The Finance World Magazine| Edition: December 2022

UAE Bank revenues to hit $25bn by 2030 amid digital transformation
UAE Tourism Eyes Pre-Pandemic Levels
UAE Leads the Most Attractive Countries in the Region for M&A Deals
UAE Real Estate Market to Boom in 2023
Accuracy in Key Financials -
A Fundamental to Business Success
Chairman of ICAI Dubai, CEO of Andersen in the UAE,
Anurag Chaturvedi, provides insight into the entrepreneurship journey in the UAE
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P41 | Sheikh Mohammed
reveals a national strategy
to boost healthcare and
expand GDP
P46 | Future XB Payment
Summit 2022 provides a
platform to discuss UAE’s
remittance future
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Blockchain and its importance in virtual asset world
Air Taxis: From fantasy to reality in Dubai
DeFi modernizing crypto lending routes
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
EDTECH STARTUPS
DRIVE EDUCATIONAL
GROWTH IN UAE
UAE GOLDEN VISA:
FUELING NATION’S
FINANCIAL GROWTH
SHARIF
EL-BADAWI
CEO OF
DUBAI
FUTURE
DISTRICT
FUND
The government’s assistance has
accelerated the development of
EdTech startups.
Golden visa holders in the
UAE can purchase specialized
health insurance plans.
Regulation of NFT trading in the UAE:
Why It Matters?
DECEMBER 2022
SEPTEMBER 2022 AUGUST 2022
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Reaching a visionary goal requires
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The MENA region is seeing a rapid adoption of
cryptocurrencies, with the UAE leading the way,
welcoming top crypto exchanges such as Binance. Amid
a dramatic digital transformation, the UAE’s banks are
predicted to generate $25 billion in revenues by 2030; four of the
eight Middle Eastern banks on the Top 100 Digital Bank Ranking
list are from the UAE.
More entrepreneurs and creative projects are being welcomed
into the UAE’s market as the country’s economy, tourism, and
investment all approach pre-pandemic levels. In addition to
emphasizing entrepreneurship in the UAE, our cover story
examines the implications of corporate tax and the possibility of
decentralized banking in the UAE.
Keeping up with the expectations of our readers, this edition
includes the latest trends and updates from the finance sector,
such as corporate results, corporate tax, startups, banking, funding
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Green Hydrogen accelerating decarbonization and strengthening
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Providing our readers with latest and credible finance news, with
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September 2022 3

Contents December
2022
P07 | Global News
PERSONAL FINANCE
P08 | The 50-30-20 Rule of
Personal Finance
UAE BANKING
P10 | UAE Bank revenues to
hit $25bn by 2030 amid digital
transformation
P12 | UAE Banking News
CENTRAL BANK OF UAE
P15 | CBUAE’S Latest Trends
and Decisions
FINTECH
P17 | The Mena Region is the
Key Fintech Region to Watch
P19 | Fintech News
ENERGY
P36 | Green Hydrogen
Accelerates Decarbonisation
and Strengthen UAE Energy
Leadership
P38 | Energy News
HEALTHCARE
P41 | Sheikh Mohammed reveals
a national strategy to boost
healthcare and expand GDP
P44 | Healthcare News
REAL ESTATE
P56 | UAE Real Estate Market to
Boom in 2023
P58 | Real Estate News
FUNDING & INVESTMENT
P60 | LMR Partners to Set Up
Office in Dubai
P62 | Funding & Investment
News
P64 | Local News
BUSINESS
P22 | GCC Retail Industry
Bounces Back from Covid
P24 | Business News
COVER STORY
P26 | Anurag Chaturvedi,
Chairman of ICAI Dubai, CEO of
Andersen in UAE
START-UP
P32 | How to Act If Your Startup
Fails
P34 | Start-up News
6 www.thefinanceworld.com December 2022
EVENTS
P46 | Future XB Payment
Summit 2022 provides
a platform to discuss
UAE’s remittance future
MERGERS AND
ACQUISITIONS
P48 | UAE Leads the Most
Attractive Countries in
the Region for M&A Deals
P50 | Mergers & Acquisitions
News
CRYPTOCURRENCY
P52 | Cryptocurrency
Adoption in MENA Region
Keeps Accelerating
P55 | Cryptocurrency News
Digital Assets
P66 | UAE Leads the Way in
Crypto After FTX Scam
CORPORATE TAX
P70 | Corporate Tax and Latest
Updates on Vat in the UAE
P72 | Corporate Results
TRAVEL
P74 | UAE tourism eyes prepandemic
levels
P31 P76 | Travel News

South Korean
markets recover
from a two-week
low
Following Wall Street’s
overnight surge, South
Korean equities recovered
from a nearly two-week low
on Wednesday, driven by optimistic
platform and entertainment sectors.
The benchmark bond yield remained
constant as the Korean won increased.
The benchmark KOSPI increased
12.74 points, or 0.53%, to settle at
2,418.01 after Tuesday’s closure,
which marked the index’s lowest
level since November 10. According
to Kim Seok-hwan, analyst at Mirae
Asset Securities, “expectations are
strong for robust consumer spending
in the United States, whereas recent
events have reversed the aspirations
for reopening in China.” Among the
major hitters, technological behemoth
Samsung Electronics gained 0.66%,
while rival SK Hynix had no change.
LG Energy Solution, a battery
manufacturer, dropped 1.75%.
Global News
Concerns about China demand
outweigh the decline in U.S.
crude stock to drive up oil prices
Crude oil prices increased
somewhat as information
pointing to a larger-thananticipated
drop in U.S.
crude production last week overcame
worries about a decline in Chinese
demand for fuel due to tightening
COVID-19 regulations. The price
of Brent crude futures increased
by 27 cents, or 0.3%, to $88.63 a
barrel at 07:19 GMT, while the price
of U.S. West Texas Intermediate
(WTI) crude futures increased by
25 cents, or 0.3%, to $81.20 a barrel.
OPEC did not consider increasing oil
output, according to the United Arab
Emirates, Kuwait, Iraq, and Algeria,
which backed up the Saudi Arabian
energy minister’s remarks. As a result,
both benchmark contracts increased
by about 1%. On Dec. 4, OPEC+ will
meet again to discuss output.
OECD: Excessive inflation will
continue to hold down global growth
According to the Organisation
for Economic Co-operation
and Development, excessive
inflation will cause global
growth to decline from 3.1 percent
this year to 2.2 percent next year
before modestly picking up to
2.7 percent in 2024. According to
OECD, “growth has lost impetus,
rising inflation is proving persistent,
confidence has decreased, and
uncertainty is high.” The world
economy is “reeling from the largest
energy crisis since the 1970s,” and the
energy shock has increased inflation
“to levels not seen for many decades”
and is halting global economic
growth.
EBRD: Business as usual won’t be
resumed
Following the epidemic,
together with skyrocketing
gas costs and forced
migration in the wake of
the Ukraine war, the world will not
resume “business as usual,” predicted
Europe’s development bank. Beata
Javorcik, chief economist at the
European Bank for Reconstruction
and Development, warned that such
a confluence of circumstances, which
also includes supply-chain disruptions
and harsh weather, “would be tough
enough for governments and firms
if it were stretched over a decade or
more” (EBRD). “And yet, everything
that has transpired has done so in the
past three years with the possibility
of further turmoil ahead. There is no
doubt that life will never return to
“business as usual” as it was prior to
the pandemic.” the bank stated.
December 2022 www.thefinanceworld.com 7

Personal Finance
The 50-30-20 Rule of Personal Finance
While certain regulations
may be burdensome,
others, like the 50-30-20
rule, may enable you
to achieve financial freedom. The
budgeting rule was made popular
by bankruptcy law expert Senator
Elizabeth Warren in her 2005 book,
All Your Worth: The Ultimate Lifetime
Money Plan, which she co-wrote with
her daughter, Amelia Warren Tyagi.
It provides a simple, clear strategy
for daily spending and emergency
savings.
The 50-30-20 guideline entails
allocating your income as follows: 50%
for necessities, 30% for wants, and
20% for savings. Simple enough, but
before you determine this is the best
budget strategy for you, take a few
key factors into account.
Understanding the Rule
In reality the rule is extremely
straightforward. You are required to
divide your in-hand money into three
portions; 30% of income is spent on
wants, 50% on necessities, and 20% is
set aside for savings and investments.
By doing this, you will have
established containers for everything
and be operating inside each bucket’s
legal limits. This will instil a sense
of discipline while ensuring that you
don’t sacrifice the standard of living or
your long-term planning. Now that the
concept is apparent, let’s look at how
to divide your expenditure into three
categories: needs, wants, and savings.
Breaking the 50-30-20 Proportion
Needs: 50%
The basic things you definitely
need to survive or must accomplish
in order to live are considered needs.
The things you must do in order to live
peacefully are known as needs. These
include things like getting groceries
and food, paying rent or a mortgage,
paying insurance premiums, making
the minimum debt payments, and
other similar obligations.
This guideline states that you can
utilise half of your after-tax income to
take care of such expenses that are
constantly on your list of things that
need to be taken care of right away. If
you do not make these payments, you
risk getting into difficulty or accruing
additional debt for the following
month, which almost certainly entails
interest charges for the late payment.
Luxuries like subscriptions, gym
memberships, etc. are not listed in the
section titled “Needs.” According to
the 50-30-20 rule, you must eliminate
certain items from your “Wants” list if
you find that you are spending more
than 50% of your after-tax income on
needs. If that isn’t an option, your only
choice is to live more simply and just
have what is absolutely necessary
and required. Your difficulties with
lifestyle inflation and spending habits
may all be solved by adopting a
minimalist lifestyle.
Wants: 30%
Wants are the luxuries that money
can buy, as the term implies. Simply
put, these are not necessities for
basic survival but rather something
to strive for. This is also the most
difficult portion to manage because
wants are limitless. Wants are things
that make you happy. A few examples
include splurging on occasional meals,
occasional trips to the movies, leisure
travel, seasonal shopping, expensive
grooming products, hobby classes,
etc. As you can see, the list of “desire”
is endless and, if left unchecked,
might even eat into your finances.
There are various things you may
do to control the wants section. First,
refrain from engaging in retail therapy
8 www.thefinanceworld.com December 2022

and spending money on pointless
things. The second thing is to space
out your purchases and resist the
urge for instant gratification. If you
want to purchase the new iPhone
14, for instance. Instead of getting
into the EMI trap, start accumulating
a tiny “shopping fund” where you
can deposit money to cover your
immediate needs.
Even while the “no-cost EMI”
option seems appealing, there are
additional fees that users are unaware
of. Ignorance is not joy when it comes
to money. Be aware that there are
no free lunches; in the zero percent
plans, the interest component is
frequently disguised as a “processing
fee” and charged to users.
As an alternative, a shopping fund
will make it simple for you to build
up the necessary corpus without
having to pay a sizable sum all at
once. Therefore, you can start saving
for that iPhone by setting aside some
cash in liquid funds rather than using
the EMI approach.
You can invest in a liquid fund for 6
months to attain the desired amount,
using 1 lakh (approximately) as the
money you need to purchase the most
recent iPhone. As the name implies,
liquid funds give you the flexibility
of rapid withdrawal like a savings
account with a higher interest rate, so
your money makes money for itself
instead of sitting idle in your savings
account.
Savings: 20%
The savings account is what will
get you through the future while
necessities and wants tend to your
well-being in the here and now.
Though it may be the most significant
bucket, it is also the one that receives
the least attention.
The 50-30-20 rule states that 20% of
your income must be saved and then
used for investments. Note that, in
contrast to needs and wants, saving
should be a top priority and should
not be negotiable. Everything can
wait, but your cash and investments
absolutely must not suffer.
The context of our current day
provides the explanation for why this
is the most crucial financial category.
We regularly switch occupations, and
more people are choosing unorthodox
employment as a result of the
Invest in opportunities that provide
returns that outpace inflation and
provide you quick access to your money
without the need for complicated
paperwork or early withdrawal fees.
uncertain times. You need to have a
safety net to fall back on in times of
uncertainty for your retirement and
any unanticipated events that can
arise.
As a result, the savings account
will keep you financially prepared
to weather any ups and downs in
the economy or your personal life.
Use your savings wisely—that is the
most crucial thing to keep in mind.
Don’t place them in investment
opportunities that have excruciatingly
long lock-in periods and interest rates
that hardly outpace inflation. Invest
in opportunities that provide returns
that outpace inflation and provide you
quick access to your money without
the need for complicated paperwork
or early withdrawal fees. What is your
hard-earned money good for if it does
not come in handy when you need it?
You can try to dedicate additional
money to the Savings section if
you have effectively managed and
stabilised your lifestyle. You can
always modify this rule to fit your
needs, but you must make sure that
at least 20% of your post-tax income
goes toward the savings part. The
rule can then be read as 50%-Needs,
20%-Wants, and 30%-Savings, and so
on.
The 50-30-20 rule will enable you
to exercise caution in your financial
dealings and make sure that all of
their money is not simply gone. You
will have more influence over how
you wish to spend your money and
thus become more aware of your
spending habits once you are aware
of the wealth inflows and outflows.
To maximize the value of the money
you earn, make sure to balance all the
buckets in accordance with this rule.
December 2022 www.thefinanceworld.com 9

UAE Banking
UAE Bank revenues to hit $25bn by 2030
amid digital transformation
The financial sector in
the Middle East has
been affected by the
pandemic’s spillover effects,
fluctuating oil prices, and growing
multidimensional disruptions.
But despite these strains, it has
managed to recover quickly. It has
adopted the worldwide trend of
digital transformation, digitization,
and innovation and is still making
noticeable strategic progress to
support growth. We think the financial
scene will continue to change in the
years to come as a result of newer
ideas, rules, and technology.
Regional banks with strong
balance sheets are making significant
investments in digitization to protect
and expand their market shares.
In fact, a few regional banks are
already recognised around the world
as exemplary instances of digital
transformation. A few cutting-edge
banks in the Middle East have
excelled in the field of digital banking
and demonstrated their mettle. Four
of the eight Middle Eastern banks on
10 www.thefinanceworld.com December 2022
the Top 100 Digital Bank Ranking list
are from the United Arab Emirates.
These banks were honoured for
their extremely cutting-edge digital
platforms, significantly differentiating
consumer value offerings, scalability,
and cost effectiveness.
The Middle eastern banking
sector is undergoing a significant
digital transformation, driven by
tech-savvy consumers and rapidly
growing technology hubs. As there
is a significant association between
banking growth, GDP per capita, and
digital strength, the region, which is
currently mostly powered by crude
oil, may contribute billions of dollars
to economic growth by increasing
digitalization.
Around 160 million people are
anticipated to utilise digital services
in the Middle East by 2025, which
could contribute up to 3.8% of its
GDP annually. With this, the Middle
East’s banking revenue might exceed
USD359 billion by 2025, growing at a
CAGR of roughly 8% per year starting
in 2020.
The rapid movement in consumer
preference toward digital banking
products will primarily benefit the
retail banking industry. The need for
frontline services and new digital
platforms appears to be increasing,
which could drive retail banking
revenue to USD135 billion by 2025 at a
CAGR of 9%.
In the Middle East, corporate
banking accounts for 44% of the
banking sector’s revenue and 55%
of its assets. In order to address
the complicated needs of corporate
banking clients, regional corporate
lenders have experienced a digital
revolution and taken risky and
aggressive actions throughout the
years. As a result, at a CAGR of
about 7%, corporate banking income
is anticipated to rapidly increase to
USD169 billion by 2025.
Bank Revenues to hit $25bn by
2030
According to a senior official of
the UAE Banks Federation, banks
in the UAE can expect their revenue

to increase by 52 percent by 2030,
reaching $25 billion, as the financial
sector adopts extensive digital
transformation methods.
Abdulaziz Al-Ghurair, chairman of
the UAE Banks Federation, stated
earlier at the Abu Dhabi Finance Week
that the change has led to the region’s
top banks registering over 95% of
digital transactions, out of which
more than 90% were completed on
mobile devices.
Al-Ghurair indicated that in 2021,
using statistics from the Central Bank
of the UAE, the proportion of cash
payments in all transactions fell from
69 to 20 percent while the proportion
of digital accounts increased from 7 to
51 percent.
He added that the banking
industry had made major technology
investments and updates in response
to shifting customer needs, which will
result in future improvements to the
customer experience.
According to the chairman, UBF has
played a significant role in fostering
digital transformation and solidifying
the industry’s leadership in creating
digital solutions, further boosting
regional economic growth.
The federation underscored the
Central Bank of the UAE’s tenacious
role in embracing the most recent
technology to enable greater financial
inclusion and grow the country’s
digital economy in a webinar.
“Under the direct supervision of
the Central Bank of the UAE, the
federation is committed to creating
the conditions for this development.
This progress requires keeping up
with the latest trends in the financial
sector to create solutions that meet
customers’ needs,” said Jamal Saleh,
director-general of the UBF, in a
statement.
“Digitalization is currently one
of the most important pillars of the
global economy. It is part of our
continuous efforts to ensure the
consolidation of the banking and
finance sector’s leadership through a
proactive approach of studying and
analyzing global market trends.” He
added.
A conference between the CBUAE
and the CEOs of UAE-based banks
was conducted in June to discuss
the ongoing recovery of the banking
industry in the UAE, the growing
significance of financial sector
digitization, and financial sector
The Middle eastern banking sector is
undergoing a significant digital transformation,
driven by tech savvy consumers and rapidly
growing technology hubs.
emiratization projects.
The immediate payments platform
and accelerated upgrading of the
financial infrastructure and data
centres for the payment system were
among the components of the central
bank’s National Payment System
Strategy, which was reviewed during
the conference.
Additionally, it provided a
comprehensive overview of numerous
projects to further Emiratize the
financial industry, including plans
to add 5,000 new positions to the
banking and insurance sectors by the
end of 2026.
The first IPO subscription app
in the Middle East is launched
by Dubai Bank amid a $18
billion boom
Customers of the digital bank Liv.,
owned by Emirates NBD, can now
subscribe to an IPO immediately from
an app.
The Liv. App makes investing and
money management simpler than
ever before by providing access to
everything a banking customer needs
to subscribe to an IPO.
Inside the app, users will be able
to subscribe, follow listing dates,
express interest in prospective IPOs,
and even make IPO payments.
Innovation in IPO banking
A single interface makes it simple
and quick to implement 100%
paperless subscription with only a few
clicks.
The app was released in response
to Emirates NBD’s end-to-end IPO
subscription website being launched
earlier this year for individual
investors.
According to figures collated by
Bloomberg, IPO money raised in
Europe, the Middle East, and Africa
this year totaled $18 billion, roughly
half of which came from listings in the
Middle East, particularly in Riyadh,
Abu Dhabi, and Dubai.
When the app first starts, CEO of
Retail Banking & Wealth Management
at Emirates NBD, Pedro Sousa
Cardoso, said “IPOs are growing
in popularity among our consumer
base as financial literacy becomes
more prominent and the investment
landscape matures”.
“As a digital bank serving a
population that is technologically
aware, we at Liv. recognise that
our consumers want a tailored,
personalised experience for their
financial needs.
“We are thrilled to be the first only
digital bank in the region to offer
this service, which will improve our
customers’ investment journeys and
give UAE investors a streamlined
trading experience.”
The software launches at a
time when initial public offerings,
particularly in the UAE and the Middle
East, are somewhat on the rise.
According to a government official
who stated, Abu Dhabi will likely host
three more initial public offerings
this year and at least 11 in 2023,
“continuing a pattern that’s made
the Middle East a bright light in an
otherwise dour market for fresh share
sales.”
“Next year, it’s going to be an
amazing pipeline,” Abu Dhabi’s
Department of Economic
Development chairman Mohamed Ali
Al Shorafa said, adding that “over 11
companies (are) being either advised
or in final stages for application
approval for the listing on Abu Dhabi
stock market.”
December 2022 www.thefinanceworld.com 11

UAE Banking News
The UAECB raises interest rates in
reaction to the Fed’s 75 bps hike
The UAE Central Bank increased its benchmark borrowing rate after the US
Federal Reserve aggressively raised its key interest rate to fight inflation
and restore price stability. In an effort to lower inflation from a four-decade
high and towards its goal range of 2 percent, the Fed increased the policy
rate for the fourth time in a row by 75 basis points. This is the year’s sixth rate hike.
The largest economy in the world resumed growth after two consecutive quarters of
declining output, but fears of a recession loom and job creation is accelerating, with
the total number of openings outpacing the number of unemployed Americans. Due to
their currencies’ pegs to the US dollar, the majority of central banks in the GCC follow
changes in the Fed’s policy rate.
Gulf central banks increased
interest rates following the Fed’s
move
Following the Federal Reserve’s fourth consecutive hike of its key
policy rate by three-quarters of a percentage point, the majority of Gulf
states announced that they would raise their benchmark interest rates.
Although the U.S. central bank’s decision was driven by its aim to reduce
the country’s stubbornly high inflation rate, it will also influence monetary policy
in the Gulf as the majority of the region’s currencies are pegged to the dollar. The
two biggest economies in the area, Saudi Arabia and the United Arab Emirates,
both raised rates by 75 basis points. The repo and reverse repo rates at the Saudi
central bank, also known as SAMA, were increased to 4% and 4.5%, respectively.
The base rate in the UAE will increase to 3.9%.
MultiBank Group
to relocate its
headquarters
from Hong Kong
to Dubai
Since its founding in 2005,
MultiBank Group has grown
to become the largest financial
derivatives organisation in the
world. The MultiBank Group today
boasts a remarkable daily trading
volume in excess of US$ 12.1 billion
and serves a sizable clientele of more
than 1,000,000 clients in more than
100 countries. The MultiBank Group’s
headquarters recently announced
its intention to relocated from Hong
Kong to Dubai. The Securities and
Commodities Authority of the UAE
(SCA) and the Monetary Authority
of Singapore (MAS) have granted
the MultiBank Group a licence for
the second half of 2022, according to
MultiBank Group Chairman Naser
Taher (MAS). The decision to relocate
to Dubai was made in part because
of the government’s supportive and
encouraging decision.
12 www.thefinanceworld.com December 2022

Liv. launches
the region’s
first IPO
subscription
app amid $18
billion rise
Liv. The digital bank run
by Emirates NBD is a
technological trailblazer
because it lets users
subscribe to an IPO directly from
an app. Investments and money
management are now easier than ever
thanks to the Liv. App, which offers
everything a banking customer needs
to subscribe to an IPO. Users will be
able to subscribe, follow listing dates,
express interest in prospective IPOs,
and even make IPO payments inside
the app. A single interface makes it
simple and quick to implement 100%
paperless subscription with only a
few clicks. The app was released in
response to Emirates NBD’s endto-end
IPO subscription website
being launched earlier this year for
individual investors. Strong investor
interest in Middle Eastern listings,
particularly those in Riyadh, Abu
Dhabi, and Dubai, has brought in high
prices.
ADGM collaborates with three
UAE banks to assist companies
in Abu Dhabi
The National Bank of Ras Al
Khaimah (RAKBANK), Wio
Bank, and Abu Dhabi Islamic
Bank have signed agreements
with Abu Dhabi Global Market, the
UAE capital’s financial centre, to
start programmes that would benefit
small and medium-sized businesses
by utilising financial technology. In
order to meet the needs of important
financial institutions in Abu Dhabi,
the cooperation with ADIB and
RAKBANK will give registered and
authorised firms priority banking
services. ADGM signed a preliminary
agreement with Wio Bank, the digital
banking service located in Abu Dhabi
that was introduced this year, to
make it simpler for companies to
create accounts. The contracts were
signed throughout the first Abu Dhabi
Finance Week.
UBF pledges to support enduring
socioeconomic development in
the UAE
The UAE Banks Federation
(UBF), the collective voice
and representation of
UAE banks, has reiterated
its dedication to advancing the
banking industry and fostering the
country’s sustainable socioeconomic
development. On the occasion of its
40th anniversary, UBF commended
the Central Bank of the UAE for its
ongoing support and direction in the
creation of policies and regulatory
frameworks to safeguard the stability
of the banking sector. The Federation
also emphasised its desire to support
its members in order to promote safe
and secure banking practises. The
UAE is the first nation in the Middle
East and North Africa to create a
national organisation for SWIFT users,
and Saleh serves as the chairman of
the group’s steering committee.
Profitability of the top
10 UAE banks increased
by 15.1% in the 3Q
According to a top global professional services
business, the profitability of the top 10 UAE banks
increased in the third quarter of 2022 due to
greater core interest income despite a slowdown
in the growth of loans and advances. According to Alvarez
& Marsal (A&M), in its UAE Banking Pulse report, aggregate
net interest income (NII) increased by 12.2% quarter over
quarter, while net interest margins (NIM) improved by 18
basis points (bps) on the back of higher benchmark rates.
While non-performing loans (NPLs)/L&A decreased by 0.2%
to 5.5% during the quarter, total interest income increased
significantly by 27.5% as asset quality improved.
December 2022 www.thefinanceworld.com 13

UAE Banking News
GCC banks will
begin 2023 on
a strong basis
A
surge in profitability due
to higher oil prices, rising
confidence, and significant
government projects in
nations like Saudi Arabia will help
GCC banks start the new year on a
strong note. In its most recent analysis
on the regional banking industry, S&P
Global Ratings predicted that net
profit for lenders in the six-member
GCC economic bloc will virtually
reach pre-pandemic levels in 2022. As
the US Federal Reserve maintains its
hawkish attitude and raises interest
rates aggressively, net interest income
and bank margins will continue to
climb in the second half. Stronger
economic growth and support
measures mean that the cost of risk
will return to 100 basis points for the
top 45 banks, the ratings agency said.
Banks will continue to benefit from
the declining cost of staff and smaller
branch networks.
A shift to digitization will
increase UAE banks’ revenue to
$25 billion by 2030
According to the head of the
institutions’ professional
representation body, the
income of UAE banks
is predicted to increase by 52% to
around $25 billion by 2030, with digital
transformation playing a critical role
in enhancing operations and customer
services. According to Abdulaziz
Al Ghurair, head of the UAE Banks
Federation, in a keynote address at
the first Abu Dhabi Finance Week, the
“robust” banking sector of the United
Arab Emirates will continue to be
strong and stable over the long term.
As the number of digital accounts
increased, the amount of cash in
payments fell from 69 to 20 percent in
2021.
Al Ramz Corporation and Dubai Islamic Bank
announce a strategic partnership
Al Ramz Corporation PJSC,
a leading UAE capital
markets financial institution
offering a wide range of
financial solutions, and Dubai Islamic
Bank PJSC, the largest Islamic bank
in the UAE and the second-largest
Islamic bank in the world, recently
announced a strategic partnership to
utilise capital markets services and
broaden financial offerings to clients.
Through Al Ramz Capital, a division
of the Al Ramz Corporation, the bank
will now offer brokerage and related
services to its clients. As part of this
partnership, the bank will also provide
its banking services to its clients.
Prior to this, its subsidiary Dubai
Islamic Financial Services offered the
brokerage business (DIFS).
14 www.thefinanceworld.com December 2022

Central Bank of UAE
CBUAE’S Latest Trends and Decisions
The Insurance Sector CEO Forum was presided over by Khaled Mohamed Balama,
Governor of the Central Bank of the UAE (CBUAE), on November 14, 2022 in Abu Dhabi.
By coordinating with the CEOs of insurance companies to address the goals of the sector,
the CBUAE’s conference sought to improve communication between the CBUAE and the
insurance sector.
The CBUAE also reviewed
the implementation of
thorough corporate
governance requirements for
insurance businesses and the goals for
improving effective supervision and
regulation of insurance companies
in accordance with insurance
fundamental principles.
Moreover, the CBUAE provided
information about the proposed
creation of an Ombudsman unit
known as “Sanadak.” Through simple
access and quick response, the unit
is anticipated to offer a distinctive
mechanism for resolving customer
complaints. In this regard, the CBUAE
reaffirmed its dedication to ensuring
the moral behaviour of businesses and
the defence of the rights of customers
who have insurance.
The CBUAE also announced a
number of plans that would expand
Emiratization in the insurance sector
to 30% by 2026 and offer 1,500 new
jobs for UAE nationals, highlighting
the country’s ambition for the
following fifty years. Through the
Emirates Institute for Banking and
Financial Studies, the CBUAE created
learning pathways aimed at upgrading
Emiratis’ competencies in accordance
with the needs of the insurance
business.
The CBUAE discussed with the
CEOs its strategic and transformative
initiatives that will benefit the UAE’s
financial system and the insurance
sector, including the financial
infrastructure transformation
programme to promote digitalization
of the insurance sector, further
enhance the efficiency of insurance
companies, and broaden the scope of
digital services available to customers.
H.E. Khaled Mohamed Balama,
Through the Emirates
Institute for Banking
and Financial
Studies, the CBUAE
created learning
pathways aimed at
upgrading Emiratis’
competencies in
accordance with the
needs of the insurance
business.
December 2022 www.thefinanceworld.com 15

Central Bank of UAE
Governor of the CBUAE, said: “We
at the CBUAE confirm our keenness
in hosting the Insurance Sector CEO
Forum regularly, to highlight the
importance of close collaboration
with insurance companies and
discuss the recent updates to keep
pace with the development of this
vital sector. We appreciate the CEOs’
full support of our transformational
initiatives to promote Emiratisation
and digitalisation, as the CBUAE
is committed to safeguarding and
developing the UAE’s insurance
sector.”
This is in keeping with its
promises to accomplish the strategic
Emiratization objectives as part of
the national agenda and increase
the involvement of Emirati citizens
in determining the direction of the
financial sector. Additionally, by
encouraging Emirati talent to flourish,
advance their professional paths,
and increase their expertise in light
of the sector’s quick development
and constant landscape change,
the CBUAE hopes to hasten the
implementation of the national human
capital empowerment programme in
the financial and insurance sectors
through this participation.
With a focus on attracting the
best talent who will support the
ambition of the CBUAE to be among
the top central banks globally, the
CBUAE offers exciting employment
opportunities across a broad variety
of disciplines in core and support
departments.
The CBUAE provides a work
environment that encourages
creativity, adaptability, and ongoing
professional growth in order to
enhance financial and monetary
stability and the competitiveness of
the financial sector in the UAE in line
with emerging economic trends.
On the other hand, the Overnight
Deposit Facility (ODF) Base Rate
will now be increased by 75 basis
points, from 3.15% to 3.90%, by the
Central Bank of the UAE (CBUAE).
This choice was made in response
to the US Federal Reserve Board’s
announcement to raise the Interest on
Reserve Balances (IORB) by 75 basis
points on November 2, 2022.
The CBUAE has also decided to
keep the rate for short-term liquidity
loans through all ongoing credit
facilities at 50 basis points over the
Base Rate. The Base Rate, which is
tied to the IORB of the US Federal
Reserve, conveys the overall direction
of the CBUAE’s monetary policy.
Additionally, it gives overnight money
market rates a useful interest rate
floor.
For the fourth time in a row, the
Federal Reserve raised its benchmark
interest rate by 75 basis points,
inspiring central banks in the GCC to
follow suit. Repurchase agreement
rates were raised by 75 basis points at
the Saudi Central Bank.
Consumers in the UAE may soon
be able to file complaints with a
higher authority regarding their
insurance policy or other connected
issues. As stated earlier there will
be a “ombudsman” unit that will
handle these complaints and provide
potential resolutions.
The Emirates Insurance Authority
was merged into the UAE Central
Bank in October 2020, and as a
result, it now oversees the insurance
industry. Since then, there have been
significant adjustments made to how
insurers manage their duties and
operations.
Industry insiders view the
ombudsman unit’s expected
introduction as a logical extension of
recent reforms and, most importantly,
as offering consumers the opportunity
to voice their grievances directly and
through the proper channels.
According to the data that the
top insurance providers in the UAE
supplied at the conclusion of the first
nine months, premium generation
has increased. However, they will
still need to handle the claims side
of it with extra caution and focus,
particularly on important lines like
motor and medical. It can result in
increased premiums for both new and
renewed plans.
The UAE Central Bank claims that
despite the difficulties brought on
by the epidemic, the performance of
the insurance sector has “remained
resilient.” However, the regulator
added at a forum where the CEOs of
insurance companies were hosted that
priorities to raise effective supervision
and regulation of insurers will be
taken up, “in line with insurance core
principles and the implementation of
comprehensive corporate governance
requirements for insurance
companies.”
Banking and financial services
industry sources claim that companies
in the UAE are starting to understand
the importance of accounting for
the rising cost of debt. According
to Bal Kishen Rathore, CEO of
Century Financial, “companies in the
UAE have been able to meet their
working capital requirements so far.”
Fortunately, the IMF predicts that the
Middle East would experience a better
growth rate of 5% in 2022 compared to
4.1% in 2021. Companies are therefore
in a much stronger position overall
here.
In one example, the second
quarter of 2022 saw a 22% increase
in sales for companies listed on
the UAE stock market for which
information is available. Yet the
region is probably going to experience
some effects of the slowing global
economy. Businesses with an export
concentration may experience some
slowdown as the hawkish posture of
central banks throughout the world
starts to have an impact on demand in
advanced nations.
According to some sources, the
third quarter saw a rise in mortgage
lending at UAE banks, but in October,
the trend may have stalled. According
to the banks’ Q3-22 advances, there
may have been some front-loading of
mortgages by buyers in the months
of July to September. Every end-user
mortgage applicant was aware of the
Fed’s intentions, and if they were able,
they took out their loans in July or
August.
“And they fixed their prices for
the first to third year. That would
still be 20–25% greater than it was
the previous year, even if mortgage
activity were to remain subdued in
Q4–22. The number of mortgagebacked
deals that occurred
throughout the summer has been
confirmed by banking and real estate
sources.
16 www.thefinanceworld.com December 2022

Fintech
The Mena Region is the Key Fintech
Region to Watch
In the past three years, the MENA region’s fintech ecosystem has been more active, with
investors supporting all major sectors like payments, wealth, insurance, and lending. The
development of fintech in the MENA religion is being fuelled by technical advancements made
to enhance the current financial services, which had remained largely branch-focused. The
fintech environment is also diverse; UAE is the most advanced region in this regard, followed
by Bahrain, Egypt, Morocco, Tunisia, and Jordan.
Following Arab states,
North Africa has a sizable
unbanked population,
but with the support and
receptivity of regional regulators, it
is anticipated that this number will
significantly decrease in the current
decade. For instance, new attempts
have been launched to control digital
payment systems by the central banks
of Jordan, Bahrain, Egypt, and the
United Arab Emirates. Bahrain, Abu
Dhabi, Dubai, and Lebanon have
also enacted legislation governing
crowdfunding.
One of the most rapidly expanding
fintech ecosystems worldwide has
been found in the MENA area, the
goal of which is to enhance the
current financial services through
technological innovation. The COVID
outbreak has increased the innovation
and development that Fintechs offer,
which has increased demand for
Fintechs in the MENA region’s BFSI
sector. Additionally, Lebanon has
enacted legislation for crowdfunding
like ADGM & DIFC.
The ecosystems of government and
fintech have advanced significantly
in this area. A framework for
monitoring Open Banking services
and safeguarding data privacy from
Fintechs has been introduced by
ADGM (Abu Dhabi Global Market).
In order to assist issuers wanting
to raise capital through distributed
ledger technology, the Dubai Financial
Services Authority (DFSA) has
released a Framework for Regulating
Security Tokens. To control digital
payment systems, the central banks
of Egypt, Bahrain, the United Arab
Emirates, and Jordan have taken
special actions. Saudi Arabia has
December 2022 www.thefinanceworld.com 17

Fintech
moved up three spots on the index
of how easy it is to do business,
demonstrating that it is actively
diversifying its economy.
Effects of these regulatory
adjustments and sector-specific
enhancements in more depth
• Banks
The Gulf Cooperation Council
(GCC) and the Middle East and
Northern Africa have a number
of institutional collaborations
throughout the MENA region. Several
Central Banks also offer regulatory
assistance as the banks operate
internationally. Additionally, there
is a phase of bank consolidation
in the area, with the larger banks
joining to form a Super Big Banking
group. In 2019, the third-largest bank
in the UAE, Union National Bank
(UNB), merged with Abu Dhabi
Commercial Bank (ADCB). A few of
the most valuable banks in the region
were created when the National
Commercial Bank of Saudi Arabia
announced that it will merge with
Samba in 2021. In 2020, Dubai Islamic
Bank and Noor Bank merged to
operate as one entity.
• Remittances & Payment
Transfers
With new technology providers,
platforms, and payment solutions
being introduced, the Digital
Payments transfers & Remittance
category in the MENA area has had
the strongest growth. The widespread
adoption of smartphones and the
internet has opened the door for
advancements in the digital payments
industry, which are responsible for the
market’s sweeping expansion.
With new technology providers,
platforms, and payment solutions
being introduced, the Digital
Payments transfers & Remittance
category in the MENA area has had
the strongest growth. The widespread
adoption of smartphones and the
internet has opened the door for
advancements in the digital payments
industry, which are responsible for
the market’s sweeping expansion. In
April 2021, for instance, Saudi Arabia
unveiled the Sarie quick payment
system, which is governed by the
Saudi Central Bank (SAMA). With the
help of the payment method, any bank
customers can rapidly transfer money
using a variety of transfer methods.
18 www.thefinanceworld.com December 2022
The payment system allows users
of local banks to send and receive
up to $5,300 (SAR20,000). Using the
customer’s mobile number, email
address, ID number, or IBAN, Sarie
enables rapid transfer service for up
to $660. (SAR2,500).
• Sector-wise Growth in the
MENA region
The market for digital payments
was viewed as a sophisticated social
commentary. The epidemic also
assisted the entire public in changing
their viewpoint in accordance with
the situation. In the MENA region,
65% of people transacted on CODspecific
orders in 2019, by 2021, only
16% of people were fixated on COD.
Governments and businesses in the
MENA area are eager to introduce
a mobile-based real-time payment
system similar to UPI in India due to
the growing desire for transactions
using digital payments.
Due to shifting lifestyles, daily
commerce, and the explosive growth
of the e-commerce industry, the
evolving digital payment environment,
which envisions real-time payments,
is fuelling the digital transformation of
payments and services. The expanding
tendency is anticipated to continue
for the next three to five years,
dramatically altering how business is
conducted worldwide.
Because there are too many
regional and local companies in
each country in the MENA area, we
forecast significant consolidations in
the payments sectors. Additionally,
the market may experience
significant consolidation in 2022
due to difficulties with cross-border
assistance, high expectations for
technological innovation, and
consumer preference for fintechs
backed by banks or big tech
companies.
• Insurtech
In the MENA region, up to 80% of
people lack health insurance. The
MENA area therefore has a lot of
promise for insurance or insurtech.
Additionally, a variety of insurance
options are offered globally, including
those for property, health, life,
automobiles, gadgets, and more
across the region. Because traditional
insurance providers struggle to
meet the wide range of client wants,
there is a tremendous opportunity
for insurtech businesses to research
and develop new lucrative market
niches. In addition to developing
fresh, cutting-edge solutions to
expand market reach, the area can
play a significant role in the digital
transformation of the insurance
industry.
• Blockchain
The MENA area has adopted
blockchain technology and digital
currency on many levels. The
blockchain/cryptocurrencies are
anticipated to increase despite the
current market difficulties as a result
of investigating the Central bank
Digital Currencies (CBDC) projects
from various nations in the MENA
area. A mobile-based CBDC scheme is
currently being developed, according
to the UAE Central Bank and other
Asian banks. To prevent double
financing and invoicing fraud, UAE
Trade Connect has established a
blockchain-based digital platform.
On the other hand, The Bahrainbased
startup RAIN was developing a
marketplace, and DEX & Mid-Chains
has developed a global digital asset
exchange/marketplace to trade
cryptocurrencies. According to the
Nickel Digital Asset Management
organisation, Dubai was anticipated to
host more than 1,000 cryptocurrencies
by 2022.
The leaders of the MENA area have
been aided in questioning the way for
progressive development as a result
of the worldwide breakthroughs in
technology and digitization in the
BFSI sector. The area’s population
is over 80% unbanked, hence efforts
are currently being made to increase
market accessibility and broaden
support in order to meet the demands
of the populace. Additionally, the
difficulty of changing and rebuilding
how organisations work is posed by
the digital transition in mainstream
organisations.
Governments and investors are
searching for Fintechs to assist
them in transforming the services.
Governments, businesses, customers,
and the entire population are being
assisted in achieving their goals for
better services in the sector by the
region’s countries extensive growth of
the Fintech.

Qashio raises
$10 million to
hasten its entry
into Saudi
Arabia
UAE-based financial
technology startup Qashio
raised $10 million in a seed
round with plans to grow
in Saudi Arabia, the largest economy
in the Arab world. The company
stated in a statement that a number
of foreign and local investors took
part in the latest funding round, which
consists of both equity and non-equity
financing. These include several
strategic family offices and angel
investors, One Way Ventures, Mitaa,
Cadorna Ventures, Sanabil 500 Mena,
Nuwa Capital, and Iliad Partners. The
FinTech company Qashio, founded in
2021 by businessmen Armin Moradi
and Jonathan Lau, distributes charge
cards to businesses connected to
its software, which automates the
management of a company’s spending.
The UAE to
have access to
Berg Money’s
SME payments
platform
The SME Fintech platform
from global payments
company Berg Money will be
launched in the UAE. Small
and medium-sized firms can open
accounts and conduct transactions
on Berg’s platform in different
currencies, facilitating international
trade and lowering operating costs
and foreign exchange fees. UAE
SMEs will have 24 hours following
the submission of their application
to register an account and begin
using it. Holders of Berg’s accounts
will be able to fully manage their
finances online, including using the
mobile app, giving them access to
multi-currency IBANs, the ability to
send money internationally, and the
ability to control employee cards.
When it comes to cross-border
payments, Berg’s solution offers their
clients unmatched transparency and
efficiency, enabling them to compete
in an increasingly complex global
market.
Fintech News
Bahrain:
Fintech centres
“grow on
momentum”
According to Strategy &
Middle East, a member
of the PwC network,
sustained expansion in
the fintech sector would support
financial services as well as the
GCC’s overarching goals of economic
diversification and enhanced
innovation. In the GCC, there are
now four fintech centres compared to
just one in 2018; throughout the past
five years, the amount of late-stage
funding rounds has nearly doubled.
However, the area cannot afford to
sit on its laurels and must continue to
build on the momentum by supporting
fintech startups, facilitating and
speeding access to venture financing
(VC), and developing new plans to
address the growing digital talent gap.
Sustainability Fintech Report is released
by the Sustainable Fintech Alliance
The Sustainability Fintech
Report was introduced during
Abu Dhabi Finance Week
by the Sustainable Fintech
Alliance, a primary working group
of the MENA Fintech Association
(MFTA). The report, which includes
a special interview with H.E. Mariam
Al Mheiri, UAE Minister of Climate
Change and Environment, highlights
all the amazing initiatives that MFTA’s
members and partners are launching
that address some of the most
important facets of sustainability,
including protecting the environment,
promoting inclusion and equality,
facilitating access to finance for
underserved communities and
refugees, and more. Fintechs are well
positioned to lead the way by thinking
and acting sustainably as technology
develops and consumers want more
conscientious goods and services.
December 2022 www.thefinanceworld.com 19

Fintech News
Bahrain’s Beyon Connect and Egypt
Post launch a digital mailbox
The “billiondollar
momentum”
must be built
upon by GCC
fintech centres
According to Strategy&,
Middle East, a member
of the PwC network,
sustainable fintech growth
will support financial services as
well as the GCC’s broader goals
of economic diversification and
enhanced innovation. One fintech
centre existed in the GCC in 2018;
by the end of 2022, there will be
four; and in the previous five years,
the amount of late-stage fundraising
rounds has nearly doubled. The area,
however, cannot afford to sit on its
laurels and must continue to build
on the momentum by supporting
fintech startups, accelerating and
streamlining access to venture
financing (VC), and developing new
plans to address the rising digital
talent gap.
20 www.thefinanceworld.com December 2022
The Sustainability Fintech Report was introduced during Abu Dhabi Finance
Week by the Sustainable Fintech Alliance, a primary working group of the
MENA Fintech Association (MFTA). The report, which includes a special
interview with H.E. Mariam Al Mheiri, UAE Minister of Climate Change and
Environment, highlights all the amazing initiatives that MFTA’s members and partners
are launching that address some of the most important facets of sustainability, including
protecting the environment, promoting inclusion and equality, facilitating access
to finance for underserved communities and refugees, and more. Fintechs are well
positioned to lead the way by thinking and acting sustainably as technology develops
and consumers want more conscientious goods and services.
YAP wins the MENA Fintech
Award for the “best fintech of
the year”
The Middle East, Africa,
and South Asia (MEASA)
region’s top financial super
app, YAP, was named the
2022 MENA winner of the “Best
Fintech of the Year” award during
Abu Dhabi Finance Week. The
inaugural awards, organised by the
MENA Fintech Association, a nonprofit
organisation that promotes
open communication among the
region’s growing fintech community,
in collaboration with Grant Thornton
UAE and hosted by AD Finance Week
(ADFW), have recognised the top
innovators in the fintech sector from
the Middle East and North Africa.
As the first independent financial
super app to successfully enter
the UAE market, YAP has received
recognition for providing consumers
and companies with a wide range of
financial solutions to simplify financial
management.
Dubai’s Baraka raises $20
million
Baraka, a UAE-based fintech
business, has raised $20
million in a capital round
and is now trying to grow
its presence in the GCC and Egypt.
According to the company, which
runs a platform for commission-free
investors, the Series A financing
was led by venture capital firm
Valar Ventures and supported
by international investment firm
Knollwood and businessman Peter
Thiel. The platform, which debuted
in 2021, gives users access to more
than 6,000 US stocks and exchangetraded
funds (ETFs). To make “local
market trading” available on its app,
it is collaborating with regional stock
exchanges and authorities.

Leap releases a fintech app in the UAE to increase
young people’s financial literacy
Leap, a new fintech firm,
has debuted in the UAE
to instruct children and
teenagers on how to make
wiser financial decisions. Targeting
the under-18 unbanked population,
the Dubai-based business wants to
increase young financial awareness
and money management abilities.
The app is now accessible to children
in the UAE between the ages of 6
and 18, with expansion into Saudi
Arabia and Egypt planned. The Leap
app was created from the bottom up
with parents and children in mind
and is intended to promote an open,
entertaining, and motivating financial
education. The app emphasises the
value of youth financial literacy by
rewarding healthy spending and
saving behaviours, developing the
next generation’s capacity for fiscal
responsibility.
Geidea promoted fintech funding and business
help at the 2022 Techne Summit in Egypt
Geidea, a prominent
fintech firm in the
area, has committed to
enabling SME success
and participation in the digital
economy by expanding access to
digital payment solutions. Geidea
has announced its participation in
the Alexandria “Techne Summit” in
2022. The Techne Summit is one of
the largest multi-industry investment
and entrepreneurship conferences in
the world, bringing together investors,
fintech corporations, technology
startups, and some of the most
significant fintech pioneers. With
a 75% market share, as the market
leader in Saudi Arabia, and as the
supplier of payment services with the
highest rate of expansion in Egypt.
Geidea participated in the summit to
talk about the most recent innovations
in the financial sector and to promote
funding for Egyptian start-ups and
entrepreneurs.
December 2022 www.thefinanceworld.com 21

Business
GCC Retail Industry Bounces Back from
Covid
Alpen Capital predicts that
the retail industry this year
in the GCC will surpass
pre-pandemic levels and
generate $297 billion in revenue. If
Alpen’s market forecasts come to
pass, that is a gain of 15.7%. As major
drivers of the increase, the World
Cup in Qatar, returning visitors,
and expanding populations are all
mentioned.
Shop-loving Before 2026, growth is
predicted to be led by Saudi Arabia
and the UAE, with a compound annual
growth rate of 5.7%. In four years,
according to Alpen, the industry will
be valued $370 billion.
According to Sameena Ahmad,
Managing Director of Alpen Capital,
“the GCC retail business is positioned
to grow at a healthy rate due to
favourable demographics, improved
macroeconomic fundamentals, and
resurrection of the tourism industry.”
“The sector is also expected to
benefit from the governments’ push
towards economic diversification
and a growing prominence of
omni-channel business models.
The industry was severely hit by
the restrictions imposed during the
pandemic; however, retailers were
responsive to the changing demands
and innovated to sail through difficult
times.”
Saudi Arabia and the United Arab
Emirates continue to dominate
regional sales, with a combined
share of 78.5% by 2026. This is
largely a result of their sizable and
diverse demographic base as well
as a rising need for distinctive retail
opportunities.
Qatar will experience the greatest
growth in the near future, thanks to
the FIFA World Cup. Football fans
and tourists will spend $18.5 billion in
retail sales this year, a 36% increase
over last year. According to Alpen
Capital’s most recent report, retail
sales across the GCC will increase
15.7% year over year to $296.8
billion by the end of 2022, driven by
a booming retail sector in the UAE
and Saudi Arabia. The rebounding
business confidence following the
reopening of borders, easing of
travel restrictions, and increase in
hydrocarbon revenues is fueling the
retail buoyancy further.
The GCC is quickly becoming a
major hub for international business,
entertainment, and sporting events,
and a number of events are planned
to increase traveller numbers.
Additionally, one of the main factors
propelling the expansion of the GCC
retail industry continues to be the
rising population, which includes a
high concentration of expatriates and
HNWIs.
According to a report presented
at the Middle East Retail Forum,
the recently concluded free trade
agreements (FTAs) with India and
Israel will expand the establishment
of foreign brands in the region as well
as broaden the variety of foreign food
and non-food products available in
domestic retail stores.
The UAE-based investment
banking advisory firm stated in the
research that regional retail sales are
expected to increase at a compound
22 www.thefinanceworld.com December 2022

annual growth rate (CAGR) of 5.7%
to $370 billion in 2026, with the UAE
accounting for $113.8 billion and
Saudi Arabia contributing $176.5
billion.
The GCC retail sector is anticipated
to expand at a healthy rate as a
result of favourable macroeconomic
conditions, rising demographics, and
a rebound in the travel and tourist
sector. The government’s quest for
economic diversification and the
rising popularity of omnichannel
business models are also anticipated
to be positive factors for the sector.
Between 2022 and 2026, it is expected
that non-food retail sales would
increase at a CAGR of 6.2% while food
retail sales will rise at an annualised
pace of 4.9%.
Saudi Arabia and the United Arab
Emirates continue to dominate
regional retail sales, accounting for
a combined 78.5% of all sales by
2026. This is partly because of their
sizable and diversified population,
rules that have been liberalised, and a
growing desire for unusual shopping
opportunities. Between 2022 and 2026,
retail sales are expected to increase in
the kingdom and the UAE at a CAGR
of 6.5% and 5.1%, respectively.
On the other side, Qatar is
anticipated to experience the biggest
growth in the area throughout this
period. Due to the influx of tourists
for the FIFA World Cup 2022, retail
sales are predicted to increase by
36% year over year to reach $18.5
billion. After the World Cup, growth
is anticipated to return to normal at a
CAGR of 3.5%. The projected period
is expected to see growth in Bahrain,
Oman, and Kuwait at respective
CAGRs of 7.3%, 6.1%, and 3.5%.
The analysis predicts that dutyfree
sales at GCC airports (Dubai,
Abu Dhabi, Qatar, and Bahrain) will
increase by 65.5% year over year to
reach $2.2 billion in 2022 and then
increase again to $ 3.0 billion by 2026,
representing a CAGR of 8.4%.
The GCC economies are projected
to develop by 6.2%, which is
significantly faster than the global
average and will benefit the retail
industry. According to the report,
digitalization and e-commerce
industry expansion will support the
increase.
According to Dhanak, the recent
initiatives by the governments of
the GCC countries to reduce visa
Retail sales across the GCC will increase
15.7% year over year to $296.8 billion
by the end of 2022, driven by a booming
retail sector in the UAE and Saudi Arabia.
requirements and ease air travel have
encouraged the tourism business,
which would support the expansion of
the retail sector in the years to come.
Retail is one of the top three
contributors to the GDP of the Gulf
countries, contributing to a significant
number of jobs, according to Justina
Eitzinger, CEO of Images Group
Middle East, which organises the
Middle East Retail Forum and Images
RetailME Awards.
The reopening of borders, easing
of travel restrictions, and increase in
hydrocarbon revenues are all cited in
the report as reasons why business
confidence in the region is improving.
With a number of events planned
that will increase visitor numbers,
the GCC is quickly developing into
a major global hub for business,
entertainment, and sporting events.
Furthermore, one of the main factors
propelling expansion of the GCC
retail business continues to be the
expanding population, which includes
a significant number of expatriates
and HNWIs. Additionally, the recent
FTAs with India and Israel will not
only broaden the establishment of
foreign brands in the area but also
boost the variety of imported food and
non-food items available in domestic
retail establishments.
The report also points out that the
industry is now under more strain as
a result of fewer revenues brought
on by a severe decline in oil prices
combined with global inflation. It
has forced retailers to implement
aggressive promotional tactics by
providing discounts to further boost
revenues. Additionally, there is more
competition in the retail industry
now due to the growing number of
multinational companies operating in
the area.
Consumers have begun to turn
to online channels as a result of
the COVID-19 health crisis, and
local businesses are acting quickly
to meet the sudden increase in
demand. Operators may benefit
from digitization by streamlining
processes, cutting costs, reducing
worker workloads, improving overall
customer satisfaction, and maybe
increasing revenue generating. Players
are seeking scale, concentrating on
creating new business models, and
rethinking their pricing tactics in light
of the market’s increasing maturity
and competitiveness.
The International Monetary Fund
predicts that Saudi Arabia’s economy
will expand at its strongest rate
in ten years and rank among the
fastest-growing in the world this year.
According to Jadwa Investment, the
kingdom’s GDP will grow by 8.7% this
year after growing by 3.2% in 2021.
On the back of increased new
business and output, business activity
in Saudi Arabia’s and the UAE’s
non-oil private sectors improved in
October. The seasonally adjusted
S&P Global purchasing managers’
index for the UAE increased from
56.1 in September to 56.6 in October.
The index value, which supported
the strength of the nation’s non-oil
economy, was just a hair below the
three-year high of 56.7 reached in
August. According to the UAE Central
Bank, the second-largest economy in
the Arab world is expected to grow by
5.4% this year.
Due to an increased estimate for
the production of the energy sector
and the “strong growth” of its non-oil
sector, Emirates NBD predicts that
the GDP will grow by 7% this year,
making it the nation’s fastest annual
expansion since 2011, when output
increased by 6.9%.
December 2022 www.thefinanceworld.com 23

Business News
UAE business executives
anticipate growth and an
increase in their profitability
According to a recent study, the top executives of some of the largest
firms in the UAE forecast growth and an increase in their profitability,
whereas the majority of CEOs around the world are prepared for a
global recession. In contrast to the 86 percent of executives worldwide
who agree or strongly agree on the possibility of a recession in the next 12 months,
only 24 percent of the chief executives in the second-largest economy in the Arab
world anticipate an economic downturn, according to consultancy KPMG’s most
recent CEO Outlook report. Sixty percent of UAE CEOs predict that during the
next three years, their companies’ earnings will rise by 2.5 to 4.5 percent yearly.
More than twice as many senior executives, or 28% of those surveyed, live in that
region.
After The Opus, Dubai developer
Omniyat is considering the
waterways
The Dubai-based developer
Omniyat, which specialises
in ultra-luxury, intends to
“bring its next building
out to the ocean.” The goals are
being pursued as developers with
a luxury focus, like Omniyat, get
ready for the city’s impending wave
of iconic constructions. Through its
first project on the Palm, the “One
at Palm Jumeirah,” Omniyat has
broken numerous records recently.
A penthouse there sold for a then-
Dubai record price of just over Dh100
million plus. The AVA, another Palm
app, was introduced more recently.
According to Mehdi Amjad, founder
and executive chairman of Omniyat,
“what we are doing with the projected
new one is following the vision of
Dubai, as we see another opportunity
to create something unique.”
Lulu
Hypermarket
will debut at
the Dubai Mall
Zabeel
UAE companies were given 50
days to hire Emiratis or face
$20k in fines
Private sector businesses have been cautioned by the Ministry of Human
Resources and Emiratization that failure to employ enough Emiratis will
result in fines of $20,000 (AED72,000) per year. Companies with more
than 50 workers must make sure that 2% of their workforce is Emirati by
the time January 1 arrives. The action is consistent with the Nafis agenda of the
government. Businesses who don’t reach the goals will be penalised AED 6,000 per
month or AED 72,000 annually. The initiative boosts the incomes of UAE citizens
with specialisations in professions including coding, nursing, and accounting. The
programme increases the pay of UAE residents who specialise in fields like coding,
nursing, and accountancy.
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.
24 www.thefinanceworld.com December 2022

Taqa saw a 60% increase in 3Q
profit due to rising oil prices
The third quarter profit for
Taqa, also known as Abu
Dhabi National Energy
Company, increased by
over 60% as a result of rising oil
prices. For the three months ending
in September, the company’s net
profit attributable to equity investors
increased to Dh2.23 billion ($610
million), it reported in a filing with
the Abu Dhabi Securities Exchange,
Taaleem’s IPO in Dubai was 18
times oversubscribed
Taaleem Holdings, a school
management company in
Dubai, raised 750 million
dirhams from its initial
public offering at a price of three.
Oversubscription was reached 18
times during this period. Taaleem
CEO Alan Williamson expressed his
satisfaction that both domestic and
foreign investors showed such a
high interest in the company’s first
public offering (IPO). At the time
of listing, Taaleem would have a
market capitalization of about Dh3
billion, making it the biggest and
only provider of devoted education
on the DFM. The IPO revenues
will be applied to the company’s
K–12 premium education network
expansion, “creating additional
options for students in the UAE to
access our high–quality education
offering.”
Abu Dhabi AD Ports acquires the
Spanish port company Noatum
for $680 million
The AD Ports Group of Abu
Dhabi was investing $680.6
million to purchase 100% of a
significant port operator for
2.5 billion UAE dirhams. According to
a statement released, the investment
in Noatum, which has more than
2,600 employees on its payroll and
conducts business in 26 countries,
including Spain, the United States, the
United Kingdom, and other Asian and
where its shares are traded. The
period’s total revenue increased by
more than 14% to Dh13.70 billion, with
revenue from oil and gas operations
rising by 61% to Dh2.71 billion. The
board of Taqa declared a Dh675m
interim cash dividend, or 0.60 fils per
share. According to the company’s
dividend policy, this will be the third
quarterly dividend payment for the
fiscal year of 2022.
European markets, aims to position
AD Ports as the top logistics and
freight forwarding company in the
world. A fresh purchase loan will be
used to fund the entire deal. Following
the purchases of an 80% ownership
position in Dubai-based Global
Feeder Shipping and a 70% equity
stake in Transmar and TCI, this will
be AD Ports’ third significant foreign
acquisition of the year (GFS).
UAE eliminates
VAT in some
industries
The UAE’s Ministry of Finance
(MOF) announced that board
members will no longer be
liable to value-added tax as
of January 2023. (VAT). Legal entities
that have designated a board member
to act on their behalf will still be
subject to the tax. According to a
cabinet decision that will take effect
on January 1, 2023, performing the
duties of a board member at a public
or private establishment in exchange
for compensation (in the form of
money or benefits in kind) will not
be regarded as providing services
for the purposes of the VAT. This
was noted by Younis Haji Al Khoori,
Undersecretary of the Ministry of
Finance.
December 2022 www.thefinanceworld.com 25

Cover Story
One of the critical
things to become
an entrepreneur
is to keep on your
nerves and wait for
your time to come,
because once you
start your journey,
there will be so
many hurdles.
Anurag Chaturvedi
Chairman of ICAI Dubai,
CEO of Andersen in UAE
26 26 www.thefinanceworld.com
December 2022

Anurag Chaturvedi, Chairman of
ICAI Dubai, CEO of Andersen in
the UAE
Anurag carries 20 years of experience in tax and transaction advisories and has had a
distinguished career serving global clients and clients across the Middle East and Asia
in the public and private sectors on VAT, Excise, ESR, AML, and direct tax matters.
He has conducted hundreds of seminars and written a number of blogs to address
critical tax matters and economic development in the region. He has also contributed to
formulating several decisions to improve tax development in the region.
Exclusive to the Finance World Magazine
How did you start as an
entrepreneur from a
seasoned executive, and
how does it feel like to
be in this club?
I think the most important thing in
this journey has been understanding
the need of clients and that of the
market. Today essentially, I say that
people look for those who can solve
the problems, and being a problem
solver is where you thrive in today’s
world. Once you start solving
problems, people come along with
you, start understanding what you’re
trying to offer, and then try to love it.
That’s how we have conceptualized
the concept of the company. We
collaborated with Andersen, and they
find the same sort of synergy; that
we are here to solve problems for the
business in a more nurtured and easy
way.
Q. What are some of the most
important learnings that you have
come across during your stepping
stones as an entrepreneur?
I must say that one of the critical
things out there to become an
entrepreneur is to keep on your
nerves and wait for your time to
come, because once you start your
journey, there will be so many hurdles.
You always come to a point where you
feel like nothing is working out, it’s
not easy, it’s quite difficult, but trust
me, as soon as the time passes, things
ease out, and you can definitely find
something working; a very small fine
line, so small step, a step by step, and
from strength to strength, it becomes
better, and you start feeling at ease
and that whatever the venture and
whatever things that you started
are working now. Hence, I believe
that patience is the key to become
an entrepreneur; without patience,
nothing works.
Q. How does ICAI support
financial and tax literacy in the
UAE?
The Institute of Chartered
Accountants of India, Dubai Chapter,
is in the country for the last 40
years. In 40 years, there have been
significant and greatest of great
leaders embracing the professionals
who have been part of this institution.
As we understand that chartered
accountancy is all about finance,
accounting and tax. The ICAI moto
or purpose is to ensure that our
members are apprised of the latest
updates and trends in the industry and
in the regulatory world.
ICAI Dubai Chapter organizes over
50 to 60 events every year, ensuring
that our members are apprised
of IFRS tax, regulatory reforms
within the country, and any sort of
economic upshift that’s happening
and impacting our profession. We
keep them apprised by bringing out
great speakers, knowledgeable people
who impart the knowledge along
with our members and get them on
professionally enriching experiences.
Q. What are your thoughts
about the fast-paced adoption
of cryptocurrency in the MENA
region, and how is ICAI working
on this?
That’s a very interesting question. I
must say that with respect to crypto,
when I became the chairman, there
was a real buzz about crypto. We
wanted to name this entire year as
“Crypto Year,” like what happened in
2017 when the VAT was introduced.
2018 then become the “VAT Year”, but
as the year passed on, we saw that
the crypto fever was slightly shading
away because of the depleting crypto
prices.
However, from a crypto perspective,
I must say that it’s an instrument.
The currency has been evolving over
years, and it’s not the new time when
December 2022
www.thefinanceworld.com 27

Cover Story
the currencies have been changing.
Digital currencies are coming in, and
we have been seeing the evolution of
current currencies over 44 decades
out there.
I remember that we have done an
event on cryptocurrencies as well
where we talked about the evolution
of currency. Digital currencies are
a new way, definitely; it’s a future
forward. We even see India today,
or any other country, is going from
physical to digital, so digital is the
future. However, the choice of the
currency depends on your risk
appetite, and whatever the risk that
you want to invest in a particular
product or particular technology is
what somebody needs to look into. All
currencies are good, but associated
risk and the choice of the investor
should be taken into account.
Q. Just for our readers to know, is
the Chairman of ICAI investing in
cryptocurrency?
I would say that I don’t believe
that it’s the right time because it’s a
very volatile market at this point in
time. To enter a situation of crypto
is highly sensitive, considering the
rapid changes around the world, the
changing economies, the war between
Russia and Ukraine, and the recession
in the United States. So much is
changing at this point in time, which
may significantly impact the pricing of
the currencies digitally. I believe one
should look and watch out all these
currencies and then invest in the near
future.
Q. Do you foresee a decentralized
banking system to come up in the
future?
It is going to happen for sure.
However, more testing, more
pragmatic solutions and more
regulatory reforms are required in
order to have decentralized banking
Scan to View the Interview
because this is where the regulatory
things are involved so that people
and investors are safe, and their
currencies and their money invested
into different models are safe.
Q. Do you believe that investment
in Dubai in 2023 will surpass prepandemic
levels?
It’s going to surpass pre-pandemic
levels, and I think it’s going to break
the record every year. The reason is
that the UAE has been so evolving.
Today, it thrives on innovation and
greater things. His Highness Sheikh
Mohammed bin Rashid Al Maktoum
has announced that they are going to
be building the 100-kilometer coastal
line by bringing and rejuvenating the
entire experience over there.
If you look into Expo 2020, you will
see that it has changed everything
out there. Nobody could imagine
that Expo 2020 would have been that
great success. Hence, the country
has so much to offer, and it has so
much to build. All what we have seen
is five decades of UAE, and the next
five decades, the country is going to
prosper in a much more significant
way than it has ever been. People are
going to see what they never could
imagine because the leaders of this
country are incredible. They think for
the people and their safety, security,
and well-being. No other place than
the UAE in the world is so evolving
and so engrossed in people’s wellbeing.
Q. What would you comment on
the growth of the investments in
the UAE in the next five decades?
As we talk about the growth year
on year, we see that entrepreneurs
within the UAE are increasing,
the billionaires within the UAE
are increasing, and the real estate
prices are significantly providing
great returns. Then if you see that
in this market, essentially most new
businesses are coming because this is
a fashion hub and a shopping hub for
the Middle East.
There will be significant
investments coming, and they’ll
continue to grow because of the
growth in the market, growth in the
country and its population. The traffic
within the country and the travelers
within the country are increasing.
Much more outbound travel has
happened, and the country is so
strategically placed to connect Africa,
Asia and Europe.
Hence, the strategic location of
this country provides the advantage
that no other country has. Besides
that, the leadership of our country is
also engaging into a lot of initiatives
such as comprehensive economic
partnership agreements with different
countries where it bolsters the trade
within the countries; when trade is
bolstered to a new level, I think the
growth prospect becomes much
higher and much more significant.
Q. How important is it for an
entrepreneur to know his financial
figures?
It’s really very important because
without the right understanding of
your finances you can’t anticipate
your growth. For an entrepreneur,
that is the key challenge, so when an
entrepreneur gets into this venture,
the critical challenge is to get a
business and at the same time get the
28 www.thefinanceworld.com December 2022

Maintaining the financials is a need for
business, not something you should do out
of regulatory reforms; you require financials
to understand different ratios, have a real
control over the business, and know where
exactly you need to push or press.
cost and control.
If you don’t incur the cost, you
can’t grow, and you cannot grow
having too much cost; it’s a chickenegg
situation. Now, managing that
is the real skill today. Look into the
business here; wherever you go and
approach a client, the first question
that they’re going to ask you is “how
many people do you have?” When
you’re going to recruit a person out
there, a good talent will ask you
“how many clients do you have?”
Hence, the client and your resources
go hand in hand. Essentially, I think
if you trade off right within the cost
and your revenues out there, you’re a
successful person out there because
this is what the game is.
Q. What is your take on the
introduction of corporate tax in
the UAE?
Corporate tax is going to be a
reality soon. It is effectively coming
from 1st June 2023. The rate of tax is
going to be 9%, but it is not going to
impact entrepreneurs who are at the
initial stage because the threshold that
they kept is a profitability of 375,000
dirhams. Now, when we talk about
profitability of 375,000 dirhams, any
good business which is very modest
and have the profitability of 30%, it
means they need to have a revenue
of over a million dirhams essentially
to generate this profit, but then the
reality is that 1 to 1.5 million dirhams
turnover comes from those people
who are matured enough. Those
who have mature businesses slightly
at the growing stage are basically
understanding that all this cost is
going to pass on the customer in
terms of managing, either reducing
your cost or your pricing strategy.
Hence, I don’t think the impact
will be more than 5 to 5.5% percent
for any business because there are
a lot of incentives available as well.
For example, the businesses who are
financed by a bank can avail up to 3%
deductions against the 9%, so their
effective tax rate is going to be 6%.
Thus, one should not be worrying,
but the right advice is essential for
businesses; don’t assume, and don’t
have a no-at-all syndrome. Seek
advice because you may not be
specialized in a specific segment. Take
appropriate help from the right people
and understand the impact on your
business.
Q. What advice do you have for
corporates struggling to maintain
their accounts?
I think maintaining the books
is very essential, but not because
it’s a regulatory requirement.
Business significance is driven out
of right financials; if you are able to
differentiate your receivables into
current and long-term receivables, it
will solve your cash flow problems.
If you are able to differentiate
between your liabilities, current and
noncurrent, it will help you out to plan
your cash flow. If you can understand
the difference between your gross
profit and net profit, you will be able
to simulate all the expenses which
you can cut down to increase your
net profit and the things that you can’t
ignore because your profits need to be
maintained right away.
Therefore, maintaining the
financials is a need of business,
not something you should do out
of regulatory reforms. Regulatory
requirements are to ensure that
uniformity is maintained in the
comparatives of the financials across
the industry, but as a business, you
essentially require financials to
understand different ratios so that
you can have a real control over the
business and know where exactly you
need to push or press.
Q. Do you have any message for
our readers?
I think that the most important
message at this time is changing.
Everybody should look into right
venues. Don’t fear, because the world
is waiting for your talent and your
expertise. I think once you unleash
your instinct for growth, your growth
is unparalleled and unprecedented,
and the success is all yours.
November December 2022
www.thefinanceworld.com 29

30 www.thefinanceworld.com December November 2022

ATM will concentrate on five environmentally
friendly travel trends
At the 2023 Arabian Travel
Market (ATM), important
areas of attention will
include sustainable travel
trends such as eco-friendly travel,
eco-friendly lodging, sustainable
attractions, locally produced food,
and progressive government efforts.
Next May 1–4 will see ATM at the
Emirates offers
biometric
services to all
passengers at
Dubai airport
W
ith the help of a
biometric data
agreement agreed
by Emirates airline
and Dubai’s General Directorate of
Residency and Foreigners Affairs
(GDRFA), overseas travellers can now
expedite the airport experience. The
usage of biometric data will require
passenger approval. By the year 2022,
Dubai will have welcomed more than
8 million visitors. “As we strive for
quality and innovation to position
Dubai as the top commercial centre
and tourist destination in the world,
we continue to provide our major
partners with best-in-class services,”
stated Lieutenant-General Mohammed
Al-Marri, Director General of GDRFA
in Dubai.
Dubai World Trade Center (DWTC).
Experts from the public and private
sectors will assemble in the UAE for
the 30th edition of ATM to discuss the
decarbonized future of international
travel in keeping with the conference’s
theme of “Working Towards Net
Zero.” The upcoming event will
take advantage of the Middle East’s
Private jet travel between Dubai
and Doha is in high demand
Private jet travel to a Doha
World Cup game from Dubai
can cost up to Dh240,000
as ardent fans—those who
can afford it—look to all available
travel choices. Shafiq Derkeshly,
Vice-President of Aircraft Charter at
Jetex, noted that some clients include
groups of friends who are ardent fans,
families, and business clients. It will
Travel News
position as a global leader in green
innovation by offering a platform
for industry professionals in travel,
tourism, and hospitality to highlight
sustainable advancements while
exchanging knowledge and examples
of best practice from around the
world.
cost Dh29,000 per traveller if buddies
split the expense. Up to 10 people
can sit comfortably on a standard
chartered private jet. Two pilots fly the
single-engine turboprop PC-12, which
has six seats and has one engine. The
aircraft is best suited for connecting
short-haul destinations in the GCC
from Dubai that are separated by one
to two hours.
December 2022 www.thefinanceworld.com 31

Start-up
How to Act If Your Startup Fails
In a risk-averse environment, the
UAE is a market that is ripe for
entrepreneurs ready to go above
and beyond to buck the trend
and make it through the first year of
operation. Everyone is aware of the
top-notch infrastructure, frameworks
for supporting businesses, and
favourable tax systems in the UAE. On
the strength of its successful handling
of the epidemic and audacious switch
to a four-day workweek, more global
companies are considering the UAE as
a focal point for their operations.
The UAE has always been
hospitable, open, and accommodating,
in contrast to many other countries
that now have abrasive antiimmigration
policies in place. More
visa kinds than ever before are
available, each with a unique set
of benefits. Current visa categories
include the three-year firm work visa,
the ten-year investment or partnership
visa, the property ownership visa,
and the Golden Visa, which is given
to investors or those who have made
remarkable contributions to or
impacts on the UAE.
Following the massive success
of Expo 2020, the area is currently
being transformed into a cuttingedge
business, cultural, and
residential district — a futuristic
city-within-a-city — where startups
can take advantage of a variety of
benefits, including free office space,
straightforward visas, and tax breaks.
Expo City Dubai, dubbed a green,
futuristic, tech-enabled city, already
has a startup innovation programme
in place, called Scale2Dubai. It is
driven by sustainability, innovation,
education, and entertainment.
There are only a handful of places
on the planet where so many people
from so many different nations
coexist together. The UAE has
established itself as an ideal testing
ground for new goods and services,
boasting 0% unemployment and a
population that is young, educated,
and wealthy.
An estimated 10,000 SMEs have
grown as a result of this melting
pot, together with Dubai and the
UAE’s long history as a major trading
hub. More than 250 scaleups have
reportedly raised $5.4 billion in
venture capital funding, according
to data from the Dubai Chamber.
It should come as no surprise that
efforts are being made to develop,
promote, and draw in 20 unicorn firms
by 2031, which are startups valued at
at least $1 billion.
Naturally, investors will always
be drawn to locations with strong
economies and vibrant business
environments. Additionally, the area
is well known for being a hub of
international trade, from the early Silk
Road merchants to the modern-day
bitcoin apps.
Corporate investors and astute
people who choose to live in the
UAE to take advantage of the lax tax
laws and high incomes make up a
significant portion of the country’s
wealth. Start-ups with a winning
concept and a strong business
strategy have a great chance to find
investors of all types and sizes.
Emirates Angels is one such
investment group. It was established
in 2020 with the goal of positively
impacting the country’s early-stage
investment ecosystem through
its active investor network, with
a focus on tech-based startups. It
provides money, events, networking
opportunities, and education.
So, suppose your startup failed
and you’re looking for your next job.
Where do you start? Even if you’re not
immediately ready to launch another
business, your expertise as a founder
can still be useful in other jobs, even
if it takes some time to identify what
those roles are.
Start-ups with a
winning concept and
a strong business
strategy have a
great chance to find
investors of all types
and sizes.
Consider your options and go into
the job search with confidence
Confidence is one of the main
obstacles former startup founders
encounter when beginning a job
search. It might be disappointing
and difficult to shut down your
business. It is beneficial for an exfounder
to remind themselves of past
accomplishments and times when
they have been at their best because
the sensation of failure may frequently
32 www.thefinanceworld.com December 2022

undermine people’s confidence.
Founders frequently take on
several responsibilities in areas like
as product development, sales, and
marketing. They may need to take
some time to decide what position
they want to fill if they’re looking to
join a new organisation because of the
breadth of their skill set.
However, they also have a special
edge wherever they go because
previous founders have experience
in a variety of job roles, so they can
relate to their new team members in
different departments, whether they
work in product, growth, or some
other capacity.
Consider your investors first
Leaning into your network is likely
to be more successful than applying to
internet job advertisements, as is the
case with most job searches. You can
recommend founders to emphasise
their story to their network and to
not be averse to discussing what
transpired at their unsuccessful firm
as they continue to network. Begin
your search for a new opportunity
with board members, investors, and
“anyone who believes in you.”
Create a narrative
Entrepreneurs should emphasise
their successes in order to shape
their story when networking or in
job interviews. Even if your business
had to close, that doesn’t mean there
weren’t real victories along the road.
One of the coolest things about
founders is that they frequently have
a wide range of skill sets and a wealth
of experience to pull from, allowing
them to tell their story in a variety of
ways to highlight their competence in
a particular area.
Early development is not
everything
After closing your business,
joining an early-stage startup is
usually simpler than joining a larger
organisation. This is partly because
joining a smaller organisation
involves less administrative work. But
even after operating an early-stage
business, working for a startup may
still be exhausting.
Place to Rebound From a Failure
If additional funding isn’t
forthcoming, the founder will
probably try to sell the business,
dealing with interested parties
who will play a waiting game in the
knowledge that the startup’s deal
terms will get better as it gets closer
to its “fume date,” or the point at
which its bank account is zero.
Parallel to this, it’s likely that the
entrepreneur will begin to fire staff
members while weighing how much
to reduce costs.
Additionally, a shutdown is
almost about to begin. As soon as
it is obvious that new owners and
investors won’t be able to save
the firm, things only grow worse.
After that, there is a disputed asset
auction to pay creditors, followed by
liquidation.
When something goes wrong, it’s
natural for people to place the blame
somewhere else, like on investors
who supported a poor strategy or
an unforgiving universe. A founder
will typically realise those first
explanations may be true after some
time has passed since the failure. But
they’ll also understand that the failure
of their endeavour was very definitely
greatly influenced by their own
choices and leadership flaws.
When entrepreneurs decide to start
a new business, the procedure aids
them in explaining their previous
failures to potential investors.
Unfortunately, investors are more
understanding in Silicon Valley and
certain other startup environments
than they are in many other parts
of the world, where unsuccessful
founders are stigmatised.
When people are aware that failure
is a necessary component of the
process, it becomes simpler. It also
helps if the individual who oversaw
a failure can calmly articulate what
actually transpired, what they learnt
from it, and how they’ll manage their
next venture.
December 2022 www.thefinanceworld.com 33

Start-ups News
Silkhaus raises
USD 7.75
million in a
seed round
Aahan Bhojani and Ashmin
Varma founded Silkhaus in
2021, and it has expanded
more than 10 times in the
last year while operating covertly.
Aahan, a graduate of Yale College and
Harvard Business School, has had
positions requiring significant travel in
management consulting, investment
banking, and product management.
Aahan launched Silkhaus to rethink
hotel experiences for medium and
long-stay travel across high-growth
emerging regions after observing
changing leisure and business travel
preferences. To open up potential for
asset owners, Silkhaus has identified
a $13 billion TAM throughout MENA,
South Asia, and Southeast Asia.
Short-Term Rentals give real estate
investors the freedom to maximise
their investment returns in a booming
market without being tied down to
lengthy leasing agreements.
MENA startups
raised $646
million in
October
T
he region’s startup ecosystem
has already closed over 551
deals this year, raising a total
of $3 billion. Last month,
businesses from the UAE, Egypt, and
Saudi Arabia had the best performance.
The have been maintaining their top
rankings on the list since the start
of the year. The UAE is first on the
list after raising $460 million in 24
agreements in October, a significant
increase from the $27 million it raised
in September. Due to the $400 million
fundraising effort of sustainable
technology firm Yellow Door Energy,
the UAE witnessed one of the largest
investment rounds in the region.
The Foodtech Challenge
welcomes three UAE food
entrepreneurs
Sheikh Mohammed bin Rashid,
Vice President and Ruler of
Dubai, the Water Security
Office, and Tamkeen, an Abu
Dhabi-based company, launched the
Foodtech Challenge in September
2019 with the goal of addressing the
issues of hunger and food waste.
Three UAE startups are now in
the competition’s final round. The
Foodtech Challenge attracted more
than 650 participants from 79 different
nations. The victors will receive a
$2 million prize pool, which will be
disclosed in 2023. The other finalists
are from Singapore, the US, the UK,
Saudi Arabia, Israel, the Netherlands,
and Spain.
Saudi Arabia and South Korea sign
agreements worth $30 billion
Saudi Crown Prince
Mohammed bin Salman
met with South Korean
President Yoon Sukyeol
in Seoul, opening the door
to a multibillion-dollar bilateral
partnership in infrastructure, energy,
space technology, and NEOM, the
Kingdom’s gigaproject. Following the
G20 Summit in Bali, Indonesia, the
Saudi crown prince travelled to South
Korea for a two-day official visit. He
was joined by a prominent delegation
that included ministers and the top
officials in charge of the government’s
investment and commerce-related
agencies. As it was time to “take the
partnership to a new level through
Saudi Vision 2030,” the South Korean
president stated there were plans for
increased cooperation.
34 www.thefinanceworld.com December 2022

Tawazun Council and Boeing’s startup technology
programme draws a lot of attention
More than 100 people
attended a targeted
Startup, Pitch and
Networking Cohort event
on Monday, November 21, in Abu
Dhabi, as part of the technology
accelerator programme designed
to strengthen the UAE innovation
ecosystem through the selection of
UAE and international startups within
the industry. Software firms that
can advance the aerospace sector
can participate in the subsidised,
three-month Aerospace Xelerated
accelerator programme. Tawazun
Council and Boeing have teamed
up to create this cohort of the
programme, which aims to find,
support, counsel, and maybe invest in
startup businesses that are developing
industry-leading and creative digital
services and solutions. Abdulla Al
Awani, the Chief Economic Program
Officer at Tawazun Council, will
deliver the keynote address during the
gathering.
AWS introduces Accelerator 3.0 to assist
renewable energy innovations
Sheikh, Egypt, featured a statement
made by Kara Hurst, Vice President of
Worldwide Sustainability at Amazon.
The International Energy Agency
has concluded that 40% of the CO2
reductions needed to get the world to
net-zero emissions by 2050 depend on
technologies that have not yet been
widely adopted in the commercial
sector. This is especially important for
achieving ambitious climate targets
like the UAE’s intention to reach net
zero emissions by 2050.
Stock fintech startup Baraka raises $20 million to
support its growth across the GCC
The Clean Energy Accelerator
3.0, a fast-paced, nondilutive
accelerator created
to promote collaborations
with established startups creating
game-changing clean energy
technologies, has been launched
and a call for applications has been
issued by Amazon Web Services
(AWS), a subsidiary of Amazon.com
(NASDAQ: AMZN). A session of the
2022 United Nations Climate Change
Conference (COP27) in Sharm el-
Baraka, a fintech startup
located in the UAE, raised
$20 million in a series A
fundraising round to accelerate its
growth into Saudi Arabia. With no
minimum investment restrictions
and over 6,000 US-listed securities
available on its commission-free
platform, baraka makes investing
available to everyone. Feras Jalbout,
the CEO and founder of baraka,
stated in an exclusive interview with
Arab News that the company will
use the majority of its capital for
growth and licencing in new markets.
Jalbout anticipates that fintechs like
baraka will increase interest in equity
markets because Vision 2030 has a
solid economic foundation.
December 2022 www.thefinanceworld.com 35

Energy
Green Hydrogen Accelerates
Decarbonisation and Strengthen UAE
Energy Leadership
The UAE’s position as a
global industry leader in the
delivery of renewable energy
has been strengthened in
part by Masdar’s accomplishments
since 2006. Green hydrogen is now
firmly in its sights as a future energy
source to assist in achieving economic
and environmental goals and its
partnerships with traditional energy
giants and governments in recent
years.
Green hydrogen has long been seen
as a highly promising future energy
source, as it can power fuel cells that
directly convert hydrogen into clean
electricity, allowing energy to be
stored and transported from remote
renewable plants to distant markets.
Electrolysers, which are typically
powered by renewable sources,
are used to produce it from water.
Additionally, green hydrogen can be
transformed into artificial fuels and
other types of energy carriers, such as
green ammonia.
Green hydrogen is anticipated to
play a key part in the decarbonization
of difficult-to-abate industries like
heavy industry and transportation
and assist countries achieve their
net-zero targets for its wide range of
applications and high energy content.
According to a report by Dii and
Roland Berger, green hydrogen is
expected to produce up to $200 billion
in revenue for Gulf Cooperation
Council (GCC) nations by 2050 and
create up to one million jobs in the
region, including the UAE.
With a goal of becoming carbon
neutral by 2050 and plans to host the
COP28 climate summit in 2023, the
UAE will soon launch its first carbon
credit exchange and is toughening up
on ESG disclosure.
The capital’s Abu Dhabi Global
Market will launch a voluntary
carbon offset market “in a matter
of weeks,” according to Mercedes
Vela Monserrate, the company’s head
of sustainable finance, who was
speaking at the COP27 negotiations in
Sharm el-Sheikh, Egypt; “Numerous
Experts estimate that
the market for green
hydrogen will be worth
$11 trillion by the year
2050.
prestigious financial institutions and
commodity corporations plan to
participate.” A Singapore-based digital
exchange called AirCarbon will run its
operations.
Last month, the first carbon offset
auction in the area was launched
by Saudi Arabia. To offset some of
the emissions they emit, companies
can purchase credits on exchanges.
Skepticism that the credits prevent
36 www.thefinanceworld.com December 2022

or reduce carbon emissions from
the atmosphere has increased along
with the worldwide voluntary carbon
market’s rapid growth in recent years.
A goal of the UAE is to achieve netzero
emissions inside its own borders
by 2050. To achieve the goal, the
government intends to invest around
$165 billion in sustainable energy.
ADGM is collaborating with additional
UAE authorities to provide clearer
guidelines for funding instruments
for the environment, society, and
governance.
The new regulations might promote
the issue of green bonds on the
ADGM, while the COP meeting will
take place in Dubai the following
year. The President of the United
Arab Emirates, Sheikh Mohamed
bin Zayed Al Nahyan, urged states
to work together to address the
climate catastrophe for the benefit of
future generations while addressing
international leaders at COP27.
UAE energy leadership and
Masdar green hydrogen
Masdar has been engaged in energy
production and hydrogen production
since 2008, when it pioneered the
investigation of clean hydrogen
production. In order to expand this
industry in support of the UAE’s
economic diversification and the
worldwide transition to clean energy,
it currently feels that the moment is
perfect to accelerate investment in
this technology.
In an effort to meet the world’s
energy demand while focusing on
community impact, Masdar has gotten
involved in the development of green
hydrogen projects. Experts estimate
that the market for green hydrogen
will be worth $11 trillion by the year
2050.
It was announced in late 2021
that the Abu Dhabi National Energy
Company PJSC (TAQA), Mubadala
Investment Company, and ADNOC
would collaborate under the Masdar
brand to build a truly global cleanenergy
powerhouse that would
lead the nation’s “net-zero by 2050”
energy transition and solidify the
UAE’s position as a leader in the
green hydrogen economy. The new
shareholder agreement, which will go
into force this year, will allow Masdar
to better leverage its shareholders’
energy expertise to lead the world in
green hydrogen.
Project Green Falcon, a significant
collaboration to manufacture green
hydrogen and related sustainable
synthetic fuels in Abu Dhabi, is one
of Masdar’s multibillion-dollar clean
energy ventures. Masdar and some
significant stakeholders in the energy
sector announced plans to investigate
the creation of green hydrogen and
its conversion to sustainable aviation
fuel (SAF) via a demonstration project
in Abu Dhabi during Abu Dhabi
Sustainability Week.
Masdar and Engie signed a strategic
alliance deal in January of this year
to investigate the co-development
of a UAE-based green hydrogen
hub, marking yet another significant
partnership arrangement. With a
combined investment of almost
$5 billion, the two businesses are
presently collaborating to create
projects with a capacity of at least 2
GW by 2030.
The enterprises have joined
forces with Fertiglobe, a leader
in nitrogen and fertilisers on the
international stage, as a part of
that strategic collaboration. To
support the production of green
ammonia, the firms are attempting
to co-develop in the UAE a green
hydrogen facility with a capacity of
up to 200 megawatts (MW) that is
internationally cost-competitive.
The facility is expected to begin
operations in 2025, with Fertiglobe as
its only dependable client. To build a
“first mover” position in the hydrogen
market in the UAE, it is intended to
leverage the partners’ synergies and
complementary strengths. With the
use of already-existing infrastructure,
the businesses will first focus on
domestic production with the
intention of increasing capacity to
become a giga-scale green hydrogen
hub for the GCC with the possibility to
export to other markets. Additionally,
the strategic alliance will look into
possibilities for developing ventures
in other regions.
In May 2022, Masdar, ADNOC,
and BP decided to establish a
UK-UAE new energy alliance,
which culminated in two projects,
by drawing on their respective
worldwide skills. In accordance with
the agreements, the three energy
behemoths will work together to
establish clean hydrogen hubs in the
UK and UAE at a size of 1 GW initially
in each country, building on the UAE’s
role as an anchor investor in some
of the UK’s biggest offshore wind
projects.
Bernard Looney, BP’s Chief
Executive Officer, said: “The UK and
UAE governments have bold plans for
decarbonisation. The UK is our home
and we have worked in the UAE for
nearly a century. By partnering with
the visionary leaders of ADNOC and
Masdar, we see massive business
opportunity to generate the clean
energy the world wants and needs –
and at the same time revitalise local
economies and create the jobs of the
future.”
December 2022 www.thefinanceworld.com 37

Energy News
SirajPower and
Nakheel partner
to deploy solar
solutions
SirajPower, the top regional
provider of distributed solar
energy in the UAE, and
master developer Nakheel
announced a cooperation to execute
nine projects around the country.
Large-scale organisations like Nakheel
can gain from energy security and
independence by paying less for
their energy consumption while
simultaneously producing clean
energy without an upfront investment,
thanks to SirajPower, the largest
and only locally owned integrated
distributed solar energy provider in
the area. These agreements cover
Dragon Mart 2&6, Discovery Gardens,
Dubai Island, International City
Pavilion, Jumeirah Park Pavilion,
Discovery Gardens Pavilion, and Al
Furjan Pavilion South in addition
to the 3.1MWp solar rooftop for
Nakheel’s The Gardens residential
project.
UAE energy minister claims that oil industry is
permanently in decline
According to the energy
minister of the United Arab
Emirates, oil is unquestionably
in a long-term “decline mode.”
In a lecture at the ADIPEC energy
conference in Abu Dhabi, Suhail al
Mazrouei said, “To assume oil is going
to be there forever is wishful thinking.
It’s in decline mode, no matter how hard
we try to defend it.” He was speaking to
young workers in the UAE and advising
them to focus on all forms of energy
rather than simply oil. According to al
Mazrouei, the UAE would continue to
provide the globe with crude as long
as it is required. A multibillion-dollar
plan by the UAE to increase production
capacity is being expedited as part of
an effort to maximise the value of fossil
fuels while there is still a market for
them.
The US and the UAE will invest
$100 billion in renewable energy
projects
The UAE and the US intend to
invest $100 billion by 2035
in the global production of
100 gigawatts of renewable
energy. In the presence of the UAE
President Mohammed bin Zayed Al
Nahyan, the agreement was signed
at the Abu Dhabi International
Petroleum Exhibition and Conference
(ADIPEC). In keeping with their
objectives of reaching net zero
emissions by 2050, the UAE and the
US underlined at the Abu Dhabi event
their shared commitment to stepping
up their climate ambitions and action.
Both nations agreed that a quick,
sustainable, and well-managed energy
transition is essential for reducing
greenhouse gas emissions and
improving global energy affordability.
38 www.thefinanceworld.com December 2022

Etihad is the
first airline
to join the
net-zero
programme of
World Energy
GThe national airline of the
United Arab Emirates,
Etihad Airways, and
World Energy, a provider
of carbon-net-zero solutions, today
announced the signing of a historic
Memorandum of Understanding to
create a long-term strategic alliance to
decarbonize flights through in-sector
emissions reductions. Etihad is the
first commercial airline to take part
in World Energy’s recently developed
service for airline and corporate
climate leaders taking effective
action to meet net-zero targets. The
statement was made soon after the
two businesses used a Book & Claim
system to use Sustainable Aviation
Fuel (SAF) to power the first net-zero
trip.
UAE’s aims for climate neutrality
promoted by Barakah Nuclear
Energy Plant
The Barakah Nuclear Power
Plant (Barakah NPP)
accelerates the reduction of
the energy sector’s carbon
footprint, assisting the country in
achieving the goals of its strategic
plan to achieve climate neutrality
by 2050. Through the production of
plentiful, dependable, and eco-friendly
power for homes and commercial
establishments all over the nation,
Barakah NPP also contributes to
the prevention of climate change.
Along with laying the path for the
advancement of other ecologically
friendly energy technologies like
hydrogen, it also averts 22.4 million
tonnes of carbon emissions every
year. Environmentally friendly
electricity production is becoming
more and more crucial in the
area. The demand for desalination
increases as air conditioner use rises
as summertime temperatures reach
roughly 40° Celsius.
Saudi Arabia’s Energy Minister launches a market
system to balance and offset greenhouse gases
Prince Abdulaziz Bin Salman,
Saudi Arabia’s energy
minister, announced the
development of a market
mechanism named “Carbon
Equivalent” to offset and balance
greenhouse gases. The market
mechanism will be introduced with
a focus on the issuance of carbon
certificates to encourage investments
in initiatives to lower greenhouse gas
emissions across all Saudi Arabian
sectors. The declaration from Prince
Abdulaziz was made at two significant
events: the second Saudi Green
Initiative, which was hosted at the
same time as the COP27 Summit in
Sharm el-Sheikh, and the summit’s
activities. Saudi Arabia’s National
Committee for the Clean Development
Mechanism, the entity in charge of
issuing carbon credits, has adhered to
international best standards.
December 2022 www.thefinanceworld.com 39

Energy News
AWS’s Accelerator 3.0 to assist
companies in developing of
renewable energy tech
The Clean Energy Accelerator
3.0, a fast-paced, nondilutive
accelerator created
to promote collaborations
with established startups creating
game-changing clean energy
technologies, has been launched
and a call for applications has been
issued by Amazon Web Services
(AWS), a subsidiary of Amazon.com
(NASDAQ: AMZN). A session of the
2022 United Nations Climate Change
Conference (COP27) in Sharm el-
Sheikh, Egypt, featured a statement
made by Kara Hurst, Vice President of
Worldwide Sustainability at Amazon.
The International Energy Agency
has concluded that 40% of the CO2
reductions needed to get the world to
net-zero emissions by 2050 depend on
technologies that have not yet been
widely adopted in the commercial
sector. This is especially important for
An agreement was reached
to establish a fund to
compensate poorer
countries for the damage
caused by climate change at the
COP27 climate talks in Egypt, which
came perilously close to disintegrating
achieving ambitious climate targets
like the UAE’s intention to reach net
zero emissions by 2050.
Rich nations to reimburse
developing nations for damages
caused by climate change
in the final hours. An important
development in the politics of the
global climate is the agreement on
loss and damage, which recognises
that richer countries must pay for the
harm that global warming causes to
developing countries.
Jordan and the
UAE to increase
cooperation
in renewable
energy
The UAE’s Sultan Al-Jaber and
Jordan’s Saleh Kharabsheh
signed a memorandum of
understanding to work
together on renewable energy.
According to Jordan News Agency,
the deal was inked during COP27
in Sharm El-Sheikh. It outlines
research collaboration for investment
opportunities in wind energy
projects, an exchange of knowledge
and technology in green energy, the
launch of certification and training
programmes for Jordanian experts
and engineers, and the establishment
of green energy scholarships between
Jordanian and UAE universities.
ADIPEC
produced $8.2
billion in new
business
According to a survey
of the 2,200 exhibitors
at ADIPEC 2022, the
exhibiting companies
produced an estimated $8.2 billion in
revenue. More than 40 government
ministers, 38 CEOs from around the
world, as well as decision-makers,
energy specialists, and innovators
attended the Abu Dhabi International
Petroleum Exhibition and Conference
(ADIPEC). Participants discussed
how to achieve a progressive energy
transition as well as the importance of
collaboration and investment on the
road to Net Zero. In addition to the
$8.2 billion supply chain boost that the
exhibiting companies are expected
to receive, the UAE is expected to
receive $200 million from industries
like tourism and hospitality that
supported the four-day event.
40 www.thefinanceworld.com December 2022

Healthcare
Sheikh Mohammed reveals a national
strategy to boost healthcare and expand GDP
The national plan for the next
ten years has been revealed
by Sheikh Mohammed bin
Rashid Al Maktoum, Vice
President and Prime Minister of the
United Arab Emirates and Ruler
of Dubai. The “We The UAE 2031”
plan provides the nation with a clear
road map for social, economic, and
investment development over the
following ten years.
The national plan is a
comprehensive programme that
focuses on social, economic,
investment, and development issues
in order to shape the destiny of
the nation over the course of the
following ten years. The strategy
comprises objectives for the UAE’s
society, economy, and diplomacy. By
2031, the UAE hopes to expand its
GDP to $816 billion and its foreign
trade to $1.09 trillion under the plan.
Additionally, the plan will place
the UAE among the top ten nations
in the world for healthcare, help it
rank among the top ten cities in the
world, and help it advance the global
environmental agenda. The goal of
the plan is to strengthen the nation’s
standing as a significant trading
partner and a desirable and powerful
economic centre.
Furthermore, it strives to draw
attention to the UAE’s prosperous
economic structure and the prospects
it offers to all international partners.
According to Sheikh Mohammed
bin Rashid Al Maktoum, “We The
UAE 2031” will direct the nation’s
advancement toward a future that is
more accomplished and advanced
and in which all institutions will work
together within a single ecosystem.
During the annual meetings of the
Government, Sheikh Mohammed
stated: “we launched the ‘We The UAE
2031’. Under my brother Mohamed
bin Zayed’s guidance, it serves as a
representation of our government’s
goal for the upcoming ten years as we
embark on a national journey to new
heights. The UAE will maintain its
position as an economic destination.
Economic prosperity, social wellbeing
and development of human
capital will be the main pillars of the
next 50.”
According to Sheikh Mohammed,
the “next fifty” will be centred on
enhancing the social and economic
ecology and creating a robust,
long-lasting, and rapidly expanding
December 2022 www.thefinanceworld.com 41

Healthcare
The strategy intends to advance the
healthcare industry in the UAE by
modernising its offerings and provide the
finest medical care to the local populace.
economy by increasing the UAE’s
business ties with other nations and
securing its development model.
Sheikh Mohammed emphasised
that “We The UAE 2031” is a national
strategy that will guide the UAE’s
development over the following ten
years. This occurred at the Abu Dhabi
Annual Government Meetings, which
brought together all federal and local
UAE government agencies to examine
obstacles and potential solutions for
the nation’s national development
plan and the “UAE Centennial 2071”
objectives.
A charter for the national plan
was signed by Sheikh Mohammed
bin Rashid Al Maktoum, and it
encapsulates the key elements of the
plan, the guiding principles of UAE
government, interdependence, and
aspirations for the future.
National Elements
The strategy is built upon four
major pillars that span all industries
and fields, including the economy,
society, ecosystem, and diplomacy.
Future Society
The goal of this pillar is to make
society prosperous by giving citizens
every support possible and creating
an integrated system to provide them
more power and skills so they can
contribute as effectively as possible
across all spheres.
This pillar also emphasises fostering
and boosting family cohesion. The
education sector will also be included
in the “Forward Society” as a major
axis for building up national cadres
and supplying talent with training and
educational resources.
42 www.thefinanceworld.com December 2022
The strategy intends to advance
the healthcare industry in the UAE
by modernising its offerings and
provide the finest medical care to the
local populace. With the aid of this
pillar, the UAE national plan hopes to
elevate both its cities and the country
as one of the top 10 in the world
for both human development and
urbanisation.
The strategy will be crucial in
strengthening the UAE’s status as
the top location in the region for
receiving medical care. The strategy
will also help all medical institutions
and personnel become fully prepared,
advancing the nation’s ranking to
one of the top 10 in the world for
healthcare quality.
Advancing Economy
In addition to speeding the pace
of change in the energy sector and
the reliance on alternative sources
of energy to strengthen the nation’s
efforts in the green economy,
this pillar will design policies and
programmes that help achieve high
economic growth across all sectors.
The Forward Economy pillar
highlights the UAE’s view that human
capital is crucial for the 10-year
growth plan’s primary engine. The
UAE wants to be one of the top 10
destinations for international talent.
Through this pillar, the GDP is
expected to reach AED3 trillion
($816 billion) and non-oil exports
are expected to reach AED800
billion ($217 billion). Additionally,
AED4 trillion ($1.09 trillion) more
will be spent on foreign commerce,
and AED450 billion ($123 billion)
more will be spent on tourism, all
of which would increase their GDP
contributions.
Positive diplomacy
One of the primary components of
the national strategy that establishes
the parameters of the country’s
foreign involvement is “Forward
Diplomacy.” The UAE’s foreign policy
has been built on a set of principles
since the Union’s founding, and these
principles aim to strengthen the
cornerstones of peace and mutual
cooperation at both the regional
and global levels. According to the
strategy, the UAE will continue to play
a significant role and exert significant
influence in the world.
The strategy aims to improve the
UAE’s connections with other nations,
increase its international presence,
cooperation, and friendship, and
promote constructive discourse
around the globe. In order to
achieve qualitative advancements
in climate neutrality and to solidify
the nation’s status as an innovative
hub for sustainability, research, and
technology, the plan places a high
value on enhancing the UAE’s role
as a supportive force for the global
environmental agenda.
Progressive Ecosystem
The best government services in
the world will be offered, and the
most adaptable business models will
be created, according to the fourth
pillar of the “We The UAE 2031” plan,
which aims to improve government
performance.
With the best social, food, water,
and digital security, the nation aims

to solidify its place as one of the
safest nations in the world. This pillar
concentrates on infrastructure and its
modern technological development.
The creation of digital infrastructure
falls under this pillar.
This pillar also aims to make the
country the top-ranked nation in
the world for creating proactive
legislation for new economic sectors,
improving the nation’s position to be
first globally in the safety index, as
well as raising the nation’s position to
one of the top three countries in the
global cybersecurity index and one of
the top 10 countries in the global food
security index.
The “We The UAE 2031” road
map outlines how all branches of
government, the private sector, and
other organisations will work together
to promote the development process
throughout the course of the plan’s
ten-year lifespan.
By 2031, the UAE hopes
to expand its GDP to $816
billion and its foreign trade to
$1.09 trillion under the plan.
December 2022
www.thefinanceworld.com 43

Healthcare News
3M introduces speech recognition technology
powered by AI
At the 2022 HIMSS Middle
East Health Conference
& Exhibition in Riyadh
from November 19–21,
2022, 3M unveiled the most recent
speech and AI-powered technology,
the 3M M*Modal Fluency Direct. This
technology will assist clinicians in
all care settings to accurately and
completely record the patient story
while concentrating on providing
high-quality patient care. Its goal is to
accelerate the transformation of the
digital health sector in the kingdom.
Doctors of any medical specialty will
be able to produce, evaluate, revise,
and sign clinical notes immediately
inside of electronic health records
using the 3M M*Modal Fluency Direct,
an all-in-one solution.
Du plans to use
mixed reality
to transform
the healthcare
industry
One of the most cuttingedge
medical applications,
VSI HoloMedicine, was
unveiled for the first time
in the UAE, thanks to a partnership
between du from Emirates Integrated
Telecommunications Company
(EITC), Microsoft, and apoQlar.
The Microsoft HoloLens 2 is used
by VSI HoloMedicine by apoQlar, a
medically approved Mixed Reality
platform, to turn medical images,
clinical procedures, and medical
education into a 3D mixed reality
environment. In order to support the
UAE’s digital transformation plan, du
is collaborating with Microsoft to use
Mixed Reality to power the future of
surgical care and medical education.
Jordan is one of the top ten
global destinations for medical
tourists
According to Faisal Shboul,
minister of government
communications, Jordan is
one of the top 10 nations
in the world for medical tourism.
The International Healthcare Travel
Forum (IHTF) session that Shboul
presided over emphasised the value
of media in promoting the growth and
accomplishments of the healthcare
and tourism industries in Jordan
during the previous four decades.
A contract is signed by Illumina
and Al Jalila Children’s
Specialty Hospital
On the occasion of
International Children’s
Day, Al Jalila Children’s
Specialty Hospital, the
UAE’s first and only facility devoted to
treating children and adolescents, and
Illumina, a world leader in genomics,
signed a partnership agreement.
According to the agreement, the
two parties will work together to
conduct the first study in the UAE
to evaluate the effects of quick
genomic diagnosis on seriously unwell
The minister continued by saying
that the COVID-19 epidemic had
given Jordan a once-in-a-lifetime
chance to advance its healthcare
infrastructure by constructing field
hospitals, adding beds, or boosting
the number of ventilators. Shboul
added that the Kingdom has handled
the pandemic quite effectively. The
Kingdom’s hosting of this worldwide
summit, according to Al Mamlaka TV
Chairman Ali Ayed, is an honour.
children in the area who might be
identified with a genetic condition.
The groundbreaking collaboration
is centred on a two-year study at Al
Jalila Children’s that aims to offer
medical insights into the clinical use
of rapid whole genome sequencing
(rWGS) in the neonatal and paediatric
care units and to establish it as
a standard of care and top-tier
comprehensive diagnostic tool for
critically ill infants throughout the
Middle East.
44 www.thefinanceworld.com December 2022

Health Future Summit presents
cutting-edge science and
technology
The second Healthcare Future
Summit (HFS), sponsored
by the Dubai Health
Authority, was recently held
in Dubai. More than 40 countries,
1,700 healthcare professionals,
and 114 speakers with expertise
in the field of healthcare attended.
HFS was developed as a platform
for knowledge and innovation on
a global scale. It also functions as
an interactive gathering place for
public and private sector decisionmakers,
planners, experts, and
healthcare entrepreneurs. Healthcare
Innovation and Technology, Pharma
in Healthcare, Point of Care: Post
Pandemic Lifestyle Journey, Travel
Safety and Aerospace Medicine,
Maritime Healthcare, Leadership
in Healthcare, Patient Safety,
Occupational Health, and Start-ups
and Healthcare Disruptions were the
nine key pillars that were the focus
of HFS 2022, which had the theme
“Bringing Healthcare Communities
Together”.
Aster DM Healthcare organizes the
largest diabetes screening camp in
the UAE
The largest diabetes screening
camp in the UAE is being put
on by Aster DM Healthcare,
one of the top integrated
healthcare providers in the GCC and
India, in honour of World Diabetes
Day 2022. Key officials from the UAE
Ministry of Labor, Dubai Police,
Dubai Health Authority, and Dubai
Corporation for Ambulance Services,
as well as senior executives from
Aster DM Healthcare, officially
opened the camp on November 19,
2022, which is being held in Dubai
Investment Park 2. Through this
camp, the organisation hopes to
screen the labour camps in the DIP
region and offer more than 10,000 nocost
screenings in a 24-hour period.
The group is also making an effort to
break a Guinness World Record with
this project.
Ruler of Sharjah
opens the
Combined
Gulf Cancer
Conference
In collaboration with the Gulf
Federation for Cancer Control
and Gulf Centre for Cancer
Control and Prevention, the
conference is held from November 21
to 23 under the theme “Continuity of
Health Care to Combat and Address
Cancer.” In addition to raising
knowledge of best practises in all
facets and phases of illness control,
the conference aims to coordinate
Gulf efforts to advance the area of
healthcare for cancer patients. Sheikh
Sultan emphasised Sharjah’s ongoing
support for initiatives to fight cancer
at all levels, including research,
treatment, and other initiatives, during
the event. Sheikh Sultan stressed
the significance of combining these
various initiatives to find cancer
cures.
Octopian Global
Services and
Artificial Medical
Intelligence sign
an agreement
For the Middle Eastern,
African, and Asia Pacific
markets, Octopian Global
Services has partnered
with Artificial Medical Intelligence
to develop advanced autonomous
clinical coding solutions. Under
Octopian Global Services, Octopian
Digital is a division that specialises
in automated industrial solutions and
end-to-end workflow creation to assist
businesses in boosting profits and
cutting costs. The EMscribe platform
for autonomous coding will be made
available in the targeted markets
thanks to the collaboration between
Octopian Digital and AMI.
December 2022 www.thefinanceworld.com 45

Events
Future XB Payment Summit
2022, founded by Shafique
Ibrahim was organized on
15th & 16th November in the
Address Hotel, Dubai Mall by MAK,
hosted over 300+ renowned experts
of the remittance world to discuss the
best practices on various strategic
and operational topics covering the
changing cross-border payments
landscape, digital transformation,
compliance challenges, Fintech
collaborations, financial inclusion,
data protection strategies and
Blockchain technologies, to name
a few. The 2-day summit provided a
platform for payment industry leaders
and professionals to connect with
local and global remittance experts
to discuss the key priorities while
discovering new strategies for UAE’s
remittance future. Future XB Payment
Summit was officially supported by
Foreign Exchange & Remittance
Group providing 1:1 networking,
keynotes, live tech demos, panel
discussions, and much more.
Provides a platform to
discuss UAE’s remittance
future
46 www.thefinanceworld.com December 2022

December 2022
www.thefinanceworld.com 47

Mergers & Acquisitions
UAE Leads the Most Attractive Countries
in the Region for M&A Deals
Despite an increase in the number of agreements, the value of mergers and
acquisitions in the Middle East and North Africa fell to $55.2 billion over the
first three quarters of 2022 as economic uncertainty dampened activity.
EY, a London-based firm,
reported that despite a slight
6% increase in agreements
from a year ago to 524, the
value of activity fell by 23% year over
year as rising inflationary pressures,
weakening demand, and global market
disruptions weighed on the sector.
According to the recent EY survey,
Egypt came in second with 99
agreements worth $3.9 billion, and
the UAE continued to be the leading
market for M&A activity with 155
deals worth $17.2 billion completed
through the first nine months of 2022.
Saudi Arabia, the largest economy in
the Arab world, completed 58 deals
totaling $3.4 billion. The top two
were Oman with 10 deals worth $700
million and Morocco with 22 deals
totaling $1.9 billion.
However, the MENA countries’
economic and technological initiatives
have helped the region stay a
desirable market for M&A activity
despite the declining value and
difficult economic environment.
Due to anticipated economic growth
brought on by increasing oil prices
and a speeding up of business-friendly
changes, the MENA region continues
to experience increased M&A activity.
A significant number of deals are
being driven by technology, which
reflects the region’s rapidly increasing
digital transformation across all
industries.
Businesses all over the region
are constantly thinking about and
engaging in M&As as they look to
enter or access new markets, which
will strengthen their customer bases
and provide them with additional
revenue streams to improve their
bottom lines.
According to the above-mentionde
report, domestic M&A activity
decreased by 3% in the first nine
months of 2022 on 268 agreements,
with a total value that fell by 48% to
$18 billion from $34.6 billion a year
earlier.
During the nine-month period,
significant transactions included
Ghitha Holding’s $2.4 billion purchase
of Tamween Management, Emaar
Properties’ $2.042 billion purchase of
Dubai Creek Harbour, Q Holding’s $1.6
billion purchase of Reem Investments,
and a $1.5 billion investment by Saudi
Arabia’s Public Investment Fund in
Kingdom Holding Company for a
16.8% stake.
One of the biggest transactions in
Abu Dhabi saw Alpha Dhabi Holding
buying a 17% share in Aldar Properties
48 www.thefinanceworld.com December 2022

Due to anticipated economic growth brought on by increasing oil
prices and a speeding up of business-friendly changes, the MENA
region continues to experience increased M&A activity.
for $1.452 billion. International
Holding Company, an Abu Dhabilisted
conglomerate whose subsidiary
is Alpha Dhabi, later expanded its
shareholding to gain control of the
property developer.
Meanwhile, inbound agreements into
MENA increased to 119 in the first
nine months of the year, up from 105
a year earlier, thanks to reforms that
were beneficial to business, higher
oil prices, and the relaxation of travel
restrictions.
With 62 transactions totaling
$7.4 billion in the period, the UAE
continued to be the preferred
investment location. In accordance
with the government’s goal for a
digital-first economy, the technology
sector was the most active, with 37
technology agreements in MENA, 23
of which flowed into the UAE.
Higher crude oil prices, combined
with favourable regional government
initiatives in attracting investments
to the region and MENA investors
looking for futuristic investment
opportunities in foreign markets will
be the major drivers of M&A activity
in the region going forward.
In the first nine months of 2022,
outbound activity increased, with
the value more than tripling to $27.2
billion on 137 deals from $11.9 billion
on 113 deals a year earlier.
The UAE once more recorded
the highest number of outbound
transactions, with telecom provider
eacquisition &’s of a 9.8% share in the
UK’s Vodafone Group in a deal worth
$4.4 billion being the largest.
In the first nine months of 2022,
155 offers worth $17.2 billion were
registered in the UAE, Egypt had 99
offers worth $3.9 billion, Saudi Arabia
had 58 offers worth $3.4 billion,
Morocco had 22 offers worth $1.9
billion, and the Sultanate of Oman
had 10 offers. The UAE continued to
lead the list of the five countries most
attractive to deals in the Middle East
and North Africa.
Due to persistent inflationary
pressures, the economic slump,
and market volatility, the number
of merger and acquisition offers
increased sporadically by 6% from
year to year, while the total value of
deals fell by 23% from the same time
period in 2016.
In addition, the report showed that
local merger and acquisition offers
had been the most widely publicized,
accounting for 51% of all offers while
accounting for 33% of all introduced
offers in the region during the first
nine months of 2022.
Although there is financial instability
around the world, the Middle East
and North Africa region has continued
to report increased activity in
merger and acquisition offers due to
anticipated financial growth driven
by higher costs, according to Brad
Watson, Head of Transactions and
Technique for the Middle East and
North Africa Area at Ernst. Oil, as
well as the quickening of changes in
support of business. In addition, the IT
sector is experiencing an increase in
deals, which reflects the speeding up
of projects for digital transformation
in many local companies.
Transportation, real estate, consumer
goods, technology, banking, and
capital markets are the top 5 subsectors
in the MENA region by
the value of introduced offers.
Anil Menon, Head of Mergers &
Acquisitions Advisory Services and
Capital Markets for the Middle East
and North Africa at EY, said “What’s
interesting about these most recent
results is the rise in M&A activity, not
only from traditional markets like
the UAE and Saudi Arabia, but also
in other countries in the region. Area
of the Middle East and North Africa,
including Egypt, Morocco, Qatar, and
Oman; the main factor driving the
expansion of mergers and acquisitions
activity in the region sooner rather
than later is the rise in crude oil
prices, along with government
initiatives to attract investments to
the region and the pursuit of buyers
within the Middle East and North
Africa region for future investment
opportunities in foreign markets”.
Greater inbound transaction
volume in the MENA region has been
observed this year, with 119 deals
compared to 105 deals during the
same period last year, as a result of
rising oil prices and a relaxation of
travel restrictions. The 62 deals worth
$7.4 billion that took place in the UAE
show that it is still a top choice for
investors.
These deals were made possible
by reforms that have been made to
improve the business climate, draw
foreign investment, and encourage
companies to establish or expand
their operations. The biggest deal
volume was in the technology
sector, and 23 of the 37 technology
deals were going into the UAE,
demonstrating the desire of the
regional administration for digital
transformation.
With 62 transactions
totaling $7.4 billion
in the period, the UAE
continued to be the
preferred investment
location.
December 2022 www.thefinanceworld.com 49

Mergers & Acquisitions News
UAE leads
MENA in M&A
activity in
the first nine
months of 2022
Despite an increase in the
number of deals, the value
of mergers and acquisitions
in the Middle East and
North Africa fell to $55.2 billion
during the first three quarters of 2022
as economic uncertainty dampened
activity, according to a report by EY.
In spite of a slight 6 percent increase
in agreements, which increased to
524 from a year earlier, the value of
activity fell by 23% year over year.
According to the study, the UAE
continued to lead the way for M&A
activity, with 155 transactions totalling
$17.2 billion completed in the first
nine months of 2022. Egypt came in
second with 99 transactions totalling
$3.9 billion.
DAE acquires
Sky Fund I Irish
S
ky Fund I Irish and its
subsidiaries have been fully
acquired by Dubai Aerospace
Enterprise (DAE). Following
the transaction, DAE Capital’s fleet
of owned, managed, committed, and
mandated aircraft will increase to
around 500. Next-generation aircraft
that are fuel-efficient will make up
about half of its owned aircraft fleet.
The acquisition of Sky Fund I Irish
and its subsidiaries was first disclosed
in October when DAE said it had
signed a definitive agreement to do
so. At the time, it was anticipated that
internal funds would be used to fund
the transaction.
ADNOC’s logistics division
intends to expand internationally
According to the chief executive of the ADNOC subsidiary, Zakher
Marine International (ZMI), the acquisition will aid ADNOC Logistics
and Services in growing into international markets. The deal was first
disclosed in July, ADNOC L&S successfully completed the acquisition
of the offshore vessel operator. Abdulkareem Al Masabi stated, “Just by acquiring
ZMI, we have leapt straight from being a regional company to a worldwide player.
We will be able to provide our customers with value-creation services that we
previously were unable to. In order to increase the size of its fleet to more than
300 units, ADNOC L&S will purchase 24 jack-up barges and 38 offshore support
vessels from ZMI”.
AD Ports Group
buys Noatum for
$681 million
As part of its ongoing
global expansion strategy,
the operator of Emirati
industrial parks and free
zones, Abu Dhabi Ports Group, has
paid 2.5 billion dirhams ($681 million)
for 100 percent ownership of the
Spanish logistics platform Noatum.
According to AD Ports Group, the
acquisition, which will be completely
funded by a loan, would increase
its global reach and elevate it to the
ranks of the world’s top logistics and
freight forwarding businesses. To
establish a “market-leading” global
logistics brand, AD Ports intends to
combine its current logistics operation
with Noatum.
Masdar Green
REIT expands
its portfolio of
sustainable real
estate assets
Masdar Green REIT, the first
Real Estate Investment
Trust in the UAE to
invest only in sustainable
real estate assets, has completed
the purchase of a property worth
AED934 million, bringing the value
of its portfolio to AED1.91 billion.
Additional assets have been identified
for potential future investments. The
announcement was made at Abu
Dhabi Finance Week by the fund’s
manager, Masdar Capital Management
Limited (MCML). It comes after the
fund secured a US$200 million green
loan from First Abu Dhabi Bank
(FAB) in January to support the
REIT’s expansion. Masdar created
the Masdar Green REIT as a platform
for professional investors to invest in
a portfolio of sustainably managed,
income-producing real estate in
Masdar City.
50 www.thefinanceworld.com December 2022

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
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
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.
Mubadala purchases a stake in Singapore’s
AirCarbon
In order to build the first regulated
carbon trading exchange and
clearing house in the city,
AirCarbon teamed up with
Abu Dhabi’s financial freezone, Abu
Dhabi Global Market (ADGM), in
February of this year. According to
the individuals, who declined to be
identified because the transaction
was private, Mubadala’s acquisition
supports the oil-rich emirate’s aim to
set up an exchange that will permit
businesses to trade and finance
carbon credits. When contacted by
Reuters, Mubadala confirmed the
acquisition, but ACX didn’t answer
right away when asked for comment.
ADNOC Drilling
to Spend $320M
on three New
Jack-up Rigs
ADNOC Drilling, an offshore
drilling contractor based
in the UAE, announced
that it has reached an
agreement to pay $320 million for
three “brand new” premium offshore
jack-up drilling rigs. According to
the corporation, the rigs will support
the strategy to increase and sustain
production capacity of ADNOC, the
national oil company of the UAE. “The
purchase supports the company’s
aggressive fleet expansion and growth
strategy. On May 30 (for two rigs),
June 10 (for one rig), and August 24
(for one rig), earlier sale and purchase
agreements were completed “said
ADNOC Drilling.
Dubai Islamic
Bank prices the
first Sustainable
Sukuk
The landmark USD 750
million 5-year senior issue
of the Dubai Islamic Bank
PJSC (“DIB”), rated A3 by
Moody’s and A by Fitch, was priced
successfully at a profit rate of 5.493%
per year, or a spread of 155 basis
points over 5-Year US Treasuries. The
Sukuk was issued in accordance with
the Sustainable Finance Framework
developed by DIB to make it easier
to finance initiatives and projects
that are both environmentally and
socially responsible. This transaction
set numerous records, including the
largest issue size (USD 750 million)
from a GCC bank since February 2022
and the first-ever Sustainable Sukuk
from a UAE Financial Institution.
With a robust and established investor
base from Europe and Asia, this deal
once again showed DIB’s leadership in
Islamic and Sustainable Finance.
Aldar purchases
land in Ras Al
Khaimah
As it continues to expand
outside of Abu Dhabi,
Aldar Properties has
purchased a beachfront
land in Ras Al Khaimah where it
plans to construct its first residential
complex. Aldar said in a filing to
the Abu Dhabi Securities Exchange,
where its shares are traded, that it had
acquired the coveted 40,000 square
metre property on Al Marjan Island
from master developer Marjan. The
property will be combined with land
acquired as part of the DoubleTree
by Hilton Resort & Spa Marjan Island
acquisition earlier this year by Aldar,
the largest developer in Abu Dhabi,
to create a mixed-use residential
community with a view of the Arabian
Sea.
December 2022 www.thefinanceworld.com 51

Cryptocurrency
Cryptocurrency Adoption in MENA Region
Keeps Accelerating
The MENA region, in the Middle East, continues to adopt
cryptocurrencies, as it had a 48% growth in bitcoin volume for the year
ending in June 2022, according to blockchain researcher Chainanalysis.
52 52 www.thefinanceworld.com
December 2022

The increase of bitcoin usage
and volume is not just accelerated
in emerging markets;
in North America, adoption
of cryptocurrencies increased by 36%,
according to the report. The fact that
MENA is one of the smaller crypto
markets helps to explain why it accelerated
so quickly. Over the course
of the year ending in June 2022,
cryptocurrency volumes increased by
$566 billion in the region, one of the
smallest in the world. The Chainanalysis
report ranked the top 30 countries
for bitcoin adoption worldwide, with
three different MENA nations among
them.
Adoption of cryptocurrency
The process of accepting or embracing
digital currencies is known as
cryptocurrency adoption. For some,
adopting bitcoin would be similar to
adopting any other new technology;
the question is not whether but rather
when cryptocurrencies would be used
as a means of international payment.
According to a recent poll by Finder.
com, roughly 45% of Americans who
possess cryptocurrency also own
bitcoin, making up about 27 million total.
When Americans make up 10% of
the population, the adoption rate may
increase more quickly. The adoption
of the internet In the 1990s and the
proliferation of smartphones in 2007
are two examples of this expansion.
Although adoption takes time, once
it picks up speed, it can snowball and
become widely accepted.
The popularity of cryptocurrencies
in developing nations has started to
pick up speed. Latin America experienced
the second-highest growth
during the same period, with MENA
experiencing the most substantial rise
(48%) overall. North America, Central
America, Southeast Asia, and Oceania
all saw growth surges of 35%, while
Latin America experienced a 40%
increase. Egypt saw the greatest gain
among the MENA nations, with a rise
of 211.7%, followed by Saudi Arabia,
Lebanon, Morocco, the UAE, and Turkey.
The surge in bitcoin popularity in
various MENA nations has coincided
with volatility in those nations’ fiat
currencies. For instance, Turkey saw
a rise in bitcoin use during a period of
sharp currency devaluation.
In the 12 months ending in June
2022, cryptocurrency trading volume
in MENA increased. In comparison
to other emerging markets and North
America, MENA experienced a volume
rise of 48%, according to a recent
study.
Cryptocurrency volume increased
most noticeably in Egypt. Due to the
cheaper transaction costs, cryptocurrencies
may be more common
in MENA. Additionally, the regional
political unrest may not have as much
of an influence on digital coins.
The adoption of cryptocurrency
trading is accompanied by a number
of advantages and disadvantages.
Cryptocurrencies’ use will be more
heavily influenced by those who adopt
them first. At some point, the disruption
in MENA and the rest of the
world could grow due to a less volatile
digital currency and cheaper transaction
costs.
Bitcoin has gone from a record high
A number of MENA nations have
shaky economies and currencies,
making alternative investments like
Bitcoin and other cryptocurrencies
appealing.
of around $68,000 last year to a current
price of roughly $19,928 while the
market capitalization of the cryptocurrency
industry has slipped below the
$1 trillion threshold.
According to economists, the
sector’s rollercoaster ride is far from
done and is being weighed down by
factors like this year’s equity bear
market, global economic uncertainty,
increased interest rates, and a steep
increase in the cost of living globally.
Throughout the weak market, large,
long-term cryptocurrency holders
kept their positions. However, because
they haven’t sold, their portfolio
losses haven’t yet been locked
in, according to Chainalysis. These
holders appear to be confident in the
market’s ability to recover, according
to on-chain statistics.
In lower middle and upper middle-income
countries, “Users frequently
rely on cryptocurrencies to send
remittances, preserve their funds in
times of fiat currency instability, and
meet other financial needs specific to
their economies,” Chainalysis stated.
With $192 billion in payments made
to its citizens, Turkey was the MENA
region’s biggest market for cryptocurrencies.
The research noted that in
comparison to other nations in the region,
this constituted a slower annual
growth rate of 10.5%.
With a surge in transaction volumes
of 221.7% annually, Egypt was the
MENA region’s cryptocurrency market
with the quickest rate of expansion.
As trade volumes increased by 195%,
Chainalysis said that Saudi Arabia also
demonstrated a great potential.
According to Akos Erzse, senior
manager of public policy at Dubaibased
cryptocurrency exchange
BitOasis, who was quoted in the
Chainalysis report, the key factors
influencing bitcoin adoption in the
GCC differ from those in the rest of
the MENA region.
“When you look at markets like the
GCC, this adoption is driven by young,
tech-savvy early adopters with relatively
high disposable incomes who
are looking for investment opportunities
and are currently convinced that
cryptocurrency is the future”.
Adoption covers not only the retail
or client side but also financial institutions
and banks, who have started
December 2022 www.thefinanceworld.com 53

Cryptocurrency
cooperating with bitcoin businesses.
On the other hand, Afghanistan’s
on-chain activity peaked in August
and September, just following the
Taliban’s takeover, before plunging to
an unparalleled low. “From November
2021 to date, users living in Afghanistan
have received less than $80,000
in on-chain value on average, a far cry
from the $68 million its inhabitants
typically received per month prior to
the takeover.”
This month, a new crypto token
regime was introduced in Dubai’s
crypto economy, extending to the
world of digital assets the permits that
the DFSA has already given to many
regulated organisations.
As a result, authorised companies
operating under the DFSA are now
able to offer a variety of services and
goods associated with cryptocurrencies,
such as consulting, dealing, arranging,
trading, and custody, without
having to apply for extra licences.
Other Middle Eastern and North
African (MENA) nations, besides the
UAE, have seen a sharp increase in
the acceptance of cryptocurrencies
recently.
Future of cryptocurrency in
MENA
The MENA region took the lead in
the cryptocurrency market in 2022.
This increase is being fueled by a
number of variables, such as the substantial
young adult population in the
area and the growing accessibility of
internet and mobile technology.
Additionally, a number of MENA
nations have shaky economies and
currencies, making alternative investments
like Bitcoin and other cryptocurrencies
appealing. The potential
of blockchain technology is also
becoming more widely known in the
MENA region, which is anticipated to
increase the use of cryptocurrencies.
Many predictions have been made
concerning the MENA crypto market’s
future expansion. Its future growth
is uncertain; some predict it will continue
to expand quickly, while others
predict it will slow down. However,
the majority concur that there is enormous
room for growth in the MENA
region in the cryptocurrency and
blockchain technology sectors.
54 54 www.thefinanceworld.com
December 2022

Launching the blockchain and
cryptocurrency body in Abu
Dhabi
In order to speed up the
regional adoption of blockchain
technology and cryptocurrencies,
Abu Dhabi has established a
new association with support from
the emirate’s financial free zone.
The Middle East, Africa and Asia
Crypto and Blockchain Association
(MEAACBA), a non-profit group
supported by Abu Dhabi Global
Market, aims to bring industry
participants together to discuss
strategies and address the biggest
challenges facing the industry, while
also integrating digital assets into
important economic sectors. Major
cryptocurrency platforms including
the Mubadala-backed MidChains, the
BitOasis in Dubai, the Rain Financial
in Bahrain, Crypto.com, and Binance,
the largest cryptocurrency exchange
by trading volume in the world, are
among the partners of the ADGMbased
association.
UAE students are taught
blockchain, cryptocurrency, and
tech skills
To educate students for the
job market of the future,
a variety of UAE schools
have included lessons in
blockchain, cryptocurrency, and other
developing IT disciplines. Making kids
fully aware of the possibilities—and
the pitfalls—of the metaverse will be
high on the agenda. The metaverse
is envisioned as a brand-new online
environment where users can attend
concerts, work, socialise, and access
a variety of services while wearing a
virtual reality headset with their 3D
avatar.
Cryptocurrency News
Woocommerce
and Hayvn
Pay partner to
provide crypto
payments
HAYVN Pay, a regulated
cryptocurrency financial
network, collaborates with
WooCommerce, the top
open-source e-commerce platform.
By accepting crypto payments, the
partnership enables WooCommerce
merchants to generate extra revenue
streams by using HAYVN PAY as a
plug-in. A reliable, easy-to-install
plugin called HAYVN Pay enables
companies to accept bitcoin payments
and then get payment in fiat money.
It has been verified for compliance
and is regarded as reliable by leading
institutions worldwide.
A chance for
cryptocurrency
owners in the
UAE to invest
in something
concrete
Early crypto investors now
have more options to
diversify their investment
portfolio and turn notional
gains into physical assets, as Dubai
real estate companies accept crypto
payments instead of fiat money. Real
estate specialists predict this year’s
300% surge in crypto payments for
real estate will be followed by future
increases. To provide customers with
payment choices to pay for several
services, developers collaborate
with authorised crypto exchanges.
businesses can keep crypto assets in
their wallets or use exchanges to turn
them into fiat money.
December 2022 www.thefinanceworld.com 55

Real Estate
UAE Real Estate Market to Boom in 2023
Over the past five years,
the real estate market has
grown significantly, and it is
anticipated that Dubai’s real
estate market would keep expanding
in 2023. Real estate prices are also
anticipated to rise gradually, by 20 to
25 percent every year, as new supply
is just now entering the market. Dubai
still has a high demand for real estate,
therefore the market will take some
time to absorb the new supply.
Dubai’s market for luxury villas
has expanded noticeablly in recent
years. Additionally, during the past
few years, costs have significantly
climbed. The market is still quite
competitive, and demand for villas is
anticipated to outpace that of flats.
There aren’t many of these villas on
the market right now, making the
supply quite modest. Despite the
scarcity, demand for luxury villas in
Dubai has held steady. The market has
expanded despite the shortfall, and
fresh deliveries are expected to reach
the market this year.
Sales
transactions in
just June of this
year totaled a
staggering $6.9
billion, which
is said to be the
biggest in the
previous 13 years
(DLD).
The demand for luxury villas in
Dubai keeps rising as more overseas
investors show interest in the real
estate industry. The value of villas has
increased significantly on the Palm
Jumeirah and in the Dubai Residence
complex. Over the past year, prices
in some places have grown by up
to 30%. Knight Frank predicts that
Dubai’s desire for opulent villas
will increase. The price of these
residences is expected to increase as
more international investors enter the
market.
According to experts, there will
be a variety of impacts of increasing
interest rates on the Dubai real
estate market. A large number of
people in the UK hold two-year
variable-rate mortgages. In the US,
mortgages often have longer fixed
terms. Analysts continue to anticipate
that the real estate market in Dubai
2023 would expand substantially
despite the possibility of a rising
interest rate in the United Arab
Emirates. Additionally, the scarcity of
inexpensive housing will cause rents
56 www.thefinanceworld.com December 2022

to rise in the future, raising the cost of
living overall.
According to S&P Global, the UAE’s
GDP would expand at a rate of 2.5%
this year and 2% in 2023. According to
projections, the UAE’s population will
increase by an average of 2% annually.
The Dubai real estate market has been
strong recently, with prices rising by
more than 60%, while prices in Abu
Dhabi increased on average by 6%.
The Dubai real estate market is
starting to slow down after registering
one of its best quarterly performances
since 2010. Price increases in the
city’s real estate market will last for
a while. Real estate Dubai 2023 and
2024, however, will see a slowdown
of these rises to just 4.5% and 3.0%,
respectively. Despite this, investors
may still expect the market to be
steady and a decent inflation hedge.
The worldwide real estate market’s
excitement has subsided, according
to a recent study, and housing prices
are predicted to start falling. It is
anticipated that the increase in
interest rates will moderate the sharp
price increases of recent years. The
ordinary middle-class household
won’t find dwelling to be particularly
affordable even if housing costs fall.
The middle class will eventually
have to sell their homes due to rising
expenses for fuel, consumer items,
and loans.
Indian billionaire Mukesh Ambani
set a new record for the city’s real
estate market in March when he
purchased a $80 million property
in Dubai for his youngest son. A
villa with eight bedrooms and 18
bathrooms was purchased on the
city’s artificial tree-shaped island
of Palm Jumeirah for 302.5 million
dirhams ($82.4 million) a few weeks
later by an unidentified buyer.
Within a few months, that record
would also be broken. According to
latest reports, Ambani forked out $163
million last week on another villa on
the palm-shaped island, demonstrating
the steadily rising demand for real
estate in Dubai.
The real estate market in Dubai
may be booming, with families like
the Ambanis reportedly snapping
up enormous villas in upscale
neighbourhoods for top dollar, but
away from the hot spots, the UAE is
at the forefront of a quiet revolution
that is expected to soon overtake
other countries as the new rage in the
industry, and it’s all taking place in the
metaverse, a virtual environment.
The UAE’s virtual real estate sector,
which at first was only a curiosity,
has recently grown dramatically, with
prices for virtual homes reaching alltime
highs and land and flats selling
out quickly.
New virtual real estate assets are
being developed in the UAE by techsavvy,
innovation-focused businesses
like Crypto House Capital, which
are also luring corporate brands and
investors to the developing metaverse
market.
The UAE’s real estate market
has had a fantastic few months as
investors pounce on the Gulf nation’s
attempt to establish itself as a major
international centre for property
investments. According to figures
from the Dubai Land Department,
sales transactions in just June of this
year totaled a staggering $6.9 billion,
which is said to be the biggest in the
previous 13 years (DLD).
Both supply and demand were
increasing in the emirate, according
to Asteco’s UAE Real Estate Report
Q2 2022. According to the research,
the real estate market had increased
optimism in the second half of 2022,
which led to a number of notable and
successful project debuts. A robust
secondary market initially helped to
support this.
A plethora of new developments,
both physical and virtual, supported
by cutting-edge technology and rising
demand, have been produced as a
result of Dubai’s real estate market’s
stratospheric growth.
Despite all odds, Dubai has
recovered from the pandemic
quickly and thoroughly, growing
stronger and creating early transport
and investment corridors. Dubai’s
dominant position as a worldwide
investment hub is largely attributed
to its hosting of the World Expo,
embracement of virtual properties, the
introduction of measures to increase
foreign investment, and ongoing
development of infrastructure,
lifestyle, and luxury services.
The city’s general appeal to
investors and tourists is enabling
Dubai to quickly recover from the
effects of the current economic and
political unrest on the world and is
supporting the recovery of the real
estate sector.
As a result, since the start of this
year, the real estate sector has seen
tremendous growth. In some of
Dubai’s oldest neighbourhoods, such
as Emirates Living, Dubai Hills Estate,
and Arabian Ranches, the price of
a villa has doubled. Dubai villas are
predicted to continue to dominate
the market in 2023. Important sites
like Palm Jumeirah will continue to
appreciate in value and draw investors
and consumers looking for upscale
living and solid returns on investment.
December 2022 www.thefinanceworld.com 57

Real Estate News
$3.51 billion
worth of
transactions
each week in
Dubai’s real
estate market
A
ccording to figures
stated by the Dubai Land
Department, 3,474 real
estate transactions totalling
AED9.62 billion were closed during
the week ending November 4, 2022.
(DLD). For AED2.38 billion, 348 plots
were sold, and for AED7.23 billion,
3,126 homes and villas were bought.
The top three deals included the sale
of two lands in World Islands for
AED350 million, AED95 million, and
Al Safa 2 for AED74 million. Jebel Ali
recorded the most sales transactions
with 122 totalling AED429 million,
followed by Al Hebiah Fifth with
72 totalling AED176 million and
Al Hebiah Fourth with 24 totalling
AED215 million.
Real estate
deals in
Sharjah hit
$4.52 billion
The cash trade volume of
the emirate’s real estate
transactions was AED 16.6
billion, according to a report
by Sharjah Real Estate Registration
Department (SRERD) on transactions
for the quarter ending September
30, 2022. 65,314 transactions total—
including 5,335 sales transactions in
184 areas with a combined size of
more than 42.6 million square feet—
were completed throughout Sharjah’s
numerous cities and districts. The
survey revealed that 20,280 homes
were traded between 79 different
nationalities, with investments from
Gulf nationals totalling AED 12.2
billion, those from other nationalities
AED 4.4 billion, and mortgages
totalling about AED 6.6 billion.
The world’s highest residential
building will be built in Dubai
According to a project
unveiled by Binghatti, the
Burj Binghatti Jacob &
Co Residences, the tallest
residential structure in the world,
would be constructed in Dubai. The
UAE developer, whose investment
portfolio exceeds Dh7 billion, said
that it would launch an ultra-luxury
Dubai skyscraper in collaboration
with Jacob & Co. to usher in a new
era of ultra-luxury living. However,
no deadline is provided for finishing
the job. According to a Binghatti
statement, “This unmatched
skyscraper seeks to establish a
record as one of the tallest residential
buildings in the world.” The real estate
developer announced that an ultraluxury
skyscraper will stand opulently
in the centre of Business Bay, Dubai’s
most prestigious business area. The
suggested layout includes more than
100 made-up stories.
RAK Properties
earned $79
million in Q3
RAK Properties takes great
pleasure in continuing
to provide the Emirate
with elite residential
communities that provide residents
a comfortable, secure, and modern
lifestyle in conformity with the
highest international standards. RAK
Properties declared a net profit of
Dh27.55 million in the third quarter of
2022 on higher revenues of Dh289.58
million. The company made this
statement as it became stronger in the
present, cutthroat economic climate.
The real estate company said in a
statement that during the quarter
of July through September 2022, its
total assets climbed to Dh6.24 billion,
showing a considerable increase from
Dh6.21 billion recorded in December
2021.
58 www.thefinanceworld.com December 2022

Dubai developer Omniyat is considering the
waterways
The Dubai-based developer
Omniyat, which specialises
in ultra-luxury, intends to
“bring its next building out to
the ocean.” In the next several days,
an announcement is expected. The
goals are being pursued as developers
with a luxury focus, like Omniyat, get
ready for the city’s impending wave
Dubai Rental
Index might be
updated
Dubai is considering a
plan to modify its Rental
Index so it is related to
particular buildings rather
than trends in a neighbourhood or
area. Currently only a proposal, it
would increase transparency in the
rate-setting process if it were to pass
into law. It will be the responsibility
of the landlord or building owner to
make sure that his rental requests are
reasonable. “Rent rises or demands
have for far too long been about
the neighbourhood that particular
property or building is in,” said a
senior source in the sector. According
to the currently being developed plan,
Dubai’s new Rental Index will be
based on the age, quality, and other
features present in that particular
building.
of iconic constructions. Through its
first project on the Palm, the “One
at Palm Jumeirah,” Omniyat has
broken numerous records recently.
A penthouse there sold for a then-
Dubai record price of just over Dh100
million plus. The AVA, another Palm
app, was introduced more recently.
According to Mehdi Amjad, founder
Sharjah Islamic Bank announces
the sale of 318 commercial
lands
According to Asas Real Estate
Company, the real estate
arm of Sharjah Islamic
Bank, the second round of
sales for Al Rahmaniyah Commercial
Lands has started (SIB). The project’s
318 commercial plots are dispersed
across a 1.2 million square foot area.
It follows an increase in demand for
Dubai’s real estate market
remains a rare bright spot despite
worldwide economic crisis
According to Mohamad
Kaswani, managing
director of Mortgage
Finder, Dubai’s real
estate market will continue to draw
investors from all over the world due
to a mix of high oil prices, the UAE
government’s progressive policies,
and spillover effects of mega projects
in the wider GCC region. Given
the turmoil surrounding the larger
global economy, Dubai continues to
be one of the few shining spots for
property investors. High oil prices
have historically been associated with
an uptick in sentiment. Additionally,
the city’s ongoing investments in
an innovative ecosystem continue
to boost job growth and draw new
and executive chairman of Omniyat,
who declined to be named, “what we
are doing with the projected new one
is following the vision of Dubai, as
we see another opportunity to create
something unique.”
the business’ most recent real estate
initiatives. According to a senior
official, the project is advantageously
situated in the Rahmaniyah
neighbourhood of Sharjah, adjacent
to Emirates Road, Sharjah Airport,
Sharjah University City, as well as
governmental structures, educational
institutions, and the Rahmania Mall.
residents, according to Kaswani,
who was speaking on the sidelines
of Cityscape Global, the yearly real
estate expo that was founded in
Dubai.
December 2022 www.thefinanceworld.com 59

Funding & Investment
LMR Partners to Set Up Office in Dubai
Ben Levine, Andrew Manuel, and Stefan Renold founded LMR Partners, a hedge
fund management company with headquarters in London, with the goal of offering
investors superior risk-adjusted returns by taking advantage of short-term market
opportunities. LMR Partners seeks to take positions in a variety of macro and micro
factors through its flagship investment strategy. According to the business, there are
times when macroeconomic causes dominate the movement of global asset values
and other times when asset-specific events take centre stage. By integrating macro
trading with methodical equity long/short, it seeks to meet its investing goals in each
of these contexts.
According to the report’s
unnamed sources, the
$9.8 billion London-based
company has obtained a
licence from the Dubai International
Financial Centre and would initially
staff its new office with six people.
LMR is leasing space in the ICD
Brookfield Place, sharing space with
Balyasny Asset Management, which
last week announced plans to open a
Dubai office. The LMR space has room
for 25 to 30 people.
The remainder of the LMR team in
Dubai, including portfolio managers
Iain Raskin and Sebastian Gorga
from Hong Kong, will relocate from
other offices. Half of the team will be
new hires. For some of its portfolio
managers who conduct international
trading, LMR apparently considers the
emirate to be a more practical time
zone.
60 www.thefinanceworld.com December 2022
According to the official register of
the financial centre, other well-known
firms including Brevan Howard and
Squarepoint Capital LLP have also
recently secured licences to operate
in the emirate, suggesting that LM may
not be the last hedge fund to establish
a presence in Dubai.
LMR has joined Izzy Englander’s
Millennium Management and Michael
Gelband’s ExodusPoint Capital
Management in expanding into Dubai.
LMR’s traders invest in a variety of
strategies and asset classes, including
equities and fixed income. Dubai is
quickly becoming a preferred location
for international financiers, who
are enticed by its tax-free status,
ease of conducting business, and
attraction as a centre for international
travel. Additionally, it is a more
accommodating time zone for
portfolio managers with international
investments spanning Asia to North
America.
With a licence to operate in the
International Finance Centre
(DIFC) as of 2020, Izzy Englander’s
hedge fund company, Millennium
Management, now employs about 30
people in Dubai. Meanwhile, All Blue
Capital reorganised its former London
headquarters to base its global
operation in Dubai with nearly half of
the company’s global staff now based
there.
While Brexit has prompted some
funds to look for new bases outside of
the City of London, the DIFC has also
introduced a number of incentives
designed to increase Dubai’s appeal.
These include reduced licencing fees
and capital requirements for hedge
funds domiciled a domestic fund.
Currently, $450 billion worth of assets
are managed by companies domiciled

Dubai is on course to rank among the richest cities in
the world, claims a recent analysis by the London-based
investment migration firm Henley & Partners.
in DIFC.
Given the emirate’s good
infrastructure, low taxes, and
lax regulations, more hedge fund
managers are choosing to move
to Dubai, according to Dominic
Volek, the head of private clients at
consultancy Henley & Partners in
Dubai. Henley & Partners anticipates
the UAE will attract a net inflow of
4,000 millionaires this year, the most
of any nation in the world.
A second draw is higher oil prices.
The Gulf region’s sovereign wealth
funds are investing the windfall at
home and abroad as a result of crude
prices that are hovering above $90
per barrel and boosting regional
economies and stock markets.
Schonfeld Strategic Advisors, a New
York-based investment business,
expanded to Dubai last year, while All
Blue Capital abandoned its London
base to establish a base there, where
it now employs about half of its
global workforce. According to the
official registry of the finance hub,
several well-known funds, like Brevan
Howard and Squarepoint Capital LLP,
have also recently acquired licences to
operate in Dubai.
LMR now has six offices worldwide
with about 190 employees. LMR
already has locations in London, Hong
Kong, New York, Glasgow, and Zurich.
Several multinational corporations
are attempting to expand their
presence in the Middle East, including
Habib Bank Zurich. A new branch
will be opening in DIFC, according to
a statement made last month by the
global bank with its headquarters in
Switzerland.
A targeted platform for wealth
preservation and legacy planning will
be made available to clients at the
new site.
According to the Dubai International
Financial Center’s official record,
the massive UK hedge fund Brevan
Howard successfully formed Brevan
Howard Investment Products Ltd with
the DIFC on October 18. In June of
this year, Squarepoint Capital, based
in London, also registered with DIFC.
A representative for DIFC stated
that the organisation has improved
its services for hedge funds, including
waiving registration fees and lowering
capital requirements.
Hedge funds make up about 15%
of our market for wealth and asset
management. A significant portion of
this company is made up of UK hedge
funds.
The increasing number of wealthy
residents in the area is providing
prospects for hedge funds worldwide.
Dubai is on course to rank among the
richest cities in the world, claims a
recent analysis by the London-based
investment migration firm Henley &
Partners. The city report stated that
by mid-2022, Dubai would have 67,900
millionaires, making it the richest
metropolis in the Middle East and
Africa.
Capital investment is increasing
significantly in Dubai. In the first
nine months, the Emirate saw a 16%
increase in investment projects,
bringing in about $4.33 billion in
foreign direct investment, according
to the Dubai Investment Development
Agency, a division of the Department
of Economic Development in Dubai.
The numbers are only expected to
rise.
The largest international financial
hub in the MEASA region, Dubai
International Financial Centre (DIFC),
according to Ali Hassan, senior
representative for Europe and North
America, “private wealth is where we
are seeing genuine growth.” Hedge
fund portfolio managers travel to
Dubai to make investment choices.
For them, Dubai is the destination
where talent wishes to settle in order
to benefit from the alluring business
climate and take advantage of the
city’s top-notch lifestyle options,” he
said.
Although sophisticated sovereign
wealth funds have always existed, the
current state of affairs is marked by a
significant increase in private wealth,
private wealth has typically been
kept in assets like money, real estate,
and physical companies. The amount
of assets under management has
significantly increased as a result of
the increased investment of this cash
in financial markets.
The market for alternative assets
is very active in Dubai, which is a
wonderful place to raise assets. The
significance of their fixed income
methods for regional clients is
being recognised by venture capital
companies and asset managers, who
also see that they can accomplish
more in the region if they have a more
substantial presence.
The link between “what you do” and
“where you do it” was broken by the
Covid epidemic, therefore the work
climate now allows for more freedom.
Businesses mentioned the luxury of
luring talent to the most desired areas.
With improved visa programmes
like the five- and ten-year Golden
Visas, the UAE government is very
supportive and enables managers of
hedge funds to draw in and keep top
talent.
December 2022 www.thefinanceworld.com 61

Funding & Investment News
Taaleem of
Dubai intends
to raise $204.21
million through
an IPO
The owner of Dubai’s Taaleem
network of elite schools
revealed that it plans to
raise 750 million dirhams
($204.21 million) in an IPO to support
network expansion. In its notice of
intention to float, Taaleem stated that
it would start selling 10% of its shares
to retail investors on November 10
and 88% of its shares to professional
investors on November 17. A listing
was anticipated to occur sometime
around November 29. A further 2%
will be given to qualified workers and
qualified parents, it continued.
Citigroup to do
more business
in the Gulf
The investment banking
branch of Citigroup Inc. has
increased by 50% over the
last two years, and more
staff are being hired in Saudi Arabia
and the United Arab Emirates (UAE),
joining competitors who are hoping
to take advantage of the expanding
Gulf IPO market. The Gulf region has
seen a surge in public share sales this
year as a result of high oil prices and
government-sponsored privatisation
programmes. According to Refinitiv
data, Gulf issuers have raised over
$16 billion in IPOs this year, or about
half of the total IPO proceeds from
Europe, the Middle East, and Africa.
In stark contrast to the United States
and Europe, where global banks have
been reducing manpower due to a
lack of dealmaking, the expansion in
Gulf equities capital markets.
Alcazar Energy
Partners raises
$337 million
from investors
Alcazar Energy Partners, an
asset management with a
focus on renewable energy,
reported raising close to
$337 million from investors, including
the European Investment Bank,
to support its expansion into new
markets. The money was raised for
the Alcazar Energy Partners II fund,
which is domiciled in Luxembourg.
It has a hard cap of $650 million and
a final target size of $500 million.
Alcazar reported that eight investors,
including the World Bank’s private
sector lending arm, the International
Finance Corporation, and the
European Bank for Reconstruction
and Development, took part in the
funding.
Jazeera Airways anticipates receiving $2 billion from
banks for the Airbus contract
Jazeera Airways, which has
a deal with Airbus for 28
A320neo aeroplanes, would
reportedly seek funding from
commercial banks in the amount
of $2 billion to cover 70% of that
agreement, according to the chairman
of the Kuwaiti carrier. The money will
be used by the company to forward
its fleet upgrade plan, as part of
which Jazeera Airways plans to add
62 www.thefinanceworld.com December 2022
20 more Airbus A320neo
and eight more A321neo
planes to its current fleet to
expand its capacity. As the
airline expands its network
in the Middle East, Asia,
and Europe, the planes are
expected to help.

Dubai creates digital gold by putting precious metal
on the blockchain network
Buying and selling gold has dominated business and investment for
thousands of years. The Dubai Multi Commodities Centre (DMCC) free
zone has just launched a new blockchain network, enabling investors
in Dubai to purchase gold as a digital asset. In order to tokenize the
precious metal, which is backed by actual gold bars registered on DMCC Tradeflow,
the freezone has announced a partnership with Comtech Gold. This will enable the
buying and selling of gold to be done digitally. In order to register the ownership of
goods kept in UAE facilities, use the online platform DMCC Tradeflow. Investors
will thus acquire ownership of as little as one gramme of the pricey metal, even
though they may never see their investment because it is kept stored in a vault.
Silkhaus raises
USD 7.75
million in a
seed round
To provide asset owners
with new prospects,
Silkhaus has identified a
$13 billion TAM throughout
MENA, South Asia, and Southeast
Asia. short-term rentals (STRs)
give real estate investors freedom
in maximising profits on their
investments in a booming market
without being bound by lengthy
leasing agreements. Although online
platforms have helped to consolidate
the demand for STRs, the supply of
STRs is still extremely fragmented
and primarily offline in nature. With
Silkhaus, anyone can run high-quality
short-term rentals, whether they
are individual apartment owners,
institutional investors, or wellestablished
operators.
Saudi Tourism Development Fund
will support 50 projects with
$266 million
Ahmed bin Aqil Al-Khatib,
Saudi Arabia’s Minister
of Tourism, said that SR1
billion ($266 million) has
been allotted from the Saudi Tourism
Development Fund to support up
to 50 medium and small projects.
According to Al Arabiya, he made
this announcement at the ministry’s
second virtual monthly meeting,
which was conducted to examine
the developments in this important
area. Al-Khatib also spoke about the
ministry’s initiatives to strengthen
the position of the Kingdom’s tourist
industry. He disclosed that the
ministry promotes and stimulates the
owners of small projects to submit
thorough feasibility studies in order to
secure the required funding. They will
be able to offer extremely effective
tourism services as a result.
Noria Capital invests in CoverGo to increase its position in
the Middle East
Arising number of P&C, health, and life insurance businesses, as well as emerging insurtech companies, have
used CoverGo in order to create omni-channel distribution, digitise policy administration, and launch all types of
insurance products in a matter of days. AXA, Bupa, MSIG (MS&AD), Dai-ichi Life, DBS Bank, Bank of China Group
Insurance, among many more, are some of the companies that CoverGo works with as clients. Recent developments
have seen CoverGo establish a presence in the Dubai International Financial Centre (DIFC) and join DIFC FinTech Hive,
the largest financial technology accelerator in the Middle East, Africa, and South Asia region. George Majdalani, a recently
appointed regional director, is driving CoverGo’s growth throughout the Middle East. George is a senior executive who has
worked in the insurance industry for more than 17 years.
December 2022 www.thefinanceworld.com 63

Local News
Dr. Sultan Al Jaber said the UAE
will prioritise industrial growth
According to Dr. Sultan Al Jaber, Minister of Industry and Advanced
Technology, the future would be centred on establishing comprehensive
Emirati industrial activity led by significant national development
sectors. Future plans will establish a suitable economic framework and
encourage public-private collaborations, enhancing the UAE’s reputation as a
global hub for emerging businesses. Sheikh Mansour bin Zayed, the Deputy Prime
Minister and Minister of the Presidential Court, was present when Dr. Al Jaber
made his remarks at a session of the annual meetings of the UAE government.
HPE opens a
new regional
headquarters
for the
Emirates and
Africa
The new Emirates & Africa
organisation, created by
Hewlett Packard Enterprise
(HPE), combines the
companies in the UAE and Africa.
Ahmad Alkhallafi, who will supervise
HPE’s operations across the
African continent and the United
Arab Emirates, will serve as the
organization’s leader. Alkhallafi joined
HPE in 2020 and assumed the position
of Managing Director for HPE in
the United Arab Emirates, where he
was in charge of fostering company
expansion and preserving high levels
of client and partner satisfaction.
Alkhallafi has more than 16 years
of experience working in the UAE’s
technology sector and is a board
member of the Dubai International
Chamber.
Regulations governing the grid
connection of renewable energy
production in UAE
In order to raise the proportion of
clean energy in its overall power
mix, the UAE has announced
a federal law that governs the
connection of distributed renewable
energy units to the nation’s electrical
grid. According to a statement by the
Ministry of Energy and Infrastructure,
the law aims to lower carbon
emissions and lower peak demand for
electricity from distribution networks.
Solar panels and fuel cells are
examples of distributed generation
technologies, which produce
electricity close to or at the location
where it will be used. It could be used
by a single building, like a house or
business, or it could be a component
of a micro-grid.
Aldar collaborates with ADGM
Academy to foster the growth of local
talent
Aldar Properties has
established a strategic
partnership with the Abu
Dhabi Global Market
Academy, the knowledge division of
Abu Dhabi’s international financial
centre, to create a variety of talent
development programmes for Emirati
graduates as part of the company’s
ambitious goal to produce 1,000
job openings for UAE citizens by
2026. More than 260 Emiratis have
been employed by Aldar across the
group since the NAFIS initiative
was launched in September 2021.
The partnership is a part of a
Memorandum of Understanding that
Aldar and ADGMA recently signed.
The MoU aims to increase both
organisations’ contributions to the
UAE’s knowledge-based economy and
foster the next generation of business
leaders in the private sector.
64 www.thefinanceworld.com December 2022

MENA’s “women in real estate” community was
established at Cityscape
At the Cityscape, the largest
property seeking event
in the UAE, which took
place in Dubai recently, an
exclusive platform linking aspiring
female real estate professionals
across the MENA region was
introduced. According to Informa, the
event organisers, the CityscapeWIRE
will provide information and
networking chances to support their
Azizi
purchases
property in
Dubai South for
an enormous
development
With a billion-dollar
investment, Dubai’s
Azizi Developments is
planning to construct
a sizable mixed-use development in
Dubai South. The business disclosed
recently that it has entered into a
contract with Dubai South to buy a
sizable plot of property with a total
area of 15 million square feet, or
roughly 140 hectares. It is anticipated
that the “several-dozen-billiondirham”
master development will
have a gross floor space of 24 million
square feet (GFA). On November 21,
the developer formally committed to
purchasing the Dubai South property.
The property is situated alongside
Emirates Road in Dubai South’s Golf
District (E611).
career. Through a Memorandum of
Understanding signed during the
event, the new platform also received
Dubai Land Department support
for its UAE chapter and beyond.
Through specialised digital platforms
as well as quarterly live events held
throughout Mena in 2023, including
the UAE, Egypt, and Saudi Arabia, the
community will be able to interact,
expand, and develop all year long.
Middle Eastern Health & Beauty
Care helps goods hit the market
Middle Eastern Health and
Beauty Care conference,
organized by Stamegna
Network in Dubai on
November 6-7, 2022, brought together
multiple FMCG firms from across the
world and some of the region’s largest
retailers and FMCG suppliers. As a
B2B marketing event in Dubai, the
two-day conference combined buyers
and sellers to create opportunities
for FMCG clients to meet major
retail partners in Dubai and help new
and exciting consumer items hit the
market. With the B2B conference
welcoming prominent industry buyers
and experienced peer professionals
in category-relevant cities, Stamegna
Network was turbocharging B2B
marketing in Dubai and supercharging
business networking with over 600
negotiations during the conference.
Meetings were scheduled ahead of
time and face-to-face, providing new
communication channels that can
help companies create better FMCG
items and expand into new areas.
Stamegna Network conducted its
inaugural event in Dubai, UAE in 2018,
and has since held two events per year
in the world’s most populous city.
December 2022 www.thefinanceworld.com 65

Digital Assets
UAE Leads the Way in Crypto After FTX
Scam
Dubai Law No. 4 of 2022
Regulating Virtual Assets
in the Emirate of Dubai
became effective on
March 11, 2022. The Law lays the
groundwork for a legal framework
governing virtual assets in Dubai
with the objectives of safeguarding
investors and encouraging ethical
corporate expansion. It establishes
a virtual assets regulator, gives it the
authority to enact pertinent rules and
regulations, defines “virtual asset,”
and lists services that will need a
licence in order to accomplish those
objectives.
The Dubai Virtual Assets Regulatory
Authority (VARA), Dubai’s designated
virtual assets regulator, has made
two significant moves in the first six
months of this Law. The marketing,
advertising, and promotion of Virtual
Assets are governed by administrative
instructions that have first been
issued by it. Second, it has granted a
number of international participants
in the cryptocurrency, blockchain, and
digital asset markets interim approval
to operate in Dubai (known as a “MVP
License”).
To carry out the Law’s objectives,
VARA has been founded as a separate
body with complete financial and
administrative autonomy. The Emirate
of Dubai, including all of its free
zones aside from the DIFC, is under
the jurisdiction of VARA. Prior to
engaging in any of the virtual asset’s
activities outlined in the Law, industry
players are required to establish
a presence in Dubai, register with
VARA, and receive a licence.
VARA has the responsibility of
keeping track of transactions and
preventing price manipulation of
virtual assets in order to safeguard
investors and dealers in Dubai. It has a
wide range of authority to categorise,
specify, control, broaden, and outlaw
these activities. Its obligations consist
of:
• Establishing a code of ethics,
issuing the relevant regulations for
Dubai (excluding the DIFC), and
enforcing them.
• Putting in place extra controls for
operations involving virtual assets,
66 www.thefinanceworld.com December 2022

such as offering management,
clearing, and settlement services.
• Evaluating, categorising, and
describing the many virtual asset
kinds.
• Creating a comprehensive policy
and strategies for the control of
services for virtual assets.
• Monitoring, issuing permits, and
regulating the industry throughout
Dubai’s mainland and the free-zone
regions (again, excluding the DIFC).
• Supporting efforts against money
laundering and educating the public
on the risks involved in dealing with
virtual assets.
Together with the Dubai Digital
Authority, the Securities and
Commodities Authority, the Central
Bank of the UAE, and other federal
authorities in the UAE, VARA carries
out its regulatory duties. Because
some of these agencies’ jurisdictions
overlap, market participants in
Dubai must carefully analyse all
applicable laws and consult with all
three regulators at the outset of every
venture.
This definition is not just broad
but also grants VARA the authority
to decide what may be considered a
virtual asset, providing the regulator
some degree of control over the
asset class. This underlines how
crucial it is for market participants to
engage proactively and early on with
regulators and consultants.
The concept includes components
that are present in other jurisdictions’
legislative strategies as well. For
instance, “Virtual Assets” are defined
under the Law as things that are
“produced electronically/digitally,”
“confer digital representation
of value,” and “digitally sold or
transferred.” Similar features are used
by laws in the United States, England,
Singapore, and the European Union
to define what virtual or digital assets
are.
VARA is authorised to broaden,
categorise, and/or further define the
aforementioned actions and to impose
restrictions on them. Despite the
fact that the Law does not apply in
the DIFC, it is currently possible for
business owners who want to operate
there to do so from their onshore
Dubai location because neither the
DIFC nor its regulator, the DFSA, has
imposed a presence requirement.
Since the Law does not make an
exception for truly decentralised
technology, it is unclear what the
VARA’s presence requirement will
signify for these systems. The ultimate
gatekeeper into Dubai’s digital asset
economy is now VARA, who also has
the authority to revoke licences.
Penalties and sanctions, including
the suspension or revocation of a
licence to engage in virtual asset
operations or the revocation of the
infringing party’s commercial licence,
may be imposed for violations of the
Law or its future provisions.
VARA has the authority and
powers of a court officer when it
comes to enforcing the Law and
the accompanying regulations, and
it can work with the applicable
municipal and federal authorities
to get access to and confiscate
records, documents, equipment,
and properties as necessary. Virtual
asset service providers and other
individuals are required to collaborate
with VARA and comply with its
requests in accordance with the Law’s
requirements and its implementing
rules. The Penal Regulations outline
the penalties for breaking the
Marketing Regulations; fines begin at
AED 20,000 and increase.
Although efforts to govern the
virtual asset market are still in their
infancy, Dubai is one of the countries
pushing virtual asset regulation into
the mainstream. According to its new
Law, service providers who engage in
virtual asset activities in Dubai or any
of its free zones (aside from DIFC)
must now I obtain a valid licence
from VARA (except for DIFC); (ii)
establish a presence in the Emirate;
and (iii) adhere to the Law’s rules
and its implementing regulations.
Entities with a presence in onshore
Dubai can currently conduct business
in the DIFC without having a second
location there.
The Law gives the Director General
of the Dubai World Trade Centre
Ability the authority to issue such
regulations by publishing them
and authorises VARA to propose
regulations. Regulation is utterly
necessary for the bitcoin sector.
If it does not, it will eventually
self-implode. Regulation has been
proposed by major cryptocurrency
businesses including FTX and
Binance. It looks to be only a ploy to
fend off government enforcement.
One of the main factors in eventually
abandoning the plan to purchase FTX
by Binance was the company’s efforts
to evade legal authorities.
Although the decentralised finance,
or DeFi, movement was supposed to
be sparked by the market for digital
assets, the exact reverse has occurred.
A few numbers of centralised
exchanges came to dominate the
economy, drawing disproportionate
quantities of capital and serving as the
epicentres of catastrophe. The centre
will not hold, to paraphrase author
Joan Didion. Consequently, the market
for digital assets needs to be subject
to the strictest regulations.
VARA has the
authority and
powers of a
court officer
when it comes
to enforcing
the law and the
accompanying
regulations
December 2022 www.thefinanceworld.com 67

Stock Market
Empower Raises $724m in
Oversubscribed IPO
Emirates Central Cooling
Systems Corporation
(Empower) has recently
reported that its initial
public offering (IPO) raised Dh2.66
billion ($724 million) after selling its
shares at Dh1.33, the upper limit of
the suggested range.
The district cooling company from
Dubai announced in a statement
that its initial public offering (IPO)
was oversubscribed and drew bids
totalling Dh124.6 billion ($34 billion)
as investors put their faith in the
expanding capital market in the
emirate. Beginning trading on the
Dubai Financial Market on November
15, Empower was the largest district
cooling services supplier in the world.
The offering, which had its size
increased twice due to strong investor
interest, was oversubscribed 47 times
for all tranches taken together at
the final offer price. Demand for the
68 www.thefinanceworld.com December 2022
qualified investor tranche reached
Dh105 billion, representing a 46-
time oversubscription, while local
investors showed a strong interest
in the retail offering, with demand
exceeding Dh19.6 billion, representing
a 49-time oversubscription.
Two billion shares, or 20% of the
company, were sold by shareholders
Dubai Electricity and Water Authority
and Emirates Power Investment for
Dh1.33 apiece. Due to high investor
demand, the offering size was
expanded from 10% to 20%.
The enormous success of the
privatisation programme thus far,
according to Saeed Mohammed
Al Tayer, chairman of Empower,
demonstrates that “Dubai is well on
its approach to achieving the ambition
of the wise leadership to expand the
entire volume of its stock markets to
Dh3 trillion”.
The method through which
businesses obtain cash, especially
through IPOs, is a crucial component
of the whole financial ecosystem. This
astounding level of investor interest
is extremely energising and shows
that Dubai is a flourishing, dynamic
international financial hub with true
depth and rising demand for its capital
markets.
Empower’s IPO is a part of
Dubai’s effort to list 10 state-owned
businesses, grow its financial market
to around Dh3 trillion, and establish
a Dh2 billion market maker fund to
promote the listing of more private
businesses in industries like energy,
logistics, and retail.
In September, Salik, the emirate’s
toll operator, raised Dh3.73 billion
from the sale of a 24.9% interest,
marking the most recent stateaffiliated
IPO in Dubai. Tecom, a
different state-owned organisation
that manages commercial districts in

Dubai, debuted on the DFM in early
July and completed an IPO for Dh1.7
billion in August.
“This marks a significant turning
point in history for both Empower
and Dubai”, according to Ahmad
bin Shafar, chief executive officer of
Empower.
“It shows the strong faith that
investors have in Empower’s ability
to assist the city’s rapid economic
expansion. Megatrends including
infrastructure growth, population
growth, and warming climates are
accelerating the demand for more
effective and sustainable cooling at
scale,” according to Bin Shafar.
Empower, which was founded as
a joint venture in 2003 to provide
energy through its various plants to
the emirate’s real estate industry,
has grown to become the largest
provider of district cooling services
in the world, with 84 plant rooms and
a network that spans more than 350
kilometres.
The massive district cooling
company serves more than 140,000
businesses and individual customers
in more than 1,252 locations, and
it has a capacity of more than 1.64
million refrigeration tonnes.
Empower was anticipated to begin
trading on November 15 on the Dubai
Financial Market under the ticker
“EMPOWER,” becoming the biggest
publicly traded provider of district
cooling services in the whole world.
Following the IPO, the Emirates
Power Investment (EPI) and Dubai
Electricity and Water Authority
(DEWA) would keep 56% and 24%,
respectively, of the current share
capital of Empower.
The Empower offering was a part of
Dubai’s plans to expand the size of its
capital markets. The emirate also has
plans to list 10 state-owned businesses
and increase its financial market to
about Dh3 trillion.
The demand for more effective
and sustainable cooling at scale is
being accelerated by megatrends like
infrastructure expansion, population
growth, and warming climates.
Empower’s approach is focused on
assisting Dubai’s energy transition
by opening up sustainable cooling
options, boosting energy efficiency,
and promoting responsible energy
use.
Empower was the fourth
privatisation in Dubai, which is trying
The Empower offering was a part of Dubai’s
plans to expand the size of its capital markets.
The emirate also has plans to list 10 stateowned
businesses and increase its financial
market to about Dh3 trillion.
to increase trade activity and liquidity
after falling behind an IPO boom
that started in Saudi Arabia and its
neighbouring Abu Dhabi last year.
The government increased the size
of two of these listings, DEWA and
Salik PJSC, after they attracted strong
demand, raising a total of nearly $7.6
billion from the city’s three initial
public offerings this year.
Although shares of DEWA initially
skyrocketed in their April trading
debut, they have since dropped
to about their IPO price. Due to
concerns of an economic slowdown
brought on by stricter monetary
policy, the decrease was accompanied
by volatility in the world financial
markets. Salik is still well above its
IPO price despite only having begun
trading in late September.
Local, regional, international, and
retail investors placed orders totalling
$34 billion for the offering, which
was over 47 times the number of
shares originally offered, including the
cornerstones. Empower will have 81
district cooling units and a network
that is more than 350 kilometres long
by the end of 2022. With a combined
commitment of up to Dh335m, the
Abu Dhabi Pension Fund, Shamal
Holding, and the UAE Strategic
Investment Fund are the IPO’s
cornerstone investors.
This year, the Middle East has stood
out as a promising region for initial
public offerings (IPOs), in contrast to
the majority of other major markets
that have experienced sharp declines
in activity as a result of high inflation
and rising interest rates. After 2019,
when Saudi Arabia’s state-owned oil
company Aramco garnered $29 billion
in its offering, the region is on track
to have its biggest IPO earnings year
ever.
Empower’s initial public offering,
which could generate up to Dh2.66
billion ($724 million), was a part of
Dubai’s aspirations to expand the size
of its capital markets. 10 state-owned
businesses will be listed by Dubai,
expanding the city’s financial market
to nearly Dh3 trillion. Dubai will also
establish a Dh2 billion market maker
fund in an effort to promote the listing
of additional private businesses in
industries such as energy, logistics,
and retail.
December 2022 www.thefinanceworld.com 69

Corporate Tax
Corporate Tax and Latest Updates on Vat
in the UAE
Value Added Tax, usually
known as VAT, is an indirect
tax that is categorised as a
general consumption tax.
One of the most prevalent types of
consumption taxes in use worldwide,
countries levy VAT on the majority
of purchases and sales of goods and
services. The UAE implemented Value
Added Tax (VAT) in January 2018 at a
rate of 5%.
Recently, changes were made to a
few of the clauses of the Value Added
Tax (VAT) law that the Ministry of
Finance introduced in 2018. Beginning
on January 1, 2023, the adjustments
will be in force. According to Decree-
Law No.18 2022 on VAT’s Arabic
translation, which was made public in
the official gazette, there were a total
of 24 modifications made (issue no.
736 of 28 September 2022).
A provision in the Federal Decree
Law No. 8 of 2017 on VAT that allows
registered people to request for an
exclusion from VAT registration if
all of their supplies are zero-rated or
if they no longer manufacture any
supply other than zero-rated supplies
is one of the amendments made to the
law.
Supplies that are taxed at 0% for
both goods and services are known as
zero-rated supplies. As established by
the taxing authority, some examples
of zero-rated items are specific meals
and beverages, exported goods,
donated goods sold by charity stores,
equipment for the disabled, and
prescriptions.
Other modifications include
establishing a 14-day window for
the issuance of a tax credit note
to pay output tax, in keeping with
the window established for the
issuance of tax invoices. According
to the ministry statement, the
Federal Tax Authority (FTA) may
forcefully deregister people in
some circumstances if it is judged
appropriate.
Additionally, it includes changes to
specific laws that reword, clarify, or
improve the order in which certain
legal provisions were passed into
law. The VAT rate, which is 5 percent,
has not been altered and will remain
unaltered. The modifications were
made in accordance with global best
practises in light of the GCC Unified
VAT Agreement. The statement
said, “They are based on prior
experiences, difficulties faced by
various business sectors, as well as
the recommendations received from
the appropriate parties.”
UAE VAT amendments explained
• The right to request an exemption
from VAT registration is available
to those who are registered and
make taxable supplies. However,
they must only produce zero-rated
supplies going forward or cease
producing any other types of
supplies altogether.
• In accordance with the deadline
for releasing tax invoices, a 14-day
window will be set aside for issuing
tax credit notes to settle output tax.
• If necessary, the Federal
Tax Authority may in some
circumstances forcefully deregister
registered individuals.
These modifications comply with
the GCC Unified VAT Agreement’s
worldwide best practises. They are
70 www.thefinanceworld.com December 2022

The VAT rate, which
is 5 percent, has
not been altered
and will remain
unaltered. The
modifications were
made in accordance
with global best
practises in light of
the GCC Unified VAT
Agreement.
based on a range of difficulties and
experiences encountered across
industries, as well as suggestions from
pertinent parties. With a 5 percent
tax on the majority of products and
services, value added tax was first
implemented in the UAE in 2018.
This was implemented as a part of
the country’s efforts to diversify its
economy and lessen its dependency
on oil.
In addition to these adjustments,
which take effect on January 1,
the UAE will also enact a federal
corporation tax of 9% on business
profits beginning with the fiscal year
that begins on or after June 1, 2023,
according to information released by
the Ministry of Finance on January 31.
UAE business VAT regulations
A business must register for VAT if
its taxable imports and supplies are
greater than the statutory registration
threshold of AED 375,000. If a
company’s supplies and imports total
more than AED 187,500, it can also
opt to register for VAT on a voluntary
basis.
In a similar vein, a company may
voluntarily register if its expenses
surpass the voluntary registration
level. In order to enable new firms
with no revenue to file for VAT, this
was created. In the UAE, companies
are expected to keep current records
of their financial transactions and to
document them.
UAE sectors exempt from VAT
The following supply types are
exempt from VAT:
• Providing specific financial services
• Residential structures
• Empty space
• Transporting people locally
Typically, VAT is applied to
purchases made by governmental
organisations. By doing this, it is made
sure that governmental organisations
do not have an unfair edge over
commercial enterprises. According
to the UAE Ministry of Finance’s
public consultation document
mentioned earlier, “the related party
is an individual or entity that has an
existing relationship with a business
that is subject to the UAE corporate
tax (CT) regime through ownership,
control, or kinship (in the case of
natural persons”).
To identify the associated parties,
the text defines seven criteria. Two
or more people who are “connected
to the fourth degree of kinship or
affiliation, whether by birth, marriage,
adoption, or guardianship,” according
to the first criterion in the agreement,
will be regarded as related parties for
corporate tax reasons. Businesses and
other legal entities are not covered by
the first criterion since it only applies
to natural beings.
The aforementioned level of kinship
can be proven through birth, marriage,
adoption, or guardianship. According
to the second degree of kinship, if
the father of a girl adopts a boy, the
children are regarded as related
parties. On the basis of guardianship,
the kinship may also be determined.
A guardianship order is a court
appointment that allows a person to
act or make decisions on behalf of a
person who lacks capacity, such as a
mother of a girl who has been named
as the guardian of any other girl by the
court. The second degree of kinship
will classify both girls as related
parties.
According to the second criterion
in that document, an individual
and a legal entity are considered
related parties if the individual,
alone or jointly with another related
party, directly or indirectly holds at
least 50% of the company’s shares
or otherwise has control over the
legal entity. For instance, Mr. X and
Company B will be regarded as
related parties if Mr. X owns 51% of
the stock in Company B. If Ms. GG
has full control over Rix Ltd. And has
the authority to make all decisions, as
indicated by a board resolution or the
company’s memorandum, then Ms.
GG and Rix Ltd. Will be regarded as
related parties.
According to the third requirement,
two or more legal entities that control
or own at least 50% of the shares of
another legal entity, either individually
or jointly with a related party, are
deemed to be related parties. Beta
Ltd is owned by Like Alpha Ltd to the
tune of 60%. Since Alpha Ltd owns
more than 50% of the stock in Beta
Ltd, it will be assumed that the two
companies are related.
Additionally, if a person is engaged
in both exempt and non-exempt
business activities, the exempt
operations of the same person must
be included in the definition of related
parties in order to meet the final
criterion for determining whether two
parties are linked.
The management of the companies
will need to comprehend the link
between the parties involved in
the transaction and apply the
aforementioned factors appropriately
to determine whether those parties
are related parties. Arm’s length
principles should be used in
accordance with clause 7.3 of the
agreement if it has been determined
that the transaction is between related
parties.
December 2022 www.thefinanceworld.com 71

Corporate Results
Dubai Toll Gate Operator
SALIK Q3 Profit
Net profits: AED242 million
The operator of Dubai’s toll gates,
SALIK, saw a 9.1% increase in revenue
for the third quarter of 2022, totalling
Dh445 million, while net profit
came in at Dh242 million. This was
directly related to increased traffic
on the roads. The net profit from the
previous year was Dh331 million. In
comparison to Dh966 million at the
same period in 2021, profit throughout
the course of the first nine months
was Dh1.03 billion. According to a
statement released by SALIK, revenue
increased 9% year over year (YoY) to
AED445 million as a result of rising
toll usage brought on by an uptick
in the economy. EBITDA came in at
AED291 million, producing a margin
of 65.4%. Eight toll gates in SALIK
were used for a total of 128 million
trips in the third quarter of 2022, up
11% YoY from the 116 million trips
made in the same period the previous
year.
Eshraq Investments
(ESHRAQ.AD) Q3 Profit
Net profit: AED474.2
million
Eshraq Investments ESHRAQ.AD saw
a rise of up to 11.4% in day trading
after reporting its largest quarterly
profit of 474.2 million dirhams
($129.13 million), up from a profit of
17.2 million dirhams ($4.68 million)
a year earlier. At the end of the third
quarter of 2022, Eshraq had a book
value of Dh0.9238 per share. The
company’s financial investments and
real estate holdings make up the
entirety of the book value. Eshraq has
moved quickly to monetize its land
bank, having sold three land plots
comprising about 27% of GFA for
Dh160 million in the last two months.
Sales increase liquidity and increase
the amount of assets that can generate
income.
72 www.thefinanceworld.com December 2022
International Holding
Company (IHC) Q3 Profit
Net profit: AED 80 billion
25 billion in 2021, 80 billion in Q3 at
AED20; Revenues for International
Holding Company increased to AED
34.3 billion, a rise of 87%, as the
company fared better than expected
in the current competitive business
environment compared to AED
18.3 billion in the third quarter of
the previous year. In comparison to
December 31, 2021, IHC’s current
assets, which include its subsidiaries,
have increased by 138% as of
September 30, 2022. In terms of the
total current assets, Alpha Dhabi
Holding, Q Holding, International
Securities, Al Seer Marine, and
Multiply Group are the major
contributors. When compared to Q3
of 2021, total cash and bank balances
were AED31.80 billion. Compared to
AED18.3bn in the third quarter of the
previous year, International Holding
Company’s third-quarter revenues
increased by 87% to AED34.3bn, a rise
of 87%. This was due to the company’s
success in the current competitive
business environment.
National Bank of Ras Al
Khaimah
Net profit: AED351.4
million
The National Bank of Ras Al Khaimah,
or RAKBANK, has announced a
net profit for the third quarter of
AED351.4 million ($95.67 million), up
53.7% from the third quarter of 2021.
This is the bank’s highest quarterly net
profit since the third quarter of 2015.
The bank’s nine-month net profit was
AED879 million, up 64% year over
year. Total income climbed by 13.6%
to AED 915.1 million compared to Q3
2021, driven by a significant increase
of 19.5% in net interest income to AED
652.8 million and an increase of 1.3%
in non-interest income to AED 262.3
million.
Foodco Holding Q3 Profit
Net profit: 4.5% increase
Hily Holding, formerly known as
FOODCO Holding, jumped 4.5%
after it swung to third-quarter profit.
According to Foodco Holding PJSC,
its normalised net income for the third
quarter increased by 21.9% from the
prior-year quarter’s 5 fils per share
to 6 United Arab Emirates fils per
share. An increase of 20.3% from 4.8
million dirhams in the same period the
previous year, normalised net income,
which removes unexpected gains or
losses on a pre- and after-tax basis,
was 5.7 million dirhams.
ADNOC Distribution Q3
Profit
Net profit: AED767 million
ADNOC Distribution, based in Abu
Dhabi, announced a 45% increase in
third-quarter net profit to 767 million
dirhams ($209 million), and stated
that the momentum for growth is
anticipated to last the rest of the
year and into 2023. The UAE’s largest
fuel retailer said in a statement to
the Abu Dhabi Securities Exchange
(ADX) that the higher net profit was
brought on by higher EBITDA and
lower depreciation expenses in Q3,
as a result of a change in accounting
estimates related to useful life of
assets that was implemented in the
quarter. The modification caused a
reduction in depreciation of AED 125
million for the first nine months of
2022, with its full effects being seen in
Q3 2022.
Mashreq Bank Q3 Profit
Net profit: AED2.6 billion
In a statement of its financial results
for the nine months ending September
30, 2022, Mashreq reported a net profit
of AED 2.6 billion for Q3 of that year.
According to the bank, operational
income climbed by 24.3% over the
prior year to AED5.3 billion, mostly as
a result of higher net interest income
brought on by organic expansion
across all business activities. At 42.2%,
the non-interest income to operational
income ratio continues to be among
the strongest in the sector.

Shuaa Capital Q3 Profit
Net Income: AED19.9
million
Shuaa Capital jumped 8% as the
company reported a third-quarter
profit of 19.9 million dirhams ($5.42
million), supported by robust sales
fueled by lower costs and cost
optimization activities. According
to Refinitiv statistics, the index
experienced a 1.7% weekly increase.
The Group generated a net operating
income of DH14 million (excluding
one-off events), up from DH6 million
in Q2 2022, as regular revenues
continue to create a secure moat and
previous cost optimization actions are
beginning to boost profitability. In the
third quarter, SHUAA produced Dh60
million in excellent recurring sales
across all Group business sectors.
Tabreed Q3 Profit
Net Profit: AED912 million
Sharjah Islamic Bank Q3 Profit
Net Profit: AED155 million
In the first nine months (9M) of 2022, Sharjah Islamic Bank’s (SIB) net earnings
attributable to shareholders increased by 24.10% annually, from AED 458.02
million to AED 568.60 million. In the period of January through September 2022,
net income from financing and investment products increased to AED 885.02
million from AED 812.26 million in 9M-21, as shown by the income statements. The
overall assets decreased slightly from AED 54.95 billion as of December 31, 2021
to AED 54.59 billion in 9M-22, a decrease of AED 361.90 million.
Emirates NBD Q3 Profit
Net Profit: 15% increase
According to Chairman of the UAE
Banks Federation Abdulaziz Al-
Ghurair, the banking industry in the
UAE has assets of $900 billion. This
amount, which represents a twelvefold
increase over the $75 billion held
at the turn of the century, is evidence
of the country’s evolving status as a
major financial centre of the world.
From 2.5 billion dirhams in the third
quarter of 2021, Emirates NBD’s net
profit increased to 3.8 billion dirhams
($1.03 billion) in the quarter. 3.14
billion dirhams is what EFG Hermes
assessed as net profit.
Majid Al Futtaim Q3 Profit
Net Profit: 13.4% increase
The oil sector, which saw a 13.4%
increase in GDP due to crude oil
prices that remained around $100 per
barrel for the majority of the third
quarter, was the biggest GDP driver,
according to the Q3 2022 State of the
UAE Retail Economy report. Both the
oil and non-oil sectors also played
important roles. Although concerns
about inflation have decreased over
the quarter, many consumers still
have them on their minds. While 92%
of residents still have some concerns,
they say they are adjusting to the new
normal by being cautious when they
shop. Economic data demonstrating
rising outcomes in all major economic
areas serve as proof of this.
The largest district cooling provider
in the UAE, Tabreed, has revealed its
consolidated financial results for the
first nine months of 2022. It reported
an EBITDA of AED 912 million, up
18% from the same period last year,
and a net profit of AED 400 million, up
3%. Tabreed has made two important
announcements in the last three
months. On September 13, it was
officially announced that shareholders
had approved raising the Foreign
Ownership Limit (FOL) to 100% in
order to comply with recent changes
to UAE commercial law. This was a
strategically significant decision that
increases flexibility and ensures the
highest level of share marketability.
Abu Dhabi Commercial Bank Q3 Profit
Net Profit: AED432 million
The third-largest lender in the UAE
by assets, Abu Dhabi Commercial
Bank, reported a 25% increase in
third-quarter earnings as net interest
income and income from Islamic
financing and investing products
increased as the economy continued
to recover from the coronavirus
outbreak. The lender reported in a
statement to the Abu Dhabi Securities
Exchange, where its shares are
traded, that net profit attributable
to equity holders of the parent for
the three months to September 30
increased to Dh1.59 billion ($433
million).
December 2022 www.thefinanceworld.com 73

Travel
UAE tourism eyes pre-pandemic levels
Most recently, all entry requirements and internal COVID-related restrictions
were abolished in the United Arab Emirates.
Gulf states have joined more than 120 nations that have eliminated travel
restrictions and has resumed regular travel.
Dubai is the most well-known
tourist attraction in the
United Arab Emirates,
which is a well-liked travel
destination in the Middle East. But
prior to the latest modification, the
UAE had rigid internal and entry
limitations that have kept many
tourists away for the past 2.5 years.
As the emirate continues to recover
from the Covid-19 worldwide crisis,
Dubai has welcomed 85% of the prepandemic
number of foreign tourists
to the emirate in the first nine months
of this year.
According to the most recent
government data available, the city
saw 10.12 million overnight visitors
from January to September, down
from 12.08 million during the same
period of 2019 before the pandemic.
“The ability of Dubai to bounce
back and recover very quickly enabled
us not to miss a beat, so whether
you’re looking at tourism, trade or a
financial hub, all three of them really
flourished through Covid and out the
74 www.thefinanceworld.com December 2022
other side,” Helal Al Marri, director
general of Dubai’s Department of
Economy and Tourism, said at DP
World’s Global Freight Summit
“One of the things we’ve learnt
is having an environment that is
digitally enabled.. and has very strong
data-driven decision-making — this
is what’s needed in ever-turbulent
times,” he added.
The UAE unveiled a national
tourism strategy with the goal of
luring 40 million hotel guests, earning
Dh100 billion ($27.23 billion) in
additional tourist investment, and
increasing the sector’s contribution to
the nation’s gross domestic product to
Dh450 billion by 2031.
The largest long-haul airline in the
world, Emirates, recorded a record
profit in the first six months of the
current fiscal year due to robust
demand for travel during the busiest
summer travel period as a result of
reopened international crossings and
loosened coronavirus restrictions.
The airline cited its ability to
expand capacity in response to the
spike in travel demand as the reason
it turned a profit of Dh4 billion from
a deficit of Dh5.8 billion in the same
time last year.
According to Sultan bin Sulayem,
chairman and chief executive of DP
World, the industry’s “urgent mission”
in terms of global marine connectivity
is to restructure supply chains so that
trade can better withstand shocks in
the future.
The sector must cooperate to share
knowledge and data, he said, as the
pandemic, geopolitical unrest, and
global climate crises have revealed the
vulnerability of many components of
the supply chain infrastructure.
However, “old technologies” or the
sheer number of incompatible digital
platforms are slowing down major
portions of global trade.
According to Mr. bin Sulayem,
“whenever that occurs, there is a
bottleneck, a point of failure that
damages supply networks.”
“There is digital friction rather than

The UAE unveiled
a national tourism
strategy with the
goal of luring
40 million hotel
guests, earning
Dh100 billion
frictionless exchange.”
According to a DP World report
issued, over half of freight-forwarders
believe that inflation and geopolitical
unrest will be the biggest threats to
the global supply chain over the next
five years.
63% of those surveyed listed
inflation as their top worry, while 56%
mentioned geopolitical problems.
It is “difficult to determine,”
according to two thirds of freight
forwarders, when economic problems
will end.
The third quarter of 2022 saw a 2.1%
increase in gross container volumes
according to DP World, who cautioned
that the near-term prognosis was
uncertain.
“Looking ahead, the near-term
outlook remains uncertain given the
geopolitical environment, inflationary
pressures and currency fluctuations
but we remain positive on the medium
to long term outlook for global trade,”
Mr bin Sulayem said.
From December 2, entry into Qatar
would no longer require a World
Cup match ticket. However, before
visiting Qatar, tourists would still
need to apply for and carry a Hayya
Card. In addition to providing stadium
entrance and match tickets, the Hayya
Card is an ID that acts as a visa for
Qatar.
Ain Sokhna Al Galala will
become the first destination for
recreational health tourism in
Egypt and the Middle East after
tourism development business DM
Development and German integrated
property management provider
Apleona inked a memorandum of
agreement. The health resort, which
is expected to cost $12 million to
develop, will have a private hotel
affixed to it and be situated in the
resort’s shopping section.
In addition to creating more
than 1,000 jobs in the tourism and
service industries, the project hopes
to draw about 29,000 tourists a
year. By offering specialised health
and entertainment services, DM
Development hopes to promote
Egypt’s economic development and
draw a new group of tourists that
choose recreational tourism.
As one of the major producers
and suppliers of aviation fuels in the
Spanish market, Cepsa and UAE flag
carrier Etihad Airways have signed
a memorandum of understanding
to speed up the decarbonization of
air travel through the development
of sustainable aviation fuels (SAF).
Both businesses place a high priority
on the creation of environmentally
friendly fuels as a means of lowering
air travel’s carbon footprint and
advancing the 2030 Agenda for
Sustainable Development’s objectives
for tackling climate change.
The fuels, which can lower aircraft
emissions by up to 80% compared to
standard kerosene, will be made using
circular raw materials that do not
compete with food resources, such
as discarded cooking oils, non-food
animal waste, or biodegradable waste
from other industries. In addition,
the alliance will aim to electrify
Etihad’s ground fleets, which include
supply vehicles, luggage loading and
unloading operations, and aircraft
assistance, as well as to create
new energy options like renewable
hydrogen.
At the last meeting of the Arabian
Travel Market Advisory Board, travel
and tourism experts from throughout
the Middle East highlighted the
opportunities and difficulties that
sustainable strategies must address.
Reeds Exhibitions, the company
behind Arabian Travel Mart, invited
participants from tourism boards,
hospitality organisations, travel
technology units, and aviation groups
to the conversation.
According to Danielle Curtis, the
Arabian Travel Mart’s exhibition
director, the meeting’s findings
will assist the organisers make the
30th edition of the event the most
environmentally friendly one yet.
Working Towards Net Zero will be the
topic of ATM 2023, which is slated to
run from May 1 to May 4 at the Dubai
World Trade Center. “We are working
closely with our exhibitors and
partners to help catalyse sustainable
change within the Middle East travel
and tourism sector,” said Curtis. “To
bring the sustainable theme of ATM
2023 to life.”
The number of visitors arriving
in Hungary from the United Arab
Emirates and Saudi Arabia is
anticipated to reach a record high
in 2022. In order to further advertise
Hungary as a dreamy winter
wonderland destination to visitors
from the Middle East, Visit Hungary
has also chosen AVIAREPS as its
representative office in the Gulf
nations. This rise in visitors from
the region is a result of the quick
turnaround and expansion of direct
flight access to Hungary, as well as
the positive momentum generated
by proactive activations carried out
during Dubai Expo 2020.
Over half of freight-forwarders believe
that inflation and geopolitical unrest
will be the biggest threats to the global
supply chain over the next five years.
December 2022 www.thefinanceworld.com 75

Travel News
Saudi Arabia announced visafree
travel Prior to the FIFA World
Cup 2022
According to the statement,
holders of Hayya Cards may
stay in Saudi Arabia for up
to 60 days on a multi-entry
visa without first entering the country
before the FIFA World Cup. Additional
extensions will enable “Hayya with
Me (1+3),” which will let owners
of Hayya Cards enter the kingdom
along with three additional friends
or family members. All visitors must
possess valid Hayya cards in order to
be admitted free of charge. Visitors
may stay in Saudi Arabia for 60 days
beginning 10 days before the FIFA
World Cup. The Hayya Card holder
can benefit from the relaxation of
limitations before, during, and after
Emirates has
seen an uptick
on both inward
and outbound
travel
Due to popular winter
events like the Abu Dhabi
Grand Prix and the FIFA
World Cup in Qatar, more
passengers will be arriving at Dubai
International (DXB) in the coming
weeks. The UAE-based long-distance
carrier Emirates Airline announced
on Friday that flight traffic through
Dubai, both inbound and outgoing,
will be busy beginning this weekend
and continuing through the end of
December 2022. According to the
airline, “Dubai will start to experience
an increase in inbound traffic from the
19th of November, including visitors
for the various winter festivities.”
Other significant events held in the
UAE, including the Emirates Dubai
7s, expected to draw 5,500 athletes
from 32 nations, will further increase
inbound visitors.
the World Cup because the rule does
not require access to Doha initially.
There are flights to Saudi Arabia, with
carrier SAUDIA operating 40 of them.
Hotels in Dubai
and Abu Dhabi
already fully
booked
Hotels in Dubai and Abu
Dhabi are already reporting
100% occupancy, and room
rates are quickly firming
up in what may be the finest period
ever for the local hospitality and
travel industries. Hotels in Abu Dhabi
are benefiting from sporting events
twice, with demand during the F1
races being promptly matched by
the commencement of the football
tournament in Doha. There are no
standard rooms available, and some
of Yas Island’s premium hotels charge
between Dh45,000 and Dh90,000 for a
two-night stay. Starting on November
21, some of these hotels’ more
affordable rooms were expected to
drop to under Dh1,000. After the start
of the knockout matches, however,
demand may increase significantly.
Bahrain invests
$291 million
in the tourism
industry
According to the Bahrain
Economic Development
Board (Bahrain EDB),
the country’s investment
promotion organisation, the tourist
industry in Bahrain garnered $291
million (BD110 million) in direct
investments during the first three
quarters of 2022. Over the next
three years, it is anticipated that
investments in tourism from eight
companies that are growing or
entering Bahrain for the first time will
create over 1090 jobs. 66 companies
contributed a total of $921 million
(BD348 million) in direct investment
to Bahrain EDB in the first nine
months of the year. Over the next
three years, it is anticipated that the
investments will create over 4,700 jobs
in important industries like financial
services, ICT, logistics, manufacturing,
and tourism.
76 www.thefinanceworld.com December 2022

Dubai Airport ups its projected
passenger volume to nearly 64
million by 2022
Following a robust return
to pre-COVID levels in the
previous quarter, Dubai’s
major airport has increased
its passenger volume prediction for
the year to 64.3 million. The stateowned
operator Dubai Airports said
in a statement that the outlook for the
last three months of the year is even
more promising. DXB, a significant
regional hub for international travel,
served around 18.5 million passengers
in the third quarter, bringing the total
for the year to come to more than 46
million. Prior to the pandemic, DXB
had 17.8 million passengers in the first
quarter of 2020. According to current
official data, Dubai’s tourism arrivals
increased from 12.08 million in the
same time of 2019 to over 10 million
from January to September, regaining
some of its pre-pandemic levels.
Saudia offers Shuttle flights
between Saudi Arabia and Qatar
S
audi Arabian Airlines (SAUDIA) began operating shuttle flights to Doha
from several Saudi cities, making it simple and convenient for football fans
who want to travel to the FIFA World Cup Qatar 2022 matches. Customers
can organise one-day visits from Riyadh, Jeddah, and Dammam to Doha,
thanks to SAUDIA’s match day shuttle service without having to make reservations
for overnight hotels. To speed up check-in, fans can pack lightly with a carry-on
bag. The same-day shuttle service offers guests the benefit of receiving both their
departure and return boarding passes at the same time, regardless of the time
difference between the two flights. This streamlines the boarding process and
helps customers save time and effort.
New cuttingedge
expo
centre opens
in Bahrain
H
is Royal Highness Prince
Salman bin Hamad Al
Khalifa, the Crown Prince
and Prime Minister,
inaugurated on November 21st the
new Exhibition World Bahrain (EWB),
a historic construction in Sakhir, on
behalf of His Majesty King Hamad.
His Royal Highness congratulated His
Majesty the King on the opening of the
brand-new, state-of-the-art convention
centre, noting that this achievement
is the result of efforts made by the
late premier HRH Prince Khalifa bin
Salman Al Khalifa and the steps taken
by the Kingdom’s forefather, HH the
late Amir Shaikh Isa bin Salman Al
Khalifa. On a 309,000 square metre
piece of land, the exposition and
convention centre is located. There
are ten show sections totalling 149,000
square metres in the main building.
December 2022 www.thefinanceworld.com 77

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