all crypto ETF 

investments are being watched to 

prevent the funding of any illegal 

activities and market abuse, especially 

that the available crypto ETFs track 

only some of the digital currencies, 

and they are subject to hacking and 

other cybercrime risks. 

In spite of the fact that a few 

companies have accredited the 

Bitcoin futures ETF, no Bitcoin 

spot ETF has seen the light so far, 

although the U.S. Securities and 

Exchange Commission has received 

many requests to legitimize crypto 

spot ETFs. The agency has rejected 

all these requests due to the concern 

it elucidated in the January 2018 

letter, some of which are the absence 

of transparency at cryptocurrency 

exchanges, the potential of market 

manipulation, and the low levels of 

liquidity in cryptocurrency market. 

Nevertheless, the overall market 

cap for cryptocurrencies has 

surpassed $2 trillion as of April 

2022, and Coinbase Global, North 

America’s biggest cryptocurrency 

exchange, is now a publicly traded 

entity. In addition, the former SEC 

Chairman Jay Clayton was replaced 

by Gary Gensler, who taught a course 

in blockchain and cryptocurrencies 

at the Massachusetts Institute of 

Technology. This has raised many 

hopes for an approval of a Bitcoin 

ETF. However, Gensler seems to agree 

with Clayton’s views. 

How to invest in Crypto ETFs? 

Many investors pool their money 

in crypto ETFs to hedge the risks 

associated with buying digital tokens 

directly, so if you intend to diversify 

your portfolio without managing 

your crypto investments yourself, 

you should consider investing in 

blockchain-based crypto ETFs rather 

than directly buying digital assets. 

First, you have to open an account 

with a broker of your choosing 

and complete their onboarding 

process. Then you should decide the 

percentage of your total investment 

budget. After that, you have to fund 

your account and look for ETFs to 

invest in, then you should place a 

market order for the crypto ETFs you 

intend to purchase. 

On the other hand, you should be 

completely aware of the management 

fee or expense ratio associated 

with your crypto ETF investment, 

for transaction fees and expense 

ratios are the two ways in which an 

ETF makes money. You should also 

consider an exit plan because when 

you sell at some point, you will have 

to pay other costs. 

However, you should know that the 

share price of Crypto ETFs fluctuates 

on a daily basis, based on the sales 

or purchases of investors, and yet, 

low costs of ownership and the 

outsourcing of knowledge required to 

trade cryptos are considered among 

the benefits of crypto ETFs. 

The money flowing 

out of crypto ETFs 

in the third quarter 

of 2022 has slowed 

down, signaling that 

numerous bearish 

investors may have 

already left the class 

of risky assets. 


Stock Market 

Burjeel hopes to raise $300 million to 

$368 million in Abu Dhabi IPO 

Burjeel Holdings of Abu 

Dhabi announced a 

price range for its initial 

public offering (IPO) that 

opened for subscription on Friday 

30 September of 2 to 2.45 dirhams 

($0.5446 to $0.6671) per share, valuing 

the hospital operator at $3.3 billion 

at the high end. In addition to more 

than 200 million new shares, or 4% 

of Burjeel’s issued share capital, the 

selling shareholder anticipates selling 

more than 350 million shares or 7% 

of Burjeel’s issued share capital. 

Depending on the pricing range, 

Burjeel Holdings might raise between 

$299.90 million and $367.38 million. 

A first tranche of the IPO is being 

offered to ordinary investors, while 

a second tranche is being provided 

to professional investors. The 

subscription period for both tranches 

is open until October 4. On October 

5, the final share price is anticipated 


to be revealed, whereas on October 

10, the shares are anticipated to start 

trading on the Abu Dhabi Securities 

Exchange. 

At the bottom end of its Dh2 share 

offer, the company sold over 550.7 

million shares. Burjeel is anticipated 

to have a market value of around 

Dh10.4 billion upon listing, making it 

one of the largest private healthcare 

firms listed on the Abu Dhabi 

Securities Exchange. On October 10, 

its shares will start trading under the 

ticker “BURJEEL.” After the listing, 

VPS Healthcare Holdings will still 

hold a 70% share in the business. 

Burjeel Holdings, established in 

2007 by Dr. Shamsheer Vayalil, has a 

network of roughly 61 assets spread 

across the UAE and Oman, including 

hospitals and medical facilities as well 

as pharmacies and other ancillary 

services. 

Through joint ventures and publicprivate 

partnerships, the corporation 

intends to expand into Saudi Arabia, 

the largest economy in the Arab 

world, with investments of up to $1 

billion. The high-quality investment 

opportunity offered by Burjeel 

Holdings founded around our distinct 

clinical vision and our powerful 

growth trajectory in the MENA area is 

reflected in the robust demand for the 

IPO, according to Dr. Vayalil. 

The largest firm in the UAE 

by market value, Abu Dhabi’s 

International Holding Company, 

acquired a 15% share in Burjeel on 

September 19. Burjeel’s revenue in 

the fiscal year of 2021 was around 

Dh3.4 billion, which represents an 18% 

CAGR from 2019 to 2021. From 2023 

forward, the firm intends to pay cash 

dividends, on the anticipated premise 

of a payout ratio of 40% to 70% of net 

income, depending on the required 

investment for further growth plans. It

indicated it would distribute dividends 

at the top of the payout ratio range 

or possibly higher if there were no 

compelling investment possibilities. 

Based on net income for the first 

half of 2023, the first interim dividend 

is anticipated to be paid in the second 

half of 2023. First Abu Dhabi Bank 

served as the lead receiving bank in 

the IPO, while International Securities 

served as the financial advisor. Dubai 

Islamic Bank served as lead manager. 

BHM Capital Financial Services 

served as the listing adviser, and JP 

Morgan served as the company’s 

and the selling shareholder’s capital 

markets counsel. 

Burjeel Holdings has stated that it 

will launch an initial public offering 

of roughly 550,729,221 shares, or 

11% of its outstanding share capital 

(IPO). Additionally, the Abu Dhabi 

Securities Exchange will list its 

shares. Beginning on September 30, 

2022, the subscription period for 

the offering will be available until 

Tuesday, October 4, 2022, for both the 

First Tranche (“UAE Retail Offering,” 

offering to individual subscribers 

and other investors in the UAE) and 

the Second Tranche (“Professional 

Investors”). Shares of the Offering 

will cost between Dh2 and Dh2.45 

each, representing an equity value of 

between $2.7 billion and $3.3 billion. 

On October 5, 2022, it is anticipated 

to be known what the final offer price 

will be. On Monday, October 10, 2022, 

the shares are anticipated to be listed 

and begin trading on ADX. 

Strong investor interest has resulted 

in the Gulf region emerging as a 

bright light in an otherwise subdued 

global IPO market. Nevertheless, the 

situation is getting worse as oil prices 

have dropped about 40% since June 

due to concerns that a slowdown 

in the global economy brought on 

by central banks’ aggressive policy 

tightening will reduce energy use. 

Burjeel, a company founded by 

Shamsheer Vayalil and owned by 

VPS Healthcare, is slated to become 

the first privately-owned company 

in the UAE to go public this year. It 

runs medical facilities in the UAE and 

Oman, and is preparing to expand into 

Saudi Arabia. Chairman Vayalil said 

on Bloomberg TV that the company 

intended to use the IPO money to 

improve its balance sheet and grow 

operations. “With this IPO, we sought 

to strengthen the balance sheet and 

ensure that our scale of ambitions is 

intact,” he said. 

They anticipate selling 350,331,555 

shares, or 7% of the Company’s 

issued share capital. The Selling 

Shareholder reserves the right, subject 

to applicable laws and the approval 

of the Securities and Commodities 

Authority, to change the Offering’s 

size and the size of any Tranche 

at any time before the end of the 

subscription period (SCA). 

Additionally, 200,397,665 additional 

shares, or 4% of the company’s 

outstanding share capital, are 

included in the offering. The size of 

the Offering will be between $300 

million and $368 million, assuming 

all shares are sold. Burjeel’s 

capital markets advisor and selling 

shareholder for the IPO is JPMorgan 

Securities. To develop and diversify its 

local and regional healthcare assets, 

International Holding Company 

(IHC), a diversified Abu Dhabi-based 

conglomerate, said in September 2022 

that it had purchased a 15% share in 

Burjeel Holdings PLC. 

Burjeel is anticipated to have a market 

value of around Dh10.4 billion upon 

listing, making it one of the largest private 

healthcare firms listed on the Abu Dhabi 

Securities Exchange. 


Corporate Tax 

Impact Of Corporate Tax On UAE Business 

The United Arab Emirates had long been thought of as an economy that was supported by oil. 

Dubai, on the other hand, has been working very methodically over the years to assist the country 

break free and establish itself as a modern state with significant investments in innovation and 

technology. 

The Ministry of Finance (MoF) 

made the ground-breaking 

announcement on January 

31, 2022, that a new federal 

Corporate Tax (CT) system would be 

implemented in the UAE, effective 

financial years beginning on or after 

June 1, 2023. This changed the tax 

landscape of the region. With a regular 

rate of 9%, the UAE has now become 

the GCC country with the lowest 

corporate income tax rate. 

The UAE CT regime was created to 

take best practises from around the 

world into account and lessen the cost 

of compliance on businesses. Each 

and every registered business would 

have to register for CT, and each year 

they would have to pay 9% of their 

adjusted taxable profits over the 

exemption threshold of Dh375,000. 

As a result, CT would be a short-term 

obligation for the businesses, which 

would have a negative impact on their 

working capital. 

Businesses would be compelled 

to evaluate the working capital gap 

and fill it. They would take CT’s 

effect on the business into account 


while creating the budget for the 

relevant time, and they would plan the 

measures accordingly. 

In order to determine the group 

taxable earnings, groups operating 

in the UAE would have the option of 

registering under a single CT number 

and adjusting the losses of the group 

firms. The entities that share common 

control or ownership will undoubtedly 

seek to restructure, such as by 

changing ownership or control to 

opt-out of the single CT registration, 

as this will enable them to modify the 

losses of the group firms and lower 

their tax obligations. 

Loss-making organisations or 

companies would be entitled to carry 

forward their losses, which would be 

subtracted from future taxable profits, 

preventing CT from being seen as a 

burden on loss-making Units. 

Corporate Taxation of Free Zones 

in the UAE 

International trade in the UAE 

has been significantly boosted by 

the various Free Zone businesses 

there. Free Zones benefit from a 

number of exemptions, such as 100% 

foreign ownership, 100% customs and 

VAT exemptions, 100% capital and 

profit repatriation, corporation tax 

exemptions, etc. 

If certain requirements are met, tax 

exemptions to such Free Zones work 

as a multiplier, allowing the UAE 

Government to implement its goal of 

economic reforms with growth. 

Free Zone businesses need to be 

aware that, depending on a number 

of variables, corporate tax may not 

only be applicable but also have a 

broader scope and a higher effective 

tax rate than 9%, including domestic 

supply-chain constraints, international 

taxation, transfer pricing, and other 

OECD regulations. 

Free Zone Regulations and 

Interplay with Economic 

Substance Regulations (ESR) 

Conditions of the Free Zone for 

tax exemption may be in conflict 

with other aspects of the laws now 

in effect, such as the influence on the 

Economic Substance Regulations 

currently in effect (ESR). The UAE 

ESR may change after the imposition

With a regular rate 

of 9%, the UAE has 

now become the 

GCC country with 

the lowest corporate 

income tax rate. 

of corporate taxes, however this is 

uncertain. 

The purpose of the ESR was to 

implement international standards 

for business taxation developed by 

the OECD and the EU in order to 

prevent harmful tax practises while 

conducting business in the UAE. 

This was created in order to prevent 

multinational groups from artificially 

shifting profits to jurisdictions that 

impose little or no income tax without 

substantial economic activity in those 

jurisdictions. 

The ability of a Free Zone entity to 

make an irrevocable election to be 

subject to regular corporate taxation 

and join a tax group in order to benefit 

from simpler administration of tax 

compliances and the ability to set off 

losses incurred by group companies 

when an entity does not wish to 

enjoy corporate tax exemption is 

another crucial factor. In this manner, 

there will be no interruption to its 

operations at all. 

Startups and new businesses 

would be encouraged by the fact that 

companies with taxable income up to 

Dh 375,000 would not be subject to 

CT. 

Due to the simplicity of the UAE’s 

tax system, the implementation, 

training, and administrative costs 

associated with CT would not be 

prohibitive. There will undoubtedly be 

a rise in the demand for tax specialists 

as businesses concentrate on tax 

planning to lessen the impact of CT on 

their earnings. 

It is very likely that shareholders 

would work to protect their share 

of profits and that they would pass 

on the effects of CT to customers by 

raising prices, which would make 

items a little more expensive for 

them and have a negative effect on 

their purchasing power. The demand 

for products and services would be 

impacted by a decline in purchasing 

power, and this would have a knockon 

effect on company production and 

sales, slowing down the economy’s 

growth in the short term. 

Foreign Direct Investment (FDI) 

Foreign Direct Investment (FDI) 

decisions are also impacted by CT, 

which produces a gulf between 

FDI’s pre-tax and post-tax returns. 

Investors are always interested in 

learning about direct taxes and taxes 

on the repatriation of profits in the 

country where they wish to invest. 

The government’s announced rate is 

very competitive when compared to 

rates in other nations, and the UAE 

government has double tax treaties 

in place, so the implementation of 

CT won’t have a significant effect on 

FDI. Additionally, Free Zones will 

continue to provide invectives to the 

enterprises for a certain time period in 

accordance with their national rules, 

allowing businesses to continue to 

profit from the tax. 

The UAE government would use 

this money to build world-class 

infrastructure, including hospitals, 

roads, and medical facilities, in a 

similar manner to how VAT is another 

source of income for the country. 

Additionally, it would lessen the 

government’s reliance on revenue 

from the oil industry and result in 

diversified sources of revenue, which 

would be a sign of a robust and 

developed economy. 

Conclusion on impact of corporate 

tax 

Due to its competitiveness, CT 

would have a minimal impact on 

corporate savings and FDI, which 

would have a negative impact on the 

country’s growth in the short term. 

However, in the long run, it would 

help investors gain confidence, which 

would result in growth. 

A stable society where enterprises 

may contribute and provide value for 

the expansion of the economy has 

been created, according to the CT, 

which has been designed to encourage 

investment and maintain transparency 

to match international standards. The 

UAE is crucial in assisting businesses 

to expand both domestically and 

internationally as a top jurisdiction for 

innovation and investment. 

“The UAE’s position as a global 

hub for business and investment 

will be cemented by the certainty 

of a competitive and best-in-class 

corporate tax environment and 

the UAE’s large double tax treaty 

network.” 

Each financial year, one corporate 

tax return will be submitted. There 

will be no need for provisional tax 

returns or advance tax payments. The 

federal government will “certainly 

have more income” to reinvest back 

into the economy as a result of the 

new tax, which will boost government 

finances and increase its revenue 

streams. To aid in the economic 

recovery following the pandemic, 

the government previously made 

significant efforts in that direction. 

According to data from the Tax 

Foundation, corporate tax rates have 

steadily decreased over the past 40 

years, with the global average falling 

from more than 40% to between 

25% and 30%. According to the 

organisation, the weighted average 

company tax rate fell from about 50% 

in the 1980s to approximately 25% in 

2021. 


Corporate Results 

Majid Al Futtaim results in 

H1-22 

Net profits: AED453 million 

Despite a 9% growth in revenue to 

AED14.4 billion for 2022, Majid Al 

Futtaim – Retail saw a 9% decline in 

EBITDA to AED567 million. AED268 

million more in income for LFL sites 

and AED453 million more in digital 

sales are what are driving the retail 

sector’s growth. Higher tourism rates 

and restored consumer spending 

power, both effects of eased COVID-19 

regulations, are to blame for H1 2022 

revenue growth compared to H1 2021 

revenue growth. Majid Al Futtaim also 

established 18 new stores across its 

regions, extending its global reach 

even further. The Group engaged in 

the growth of express commerce in 

pace with the global transition to 

digital retail services, and as a result, 

digital sales increased by 73%. 

ADNOC results in H1- 22 

Net profit: AED1.56 billion 

ADNOC Distribution released 

impressive second-half results 

for 2022, reporting EBITDA of 

Dh1.99 billion and net profits of 

Dh1.56 billion. ADNOC Distribution 

announced its milestone transaction 

to acquire a 50% stake in 

TotalEnergies Marketing Egypt, one 

of the top four fuel retail operators 

in Egypt, for approximately Dh683 

million ($185.9 million), with an 

additional earn-out of up to Dh63.5 

($17.3 million). This partnership 

with TotalEnergies helped ADNOC 

Distribution advance its international 

expansion (if certain conditions are 

satisfied). The purchase is in line 

with the company’s goal of making 

ADNOC Distribution the top regional 

fuel distributor. Under certain 

conditions, such as receiving typical 

regulatory approvals, the transaction 

is anticipated to close in Q1 2023. 


Dubai Financial Market 

results in H1- 22 

Net profit: AED35.9 million 

Comparing the second quarter of 2022 

to the second quarter of 2021, the net 

profit climbed by 134% to Dhs35.9m. 

The company’s revenue in the second 

quarter of 2022 was Dhs85.2 million, 

up from Dhs63.2 million in the same 

quarter the previous year, while its 

expenses came to Dhs49.3 million, 

up from Dhs47.9 million. Seventy two 

percent of the new investors were 

foreign investors. In addition, 303 

international institutions were among 

the 426 new institutional investors 

that DFM onboarded in the first half. 

Dubai Investment Fund 

results in H1- 22 

Net profit: AED364 million 

In comparison to the same sixmonth 

period previous year, Dubai 

Investments’ net earnings increased 

by 20.5% to Dh364 million, or Dh364 

million. The group’s total assets 

remained constant at Dh22 billion, 

while total equity climbed to Dh12.1 

billion from Dh11.98 billion during 

the same period previous year. The 

group has completed selling its 50% 

equity stake in Emirates District 

Cooling (Emicool) LLC and will report 

Dh980.4 million in gain on sale and 

fair valuation gain on retained interest 

in the third quarter of 2022. 

Nasdaq Dubai Ltd results 

in Q3-22 

Net profit: 15% increase 

The high demand for the exchange 

operator’s investment products helped 

Nasdaq Inc. achieve a 15% increase 

in Q3 adjusted earnings, offsetting a 

slowdown in initial public offerings 

(IPOs). The exchange operator also 

reported that in the third quarter, 

listing services revenues increased 

by 6% to USD 105 million. Nasdaq 

earned 68 cents per share in the three 

months that ended on September 30 

after taking one-time things out. In 

addition, net revenue for the quarter 

increased 6% to USD 890 million. The 

company reported that in the first nine 

months of the year, it repurchased 

shares of its common stock worth 

USD 633 million. 

First Abu Dhabi Bank 

results in H1-22 

Net Profit: 5.11 billion 

First Abu Dhabi Bank PJSC, formerly 

National Bank of Abu Dhabi PJSC, is 

a United Arab Emirates-based public 

joint stock company that is engaged 

in the banking sector. Despite global 

market volatility, the largest lender 

in the UAE reported a significant 

year-over-year increase in net profit 

for the first half of the year. This 

success was attributed to a favourable 

regional backdrop. In comparison to 

the same period previous year, net 

profit for the quarter increased by 50% 

to AED8 billion ($2.17 billion). Total 

net profit for the second quarter of 

the year was AED2.9 billion, above 

analyst expectations while modestly 

increasing from a year earlier. 

Borouge results in H1- 22 

Net profit: 35% increase 

The joint venture between ADNOC 

and the Austrian manufacturer of 

chemicals, Borealis, called Borouge, 

reported a net profit increase of 

about 35% from the same period last 

year. The company reported in its 

maiden results report on Thursday 

since being listed on the Abu Dhabi 

Securities Exchange last month that 

net profit for the three months ending 

in June increased to $490 million 

from the same period a year earlier. 

Adjusted profits before interest, 

taxes, depreciation, and amortisation 

(EBITDA) surged by 35.5% year over 

year to $1.87 billion in the second 

quarter, while revenue gained an 

annual 18%.

DIFC results in H1 -22 

Net Income: 12.5% 

increase 

The Dubai International Financial 

Centre welcomed 537 new firms in 

the first half of this year, an 12.5% 

rise over the same period last year, 

reiterating the emirate’s position as 

a major financial hub. During the 

six-month period, there were 4,031 

registered corporations, up from 

3,297 during the same time last year. 

The overall number of businesses 

operating in the DIFC increased 

by 22% yearly. “Dubai’s ability to 

accelerate knowledge- and innovationdriven 

growth, supported by its robust 

and stable economy, is testament to 

DIFC’s first-half performance,” 

Emirates Global 

Aluminium results in Q3- 

22 

Net Profit: $1.6 billion 

The industrial company Emirates 

Global Aluminium (EGA), situated in 

the UAE, announced a net profit of 

Dhs5.9bn ($1.6bn) of 2022 as opposed 

to Dhs1.7bn ($473m) in the first half 

of 2021. Comparing the first half of 

2021 to the first half of 2021, cast 

metal sales climbed by 11% to 1.31 

million tonnes. In over 50 countries, 

EGA provided metal to more than 400 

customers. From 1.02 million tonnes 

in H1 2021 to 1.07 million tonnes in 

H2 2021, sales of value-added goods, 

or “premium aluminium,” climbed by 

5%. EGA made a Dhs2.9 billion ($800 

million) corporate debt pre-payment 

after the first half of 2022. The 

business has made planned payments 

of Dhs968m ($263m) and prepaid 

Dhs6.5bn ($1.8bn) since January 2021. 

RAK properties results in Q3- 22 

Net Profit: AED194 million 

In 2022, RAK Properties recorded revenue of Dh193.99 million, a decrease from 

Dh265.10 million in the same time the previous year. Comparing the same quarter 

to H1 2021, the net profit decreased to Dh25.55 million from Dh119.81. Comparing 

the first half of this year to the same period in 2021, the company’s assets climbed 

slightly, to Dh6.23 billion. Sales of real estate generated Dh141.78 million in 

revenue during the course of the six-month period, and Dh24.41 million came from 

hotel operations. 

Anghami results in H1-22 

Net Profit: 29% increase 

Future expansion of Anghami is 

dependent on Arabic content. To 

solidify its position as a top supplier 

of Arabic digital content and digital 

entertainment in the MENA region, 

the company has made a number of 

announcements about collaborations 

and projects. Annual growth in the 

number of subscribers who pay a 

monthly fee was 41%. This gain was 

principally brought on by higher rates 

of conversion of users supported by 

advertising to paying subscribers, 

as well as a bigger number of 

active users, which rose 46% year 

over year to 19.5 million users and 

translated into higher advertising and 

subscription income. 

International Holding Company 

(IHC), a conglomerate based in 

Abu Dhabi, has announced strong 

profits for the first quarter of 2022. 

In the first half of 2022, International 

Holding Company’s sales increased 

by 121% to Dhs21.93 billion from the 

corresponding period in the previous 

year, while its net profit increased by 

137% to Dhs10.35 billion from H1 2021. 

As a result of the holding company’s 

strategic acquisitions in H1 2022, the 

organization’s net worth increased 

from Dhs88.98 billion at the end of 

December 31, 2021 to Dhs163.69 

Al Rajhi Bank results in 

9m- 22 


Al Rajhi Bank reported net profits 

of SAR12.74 billion for the first nine 

months (9M) of 2022, an increase of 

18.74% over SAR10.73 billion for the 

same period in the previous year. 

A bourse disclosure stated that the 

earnings per share (EPS) for 9M-22 

were SAR3.16 as opposed to SAR 

2.68 for the same period last year. 

In addition, client deposits reached 

SAR555.76 billion from January 

to September 2022, an increase of 

16.19% from SAR478.33 billion in the 

same period the previous year. The 

bank’s assets increased by 27.11% to 

SAR740.62 billion from SAR582.65 

billion, while its investments 

increased by 24.08% to SAR101.80 

billion in 9M-22 from SAR82.04 billion 

in 9M-21. 

International Holding Company (IHC) results in H1-22 


billion at the end of June 30, 2022, an 

increase of 84 percent. 


Travel 

UAE citizens no longer need visas to visit 

Japan under a new collaboration agreement 

An agreement that aims to improve bilateral ties will allow Emirati people to visit Japan 

without a visa. The strategic agreement intends to promote trade and investment together with 

strengthening diplomatic, economic, and political cooperation between the two nations. Dr. 

Sultan Al Jaber, the UAE’s special representative to Japan and minister of industry and advanced 

technology, and Yoshimasa Hayashi, the Japanese minister of foreign affairs, signed the agreement 

in Tokyo. 

According to Dr. Al Jaber, 

the agreement will promote 

greater economic, trade, 

and investment opportunities 

as well as increase tourism, cultural, 

and academic contacts between 

the two countries. In due order, the 

date of the entry-visa exemption will 

be disclosed. A team from the UAE 

and Japanese Prime Minister Fumio 

Kishida met on Monday, with Sheikh 

Khaled bin Mohamed, member of the 

Abu Dhabi Executive Council and 

chairman of the Abu Dhabi Executive 

Office, leading the delegation. 

The agreement’s specifics were 

revealed in 2018 during Shinzo Abe’s 

visit to Abu Dhabi as prime minister. 

The primary areas of collaboration are 

bilateral and international cooperation 

in the political and diplomatic 


spheres, in addition to coordination in 

the areas of economy, trade, energy, 

and industry by enhancing the business 

climate for trade and investment 

in all sectors, including manufacturing 

and technology, infrastructure, artificial 

intelligence, healthcare, small and 

medium-sized enterprises, as well as 

agriculture, environment and climate 

change, education, science, technology, 

defence, and security. 

Additionally, Sheikh Khaled was 

present at the official Japan-Emirati 

Friendship Association event 

in Tokyo. He commended the close 

economic ties between the UAE and 

Japan as well as the Friendship Association’s 

contribution to the expansion 

of bilateral cooperation. 

The visit this week gave both 

parties a chance to consider their 

50-year friendship and business relationships. 

For the past 50 years, the 

UAE has been one of Japan’s primary 

oil suppliers; currently, 20% of its oil 

requirements are met by the UAE. Statistical 

data from 2021 indicates that 

The Emirates is Japan’s tenth-largest 

trading partner globally. Over $14 

billion has been invested by Japanese 

companies in the United Arab Emirates. 

In 1971, Japan was one of the 

first nations to establish diplomatic 

ties with the UAE. 

Rules and regulations for the visa 

scheme 

The New Visa Scheme for the 

United Arab Emirates has been 

officially launched on October 3, 

2022, and the Federal Authority for 

Identity, Citizenship, Customs and

For the past 50 

years, the UAE 

has been one of 

Japan’s primary oil 

suppliers; currently, 

20% of its oil 

requirements are 

met by the UAE 

Ports Security (ICP) has approved the 

regulations and procedures for the 

programme. 

This action carries out Cabinet 

Resolution No. 65, which relates to 

the executive regulation of Federal 

Decree-Law No. 29 of 2021 regarding 

the entry and residence of foreigners. 

The ICP has outlined the terms and 

regulations for putting the decision 

into effect as well as the operational 

procedures for the unified system for 

entrance visas for tourists, patients, 

and students. The ICP further stated 

that the methods for establishing 

rules and standards are intended 

to maximise the degree of strategic 

balance when making decisions and 

to crystallise government visions 

and directions in accordance with a 

common work approach. 

To further improve personal 

security, safety, and stability as well 

as social stability, this was done in 

conjunction with ICP’s partners. 

Major General Suhail Saeed Al Khaili, 

Director-General of the ICP, stated 

that the new visa system is in line 

with both the goals of the UAE’s 

2071 Centennial and the Principles of 

the 50. Additionally, it supports the 

ideals of peace, tolerance, and human 

fraternity and keeps up with the 

many adjustments and advancements 

witnessed in the local and global 

economic, political, and social 

landscapes, he noted. 

Al Khaili emphasised that the 

system creates a general outline 

for the nation’s visa structure for 

labour, tourism, medical care, and 

education, furthering the nation’s 

status and boosting its regional and 

worldwide competitiveness. “The 

terms and regulations that the ICP 

approved were developed based on 

extensive studies of government 

trends, with the aim of preventing 

any security breaches and ensuring 

the safety of society members, as 

well as protecting the UAE’s cohesive 

society, its status as an alluring hub 

for business and tourism, a champion 

of knowledge, and a leader in 

sustainable development and future 

planning,” stated Al Khalil. 

He also emphasised how the newly 

created visas will spur development in 

the UAE by luring in businesspeople, 

professionals, exceptional graduates, 

and students, as well as boosting its 

reputation as a welcoming place to 

live and work. 

Additionally, Major General Al 

Khaili stated that in order to guarantee 

that the new visa system meets its 

goals, the terms and regulations 

for visas were created after being 

reviewed and assessed by the relevant 

authorities, including the Ministry of 

Human Resources and Emiratization 

and other federal and local entities. 

According to Sultan Al Nuaimi, 

Director General of Residency and 

Foreigners Affairs, the updated 

standards and guidelines cover the 

prerequisites for obtaining visas to 

investigate company startup chances, 

as well as for those with certain 

foreign residency permits and in 

humanitarian situations. 

In Tokyo, H.H. Sheikh Khaled 

bin Mohamed bin Zayed Al Nahyan 

met with Fumio Kishida, the prime 

minister of Japan. His Highness saw 

the beginning of a strategic alliance 

between the UAE and Japan during 

the meeting. Additionally, on his visit 

to the UAE in 2018, the late Japanese 

Prime Minister Shinzo Abe announced 

the maiden partnership deal. 

Moreover, the partnership’s debut 

coincides with the 50th anniversary 

celebrations between the two nations, 

which emphasises the significance of 

enhancing bilateral collaboration. 


Travel News 

UAE Tourist Visa for 60 Days 

Through the Advanced Visa 

System 

One of the most significant 

improvements to residence 

and entry permits in the 

UAE was made through the 

Advanced Visa System. Sixty days 

after the date of issuance, all entry 

visas are still valid. Consequently, 

tourists will be able to visit the UAE 

for two months, thanks to these new 

revisions in the tourist visa. Among 

the most popular is the five-year 

multiple-entry tourist visa. A sponsor 

isn’t necessary, though. However, as 

long as the overall length of stay does 

not exceed 180 days in a single year, 

it enables the holder to stay in the 

country for up to 90 days, with the 

option to extend for a similar period 

of time. 

Wizz Air Abu 

Dhabi Flights to 

Samarkand are 

available for 

Dh149 

As budget airline Wizz Air 

Abu Dhabi begins service 

to the historic city of 

Samarkand in Uzbekistan, 

UAE tourists seeking to embark on 

a cultural journey this fall may book 

aeroplane tickets for just Dh149. For 

more than 2,600 years, Samarkand, 

one of the most significant cities along 

the ancient Silk Road, has served as 

a nexus for cultural exchange. For 

visitors and locals in the UAE and 

Uzbekistan, the new Wizz Air Abu 

Dhabi route will offer hassle-free, 

point-to-point travel. 

Flydubai is the 

first UAE airline 

to fly to Gan 

Airport in the 

Maldives 

Vacationers from the UAE 

who are eager to visit the 

Maldives will soon have 

another option. Beginning 

in February, low-cost airline Flydubai 

will begin offering service to Gan 

International Airport, located at the 

southernmost point of the Indian 

Ocean archipelago. Beginning on 

February 4, the low-cost airline will 

run a daily flight to Gan, an ex-base of 

the British Royal Air Force, becoming 

the first UAE airline to do so. Gan 

is the second-largest international 

airport in the Maldives. 

Vida Dubai 

Marina & Yacht 

Club hotel 

to open in 

December 

This year, a premium hotel 

debuting in Dubai Marina 

will eventually take the 

place of one of the area’s 

most well-liked boating, dining, and 

drinking hotspots. The 158 rooms at 

the Vida Dubai Marina & Yacht Club, 

which will debut in December, will 

have views over one of the biggest 

artificial marinas in the world. The 

four-star hotel will transform the 

property on the Marina Promenade, 

originally occupied by the adored 

Dubai Marina Yacht Club, with a chic 

yet unpretentious design from Miami, 

communal eating options, and coworking 

spaces. 


The World Cup in Qatar made 

accessible to those without 

tickets 

Those without tickets for the 

Fifa World Cup Qatar 2022 may 

enter the nation during the 

competition with permission 

from a holder of a match ticket. 

International tourists were previously 

forbidden from entering the country 

during the biggest football tournament 

in the world unless they had a match 

ticket, but those restrictions have been 

modified by Qatar’s Supreme Committee 

for Delivery & Legacy. Travelers flying to 

Doha who have a tickets for at least one 

football game may invite up to three nonticketed 

friends or family members to 

join them in Qatar under the Hayya with 

Me (1+3) policy. 

Emirates launches an A380 in 

Japan to address the spike in 

demand 

A 

s Japan eliminates the daily arrival cap and relaxes the Covid-19 

testing and self-quarantine rules for inbound travel, Emirates, the 

largest international airline, will increase capacity on its Narita-Dubai 

route beginning on November 15. Emirates has noticed an increase in 

reservations for flights to its gateways, Narita and Osaka, following the Japanese 

government’s move last month to loosen the entrance restrictions. Emirates flight 

EK318 from Dubai will take off at 2:55 and land in Narita at 17:20. The return 

aircraft from Narita, EK319, will take off at 22:30 and land in Dubai at 5:30 the 

following morning. All times are local. 

Qatar World 

Cup 2022 to 

trigger “Expo 

impact” for 

UAE hotels 

D 

ue to the lack of 

accommodations in the 

neighbouring host nation 

Qatar, the first Fifa World 

Cup to be staged in the Middle 

East is expected to bring in a huge 

amount of business for UAE hotels 

in the fourth quarter of 2022. Major 

local and international hotel brands 

in the UAE anticipate operating 

at or close to capacity throughout 

the four-week football event due to 

significant advance reservations for 

November. With strong demand trends 

comparable to those seen during 

the peak of Expo 2020 Dubai, hotels 

in Dubai and Abu Dhabi anticipate 

occupancy levels ranging between 

80% and 100%. 


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The Finance World Magazine| Edition: November 2022

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