The Finance World Magazine| Edition: March 2023

The UAE Promotes Future Solutions to Global Climate Challenges 

Middle East M&A Deals Surge Amidst Global Decline 

UAE Ranks First for Best Business Climate and Issues New Rules 

Sharjah Investment Forum Boosts Investment Opportunities 

March 2023 

Zayed Ambition 2: 

A New Dawn of Space Economy 

and Sustainable Growth 

UAE - AED 30 | USA - USD 16.5 KSA - SR 

61 | Qatar - QAR 60 Oman - OMR 6.3 | 

Bahrain - BD 6.2 Kuwait - KWD 5 | UK - 

£12 | EU - €14 

P48 | The UAE’s Healthcare P104 | Dubai Surpasses Global 

Sector Sets the Ground for and Regional Tourism Recovery 

COP28 

Levels 

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Reaching a visionary goal requires 

one percent vision and 99 percent alignment. 

The UAE has garnered attention for its manifold initiatives that 

seek to foster sustainable growth and entice international 

investors. In this issue, our cover story delves into the Zayed 

Ambition 2 project, which strives to investigate the feasibility 

of leveraging the UAE’s burgeoning space economy for sustainable 

development. This initiative showcases the country’s commitment to 

diversifying its economy and reducing its reliance on oil. The UAE’s 

efforts to explore new opportunities demonstrate its potential to 

become a major player in the global space industry. 

We present to you a compiled collection of the most exciting 

developments in the finance world. We have meticulously sifted through 

the latest trends and updates, spanning an array of pertinent topics 

such as corporate results, corporate tax, startups, banking, funding, 

investment, fintech, digital assets, events, and beyond. 

This issue also features several stories highlighting the UAE’s 

steadfast dedication to sustainable growth and development. Dubai, 

for instance, has surpassed global and regional tourism recovery levels, 

demonstrating its resilience in facing the pandemic. Furthermore, the 

sports industry has also emerged as a promising sector, magnetizing 

international investors and cultivating novel business prospects. 

The event management industry is also bouncing back from the 

pandemic with renewed energy; in a featured interview, CEO Shaaista 

Khan Osman and Managing Director Osman Osman of Blu Blood 

share their insights about the event management industry in the 

UAE. This issue also includes insights from Sridhar Vembu, CEO of 

Zoho Corporation, on emerging AI tools, along with some advice for 

SMEs and startups. 

We aim to espouse the vision of the UAE’s wise leadership on the 

nation’s development path, highlighting the social, economic, and 

developmental aspects shaping this dynamic nation. To that end, we 

tirelessly curate the latest and most credible finance news for our 

readers, with the aim of advancing financial literacy and contributing 

to Dubai’s journey to becoming one of the world’s most pioneering 

economies. 

- Ambrish Agarwal, Editor in Chief 

- Ambrish Agarwal, Editor in Chief 

Editor’s Note 

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

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

may change. 

March 2023 www.thefinanceworld.com 5 

September 2022 3

Contents March 

2023 

PERSONAL FINANCE 

P08 | How to Get Rid of Debt and 

start Saving and Investing 

UAE BANKING 

BUSINESS 

ENERGY 

P10 | First Abu Dhabi Bank 

declares a Group Net Profit of AED 

13.4 billion 

P13 | UAE Banking News 

UAE REFORMS 

P15 | UAE Set to Revolutionize 

Payment Systems with Launch 

of Digital Currency 

FINTECH 

P18 | UAE Fintech and e-Commerce 

Platforms Founded by Successful 

Women 

P20 | Fintech News 

P22 | Fintech Application 

6 www.thefinanceworld.com March 2023 

P24 | UAE Ranks First for Best 

Business Climate and Issues New 

Rules for Family Businesses 

P26 | Business News 

COVER STORY 

P30 | Zayed Ambition 2: Exploring 

the Potential of UAE’s Space 

Economy for Sustainable Growth 

START-UP 

P36 | Promising Startups 

transforming the Market in the 

UAE 

P38 | Start-up News 

P40 | The UAE promotes Future 

Solutions to Global Climate 

Challenges 

P44 | Energy News 

HEALTHCARE 

P48 | The UAE’s Healthcare Sector 

Sets the Ground for COP28 

P51 | Healthcare News 

MERGERS AND 

ACQUISITIONS 

P54 | Middle East M&A Deals Surge 

Amidst Global Decline 

P56 | Mergers & Acquisitions News 

CRYPTOCURRENCY 

P58 | How to set up a Crypto 

Business in Dubai 

P62 | Cryptocurrency News

REAL ESTATE 

STOCK MARKET 

INTERVIEW 

P64 | Reasons to Invest in Dubai 

Real Estate Market in 2023 

P67 | Real Estate News 

EVENT INDUSTRY 

P80 | How and Why to Invest in 

the UAE Stock Market 

CORPORATE TAX 

P92 | Sridhar Vembu, CEO of Zoho 

Corporation 

TRAVEL 

P70 | CEO Shaaista Khan Osman 

and Managing Director Osman 

Osman of Blu Blood 

FUNDING & INVESTMENT 

P74 | Sharjah Investment Forum 

Boosts Investment Opportunities 

in the Emirate 

P76 | Funding & Investment News 

DIGITAL ASSETS 

P78 | Dubai Announces Guidelines 

for Virtual Asset Industry and 

Ranks the World’s Second Most 

Crypto-Ready City 

P84 | How UAE Corporate Tax 

Law Treats Unrealised Gains and 

Losses 

P86 | Corporate Results 

EVENTS 

P88 | The Annual International 

Seminar of ICAI Abu Dhabi Chapter 

Concludes its 34th Edition 

P94 | Six places to visit in March 

2023 

P97 | Travel News 

SPORT AS A BUSINESS 

P100 | Sport as a Business in Dubai 

Attracts Global Investors 

P102 | Sports News 

P104 | Tourism 

P108 | Investing in Art 

P114 | Investing in Tourism 

P110 | Global News 

P23 | 35 | 61 | 107 | 

Launch Express 

P28 | P46 | P83 | P112 | Wheels 

P69 | P117 | Tech My Money 

P118 | Local News 

March 2023 www.thefinanceworld.com 7

Personal Finance 

How to Get Rid of Debt and start Saving 

and Investing 

Saving money is crucial for building financial security and achieving longterm 

financial goals. It involves spending less than you earn and investing the 

difference wisely, but in order to that, you have to be debt free. In this article, we 

provide you with strategies that help you eliminate your debt and begin saving 

and investing. 

Being debt-free is crucial for 

achieving financial stability 

and security, as debt repayment 

reduces financial stress, allowing 

you to focus on achieving long-term 

financial goals. Paying off high-interest 

debt can save you money in the long 

run and enable you to free up funds for 

more important things like saving for 

retirement or investing in your future. 

Although becoming debt-free requires 

discipline, planning, and time, it may 

happen faster than you think once you 

comprehend your spending habits, 

establish a plan to address them, and 

execute the plan. To accelerate debt 

repayment and free up funds for more 

important purposes, you may consider 

these five tactics: 

Establish a budget and adhere to it: 

Curbing unnecessary spending is crucial 

in preventing debt from snowballing. 

Identifying essential monthly expenses 

will assist you in making wise spending 

choices. 

Begin with the highest-interest 

debt: Compile a list of all of your debts, 

including credit cards, student loans, 

car loans, personal loans, and so on, 

to obtain a comprehensive overview of 

your situation. Pay at least the minimum 

amount on all debts on or before their 

due dates, with any extra money going 

toward the debt with the highest interest 

rate, usually a credit card. This strategy 

allows you to become debt-free faster while 

also saving you money over time. Some 

financial experts recommend paying off 

the smallest-balance debts first. Crossing 

them off your list can motivate you to 

stick with the plan. Determine which 

approach is most effective for you. 


Consolidate your debts: If you have 

a good credit rating, you can combine 

your debts at a bank or obtain a line of 

credit. This immediately pays off all of 

your debts and leaves you with only one 

monthly payment, typically at a lower 

interest rate. It also simplifies your 

situation, which might help alleviate stress. 

Find ways to earn additional money: 

If feasible, consider obtaining a second 

job until your debts are under control 

or eliminated. Selling an item you don’t 

require is another way to generate more 

cash to assist in debt reduction. 

Communicate with your creditors: 

Some creditors are flexible and may offer 

you more time to pay or lower your interest 

rate. In certain cases, your credit card 

company may even transfer your debt 

to a card with a lower interest rate. Be 

honest about your situation to see what 

alternatives are available to you. 

Once you clear your debt, you have to 

begin saving and considering investing 

for you the future. You may have financial 

objectives that are both immediate and 

distant in nature. The amount of time 

you have to accomplish these objectives 

can determine the manner in which you 

save and invest your funds. 

If you’re saving for a short-term 

objective, it’s recommended by financial 

experts to store your funds in a low-risk 

account, such as a savings account, to 

ensure that it maintains its value since 

you’ll need to withdraw it within the 

next few years. 

For a long-term goal, investing your 

money may provide it with the opportunity 

to grow. When you have a longer time 

frame before you require your funds, 

you may be more willing to purchase 

investments with higher potential risk 

and reward. As you approach your goal, 

however, you may want to reduce your 

exposure to risk. 

Consider your savings account as an 

instance. You might desire your funds to 

be accessible for immediate use, implying 

a super short-term plan. Hence, you may 

accept a low interest rate on a savings 

account because you know the value it 

will hold when you require it. Conversely, 

your retirement savings fall on the other 

end of the spectrum. If you still have 

numerous years before retirement, you 

might be inclined to assume some risk with 

your investment approach in anticipation 

that it will increase over time. 

Investing for the short term: 

If you have a near-term objective in 

mind, your investment strategy may also 

need to be short-term. As the market 

can experience sudden and significant 

fluctuations over brief periods, you wouldn’t 

want to undertake a high level of risk in 

your short-term investment approach. 

Rather, you may opt to invest in funds 

with lower levels of risk and a history 

of consistent returns, such as money 

market funds and guaranteed investment 

certificates. If your employer provides 

a Tax-Free Savings Account (TFSA), it 

can be an effective method to save for 

short-term goals, such as buying a new 

car, planning a significant vacation, or 

amassing a down payment for a house. 

Investing for the long term: 

To potentially earn greater rewards, you 

may choose to take on some risk when 

Experts 

recommend 

investing in a 

variety of funds to 

spread out your risk 

and reward over 

different types 

of investments 

and diversify your 

portfolio. 

investing over a long period. However, 

the stock market can be volatile in the 

short term. Thus, investment experts 

recommend gradually shifting towards 

more stable investments as you approach 

your goal. 

If you have more than five years to save, 

it is suggested that you consider investing 

in a variety of funds to diversify your 

risk and reward across different types 

of investments. This approach can help 

balance out fluctuations in the market, 

resulting in smoother returns over time. 

In conclusion, you may have various 

financial objectives, such as covering 

your monthly expenses, taking a big 

trip, or saving for your retirement. 

To align your financial goals with the 

appropriate strategy, seeking guidance 

from a financial advisor can be beneficial. 

Some employer-sponsored plans even 

offer financial advice, so you can inquire 

with your employer about the availability 

of such services. 

Regardless of whether you seek 

professional assistance or not, the 

fundamental principle remains the 

same, which is to take into account the 

time frame required to accomplish your 

objective when selecting an investment 

plan, which entails depositing funds for 

immediate financial necessities in a bank 

account, investing in low-risk funds for 

short-term objectives, and considering 

slightly riskier investments for longterm 

goals. 


UAE Banking 

First Abu Dhabi Bank declares a Group 

Net Profit of AED 13.4 billion 

The profitability of the UAE banking sector witnessed a substantial enhancement 

due to the upward trend in interest rates, driven by the growth in margins 

and net interest income. Despite the robust loan growth observed this year, it 

is projected to decelerate in 2023 as the pace of GDP growth decreases. The 

favourable impact of higher oil prices on deposit inflows is anticipated to persist, 

as liquidity conditions remain robust and abundant. 

First Abu Dhabi Bank has 

recently announced a Group 

Net Profit of AED 13.4B for 

the fiscal year 2022. The 

announced net profit was up 7% year 

on year, with earnings per share of 

AED 1.18. Net profit in Q4’22 was AED 

2.5B, down from AED 2.9 billion in 

Q3’22, due to judicious provisioning 

and conservative asset assessments. 

Total income was AED 23.9B, up 10% 

year on year, led by a 23% increase in 

net interest income and a gain on the 

sale of the majority stake in Magnati; 

increased regional revenue diversity, 

with a bigger contribution from MENA, 

according to FAB’s press release. 

Operating costs were AED 6.7B, up 

15% year on year, due to the integration 

of operations in Egypt (FABMisr), the 

write-off of legacy systems in Q4’22 as 

part of FAB’s continuous technological 

transformation plan, and sustained 

business investments. 

The released report states that 

the Group’s foundation is still solid 

across all important parameters; in 


contrast to the industry average of 

5.5%2, loans, advances, and Islamic 

finance increased by 12% to AED 460B. 

Despite rising interest rates, customer 

deposits increased 14% to AED 701B, 

while CASA balances increased 3% 

year over year. 

A 154% Liquidity Coverage Ratio 

(LCR) indicates a robust financing and 

liquidity profile, in addition to 3.9% 

NPL ratio with a 98% coverage of the 

provision. Due to increased profits and 

RWA optimization, Common Equity 

Tier 1 (CET1) increased 19bps year 

over year to 12.6% following proposed 

dividends. 

In contrast to the 49 fils cash 

dividends given in the preceding 

year, the Board of Directors of FAB 

recommends cash dividends per share 

of 52 fils, or AED 5.7B, for FY’22. “2022 

was a year of continued strategic 

diversification and expansion for the 

UAE and regional economies, which 

posted their fastest economic growth 

in a decade. By capitalising on the 

favourable macroeconomic conditions, 

FAB has been laying foundations for 

the future. The bank has also been at 

the forefront of the UAE’s progress 

in driving sustainable growth amid a 

turbulent global backdrop, supported 

by structural reforms, high oil prices 

and a recovery across non-oil economic 

sectors,” said His Highness Sheikh 

Tahnoon bin Zayed Al Nahyan, Chairman 

of FAB. 

“The year’s achievements emphasise 

FAB’s continuing role as an engine for the 

region’s economic prosperity, acting as 

an enabler to unlock new opportunities 

for clients and stakeholders across our 

franchise. We have made solid progress 

against this vision over the course of the 

year. In achieving the Group’s highest 

annual revenue and net profit to-date, 

FAB has strengthened its strategic 

position to build a future-proof bank, 

The rise in interest rates was the 

primary factor behind the substantial 

enhancement in profitability in the UAE 

banking sector, leading to a growth in 

margins and net interest income. 

and to advance the interests of our 

customers, community, and all our 

stakeholders,” continued His Highness. 

“In line with our firm commitment 

to create long term sustainable value 

for our shareholders, FAB’s Board of 

Directors is recommending a cash 

dividend per share of 52 fils for the 

full year ended 31 December 2022, 

compared to 49 fils in 2021. As the 

region continues to push forward with 

ambitious sustainability targets, and 

with the UAE due to host COP28 in 

2023, we now share a responsibility 

to work together to unlock the 

nation’s full potential, and to shape a 

more prosperous future for all. FAB 

recognises this and has made a clear 

commitment to being a pacesetter 

for the regional energy transition,” he 

added. “I remain confident that FAB 

will continue to play an integral role 

in furthering economic prosperity and 

sustainability efforts, and we look 

forward to the opportunities that lie 

ahead for the Group as we continue 

to pursue our growth journey,” he 

concluded. 

On the other hand, Hana Al Rostamani, 

Group Chief Executive Officer of FAB, 

said that “FAB has achieved another 

record performance in 2022, highlighting 

solid growth, while demonstrating the 

strength of our core businesses, with 

achievements that are in line with 

our medium-term strategy. Group net 

profit improved 7% year-on-year to 

AED 13.4 billion, a historic high for our 

bank. Strong business volumes have 

underlined healthy pipeline execution 

across our diversified business model, 

while the fundamental strength of our 

balance sheet, underpinned by a strong 

liquidity profile and efficient capital 

management, allowed us to drive 

improvements in Common Equity Tier 

1 (CET1) despite market and regulatory 

headwinds.” 

“In line with our strategy to diversify 

sources of income and expand 

internationally, we continued to 

consolidate and build our presence 

in priority markets, including in Egypt 

through FABMisr. Underlying operating 

performance across our core businesses 

was sustained during the fourth quarter 

despite a more challenging global 

macroeconomic outlook. This has 

provided us headroom to further build 

provision buffers, take a conservative 

stance on asset valuations, and to 

continue to invest in our technology 

platform,” added Al Rostamani. 

“I am proud of the progress we 

have made in 2022 in several strategic 

areas, including advancing customer 

experience, expanding our specialised 

offerings, and leveraging strategic 

partnerships to drive value creation 

across the business. This has led to 

significant outcomes that have resulted 

in FAB being the #1 UAE bank in MENA 

DCM and ECM League tables and the 

#1 loan agent in MENA by volume of 

deals, as well as delivering double-digit 


UAE Banking 

FAB foresees a 

relatively moderate 

inflation forecast in 

2023, which should 

provide welcome 

stability given the 

macroeconomic 

backdrop. 

growth in our international revenue. We 

are also proud to see our achievements 

being recognised externally, having 

recently been awarded Best Consumer 

Digital Bank in the UAE, Most Innovative 

Bank, and Best User Experience Design 

at the Global Finance Awards,” she 

continued. 

“As the UAE enters the Year of 

Sustainability, we continued to play 

a crucial role in helping to deliver the 

region’s sustainable finance agenda, 

with FAB facilitating over $9B worth 

of sustainable projects, in line with 

our $75B target by 2030. We also 

made steady progress in rolling out 

sustainability-linked products across 

all customer groups and reaffirmed our 

leadership position in the Green Bond 

market, with around half of our 2022 

issuances executed in a green format 

across several different currencies,” 

she added. “We remain confident in 

the resilience of this region and are 

very well placed to capitalise on the 

opportunities to drive superior and 

sustainable shareholder returns in 2023 

and beyond,” she concluded. 

On the other hand, Global markets 

experienced a particularly difficult year 

in 2022, with strong downward pressure 

brought on by inflation that reached 

levels unseen in decades, increasing 

interest rates, tighter liquidity, and 

escalating geopolitical tensions. Bond 

rates spiked as a result, and equities 

experienced a bear market that lasted 

through the end of the year. The picture 

for 2023 is still uncertain, especially 

because continued worries about a 

decline in the global economy still exist. 

In contrast, the UAE economy 

experienced its highest expected real 

GDP growth in more than a decade 

(+6.7%), owing to higher oil output, 

relatively moderate inflation, targeted 

structural reforms to drive economic 

growth and diversification, and a 

recovery across key economic sectors 

such as real estate and tourism. This was 

clearly reflected in the strength of the 

PMI, which remained in growth territory 

throughout the year, highlighting the 

UAE’s solid economic performance. 

As a result of increasing interest 

rates, according to the bank’s press 

release, the UAE banking sector saw a 

significant improvement in profitability, 

driven by an increase in margins and net 

interest income. Although loan growth 

has been high this year, it is expected to 

slow in 2023 as GDP growth moderates. 

Higher oil prices bode favourably for 

deposit inflows, as liquidity remains 

plentiful and strong. 

Sectoral asset quality remains strong, 

while capital balances at UAE banks 

remain strong, aided by conservative 

regulatory standards compared to 

global counterparts. Overall, UAE 

banks are well positioned to benefit 

from the tailwinds of rising interest 

rates and solid regional economic 

development, while also being able to 

handle any turbulence and obstacles 

that may arise in the future. 

In comparison to many other regions 

of the world, FAB foresees a relatively 

moderate inflation forecast in 2023, 

which should provide welcome stability 

given the macroeconomic backdrop. 

The area, however, will not be immune to 

global price pressures and an economic 

slump. As a result, the bank predicts a 

relatively modest real GDP growth rate 

of roughly 5.0% for the UAE in FY’23, 

albeit this growth should be more 

sustainable as economic diversification 

continues. 


Investopia Partners with Emirates Development Bank for a Brighter 

Investment Future 

The UAE government’s global 

investment platform, Investopia, 

has signed a Memorandum of 

Understanding with Emirates 

Development Bank as part of a new 

partnership. The agreement was signed 

at a ceremony in Dubai on February 

6th, 2023 and was witnessed by H.E. 

Abdullah bin Touq Al Marri, Minister of 

Economy and Chairman of Investopia. 

This partnership will allow both Investopia 

and Emirates Development Bank to 

collaborate and utilize their strengths to 

promote economic growth, diversification, 

and industrial transformation in new 

economies. Investopia serves as a global 

investment platform connecting capital 

with opportunities, while Emirates 

Development Bank is a leading financial 

institution. 

UAE Banking News 

GCC Central Banks Follow 

US Fed’s Lead with Interest 

Rate Hikes 

The Central Bank of UAE and 

other central banks in the GCC 

raised their interest rates after 

the US Federal Open Market 

Committee (FOMC) announced a 25 

basis points increase as part of its 

efforts to manage inflation. The GCC 

central banks, whose currencies are tied 

to the US dollar, generally follow the 

Federal Reserve’s policy rate changes. 

Inflation in the GCC has been around 

5-6% in 2022, higher than in the past 

ten years but still lower compared to 

western nations. The Saudi Central 

Bank, also known as SAMA, increased 

its repo and reverse repo rates to 5.25% 

and 4.75% respectively. The central bank 

of Bahrain also raised its benchmark 

interest rates by 25 basis points, with 

the overnight deposit rate at 5.25% 

and the one-week deposit facility rate 

at 5.50%. 

Iris Health Services Loses UAE Central Bank License 

for Non-Compliance 

The Central Bank of the UAE 

(CBUAE) announced that 

it has revoked the license 

of Iris Health Services for 

failing to follow relevant guidelines. 

The regulator stated that the license 

revocation was in accordance with 

the procedures and regulations for 

licensing health insurance third-party 

administrators. Iris Health Services is a 

company that provides medical benefit 

and claims administration services. 

The CBUAE is closely monitoring the 

insurance sector to ensure that all 

companies comply with local laws. In 

The Abu Dhabi Commercial 

Bank (ADCB) is seeing success 

in its efforts to adopt digital 

innovation and maintain high 

standards in ESG, as the bank reported 

AED 6.434B ($1.75B) in net profits for 

the 2022 fiscal year, a 23% increase 

from the previous year. The bank 

also experienced a rise in net interest 

income to AED 10.194B ($2.77B), up 

15% from the previous year, while noninterest 

income increased by 22% to 

June 2022, it imposed penalties on two 

insurance companies for not meeting 

regulatory requirements, with one of 

them banned from selling insurance 

to new customers for a year. 

ADCB Achieves Record Net Profit with Boost from 

Digital Innovations 

AED 4.151B ($1.13B). During the fourth 

quarter, the bank saw a 23% increase in 

net profit to AED 1.784B ($0.48B), with 

a 30% increase in net interest income 

to AED 2.918B and a 19% increase in 

net fees and commission income to 

AED 620M. 


UAE Banking News 

Central Bank Governor 

Dismissed in Saudi 

Arabia 

King Salman bin Abdulaziz 

Al Saud of Saudi Arabia 

has abruptly replaced the 

governor of the country’s 

central bank. Fahad Al Mubarak was 

dismissed from his role through a royal 

decree, according to the state-run 

press agency. A new governor, Ayman 

Alsayari, has been appointed with 

immediate effect through another royal 

decree. Last year, Saudi Arabia saw a 

budget surplus of SAR 102B ($27.13B) 

that was higher by SAR 12B($3.2B) due 

to better than anticipated economic 

results. The Central Bank Governor 

has recently been assigned, with the 

kingdom setting a budget estimating 

revenue of SAR 1.234T ($328B) and 

expenditures of SAR 1.32T($352B). To 

maintain its currency’s peg to the US 

dollar and align with the US Federal 

Reserve’s interest rate hikes, the Saudi 

Arabian Monetary Authority (SAMA) 

has been increasing interest rates. 

Finance Company Hit with AED 1.8M Penalty by 

UAE Central Bank 

The UAE Central Bank has 

fined a finance company AED 

1.8M for failing to follow antimoney 

laundering and antiterror 

financing laws. The central bank 

conducted a review with a third-party 

consultant and found repeated highrisk 

violations by the finance company 

along with operational shortcomings 

by its board of directors. The company 

has been instructed to address the 

violations and the board of directors 

has been asked to meet and resolve 

issues regarding its composition. The 

sanctions reflect the weak compliance 

culture of the finance company in 

regards to AML/CFT policies and 

procedures. 

Emirates NBD and Dubai Islamic Bank Named 

SICO’s Top H1 Picks 

SICO, a Bahrain-based financial 

services company, has reported 

that Dubai-based banks 

Emirates NBD and Dubai 

Islamic Bank are well-positioned in 

the first half of 2023 due to elevated 

net interest margins, given the current 

high-interest rate environment. The 

brokerage views equities as a less 

attractive asset class and suggests a 

bottom-up stock picking strategy over 

top-down or passive investing this 

year. In the second half of 2023, SICO 

predicts that Qatari National Bank 

and Commercial Bank of Qatar will 

benefit from government spendingrelated 

borrowing demand. Among 

Saudi Arabian banks, the report favors 

Saudi National Bank and SABB due 

to their strong current account and 

savings account books, a cheap source 

of funds for banks. 

Orient Insurance & Mashreq Unveil Guaranteed Return Savings Plan 

Orient Insurance, part of Al- 

Futtaim Group, has teamed 

up with Mashreq, a leading 

financial institution in the 

UAE, to introduce Orient Educare, 

a low-risk savings, investment, and 

insurance plan with guaranteed returns. 

The plan aims to offer financial security 

for life events such as education and 

retirement. Orient Educare will provide 

customers with investment growth, 

insurance coverage, and a guaranteed 

maturity. This partnership will expand 

Orient’s solutions and provide growth 

opportunities for both companies 

through Mashreq’s extensive network. 

The new product is centered around the 

customer’s needs and will complement 

Mashreq’s existing offerings, helping 

their customers to build a strong 

financial plan. 


UAE Reforms 

UAE Set to Revolutionize Payment Systems 

with Launch of Digital Currency 


(CBUAE) has announced 

its plans to roll out a digital 

currency for domestic and 

cross-border payments as part of its 

Financial Infrastructure Transformation 

Programme (FIT programme). The 

programme is designed to accelerate the 

digital transformation of the financial 

services sector and consists of nine 

key initiatives. 

The first stage of the FIT programme 

will involve the launch of digital 

payment infrastructures and services, 

including a Card Domestic Scheme, 

an Instant Payments Platform, and 

the issuance of Central Bank Digital 

Currency (CBDC) for cross-border and 

domestic uses. The FIT programme 

aims to promote payment innovation, 

security, and efficiency, and drive the 

Emirates towards a cashless society. 

The FIT programme aligns with the 

country’s “We the UAE 2031” vision 

and National Digital Economy Strategy, 

with a full integration set for 2026. 

The central bank hopes to establish 

the Emirates as a financial and digital 

payment hub, as well as a centre of 

excellence for innovation and digital 

transformation. Central bank governor 

Khaled Mohamed Balama expressed his 

pride in building an infrastructure that 

will support a thriving UAE financial 

ecosystem and its future growth; “The 

FIT Programme embodies the directions 

and aspirations of our wise leadership 

towards digitising the economy and 

developing the financial sector. We are 

proud to be building an infrastructure 

that will support a thriving UAE financial 

ecosystem and its future growth.” 

The launch of a CBDC will facilitate 

the UAE’s transition to a cashless 

society, a trend that has been gaining 

traction around the world in recent 

years. CBDCs are digital versions of 

traditional fiat currencies, backed by a 

central bank and designed to function 

as a means of payment. The use of 

CBDCs can bring several benefits to 

the financial system, such as increasing 

financial inclusion and reducing the 

cost and time required for international 

payments. Moreover, CBDCs can help 

combat money laundering and terrorist 

financing by enabling authorities to 

monitor transactions more closely. 

The launch of the FIT programme 

and the introduction of a CBDC mark 

a significant step forward for the UAE 

in its digital transformation journey. 

The initiatives will promote financial 

innovation and inclusion, increase 

efficiency and security in payments, and 

establish the Emirates as a leader in 

the digital economy. More information 

and updates on the FIT Programme’s 

pillars will be announced in due course. 


UAE Reforms 

Ministry of Economy Unveils Six New 

Initiatives for UAE Innovation Month 2023 

The UAE Innovation Month is an 

annual event that encourages 

individuals and institutions 

to embrace innovation and 

creativity. The Ministry of Economy’s 

launch of six new and diverse initiatives 

is a testament to the country’s 

commitment to establish a culture 

of innovation across all segments of 

society. These efforts align with the 

objectives of the national strategies for 

innovation and advanced innovation, 

and the UAE’s transition to a knowledgebased, 

competitive economy. 

The first initiative, the Minister 

of Economy Award for Innovation, 

raises awareness on the importance 

of innovation and promotes 

competitiveness among the Ministry’s 

employees and customers. The award 

is set to attract extensive participation 

and will serve the Ministry’s fields of 

work by proposing innovative projects 

that have the potential to address 

challenges. It encourages employees to 

develop online and smart services for 

the public, thus catalyzing innovation 

within the work environment and taking 

advantage of in-house talent. 

The second initiative, a strategic 

retreat for innovative transformational 

projects, is aimed at attracting ideas 


for transformational projects for the 

World Futures Day. This retreat is set 

to increase the number of innovative 

projects in the country’s priority sectors, 

promoting the culture of innovation, 

and transferring skills and innovative 

knowledge to the community. 

The third initiative, a digital platform 

for startups and business incubators 

in the country, targets several sectors, 

including artificial intelligence and 

advanced technology. It is designed 

to facilitate access for investors and 

businessmen to an integrated database 

that can help them identify investment 

opportunities in startups. 

The fourth initiative, the Ministry 

of Economy’s participation in the 

sixth edition of the UAE Hackathon, 

is aimed at promoting unique and 

practical solutions and innovative 

projects in digital and technological 

sectors. This initiative features the 

participation of school and university 

students, in addition to entrepreneurs 

and researchers, and applications for 

participation in the UAE Hackathon 

2023 are being accepted from the 

beginning of the Innovation Month. 

The fifth initiative, aimed at 

expanding the network of partnerships 

under the NextGenFDI initiative, is to 

forge new partnerships with targeted 

international companies in fields 

related to innovation, technology, 

and the new economy. This initiative 

will enable the country to benefit 

from the expertise and experience of 

international companies in the fields 

of innovation and technology. 

The sixth initiative is a dialogue 

session with the owners of innovative 

projects to support them and help them 

overcome the obstacles and challenges 

they face. The initiative will enable 

them to share their success stories, 

experiences, and expertise in the fields 

of entrepreneurship, innovation, and 

creativity with the Ministry employees. 

Apart from these initiatives, the 

Ministry of Economy will organize a 

series of visits for its employees to 

the Museum of the Future to motivate 

them to innovate and create. It will 

also award cash prizes to innovative 

employees. These initiatives are 

designed to strengthen the UAE’s 

government innovation ecosystem, 

empower national talent in the fields 

of innovation and creativity, encourage 

individuals and institutions to think out 

of the box, and increase the number 

of new business ventures.

Visa Reforms: 15 Updated Services Now 

Available for Residents and Visitors 

The United Arab Emirates has 

recently announced 15 new 

visa services that are now 

available for residents and 

visitors. These visa reforms are aimed 

at simplifying the visa application 

process and enhancing the experience 

of travelers to the country. 

One of the key changes is the 

extension of the tourist visa, which 

can now be extended for up to 30 days. 

This will be particularly beneficial for 

those who wish to stay in the country 

for a longer period or those who have 

unforeseen circumstances that require 

them to extend their stay. 

The UAE has also introduced a 

new multiple-entry visa, which allows 

visitors to enter the country multiple 

times within a six-month period. This 

is particularly useful for those who 

have business interests in the UAE 

and need to travel frequently. 

In addition, the UAE has introduced a 

new transit visa, which allows travelers 

to stay in the country for up to 96 

hours (four days) if they are transiting 

through one of the UAE’s airports. This 

is a great option for those who want to 

explore the city or do some shopping 

during their layover. 

The UAE has also made it easier for 

cruise ship passengers to obtain visas. 

Cruise passengers who arrive at any 

UAE port can now obtain a multipleentry 

visa, which allows them to enter 

the country multiple times during the 

cruise. 

Furthermore, the UAE has introduced 

a new visa for medical treatment. This 

visa is available to those who need to 

travel to the UAE for medical treatment 

and their companions. This will make 

it easier for those seeking medical 

treatment to travel to the UAE and 

receive the necessary care. 

The UAE has also introduced a new 

visa for people who wish to participate 

in cultural and sporting events in 

the country. This visa is available to 

participants, their companions, and 

the organizers of the events. 

Other new visa services include a visa 

for investors, a visa for entrepreneurs, 

and a visa for students. These visas 

are aimed at attracting investors, 

entrepreneurs, and students to the 

country and supporting their endeavors. 

The UAE has also made it easier for 

families to visit their relatives in the 

country. The new visa services include 

a visa for family visits, which allows 

family members to visit their relatives 

in the UAE for up to 90 days. Finally, 

the UAE has introduced a new visa for 

those who wish to retire in the country. 

This visa is available to those who are 

55 years or older and meet certain 

financial requirements. 

The new visa services introduced by 

the UAE are a welcome development 

for residents and visitors to the country. 

These reforms will make it easier for 

people to travel to the UAE for business, 

tourism, medical treatment, and other 

purposes. The extension of the tourist 

visa, the new multiple-entry visa, and the 

transit visa are particularly noteworthy 

and will make the UAE an even more 

attractive destination for travelers. 


Fintech 

UAE Fintech and e-Commerce Platforms 

Founded by Successful Women 

The UAE has been witnessing a boom in the fintech and e-commerce industries, and women 

entrepreneurs are playing an increasingly important role in this expansion. Women-led fintech 

and e-commerce platforms are disrupting the traditional business landscape in the country, 

providing innovative solutions to cater to the specific needs. In this article, we will delve into 

four of the successful women-led fintech and e-commerce platforms in the UAE, their impact 

on the industry, and the changes they made in this highly competitive market. 

Souqalmal 

Ambareen Musa, 

Founder of Souqalmal 

Ambareen Musa founded Souqalmal, 

a financial comparison website 

launched in 2012, and has been 

changing the way people in 

the United Arab Emirates and Saudi 

Arabia manage their finances. Through 

Souqalmal, users can access information 

on over 3,200 financial products and 

services, including loans, insurance, 

and accounts management. 

The platform is an excellent resource 

for people who want to better understand 

their finances and make informed 

decisions and improve their financial 

literacy. Souqalmal has attracted 

investments from some of the most 

prominent players in the financial industry, 

including GoCompare, Hummingbird, 

VentureSouq, U.A.E. Exchange, NNS 

Capital, and the Riyad Taqnia Fund. 

These investments have helped the 

company raise an impressive $15.2M 

in funding. 

In March 2022, Souqalmal reached 

another milestone when SHUAA Capital 

acquired a major stake in the company. 

This acquisition was a testament to 

the success of the platform and the 

vision of its founder. By providing 

access to financial information, Musa 

is empowering people to take control 

of their finances and make informed 

decisions. This is especially crucial in 

the current economic climate, where 

financial stability is more important 

than ever. 

Sarwa 

Nadine Mezher is a pioneer 

in the financial industry. As 

the co-founder of Sarwa, a 

leading financial advisory 

platform, she is changing the way 

people invest and manage their finances. 

Together with Mark Chahwan and Jad 

Sayegh, Mezher established Sarwa in 

2017, and it now serves a huge number 

of users. The company’s revolutionary 

approach to financial advisory has 

quickly become popular, with clients 

benefiting from the platform’s easyto-use 

interface and comprehensive 

investment options. 

Sarwa Trade, the zero-commission, 

zero-transfer fee trade podium, 

launched in March 2021, marked 

yet another step in the company’s 

development, providing users with 

a streamlined approach to trading, 

making it more accessible for people 

looking to enter the investment arena. 

With such impressive growth, it comes 

as no surprise that Sarwa has attracted 

significant investment from some of 

the biggest players in the industry. 

In 2021, the company raised $15M in 

funding from Mubadala Investment 

Company, Hambro Perks Oryx Fund, 

HALA Ventures, and Middle East 

Venture Partners, bringing the total 

funding raised to $25M. 

These investments have helped Sarwa 

expand its offering, making it even 

easier for people to invest and manage 

their finances. KIPCO and Californiabased 

500 Startups are among the 

many investors who have recognized 

the potential of Sarwa and supported 

Nadine Mezher, 

Co-Founder of Sarwa 

its vision. By leveraging innovative 

technology, the company is making 

investment accessible and affordable 

to everyone. The platform provides 

personalized recommendations that 

cater to individual needs, taking the 

complexity out of investing and making 

it an enjoyable and fruitful experience 

for users. 


Mumzworld 

Mona Ataya and Leena Khalil, 

Entrepreneurs 

Mona Ataya and Leena 

Khalil are two inspiring 

entrepreneurs who have 

created a platform that 

has transformed the e-commerce 

landscape for parents and children 

across the Middle East. Their company, 

Mumzworld, has connected over 2.5 

million users in the region, making 

it the go-to destination for parents 

looking for high-quality products for 

their families. 

Established in 2011, Mumzworld 

offers a range of products, including 

baby care items, toys, clothes, and 

gear, all carefully curated to meet the 

needs of parents and children. The 

platform’s commitment to quality, 

convenience, and affordability has 

made it a favourite among its growing 

customer base. 

Ataya and Khalil’s vision and hard 

work have resulted in six successful 

funding rounds, with $50M in funding 

secured for the platform. The most 

significant milestone, however, was 

the acquisition of Mumzworld by Tamer 

Group in June 2021, a testament to the 

platform’s success. 

Mumzworld’s highest sales in 

2021 were proof of the platform’s 

exponential growth, especially in Saudi 

Arabia and the GCC. Ataya and Khalil’s 

entrepreneurial spirit and dedication 

to Mumzworld’s success have not only 

transformed the online marketplace for 

parents and children but also provided 

countless opportunities for small 

businesses in the region to showcase 

their products and services to a wider 

audience. The success of Mumzworld 

demonstrates the potential of womenled 

startups in the region and the 

importance of creating platforms 

that cater to the specific needs of the 

community. 

BitOsais 

Ola Doudin, the co-founder 

and CEO of BitOasis, is one 

of the successful women 

who entered the world of 

cryptocurrency. BitOasis, a crypto 

trading platform, has been successful 

in attracting investors and users alike, 

making it a force to be reckoned with 

in the industry. 

With a background in finance and 

accounting, Doudin has worked for 

several prominent companies, including 

EY, Fadi Ghandour, and Aramex, before 

taking the plunge and co-founding 

BitOasis with Daniel Robenek. The 

platform has been a game-changer 

in the region, offering a secure and 

reliable way to buy, sell, and store 

cryptocurrencies. Since its inception, 

BitOasis has raised $30M in funding 

through six rounds as of October 2021. 

In the same year, the platform traded 

$1.7B, showing the increasing interest 

and acceptance of cryptocurrency in 

the Middle East. 

Doudin’s leadership has been critical 

in establishing BitOasis as a trusted and 

respected brand in the industry. Her 

vision has helped the platform expand 

its offerings, which now include a mobile 

app, a cold storage solution, and a fiat 

gateway. BitOasis has also partnered 

with leading financial institutions to 

enable users to deposit and withdraw 

funds. 

With Doudin at the helm, BitOasis has 

not only succeeded in growing its user 

base and attracting investments, but it 

has also been instrumental in driving the 

adoption of cryptocurrency in the region. 

In a world where cryptocurrencies are 

becoming increasingly popular, Doudin’s 

work with BitOasis is a remarkable 

example of how female entrepreneurs 

can successfully navigate new and 

uncharted territory. 

Ola Doudin, 

Co-founder and CEO of BitOasis 


Fintech News 

Saudi Arabia Boosts 

Startup with IMPACT46’s 

$133.33M Fund Launch 

IMPACT46, a Saudi Arabian venture 

capital firm, has launched a new 

fund worth $133.33M to support 

startups in the Middle East and 

North Africa (MENA) region. The fund 

aims to provide early-stage and growthstage 

companies with the necessary 

resources and expertise to scale their 

businesses and succeed in a competitive 

market. The launch of this fund is in line 

with the kingdom’s efforts to diversify 

its economy and boost entrepreneurship 

in the country. IMPACT46 plans to 

invest in a range of industries, including 

technology, healthcare, and education, 

with a focus on companies that have 

a positive impact on society and the 

environment. This move is expected to 

further enhance the startup ecosystem 

in Saudi Arabia and the wider MENA 

region. 

Bahrain’s Beyon Money Takes a Step Forward with 

TerraPay Partnership 

Bahrain-based fintech firm, 

Beyon Money, has announced 

a partnership deal with UKbased 

TerraPay, a leading 

global mobile payments network. 

The partnership will allow Beyon 

Money to expand its reach and offer its 

customers a wider range of services. 

Through this deal, TerraPay’s network 

of financial institutions and mobile 

operators will now be accessible to 

Beyon Money’s customers, allowing 

for seamless cross-border transactions. 

This partnership is a significant step 

forward for Beyon Money as it seeks 

Oman has launched an accelerator 

program aimed at supporting 

innovative fintech startups in 

the country. The program, which 

is designed to help early-stage companies 

grow and scale, will provide participating 

startups with access to resources such 

as mentorship, training, and networking 

opportunities. The program also aims to 

help these startups secure funding and 

to establish itself as a leading provider 

of financial services in the region. 

The deal will also support TerraPay’s 

efforts to expand its footprint in the 

Middle East and provide its partners 

with access to a growing market. 

Oman Boosts Fintech Ecosystem with Launch of 

Accelerator Program for Start-ups 

connect with potential investors. This move 

is in line with the Omani government’s 

efforts to diversify its economy and foster 

innovation in the country. The launch of 

this accelerator program is expected to 

bring a boost to the fintech ecosystem in 

Oman and provide a platform for local 

startups to showcase their products and 

services to a wider audience. 

Dubai Fintech Revolution: Chamber of Digital Economy Addresses 

Industry Challenges 

The Dubai Chamber of Digital 

Economy recently held a 

discussion addressing the 

challenges faced by fintech 

companies in the region. The event 

brought together leaders in finance and 

technology to discuss ways to overcome 

these hurdles and drive innovation in 

the sector. The chamber emphasized 

the importance of creating a supportive 

ecosystem for fintech startups and 

discussed potential solutions to issues 

such as access to capital, talent retention, 

and regulatory barriers. The discussion 

also touched upon the potential of new 

technologies, such as blockchain and 

artificial intelligence, to revolutionize 

the financial sector and drive economic 

growth. The chamber’s efforts to address 

these challenges and foster innovation 

in fintech are further solidifying Dubai’s 

position as a leading hub for digital finance 

in the Middle East. 


Indo-Arab Professionals Pioneer a New Era of Finance in Dubai 

A 

group of Indo-Arab professionals 

have come together to launch a 

financial vehicle in Dubai, aiming 

to bridge the gap between the 

Indian and Arab financial markets. The 

new venture aims to provide top-notch 

financial services to both individuals and 

businesses, with a focus on fostering 

economic ties between India and the 

Arab world. The launch of this financial 

vehicle marks a significant step towards 

realizing the full potential of the Indo- 

Arab economic partnership. The team 

behind the venture comprises experienced 

finance professionals who bring a wealth 

of expertise and knowledge to the table. 

UAE’s NFT Market Set for Skyrocketing Growth 

with Over 45% Annual Increase 

The non-fungible token (NFT) 

industry in the United Arab 

Emirates (UAE) is expected 

to experience tremendous 

growth in the coming years, with 

projections of an increase of over 

45% annually. This growth is driven 

by a surge in demand for unique and 

authentic digital assets, such as art, 

collectibles, and even real estate. The 

UAE is positioning itself as a leader 

in the NFT space, with a number of 

initiatives aimed at promoting the use 

and adoption of NFTs. From hosting NFT 

exhibitions and auctions to launching 

NFT marketplaces, the country is 

fostering a thriving ecosystem for NFT 

enthusiasts and creators. 

UAB Joins Forces with UAE Trade Connect to 

Revolutionize Trade Finance with Blockchain 

Technology 

The United Arab Bank (UAB) 

has announced its participation 

in the UAE Trade Connect, a 

fintech blockchain platform 

aimed at revolutionizing trade finance 

in the country. The platform, which is a 

collaboration between the UAE Central 

Bank and Emirates Development Bank, 

is designed to streamline the trade 

finance process and provide increased 

efficiency, security, and transparency for 

all participants. By joining UAE Trade 

Connect, UAB is positioning itself as a 

leader in the fintech and blockchain space, 

and is committed to providing its clients 

with innovative solutions to meet their 

trade finance needs. The platform will 

enable UAB to offer faster, more secure 

and cost-effective trade finance services 

to its clients, enabling them to grow their 

businesses and increase competitiveness 

in the global marketplace. 

Saudi Arabia Takes a 

Giant Leap Forward 

in Crowdfunding with 

Fintech Licensing 

The Central Bank of Saudi Arabia 

has made history by licensing 

two debt-based crowdfunding 

fintechs, marking a major 

milestone in the kingdom’s journey 

towards financial innovation. The 

move is in line with the government’s 

vision to transform the country into a 

hub for technological advancements 

and financial services. The licensed 

fintechs will now be able to offer 

their services to the public, providing 

an alternative to traditional lending 

options and giving small businesses 

access to much-needed funding. This 

is a big step forward for the kingdom’s 

fintech industry and signals a bright 

future for crowdfunding and alternative 

financing in Saudi Arabia. The licensing 

of these fintechs will help drive financial 

inclusion and support the growth of 

the small business sector, ultimately 

contributing to the country’s overall 

economic development. 


Fintech Application 

MyFawry 

Date of Establishment: 2019 

Owner: Fawry for banking and payment technology services 

CEO: Ashraf Sabry 

MyFawry allows users to 

pay their bills, recharge 

their mobiles, reserve bus 

tickets, and track their 

spending. In 2020, total downloads 

surpassed more than 1.6 million. Fawry 

for Banking and Payment Technology 

Services was listed on the Egyptian 

Stock Exchange in 2019, with a market 

value of $1.9 billion as of August 5, 

2021. The company also offers financial 

services through multiple channels 

such as ATMs and retail points. As of 

June 2021, the app had 3.5 million total 

downloads and $105 million annualized 

throughput. 

As Egypt saw the fast adoption of 

electronic payments, Fawry saw the 

opportunity to develop MyFawry that 

would be accessible across the country 

and on every device. This is in line with 

the vision of the Egyptian government 

to push for digital transformation as 

it becomes one of the fastest-growing 

markets in the Middle East. 

According to Fawry- a banking and 

payment technology Services Company 

in Egypt, their proprietary myfawry 

app has nearly 3.5 million downloads 

and generated $105 million in annual 

revenues for the company as of July 

2021. 

It is top-rated as the best mobile 

payment platform that helps users 

to make all payments and transfers 

through a single podium. It allows 

users to pay utility bills, credit bills, 

and bus ticket booking and also helps 

in tracking spending. 


ONEPLUS 11 5G 

The OnePlus 11 is a powerful 

and stylish smartphone with 

cutting-edge features. Its 6.55-inch 

Fluid AMOLED display boasts 

a 120Hz refresh rate, making it highly 

responsive and visually stunning. The 

Gorilla Glass Victus front and back give 

it a rugged design, ensuring it’s ready for 

any adventure. Powered by a Qualcomm 

Snapdragon 8 Gen 1 processor and up 

to 12GB of RAM, the OnePlus 11 is a 

reliable and speedy device. Its camera 

system features a 50MP primary sensor, 

a 50MP ultra-wide sensor, and a 2MP 

monochrome sensor capable of recording 

up to 8K videos. It runs OxygenOS 12 

software based on Android 12, offering 

improved customization, privacy, and 

security options. With 5G support, Wi-Fi 

6, Bluetooth 5.2, and NFC connectivity, 

the OnePlus 11 is highly versatile. The 

4500mAh battery supports 65W fast 

charging and 50W wireless charging, 

providing all-day battery life. Overall, 

the OnePlus 11 is an excellent choice for 

anyone seeking a premium smartphone 

with advanced features. 


Business 

UAE Ranks First for Best Business Climate 

and Issues New Rules for Family Businesses 

The IMD World Competitiveness Ranking for 2022 has revealed that the UAE holds 

the top position as the most competitive country in the Arab region. The business 

fundamentals rankings, which assess the legal, regulatory, and tax systems of 

developing countries, once again showed that the GCC nations came out on top, 

with the UAE ranking first, while in the 14th annual Agility Emerging Markets 

Logistics Index, the UAE was ranked as having the best business climate. 

According to the IMD World 

Competitiveness Ranking 

for 2022, the UAE is the 

most competitive nation in 

the Arab world. The GCC nations 

once again topped the business 

fundamentals rankings, which contrast 

the legal, regulatory, and tax systems 

of developing markets nations, with 

the UAE in the top spot. 

The 14th annual Agility Emerging 

Markets Logistics Index ranked the 

UAE as having the greatest business 

climate, with Qatar coming in second, 

Saudi Arabia third, Oman fifth, Bahrain 

sixth, and Kuwait eleventh. The UAE 

is the most competitive nation in 

the Arab world, per the 2022 IMD 

World Competitiveness Ranking. In 

Europe, the Middle East, and Africa, 

the UAE ranked eighth in terms of 

economic competitiveness, only behind 

Denmark, Switzerland, Sweden, the 

Netherlands, Finland, Norway, and 

Ireland. The majority of the nonoil 

economic development for Gulf 

nations, which outperformed most 

other economies in the index, would 

be driven by innovation and support for 

small enterprises, according to global 

supply chain executives. 

The UAE was placed third overall 

in the 50-country Index by Agility, 

a leading provider of supply chain 

services globally, after China and India. 

Saudi Arabia ranked sixth; both nations 

were among the top 10 in each of the 

four areas of the Index, including local 

logistics, global logistics, business 

fundamentals, and digital readiness, 

with the exception of international 

logistics, where it ranked 19th, Qatar 

was in the top 10 in every category. 

Kuwait (ranked No. 15 overall) made 

the most progress in enhancing its 


competitiveness among the six GCC 

economies, with gains across the board. 

Oman moved up five points to No. 10 in 

terms of digital readiness, and Bahrain 

moved up six spots to No. 16 among 

GCC nations. 

The UAE will draw a significant 

portion of the $66B in possible FDI 

inflows into the Middle East, North 

Africa, and Pakistan in 2023, according 

to Hatem El Safty, CEO of Business 

Link, as foreign investors view the 

emirates as an appropriate location 

for investment. Due to its business and 

visa changes, the UAE is anticipated 

to bring in $22B in FDI this year, while 

the MENAP area is anticipated to bring 

in $56B. 

The Index is a study of global logistics 

industry sentiment that Agility conducts 

each year. This year’s Index includes 

750 executives from around the world, 

and Agility has released its annual 

rankings of the world’s top emerging 

markets. Industry executives were 

asked to name the most important 

drivers of economic diversification for 

GCC countries, all of which are trying 

to reduce dependence on oil and gas 

by accelerating private-sector growth. 

They identified a number of factors, 

including access to capital, skilled 

labor, and a robust infrastructure. 

Respondents identified the key factors 

as having well-developed technology 

development and innovation; a small 

business environment that is conducive 

to growth; infrastructure development 

that supports economic vitality; regional 

and global integration that fosters 

trade and business ties; a skilled labor 

force that is available and willing to 

work; ending energy subsidies that 

support high costs; and creating career 

opportunities for women. 

There was a lot of volatility among 

the rankings, with conflict and other 

problems hurting some countries more 

than others. Countries like Ukraine, 

Iran, Russia, and Colombia all saw 

their rankings decline, while others 

like Bangladesh, Pakistan, Jordan, 

Sri Lanka, and Ghana all saw their 

rankings improve. 

On the other hand, Dubai International 

Financial Centre has finalized 

regulations to enable more familyowned 

businesses to start operating 

from its Global Family Business and 

Private Wealth Centre which opens in 

March. The centre will provide a range 

of services to help these businesses 

succeed, including support from experts 

Dubai International 

Financial Centre 

has finalized 

regulations to 

enable more 

family-owned 

businesses to 

start operating 

from its Global 

Family Business 

and Private Wealth 

Centre. 

in finance, accounting, and marketing. 

The new regulatory framework 

provides a strong foundation for the 

new wealth centre. It will govern 

how UAE, regional and global familyowned 

businesses, and ultra-high net 

worth individuals (UHNWI) and private 

wealth offices operate from DIFC. This 

framework will help to create a more 

stable and prosperous environment for 

these businesses, and will support the 

growth of DIFC as a leading centre for 

wealth management. 

“The introduction of these new 

regulations marks a significant step 

forward in our commitment to setting 

the standards for excellence in the 

industry,” said Jacques Visser, chief 

legal officer at DIFC. “With a focus 

on transparency, accountability and 

stability, these regulations provide 

a comprehensive framework that 

will allow our clients to operate with 

confidence, knowing that their interests 

are protected by the highest level of 

legal and regulatory oversight.” 

Moreover, DIFC Business Incubation 

Program is designed to bring family 

businesses and ultra-high-net-worth 

individuals from the UAE and the 

broader MEASA region and beyond to 

DIFC. Family-owned businesses are an 

important part of the UAE economy, 

contributing to a large number of jobs 

and helping to drive economic activity. 

Their supply chains provide a network 

of businesses that help to increase 

productivity and efficiency. 

In 2021, the UAE Ministry of Economy 

announced that it was considering 

new policies to help family businesses 

grow. These policies could include 

providing financial support and training, 

developing new marketing strategies, 

and promoting family-owned businesses 

through public awareness campaigns. 

There are more than 460 entities in 

DIFC with family structures, accounting 

for almost 10% of companies in the 

financial hub. This indicates the 

importance of family ties in the region. 

These entities are responsible for 

running businesses belonging to some 

of the most prominent families in the 

UAE, GCC, Middle East, CIS countries, 

India, and China. 

If you are already a DIFC family office, 

you can choose to move to the new 

centre, where you can take advantage 

of extra privacy benefits and tailored 

services. DIFC anticipates that the 

number of family-owned businesses in 

the region will grow significantly as a 

result of the new wealth centre. This is 

an important step forward in fostering 

entrepreneurship and economic growth 

in DIFC. 

Growth in the UAE will be driven by 

wealthy individuals who are moving 

away from European jurisdictions, such 

as Switzerland, France, Italy, Portugal 

and the UK, to set up in the country. 

The financial wealth of the UAE is 

growing rapidly, and is expected to 

grow even faster in the future. This 

growth is due to the increasing value 

of financial and real assets. 

The UAE’s financial wealth grew 

by 20% in 2021, outpacing growth in 

global financial wealth, and the country 

accounted for 30% of the total financial 

wealth in the GCC, according to BCG 

estimates. This growth was largely 

due to an influx of more than 2,000 

millionaires, which helped the UAE 

become the region’s leading source of 

financial wealth. Furthermore, the new 

regulations establish certification and 

accreditation programmes to support 

the benefits and incentives planned for 

family businesses in the UAE under 

the UAE Family Business Law. The 

main purpose of the certification and 

accreditation regimes is to ensure that 

family businesses follow good practices 

and are governed properly. 


Business News 

Burjeel and Leejam Join Forces to Bring Cutting-Edge Sports Medicine 

to Saudi Arabia 

Burjeel Holdings, a company 

located in Abu Dhabi, has 

announced its entry into the 

Saudi Arabian market through a 

partnership with Leejam Sports Company. 

This Company operates fitness centers 

under the brand “Fitness Time” in both 

Saudi Arabia and the UAE, and is one of 

the largest fitness center operators in the 

region. The joint venture between Burjeel 

Holdings and Leejam Sports Company 

involves the creation and operation of 

a network of over 60 physiotherapy, 

rehabilitation, and wellness clinics within 

Leejam’s fitness centers throughout 

Saudi Arabia. The clinics will also offer 

complementary medical services, with 

a special focus on sports medicine and 

innovative rehabilitation techniques, and 

the treatments will be available within 

the next 12 to 18 months. 

Dubai Hotel Occupancy 

Sets a World Record with 

73% in 2022 

The Dubai Department of Economy 

and Tourism reported a 97% 

increase in international visitors, 

reaching 14.36M. This resulted in 

a higher hotel occupancy rate in the city, 

with an occupancy rate of 73%, which is 

higher than the average occupancy rate 

of 67% from the previous year. Dubai 

has become a popular destination for 

international visitors, offering quality and 

premium services with the help of partners 

such as Emirates Airline, Flydubai and 

other hospitality units of the government. 

In comparison, hotels in Europe and Asia 

recorded a lower occupancy rate of 64.6% 

and 52.3% respectively. The occupancy 

rate in the Middle East and Africa was 

63.6% and 54.2%, while North America, 

South America, Australia and Oceania 

recorded a much lower occupancy rate 

at 62.5%, 57%, and 63.9% respectively. 

UAE’s Foreign Trade Reaches Record High of AED 

2.2T in 2022 

The UAE’s non-oil foreign trade 

reached a milestone in 2022, 

with a record high of AED 

2.233T and a growth rate of 

17% compared to the previous year. This 

marks the first time that the country’s 

non-oil foreign trade has surpassed 

the AED 2T threshold. In 2020, the 

growth rate was 12% and the total 

was AED 1.496T. In 2021, there was a 

significant increase of 28%, bringing 

the total to AED 1.911T. The Cabinet 

also approved a plan for the UAE to 

host the 28th Conference of the Parties 

(COP28) and tasked the Ministry of 

Dubai’s Virtual Asset Regulatory 

Authority (VARA) recently 

released its Virtual Assets 

and Related Activities 

Regulations 2023, which establish a 

comprehensive framework for virtual 

assets (VAs) with a focus on economic 

sustainability and financial security. 

The regulations include seven licensed 

VA activities and cover areas such as 

advisory services, exchange services, 

and payments. VARA will ensure VA 

Climate Change and Environment with 

coordinating with federal and local 

authorities to prepare the country for 

the event. The Ministry will also ensure 

that federal government entities play 

a role in organizing this important 

global gathering. 

Dubai Leads the Way with Specialized Regulations 

for Virtual Assets 

stability, investor protection, and 

jurisdictional resilience through the 

regulations. The framework provides 

regulatory clarity and mandates highstandard 

risk assurance and anti-money 

laundering measures for licensed 

entities in Dubai. The regulations also 

regulate the issuance of new tokens, 

allowing consumers to make informed 

decisions about the obligations of 

issuers. 


UAE Imposes Fines for Private Companies that do 

not meet Emiratisation target by July 1 

Private businesses will now be fined 

AED 7,000 for each unemployed 

UAE national if they don’t meet 

new Emiratization targets, which 

call for a 1% growth by July 1. The fine will 

now be assessed every two years. H.E. Dr. 

Abdul Rahman Al Awar, Minister of Human 

Resources and Emiratisation, announced 

changes to the mechanism of reaching 

Emiratisation targets in private sector 

enterprises with 50 or more employees 

during a media briefing regarding the 

Drydocks World Scores 

Big with FPSO Upgrade 

Contract from Altera 

The contract between Drydocks 

World, Aker Solutions, and Altera 

Infrastructure was signed 

at DP World’s Head Office in 

Dubai, with attendees including H.E 

Sultan Ahmed bin Sulayem, the Group 

Chairman and CEO of DP World and 

Chairman of Drydocks World, Sturla 

Magnus from Aker Solutions, and Arne 

Hygen Tørnkvist from Altera Infrastructure. 

Drydocks World and Aker 

Solutions have formed a joint venture 

to offer comprehensive services to 

the global energy industry. Altera Infrastructure 

has chosen the JV for the 

upgrade of an FPSO vessel in the UK oil 

and gas sector. Aker Solutions will manage 

equipment design and procurement 

in Norway, while Drydocks World will 

oversee fabrication and construction 

in Dubai. The JV’s first contract is with 

Altera Infrastructure for upgrading, 

refurbishing, and electrifying the FPSO 

Petrojarl Knarr, which will allow it to operate 

efficiently and for a longer period 

of time in the Rosebank field. 

new schemes for the Emiratisation. 

According to the modifications made to 

Cabinet Resolution No. 5/19’s provisions 

for 2022, this is the case. He clarified that 

companies must now raise the number 

of competent Emirati employees by 1% 

every six months. Starting in July 2023, 

businesses will be subject to fines if 

they don’t fulfil the target for the first 

half of 2023, while 2022 noncompliance 

contributions will still be collected. 

Dubai Metaverse Platform 

is Launched by DIFC Amid 

$4B Tech Push 

Dubai International Financial 

Centre (DIFC) announced 

the “DIFC Metaverse Platform” 

will be going live. The 

metaverse platform created by the 

DIFC aims to solidify Dubai’s position 

as a worldwide metaverse leader by 

luring in and nurturing talent from 

around the world in the burgeoning 

technology. A studio with an accelerator 

programme for metaverse technologies 

will be essential to the development. 

The rising metaverse community in 

Dubai will use it as a hub, for identifying 

metaverse laws and regulations. 

The Dubai Metaverse Strategy, which 

intends to boost Dubai’s GDP by $4B, 

support 40,000 virtual employment 

by 2030, and draw in 1,000 firms specialising 

in blockchain and metaverse 

technologies. The platform also supports 

the goal of the recently unveiled 

Dubai Economic Agenda D33, which is 

to annually generate economic value 

from digital transformation worth AED 

100B ($27B). 

Green bond orders for 

Saudi Arabia’s PIF totals 

more than $12B 

According to a bank document, 

the sovereign Public Investment 

Fund (PIF) of Saudi Arabia has 

received more than $12B in 

orders for the sale of dollar-denominated 

green bonds made up of tranches with 

tenors of seven, twelve, and thirty years. 

According to the document, the orders do 

not include joint lead managers’ interest 

in the debt sale that is anticipated to 

price later. According to an investor 

presentation for the bonds sold in 

October, PIF anticipates investing more 

than $10B by 2026 in green projects 

that qualify, such as sustainable water 

management, clean transportation, and 

renewable energy. In contrast, the fund 

has stated that through 2025 it will 

make domestic investments of around 

$40B annually. 


Wheels 

Ford Everest 

The Ford Everest is eagerly 

anticipated by SUV enthusiasts 

in the United Arab Emirates, 

with its launch expected to 

take place in the last quarter of 2023. 

This means that the car is likely to 

be available for purchase anywhere 

between October and December of that 

year. However, it is expected that the 

booking process for the Ford Everest 

may commence even before the official 

launch date. 

The Ford Everest that is slated for 

release in the United Arab Emirates 

will be equipped with a 2.3-litre Turbo 

Petrol engine from Ford’s EcoBoost 

family. This powerplant is projected 

to deliver a robust 300 horsepower 

and an impressive 420 Nm of torque, 

making it a force to be reckoned with 

on the road. The transmission duties 

will be taken care of by a highly efficient 

10-speed torque converter automatic 

gearbox, ensuring smooth and seamless 

shifting. To tackle the toughest terrain, 

the Ford Everest will come with a 

full-time four-wheel drive system and 

a low-range transfer case, providing 

superior traction and stability in all 

driving conditions. 

The Ford Everest will come packed 

with an array of advanced features 

that will make it a highly capable and 

comfortable SUV. Some of its key 

features will include a spacious and 

well-appointed cabin, a state-of-theart 

infotainment system with a large 

touchscreen display, a premium audio 

system, and seamless smartphone 

integration. 


Specifications 

Horsepower: 300 horsepower 

Transmission: 10-speed automatic 

Acceleration: 0 - 100 km/h - 10 seconds 


Cover Story 


Zayed Ambition 2: Exploring the 

Potential of UAE’s Space Economy 

for Sustainable Growth 

The longest Arab space mission in history was launched on Thursday, March 

2, 2023, carried out by the Emirati astronaut Sultan AlNeyadi, during which 

he will spend 6 months aboard the International Space Station. In this article, 

we hope to provide insights into the economic opportunities presented by 

investing in the UAE’s Space Sector, considering the employment and revenue 

generated as a result of the sector’s growth. 

Exclusive to The Finance World Magazine 

The Longest Arab Space Mission 

in History: 

The Crew 6 of SpaceX, carrying 

astronaut Sultan AlNeyadi and his 

Crew-6 colleagues, has successfully 

arrived at the International Space 

Station after approximately 24 hours of 

launching on Thursday. Sultan AlNeyadi 

is now the second Arab to undertake a 

prolonged space mission. The Dragon 

capsule, named Endeavour, was utilized 

by Crew 6 and it lifted off from NASA’s 

Kennedy Space Center in Florida at 12:34 

a.m. EST on March 2, 2023; the initial 

effort to launch the crew was called off 

on Monday because of an obstruction 

in the engine ignition system’s filter, 

moments before the launch. 

AlNeyadi his Crew-6 colleagues will 

substitute a team composed of US- 

Russian-Japanese individuals who have 

been stationed there since October. 

The other occupants of the station are 

two Russians and an American. Their 

six-month stay was extended until 

September after their Soyuz capsule 

encountered a leak, and a new Soyuz 

capsule arrived last weekend. AlNeyadi, 

a communications engineer, was the 

backup for the first Emirati astronaut, 

Hazzaa Al-Mansoori, who travelled to 

the space station in 2019 for a one-week 

visit on a Russian spacecraft. 

H.H. Sheikh Hamdan bin Mohammed 

bin Rashid Al Maktoum, Crown Prince 

of Dubai, Chairman of the Executive 

Council of Dubai, and President of 

MBRSC, said “Congratulations to the 

UAE and the Arab world for achieving 

a historical milestone. Today, we start 

a new mission to explore space and 

achieve the impossible. We wish Sultan 

Al Neyadi success in this new journey.” 

During the Post Launch News 

Conference, H.E. Salem Humaid 

AlMarri, the Director General of MBRSC, 

expressed his gratitude towards NASA 

and SpaceX for their dedication towards 

the successful launch of the mission, 

which was made even more special due 

to the presence of an Emirati astronaut 

on board. AlMarri highlighted that 

this was the UAE’s second astronaut 

mission, with the first being carried 

out by astronaut Hazzaa AlMansoori 

in 2019. He emphasized that the UAE 

has a long-term strategy and aims to 

promote human spaceflight missions 

in the region. The successful launch 

has made the UAE the 11th country 

globally to have launched a longduration 

astronaut mission to the 

International Space Station, and the 

MBRSC will continue to work towards 

achieving its set goals. 

According to Amer AlSayegh, the 

Al Neyadi’s space 

mission marks 

the UAE’s second 

human space 

flight, following 

the eight-day 

expedition of 

the first Emirati 

astronaut, Hazzaa 

Al Mansoori, to 

ISS in 2019. 

Senior Director of the Space Engineering 

Department at MBRSC, there will 

be continuous communication and 

collaboration between the ground 

control stations located in both the 

UAE and the USA, and the International 

Space Station. 


Cover Story 

Astronauts aboard the International 

Space Station spoke to Crew-6 on the 

Dragon spacecraft after a successful 

docking. Astronaut Sultan AlNeyadi 

was greeted in the Arabic language. 

He entered the International Space 

Station where he will spend the next 

6 months on the longest Arab space 

mission in history. Adding to this 

great achievement, the MBRSC hosted 

SpaceOps 2023 in the UAE for the first 

time, bringing together key stakeholders 

from the space sector at the Dubai 

World Trade Centre on March 6-10, 

2023 under the theme “Invest in Space 

to serve Earth and Beyond”. 

Taking that recent achievement 

made by the UAE, it is worth noting 

that the space sector has emerged as a 

key contributor to the UAE’s economy, 

generating significant employment 

opportunities, promoting innovation 

and knowledge transfer, and driving 

economic growth. The UAE’s strategic 

investments in the sector have been 

focused on developing advanced 

satellite technologies, investing in 

space research and development, 

and fostering partnerships with 


Zayed Ambition 

2, under the 

UAE Astronaut 

Programme, 

adds to UAE’s 

scientific 

achievements 

with 19 

experiments by 

Al Neyadi. 

international space agencies. Sen. Bill 

Nelson, NASA Administrator, referred 

to the importance of International 

Partnerships in the Space Sector, 

including NASA’s partnership with 

the UAE. 

Zayed Ambition 2 – a Crucial 

Achievement for the UAE’s Space 

Sector: 

The mission is one of a series of 

ambitious Emirati missions, which 

include the launch of MBZ-Sat and the 

arrival of the Explorer Rashid to the 

moon. Zayed Ambition 2, a part of the 

UAE Astronaut Programme, is a crucial 

addition to the scientific achievements 

of the UAE’s space sector and will 

see Al Neyadi conduct 19 research 

experiments and advanced studies. 

Sultan Al Neyadi, undertaking the 

UAE Astronaut Mission 2, is the Mission 

Specialist of the Crew-6 mission, 

along with NASA astronauts Stephen 

Bowen (Spacecraft Commander) and 

Warren Hoburg (Pilot), and Roscosmos 

cosmonaut Andrey Fedyaev (Mission 

Specialist). Crew-6 is part of Expedition 

68/69 to ISS.

During the mission, Sultan Al 

Neyadi will collaborate with NASA, 

the European Space Agency (ESA), the 

Canadian Space Agency (CSA), Japan 

Aerospace Exploration Agency (JAXA) 

and the National Centre for Space 

Studies (CNES) to conduct 19 scientific 

studies across a wide range of topics. 

These topics will include cardiovascular 

and immune system health, back pain, 

technical demonstrations, epigenetics, 

fluid science, plant biology, material 

science, sleep analysis, and radiation. 

During the six months that astronaut 

Sultan will be spending on the ISS, the 

Emirate Literature Foundation will 

collaborate with MBRSC to produce a 

weekly broadcast filled with interviews, 

engaging facts, competitions, activities, 

and opportunities for all students in the 

UAE to ask the astronaut questions. The 

Centre aims to reach 20,000 students 

and children through the initiative, 

which is set to become a landmark 

in interactive education, bringing the 

ground-breaking and exciting work of 

the UAE’s space mission to life. 

UAE’s Space Economy and Its 

Potential for Sustainable Growth: 

The UAE has made space industry 

a top priority for the next 50 years, 

spending AED 22B on space-related 

activities between 2015 and 2020. 

Contractual agreements for space 

services and applications also increased 

by 40% in 2020, as reported by the UAE 

Space Agency. 

In recent years, the country has 

implemented strategies to strengthen 

its space sector, including the recent 

long-term space mission of Emirati 

astronaut Sultan Al Neyadi. The UAE 

also launched the National Space 

Fund, a AED 3B fund to support 

innovative programs that encourage 

international and local cooperation 

in space engineering, sciences, and 

research applications. 

To support the national space 

economy, the UAE Space Agency 

created the “Space Economic Zones 

Programme” to assist space startups 

and SMEs in forming partnerships with 

various entities within the country. 

The program has three primary 

components, including Space Economy 

Stimulus Packages, Space Labs, and 

the establishment of Space Economic 

Zones. 

The objectives of the program are 

threefold: to develop an appealing 

and integrated business environment 

that meets both local and international 

needs, to enhance the competitiveness 

of companies involved in the space 

economy, thus increasing demand for 

space applications and services, and 

to promote innovation and expand the 

sector’s economic contribution to the 

non-oil GDP of the country. 

In collaboration with the Federal 

Competitiveness and Statistics Centre 

(FCSC), the UAE Space Agency 

conducted the “Space Economic 

Survey 2022” last year. The survey 

included input from various national 

entities operating in the space 

sector, such as government agencies, 

private companies, and academic 

and research institutions focused on 

space technology and communications 

in the UAE. The Space Economic 

Survey 2022 evaluates the impact of 

the space industry on the national 

economy, measuring factors such as 

the number of companies engaged in 

space activities, foreign investment, 

and total spending on space projects. 

The survey also examines investment 

in research and development, space 

exploration, and the number of people 

employed in the sector. 

The growth of the UAE’s space sector 

has the potential for creating new 

job opportunities, with estimates 

suggesting that the sector currently 

employs over 2,000 people in the 

country, including highly skilled 

engineers, scientists, and technicians 

who work across the space industry’s 


Cover Story 

various segments, such as satellite 

design and development, satellite 

operations and maintenance, and 

satellite-based services. Moreover, the 

UAE’s space sector has also stimulated 

the growth of other industries, including 

the development of new technologies, 

materials, and equipment, which are 

utilized in the manufacture and launch 

of satellites. 

Additionally, the UAE launched 

the National Plan for the Promotion 

of Space Investment in 2019 with the 

objective of increasing domestic and 

foreign investment in the country’s 

space sector. This initiative aims to 

establish the UAE as a regional centre 

for commercial space activities and 

advanced research and development 

while also encouraging local investment 

in space-related projects both within 

the country and globally. 

The Space Investment Promotion Plan 

aligns with the objectives outlined in the 

UAE Vision 2021, UAE 2071, and the UAE 

Plan on the 4th Industrial Revolution. Its 

primary objectives include diversifying 

and ensuring the sustainability of 

the UAE economy, promoting a 

highly productive knowledge-based 

economy, providing incentives for 

research and development, encouraging 

entrepreneurship, and enhancing the 

role and opportunities for SMEs in the 

private sector. 

According to H.E. Salem Humaid 

AlMarri, the Director General of MBRSC, 

the UAE has had a long-standing interest 

in space that dates back to the 1970s, 

with the late H.H. Sheikh Zayed bin 

Sultan Al Nahyan inspiring the country 

to pursue space exploration. During the 

opening ceremony of SpaceOps 2023, 

AlMarri further stated that MBRSC has 

achieved several significant milestones 

in space exploration, including 

launching satellites, sending the Hope 

Probe to Mars’ orbit, and the Rashid 

rover’s mission to the Moon, as well 

as participating in astronaut missions. 

AlMarri also emphasized that the UAE is 

committed to continuing its investments 

in space exploration. 

From his side, Adnan AlRais, Local 

Organising Committee Chair, MBRSC, 

said that “Over 560 research papers 

will be presented showcasing the latest 

developments in mission planning, 

astronaut missions, and best practices, 

among others.” 

Al Marri also added: “I think we’ll be 

the 10th or 11th country that does a 

long-term space flight to the ISS. And 

I think that sends a clear message that 

we are here to be active players and 

we are here to stay.” 

The UAE has made remarkable 

progress in space exploration, from 

being the first Arab nation and fifth 

country globally to reach Mars to 

launching the first long-term Arab 

space mission. Two significant 

accomplishments in the country’s 

growing space endeavours are the 

Emirates Mars Mission, also known 

as the “Hope Probe,” and the Emirates 

Lunar Mission, also known as the 

“Rashid Rover.” 

The UAE plans to establish a 

sustainable astronaut program by 

conducting multiple spaceflights in the 

future. Additionally, the country is in 

talks with NASA regarding participation 

in the Artemis program, which aims 

to establish a human presence on the 

Moon. Given the country’s ambitious 

space missions, it is highly likely that 

its future astronauts will be part of 

upcoming missions to the Moon, Mars, 

and other planets. 

34 

www.thefinanceworld.com March 2023

APPLE HOMEPOD 2 

The Apple HomePod 2 is the highly 

anticipated follow-up to the 

original smart speaker that set 

the standard for sound quality. 

With rumours of a new release on the 

horizon, fans are eagerly awaiting what 

Apple has in store for its next-generation 

smart speaker. One of the most anticipated 

features is the addition of a display, which 

would allow for better integration with 

other Apple devices and more visual 

content. Improved voice recognition, 

smarter AI assistants, and expanded 

music and home automation integrations 

are also expected. Additionally, a more 

affordable price point would make the 

HomePod 2 more accessible to a wider 

range of customers. With the success of 

the original HomePod, the possibilities 

for the new model are endless, and we 

can’t wait to see what Apple has in store 

for the next generation of smart speakers. 


Start-up 

Promising Startups transforming the 

Market in the UAE 

The UAE has become a hub for promising startups, with a rapidly growing number of companies 

disrupting industries and pioneering new solutions in the region. Its thriving startup ecosystem 

is supported by its strategic location, diverse and cosmopolitan population, and a pro-business 

environment. From fintech to e-commerce, healthtech to edtech, the UAE is home to a broad range 

of innovative startups that are attracting significant investment and gaining global recognition. 

In this context, we highlight five of the promising startups emerging from the UAE and the 

impact they are making on their respective industries. 

Beehive 

Based in Dubai, Beehive is 

the first peer to peer (P2P) 

lending platform in MENA to 

be regulated by the DFSA. As 

a leading Fintech pioneer, the company 

uses innovative technology to directly 

connect businesses seeking fast, affordable 

finance with investors who can help 

fund their growth. 

Beehive, which was founded in the 

United Arab Emirates in 2014 by Craig 

Moore, has taken peer-to-peer lending 

to the next level. It specializes in 

digital financial solutions for small and 

medium-sized businesses (SMEs). By 

linking its customers with interested 

investors, Beehive has managed to attract 

a user base of over 15,500 individuals. 

Since the launch, businesses have 

borrowed more than AED 1B through 

the company’s platform. 

Craig Moore, 

Founder and CEO 

Letswork 

Letswork is a co-working start-up 

based in the UAE and focused 

on providing accessible and 

affordable co-working spaces 

for freelancers, entrepreneurs and 

small businesses. It was established 

with the goal of connecting individuals 

with spaces. Beginning at their initial 

hotel partner in Dubai, the company has 

expanded into a worldwide provider 

of workspace solutions that emphasize 

flexibility, productivity, and community 

experiences. 

With the growth of the gig economy 

and remote work, the demand for 

flexible and collaborative workspaces 

has skyrocketed. However, traditional 

co-working spaces can be expensive 

and require long-term commitments, 

which can be a barrier to entry for many. 

Letswork aims to address this gap by 

offering hourly and daily rates, as well 

as monthly and annual memberships 

that don’t require a deposit or a longterm 

contract. The start-up has already 

expanded to several locations across 

the UAE and has plans for further 

expansion in the near future. 

Letswork prioritizes sustainability 

in its business practices; coworking 

spaces are naturally sustainable since 

they encourage the sharing of resources, 

supplies, and spaces, which ultimately 

helps reduce waste. The company takes 

this a step further by not constructing 

its own coworking spaces. Instead, 

the company utilizes pre-existing 

resources and maximizes their usage. 

By offering a network of workspaces, 

Letswork’s users can work closer to 

home, avoiding long commutes and 

lowering their carbon emissions. 


PayTabs 

Abdulaziz Fahad Al Jouf, 


PayTabs is a financial technology 

company established in 2014 

in the United Arab Emirates. 

It offers payment solutions 

and has branches in the UAE, Saudi 

Arabia, and Egypt. It has processed 

transactions worth more than US$4B 

in both 2021 and 2022. 

PayTabs utilizes API plugins to make 

online, mobile, and social commerce 

transactions easier for merchants and 

super merchants. Additionally, it offers 

a “plug and play” payment feature for 

users to integrate into their websites, 

which includes payment options like QR 

codes, digital invoicing, and payment 

links for social media. 

PayTabs was one of the first companies 

in the “fintech” space to offer seamless 

B2B ecommerce solutions specifically for 

SMEs, establishing itself as a pioneering 

home-grown business. With financial 

support from private Saudi investors, 

PayTabs developed and exported a 

complete suite of groundbreaking mobile 

applications, including solutions for the 

hospitality, government, education, airline, 

travel, transport, and billing industries, 

which allowed for interconnection 

between the multi-billion-dollar enterprise 

market chain in the MENA region. 

By introducing PayTabs SwitchOn, a 

fully integrated, real-time, and turnkey 

platform, PayTabs has solidified its 

position as a dominant player in the 

global end-to-end payment solutions 

market. 

MUNCH:ON 

In 2015, Dana Baki launched 

MUNCH:ON, a food delivery app. 

Initially known as LUNCH:ON, 

the startup has since expanded 

into a platform that operates in the 

UAE and Saudi Arabia. MUNCH:ON 

has transformed the food delivery 

landscape in the region, providing 

customers with high-quality food 

and exceptional service. Baki’s 

background as a senior manager at 

P&G, combined with her education at 

Georgetown University’s McDonough 

School of Business, has undoubtedly 

contributed to her success as an 

entrepreneur. Her vision and leadership 

have resulted in MUNCH:ON raising 

$15M in investments from multiple 

sources, including Wamda Capital, 

Global Ventures, and B&Y Ventures, 

to name a few. With more than 400 

restaurants on the platform and 

deliveries to over 500 offices across 

the UAE, MUNCH:ON has contributed 

to the transformation of the food 

delivery industry in the region. The 

investments raised also signal a belief 

in the platform’s potential to continue 

growing and transforming the food 

delivery landscape. The company was 

acquired by Careem in 2022 to expand 

its food offering on the Super App. 

Dana Baki, 

Founder 

FODEL 

Soumia Benturquia, 


Soumia Benturquia is the founder 

and CEO of FODEL, a parcel pickup 

provider for online shoppers. 

Founded in 2015, FODEL has 

quickly become a prominent player 

in the e-commerce logistics space, 

providing customers with a seamless 

and efficient delivery experience. With 

branches across the UAE, Saudi Arabia, 

Kuwait, Bahrain, and Oman and a team 

of over 50 employees, the company has 

established itself as a leading parcel 

pick-up provider in the region. 

One of the key factors contributing 

to FODEL’s success is its partnerships 

with major players in the industry, such 

as Amazon and Landmark. In 2021, the 

company announced a new partnership 

with DHL, expanding its network 

from over 200 active locations to over 

2,500 locations in MENA. Benturquia’s 

entrepreneurial spirit and drive have 

been instrumental in the company’s 

growth and success. She has not only 

secured over $8M in funding for FODEL 

but also has been recognized for her 

achievements as a Forbes Middle East 30 

under 30 honouree. As the e-commerce 

market continues to expand rapidly 

in the Middle East, companies like 

FODEL will continue to play a crucial 

role in meeting the evolving demands 

of consumers. 


Startup News 

Zurich Innovation Championship Paves the Way 

for UAE’s Startup Hub Dream 

Zurich Innovation Championship 

has brought UAE one step 

closer to its goal of becoming 

the leading startup hub in the 

region. The championship saw participation 

from over 1,000 startups 

across 20 countries, with 10 startups 

from the UAE making it to the final 

round. The startups showcased their 

innovative solutions in areas such as 

healthcare, mobility, and sustainability. 

The competition offered the opportunity 

for UAE’s startups to gain global 

recognition and connect with potential 

investors, partners, and customers. With 

initiatives like the Zurich Innovation 

Championship, the UAE government 

aims to establish the country as a hub 

for startups, fostering innovation, and 

contributing to the economic growth 

of the region. 

IMPACT46 launches 

$133M Fund 

IMPACT46, a new venture capital 

firm, has announced the launch of 

its first fund worth $133M. The firm 

aims to invest in early-stage startups 

that are focused on building solutions for 

some of the world’s biggest challenges, 

such as climate change, healthcare, and 

social justice. IMPACT46 was founded by 

experienced investors who have previously 

invested in some of the most successful 

startups in the world, including Airbnb, 

Dropbox, and Uber. The firm aims to 

not only provide financial support but 

also to mentor and provide resources to 

help their portfolio companies grow and 

succeed. With this new fund, IMPACT46 

hopes to make a positive impact on the 

world while also generating significant 

returns for their investors. 

Aion Digital Secures $5M 

in a Bridge Round 

KSA’s Carefer Raises $2.9M Pre-Series A 

Riyadh-based startup Carefer has 

raised $2.9M in a Pre-Series A 

funding round, which was led 

by Middle East Venture Partners 

(MEVP) and joined by Watar Partners, 500 

Startups, and Nazer Group, among others. 

Carefer provides an online marketplace 

for car buyers and sellers in the Kingdom 

of Saudi Arabia (KSA), enabling them 

to compare prices, specs, and features 

of different car models, and connect 

with verified dealers. The funds raised 

will be used to expand the platform’s 

services, including the launch of a new 

product that allows customers to test drive 

cars at home, and to enhance customer 

experience and support. 

Aion Digital, a fintech startup 

in Bahrain, specializing in 

blockchain-based solutions, 

has announced the successful 

closing of a $5M Bridge funding round. 

The company aims to leverage the 

funding to expand its product offerings 

and accelerate its growth trajectory. 

Aion Digital’s proprietary technology 

provides secure, efficient and low-cost 

financial solutions using blockchain, 

artificial intelligence and other cutting-edge 

technologies. The Bridge 

round was led by several reputable 

investors, including Nogle Capital, R3 

Capital and a number of angel investors. 

The fresh funds will enable Aion Digital 

to further its mission of revolutionizing 

the global financial ecosystem by 

creating innovative solutions that are 

accessible to everyone. 


Flat6Labs Announces First Close of $20m Startup Seed Fund in Saudi 

Arabia 

Flat6Labs, a leading startup 

accelerator in the Middle East 

and North Africa (MENA) 

region, has announced the 

first close of its $20M seed fund in 

Saudi Arabia. The fund, launched 

in partnership with Saudi-based 

investment firm Oqal, will support 

early-stage startups across a range of 

sectors, including healthcare, fintech, 

and e-commerce. Flat6Labs has a 

proven track record of supporting and 

growing startups in the MENA region, 

with over 300 startups in its portfolio 

and a presence in multiple countries. 

The new seed fund will help to further 

strengthen the startup ecosystem in 

Saudi Arabia, providing much-needed 

funding and support to entrepreneurs 

with innovative ideas. 

Plastus Blasts Past Competition to Win $1M in 

LEAP23’s Rocket Fuel Startup Pitch Challenge 

Plastus, a Saudi Arabian startup 

that is focused on reducing 

plastic waste through sustainable 

technology, has won the top 

prize in LEAP23’s Rocket Fuel Startup 

Pitch Challenge. The challenge, which 

had a total prize pool of $1M, attracted 

over 200 applications from start-ups 

around the world. Plastus’ innovative 

technology converts plastic waste into 

high-quality materials that can be used 

in various industries. The start-up’s win 

is a testament to the growing focus on 

sustainability in the Middle East and 

the world. Plastus plans to use the prize 

money to expand its operations and make 

a significant impact in reducing plastic 

waste globally. 

Saudi Arabia’s Thriving Startup Ecosystem Takes a Giant Leap Forward 

In recent years, Saudi Arabia’s 

startup ecosystem has experienced 

tremendous growth and development, 

becoming a hotbed of innovation 

and entrepreneurship in the region. With 

a rapidly expanding pool of tech-savvy 

and ambitious young entrepreneurs, the 

kingdom is now home to a vibrant and 

dynamic startup community. Thanks 

to a supportive government, increased 

funding opportunities, and a more open 

and inclusive business environment, Saudi 

Arabia is rapidly establishing itself as a 

major player in the global startup scene. 

As more and more investors and venture 

capitalists look to tap into the country’s 

promising startup landscape, the future 

looks brighter than ever for Saudi Arabia’s 

entrepreneurial visionaries. 


Energy 

The UAE promotes Future Solutions to 

Global Climate Challenges 

The UAE Ministry of Energy and Infrastructure collaborates closely with its 

local and international partners to advance sustainable energy and speed up 

the transition to low-carbon fuels. The Ministry recently unveiled the National 

Sustainable Aviation Fuel Roadmap that aims to establish the UAE as a leading 

hub for sustainable aviation fuel in the region and will be instrumental in realizing 

the nation’s commitment to carbon neutrality, enhancing fuel efficiency, and 

supporting the continued growth of a critical sector that plays a pivotal role in 

driving national economies. 


The National Sustainable 

Aviation Fuel Roadmap 

was recently made public 

by the Ministry of Energy 

and Infrastructure with the goal of 

accelerating the decarbonization of 

the aviation industry. The strategy 

helps the UAE become a regional 

centre for sustainable aviation fuel 

by helping the nation meet its goals 

for carbon neutrality, improving fuel 

efficiency, and sustaining it in one of 

the key industries supporting national 

economies. 

The roadmap was developed based 

on a number of key tenets, including 

accelerating the aviation sector’s 

decarbonization, making the nation a 

regional hub for low-carbon aviation 

fuel, fostering international cooperation 

in this crucial area, and developing 

local capabilities to increase local 

value in this sector. Through the state’s 

membership in ICAO and support of 

initiatives pertaining to renewable fuels 

and energy in other nations, it also 

quickens the transfer of technology 

and innovation while aiding in the 

worldwide transition to low-carbon 

fuels. 

H.E. Engineer Youssef Al Ali, 

Assistant Undersecretary for the 

Electricity, Water, and Future Energy 

Sector, H.E. Engineer Sharif Al Olama, 

Undersecretary of the Ministry of 

Energy and Infrastructure for Energy 

and Petroleum Affairs, H.E. Saif Al 

Suwaidi, Director General of the General 

Authority of Civil Aviation, and other 

officials involved in the sector, as 

The UAE plans to achieve net-zero 

domestic carbon emissions by 2050, 

investing billions in the development 

of renewable energy sources that will 

meet half of its demands. 

well as leaders of the national airlines 

and major companies operating, were 

present when the announcement was 

made. 

On this occasion, H.E. Engineer 

Sharif Al Olama said: “Thanks to the 

directions of the wise leadership led 

by His Highness Sheikh Mohamed bin 

Zayed Al Nahyan, President of the State, 

and his brother, HH Sheikh Mohamed 

bin Rashid Al Maktoum, Vice President, 

Prime Minister and Ruler of Dubai, 

to promote future solutions to global 

climate challenges, the latest of which 

was the announcement of the UAE 

Net Zero 2050 strategic initiative, the 

Ministry of Energy and Infrastructure 

is keen to cooperate closely with its 

partners and proceed according to the 

existing plans aimed at expanding the 

areas of environmentally friendly energy 

use and launching quality initiatives and 

ambitious projects, especially those 

related to renewable (clean) energy 

aimed at supporting the country’s 

goals and future vision.” The ministry 

collaborates closely with its local, 

national, and international partners 

to advance climate neutrality, achieve 

sustainability in the energy sector, and 

speed up its transition. 

H.E. Saif Mohamed Al Suwaidi, 

Director General of the General 

Authority of Civil Aviation, said: “The 

civil aviation sector in the UAE supports 

all strategic environmental goals set by 

ICAO. The decisions of the 41 General 

Assembly of the organization came 

to stress the international aviation 

community’s commitment to the 

ambitious long-term goal of net zero 

2050 strategic initiative. Accordingly, 

we must all work hard to prepare the 

infrastructure for our sector in order to 


Energy 

achieve that goal. For this reason, the 

low-carbon and sustainable fuel comes 

on our list of priorities with the Ministry 

of Energy and Infrastructure. The 

adoption and launch of the sustainable 

fuel roadmap are very important in 

the path of transition to clean energy, 

cutting down international emissions, 

and supporting the sector in a balanced 

manner so that it continues to grow and 

contribute effectively to reducing the 

negative effects of climate change.” 

The National Sustainable Aviation 

Fuel Roadmap is one of the ambitious 

initiatives that will help the UAE’s 

pursuit of global leadership in energy, 

particularly clean energy, and the 

attainment of its goals for the next fifty 

years, according to engineer Youssef Al 

Ali. Additionally, it advances the nation’s 

goals for sustainable development, 

which call for collaboration between 

public and private sector organisations 

to implement creative solutions and 

guarantee the best possible use of 

cutting-edge technology in the run-up 

to the UAE Centennial in 2071. 

The UAE, a significant oil exporter, 

plans to achieve net-zero domestic 

The UAE and 

France are 

joining efforts 

to ensure the 

successful 

outcome of 

COP28 for the 

benefit of the 

UAE, the wider 

region, and the 

international 

community. 

carbon emissions by 2050 by investing 

billions in the development of renewable 

energy sources that will meet half of its 

demands. According to Olivier Bordes, 

regional director for France’s EDF 

Renewables, the Al Dhafra project, 

located in the desert 35 kilometres 

south of Abu Dhabi, would supply 

enough energy for 160,000 homes in 

the country of 10 million people. “It 

started producing its first kilowatt 

hours of electricity at the end of last 

year and should officially go into service 

before the summer,” Bordes told AFP. 

Once fully operational, the project will 

produce up to 2.1 gigawatts, he added. 

The project, which state-owned 

Emirati firms TAQA and Masdar 

characterise as the largest singlesite 

solar plant in the world, is 60% 

controlled by them. A partnership 

between EDF Renewables and China’s 

Jinko Power Technology owns the 

remaining portion. The massive, doublesided 

solar power facility, which rotates 

its panels to face the sun, is located on 

a location that is more than 20 square 

kilometres in size (nearly 5,000 acres). 

France’s Finance Minister Bruno Le 


Maire commended the “extremely strong 

cooperation” between Paris and Abu 

Dhabi in the area of renewable energy 

when visiting the site recently. Le Maire 

stated that he intended to “support” 

the Gulf oil-producing nations on their 

“decarbonisation” journey while on 

a regional visit that included stops 

in Saudi Arabia and Qatar. Masdar, a 

company focused on renewable energy, 

said that French and Emirati firms 

have “partnered in the development, 

investment and operation of over 6.2 

gigawatts of clean and renewable 

energy programmes across the globe”. 

Businesses from both countries have 

also “mobilised over $6B in investment, 

displacing some 10 million tonnes of 

carbon dioxide annually”, Masdar said 

in a statement. 

The two parties will work to provide 

“concrete, beneficial benefits” on 

biodiversity conservation and climateoriented 

project adaption. “This 

initiative builds on the long-standing 

partnership between the UAE and 

France to take advantage of practical, 

commercial opportunities for lowcarbon 

growth that will accelerate 

the energy transition and promote 

climate action and sustainable 

economic development in both our 

countries and across the globe,” said 

H.E Dr. Sultan Al Jaber, Minister of 

Industry and Advanced Technology 

and President-Designate for Cop28, 

and the UAE’s special envoy on climate 

change. “Leveraging our combined 

technological and energy expertise, 

we will intensify our efforts to promote 

renewable and zero carbon energies 

to decarbonise economies and, in 

particular, hard-to-abate sectors,” he 

added. 

As the UAE prepares to host Cop28, 

“we are intent on making it a Cop of 

action and a Cop for all”, said Dr. Al 

Jaber, who is also MD and group chief 

executive of ADNOC and chairman of 

Masdar. “We are extending an open 

invitation to the world to join us in 

constructive efforts to raise ambition, 

move from deliberation to delivery and 

achieve the central goal of the Paris 

Agreement to keep 1.5[°C above preindustrial 

levels target] alive,” he added. 

In order to make Cop28 a tremendous 

success for the UAE as well as the rest 

of the region and the world, the French 

government and its business sector 

will help the UAE, according to Bruno 

Le Maire, Minister of Finance and the 

Economy of France. “I want to make 

very clear to my Emirati friends, you can 

count on the support of France,” Mr. Le 

Maire, who also met Dr. Al Jaber told 

top business executives and investors 

at the Abu Dhabi Global Market. 

At the Cop28 climate conference, 

presidents of state, executives from big 

businesses and financial institutions, 

and representatives from civil society 

will gather to assess progress made 

since the 2015 Paris Agreement. The 

newest effort by the UAE and France 

expands on their current collaboration 

in the field of clean and renewable 

energy. Through their activities, the 

firms have attracted more than $6B 

in investment and eliminated nearly 

10 million tonnes of carbon dioxide 

yearly. “This targeted programme will 

leverage synergies between public and 

private sectors from both countries 

to accelerate the implementation of 

impactful projects of clean energy 

development for transportation,” Mr. 

Le Maire said. “I am very happy [about] 

this new illustration of France-UAE 

strategic partnership and our common 

objective to raise ambitions towards 

Cop28,” he added. 


Energy News 

Saudi Aramco invests in the future with major 

deals at LEAP23 

At the recent LEAP23 conference, 

Saudi Aramco made a strong 

statement about its commitment 

to innovation and the future 

of technology. The oil and gas giant 

struck major deals with Zoom, the 

popular video conferencing platform, 

and Wa’ed Ventures, the investment 

arm of the kingdom’s labor ministry. 

These deals will help Saudi Aramco 

stay at the forefront of technology and 

enhance its offerings to customers. The 

Zoom deal will allow the company to 

integrate the platform into its existing 

communication infrastructure, while 

the Wa’ed Ventures deal will provide 

access to a network of startups and 

tech companies. These investments 

demonstrate Saudi Aramco’s willingness 

to adapt and evolve in a rapidly changing 

business landscape. 

Dubai’s Soaring 

Population Leads to 

5.5% Energy Surge 

Dubai’s rapidly growing population 

has resulted in a 5.5% 

increase in energy consumption, 

putting pressure on the 

city’s infrastructure and resources. 

This trend is expected to continue as 

the population continues to grow and 

the demand for energy services such 

as electricity, water, and gas increases. 

The government of Dubai has been 

proactive in addressing this challenge 

and is investing in renewable energy 

solutions to meet the growing demand 

for energy. The city has set a target to 

produce 75% of its total energy from 

clean sources by 2050, which will help 

to reduce its carbon footprint and 

ensure a sustainable energy future for 

its residents. Dubai is also exploring 

innovative solutions such as smart 

grid technology and energy-efficient 

buildings to maximize energy efficiency 

and reduce waste. 

Saudi Aramco’s $7.2B 

Deals to Revitalize the 

Kingdom’s Economy 

Saudi Aramco, the state-owned 

oil company of Saudi Arabia, has 

signed several deals worth $7.2B 

to boost the Kingdom’s economy 

and diversify its revenue streams. The 

deals include partnerships with leading 

international companies in sectors such as 

energy, petrochemicals, and technology. 

This investment is expected to create job 

opportunities, drive economic growth, 

and support the country’s wider economic 

diversification efforts. The Kingdom 

is also making significant investments 

in renewable energy, with the goal of 

reducing its dependence on oil and 

transitioning to a more sustainable energy 

mix. These deals demonstrate Saudi 

Aramco’s commitment to supporting 

the development of the Kingdom and its 

vision of a sustainable future. 

ADNOC Propels UAE’s 

Manufacturing Industry 

with $4.63B Deals 

The Abu Dhabi National Oil 

Company (ADNOC) has recently 

made a significant investment 

in the manufacturing sector of 

the United Arab Emirates (UAE) with 

a series of deals worth $4.63B. These 

deals aim to enhance the country’s 

manufacturing capabilities and position 

it as a global leader in key industries. 

This investment is expected to drive 

the growth of the local economy, create 

jobs, and support the UAE’s wider 

economic diversification efforts. The 

deals include partnerships with leading 

international companies in areas such as 

petrochemical manufacturing, advanced 

materials, and technology solutions. 

Dubai Powers Up with 

$2.2B Investment 

in Local Electricity 

Projects 

Dubai has recently announced 

a $2.2B investment in local 

electricity projects, aimed at 

enhancing the city’s energy 

infrastructure and ensuring a reliable 

supply of power to its residents. This 

investment demonstrates Dubai’s 

commitment to maintaining its position 

as a leader in sustainable development 

and improving the quality of life for 

its residents. The funds will be used 

to upgrade existing power stations, 

build new ones, and develop renewable 

energy sources such as solar and 

wind power. The city is also exploring 

innovative solutions such as smart 

grid technology to optimize energy 

efficiency and reduce waste. This 

investment is expected to create job 

opportunities, drive economic growth, 

and support the government’s efforts 

to transition to a more sustainable 

energy mix. 


Dana Gas Overcomes 

KRI Field Distractions 

to Deliver AED 667M in 

2022 Net Profit 

Dana Gas has delivered a net 

profit of AED 667M in 2022. 

The company’s strong financial 

performance is a testament 

to its resilience and ability to overcome 

challenges, even in a volatile operating 

environment. Dana Gas has been able to 

maintain its position as a leading player 

in the energy sector, due in part to its 

efficient operations and commitment to 

delivering value to its shareholders. The 

company is also focused on expanding 

its operations, both in the UAE and 

overseas, and is actively exploring new 

growth opportunities in key markets. 

With its strong financial position and 

proven track record, Dana Gas is wellpositioned 

to continue delivering value 

to its stakeholders in the years to come. 

AquaChemie Sets Sail with $50M Specialty 

Chemicals Terminal at Jebel Ali Port 

AquaChemie, a leading provider 

of water treatment solutions, 

has unveiled its latest venture, 

a $50M specialty chemicals 

terminal at Jebel Ali Port in Dubai. The 

state-of-the-art facility will serve as a 

hub for the import and export of highquality 

chemical products, helping to 

meet the growing demand for advanced 

water treatment solutions in the region. 

With its strategic location, cutting-edge 

infrastructure, and commitment to 

sustainability, the terminal will provide 

customers with a reliable and efficient 

supply chain for their specialty chemical 

needs. The launch of this terminal marks 

a major milestone for AquaChemie and is 

set to revolutionize the water treatment 

industry in the Middle East. 

Supreme Council of Energy Meeting Emphasizes 

Dubai’s Quest for Sustainable Energy 

UAE Leads the Charge 

for a Sustainable Future 

at COP28 

The United Arab Emirates 

is set to make a significant 

impact on the global stage as 

the president-designate of the 

28th Conference of the Parties (COP 

28) to the United Nations Framework 

Convention on Climate Change 

(UNFCCC). The country is taking a 

proactive approach to engage with 

both the global south and the energy 

industry, to create a sustainable future 

for all. The UAE’s vision for COP 28 

is to drive international cooperation 

and action on climate change, and 

to accelerate the transition to a lowcarbon, 

resilient and sustainable future. 

With its innovative technologies and 

commitment to sustainability, the 

UAE is poised to be a leader in the 

fight against climate change and to 

set a positive example for the rest of 

the world. 

Dubai’s Supreme Council of 

Energy recently held its 74th 

meeting, showcasing the 

emirate’s ongoing commitment 

to sustainable energy. The council, 

which is responsible for guiding Dubai’s 

energy policy, took the opportunity to 

review progress on a range of initiatives 

aimed at reducing energy consumption 

and increasing the use of clean energy. 

Key topics discussed included energy 

efficiency, renewable energy, and smart 

energy solutions. The meeting emphasized 

Dubai’s determination to lead the 

way in the transition to a low-carbon, 

sustainable future, and to drive innovation 

in the energy sector. 


Wheels 

Lotus Eletre 

The new Lotus Eletre isn’t a 

jacked-up sports car and it 

isn’t a boxy high-riding offroader 

either. It has a sloping 

coupe-like roofline and heavily sculpted 

doors, but these are all supported by 

giant alloy wheels (up to 23 inches) 

that can only belong to a sporty SUV. 

Lotus Eletre becomes the entry trim 

with 603 HP (450 kW) and 710 Nm of 

torque AWD dual-motor system capable 

of 0 to 100 km/h sprint in 4.5 seconds. 

Thanks to its 112-kWh battery pack 

the WLTP range is 600 km or 373 miles 

providing the car rides on the smaller 

20-inch rims. 

The generous standard equipment 

includes 22-inch wheels, electric seats 

up front, and four-zone automatic aircon. 

The audio system by KEF comes 

with 15 speakers and 1,380 watts of 

pure quality and is controlled via the 

15.1-inch HD centre screen. When it 

comes to ADAS the Eletre claims to 

have the world’s first deployable LiDAR 

sensors that pop out from the wheel 

fenders when required. 

The car supports end-to-end 

autonomous driving and OTA upgrade 

capability will make sure the system 

will stay up to date and will become 

user ready once the individual market 

regulations change. Lotus is working 

on introducing autonomous driving at 

the famous Nurburgring - and it won’t 

be a leisurely drive but a full-speed 

experience. 




Transmission: 1-speed direct-drive 

Acceleration: 0 - 100 km/h - 4.5 Sec 


Healthcare 

The UAE’s Healthcare Sector Sets the 

Ground for COP28 

The President of the United Arab Emirates, His Highness Sheikh Mohammed bin 

Zayed Al Nahyan, has declared 2023 as the “Year of Sustainability” to prepare 

for the upcoming COP28 conference in Dubai. Various sectors in the UAE, 

including the healthcare sector, are taking steps to align with this vision and 

make preparations for the conference. 


EHS, Schneider Electric, and 

Microsoft collaborate to improve 

patient safety and comfort, energy 

efficiency, and sustainable health. 

In line with the focus on sustainability 

in the UAE, AstraZeneca, a 

biopharmaceutical company, 

has unveiled its plans to build 

sustainable offices at Dubai Science 

Park, which is a part of TECOM Group. 

The new offices are set to open in 

Q3 2023 and will meet the platinum 

standards in Leadership in Energy and 

Environmental Design (LEED) set out 

by the U.S. Green Building Council 

(USGBC), which are widely used and 

recognized globally. 

AstraZeneca’s green offices 

demonstrate their support for the 

government’s ambition to drive and 

accelerate sustainable development 

in healthcare, aligning with “We the 

UAE 2031” vision. The company aims 

to eliminate carbon emissions from its 

global operations by 2025 as part of its 

“Ambition Zero Carbon” strategy, which 

aligns with the Sustainable Markets 

Initiative (SMI) Health Systems Task 

Force, committed to accelerating the 

delivery of net-zero healthcare systems. 

His Highness Sheikh Mohammed bin 

Rashid Al Maktoum, Vice President 

and Prime Minister of the UAE and 

Ruler of Dubai, formally launched the 

Arab Health Exhibition and Congress 

2023, which is the largest meeting 

of healthcare firms, technology, and 

products in the MENA area, with the 

theme “innovation and sustainability 

in healthcare.” 

His Highness paid a visit to the 

Emirates Health pavilion, which is 

being attended by the Dubai Health 

Authority, the Abu Dhabi Department 

of Health, and the Ministry of Health 

and Prevention (MoHAP). As part of an 

innovative national initiative to offer 

curative and digital health services in 

line with the nation’s strategy to establish 

a sustainable, adaptable preventive 

health system, the three bodies are 

showcasing jointly-developed projects. 

His Highness was also briefed on the 

Revolution Aspire computed tomography 

(CT) system from GE Healthcare, which 

is slated to make its global debut at Arab 

Health 2023. The UAE was selected as the 

location for the technology’s worldwide 

premiere owing to its healthcare 

system’s focus on the future and its 

leadership’s commitment to offering 

the most cutting-edge patient care, 

according to GE Healthcare officials. 

The participation of GE Healthcare 

in the occasion is consistent with 

the UAE’s Year of Sustainability and 

the company’s dedication to a more 

sustainable future. 

On the other hand, Emirates Health 

Services, Microsoft, and Schneider 

Electric have joined forces to introduce 

EcoStruxure for Healthcare, a digital 

twin solution intended to boost hospital 

energy efficiency by up to 30% while also 

enhancing operational performance in 

the healthcare sector. The technology 

will offer real-time information on 

multiple indicators and is intended 

to enhance sustainability, efficiency, 

and patient care. 

With integrated management reports 

and tools, Schneider Electric’s Unified 

Operations Center will keep track of 

operational performance in a mock 

patient room. Debuting in Arab Health 

2023, Schneider Electric wants to 

demonstrate how the digital twin 

solution can lessen the environmental 

impact of hospitals. 

As Emirates Health Services (EHS), 

Schneider Electric, and Microsoft are 

working together to enhance patient 

safety and comfort, boost energy 

effectiveness, and advance sustainable 

health, the initiative is in line with EHS’s 

goal of being a premier destination for 

health services as well as the UAE’s 

National Strategy for Wellbeing 2031. 

Amel Chadli, vice president of 

Schneider Electric, sees the partnership 

as a means of showcasing the potential 

of public-private collaborations in 

healthcare innovation and as well as 

a means of producing a new digital twin 

that will lessen burnout and fatigue 

among healthcare workers while 

fostering sustainability. 

The digital twin technology, according 

to Tareq Hijazi, Public Sector Director 

at Microsoft UAE, will offer thorough 

insights into how products and services 

may be operated sustainably. The goal 

is to examine carbon emissions and 

identify long-term remedies for the 

UAE’s healthcare sector and beyond. 


Healthcare 

Furthermore, The Department of 

Health - Abu Dhabi (DoH), which 

regulates the healthcare sector 

in the Emirate, has revealed Abu 

Dhabi’s healthcare sustainability 

goals in conjunction with Abu Dhabi 

Sustainability Week 2023. These goals 

aim to reduce carbon emissions by 20 

percent in 2030 and achieve Net Zero 

by 2050. 

DoH’s healthcare sustainability agenda 

is segmented into long- and short-term 

goals and focuses on infrastructure, 

operations, and healthcare waste. DoH 

will support healthcare facilities to 

implement green building methodologies, 

transition to clean and renewable energy 

sources, and manage healthcare waste 

effectively. 

The Department aims to establish 

a solid governance model for Green 

Hospitals across the Emirate and work 

closely with healthcare facilities to 

reassess prescription practices, apply 

efficient means of pharmaceutical 

waste management, reduce water 

consumption and encourage the use 

of more environmentally friendly 

transportation. In the short term, the 

Department will provide training and 

The objective of 

DoH is to create a 

strong system of 

regulations for green 

hospitals throughout 

the Emirate and 

reassess the way 

prescriptions are 

handled. 

access to international networks to 

help the sector learn and delve deeper 

into the field of sustainability. 

Hence, the healthcare sector in 

the UAE is taking bold steps towards 

sustainability, with a focus on green 

buildings, innovation, and reducing 

carbon emissions. AstraZeneca’s plans 

to build sustainable offices at Dubai 

Science Park and achieve platinum 

standards in LEED certification is a 

testament to their commitment to the 

“Ambition Zero Carbon” strategy and 

aligning with the UAE’s 2031 vision for 

sustainable development in healthcare. 

The Arab Health Exhibition and 

Congress 2023, with its theme of 

“innovation and sustainability in 

healthcare,” provides a platform for 

various stakeholders to showcase their 

efforts towards sustainability, such as 

the EcoStruxure for Healthcare digital 

twin solution, which aims to improve 

energy efficiency in hospitals. 

Moreover, the Department of Health 

- Abu Dhabi’s sustainability goals aim 

to reduce carbon emissions by 20% in 

2030 and achieve Net Zero by 2050, with 

a focus on infrastructure, operations, 

and healthcare waste. The concerted 

effort towards sustainability in the 

healthcare sector by both public and 

private entities is a positive development 

towards a more sustainable future for 

the UAE and beyond. 


Healthcare News 

UAE Dental Conference AEEDC Ends with $4.7B of Deals 

The annual UAE International 

Dental Conference and Arab 

Dental Exhibition concluded 

with a record-breaking $4.7B 

worth of deals signed. The conference 

attracted over 50,000 attendees from 

more than 155 countries, including 

dental professionals, manufacturers, 

and suppliers. The three-day event 

featured various sessions, workshops, 

and exhibitions that focused on the latest 

trends, techniques, and technologies 

in the dental industry. Among the 

deals signed were agreements for the 

purchase of dental equipment and 

supplies, as well as partnerships for 

research and development of new 

dental products. The success of AEEDC 

2023 reflects the growing demand for 

quality dental care and innovative 

dental solutions in the region. 

SEHA to hosts 17th International Pediatric Conference in Abu Dhabi 

SEHA (Abu Dhabi Health Services 

Company) hosted the 17th International 

Pediatric Conference 

in Abu Dhabi, bringing together 

healthcare professionals from around 

the world to share knowledge, best 

practices, and advances in the field of 

pediatrics. The conference took place 

on March 4-5, 2023, and will covered 

a range of topics, including pediatric 

surgery, infectious diseases, and 

developmental pediatrics. The event 

provided an opportunity for attendees 

to network and engage in discussions on 

the latest trends and innovations in pediatric 

medicine. With its commitment 

to providing world-class healthcare, 

SEHA’s aim is to continue to elevate 

the standard of pediatric care in the 

region and beyond. 


Healthcare News 

Burjeel Holdings Records $96.73M in Net Profit 

Burjeel Holdings, a healthcare 

provider based in the United 

Arab Emirates, has reported a 

net profit of $96.73M for the 

year 2022. The company’s revenue for 

the year was $545.32M, an increase of 

14.6% from the previous year. Burjeel 

Holdings attributes its strong financial 

performance to its strategic investments 

in infrastructure, technology, and human 

capital, as well as its commitment to 

delivering high-quality healthcare 

services to patients. The company 

operates a network of hospitals and 

clinics across the UAE, offering a wide 

range of medical services to both local 

and international patients. Burjeel 

Holdings’ strong financial results 

reflect the growing demand for quality 

healthcare services in the region. 

Khalifa University opens 

Body Museum at College 

of Medicine and Health 

Sciences 

Khalifa University has recently 

opened a new Body Museum 

at its College of Medicine 

and Health Sciences in Abu 

Dhabi, United Arab Emirates. The 

museum, which is the first of its kind 

in the region, aims to provide a unique 

learning experience for students and 

visitors by showcasing the anatomy 

and physiology of the human body 

through preserved specimens and 

interactive exhibits. The collection 

includes over 150 specimens, ranging 

from full-body displays to individual 

organs and tissues, that have been 

meticulously prepared and preserved 

using a technique known as plastination. 

The museum is expected to become a 

valuable resource for medical students, 

researchers, and the wider community, 

promoting a better understanding of 

the human body and its functions. 

Sukoon and Aster DM Healthcare Join Forces to 

Revolutionize health Insurance Coverage 

Sukoon, a leading insurance provider, 

has recently announced 

the launch of their new health 

insurance plans in partnership 

with Aster DM Healthcare. The plans 

offer extensive coverage for medical 

expenses and healthcare services, including 

hospitalization, diagnostic tests, 

and outpatient care. The partnership 

with Aster DM Healthcare, a prominent 

healthcare provider in the Middle East, 

will ensure that policyholders have 

Alpha Dhabi Holding 

Doubles Its FY 2022 

Net Profit to $2.8B 

Alpha Dhabi Holding, a 

subsidiary of the International 

Holding Company (IHC), has 

reported a significant increase 

in its net profit for the fiscal year 2022. 

The company’s net profit doubled to 

$2.8B, up from $1.4B in the previous 

year, driven by a strong performance 

across its various business segments, 

including construction, real estate, and 

healthcare. Alpha Dhabi Holding has 

been actively expanding its portfolio, 

with recent acquisitions including 

the healthcare provider UEMedical 

and a stake in Abu Dhabi-based real 

estate firm Aldar Properties. The 

company’s solid financial performance 

underscores its strategic vision and its 

position as a key player in the region’s 

rapidly growing economy. 

access to a wide network of top-quality 

healthcare facilities and medical 

professionals. The plans also include 

additional benefits such as teleconsultations, 

wellness programs, and 

discounts on prescription medication. 

Sukoon’s new health insurance plans 

are designed to provide peace of mind 

and financial security to individuals 

and families, especially during these 

uncertain times. 


Burjeel Holdings 

Announces a New 

Saudi Venture 

Burjeel Holdings, a leading 

healthcare provider in the 

UAE, has announced a new 

joint venture with Saudi 

Arabia’s Dr. Sulaiman Al Habib Medical 

Group. The new partnership will bring 

Burjeel’s world-class healthcare 

services to Saudi Arabia, with the 

first facility set to open in Riyadh in 

2023. The new hospital will feature 

state-of-the-art medical equipment and 

technology, and will offer a wide range of 

specialized medical services, including 

cardiology, neurology, orthopedics, and 

more. Burjeel Holdings aims to expand 

its presence in the Middle East and offer 

patients in Saudi Arabia access to the 

same level of care and expertise that 

its facilities are known for in the UAE. 

GCC Healthcare Spending Set to Surge to $99.6B 

by 2023 

The healthcare sector in the Gulf 

Cooperation Council (GCC) 

is expected to experience 

significant growth over the 

next few years. According to a recent 

report, healthcare spending in the GCC 

region is predicted to reach $99.6B 

by 2023, with an annual growth rate 

of 4.9%. Factors contributing to this 

growth include increasing populations, 

rising incidences of chronic diseases, 

and a growing demand for better quality 

healthcare services. Additionally, governments 

in the region are investing 

heavily in the sector by building new 

hospitals and clinics, and implementing 

advanced technologies to enhance 

patient care. Overall, the future looks 

bright for the healthcare industry in 

the GCC region. 

Alveo Technologies Inc Wins Top Prize at Medlab Middle East’s 

Labpreneur Competition 

Alveo Technologies Inc, a 

California-based biotech 

company, emerged as the 

winner of the first-ever 

Labpreneur competition at the Medlab 

Middle East 2023. The Labpreneur 

competition is a new initiative that 

recognizes outstanding innovation and 

entrepreneurial spirit in the healthcare 

industry. Alveo Technologies Inc won 

the competition for their innovative 

diagnostic technology that can detect 

infectious diseases with high accuracy 

and speed, using a small portable 

device. The technology has the potential 

to revolutionize the way infectious 

diseases are diagnosed and treated, 

especially in low-resource settings. 

The Labpreneur competition was highly 

competitive, with several innovative 

companies vying for the top prize, 

but Alveo Technologies Inc ultimately 

emerged victorious. 


Mergers & Acquisitions 

Middle East M&A Deals Surge Amidst 

Global Decline 

Over the past few years, there has been an increase in Mergers and Acquisitions 

(M&A) operations in the Middle East, probably due to the region’s improving 

economic stability and rising investment in infrastructure in addition to the role 

of supportive government policies in promoting such deals. Levels of M&A in the 

Middle East remains higher than the global average, and this trend is anticipated 

to persist. 

In 2018, the international mergers 

and acquisitions (M&A) scene was 

divided into two halves. In the first 

half, global dealmaking activity was 

relatively high, but in the second half of 

the year, activity decreased significantly. 

However, the Middle East continued to 

be a hotspot for investment, with deals 

totalling $1.8T in 2018. 

In the first five months of 2022, there 

was a lot of merger and acquisition activity 

going on around the world. This was a 

big success for the industry, as it showed 

that businesses were still interested in 

making deals. In the middle of the year, 

following several interest rate hikes 

by central banks in large economies, 

combined with heightened macroeconomic 

uncertainty, the deal market entered a 

cooler phase. This caused many large 

deals to slow down, while smaller deals 

stopped happening altogether. 

Overall, global deal activity slowed in 

2022, settling at $3.8T. This was down from 

$5.9T the year before, and deal volume 

fell by 12%. However, the Middle East 

managed to buck the trend, with deal 

activity increasing by 10%. 

According to Bain & Company’s 

estimates, M&A activity in the region 

is on the rise, with activity increasing 

by about 39% in 2022. This is likely 

due in large part to government-owned 

sovereign wealth funds investing in 

various companies in the region. For 

example, Saudi Arabia’s state-owned 

Public Investment Fund invested $1.3B 

in four Egyptian companies in August 

2022, including Abu Qir Fertilizers and 

Alexandria Container and Cargo Handling. 

Combined, sovereign wealth funds and 

corporations represent 84% of all Middle 

East deal value. “But sovereign wealth 

funds are where most of the action is,” 

stated Grégory Garnier, a deals-focused 


senior partner at Bain in the report’s 

chapter dedicated to the Middle East. 

The Global M&A Report is a valuable 

resource for investors, executives, and 

others interested in understanding the 

current state of the M&A market. The 

report provides detailed information 

on sector dynamics, deal activity, and 

key trends. The report is also a valuable 

tool for training and recruiting. Bain & 

Company is a strategic consulting firm 

with a history of mergers and acquisitions. 

The firm’s Global M&A Report has been 

tracking in-depth sector dynamics for over 

a decade, with spin-off reports created 

for regions, deal buyer segments (for 

example: private equity) and sectors 

(for example: healthcare). 

According to the firm’s 2023 analysis, 

sovereign wealth funds are buying 

up assets with the goal of building 

local champions, investing in strategic 

industries of the future, and expanding 

their market share in new verticals. Some 

motivations for foreign investments by 

state-owned enterprises (SOEs) include 

increasing their visibility on the global 

stage, acquiring prestigious assets, or 

increasing their profits. For example, 

Qatar Investment Authority (QIA) bought 

the St. Regis hotels in New York City and 

Rolls-Royce, an engine maker, as examples 

of investments that aim to increase the 

SOE’s visibility and prestige. 

Corporate deals happen all the time 

in the business world. Companies buy 

other companies, or form partnerships 

to consolidate local markets in strategic 

sectors. One recent example is the deal 

between Saudi British Bank and HSBC 

Saudi Arabia, and the Etihad-Air Arabia 

joint venture. 

Many regional companies are expanding 

internationally through cross-border 

M&A or through overseas investments. 

For example, First Abu Dhabi Bank 

merged its Egyptian operations with 

Bank Audi Egypt, creating one of Egypt’s 

largest banks. This approach can be very 

successful as it allows companies to 

tap into new markets and expand their 

operations rapidly. 

There is a growing trend among 

corporations to invest in start-ups or 

scale-ups as a way to bolster innovation 

and rapidly upskill their talent pool. This 

strategy has proven to be successful in 

many cases, as it has fostered rapid growth 

and innovation among these companies. 

While the private equity scene accounts 

for a major chunk of global deals activity, 

in the Middle East, their role is “limited 

in the region and has actually dropped 

M&A activity in the regional markets increased by 

nearly 39% in 2022, largely due to the activity of 

government-owned sovereign wealth funds. 

significantly in 2022.” This is likely due to 

the region’s ongoing economic struggles. 

Looking ahead, Bain & Company’s 

experts believe that also in 2023, the Middle 

East will demonstrate relatively higher 

deal activity than other regions. “These 

are good times for the local economies. 

Buoyed by strong economies, and ambitious 

government-backed mandates to push to 

expand beyond hydrocarbons as well as 

globalize its companies, the Middle East is 

well positioned to rely on M&A to further 

advance the region’s long-term agenda,” 

said the report’s authors. 

In light of recent reports suggesting 

that two thirds of Middle East CEOs plan 

to pursue M&A as part of their strategic 

agenda and roadmap, it’s clear that this 

area is of great interest to them. This 

suggests that businesses in this region 

are optimistic about their future and are 

willing to take risks in order to grow. 

Middle Eastern sovereign wealth funds 

are using M&A to expand into new sectors 

and build local champions, according to 

Bain & Company’s fifth annual Global 

Mergers & Acquisitions report. This trend 

is likely to continue as Middle Eastern 

funds seek to build their portfolios beyond 

traditional investment vehicles, such as 

equities and bonds. 

By investing in innovative businesses and 

consolidating their market positions, these 

funds are positioning themselves to take 

advantage of future growth opportunities 

in their regions. This strategy is helping 

these funds become nimbler and more 

competitive, and is likely to continue 

as these funds seek to build long-term 

wealth portfolios. In particular, Middle 

Eastern funds are increasingly targeting 

smaller, early-stage companies, as these 

tend to be more profitable and have a 

higher potential for growth. The move 

will strengthen partnerships, invest in 

the future, and bolster the region. 

M&A activity in the regional markets 

increased by nearly 39% in 2022, largely 

due to the activity of government-owned 

sovereign wealth funds. Together, these 

funds and corporate entities represented 

84% of all deals during the year, with 

private equity investors making relatively 

few investments. 

“With a strong economy buoyed by 

high oil prices, the Middle East is well 

positioned to rely on M&A to further 

advance the region’s long-term push to 

expand beyond hydrocarbons as well as 

globalise its companies,” the report noted. 

“These are good times for the local 

economy, with expected regional GDP 

growth of 6.5% (7.6% in Saudi Arabia), 

the highest it’s been in more than a 

decade. The Middle East’s sovereign 

wealth funds are growing, too, and with 

a new government mandate, they have 

become a treasure chest for much of the 

M&A activity.” 

The report cited Saudi Arabia’s Public 

Investment Fund (PIF) investing $1.3B 

in four Egyptian companies in August 

2022. Among these companies was Abu 

Qir Fertilizers and Alexandria Container 

and Cargo Handling. On one hand, 

private equity activity in the region has 

decreased by 36% in the first 10 months 

of 2022. However, there are some signs 

that interest in IPOs is picking up, which 

may indicate a possible revival of the 

private equity market. 

Corporations are buying companies 

or forming partnerships to consolidate 

local markets in strategic sectors, such 

as the deal between Saudi British Bank 

and HSBC Saudi Arabia or the Etihad- 

Air Arabia joint venture. This trend is 

likely to continue as corporations seek 

to improve their competitive edge and 

gain an advantage in the local market. 

“In the years ahead, we expect more 

international companies will explore the 

cross-border possibilities of partnering 

with sovereign wealth funds and local 

authorities to create new sectors through 

joint ventures,” Bain & Company added. 

Manoj Sureka 

Managing Partner, 

Synergy Fin. Consulting 

manoj@consultsynergy.ae 


Merger and Acquisition News 

GMG Acquires 

Aswaaq Retail Chain 

from Investment 

Corporation of Dubai 

GMG, the Dubai-based retail 

and hospitality conglomerate, 

has acquired the Aswaaq 

retail chain from Investment 

Corporation of Dubai (ICD), in a deal that 

underscores the growing importance of 

e-commerce in the UAE’s retail sector. 

The acquisition includes Aswaaq’s 17 

supermarkets and two community malls 

in Dubai, which will be integrated into 

GMG’s existing retail portfolio. As part 

of the deal, GMG has also acquired the 

Aswaaq brand, which it plans to reposition 

as a premium e-commerce platform. The 

acquisition is in line with GMG’s strategy 

to expand its digital offerings and tap 

into the rapidly growing e-commerce 

market in the UAE. 

Dubai Investment Company 

Acquires Virgin Mobile 

Middle East and Africa 

Dubai-based investment 

company, Gulf Capital, 

has acquired Virgin Mobile 

Middle East and Africa, which 

provides mobile services to over 6 

million customers across the region. 

The acquisition was made in partnership 

with Virgin Mobile Middle East and 

Africa’s management team and marks 

Gulf Capital’s first investment in the 

telecommunications sector. As part 

of the deal, Virgin Mobile Middle East 

and Africa will continue to operate 

under the Virgin Mobile brand and will 

maintain its current management team. 

The acquisition is expected to help 

Virgin Mobile Middle East and Africa 

expand its market share and enhance 

its services, as Gulf Capital brings its 

extensive network and expertise to 

the table. 

Dubai Investments Acquires Stake in a UK Based 

Digital Bank 

Dubai Investments acquires 

25% stake in UK-based 

digital bank, Monument 

Bank, as part of its strategy 

to expand its financial services 

portfolio. Monument Bank is focused 

on providing bespoke banking services 

to high-net-worth clients in the UK 

market. This partnership will allow the 

bank to leverage Dubai Investments’ 

network and expertise in the financial 

Jumeirah Group, a Dubai-based 

luxury hotel company, has 

expanded its presence in Europe 

by acquiring The Carlton Hotel 

in Geneva, Switzerland. The acquisition 

marks the company’s first property 

in Switzerland, adding to its growing 

portfolio of hotels and resorts across 

the continent. The Carlton Hotel, which 

is set to be rebranded as Jumeirah 

Carlton Hotel Geneva, is located in 

the heart of the city and features 47 

luxurious rooms and suites. Jumeirah 

Group aims to enhance its reputation 

as a leading luxury hospitality provider 

sector to expand its offerings and 

enhance its customer experience. 

Dubai Investments has been actively 

pursuing investment opportunities in 

the financial sector, and this acquisition 

is in line with its vision to become a key 

player in the digital banking space. The 

deal is subject to regulatory approvals 

and is expected to close in the coming 

months. 

Jumeirah Group Expands Presence in Europe with 

Key Acquisition in Geneva 

in Europe and to offer its guests an 

unparalleled experience in one of 

the continent’s most sought-after 

destinations. 


EGA and NAFIS Join Hands to Boost Emiratisation in Private Sector 

Emirates Global Aluminium 

(EGA), one of the world’s 

largest ‘premium aluminium’ 

producers, has signed a 

Memorandum of Understanding (MoU) 

with the Emirati Talent Competitiveness 

Council (NAFIS) to share best practices 

in Emiratisation with the private sector. 

The agreement will facilitate the 

exchange of expertise and knowledge 

to help promote the recruitment and 

development of Emirati talent in the 

private sector. Through this partnership, 

EGA aims to support the UAE’s goal of 

increasing the participation of Emiratis 

in the private sector workforce and 

to enhance its own reputation as a 

responsible and sustainable employer 

in the country. 

Airobotics Partners with 

SkyGo to Bring Autonomous 

Drones to Abu Dhabi 

Ondas Holdings’ Airobotics has 

announced a joint venture 

with SkyGo, a UAE-based 

drone service provider, to 

deploy autonomous drones in Abu 

Dhabi. As part of the deal, SkyGo has 

placed a $3.5M order for Airobotics’ 

drones, which will be integrated with 

SkyGo’s drone-in-a-box infrastructure. 

The partnership aims to enhance the 

capabilities of Abu Dhabi’s emergency 

services, such as search and rescue, by 

providing real-time aerial surveillance 

and data analysis. The collaboration also 

marks Airobotics’ entry into the UAE 

market, reflecting the growing demand 

for autonomous drone technology in 

the region. 

M&A in the Middle East builds on active 2022 

As the global M&A landscape 

continues to heat up, the 

Middle East region is no 

exception. Following a year 

of increased activity in 2022, companies 

in the region are now looking to 

capitalize on the momentum and further 

expand their reach through mergers 

and acquisitions. Key sectors driving 

M&A in the Middle East include energy, 

Abu Dhabi Exports Office and Angola Ink Green 

Finance Deals Worth AED 445M 

Al Hilal players have been 

rewarded handsomely for 

their Club World Cup victory 

with a bonus of $267,000 

each, thanks to Saudi billionaire and 

the club’s owner Prince Al-Waleed 

bin Talal. The generous bonus is a 

reflection of the team’s hard work and 

dedication, as they beat out other top 

football clubs to claim the prestigious 

technology, and healthcare, among 

others. Both local and international 

players are actively pursuing deals, 

including cross-border transactions, 

in order to strengthen their positions 

in the market. As the competition 

intensifies, it will be interesting to 

see which companies come out on 

top in this dynamic and ever-changing 

landscape. 

title. The players have expressed their 

gratitude towards the Prince, stating 

that his unwavering support has been 

a driving force behind their success. 

This bonus not only serves as a financial 

reward but also highlights the 

importance of recognizing and valuing 

the efforts of athletes, especially in the 

world of sports. 


Cryptocurrency 

How to set up a Crypto Business in Dubai 

The emerging digital economy is expected to heavily rely on digital assets, including 

various ventures such as cryptocurrency. The UAE is establishing itself as a 

prominent destination for crypto entrepreneurs, with specific areas designated for 

conducting cryptocurrency-related operations. In this article, we outline essential 

recommendations for individuals considering investing in cryptocurrencies in 

Dubai. 

Obtaining a crypto license in Dubai 

opens up a world of opportunities 

for investors looking to venture 

into the futuristic financial 

sector of cryptocurrency. This license 

provides access to a thriving market 

where innovative business models and 

cutting-edge technology converge to 

offer promising investment opportunities. 

Whether you are an individual or a 

business entity, a crypto license in Dubai 

provides the necessary legal framework to 

participate in the growth and development 

of this exciting new industry. With a 

supportive regulatory environment and 

a commitment to fostering innovation, 

Dubai is positioning itself as a leading 

hub for the crypto industry, making it an 

attractive destination for those looking to 

make their mark in this rapidly evolving 

sector. 

To enter the crypto industry in Dubai, 

you can apply for a crypto license in free 

zones or via a representative office in 

Dubai. The permitted business activities 

include database management, selfproprietary 

investments, consultancy, 

and data mining. However, launching an 

ICO or registering a crypto exchange must 

be regulated by a competent authority. 

Starting a crypto business in Dubai can 

be a lucrative opportunity, as the city has 

become a hub for fintech and innovation 


The Dubai government’s strategy is 

highly commended for enabling the 

expansion of the crypto industry and 

openly expressing their backing for 

regulation, making this field accessible 

to a wider range of people. 

in recent years, but it’s crucial to be aware 

of the regulations and guidelines in place 

to ensure a smooth launch. 

Things to take into account before 

launching your cryptocurrency 

business in Dubai: 

Crypto-related ventures, including 

representative offices, data mining firms, 

and consultancies, are monitored and 

regulated by Virtual Assets Regulatory 

Authority (VARA) under the Dubai World 

Trade Centre (DWTC). If you want to 

understand the legality of your crypto 

business in Dubai, it’s best to get in touch 

with the regulatory authority. 

To establish a cryptocurrency business 

in Dubai International Financial Centre 

(DIFC), the company must have a 

minimum of 5 years of legal experience 

in the cryptocurrency field in another 

country. The best way to incorporate such 

a company is through a representative 

office in Dubai. Dubai Multi Commodities 

Centre (DMCC) offers a unique selfproprietary 

cryptocurrency license, 

allowing you to invest in Crypto Assets. If 

you want to open a data-mining firm for 

your crypto-related business in Dubai, you 

can do so by applying for an IT company 

trading license and obtaining additional 

consent for your cryptocurrency business 

if needed. Cryptocurrency business 

owners can also establish a consultancy 

enterprise in Dubai. 

and can attract a wider audience to your 

products and services. One of the biggest 

benefits of blockchain transactions is the 

absence of gateway or service charges, 

leading to lower transactional costs for 

your company. 

Additionally, there are no cross-border 

barriers when making cryptocurrency 

transfers. Blockchain is a decentralized 

payment system with advanced encryption 

capabilities, allowing for secure crypto 

transactions from anywhere in the world 

with consistent encryption standards. 

Steps to set up Crypto Business in 

Dubai: 

• Conduct market research: Before 

launching your crypto business, it’s 

important to have a clear understanding 

of the local market and competition. 

Conduct thorough research on the 

demand for crypto services in Dubai 

and the existing players in the market. 

• Obtain the necessary licenses: Dubai’s 

regulatory authority, Dubai Financial 

Services Authority (DFSA), has specific 

guidelines in place for crypto businesses. 

To operate in the city, you’ll need to 

obtain the necessary licenses and 

approvals from the DFSA. This can 

include a license for the provision of 

crypto-asset services, such as trading, 

custody, and issuance. 

• Develop a compliant business plan: 

Your business plan should outline 

your company’s goals, strategies, 

and the measures you’ll take to 

ensure compliance with the DFSA’s 

regulations. This can include measures 

for safeguarding customer assets, antimoney 

laundering (AML) procedures, 

and data protection protocols. 

• Secure funding: Starting a crypto 

business can require significant 

capital, so you should secure adequate 

funding from investors, either through 

venture capital or through an initial 

coin offering (ICO). 

• Build a strong team: A strong and 

experienced team is key to the success 

of any crypto business. Consider hiring 

professionals with expertise in the 

crypto industry, including traders, 

developers, and compliance experts. 

• Launch your platform: Once you’ve 

completed the necessary steps, you can 

launch your crypto platform. This can 

include developing a website, building 

a trading engine, and integrating 

various payment gateways to facilitate 

transactions. 

Benefits of establishing a cryptocurrency 

business in Dubai: 

Today’s consumers are always seeking 

out companies that accept cryptocurrencies 

for their transactions. This sets your 

business apart from the competition 

February March 2023 www.thefinanceworld.com 59

Cryptocurrency 

How to obtain a cryptocurrency 

licence in Dubai: 

The Dubai Financial Services Authority 

(DFSA) is responsible for regulating 

and supervising the crypto industry in 

the Emirate. The authority has set out 

clear guidelines and requirements for 

obtaining a crypto license, including 

having a physical presence in Dubai and 

meeting specific security and operational 

standards. 

To apply for a crypto license, you will 

need to submit a detailed business plan 

that outlines the nature of your business, 

the types of crypto assets you will be 

dealing with, and the measures you have in 

place to secure client assets. You will also 

need to provide information about your 

company’s management and ownership 

structure, as well as information about any 

prior experience in the crypto industry. 

The cost of obtaining a crypto license 

in Dubai typically ranges from AED 21,500 

to AED 35,000 depending on the nature 

of the business and the types of crypto 

assets you plan to deal with. However, 

it is important to note that these costs 

may increase depending on the specific 

activities you plan to engage in. 

In addition to the initial costs of 

obtaining a license, there are also ongoing 

Your crypto 

business plan 

should detail your 

organization’s 

objectives, tactics, 

and the actions 

you will undertake 

to ensure 

adherence to the 

DFSA’s regulations. 

fees and regulatory requirements that 

you will need to comply with. These may 

include annual fees, regular reporting 

requirements, and regular audits to ensure 

that you continue to meet the standards 

set out by the DFSA. 

UAE has taken “active” steps to 

establish itself as a crypto hub: 

The UAE has been supportive of the 

crypto industry and has positioned itself 

as a crypto hub, as stated by panellists 

at the AB UAE Forum. The government’s 

approach is praised for allowing the 

growth of crypto and for being vocal 

about their support for regulation, making 

the industry accessible to everyone. In 

last January, the UAE introduced a new 

regulation and regulatory authority, 

the Dubai Virtual Asset Regulation Law 

and the Dubai Virtual Assets Regulatory 

Authority (VARA), for virtual assets and 

service providers at the federal level. The 

purpose of this regulation is to oversee 

the growth of the virtual asset business 

environment and ensure regulation, 

governance, and licensing. 

The need for regulations in the crypto 

market was highlighted due to the FTX 

situation, which showed the importance 

of regulations for building trust in the 

market. The crypto market is still young 

and considered to be over-sensationalized, 

but time is needed for the market to 

learn and grow. 


SAMSUNG GALAXY BOOK3 ULTRA 

Prepare to be wowed by the 

Samsung Galaxy Book3 Ultra. 

Samsung introduces the Book3 

Ultra, which includes a brilliant 

3k AMOLED 2X display, a strong Intel 

processor, and the latest NVIDIA® GeForce 

RTXTM 4070/4050 graphics card. Its 16” 

display is the largest display feature in 

a galaxy book, and the seamless pairing 

facility adds up to deliver you all the 

best features that Samsung has to offer. 

the Galaxy Book3 Ultra delivers power 

and speed that is needed for hassle-free 

work and pleasure. The Galaxy Book3 

Ultra is the device you’ve been seeking, 

with up to 1TB built-in storage and 2TB 

extendable storage. The brilliant 16:10 

aspect ratio display clarity, together 

with the 120Hz refresh rate, allows you 

to enjoy an immersive visual experience. 

The Galaxy Book3 Ultra is a portable 

and stylish tablet that combines power, 

speed, and style. Whether it’s a business 

conversation or a family virtual meeting, 

the Galaxy Book3 Ultra’s full-HD webcam 

and studio-grade mic work together to 

give you the immersive experience you 

deserve. 


Cryptocurrency News 

Investopia Partners with Emirates Development Bank for a Brighter 

Investment Future 

The UAE government’s global 

investment platform, Investopia, 

has signed a Memorandum of 

Understanding with Emirates 

Development Bank as part of a new 

partnership. The agreement was signed 

at a ceremony in Dubai on February 

6th, 2023 and was witnessed by H.E. 

Abdullah bin Touq Al Marri, Minister of 

Economy and Chairman of Investopia. 

This partnership will allow both Investopia 

and Emirates Development Bank to 

collaborate and utilize their strengths to 

promote economic growth, diversification, 

and industrial transformation in new 

economies. Investopia serves as a global 

investment platform connecting capital 

with opportunities, while Emirates 

Development Bank is a leading financial 

institution. 

GCC Central Banks Follow 

US Fed’s Lead with Interest 

Rate Hikes 

The Central Bank of UAE and 

other central banks in the GCC 

raised their interest rates after 

the US Federal Open Market 

Committee (FOMC) announced a 25 

basis points increase as part of its 

efforts to manage inflation. The GCC 

central banks, whose currencies are tied 

to the US dollar, generally follow the 

Federal Reserve’s policy rate changes. 

Inflation in the GCC has been around 

5-6% in 2022, higher than in the past 

ten years but still lower compared to 

western nations. The Saudi Central 

Bank, also known as SAMA, increased 

its repo and reverse repo rates to 5.25% 

and 4.75% respectively. The central bank 

of Bahrain also raised its benchmark 

interest rates by 25 basis points, with 

the overnight deposit rate at 5.25% 

and the one-week deposit facility rate 

at 5.50%. 

Iris Health Services Loses UAE Central Bank License 

for Non-Compliance 


(CBUAE) announced that 

it has revoked the license 

of Iris Health Services for 

failing to follow relevant guidelines. 

The regulator stated that the license 

revocation was in accordance with 

the procedures and regulations for 

licensing health insurance third-party 

administrators. Iris Health Services is a 

company that provides medical benefit 

and claims administration services. 

The CBUAE is closely monitoring the 

insurance sector to ensure that all 

companies comply with local laws. In 

The Abu Dhabi Commercial 

Bank (ADCB) is seeing success 

in its efforts to adopt digital 

innovation and maintain high 

standards in ESG, as the bank reported 

AED 6.434B ($1.75B) in net profits for 

the 2022 fiscal year, a 23% increase 

from the previous year. The bank 

also experienced a rise in net interest 

income to AED 10.194B ($2.77B), up 

15% from the previous year, while noninterest 

income increased by 22% to 

June 2022, it imposed penalties on two 

insurance companies for not meeting 

regulatory requirements, with one of 

them banned from selling insurance 

to new customers for a year. 

ADCB Achieves Record Net Profit with Boost from 

Digital Innovations 

AED 4.151B ($1.13B). During the fourth 

quarter, the bank saw a 23% increase in 

net profit to AED 1.784B ($0.48B), with 

a 30% increase in net interest income 

to AED 2.918B and a 19% increase in 

net fees and commission income to 

AED 620M. 


Dubai Leads the Way with New Crypto Regulations 

for 2023 

Dubai is taking the lead in 

the world of cryptocurrency 

with the announcement of 

new regulations for 2023. 

The Dubai Virtual Asset Regulatory 

Authority (VARA) has released a set 

of guidelines aimed at protecting 

investors and promoting transparency 

in the crypto market. The regulations 

will cover key areas such as initial 

coin offerings, virtual asset service 

providers, and anti-money laundering 

measures. With these cutting-edge 

regulations, Dubai is positioning itself 

as a hub for the cryptocurrency industry 

and a safe destination for virtual assetrelated 

activities. This move is expected 

to attract investment, create new jobs 

and drive innovation in the field of 

blockchain and digital currencies. 

Abu Dhabi’s Future Fund 

Hunts for Cutting-Edge 

Web3 Projects 

Abu Dhabi’s Future Fund 

is on the hunt for cuttingedge 

Web3 projects to invest 

in. The fund, established to 

secure the emirate’s future economic 

prosperity, is seeking innovative 

start-ups and established companies 

working in the decentralized web and 

blockchain space. The fund’s interest 

in Web3 technology is a reflection of 

the growing recognition of its potential 

to revolutionize the way to interact 

and transact online. Web3 projects, 

which prioritize user privacy and 

security, align with the emirate’s vision 

of creating a smart, sustainable, and 

secure future. By investing in Web3, 

the Future Fund is positioning Abu 

Dhabi at the forefront of technological 

innovation and positioning itself as a 

hub for the digital economy. 

Dubai Imposes Licensing for Crypto Firms and 

Outlines Regulatory Guidelines 

Dubai has taken a major 

step towards regulating the 

cryptocurrency industry 

by mandating licensing for 

crypto companies operating within 

its jurisdiction. The new regulatory 

requirements are aimed at protecting 

investors and ensuring the stability of 

the crypto market in the region. The 

Dubai Rises to 2nd 

Place as World’s Most 

Crypto-Ready City 

Dubai has been ranked as 

the second-most cryptoready 

city in the world, 

according to a recent study. 

This recognition highlights the city’s 

efforts to embrace and support the 

growth of the cryptocurrency industry. 

The study evaluated factors such as 

regulatory environment, adoption 

rate, and infrastructure to determine 

the level of crypto-readiness of cities 

around the world. Dubai’s favorable 

stance towards digital currencies, 

investment in blockchain technology, 

and establishment of a clear regulatory 

framework all contributed to its high 

ranking. This ranking will further 

strengthen Dubai’s position as a hub 

for fintech innovation and digital 

transformation, attracting more 

investment and talent to the city. 

licensing process will include a thorough 

review of a company’s operations 

and compliance with anti-money laundering 

and counter-terrorism financing 

regulations. The city-state’s regulatory 

framework will provide a level of transparency 

and legitimacy to the crypto 

industry, making it more appealing to 

both local and international investors. 


Real Estate 

Reasons to Invest in Dubai Real Estate 

Market in 2023 

The UAE’s emphasis on expanding its economy and drawing in overseas 

investment has resulted in a flourishing and active commercial atmosphere, 

attracting numerous successful multinational corporations. Additionally, Dubai 

has emerged as a center for real estate expansion, with new ventures launched 

every year to satisfy the increasing need for housing, thereby drawing in more 

international investors. 

Dubai’s real estate industry is 

among the most appealing 

globally, offering investors an 

exceptional chance to benefit 

from the city’s expansion. For several years, 

property values have been continuously 

increasing due to a scarcity of supply and 

a growing populace. The construction 

of several new developments in Dubai 

is ongoing, which will help fulfill the 

demand for housing and present new 

prospects for real estate investors. 

The tremendous potential for capital 

growth in Dubai’s real estate industry 

is another motivation to invest there. In 

recent years, the city’s property values have 

been rising quickly, and it is anticipated 

that this trend will continue. Dubai is 

one of the most vibrant and fast-growing 

cities in the world, and real estate is a 

significant contributor to its economy, 

but what are the major reasons that make 

investing in Dubai’s real estate market a 

smart financial move? 

Dubai has strong economic growth, as 

its economy is growing rapidly, driven by 

factors such as tourism, trade, and finance. 

v 


This creates a positive environment for real 

estate investments, with property prices 

and rental rates rising accordingly. Add 

to that the stable political environment; 

Dubai is a politically stable city, with 

a transparent and investor-friendly 

environment, providing investors with 

peace of mind, knowing that their 

investments are safe and secure. 

Moreover, Dubai is characterized by a 

tax-friendly environment, with no personal 

income tax and a low corporate tax rate. 

This makes it an attractive destination 

for investors looking to minimize their 

tax liabilities. Also, Dubai is home to a 

rapidly growing population, driven by 

factors such as immigration, employment 

opportunities, and a high standard of 

living. This creates a strong demand 

for housing, which in turn drives up 

property prices. 

Furthermore, Dubai offers a wide range 

of real estate options, from luxurious villas 

and apartments to affordable housing. This 

diversity makes it easy for investors to find 

the right property to suit their budget and 

investment goals. Dubai is also investing 

heavily in its infrastructure, including 

transportation, healthcare, education, 

and more, creating new opportunities 

for real estate investments. Add to that 

the strong rental market in Dubai, driven 

by a growing population and a shortage 

of housing. This creates opportunities 

for real estate investors to earn a steady 

income from rental properties. 

The enhancement 

of infrastructure 

has played a pivotal 

role in making 

Dubai an attractive 

choice for travelers, 

corporations, and 

investors. 

Tax Benefits: 

Investing in Dubai’s real estate market 

offers several tax advantages, including 

no personal income tax, so all income 

earned from an investment property is 

yours to keep. There is also no capital 

gains tax, so profits from selling a 

property are tax-free. Additionally, there 

is no VAT on property transactions, 

which include the purchase price, 

renovations, and improvements. When 

renting out a property, expenses such as 

maintenance, repair costs, advertising, 

and agent commissions can be claimed 

as deductions. 

Infrastructure Development: 

The UAE, particularly Dubai, has 

undergone significant infrastructure 

development in recent times due to 

factors such as an increase in tourists, 

the growth of businesses, and future 

plans for expansion. This has resulted 

in Dubai having modern and luxurious 

hotels, shopping malls, and office towers, 

making it an appealing destination for 

travelers, businesses, and investors 

seeking to benefit from its growth. If 

you’re considering investing in Dubai’s 

real estate, now is a good time, as ongoing 

infrastructure development is expected 

to drive property values and provide good 

returns for investors. 

There are various methods you can 

use when it comes to investment plans. A 

pre-existing property might be purchased 

and rented out, or an off-plan property 

could be purchased and sold for a profit 

after it is finished. Whatever approach 

you decide on, be sure to have a clear 

exit strategy so you can optimize your 

earnings. 

There are a few considerations to 

make if you’re seeking the greatest real 

estate investment opportunities in Dubai 

for 2023. The Dubai real estate market is 

extremely volatile and unpredictable, so 

before making any investment decisions, 

it’s crucial to complete your research 

and speak with a professional. Property 

in well-known neighborhoods, such as 

Downtown Dubai and Business Bay, 

is constantly in high demand and has 

a history of steadily increasing value. 

Also, because they have such enormous 


Real Estate 

potential for capital growth, up-andcoming 

regions like Dubai Marina and 

Jumeirah Village Circle are also worth 

taking into account. 

Top Investment Strategies for Dubai’s 

Real Estate Market in 2023: 

Be sure to heed these recommendations 

if you’re planning to invest in Dubai’s 

real estate market. You might get a 

tremendous return on your investment in 

2023 if you use the appropriate method. 

For individuals looking to buy and resell 

property, the present real estate market 

in Dubai is rife with possibilities. The 

current period is a fantastic time to invest 

in Dubai real estate due to rising prices 

and a consistent stream of purchasers 

looking for new residences. 

First, you should choose a good location 

that will appeal to purchasers because 

the location is everything. To price your 

own house competitively, do some market 

research and find out how much comparable 

properties are selling for. You also have 

to set a reasonable restoration budget; 

exceeding it will reduce your revenues. 

Property flipping is a terrific choice if 

you’re seeking a lucrative real estate 

investment in Dubai. By taking advantage 

of the current market conditions, you 

can generate a solid profit with proper 

strategy and execution. 

By investing in Dubai’s real estate sector, 

one can benefit from several tax advantages, 

including no personal income tax. 

How to Invest in REITs: 

One of the most compelling reasons to 

invest in Dubai’s real estate market is the 

possibility of receiving significant profits 

by purchasing Real Estate Investment 

Trusts (REITs). Companies that own 

and manage properties that generate 

revenue are known as REITs. The potential 

returns from investing in REITs can be 

substantial, despite the numerous risks 

involved, including fluctuations in interest 

rates and overall economic conditions. 

For instance, the MSCI US REIT Index 

has performed better than both the S&P 

500 Index and the Dow Jones Industrial 

Average over the past ten years by more 

than 2%. 

One of the major developers and 

operators of integrated master-planned 

communities in the Middle East is Emaar 

Properties PJSC, which offers investors 

exposure to Dubai’s real estate industry. 

Including residential, commercial, retail, 

hotel, leisure & entertainment, and 

educational properties, Emaar Properties 

manages a diverse portfolio of top-notch 

assets in these important growth areas. 

In conclusion, Dubai’s strong economic 

growth, stable political environment, 

tax-friendly policies, growing population, 

diverse real estate options, developing 

infrastructure, and strong rental market 

all make it an attractive destination for 

real estate investments. Whether you 

are a seasoned investor or a first-time 

buyer, investing in real estate in Dubai 

can be a smart financial move. 


Real Estate News 

Jeddah Set for a $90B 

Real Estate Boom 

The Saudi Arabian city of Jeddah 

is poised for a major real 

estate boom with an estimated 

investment of $90B over the 

next decade. This surge in investment 

comes as the country looks to diversify 

its economy and reduce its dependence 

on oil revenues. The city’s real estate 

sector is expected to see a significant 

growth in demand, particularly in the 

residential and hospitality sectors. The 

development of new infrastructure 

and projects, including a new airport 

and several mega-projects such as the 

Jeddah Tower, are also set to attract both 

domestic and international investors. 

This surge in investment is expected 

to boost the economy and provide 

ample opportunities for job creation 

and business growth in the region. 

RAK Properties Records $111M Turnover in 2022 

RAK Properties, a leading 

real estate developer in the 

United Arab Emirates, announced 

a record-breaking 

$111M turnover in 2022. The company 

attributes its success to a combination 

of strategic investments, innovative 

property developments, and a focus on 

customer satisfaction. RAK Properties 

has established itself as a leading player 

in the UAE real estate market and 

has received numerous awards for its 

commitment to quality and excellence. 

The company’s portfolio includes a 

range of residential, commercial, and 

hospitality properties, all of which are 

designed to meet the changing needs 

of its customers. 

Sharjah Real Estate 

Market Records 3,000 

Deals in January 

The real estate market in Sharjah 

has started off the new year 

with a great start, recording 

over 3,000 deals in January 

alone. The figures indicate a steady 

recovery from the pandemic’s impact on 

the industry and the confidence that investors 

and buyers have in Sharjah’s real 

estate market. Of the total deals, over 

2,000 were for residential properties, 

while the rest were for commercial and 

industrial spaces. This robust demand 

for real estate in Sharjah is attributed to 

several factors, including the emirate’s 

strategic location, affordable prices, and 

the government’s supportive policies 

that make it an attractive investment 

destination. 

Dubai Records $2.8B of 

Property Deals 

Dubai, leading property markets 

in the Middle East, announced 

$2.8B in real estate 

transactions in 2022. Despite 

global economic challenges and the 

COVID-19 pandemic, Dubai’s property 

sector continued to show resilience 

and strength, attracting both local and 

international investors. The market saw 

significant interest in luxury properties, 

particularly in the Palm Jumeirah and 

Downtown Dubai areas. The city’s 

efforts to boost infrastructure and 

create new opportunities for growth, 

such as the opening of the Expo 2020 

site, have also contributed to the market’s 

success. 

Indian Expat Family Sets 

New Record with AED 

90.5M Villa Purchase 

in Tilal Al Ghaf 

An Indian expat family has 

made headlines in Dubai by 

purchasing a luxurious villa 

in the Tilal Al Ghaf development 

for a whopping AED 90.5mn. The 

purchase has set a new record high for 

the community, which is known for 

its upscale properties and stunning 

natural surroundings. The six-bedroom 

villa boasts a spacious outdoor area, a 

private pool, and scenic views of the 

lagoon and the Dubai skyline. According 

to the developer, the Tilal Al Ghaf 

project has seen a surge in demand 

from buyers looking for high-end living 

spaces that offer both exclusivity and 

accessibility. 


Real Estate News 

Aldar Properties Reports Impressive $845M Profit 

in 2022 

Abu Dhabi-based Aldar 

Properties has announced 

a net profit of $845M for the 

year 2022, up from $505M the 

previous year. The company attributed 

the strong performance to its diversified 

portfolio of assets, which includes 

residential, commercial, hospitality, and 

retail properties. Aldar’s revenue also 

increased by 19% to $2.1B, driven by 

higher sales in its development business 

and a robust rental income stream. The 

company’s CEO stated that the results 

demonstrate Aldar’s resilience and 

ability to adapt to market conditions, 

and the company will continue to invest 

in strategic growth opportunities that 

align with its long-term vision. 

Saudi Arabia’s Real Estate Market Saw Transaction 

Decline in 2022 

A 

recent 

report on Saudi Arabia’s 

real estate market has shown 

a dip in transactions, but a 

rise in prices and persistent 

high demand. The report, released by 

the country’s General Authority for 

Statistics, revealed that the total value 

of real estate transactions fell by 10.6% 

in 2022, while prices for residential 

properties increased by 9.6%. However, 

despite the decline in transactions, 

the market’s overall demand remained 

high, fuelled by government initiatives, 

population growth, and changing preferences 

among homebuyers. The report 

also highlighted a surge in mortgage 

activity, indicating a growing appetite 

for home financing in the Kingdom. 

Dubai’s Most Expensive 

Home Sells at 

Record-Breaking 

$3,687 Per sq. ft 

Dubai’s real estate market has 

seen yet another recordbreaking 

sale, with the 

most expensive home in the 

emirate being sold for $3,687 per square 

foot. The property, located on Palm 

Jumeirah, features eight bedrooms, 

a private beach, a cinema, and a pool 

overlooking the Dubai skyline. The 

buyer, reportedly a high-net-worth 

individual, purchased the property 

for $30M, making it one of the most 

expensive homes in the world. The sale 

is a testament to the strong demand for 

luxury properties in Dubai, which is 

known for its extravagant real estate 

offerings and vibrant lifestyle. 

Aldar Introduces Saadiyat 

Development with Homes 

Starting at $173k 

Abu Dhabi’s leading real estate 

developer, Aldar Properties, 

has announced the launch 

of its newest development 

on Saadiyat Island, which features 

a range of affordable homes starting 

at just $173,000. The community, 

called “Alreeman II,” offers a variety 

of residential plots, townhouses, and 

villas, with a wide range of options for 

buyers to choose from. The development 

is designed to cater to the needs of firsttime 

buyers and young families, and 

it aims to provide a comfortable and 

sustainable living environment with 

world-class amenities and facilities. The 

project is part of Aldar’s commitment to 

developing affordable housing solutions 

that support the government’s vision for 

sustainable growth and development 

in the UAE. 


TECH 

MY 

MONEY 

ROG STRIX G18 (2023) G814 LAPTOP 

The Strix G18 is ASUS’s latest 

gaming laptop, offering an 

unrivalled Windows 11 Pro 

gaming experience. The 

Strix G18 delivers the ultimate gaming 

performance, powered by up to a 13th 

Gen Intel® CoreTM i9-13980HX Processor 

and up to an NVIDIA GeForce RTX 4080 

Laptop GPU with a max TGP of 175W with 

Dynamic Boost. This laptop features an 

18-inch QHD 240Hz Nebula Display with 

a 16:10 aspect ratio and 100% DCI-P3 

coverage, delivering breathtaking images 

that enhance your gaming experience. 

The Tri-Fan Technology, full-surround 

vents, and Conductonaut Extreme liquid 

metal keep your device cool throughout 

extended gaming sessions, allowing you to 

play boldly. The Strix G18, which supports 

Dolby Vision and Dolby Atmos, provides 

a genuinely immersive experience that 

brings your games to life. Overstroke 

technology, dedicated hotkeys, and 

per-key RGB lighting make it simple to 

configure your gaming setup with the fullsize 

keyboard. The Strix G18 is intended 

for both gamers and game creators, and 

it can run all of the most recent game 

engines, allowing you to unleash your 

creativity and try your hand at creating the 

next great game. Its strong components, 

which include up to an Intel® CoreTM 

i9 processor and an NVIDIA® GeForce 

RTXTM 40 Series Laptop GPU, make it 

ideal for complex operations in popular 

development programmes such as Unity 

and Autodesk. The Strix G18 is built to 

last, with a 90Wh battery and USB Type-C 

charging capability for convenience on 

the move. The Strix G18 is available 

in two colours, Eclipse Gray and Volt 

Green, and its pixel art accents have been 

revamped for 2023, giving it a trendy and 

modern appeal. 

Operating System: Windows 11 Pro 

Processor: Up to 13th Gen Intel® Core i9-13980HX Processor 

Graphics: Up to NVIDIA® GeForce RTX 4080 Laptop GPU with Dynamic Boost (Max TGP 175W) 

Display: 18-inch QHD 240Hz Nebula Display, 16:10 aspect ratio, 100% DCI-P3 coverage 

Cooling System: Tri-Fan Technology, full-surround vents, and Conductonaut Extreme liquid metal 

Audio: Dolby Vision and Dolby Atmos support 

Keyboard: Full-size keyboard with overstrike technology, dedicated hotkeys, and per-key RGB lighting 

Battery: 90Wh 

Available Colours: Eclipse Gray and Volt Green 


Event Industry 

CEO Shaaista Khan Osman and 

Managing Director Osman Osman of 

Blu Blood 


Blu Blood, powered by Osman Osman and Shaaista Khan Osman, is a 

leading lifestyle and management company that has collaborated with 

renowned comedians and artists, created the Kings & Queens of Comedy 

franchise, and worked with major companies and brands. Osman and Shaaista 

have extensive experience in marketing, communications, hospitality, and 

logistics and launched their Middle East base in 2019. 


Q. Shaaista Khan Osman, can you 

share your journey and experience 

in building a successful event 

management company in the UAE? 

Shaaista: Building a business in 

the UAE has been a great and blessed 

experience. The structures, processes, 

and protocols in the UAE have made it 

easier. With patience and time, building 

a business in the UAE is a seamless 

process, and company development, visa 

requirements, and necessary processes 

are professionally done. 

Q. Osman Osman, please brief 

us on your journey in the event 

management industry in the UAE? 

Osman: Myself and Shaaista have 

both been in the events industry for 

over 20 years. Despite facing challenges 

early on in our journey due to Covid-19, 

we were able to organize the first live 

show with “COVID consciousness,” 

a term coined by Shaaista, in August 

2020, bringing together musicians from 

across the UAE with Sonu Nigam on 

one stage. We have since organized 

many events in Dubai with big names 

like James Blunt and Atif Aslam. The 

UAE, being the entertainment capital 

of the Middle East, attracts big names, 

making it a blessing for the industry. 

Q. What motivated you to launch 

Blu Blood and pursue a career in 

event and project management? 

Shaaista: Our motivation comes from 

our backgrounds. Osman’s company, 

Four Corners Entertainment, brought 

entertainment from all over the world. 

This led to our partnership after we 

met, and we fell in love. 

Osman: We were doing events 

separately, but at some point, we realized 

we should merge our companies as we 

were supporting each other in corporate 

events, project management, and live 

shows. 

Shaaista: We’re passionate about 

our industry and each other’s success. 

We work well together and are building 

a legacy for our children. Our love for 

people and the business of happiness is 

what ties us together. Our Blu Blooders 

and patrons are what make our shows 

possible. 

Q. Can you discuss the importance of 

networking and building relationships 

in the event management industry? 

Osman: Networking is part of our 

entire industry; you have to network 

with individuals that come to your event. 

Shaaista: Dubai is the networking 

capital of the world where people from 

all nationalities come together and open 

doors for each other. It’s harmonious 

and different from other parts of the 

world where people would exclude 

someone from a deal. 

Osman: In the events industry, your 

network is crucial to success because 

your reputation and connections are 

what bring value to your business. It’s 

important to have solid relationships with 

artists, service providers, and patrons 

to create a fulfilling entrepreneurial 

journey. Your reputation opens doors for 

you and enables networking, which is 

essential in this industry; your reputation 

and your network bring you your net 

worth. 

Q. How do you ensure that your events 

meet the needs and expectations 

of clients and attendees while also 

driving business results? 

Shaaista: We prioritize meeting our 

patrons’ needs and expectations, which 

we refer to as the “Blu Blood Experience” 

and the “Blu Blood Way.” Our second 

show was our proudest moment. We 

have a reel at the end of the show, and 

we had our team out there in early 2021. 

People were outside, and they removed 

their masks; groups of people were 

shouting #TheBluBloodWay. 

Osman: When we put on the show, we 

want to see more people, but we want 

to share that experience with everyone 

else. We’re passionate about it, and 

our family’s passionate about it too. 


Event Industry 

Shaaista: Our passion is driven by 

the artists we bring and the happiness 

they bring to our events. We’re motivated 

by the experiences we create and the 

joy it brings to others. 

Q. Can you share any notable challenges 

you faced in your career and how 

you overcame them? 

Shaaista: COVID was a tough time 

globally, and we all went through it. 

We accepted the challenge. 

Osman: We had to adapt to the 

pandemic, especially in the business 

we are in. We ran two entities and 

had to switch to virtual shows and 

develop COVID-conscious floor plans 

while ensuring safety for everyone. We 

even did a radio interview and a video 

to explain how we kept people safe, 

which became a TikTok trend. 

Shaaista: We were shopping when a 

cashier recognized us as “celebrities” 

and showed us a TikTok video. It was 

actually a video we made inviting people 

to our show with COVID precautions in 

place, including 1000 seats and a twometer 

distance between each person. 

Osman: We made a video that showed 

the journey from driving to the venue, 

highlighting the safety measures taken 

by our company and Dubai, before 

vaccines were available. Despite 

challenges in 2020, we overcame them 

by seizing opportunities and adapting 

to the situation. 

Shaaista: Post-COVID behavior is a 

challenge for promoters. People have 

forgotten how to behave in public, 

and the challenge is to remind them of 

common courtesies without offending 

them. However, there is hope as people 

are slowly getting into a new form of 

consciousness and appreciation for 

each other. 

Q. What would you say are the key 

skills required for success in the 

event management industry? 

Shaaista: I think the key skills for 

success in the event management 

industry are definitely to remember 

to be humble and to build with every 

single opportunity that you have. 

Osman: In event management, leaving 

your ego at home is key as you deal with 

multiple personalities. The audience 

is there for entertainment, and you’re 

there to provide the service. 

Shaaista: To be successful, you must 

be able to quickly change your demeanor 

to suit the situation - one minute you 

may need to be happy and sad. 

Osman: Brining your ego to the party 

can lead to challenges and hurdles. 

To succeed, you need to be a people’s 

person. 

Shaaista: Our key to success is 

having each other for balance and 

support. We feed off each other and 

share overwhelming moments together - 

both the highest of highs and the lowest 

of lows. This has been our greatest 

factor of success. 

Osman: At our events, people know 

us by faith and appreciate that we walk 

around to address any small issues that 

may arise. We’ve ensured that people 

know the people behind the event. 

Shaaista: We celebrate with our 

patrons and the fans of the artist, as 

they are there not only to see the artist 

but also to have a great time. 

Q. Can you share your thoughts on how 

the event management industry has 

changed recently and what changes 

you see in the future? 

Osman: The entertainment industry 

has changed a lot post-COVID and 

people are appreciating live events 

more. In the UAE, people are buying 

tickets earlier than before. There’s now 

a demand, and people know they won’t 

get tickets at the last minute. 

Shaaista: People are appreciating 

live events more now due to the absence 

of entertainment during the pandemic. 

This trend is supporting the events 

industry and companies like Blu Blood. 

The accessibility of big stars has also 

improved thanks to the online community. 

Osman: The events industry is 

evolving with NFTs, the metaverse, 

and AI technologies being integrated, 

and Blu Blood is eager to embrace and 

incorporate these new developments, 

despite it being early for full integration. 

Q. How do you measure the success 

of an event and evaluate its impact 

on the attendees and stakeholders 

involved? 

Osman: Measuring the economic 

impact of a live event is about people 

coming to watch the show, filling up 

arenas, and spending money, which 

sustains the economy. 

Shaaista: Events and the tourism 

industry are interconnected, particularly 

in the UAE. People travel for events, 

generating a ripple effect for hotels, 

restaurants, and shopping malls. The 

happiness factor, measured by full 

arenas, sustains the economy. 

Q. Can you provide an overview of 

your upcoming events for 2023? 

Osman: We have just hosted an 

incredible concert with Atif Aslam 

and the phenomenal Firdaus Orchestra, 

it was definitely a highlight event on 

our books. We have a number of other 

acts in the pipeline that bridge the 


Middle East, comedy, Western culture 

and Bollywood. 

Shaaista: The all-female Firdaus 

Orchestra, mentored by A.R. Rahman, 

is a beautiful concept that was created 

for Expo and has given phenomenal 

opportunities to the global music industry. 

Osman: There’s a whole line-up for 

the Comedy Festival that we’re doing, a 

lot of comedians that we’re bringing in. 

Shaaista: Follow Blu Blood on social 

media for updates on our upcoming 

events in 2023, which promises to be 

an exciting and jam-packed year as we 

emerge from COVID restrictions. We 

hope to see both our loyal patrons and 

new attendees join us for our events. 

Q. What audiences are you targeting 

in your upcoming events, and what 

should these audiences look forward 

to in these events? 

Shaaista: Dubai’s audiences are 

diverse, including Indian, Pakistani, 

African, Russian, Asian, etc., and come 

together under one umbrella to enjoy 

their love of music, the entertainment 

industry, and the arts. 

Q. How do you manage and motivate 

your team to deliver high-quality 

events? 

Osman: Our team is like family, 

and they’ve been our biggest support 

system in growing our business. They 

come from all over the world, and we 

have a shared focus on growth and 

success. Shaaista’s delicious food is 

a great motivator for everyone. 

Shaaista: Our Blu Blood team is like 

a family, consisting of industry experts 

in their respective fields. The team 

is a beautiful harmony of Shaaista’s 

craziness and Osman’s madness, with 

woven intelligence providing stability. 

Q. Can you discuss your approach 

to developing and maintaining 

strong relationships with clients 

and stakeholders? 

Shaaista: Our clients and stakeholders 

are crucial to Blu Blood’s success, 

and we are grateful for their amazing 

support. 

Osman: Be honest with stakeholders 

and clients about the event’s situation 

to address their anxiety, as Blu Blood 

takes responsibility for any problems 

and keeps them updated. 

Q. What strategies do you use to 

manage a tight budget while still 

delivering a high-quality event? 

Osman: Budgets in the entertainment 

industry can vary greatly; you can do 

an event with AED 100,000 or $24M. 

Shaaista: As a privately-owned entity, 

Blu Blood has a unique perspective. 

Osman and I are solely responsible 

for budget decisions, which allows us 

to be flexible with our spending. We 

once hosted an event on a tight budget, 

but with quick thinking, we were able 

to provide food for 32 people at an 

after-dinner without sacrificing quality. 

Q. Can you discuss the role that 

innovation and technology play in 

the event management industry and 

how you leverage them to deliver 

high-quality events? 

Osman: We adapted to COVID by 

moving from in-person to online events. 

Technology has changed the entertainment 

industry with developments like the 

metaverse and NFTs, and we must adapt 

to avoid falling behind as new tech 

emerges, such as holograms and sound 

systems. The metaverse has become an 

interesting option for concerts. 

Shaaista: The entertainment industry 

is vast and encompasses more than just 

shows. Conferences and symposiums 

also fall under the events industry, 

and there is potential for growth and 

development due to its influence on 

other industries. NFTs have also found 

their place in this industry. 

Q. Can you share a particularly 

challenging event you’ve managed 

and how you overcame difficulties? 

Osman: Our industry has had its 

challenges, including an artist being 

unable to perform due to COVID and a 

show being cancelled out of respect for 

the late founding father of the UAE, H. 

H. Sheikh Khalifa bin Zayed Al Nahyan. 

We’ve also dealt with positive COVID 

cases among support staff during the 

pandemic. 

Shaaista: We are thankful to the 

Almighty for our success. It is also due 

to the support of our team, stakeholders, 

clients, and the UAE leadership, and 

we are grateful for it. 

Q. Do you have any words for our 

readers? 

Osman: To succeed in entertainment 

and events, plan and pursue your ideas 

without fear of failure. Even unsuccessful 

pitches can expand your network and 

bring you new opportunities. 

Shaaista: Try, fail, and try again. Be 

mindful of your aspirations and your 

place in the world, and take ownership 

of it. Claim your stake in this world, no 

matter how unconventional it may be. 


Funding & Investment 

Sharjah Investment Forum Boosts 

Investment Opportunities in the Emirate 

At the 6th Sharjah Investment Forum, the Ministry of Industry and Advanced 

Technology (MoIAT) and the Sharjah Foreign Direct Investment Office (Invest in 

Sharjah) signed a Memorandum of Understanding that aims to enhance Sharjah’s 

position as a prominent hub for investment, innovation, and entrepreneurship in 

the fast-growing industrial sector by leveraging the resources of both parties. 

The Ministry of Industry and 

Advanced Technology (MoIAT) 

and the Sharjah Foreign Direct 

Investment Office (Invest in Sharjah) 

signed a Memorandum of Understanding at 

the 6th Sharjah Investment Forum, which 

was focused on “Redefining Economies: 

Making Significant Strides for a Better 

Future.” The objective of this agreement 

is to promote investment opportunities 

and encourage both domestic and foreign 

businesses to invest in Sharjah. 

The memorandum aims to foster 

sustainable economic growth by creating 

a conducive investment environment 

with incentives, enablers, and financial 

options, acknowledging the advantages 

of collaboration in the support and 

promotion of shared objectives, including 

promoting a favourable economic climate 

and growing trade links and commercial 

possibilities. It also describes how the 

two organisations will work together, 

including information sharing on trade 

and investment-related topics, funding 

for educational events and community 

outreach initiatives, support for trade 

and investment missions, and details 

on industry sectors of shared interest. 

In the presence of H.E. Omar Al 

Suwaidi, Under-Secretary of the Ministry 

of Industry and Advanced Technology, 

and H.E. Ahmed Obaid Yousef Al Qaseer, 

Executive Director of the Sharjah 

Investment and Development Authority, 

the MoU was signed by H.E. Osama Amir 

Fadhel, Assistant Undersecretary for 

the Industrial Accelerators Sector at the 

MoIAT, and H.E. Mohammed Juma Al 

Musharrkh, CEO of Sharjah FDI Office. 

Through collaboration and partnerships 

to promote the Make It in the Emirates 

programme, the MoU strengthens 

cooperation between MoIAT and the Sharjah 

Foreign Direct Investment, improving the 

investment climate in Sharjah’s industrial 

and advanced technology sector through 

promoting investment possibilities and 

offering incentives and enablers. 

Omar Al Suwaidi, Undersecretary 

of the MoIAT, said, “The memorandum 

of understanding is aligned with the 

ministry’s commitment to strengthening 

local partnerships, in line with the 

objectives of the National Strategy for 

Industry and Advanced Technology, which 

aims to enhance the UAE’s investment 

environment, particularly in priority 

sectors through Make it in the Emirates 

and National In-Country Value Program. 

v 


Last year was a significant success. MoIAT 

issued 263 industrial production licences 

in 2022, 20% more than the previous 

year. We also reduced fees for 14 of the 

ministry’s services to help boost ease of 

doing business and stimulate the growth 

of small and medium companies. 

“The ministry supports efforts to create 

an attractive business environment for 

investors in the industrial sector to 

support the growth and competitiveness 

of national products especially in the 

priority and advanced technologies 

sectors, in line with Make it in the 

Emirates and in partnership with federal 

and local government entities as well as 

the private sector.” 

He also mentioned the National In-Country 

Value Program’s accomplishments, which 

was started as one of the Projects of the 

50. In 2022, the initiative brought more 

than AED 53B back into the economy, 

a 25% increase over 2021. Additionally, 

1,987 Emiratis were hired by the private 

sector as a result. Large, small, and 

medium-sized industrial firms as well 

as independent business owners can 

flourish thanks to the programme. 

According to Omar Al Suwaidi, “In 2022, 

the UAE recorded an increase in industrial 

exports amounting to about AED 174B,” 

which represents “a strong opportunity 

for industrial companies keen to leverage 

the UAE’s unique value proposition to 

achieve growth and expansion.” 

Ahmed Obaid Yousef Al Qaseer, 

Executive Director of Shurooq said, 

“The collaboration between Sharjah 

FDI Office and the Ministry of Industry 

and Advanced Technology represents a 

strategic step forward in advancing the 

economic growth of the UAE through 

investment in the industrial and advanced 

technology sectors.” 

He added, “By taking advantage of each 

of the parties’ resources, the MoU will 

strengthen Sharjah’s position as a leading 

centre for innovation, entrepreneurship 

and investment in the rapidly developing 

industrial sector. This in turn contributes 

to attracting new investments and 

creating a competitive and innovative 

environment that attracts the best talents 

and companies.” 

Mohammed Juma Al Musharrkh, 

CEO of Sharjah FDI Office (Invest in 

Sharjah), said that MoU “represents 

a strong commitment from both sides 

to the development of industry and 

investment in the UAE,” and added that 

it “will expand investment horizons and 

enhance the growth of sectors in industry 

and advanced technology,” boosting 

“Sharjah’s and the UAE’s position as an 

ideal destination for international and 

local industrial investors.” 

Speaking about the strategic investment 

partnership with Hong Kong, Al Musharrakh 

said, “Hosting representatives from Hong 

Signing the MoU will boost Sharjah’s and the 

UAE’s position as an ideal destination for 

international and local industrial investors. 

Kong is an exciting moment for Invest in 

Sharjah and underscores our commitment 

to building strong partnerships with key 

players in the global business community. 

We believe that this cooperation will 

help us to better understand the needs 

of businesses in both regions and provide 

tailored support to help succeed mutually.” 

Thirty company leaders from Hong Kong 

attended SIF 2023, according to Johann 

Wong Chung Yan, acting commissioner 

for the Belt and Road. They were there to 

look into potential future collaborations. 

“With over 9,000 foreign companies 

based in Hong Kong, including over 

1,500 regional headquarters, the region 

is an unrivalled gateway to the Asia and 

Pacific region,” he said. “The partnership 

between Sharjah and Hong Kong has 

already delivered impressive results. In 

2021, the two regions achieved a bilateral 

trade of AED 47B, with 10% of Chinese 

trade routed through Hong Kong,” he 

added. According to Johann, the new 

collaboration will increase investment 

via Hong Kong while focusing on crossborder 

commerce and market integration 

and using the advantages of both areas. 

H.E. Mohammed Ahmed Amin Al-Awadi, 

SCCI’s Director-General, said: “The 

Chamber’s participation and sponsorship 

of the Forum is an objective and part of 

its endeavour to promote the Emirate of 

Sharjah as a distinctive regional hub for 

international companies and investments, 

thus enhancing Sharjah’s prominence on 

the global investment map and beefing 

up trade and investment in the Emirate.” 

Al-Awadi also emphasised the benefits of 

the SCCI’s participation in the significant 

event, as it assisted in developing 

strategic alliances with the organisations 

and government authorities in order to 

exchange ideas and proposals on the 

most crucial economic issues that will 

improve the emirate’s economy and its 

efforts to strengthen integration between 

the public and private sectors. Al-Awadi 

also highlighted the Forum’s themes and 

sessions, which featured 50 speakers 

chosen from among eminent international 

investors, businesses, and local, Arab, 

and international decision-makers. 

As a complement to the SCCI’s efforts 

to advance the national economy and push 

it forward with investment incentives 

packaged with the existing and future 

projects, Al-Awadi also stressed the 

importance of creating innovative plans 

and programmes that fulfil the ambitions 

of the new Emirati economic scene 

and support the targeted vital sectors, 

strengthening Sharjah’s position as a key 

regional hub for business establishment 

and operation. 

H.E. Haleema Ali Al-Owais, a chamber 

board member who attended the session 

on “The Future of Family Businesses and 

Their Impact in the Region,” attended 

the event on behalf of the SCCI. The 

SCCI’s special pavilion did a great job 

of showcasing the unique services 

and support the chamber offers to the 

business community and investors to 

help them grow their commercial and 

industrial activities, as well as to attract 

more industries and investments that 

contribute to enhancing the sustainable 

economic development in the Emirate of 

Sharjah and expanding the investment 

base locally and nationally. 


Funding and Investment News 

Saudi startup Nana raises 

$133M to support its 

expansion 

Saudi start-up Nana has raised a 

staggering $133M in funding to 

fuel its growth and revolutionize 

the shopping experience. Nana 

is an online grocery delivery platform 

that offers a hassle-free and convenient 

shopping experience to customers. 

The platform has gained immense 

popularity in the Kingdom of Saudi 

Arabia, and the latest funding round 

will help Nana expand its reach to 

more cities and offer a wider range of 

products. Nana’s innovative technology 

and exceptional customer service have 

set it apart from its competitors, and 

the company’s aim is to make grocery 

shopping effortless for everyone. With 

this significant funding, Nana is well 

on its way to achieving its goal and 

becoming the leading name in online 

grocery shopping in the region. 

UAE Aims to Streamline 

Business Operations and 

Attract Foreign Investment 


(UAE) has announced plans 

to further ease doing business 

in the country, with the goal 

of attracting increased foreign direct 

investment (FDI). The measures, which 

include simplifying procedures for 

companies to set up operations and 

reducing red tape, are part of the 

UAE’s efforts to position itself as a 

hub for international businesses. The 

country has already made significant 

progress in recent years, rising in international 

rankings for ease of doing 

business. UAE aims to further cement 

its reputation as a business-friendly 

destination, attracting companies 

from a wide range of industries and 

boosting economic growth. The move 

is expected to have a positive impact 

on the country’s economy and create 

new job opportunities for its citizens. 

Sharjah Asset Management Takes Center Stage 

at Investment Forum with Key Project Showcase 

The Sharjah Investment Forum 

was buzzing with excitement 

as Sharjah Asset Management 

took center stage to showcase 

its key investment projects. The 

company, which is a subsidiary of the 

Sharjah Investment and Development 

Authority (Shurooq), was proud to 

highlight its portfolio of investments 

in a variety of sectors, including real 

estate, hospitality, and tourism. The 

MENA Start-Up Floward 

Blooms with $156M in 

Pre-IPO Funding Round 

Floward, a Middle Eastern 

start-up that offers online 

flower and gift delivery services, 

has raised $156M in a 

pre-IPO funding round. The company’s 

platform allows customers to place 

orders for flower arrangements and 

gifts, which are then hand-delivered 

by local florists. Floward has seen 

tremendous growth since its launch, 

with a rapidly expanding customer 

base and presence in multiple countries 

across the Middle East and North Africa 

(MENA) region. The new funding will 

be used to further scale the business, 

enhance its technology platform, and 

support its expansion into new markets. 

Floward is poised to become the go-to 

destination for all gift-giving occasions 

in the MENA region. 

investment projects on display demonstrated 

the company’s commitment to 

driving economic growth and promoting 

sustainable development in the emirate 

of Sharjah. This showcase was a 

crucial step in the continued growth 

and development of Sharjah’s economy, 

and a testament to the impact that 

Sharjah Asset Management is having 

in the region. 

APICORP Invests 

$335M in in the Future 

with Green Project 

Allocation 

The Arab Petroleum Investments 

Corporation (APICORP) has 

announced the allocation of 

$335M towards green projects, 

in an effort to support the transition 

to a low-carbon economy. The 

investment will be directed towards 

renewable energy, energy efficiency, 

and sustainable infrastructure projects 

across the Middle East and North Africa 

(MENA) region. This move aligns with 

APICORP’s commitment to promoting 

sustainable development and reducing 

the carbon footprint of the energy sector. 

The allocation of funds is expected 

to drive the growth of the region’s 

green energy market and contribute 

to the global effort to tackle climate 

change. The investment is a significant 

step towards a greener future for the 

MENA region and a demonstration of 

APICORP’s leadership in promoting 

sustainable development. 


UAE Commits $500,000 to Iraq’s Water Security 

with Nadia Murad’s Initiative 


pledged $500,000 in support of 

Iraq’s water security through 

a new initiative launched by 

Nobel Peace Prize laureate Nadia 

Murad. The initiative aims to address 

the ongoing water crisis in Iraq, which 

has affected the country’s agriculture, 

health, and overall quality of life for its 

citizens. The UAE’s contribution will 

support the installation of new water 

treatment facilities and the rehabilitation 

of existing ones, helping to ensure 

that communities in Iraq have access to 

clean and safe water. The commitment 

is a testament to the UAE’s continued 

efforts to support development and 

humanitarian initiatives both at home 

and abroad. This new initiative, in 

partnership with Nadia Murad, will 

have a lasting impact on the people of 

Iraq and will help to build a brighter 

future for the country. 

Saudi Startup Marn Secures Investment Boost with 

Sukna Ventures Deal 

Investcorp Acquires Majority 

Stake in Eficode Bahrain 

and Expands Reach in 

Technology Space 

Investcorp, a leading global provider 

of alternative investment products, 

has announced its agreement 

to take a majority stake in 

Eficode Bahrain, a leading technology 

consulting firm. The move signals 

Investcorp’s growing presence in the 

technology space and its commitment 

to supporting the growth of innovative 

companies. The acquisition will provide 

Eficode Bahrain with the resources and 

support it needs to continue to scale 

its operations and meet the increasing 

demands of its customers. Eficode 

Bahrain’s expertise in technology 

consulting and software development 

is highly regarded in the industry, and 

Investcorp’s investment will only serve 

to enhance its position as a leading 

player in the region. This acquisition 

is a win-win for both companies, as 

Investcorp expands its reach in the 

technology sector, and Eficode Bahrain 

gains access to Investcorp’s expertise 

and resources. 

Saudi Arabian startup Marn has 

recently secured a funding deal 

with Sukna Ventures, providing 

a significant boost to the young 

company. Marn is a technology-driven 

company that provides innovative 

solutions in the transportation industry. 

The exact amount of funding has not 

been disclosed, but it is believed to be 

a substantial sum that will allow Marn 

to expand its operations and reach even 

more customers. This investment by 

Sukna Ventures is a testament to the 

potential and growth of Marn, and 

the positive impact it is having in the 

region. The new funds will be used to 

further develop Marn’s technology, 

expand its workforce, and bring its 

solutions to more communities in need. 

This is a thrilling development for both 

Marn and the wider tech community 

in Saudi Arabia. 

Saudi Startup Palm.hr 

Secures $5M in Pre- 

Series A Round 

Saudi Arabian human resources 

tech startup, Palm.hr, has raised 

$5M in a pre-Series A funding 

round, further solidifying its 

position as a leader in the HR tech space. 

The funding round was led by a group 

of local and international investors, 

who recognized the potential of the 

company’s innovative HR solutions. 

With the new funds, Palm.hr plans to 

expand its product offerings, grow 

its customer base, and increase its 

footprint in the region. The company’s 

cloud-based HR platform streamlines 

HR processes for businesses of all 

sizes, making it easier for companies 

to manage their employees and their 

HR needs. This latest funding round is 

a clear sign that Palm.hr is poised for 

growth and success, and the company 

is well-positioned to continue making 

a positive impact on the HR tech 

landscape in the region. 


Digital Assets 

Dubai Announces Guidelines for Virtual 

Asset Industry and Ranks the World’s 

Second Most Crypto-Ready City 

According to a study conducted by Recap, Dubai has been positioned as the top city 

in the region and the second globally in the cryptocurrency and blockchain industry. 

This has resulted in the city emerging as a nucleus of innovation and advancement 

in this field. London was ranked as the leading global hub for cryptocurrency, mainly 

due to its robust financial infrastructure and thriving start-up ecosystem. 

Recap’s study looks at eight key 

factors to recognise the level 

of crypto readiness in cities 

around the world, including 

quality of life score, events related to 

cryptocurrencies, the number of people 

working in crypto-related jobs, the level 

of R&D spending as a percentage of 

GDP, the number of crypto ATMs, the 

capital gains tax rate, and the percentage 

of people who own cryptocurrencies. 

The top 20 cities on Recap’s recent list 

are New York, Singapore, Los Angeles, 

Zug, Hong Kong, Paris, Vancouver, 

Bangkok, Chicago, Berlin, Sapporo, 

Lagos, Lisbon, Kuwait City, Tehran, 

Sydney, Osaka, and Kuala Lumpur. 

Riyadh and Jeddah were ranked 22nd 

and 25th. 

“Dubai comes in second place as it 

pushes to become the leading centre 

for cryptocurrency and blockchain 

technology in the Middle East, following 

a year of multiple new laws for crypto 

exchanges to operate in the city,” 

Recap said. 

Dubai has recently established the 

Virtual Assets Regulatory Authority 

(VARA) to oversee and regulate the 

virtual assets sector across Dubai’s 

mainland and the free zone territories, 

excluding the Dubai International 

Financial Centre (DIFC). Some of 

the major cryptocurrency firms have 

already established themselves in 

the UAE, while others are planning 

to move here, including crypto.com, 

Bybit, Binance, Deribit and others. 

Additionally, a recent survey released 

by YouGov found that two-thirds of UAE 

adults are interested in cryptocurrency, 

and that Dubai has a large number of 

crypto-based companies available to 

residents. This is a sign of increasing 

interest in the sector, and suggests 

v 


that it is likely to continue growing 

in popularity. 

“With zero percent tax, Dubai is 

an appealing place to live for crypto 

investors – and may be the second 

choice for some UK residents... The 

city also has a high quality of life with 

a score of 175.84 – the seventh highest 

overall,” Recap research said. 

“Crypto assets have grown massively 

over the past few years, and are 

becoming increasingly interlinked with 

the regulated financial markets, and the 

fact that so many cities are embracing 

it is a positive sign. Dubai being the 

world’s second largest crypto hub is 

good news for the government, who plan 

to launch their own digital currency by 

2026’,” said Daniel Howitt, co-founder 

and CEO at Recap, commenting on 

the research. 

“At the same time, our research 

shows that the world’s least developed 

countries are significantly less prepared 

to become crypto-hubs. Lack of 

infrastructure, foreign investment, 

and skilled workforce in the area may 

explain why some are lagging behind. 

This could cause barriers to trade with 

more developed crypto-hubs in future 

– so it’s important they’re all given 

the opportunity to get up to speed,” 

he added. 

“While Dubai excels in attracting 

crypto companies and jobs as a tax 

haven, the city falls behind when it 

comes to crypto events on offer and 

R&D spend. More investment in these 

areas could advance its position as a 

global crypto-hub… The UAE has spent 

a lot of time positioning itself as a 

crypto hub, making a play at attracting 

entrepreneurs and startups to set-up 

shop. This could just be the beginning 

for Dubai – it’ll be interesting to see 

how crypto grows over the next year, 

and whether or not Dubai can step up 

to first place,” added Howitt. 

On the other hand, Dubai Virtual 

Assets Authority announced on Tuesday 

07 Feb, 2023 a detailed regulatory 

framework for the crypto sector, 

which is set to turn the UAE into a 

superhighway for the crypto sector. 

Dozens of web3 and blockchain ventures 

from around the world are expected 

to arrive in the coming weeks and 

months, thanks to this new regulatory 

environment. 

The new policy and regulatory clarity 

are attracting top global industry 

talent from around the world, which 

is speeding up the country’s march 

Approximately 66% 

of adults in UAE 

show interest in 

cryptocurrency, while 

many companies 

engaged in the crypto 

sector are present in 

Dubai, making them 

within reach of its 

residents. 

towards becoming the global hub for 

Web3. This influx of top talent will 

help the country develop new and 

innovative technology solutions that 

can benefit everyone. 

VARA has issued extensive regulatory 

norms on compliance and riskmanagement 

standards for the sector’s 

companies, as well as the requirements 

on cyber security norms. These norms 

will help protect investors and ensure 

that sector’s companies are taking 

appropriate measures to protect their 

data and assets. The authority issued a 

separate set of rules governing specific 

activities, like issuing and exchanging 

currencies, custody services, and 

advisory services. 

The regulatory framework that is 

being put in place by the government of 

Dubai will make it easier for companies 

that are involved in the cryptocurrency 

industry to create compliant blockchain 

applications. This will help to speed 

up the mainstream adoption of this 

technology and help to grow the 

economy in the region. 

Industry insiders say that the UAE is 

already a leading hub for the digital asset 

industry, because the government there 

is supportive of this kind of technology 

and is doing a lot to promote it. This 

new initiative will make things even 

better for the industry in Dubai. 

Moreover, the Abu Dhabi-based 

Venom Ventures fund has announced 

plans to invest $1B in various Web3 

projects, including investments in 

decentralized applications (dApps), 

blockchain technology, and smart 

contracts. The Venom Ventures fund is 

one of the largest blockchain investment 

funds in the world, and its investment 

will help to further develop and promote 

Web3 technologies. 

The rules currently in place for 

virtual asset service providers (VASPs) 

to comply with anti-money laundering 

and counterterrorism (AML/CFT) 

regulations will protect investors and 

consumers from fraud, ensuring that 

people are not being taken advantage 

of financially, and that their money 

is being used safely and legitimately. 

“The government of Dubai has 

disclosed a strategy to establish 

40,000 remote jobs by 2030, with the 

objective of creating jobs that enhance 

its economy and don’t necessitate 

physical in it.” 

The UAE is taking several progressive 

steps to boost the digital economy 

sector in the country, with regional 

governments establishing their own 

initiatives in this field promoting 

blockchain and Web3 technology. 

These initiatives include the creation 

of a blockchain task force within 

the Ministry of Economy, and the 

launch of a Web3 platform to support 

the development of blockchain 

applications. 

Last July, the Dubai government 

announced a plan to create 40,000 virtual 

jobs by 2030 with the aim of creating jobs 

that don’t require a physical presence 

in the city, and to improve the city’s 

economy by increasing tourism and 

business activity. Additionally, Dubai 

authorities announced plans to make 

the emirate home to 1000 companies in 

the blockchain and metaverse sectors, 

contributing $500M to the national 

economy. 

Furthermore, the Abu Dhabi 

Global Market (ADGM) is quickly 

becoming a preferred destination for 

digital asset companies, thanks to 

its business-friendly initiatives and 

supportive regulatory environment. 

This is notably evident with companies 

such as Coinbase, Circle, and Binance 

all choosing to set up offices in the 

region. On the other hand, Dubai Multi 

Commodities Centre (DMCC) released 

new data showing that out of 3,049 new 

businesses registered in Dubai in 2022, 

500 businesses were crypto start-ups, 

indicating that the crypto industry is 

growing in popularity in Dubai and is 

likely to continue to do so in the future. 


Stock Market 

How and Why to Invest in the UAE Stock 

Market 

The number of investors in Dubai’s capital market skyrocketed in just one year due 

to the growing number of businesses choosing to go public and list their shares on 

the local exchange. In 2022, the Dubai Financial Market saw an influx of 167,332 

new investors, bringing its total investor base to over one million, a massive 23-time 

increase from the previous year. 

As more businesses decided 

to float their shares and 

list on the local exchange, 

the number of investors 

in Dubai’s capital market increased 

dramatically over the course of a year. 

In 2022, the Dubai Financial Market 

(DFM) received 167,332 new investors, 

increasing its investor base to over one 

million, a 23-fold increase from the 

previous year. Its net profit increased 

by more than 40% as well. 

Nearly half (48.7%) of the investors 

with net purchases of AED 5B ($1.4B) 

were people from more than 200 

different countries, demonstrating 

the significant presence of foreigners 

on the stock exchange, according to 

DFM. As economies in the GCC area 

make a solid recovery following the 

epidemic, many firms decided to float 

their shares last year amid significant 

investor demand. The Dubai Electricity 

and Water Authority (DEWA) and Salik, 

among other prominent governmentbacked 

and private businesses, 

launched their first public offerings 

(IPOs) in Dubai. 

In an effort to draw in more investors 

and increase activity on the local stock 

market, Dubai had earlier announced 

plans to float 10 state-backed 

enterprises. “Our relentless focus 

on our capital markets development 

strategy has borne fruit, making DFM 

one of the most active markets globally 

for new IPOs and listings of 5 [entities],” 

said His Excellency Helal Al Marri, 

Chairman of DFM. 

The DFM Company’s net profit for 

the previous fiscal year increased by 

41.7% to AED 147.1M ($40M), mirroring 

the “great improvement” in trading 

value to AED 90B, reflecting the surge 

in investor interest in the local capital 

market. Despite some volatility, the 

GCC’s IPO market saw solid activity all 

year long. According to Kamco Invest, 

DFM’s net profit rose 41.7% to AED 147.1M ($40M) 

due to an improvement in trading value (AED 90B) and 

increased investor interest in the local capital market. 

v 


the overall number of IPOs from the 

GCC increased from 20 issuances in 

2021 to 48 issuances in 2022. 

The sales increased over three times, 

reaching $23.38B. Saudi Arabia took 

the lead in the offers, with 34 of the 48 

GCC IPOs making their debut on the 

Tadawul or Nomu. However, the UAE 

took first place in terms of proceeds, 

as its 11 issues brought in more than 

half (59.7%) of the issuance revenues, 

or around $13.96B. 

Investing in the 

UAE stock market 

is typically done 

by opening a stock 

brokerage account 

with a local broker 

registered on one of 

the three UAE stock 

exchanges. 

Moreover, citizens of the Emirates 

frequently invest in stocks as a means 

of increasing their wealth, but how 

precisely can you do this in the UAE 

stock market? Whether you want 

to invest in the UAE market alone 

or in other foreign markets as well 

depends on your investment plan and 

preferences. Hence, we offer you two 

alternative ways to invest in stocks in 

the UAE. In order to assist you make an 

educated choice, we will discuss both 

solutions and highlight their essential 

components. 

1. Investment in the UAE’s stock 

market 

Opening a stock brokerage account 

with a local broker registered on one 

of the three UAE stock exchanges is 

the most frequent approach to invest 

in the UAE stock market (DFM, ADX 

or Nasdaq Dubai). Investors must also 

apply for a NIN investor number at 

the DFM to buy stocks on any of the 

listed exchanges. In the following, 

we breakdown basic actions you 

may take to invest in equities listed 

on local UAE exchanges: 

• Getting your own Investor 

Number (NIN): 

To begin, you must apply for an 

investor number by completing the 

Investor Number Request Form and 

submitting it to the DFM together 

with your signature and any needed 

evidence. You can apply online using 

e-Services, in person at the DMF 

trading floor, or by contacting a 

UAE-based broker. 

• Choosing the Right Stock Broker: 

Investors who do not have a trading 

licence must purchase stocks through: 

A local stock broker – You can 

pick and choose stock brokers on 

the DFM official website and sort 

them by their overall rating, A local 

UAE Bank – All of Dubai’s major 

banks (Abu Dhabi Commercial Bank, 

Standard Chartered, and ENDB) 

offer brokerage services to both 

foreigners and nationals living in 

the UAE. The Ras Al Khaimah 

Investment Authority as well is 

a UAE government agency offering 

brokerage services to UAE citizens. 

• Picking a Stock to Invest in: 

Choosing a stock to invest in should be 

based on your fundamental analysis 

and study of the company. As a 

beginner, avoid investing in small 

tech businesses you have never 

heard of and stick to the ones you 

are familiar with. Using your stock 

broker’s or bank’s copy trading or 

financial consulting services is an 

excellent method to get started. 

• Checking in which exchange list 

the stock is listed: 

Depending on where your preferred 

equities are listed, you may pick from 

three stock exchanges in the UAE 

(DFM, ADX, and Nasdaq Dubai). To 

have access to either exchanges, you 

must have a valid trading licence 

or utilise a stock broker that does. 

• Buying Stocks: 

To acquire a stock, you must first fill 

out a purchase form in which you 

specify which stocks and how many 

you wish to purchase. When the form 

is completed, it is submitted to one of 

the exchanges, and you will receive 

an ownership certificate verifying 

that you own the stock. 

2. Investment in the stocks of UAE 

and various other international 

stocks 

Use a more hands-on approach and 

create an account with one of the online 

stock brokers if you want to invest in 

overseas equities in addition to the UAE 

stock market. For investors wishing 

to purchase foreign equities, online 

stock brokers provide a more practical 

option to invest in the market. As with 

anything else, doing an action online is 

quicker and simpler than performing it 

in person. Users of online stock brokers 

may invest in a variety of markets and 

asset classes from a single dashboard 

and from any location in the globe. 

Additionally, users are not required 

to hold a TIN tax number or a NIN 

investor number. Additionally, using an 

online broker allows you to test your 

trading strategies with fictitious funds 

and learn a tonne of information using 

their instructional resources. 

Most Traded stock exchanges in UAE 

1. Dubai Financial Market (DFM): 

More than 170 Sharia-compliant 

enterprises are listed on the 

DFM, which was formed in 2000. 

The Securities and Commodities 

Authority (SCA), which oversees 

the DFM, prohibits companies that 

are deemed “haram” from being 

listed there. 

2. Abu Dhabi Securities Exchange 

(ADX): 

The ADX, which was established 

in 2000 and has offices in Ras Al 

Khaimah, Al Ain, Fujairah, and 

Sharjah, facilitates trading between 

UAE businesses. 

3. NASDAQ Dubai: 

The Dubai International Financial 

Center (DFIC) is home to the NASDAQ 

Dubai, which was established in 2005 

and lists both domestic and foreign 

businesses. On the NASDAQ Dubai, 

organisations like the Middle East 

and Real Estate Investment Trust 

and the Bank of London are listed. 


Wheels 

Ferrari SF-23 

Ferrari is the latest team to 

reveal its challenger for the 

upcoming 2023 F1 season. 

While the SF-23 is an evolution 

of last year’s car, Ferrari says it has been 

“completely redesigned” as it looks to 

mount a more serious championship 

challenge, with new team principal 

Frederic Vasseur at the helm. 

As is tradition for Ferrari, the new 

SF-23 also sports a red-dominant livery, 

this time combining matte red with 

some naked carbon fibre sections. 

The ‘long F’ Ferrari logo also returns 

on the rear wing. “Our 2023 car is an 

evolution of the one we raced last year, 

but in reality, it has been completely 

redesigned,” says Enrico Cardile, who 

is the head of the chassis area. 

Aerodynamic changes have been 

made to increase vertical downforce 

and “achieve the designed balance 

characteristics”. The suspension has 

been redesigned to increase the range 

of adjustments that can be made to the 

car on the track. “The most obvious 

changes are in the area of the front 

suspension where we have moved to a 

low track rod,” added Cardile. Further 

changes have been made to the front 

wing and nose. 



Corporate Tax 

How UAE Corporate Tax Law Treats 

Unrealised Gains and Losses 

Adjusting for unrealized gains and losses is a crucial step in accounting for profits. 

Under the UAE CT law, Article 20(3), individuals subject to taxation can opt to account 

for gains and losses based on when they are realized for assets and liabilities that are 

subject to fair value or impairment accounting under applicable accounting standards, 

or for all assets and liabilities held on capital account at the end of a tax period. 

The UAE Corporate Tax law 

mandates that taxpayers must 

use an indirect approach 

to calculate their taxable 

profits. This involves creating financial 

statements based on the applicable 

accounting standards, and then 

adjusting the accounting profits to 

determine the taxable profits. The 

adjustments usually require adding back 

non-deductible expenses, subtracting 

expenses not recognized in accounting 

profits, excluding income not subject 

to UAE CT law, and including taxable 

income that is not part of accounting 

profits. 

One of the most critical adjustments to 

accounting profits is the adjustment of 

unrealised gains and losses. According 

to Article 20(3) of the UAE CT law, 

taxable persons can choose to account 

for gains and losses on a realisation 

basis for all assets and liabilities subject 

to fair value or impairment accounting 

under applicable accounting standards, 

or all assets and liabilities held on 

capital account at the end of a tax 

period. However, the gain or loss on 

all assets and liabilities held in the 

revenue account will be considered 

on an unrealised basis, as provided for 

in clause 20(3)(b) of the UAE CT law. 

Taxable persons may opt to be taxed on 


a gain or allowed a loss on a realisation 

basis only for the assets and liabilities 

subject to fair value or impairment 

accounting or held on capital account. 

This applies to all assets and liabilities 

of the respective category. 

Assets and liabilities subject to 

fair value generally include financial 

assets, financial liabilities, investment 

property, biological assets measured 

at fair value less cost to sell, and 

intangible assets acquired in a 

business combination. Assets subject 

to impairment accounting include 

property, plant, and equipment (PPE), 

goodwill, intangible assets not acquired 

in a business combination, investments 

in equity instruments that are not held 

for trading, and others. 

and all unrealised gains would not 

be taxable (and conversely, any and 

all unrealised losses would not be 

deductible) until they are realised; 

2. The taxpayer can elect to recognise 

gains and losses on a ‘realisation 

basis’ for UAE CT purposes for 

assets and liabilities held on capital 

account only - that is, only unrealised 

gains and losses in respect of assets 

and liabilities held on capital account 

would not be taxable or deductible, 

respectively, until they are realised. 

Unrealised gains and losses arising 

from assets and liabilities held on 

revenue account, on the other hand, 

would continue to be included in 

taxable income on a current basis. 

loss) of the business, after making 

adjustments for certain items specified 

in the Corporate Tax Law. 

The accounting net profit (or loss) 

of a business is the amount reported 

in its financial statements prepared 

in accordance with internationally 

acceptable accounting standards. 

Adjustments to the accounting net 

profit (or loss) will need to be made 

for the following items: 

1. Unrealised gains and losses (subject 

to the election made regarding 

the application of the realisation 

principle); 

2. Exempt income such as qualifying 

dividends and capital gains; 

3. Income arising on intra-group 

transfers; 

Required Adjustments to the 

Financial Statements: 

The corporate tax legislation in the 

UAE mandates that the accounting 

net profit (or loss) must be modified 

to account for various items specified 

in the law, which include: 

1. Unrealised profits or losses 

(depending on how the realisation 

principle is applied) 

2. Income that is exempt, such as 

dividends 

3. Transfers between companies within 

the same group 

4. Deductions that are not permitted 

for tax purposes 

5. Adjustments for transactions with 

related parties and connected 

individuals 

6. Any tax incentives or relief provided 

by the government 

7. Any other modifications specified 

by the Minister. 

How CT Treats Unrealised Gains 

and Losses: 

Generally, assets and liabilities are 

considered to be held on capital account 

when they are not expected to be sold 

or traded with during the regular course 

of the business operation. Where a 

business prepares their financial 

statements on an accruals basis, 

it has the following options in 

respect of the UAE CT treatment 

of unrealised accounting gains 

and losses: 

1. The taxpayer can elect to recognise 

gains and losses on a ‘realisation 

basis’ for UAE CT purposes for all 

assets and liabilities - that is, any 

Taxpayers in the UAE can use the 

realization principle to determine 

their taxable income under the 

country’s CT system. 

Realisation Principle: 

Similar to other Corporate Tax 

systems, the UAE’s CT system permits 

taxpayers to use the “realisation 

principle” to ascertain their taxable 

income. In other words, income will 

only be subject to tax, and deductions 

may only be taken, when a gain or loss is 

realised, such as when the related asset 

is sold or terminated. The application 

of the realisation principle means 

that any gains or losses on assets or 

liabilities that are subject to fair value 

or impairment accounting will not be 

included in the taxable income for 

each Tax Period. 

Taxable Income for UAE CT: 

The taxable income for a Tax Period 

will be the accounting net profit (or 

4. Deductions which are not allowable 

for tax purposes; 

5. Transactions with Related Parties 

and Connected Persons; 

6. Transfers of tax losses within the 

group where relevant; 

7. Incentives or tax reliefs; and 

8. Any other adjustments as specified 

by the Minister. 


Corporate Results 

RAKBANK 

Q4’22 Net Profit: AED 

205.3M 

RAKBANK, one of the leading banks 

in the UAE, has reported a strong 

performance in Q4 2022 with record 

profits and a significant increase in 

customer deposits. The bank’s net 

profit for the quarter was AED 205.3M 

($55.8M), up by 12.9% compared to 

the same period last year. Customer 

deposits grew by 27% to AED 42.7B 

($11.6B), driven by increased demand 

for the bank’s digital products and 

services. RAKBANK’s CEO, Peter 

England, attributed the bank’s success 

to its continued focus on customercentricity, 

digital transformation, 

and prudent risk management. The 

bank remains optimistic about its 

growth prospects and is committed to 

enhancing its offerings to meet evolving 

customer needs. 

Aldar Properties 

Q4’22 Net Profit: AED 1B 

Aldar Properties, a UAE developer, 

has reported a net profit of AED 1B 

($272M) for Q4-2022, which is 28% 

higher than the previous year and 

has surpassed the expectations by 

a significant margin. The full-year 

net profit for 2022 increased by 35% 

to AED3.1 billion, according to the 

developer’s statement at the Abu Dhabi 

Securities Exchange. The company’s Q4 

profit estimates of AED 699M and AED 

2.70B for the fiscal year, as compiled 

by Refinitiv, were exceeded. Aldar 

Development’s sales doubled year-onyear 

to AED 14.3B for the fiscal year, 

driven by high demand for new property 

launches and existing inventory in the 

UAE. The company has recommended 

a cash dividend of AED0.16 per share 

for the fiscal year. 

Shuaa 

Q4’22 Net Profit: AED 

59.3M 

Dubai-based investment bank Shuaa 

Capital reported impressive financial 

results for the fourth quarter of 2022. The 

company’s net profit more than doubled 

from AED 24.5M in Q4 2021 to AED 

59.3M in Q4 2022, a remarkable increase 

of 142%. The company attributed 

this strong performance to higher 

revenues from its core businesses, 

including investment banking, asset 

management, and capital markets. 

Shuaa Capital’s total assets under 

management increased by 13% yearon-year 

to AED 15.4B. The company’s 

robust financial results are a testament 

to its strong business model and the 

resilience of the Dubai financial sector 

amidst challenging global economic 

conditions. 

AD Ports Group 

2022 Net Profit: AED 1.3B 

AD Ports Group, globally renowned 

logistics, industry, and trade enabler, has 

released its financial outcomes for the 

12 months concluded on December 31, 

2022, declaring a robust operational and 

financial performance. The company’s 

revenue expanded by 41% YoY to AED 

5.5B, an organic growth of 23% YoY 

to AED 4.8B. The group’s impressive 

outcome was mainly powered by 

its successful Maritime and Ports 

Clusters, in addition to acquisitions 

and new partnerships. The company 

also reported a 37% YoY increase in 

EBITDA to AED 2.2B in 2022, and its 

net profit surged to AED 1.3B, up by 

53% YoY. 

Emirates Steel Arkan 

2022 Net Profit: AED 

506.8M 

Emirates Steel Arkan, one of the leading 

steel manufacturers in the Middle East, 

has reported a net profit of $138M for 

the year 2022, marking a significant 

turnaround from the previous year’s 

losses. The company’s success can be 

attributed to several factors, including 

a recovery in global steel demand, 

the successful implementation of 

cost-saving measures, and the 

introduction of new products and 

services. Emirates Steel Arkan’s 

impressive financial performance 

is a testament to its commitment 

to innovation, sustainability, and 

operational excellence. The company 

has invested heavily in technology and 

research and development to enhance 

its product offerings and reduce its 

environmental footprint. With a strong 

balance sheet and a focus on customer 

satisfaction, Emirates Steel Arkan is 

well-positioned for continued success 

in the highly competitive global steel 

industry. 

ADNOC Distribution 


ADNOC Distribution, the UAE’s largest 

fuel and convenience store retailer, has 

reported a 22% increase in its net profit 

for 2022, reaching AED 2.75B ($748M). 

The rise in profits can be attributed to 

the company’s ability to adapt to the 

challenges presented by the COVID-19 

pandemic, as well as its ongoing 

expansion efforts both domestically and 

internationally. ADNOC Distribution’s 

total fuel volumes also increased by 1% 

to 9.9B litres, while its non-fuel retail 

revenues increased by 10% to AED 

2.7B. The company has attributed its 

success to its robust business model and 

continued investment in infrastructure 

and digital technologies. 


DEWA 


Dubai Electricity and Water Authority 

(DEWA) announced a surge in net 

profits for the year 2022, a boost in 

electricity and water demand. The net 

profit for the year reached AED 5.5B, 

an increase of 10% compared to the 

previous year. DEWA also unveiled a 

special dividend payout of AED 2.1B, 

equivalent to 38.6% of its capital, to its 

shareholders. This payout highlights 

the authority’s commitment to provide 

value to its shareholders while achieving 

its strategic goals. The impressive 

financial results were attributed to 

DEWA’s smart initiatives, innovative 

projects, and investments in renewable 

energy, which aim to reduce carbon 

emissions and enhance sustainable 

development in the UAE. 

ADCB 


Abu Dhabi Commercial Bank (ADCB), 

one of the leading banks in the UAE, has 

announced a record-breaking full-year 

net profit of AED 6.434B, representing 

a year-on-year increase of 23%. The 

bank’s strong financial performance 

was driven by an increase in operating 

income, improved cost efficiencies and 

a reduction in impairment charges. 

ADCB’s Q4’22 net profit also rose by 

23% YoY to AED 1.784B, highlighting the 

bank’s continued resilience in the face of 

the challenging economic environment. 

The bank’s robust financial position has 

enabled it to consistently deliver value 

to its stakeholders, while maintaining 

a strong focus on risk management and 

customer service. 

du 


UAE’s telecom operator Emirates 

Integrated Telecommunications 

Company, also known as du, reported 

a 10.8% growth in 2022 full year net 

profit. Net profit for the year rose to 

AED 1.22B, while the telco recorded 

a 9.2% increase in revenue, equalling 

AED 12.75B, on “sustained demand for 

broadband services and 5G handsets 

as well as a gradual recovery of mobile 

services”, the company said on Tuesday. 

Full-year earnings before interest, tax, 

depreciation and tax (EBITDA) also 

grew by 12% to reach AED 5.14B, owed 

to strong services revenues growth, 

expansion of gross margins and cost 

optimisation initiatives, the operator 

added. Capital expenditures for the 

full year totalled Dhs2.21bn. 

Aramex 

2022 Net Profit: AED 165.3M 

Dubai-based logistics firm Aramex 

has reported a 27% drop in net profit 

for 2022, with earnings falling to AED 

165.3M due to a decline in international 

activity. The company, which provides 

delivery and logistics services in more 

than 70 countries, has been hit hard 

by the ongoing Covid-19 pandemic, 

as international trade and shipping 

volumes continue to be disrupted. 

Despite this, Aramex’s revenues 

remained steady, with the company 

generating AED 5.5B in revenue for 

the year. Aramex’s management team 

remains confident in the company’s 

long-term prospects, however, and has 

outlined plans to continue investing in 

technology and expanding its operations 

in key markets. 

Mashreq Bank 


Mashreq Bank, which is based in Dubai, 

reported a net profit of AED 3.7B 

($1B) for the year 2022, representing a 

270% increase from the previous year, 

according to the bank’s chairman, who 

referred to it as a “transformative year”. 

The bank also announced a fourthquarter 

net profit of AED 1.126B, up 

from the previous quarter and yearon-year. 

The operating profit for the 

year 2022 was AED 7.496B, an increase 

from the previous year’s AED 5.806B. In 

addition, the retail banking operations 

grew by 42% in the year, while the digital 

solutions Neo and personal banking net 

profit grew by 43%, according to the 

Group CEO Ahmed Abdelaal. 

Borouge 

2022 Net Profit: $1.41B 

Abu Dhabi-based polyolefin company 

Borouge posted a 17% year-on-year 

(y-o-y) fall in its Q4 2022 net profit to 

$247M from $299M. Profit for the full 

year came in 8% lower y-o-y to $1.41B, 

the ADX-listed company said. The 

quarter’s effort missed Refinitiv’s mean 

analysts’ estimates of $258M, but was 

in line with the FY estimate of $1.41B. 

Revenue in the quarter was $1.59B, 6% 

lower compared with $1.69B in the 

prior period. The specialty chemicals 

company, which listed in June last year 

following an IPO which raised more 

than $2B, said it was committed to 

pay $975M in dividends for 2022, and 

at least $1.3B for FY 2023. 


Events 

The Annual International Seminar of ICAI 

Abu Dhabi Chapter Concludes its 34th 

Edition 

The ICAI ABU DHABI CHAPTER 

recently launched the 34th 

International Annual Seminar 

with an opening ceremony that 

included CA Rohit Dayma Secretary 

lighting the lamp followed by the 

national anthems of UAE, India, and 

ICAI. Chairman John George addressed 

the attendees, introducing the theme 

of the seminar, while CA Aniket Talati, 

Vice Chairman of ICAI, expressed 

appreciation for the committee’s hard 

work and discussed the ongoing changes 

taking place within the Institute of 

Chartered Accountants of India. 

The Lulu Group’s Chairman and 

Managing Director, Mr. Yusuf Ali, 

delivered an inspiring keynote address 

at the event, expressing his appreciation 

for the invaluable contributions made 

by Chartered Accountants to Abu 

Dhabi. Additionally, Dr. Debashis 

Mitra, the President of ICAI, delivered 

a speech at the event, highlighting the 

accomplishments of the Abu Dhabi 

Chapter and discussing the crucial 

role played by CAs in the successful 

implementation of GST. 

During the event, Swamiji highlighted 

the significance of maintaining human 

values, honing skills, and pursuing 

aspirations. Additionally, Dr. Azad 

discussed the ongoing transformation 

of healthcare, while Sanjay Sudhir 

elaborated on the strong relationship 

between India and UAE. Aman Gupta 

shared his personal journey as a CA 

and his experiences as an entrepreneur, 

and M K Anand provided insights on 

the growth of India and its impact on 

globalization. A panel discussion also 

took place, featuring experts Robin 

Singh and James Franklin discussing 

cricket and BharatPe, and Sunil 

exploring the acquisition of a bank 


license and strategies for investment. 

On the second day, the Abu Dhabi 

Chartered Accountant Conference 

featured an impressive line-up of 

speakers and notable figures such 

as H.E. Sheikh Nahyan Mubarak Al 

Nahyan, Minister of Tolerance and 

Coexistence, H.E Younis Haji Al Khoori, 

Undersecretary of the Ministry of 

Finance, Shraddha Sharma, Founder of 

Your Story Media, Shalini Saraswathi, 

Inspirational Speaker and Indian Blade 

Runner, Neelkantha Bhanu, Founder of 

Bhanzu and Faster Human Calculator, 

among others. 

The conference also featured a 

riveting panel discussion on the role 

of the CFO, moderated by Padmanabha 

Acharya, Deloitte Audit Partner. The 

panel was comprised of Alwyn Crasta, 

Group CFO of an International Holding 

Company, Mr Marcos de Quadros, Group 

CFO of ADQ, and CA Hari Mohan, 

Group CFO Burjeel Holding. 

H.E. Sheikh Nahyan Mubarak 

Al Nahyan delivered a compelling 

keynote address that emphasized 

the significance of tolerance and 

coexistence in building a thriving 

and harmonious society. On the other 

hand, H.E Younis Haji Al Khoori shared 

his extensive knowledge on the future 

of finance and how technology is 

transforming the industry, inspiring 

attendees to embrace innovation and 

stay ahead of the curve. 

Shraddha Sharma, Founder of 

Your Story Media, provided valuable 

insights into the power of storytelling 

in business and how to effectively 

communicate a brand’s message, while 

Shalini Saraswathi, a world-renowned 

motivational speaker, captivated the 

audience with her inspiring journey as an 

Indian Blade Runner and her teachings 

on perseverance, determination, and 

following one’s passions. Neelkantha 

Bhanu, Founder of Bhanzu and Faster 

Human Calculator, amazed the audience 

with his incredible mental calculations 

and demonstrated the power of the 

mind. 

During the panel discussion, the 

topic of the CFO’s role was explored 

in depth, which led to a stimulating 

and insightful session that examined 

the difficulties and possibilities that 

CFOs face in today’s fast-paced business 

landscape. The panellists, Alwyn 

Crasta, Mr Marcos de Quadros, and 

CA Hari Mohan, shared their valuable 

viewpoints and experiences on the 

changing position of the CFO, as well 

as the techniques and competencies 

required to thrive in this role. 


Events 

Managing Committee chairman, CA 

John Geroge ICAI Abu Dhabi chapter, 

thanks all speakers, members, and 

sponsors for their contributions and 

support for making this event a grand 

success. Media team CA Ajay Singhvi 

and CA Ankit thanks all media partners 

who have covered this event extensively. 

An organization that’s well-versed with 

Dubai’s neighbourhoods, understands 

the requirements of the customers, 

and strives to deliver an exceptional 

experience for its customers and all 

stakeholders. 

The firm’s team is a group of 

experienced real estate professionals 

with rich industry experience so that 

they can always give the best solutions 

to customers. What they bring is a new 

level of sophistication to the market, by 


providing solutions in buying, selling, 

or leasing residential and commercial 

properties, having customers covered 

in all aspects with full transparency 

and honesty. 

Professionally qualified team of Prime 

View, including their General Manager 

Himanshu Jain, will ensure excellent 

customer service and deliverables 

while maintaining the integrity, 

professional ethics, and standards. 

They will handhold the client right from 

selection of the property, arranging the 

mortgage from the bank and ensuring 

the smooth transfer of the property. 

Mr. Rizwan Sajan, Founder and 

Chairman of Danube Group, mentioned 

that the opening of Prime View 

Properties was an opportunistic 

decision as the real estate market in 

the UAE for the year 2023 will be better 

than the year 2022. 

Furthermore, CA Dinesh Kothari, 

Founder and Chairman of Delhi 

Private School (DPS), also praised 

the determination of all three female 

founders of the company for taking 

this step into the real estate industry, 

and he also quoted that the best way 

to make your dreams come true is to 

wake up and work hard for that dream 

until you achieve it. 

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Interview 

Leadership commitment 

is an ongoing requirement 

for R&D, which cannot be 

established as a department 

that is simply created and 

left unattended. 

Sridhar Vembu, 

CEO of Zoho Corporation 

In a one-to-one conversation with Manoj Sureka 


Sridhar Vembu is the founder and CEO of Zoho Corporation, established 

in California in 1996. The company is the parent organization of three 

prominent brands; Zoho, ManageEngine, and WebNMS - which offer SaaS 

(Software as a Service) products to businesses worldwide. 


Q. We have heard a lot about AI 

for the past few months, so what 

is your say over there? 

You can take ChatGPT as an example, 

but one thing to keep in mind is that 

there is still text prediction revision 

because such tools don’t have a lot of 

truth or reality. So, they can give you 

very plausible and clear-sounding texts, 

but they might not have a connection 

with reality or truth. This problem 

has to be solved; these tools have to 

be augmented with what is true and 

what is a fact. Those are the types of 

problems that have to be solved. 

For example, these tools do not 

know the notion of gravity, where 

objects automatically fall. So, these 

things have to be taught to these tools. 

This applies even to mathematics; for 

example, these tools have problems with 

adding, subtracting, etc. These things 

are different from text prediction. All 

these other things will be brought to 

AI; that’s how I see the future. 

Q. How do you suggest for a company 

at the SME level or corporate level 

to keep a balance between R&D or 

innovation and revenue? 

It is good first to have spent a 

proportional budget already. It’s true 

for almost most companies because this 

is what keeps enhancing your offerings. 

R&D is not some Nobel Prize-winning 

new research. For example, I could 

be managing a restaurant where new 

recipes are considered R&D. How do 

you create your new recipes? If I find 

some new formula, my sales could 

suddenly grow up, but for that, I will 

be experimenting. I would have one or 

two people try new things. This could 

be true in media too; how you present 

your information better, what kind of 

visuals are easier to understand, etc. 

In other words, you are curious, and 

your mind is constantly learning how 

to do this better. This is the continuous 

improvement process of every business 

having a proportional budget. It is good 

to allocate. The leadership should also 

be committed to this. R&D is not some 

department you set up and forget; 

the leadership has to be constantly 

committed to this. 

Establish 

trust with the 

employees 

in order for 

them to work 

together 

and gain the 

trust of the 

customers. 

Q. What can you say to a new 

entrepreneur who starts his journey 

and listens to this statement, “money 

is not important”? 

Money is important because otherwise, 

how do you pay the bills, pay your 

employees, or invest in products? In 

the quest for money, however, it is 

important to keep in mind the idea of 

not sacrificing any long-term goals we 

have. In a sense, if I’m worried about 

the next quarter’s profit result, I may 

take decisions that harm the longterm 

commitment of employees, the 

commitment of customers, etc. That is 

bad. In other words, we have to keep a 

balance between making sure we are 

able to pay our bills and making sure 

we’re viable, relevant, and vibrant in the 

long term, so that balance is important. 

Q. How do you see the benefits for 

businesses in light of the relations 

between the governments of the 

UAE and India? 

The ties between the two nations 

are very strong and getting stronger. 

Hence, the business climate is very good 

here, particularly for Indians. We also 

see in the market customers who love 

doing business with a company like us 

because we come with a very different 

mindset. First of all, our technology is 

world-class and very affordable. We 

also come with a very humble approach 

of working with customers, learning 

from them, and applying those lessons 

to our software. So, this refreshing 

approach is also something good to 

customers; they love it, and that is 

how this cultural connection is actually 

fueling our expansion. 

Q. Do you have any final message 

for our readers or advice on how 

they can grow in their business 

and personal lives and keep the 

balance between the two? 

It’s important to keep the long-term 

focus and make sure you take care of 

your employees well; offer them a safe, 

secure work environment and create 

your team. Earn the employees’ trust 

so that collectively the employees can 

go and earn the customer’s trust. 


Travel 

Six places to visit in March 2023 

As we approach the start of 

Spring, now is the ideal time 

to begin considering your 

next vacation. March is a 

wonderful month to travel because 

temperatures begin to rise and the 

crowds have not yet arrived. 

There are numerous locations to 

choose from in March, whether you’re 

seeking a warm tropical escape or 

a chance to witness the first signs 

of Spring. You can relax amidst the 

verdant hills, explore breath-taking 

waterfalls, immerse yourself in the 

diverse wildlife of lush forests, marvel 

at beautiful architectural structures, 

visit distinctive animal sanctuaries, 

and take in the stunning beauty of 

surreal mountains. 

Choosing the perfect travel 

destination can be daunting, but you’re 

in luck because we’re here to help. A 

plethora of alluring destinations around 

the world, the choice ultimately depends 

on your desired travel experience 

and the time of year. To simplify the 

planning process, we have compiled a 

list of six popular tourist destinations 

to consider visiting in March. 

New Hampshire 

From March until mid-April, the 

ski season is in full swing in 

New Hampshire, USE, making 

it an ideal time to visit due 

to the abundance of snow and often 

reduced late-season prices. Whether 

you prefer luxurious resorts or cosy 

vacation home and cabin rentals, there 

are numerous options available for 

accommodation and winter activities, 

even if skiing isn’t your thing. In March, 

New Hampshire also celebrates Maple 

Month, with over 90 sugarhouses 

welcoming visitors to observe the maple 

sugaring process. Visitors can engage 

in a range of interactive activities, 

such as identifying trees, tapping for 

syrup, enjoying horse-drawn wagon 

rides, and sampling the freshly made 

maple syrup. 

Jaipur, India 

Among the best travel destinations 

in March is the Pink City, 

Jaipur, in India, renowned 

for its vibrant and colourful 

Holi festival. As the festival of colours, 

Holi is a two-day event that celebrates 

the arrival of spring and features locals 

playing with colourful powder (gulal), 

enjoying traditional sweets like gujiya, 

and singing and dancing. Jaipur, with its 

distinctive blush-coloured architecture, 

is a picturesque and lively city, home 

to must-see attractions such as the 

Hawa Mahal, with its stunning red and 

pink sandstone facade, the Jal Mahal 

palace that appears to float on a lake, 

and Nahargarh Fort, which offers 

breath-taking panoramic views of the 

city in dusty pink. 


Marrakech, Morocco 

Marrakech is a recommended 

travel destination for March. 

It is a captivating city where 

cultures from Europe, Africa, 

and the Middle East blend together. 

Marrakech offers an array of sights 

to see, including the ancient medina, 

vibrant souks, galleries, and peaceful 

garden oases. March is an ideal time 

to visit as the weather is mild, and 

there are fewer crowds. Don’t miss 

the chance to explore the renowned 

medina, designated as a UNESCO 

World Heritage Site, with its mazelike 

alleys and bustling marketplaces 

selling various goods such as spices, 

carpets, and teapots. In the evening, 

head to Djemma el Fna, a vast public 

square brimming with aromatic food 

stalls. Watching the sunset over the 

medina from a rooftop restaurant is 

a must-do activity that promises an 

unforgettable experience. 

Norway 

March marks the arrival of 

spring on the calendar, 

and as the days get longer 

and temperatures start to 

increase, the weather across Norway 

begins to vary. To make the most of this 

season, there are several activities one 

can engage in. For instance, one can 

take a cruise along the fjord, indulge 

in spring skiing in the mountains, or 

explore the capital city of Oslo, including 

the new National Museum of Norway 

that sits on the waterfront. Another 

exciting adventure to embark on is 

the Rauma Railway, known for being 

Europe’s most stunning train ride. For 

those seeking a more personalized 

and unique experience, Up Norway, 

a luxury travel curator, offers a range 

of pre-planned journeys or tailor-made 

excursions that showcase Norwegian 

culture, nature, outdoor activities, 

exquisite dining, and much more. 

With so much to offer, Norway is the 

perfect destination for anyone looking 

to create unforgettable memories in 

the springtime. 


Travel 

Dubai 

Dubai is a stunning tourist 

spot that is open for visitors 

throughout the year, but March 

is considered one of the ideal 

times to visit as it offers relief from the 

scorching summer heat. With a variety of 

man-made attractions, this contemporary 

city provides an engaging experience for 

travelers. To make the most of your trip, 

it is recommended to plan your travel 

itinerary thoughtfully and in advance, 

allowing you to explore and appreciate 

the city’s remarkable features. Dubai is 

a place that promises an unforgettable 

vacation with its numerous charms 

and exciting activities. There are many 

fascinating attractions to explore in 

this city, such as the Historical Dubai 

Creek, the impressive Palm Jumeirah, 

and the iconic Burj Khalifa. The Dubai 

Mall is a must-visit destination for 

shopping enthusiasts, featuring exciting 

entertainment options like an ice 

rink, a walk-through aquarium, and an 

indoor theme park. So many unique and 

impressive sights to see, visitors will 

have plenty of opportunities to create 

unforgettable memories. 

Fort Lauderdale, Florida 

Fort Lauderdale is an attractive 

destination for tourists in 

March due to its wide range 

of accommodation facilities, 

excellent dining options, miles of 

waterways, and pleasant weather with 

temperatures hovering around the low 

80s. There are plenty of things to do in 

the city, such as taking a water taxi, 

exploring outdoor art in the trendy 

FAT Village neighbourhood, strolling 

along the downtown Riverwalk, and 

checking out the shops and scenery 

on Las Olas Boulevard. Visitors can 

also relax and enjoy a cocktail while 

cruising the picturesque waterways of 

Fort Lauderdale. If you’re concerned 

about finding the perfect place to 

stay, there is no need to worry. Fort 

Lauderdale boasts a plethora of hotels 

to choose from, including the Sonder at 

Riverwalk, the luxurious Ritz-Carlton, 

the sophisticated Four Seasons Hotel 

and Residences, and the stylish The 

Dalmar. Whatever your preferences 

and budget, there is an accommodation 

option to suit your needs. 


Travel News 

Discover Qatar unveils 

three new transit tours 

Discover Qatar, the country’s 

destination management 

company, has launched three 

new transit tours for travelers 

passing through Hamad International 

Airport. The tours aim to provide 

passengers with an immersive experience 

of Qatari culture, heritage, and history 

during their layover. The tours include 

a city tour of Doha, a cultural tour of 

Al Zubarah, and an adventure tour of 

Khor Al Adaid. Each tour is led by a 

local guide and includes transportation, 

refreshments, and a complimentary visa. 

The tours range from four to six hours 

and are suitable for all ages. The new 

transit tours aim to encourage visitors 

to explore Qatar beyond the airport and 

boost the country’s tourism industry. 

Bahrain tourism sector 

tops targets; revenue 

hits $4B 

Bahrain’s tourism sector has 

exceeded expectations by 

generating over $4B in revenue, 

surpassing its target of $3.3B. 

The country’s tourism industry has been 

steadily growing, with a 43% increase 

in the number of visitors in the last 

five years. The increase in revenue is 

attributed to a rise in hotel occupancy 

rates and increased spending by tourists. 

The government has implemented several 

initiatives to boost tourism, such as 

expanding the airport, introducing new 

tourist attractions, and simplifying visa 

procedures. The success of the tourism 

industry has contributed to Bahrain’s 

economic growth and diversification, 

making it an attractive destination for 

both business and leisure travellers. 

Riyadh’s Public Transport 

Buses to Hit the Roads 

in March 

Residents of Riyadh can finally 

look forward to a more convenient 

and accessible means 

of transportation as the city’s 

long-awaited public transport buses 

are set to launch in March. The Riyadh 

Development Authority announced that 

the first batch of buses will operate on 

12 routes across the city, with more 

routes to be added in the future. The 

new buses are expected to help reduce 

traffic congestion, improve air quality, 

and make commuting more affordable 

for residents. This initiative is a 

significant step towards modernizing 

the city’s transportation system and 

providing better services to its growing 

population. 

UAE Residents Can Enjoy 

Complimentary Tickets 

to Hong Kong 

In an effort to boost tourism, the Hong 

Kong Tourism Board has announced 

an exciting offer for UAE residents. 

Starting from February 22, 2023, 

UAE residents can fly to Hong Kong, or 

back to the UAE, with complimentary 

tickets. The initiative, dubbed “Fly for 

Free,” aims to encourage more visitors 

from the UAE to travel to Hong Kong 

and experience its vibrant culture and 

attractions. The offer is valid for a limited 

time and subject to terms and conditions. 

The Hong Kong Tourism Board hopes 

that this promotion will inspire travelers 

to explore the dynamic city and support 

its hospitality and tourism industries. 


Travel News 

UAE minister addresses challenges in space 

travel to unlock its potential 

The World Government Summit 

2023 held in Dubai, with a focus 

on exploring solutions to 

global challenges. One of the 

key themes of the summit was space 

exploration, with H.E. Sarah Al Amiri, 

Minister of State for Public Education 

and Advanced Technology, addressing 

the challenges that must be overcome to 

unlock the full potential of space travel. 

The minister highlighted the need for 

cooperation and collaboration between 

nations to drive progress in this field. 

She also emphasized the importance 

of developing sustainable solutions 

for space travel, given the impact that 

human activities in space can have on 

the environment. The discussions at 

the summit reflect the growing interest 

in space exploration and the need 

for international cooperation to drive 

progress in this field. 

UAE Extends Visit Visa 

for just AED 200 

Tourists visiting the United Arab 

Emirates (UAE) have reason to 

celebrate, as the government 

has announced that they can 

now extend their visit visas for up to 

90 days for just AED 200. This move is 

aimed at encouraging longer stays and 

boosting the tourism industry in the 

country. Previously, visitors had to pay 

around AED 500 for a 30-day visa, and 

had to leave the country and re-enter to 

extend their stay. This new policy makes 

it easier and more affordable for tourists 

to enjoy all that the UAE has to offer, 

from world-class shopping and dining to 

stunning natural landscapes and thrilling 

adventure activities. 

Dubai Scraps Passport 

Rules and Saudi Expat 

Law Change 

Al Tayer Motors luxury fleet ensures World Government 

Summit delegates travel in style 

Al Tayer Motors, the official UAE 

importer-dealer for luxury car 

brands such as Jaguar, Land 

Rover, Ferrari, and Maserati, 

provided a fleet of vehicles to transport 

delegates in style during the World 

Government Summit held in Dubai. 

The summit brought together leaders and 

experts from around the world to discuss 

topics related to government, innovation, 

and technology. Al Tayer Motors’ luxury 

fleet included a range of vehicles, from 

the powerful Land Rover Range Rover 

to the stylish Maserati Quattroporte. The 

company’s commitment to providing the 

highest level of customer service ensured 

that delegates traveled in comfort and 

arrived at their destinations on time, 

adding a touch of luxury to the overall 

summit experience. 

The United Arab Emirates (UAE) 

has been making headlines 

with a series of visa and travel 

updates. Firstly, Dubai has 

announced that it will be scrapping 

its passport validity rule, meaning 

that visitors will no longer need six 

months validity on their passports to 

enter the city. This move is expected 

to boost tourism and make travel to 

Dubai more accessible. Meanwhile, 

Saudi Arabia has announced that it will 

be amending its expat residency laws, 

making it easier for foreign workers 

to change jobs and leave the country. 

Other updates this week include the 

extension of the UAE’s golden visa 

program, and the introduction of a 

new visa for remote workers. 


Air Canada Cargo and Emirates SkyCargo Join Forces for Enhanced 

Global Reach 

Two of the world’s leading 

cargo airlines, Air Canada 

Cargo and Emirates SkyCargo, 

have signed a new partnership 

agreement to improve their networks 

and expand their reach. The agreement 

will allow the two airlines to collaborate 

on routes, codeshare flights, and share 

space on each other’s planes to transport 

goods to new destinations. This move 

is expected to benefit businesses and 

consumers alike by offering greater 

flexibility, faster transit times, and 

more options for shipping cargo around 

the world. With Air Canada’s extensive 

network in North and South America 

and Emirates SkyCargo’s vast reach in 

the Middle East, Asia, and Africa, this 

collaboration is poised to make a big 

impact on the global cargo industry. 

Air Arabia launches new flight to popular Indian 

destination 

Air Arabia, the low-cost carrier 

based in the United Arab 

Emirates, has announced the 

launch of a new flight to a 

popular Indian destination, Jaipur. The 

new route will operate from the carrier’s 

hub in Sharjah, UAE, and will offer 

customers convenient and affordable 

travel options. Jaipur, known as the Pink 

City, is a popular tourist destination in 

India, famous for its beautiful palaces, 

forts, and temples. The addition of this 

new route will further strengthen Air 

Arabia’s presence in India, and provide 

customers with even more options to 

explore the country. The carrier has a 

strong focus on safety and customer 

satisfaction, and this new route is sure 

to be a hit with travelers. 

Dubai’s Futuristic Taxis 

Could Cost $4/KM 

Dubai’s futuristic vision of flying 

taxis may soon become a 

reality. According to a recent 

report, a ride in one of these 

aerial vehicles could cost around $4 per 

kilometre. This price point is competitive 

with traditional taxis, but much higher 

than the cost of a regular Uber or Lyft ride. 

However, advocates argue that flying taxis 

offer a unique and efficient transportation 

option that can reduce traffic congestion 

and travel time. With several companies 

competing in this emerging market, the 

price of flying taxis could decrease in 

the future as the technology becomes 

more widespread. 


Sport as a Business 

Sport as a Business in Dubai Attracts 

Global Investors 

Dubai has always been at the forefront of innovation and growth in the Middle 

East, and its recent emergence as a major sports destination only serves to 

reinforce that reputation. The city has successfully leveraged its reputation as a 

hub for business and tourism to attract a range of sporting events, which in turn 

have created opportunities for investment and growth. 

One of the key benefits of hosting 

sporting events is the creation of 

new jobs. The influx of visitors 

stimulates demand for services 

and products, which creates business 

opportunities for local companies and 

generates employment for people in the 

region. These new jobs help to boost the 

local economy, increase the standard 

of living for residents, and attract new 

talent to the city. 

In addition to job creation, sporting 

events also provide a significant boost 

to the city’s tourism industry. Visitors 

who come for the sports events are likely 

to explore other tourist attractions and 

activities, further contributing to the 

city’s tourism revenue. This helps to 

create a positive feedback loop, where 

the success of sporting events helps to 

attract more visitors, which in turn helps 

to boost the local economy. 

Dubai is showcasing its innovative 

and forward-thinking approach, and 

positioning itself as a destination for 

business and investment. This helps to 

attract new companies and entrepreneurs 

Sporting events in Dubai have the potential to stimulate 

the city’s economy and attract investors in multiple ways. 


to the city, who can then take advantage 

of the many business opportunities that 

Dubai has to offer. The emergence of 

Dubai as a major sports destination is a 

clear sign of the city’s continuing growth 

and development. By hosting a range of 

high-profile sporting events, Dubai is 

not only creating new jobs and boosting 

its tourism industry, but also enhancing 

its reputation as a global business hub. 

As such, it seems likely that sporting 

events will continue to play a crucial 

role in Dubai’s economic development 

for years to come. 

Sporting events in Dubai have the 

potential to stimulate the city’s economy 

and attract investors in multiple ways. 

Firstly, by hosting major sporting events, 

Dubai’s international reputation can be 

enhanced as an attractive and thriving 

destination for both business and leisure. 

This positive image can entice investors to 

explore the city’s business opportunities 

and consider investing in its economy. 

Secondly, the arrival of visitors for a 

significant sporting event can increase the 

demand for services such as accommodation, 

transportation, food, and beverages, which 

can open up new business opportunities for 

local companies and create employment 


In general, significant sporting events 

have the potential to boost the tourism 

industry of a destination by attracting 

visitors who are interested in the sports 

events. Such events can have a positive 

impact on the local economy by creating 

opportunities for increased spending on 

accommodations, food, transportation, 

and other tourist-related activities. Visitors 

who come for the sports events may also 

be motivated to explore other local tourist 

attractions and engage in other activities, 

leading to further contributions to the 

destination’s tourism revenue. Thus, 

hosting major sporting events can be a 

valuable strategy for promoting tourism 

and economic growth in a destination. 

Hence, sporting events can act as a 

catalyst for attracting investors to Dubai 

and strengthening its economy by creating 

a positive image, generating revenue, and 

promoting the city’s tourism industry. 

Dubai’s success in hosting high-profile 

sporting events has brought significant 

revenue to the region. Major events such 

as the Dubai World Cup, the Dubai Desert 

Classic, and the Dubai Tennis Championships 

have not only generated revenue through 

ticket sales and sponsorship deals but 

have also showcased the city as a global 

sports destination. The Dubai World 

Cup, for example, with a total purse of 

$12M, is the world’s richest horse race 

and attracts horse owners and trainers 

from around the world. 

The city’s sports facilities are world-class, 

with state-of-the-art venues available for 

various sports, including football, cricket, 

rugby, and basketball. The Dubai Sports 

City, a multi-purpose sports complex, 

features a cricket stadium, an indoor 

arena, and a football stadium, as well as 

residential properties, hotels, and a range 

of commercial establishments, making 

it a complete sports and entertainment 

destination. 

Dubai has also invested in developing 

grassroots sports, promoting physical 

activity and healthy lifestyles among 

young people through initiatives like the 

Dubai Fitness Challenge and the Dubai 

Women’s Run. The commercial potential 

of sports in Dubai is not limited to hosting 

events and developing sports facilities. 

Major sports brands and organizations, 

including the International Cricket 

Council, the International Association of 

Athletics Federations, and the International 

Tennis Federation, have set up their 

headquarters in Dubai. Sports tourism is 

also a significant source of revenue, with 

visitors from around the world coming to 

participate in or watch sporting events 


Sports have become a significant 

industry in Dubai, contributing to the 

region’s economic growth and providing 

employment opportunities. The Dubai 

Dubai’s sports 

facilities are 

world-class, with 

state-of-the-art 

venues available 

for various 

sports, including 

football, cricket, 

rugby, and 

basketball. 

Sports Council has been instrumental in 

promoting sports as a business, and the 

city’s world-class facilities and successful 

track record in hosting major sporting 

events have made it a sporting destination 

of choice. Continued investment in sports 

infrastructure and the development 

of grassroots sports are set to further 

strengthen Dubai’s position as a leading 

sports business hub in the coming years. 


Sport News 

UAE Kickboxing 

Champ Habibali Wins 

Unanimous Decision 

at UAM Fight Night 

UAE’s Habibali emerges victorious 

with a unanimous decision at 

UAM Fight Night, cementing 

his status as one of the top 

kickboxers in the country. The event, 

held in Dubai, saw some of the best 

kickboxers from around the world 

competing against each other in front 

of a live audience. Habibali’s skill and 

determination were on full display as he 

dominated his opponent, landing several 

powerful blows and showcasing his 

technical prowess in the ring. The win is a 

significant milestone in Habibali’s career, 

and he will undoubtedly be looking to 

build on this success as he continues to 

compete at the highest level. 

Qatari Investors Preparing 

Imminent Bid for Manchester 

United 

Reports suggest that Qatari 

investors are gearing up to 

make a bid for Manchester 

United, one of the most iconic 

football clubs in the world. Manchester 

United has been the subject of takeover 

speculation for several years, but 

the recent financial impact of the 

COVID-19 pandemic has increased 

the likelihood of a sale. The Qatari 

investors are no strangers to highprofile 

sports acquisitions, having 

purchased French football club Paris 

Saint-Germain and established the 

Qatar Sports Investments company. 

Manchester United has a massive global 

following and a rich history, making 

it an attractive target for any investor 

looking to enter the world of football 

ownership. 

Emirati Rashid Al Mulla Shines During UAE International 

Jet Ski Championship 

Rashid Al Mulla, the Emirati 

Jet Ski rider, impressed 

spectators and judges alike 

during the recent UAE 

International Jet Ski Championship. 

The event, held in Abu Dhabi, attracted 

participants from across the world, 

but it was Al Mulla who stole the show 

with his spectacular skills and daring 

manoeuvres. Al Mulla’s impressive 

performance earned him first place 

in the Freestyle category and he was 

also awarded the title of “King of the 

UAE” in recognition of his dominance 

The UAE Tour has come to a 

successful close with UAE 

Team ADQ finishing on the 

podium. The team, consisting 

of world-class cyclists, put on a strong 

of the event. Al Mulla’s success has 

further cemented his status as one of 

the world’s leading Jet Ski riders and 

an icon of the sport in the UAE. 

UAE Team ADQ concludes UAE Tour and Conquers 

Podium Positions 

showing throughout the tour and their 

hard work paid off in the end. With 

their determination and unwavering 

spirit, they pushed themselves to 

the limit and achieved outstanding 

results. Their podium finishes are a 

testament to their talent and training, 

and the entire nation is proud of their 

achievements. The team’s success at 

the UAE Tour serves as inspiration 

for future generations of cyclists, 

motivating them to strive for excellence 

in their own pursuits. 


Dubai Duty Free Tennis Championships Holds 23rd 

event with Top Global Players 

The Dubai Duty Free Tennis 

Championships started their 

23rd edition with a starstudded 

lineup of top global 

players. The tournament, which runs 

from March 7th to 20th, will features the 

likes of Novak Djokovic, Rafael Nadal, 

and Simona Halep, among others. The 

event, one of the most popular on the 

tennis calendar, attracts thousands 

of fans each year and offers a total 

prize money of $2.7M. The tournament 

promises to be an exciting showcase 

of world-class tennis, and fans can 

look forward to witnessing some of 

the sport’s biggest names battling it 

out on the court in the beautiful city 

of Dubai. 

Cristiano Ronaldo Scores 

4 Goals as Al Nassr Thrash 

Al Wehda in Saudi Arabia 

Cristiano Ronaldo made his 

presence known in Saudi 

Arabia as he led his team Al 

Nassr to a stunning victory 

over Al Wehda. The Portuguese 

superstar netted an impressive four 

goals, showcasing his exceptional skills 

on the pitch. Al Nassr dominated the 

game from start to finish, with Ronaldo 

leading the charge and demonstrating 

his prowess as one of the world’s best 

footballers. The victory is a muchneeded 

boost for Al Nassr, who have 

been struggling in the league recently. 

With Ronaldo in top form, they will be 

hoping to build on this performance 

and climb up the table as the season 

progresses. 

Saudi Billionaire Gives Al Hilal Players $267,000 

Bonus Each After Club World Cup Victory 

Al Hilal players have been 

rewarded handsomely for 

their Club World Cup victory 

with a bonus of $267,000 

each, thanks to Saudi billionaire and 

the club’s owner Prince Al-Waleed 

bin Talal. The generous bonus is a 

reflection of the team’s hard work and 

dedication, as they beat out other top 

football clubs to claim the prestigious 

Barcelona Crowned 

Champions of the U-13 

Dubai Intercontinental 

Football Cup 

The U-13 Dubai Intercontinental 

Football Cup witnessed some 

of the most talented young 

footballers from across the 

world competing for the coveted title. 

The tournament, held in Dubai, saw 

some thrilling matches played out, 

but it was Barcelona who emerged 

as the champions after a dominant 

performance in the final. The young 

Catalan players put on a display of 

skill, teamwork, and precision to beat 

their opponents and claim the trophy. 

The victory was a testament to the 

world-class youth training programs 

of the Spanish club and bodes well for 

their future success. The U-13 Dubai 

Intercontinental Football Cup proved 

to be an exciting showcase of emerging 

footballing talent and promises great 

things for the future of the sport. 

title. The players have expressed their 

gratitude towards the Prince, stating 

that his unwavering support has been 

a driving force behind their success. 

This bonus not only serves as a financial 

reward but also highlights the 

importance of recognizing and valuing 

the efforts of athletes, especially in the 

world of sports. 


Tourism 

Dubai Surpasses Global and Regional 

Tourism Recovery Levels 

Dubai’s Department of Economy and Tourism has recently released statistics 

indicating that the city received 14.36 million foreign visitors who stayed 

overnight in 2022, marking a 97% year-on-year increase from the 7.28 million 

tourists who arrived in 2021. This growth aligns with the vision of His Highness 

Sheikh Mohammed bin Rashid Al Maktoum and has allowed Dubai to surpass 

regional and global tourism recovery levels. 

In order to maintain Dubai’s position 

among the world’s top three cities 

for business and travel, His Highness 

Sheikh Mohammed bin Rashid Al 

Maktoum, Vice President and Prime 

Minister of the UAE and Ruler of Dubai, 

has launched the Dubai Economic 

Agenda D33. According to the most 

recent statistics released by Dubai’s 

Department of Economy and Tourism, the 

city welcomed 14.36M foreign overnight 

guests in 2022, an increase of 97% YoY 

from the 7.28M tourists who arrived in 

2021, which goes hand in hand with the 

vision of His Highness. 

His Highness Sheikh Hamdan bin 

Mohammed bin Rashid Al Maktoum, 

Crown Prince of Dubai and Chairman 

of The Executive Council of Dubai said: 

“Dubai’s ability to rapidly accelerate 

tourism growth, which has marked it out 

as a clear frontrunner in the international 

industry, demonstrates the far-reaching 

vision of His Highness Sheikh Mohammed 

bin Rashid Al Maktoum to transform the 

emirate into an important global player 

in shaping the future of vital sectors. 

The remarkable rise in international 

visitation in 2022 supports the ambitious 

goal of the Dubai Economic Agenda 

D33 to double the size of the emirate’s 

economy by 2033.” 

Dubai’s 2022 tourism performance further 

validated its position as the No.1 global 

destination, with visitation reaching 16.73 

million in 2019. This achievement was 


epeated in the TripAdvisor Travellers’ 

Choice Awards 2023, with Dubai only 

the second city to achieve the feat. This 

demonstrates Dubai’s status as a top 

travel destination, and means that tourists 

are looking for unique experiences and 

memories here. The UN World Tourism 

Organisation released new data that 

shows global tourist travel decreased by 

37% in the year 2022. The Middle East 

saw the strongest relative increase, with 

arrivals climbing to 83% of pre-pandemic 

numbers. Dubai exceeded both global 

and regional barometers of recovery with 

visitors to the city in 2022 reaching 86% 

of pre-pandemic levels. 

His Excellency, Helal Saeed Almarri, 

Director General of Dubai’s Department 

of Economy and Tourism, said: “While the 

global economy remains in a state of flux, 

Dubai has emerged as a clear leader in the 

tourism industry. The robust performance 

is a testament to Dubai’s growing role at 

the vanguard of global tourism recovery. 

The effectiveness of our strategies and 

initiatives gives us the confidence to tap 

new growth opportunities in the global 

travel and business sectors over the next 

few decades. As the fastest growing city 

in the Middle East, Dubai’s continuous 

growth has been made possible by the 

unwavering support of our stakeholders 

and partners and a raft of strategic 

investments and federal policy reforms 

that have led to a steady flow of global 

entrepreneurs, talent, investors, and 

business and leisure travellers.” 

The excellent performance in 2022 

includes notable rises in Dubai’s established 

main markets as well as robust growth 

in new countries. For travellers from the 

city’s major markets, Dubai remained 

a first-choice safe travel destination. 

Western Europe and the GCC areas 

each accounted for 21% of arrivals when 

viewed regionally. Particularly in the 

GCC region, the percentage of arrivals 

increased exponentially from 13% in 2017 

to 21% in 2021. The MENA region supplied 

13% of total volumes, while South Asia 

contributed 17%, further demonstrating 

Dubai’s attraction to visitors from nearby 

markets. The region of North and South 

East Asia, Africa, and Australasia each 

provided 5% of arrivals, while the Americas 

accounted for 7% of them. Australasia 

contributed 2%. 

Dubai’s hotel sector 

performed better 

than it had before 

the pandemic, 

with occupancy 

levels reaching a 

new record and 

rates and revenue 

increasing. 

His Excellency, Issam Kazim, CEO 

of Dubai Corporation for Tourism and 

Commerce Marketing, said that Dubai 

“remains committed to moving to the 

next level with new and unique worldclass 

infrastructure, experiences and 

attractions. The sheer diversity of the 

destination proposition and Dubai’s growing 

profile as a safe, open and accessible 

destination saw the city being chosen 

as the No.1 global destination for the 

second year in a row in the TripAdvisor 

Travellers’ Choice Awards 2023 . . . The 

exceptional support of our public and 

private sector stakeholders and partners 

will be instrumental in raising our ability 

to showcase our unmatched offering 

designed to meet the diverse preferences 

and budgets of international travellers, 

as we gear up to welcome more visitors 

to Dubai in 2023.” 

“Dubai’s hotel sector performed better 

than it had before the pandemic, with 

occupancy levels reaching a new record 

and rates and revenue increasing.” 

Dubai’s hotel sector is an important 

part of the city’s destination promise and 

the tourism industry as a whole, and it 

continues to do well across all metrics 

due to the city’s strong economy and 

attractions, as well as the hotel industry’s 

ability to adapt to changing consumer 

preferences. The occupancy rate for 

hotels in 2022 was 73%, one of the highest 

occupancy rates in the world, and it is up 

from 67% in 2021. This high occupancy is 

even more noteworthy when you consider 

that there was a 16% increase in room 

supply in 2022 compared to 2019. 

Dubai’s hotel inventory at the end of 


Tourism 

December 2022 consisted of 146,496 

rooms, up from 126,120 rooms available 

at the end of December 2019 across 741 

establishments. The total number of 

hotels in 2022 grew by 6% over 2021; the 

hotel sector performed better than it had 

before the pandemic, with occupancy 

levels reaching a new record and rates 

and revenue increasing. 

One factor that has helped Dubai 

achieve its successful 2022 bid is the 

widespread use of celebrity endorsements 

and marketing campaigns that have 

featured stars from around the world, 

helping to make the city more appealing 

to potential visitors. One well-known 

example is Dubai Presents, a series of 

short movies shot in locations around 

Dubai that feature Hollywood stars like 

Jessica Alba and Zac Efron. In addition, 

the ‘Where the World Celebrates’ global 

campaign that coincided with the FIFA 

World Cup in Qatar featured French 

football star Karim Benzema. 

Moreover, the successful hosting of Expo 

2020 Dubai was a major contributor to the 

region’s tourism industry’s outstanding 

performance in 2022. The six-month long 

event attracted over 24 million visitors 

and once again demonstrated Dubai’s 

ability to host major global events. 

Dubai is continuing to enhance its 

destination proposition by hosting a 

variety of global business and leisure 

events in 2022. In addition to Expo 2020, 

the city has also hosted Gulfood, the 

World Government Summit, Binance 

Blockchain Week, Gitex Global Dubai, 

the International Boat Show, and the 

Arabian Travel Market. Additionally, the 

Dubai Tourism Summit was announced 

in December. The Dubai Festivals and 

Retail Establishment team organizes a 

variety of festivals and events every year, 

including the iconic Dubai Shopping 

Festival, Dubai Food Festival, Dubai 

Summer Surprises, and Dubai Fitness 

Challenge. 

In 2022, the Dubai Esports Festival 

was also launched, which is the largest 

international esports tournament to be 

held in the region. Dubai is a leading 

tourist destination for sports lovers, with 

an extensive line-up of annual global 

sports tournaments and events. 

Dubai is positioning itself as a sustainable 

destination, and in 2022 worked diligently 

to meet its goals. One initiative, Dubai 

Sustainable Tourism, aims to raise the 

city’s profile as a leading sustainable 

destination. Dubai also takes steps to 

contribute to the city’s broader clean 

energy targets and the United Nations 

Sustainable Development Goals 2030, 

and to the UAE’s Net Zero 2050 strategy. 

In addition, in 2022 Dubai launched 

“Dubai Can,” an innovative citywide 

sustainability initiative. This year will 

be key for advancing Dubai’s vision to 

transform the emirate into a leading 

sustainable destination and the world’s 

best city to live and work. 

Moreover, cruise and yacht tourism 

played a significant role in attracting 

international tourists to Dubai in 2022, 

helping to solidify the city’s position as 

a global travel hub. The expansion of 

the cruise industry has helped to cement 

Dubai’s status as the regional cruise 

hub, and its world-class infrastructure, 

advanced facilities, year-round sunshine, 

luxury marinas, award-winning tourism 

offerings, rich maritime history and 

picturesque coastline continue to make 

it a popular destination for superyacht 

owners. 

The Dubai 2040 Urban Master Plan aims 

to expand the city’s tourism offering by 

100%, and in return, the city is planning 

to launch new initiatives in line with 

the UAE 2031 Tourism Strategy, which 

seeks to attract 40 million guests by 2031. 

This will increase Dubai’s contribution 

to the UAE’s GDP by 450 billion. Dubai 

is continuing to promote the growth of 

tourism by making it easy for business 

and leisure travelers to get into the city. 

This includes issuing a 60-day tourist 

visa from September 2022 and a Five- 

Year Multi-Entry Visa for employees of 

multinational companies. 


PLAYSTATION VR2 

Be ready for a revolutionary leap 

in virtual reality gaming with 

the release of PlayStation VR2. 

PlayStation VR2 is poised to 

take you to an unparalleled virtual reality 

gaming experience with its stunning 4K 

HDr display and genre-defining games. 

PlayStation VR2 is a feature-packed 

package for a mind-blowing gaming 

experience, with features like subtle 

vibration in headgear, 3D audio, clever 

eye-tracking, and finger-touch detection, 

and more. The most anticipated gaming 

product introduction in the world is 

here, and for good reason: the gaming 

set’s futuristic appearance and unique 

optical features are packed with the 

formidable processing power. The 

clever eye-tracking features are made 

to provide you a more realistic gaming 

experience by increasing the emotional 

response of your virtual avatars in-game. 

The PlayStation VR’s 110-degree field of 

view is just one more way it delivers on 

the great gaming experience it advertises. 

The intuitive layout of the controller eases 

your mind as you prepare for a thrilling 

gaming session. 


Investing in Art 

Art as a Financial Asset: Investing in 

Art Stocks 

In the past, there was a notion that only certain individuals with specific skills, 

abilities, and interests were able to invest in art effectively. This stereotype 

created barriers for people from certain social classes, educational backgrounds, 

and economic status from entering the art world. However, over time, this belief 

has diminished, and the idea of investing in art is gaining broader acceptance. 

Over time, many hurdles 

and preconceptions about 

investing in artworks have 

been dispelled, and industry 

insiders have been more open to 

divulging their trade secrets to outsiders. 

Investing in art is now a chance that 

everyone can take advantage of, and 

the amount you gain has very little to 

do with where you begin. It may be 

a fantastic investment opportunity 

with a lot of study, preparation, and 

knowledge of the art industry. 

Recent big-ticket auction transactions 

have generated substantial interest 

around the fine art market. The artwork 

Shot Sage Blue Marilyn (1964) by Andy 

Warhol sold for a record-breaking $195M 

at an auction in May 2022. According 

to Art Basel and UBS Global Art’s 2022 

annual study, global art sales were 

expected to exceed $65.1B in 2021. 

This marked a 29% rise in sales from 

2020, exceeding pre-pandemic levels in 

2019. They also discovered that sales 

volume rebounded from Covid-19 levels, 

climbing by 17% in 2021 to a predicted 

36.7 million transactions. 

Low Correlation to Traditional 

Markets 

Risk is always a factor to consider 

while investing. Market risk is the 

systemic risk inherent in the stock 

market that cannot be mitigated by 

diversification. During a market slump, 

no matter how many different index 

funds someone invests in, they will 

lose money. Artwork, on the other 

hand, is unrelated to any stock index 

or market. Buying art operates as a 

store of wealth wholly distinct from 

regular asset movements. 

According to a 2022 Citibank Report, 

the connection between art and all 

other asset classes is mildly positive 

or near to zero. Contemporary Art 

and Developed Equities exhibited 

a connection of -0.04 between 1985 

and 2021, while Contemporary Art 

and Investment Grade Fixed Income 

showed a correlation of 0.15. In fact, 

art had the highest association with 

real estate - another tangible asset 

sector - with a correlation of 0.21. 

No Price Depreciation 

While art may and has historically 

provided price appreciation, another 

key benefit of art as an asset is the lack of 

price decline. Art, unlike other tangible 

assets, as houses and automobiles, does 

not degrade after years of hanging on 

a wall. A 500-year-old picture is likely 

to be more valuable today than it was 

v 


when it was commissioned. 

From January 2020 through June 

2021, the Masterworks.io All Art Index 

achieved a 28.2% return – equivalent 

to broad, publicly-traded risk asset 

classes including developed market 

stocks, developing market equities, 

and commodities, as noted by a 2022 

Citibank Report. 

Hedge Against Inflation 

According to Masterworks internal 

research, during times of inflation 

equal to or more than 3.0% from 1985 

to 2020, Post-War & Contemporary art 

prices had an annual average actual 

price gain of 23.2%. According to Art 

Net, during periods of high inflation, 

art sales tend to grow, signalling a 

greater volume market and probable 

higher price appreciation. 

Aesthetic Value 

In comparison to other investment 

vehicles, art is a tangible asset that 

you may enjoy while keeping it in 

your portfolio. Because this is where 

the majority of the value of art is 

obtained, individuals who acquire it 

should value it. 

What Are the Risks of Investing 

in Art? 

When determining whether to invest 

in artwork, there are a few factors to 

consider, just like any other investment: 

• Illiquid & Long-Term Asset 

Investing in artwork is akin to 

investing in real estate or vintage 

vehicles in that they are very illiquid 

assets that cannot be quickly sold for 

cash. It is generally difficult to find 

a buyer for any collection, especially 

highly priced paintings. Finding a 

buyer on short notice might be very 

tough. There are specific routes that 

must be followed in order to sell a 

work of art. Art investing should be 

part of a wider long-term investment 

plan and should not be anticipated 

to provide regular income or to be 

liquidated quickly. 

• Costs and Fees 

Investment worthy objects of art 

rarely come with a tiny price tag. 

There are, of course, art investment 

funds and fractional shares of 

artwork that allow an investor to 

add art to their portfolio without 

spending a million dollars. If an 

investor wants to buy the art right 

away, they will need to spend 

some money on a desirable piece. 

Handling, storage, and insurance are 

all costs that may add up quickly. 

Art investors frequently aim on 

keeping onto artwork for a long 

time, in order to let it increase 

in value. Meanwhile, the investor 

would be required to pay for upkeep 

and repair. 

• Counterfeits and the Threat 

of Destruction 

The collections market is crowded 

with counterfeit objects, and it 

would be simple to fall victim unless 

an investor is highly informed 

in assessment. Before making 

any investment, it is critical to 

conduct research on what you are 

purchasing. There are strategies 

to assist avoid becoming misled 

including: examine the certificate 

of authenticity; research the edition 

number; and examine the materials. 

Working with an expert or a third 

party, such as purchasing from an 

auction house or working with 

an appraiser, is another strategy 

to avoid falling for a counterfeit. 

Investing in art funds or fractional 

shares relieves the investor of the 

burden of authenticity. 

How to make your first investment 

in art? 

Art may be purchased simply from 

galleries and auction houses (both 

physical and online). You might also go to 

local art shows. Online publications and 

social media platforms like Instagram 

can assist you in discovering artists 

you like, and you can purchase works 

straight from the artists’ websites. You 

might also explore the realm of NFTs, 

which symbolise ownership of digital 

art. However, art investments may be 

made in a variety of methods, each 

with a different level of risk and profit. 

• High cost and high risk: 

Original artwork may be purchased 

at art fairs, galleries, and auctions, 

but doing so carries the highest price 

and risk. Try to purchase pieces 

from a budding artist in the hopes 

of discovering the next Banksy. A 

unique painting or sculpture may 

one day be worth considerably more 

than you bought for it, or you may 

find it difficult to sell it. 

• Low risk and low cost: 

Instead of purchasing an original, 

consider purchasing a reproduction 

of an original painting or sketch. 

Many artists and galleries will create 

limited-edition prints of their works 

and allow customers to purchase 

them at a specified retail price 

on their website. A high-quality, 

limited-edition print may be quite 

valuable and costs a fraction of 

the price of the original. However, 

because prints aren’t generally oneof-a-kind, 

they don’t appreciate as 

much as originals. 

• Low risk and high cost: 

You may acquire works by “bluechip” 

painters like Andy Warhol, 

which keep their value better but 

provide less financial appreciation 

or upside. Blue-chip painters are 

those whose works have the highest 

steady worth and are not subject 

to fads and speculation. Many firsttime 

investors cannot afford to 

purchase a high-end painting or 

sculpture, but numerous funds allow 

investors to purchase shares in a 

holding company that will purchase 

a high-end work of art. 

Additionally, if you are going to 

purchase particular works of art, 

you will most likely want to purchase 

works that make you joyful. If you 

invest $10,000 on an unattractive 

artwork because you expect its 

value to grow, you’re losing out on 

the fun element of investing in art 

vs other asset classes. 

In conclusion, investing in fine art 

may be a suitable fit for you if, you 

have a strong interest in art and 

are eager to learn more about it, 

or if you already have a portfolio 

of other investments and want to 

diversify your holdings. also, if 

you have an extremely high-risk 

tolerance, are willing to own a piece 

of art indefinitely, and can afford to 

maintain and insure the items you 

purchase, investment of art is the 

right investment for you. 

On the other hand, you should avoid 

investing in art if you anticipate 

returns that outperform the stock 

market, or if you have no intention of 

displaying the works you purchase. 

If you want to be able to rapidly 

and conveniently liquidate your 

assets, you should not invest in 

this area as well. 


Global News 

JPMorgan CEO Warns Against Premature Celebration of Inflation Defeats 

Jamie Dimon, CEO of JPMorgan 

Chase, has warned that it is too 

early to declare victory against 

inflation. Despite recent data 

showing low inflation levels, Dimon 

believes that it is crucial for policymakers 

to stay vigilant and continue to monitor 

the situation closely. He emphasized 

that there are many factors that can 

contribute to inflation, including supply 

chain disruptions, stimulus spending, and 

an increase in demand as the economy 

continues to recover. Dimon’s comments 

come as the U.S. Federal Reserve 

continues to maintain its accommodative 

monetary policy stance, with interest 

rates expected to remain low for the 

foreseeable future. He believes that 

a cautious approach is necessary in 

order to avoid any potential negative 

consequences that may arise from an 

overheating economy. 

Iran Invites Global Investors 

to Take Part in $200B 

Worth of Projects 

Iran is seeking global investors 

for projects worth $200B. The 

country is eager to attract foreign 

investment and bring in the capital 

and expertise needed to revitalize 

its economy and infrastructure. The 

projects on offer include investments 

in the energy, transportation, and 

industrial sectors, as well as tourism 

and real estate. Iran is known for its 

vast reserves of oil and gas and its 

strategic location between Europe and 

Asia, making it an attractive destination 

for investors. Despite the challenges 

posed by international sanctions and 

economic difficulties, the country 

remains optimistic about its future and 

is determined to tap into the global 

investment market. 

Green Energy Revolution: Renewables Set to Power 

the Future Within 3 Years 

Renewable energy sources, 

such as solar and wind power, 

are projected to meet the 

world’s growing demand for 

electricity within just three years, 

according to a recent report. The shift 

towards renewable energy is being 

driven by advancements in technology 

and a growing awareness of the need to 

reduce greenhouse gas emissions and 

combat climate change. In addition to 

Oil prices remained steady 

despite a recent swell in 

U.S. stockpiles. According 

to a report from the Energy 

Information Administration, crude oil 

inventories in the United States rose 

by 1.7M barrels last week, exceeding 

market expectations. Despite the 

increase, oil prices remained largely 

unchanged, with Brent crude oil futures 

hovering around $65 a barrel and West 

Texas Intermediate futures near $62 a 

barrel. The market has been buoyed by 

a steady demand for crude oil and a 

tightening of global supplies due to the 

ongoing production cuts by the OPEC+. 

being more environmentally friendly, 

renewable energy sources are also 

becoming increasingly cost-competitive 

with traditional fossil fuels. As countries 

and companies strive to meet their 

sustainability goals, it is expected 

that investment in renewable energy 

will continue to increase, further 

accelerating the transition to a cleaner, 

greener future. 

Oil Prices Remain Steady Despite U.S. 

Stockpile Swell 

Analysts predict that the demand for oil 

will continue to increase as the global 

economy recovers from the pandemic 

and that prices will remain elevated in 

the near term. 


Jerome Powell Maintains Neutral Stance on Inflation 

The dollar slipped after Federal 

Reserve Chair Jerome Powell 

struck a balanced tone on 

inflation in a recent speech. 

Powell emphasized the need to allow 

inflation to run moderately above 2% 

for some time to make up for past 

undershoots and to support maximum 

employment. However, he also made 

it clear that the central bank will not 

hesitate to act if inflation expectations 

become unanchored or if inflation rises 

too high for too long. The market took 

Nepal Boosts Its Bank: 

Forex Reserves Soar to 

$10B with Tourist Influx 

Nepal’s foreign exchange 

reserves have reached an 

all-time high of $10B, largely 

due to a surge in tourism 

to the Himalayan nation. Visitors are 

flocking to Nepal to experience its 

unique culture and natural beauty, 

including Mount Everest and other 

iconic peaks. This influx of tourists 

has provided a major boost to the 

Nepalese economy, helping to drive 

up its foreign exchange reserves and 

providing a much-needed source of 

revenue. The Nepalese government 

is now looking to capitalize on this 

trend by further developing its tourism 

industry and promoting the country 

as a top destination for adventure 

and cultural tourism. With its rich 

history, breath-taking scenery, and 

warm hospitality, Nepal is poised to 

become one of the world’s leading 

travel destinations. 

Powell’s comments as a sign that the 

Federal Reserve is not planning any 

immediate changes to its monetary 

policy, causing the dollar to weaken. 

The neutral stance on inflation by the 

Fed has led to increased uncertainty 

in the market and a fluctuation in the 

value of the dollar. Investors will be 

closely watching future developments 

in the U.S. economy and any further 

comments by Powell and other Fed 

officials. 

Warning Signs Ahead: 70% of Logistics Execs 

Predict a 2023 Recession 

According to a recent survey, 

a staggering 70% of logistics 

executives believe that a 

recession is either certain or 

likely to occur in 2023. This pessimistic 

outlook is largely driven by concerns 

about the global economy, including 

increasing inflation and a slowdown in 

the pace of growth in major markets. 

Italy and UK Forge a New Path with Investment 

Partnership 

Italy and the United Kingdom have 

recently agreed to a new investment 

partnership, signaling a new 

era of cooperation between the two 

countries. The partnership is aimed at 

promoting economic growth and job 

creation, with a focus on areas such as 

innovation, research, and development. 

The two countries will work together to 

support businesses, particularly small 

and medium-sized enterprises, and to 

The logistics industry is often seen as 

a bellwether for the broader economy, 

and its executives are known for their 

ability to anticipate economic trends. 

The survey results are a warning to 

businesses and governments alike that 

a recession may be on the horizon, 

and that they should take steps now 

to prepare for a potential downturn. 

encourage cross-border investment. 

The partnership is a testament to the 

strong historical ties between Italy and 

the UK and their shared commitment 

to a prosperous future. The agreement 

is expected to bring about significant 

benefits for both countries, providing 

new opportunities for businesses and 

investors, and boosting economic 

growth and job creation. 


Wheels 

Maserati MC20 Cielo 

Cielo. It means “sky” in Italian. 

Such is the lyrical beauty of 

the Italian language, Maserati 

didn’t need to think beyond 

the prosaic to come up with a greatsounding 

name for the convertible 

version of its mid-engine supercar: the 

2023 MC20 Cielo. It’s worked before: 

This is, remember, the company that 

calls its four-door sedan, simply, the 

Quattroporte. Plain old English “Four 

Door” somehow doesn’t conjure the 

same romantic elegance. 

Not that the MC20 needs any more 

romance. In coupé form, Maserati’s 

first mid-engine supercar in decades 

is a beguiling machine, a confident 

and capable car powered by one of the 

most charismatic high-performance V-6 

engines of the modern era—an engine 

designed and engineered in-house at 

Maserati. It’s not quite a Ferrari 296GTB 

and not quite a Lamborghini Huracán, 

but something all its own: a sports 

car with a soupçon of grand turismo 

evident in the mix that makes it as easy 

and comfortable to drive every day as 

a C8 Corvette. 

The MC20 Coupé and Cielo are both 

powered by a twin-turbocharged V-6 

engine that pumps out 621 hp. Called 

Nettuno, the engine utilizes a unique 

twin-combustion system borrowed from 

Formula 1 race cars and is paired with 

an eight-speed automatic transmission. 

Its 207.6 horsepower per litre makes 

it more power-dense than any engine 

from other high-end supercar makers 

like Lamborghini, Ferrari, McLaren, 

or Porsche. In our testing, the MC20 

needed just 3.2 seconds to reach 60 

mph and shot through the quarter-mile 

in 11.0 seconds at 131 mph. 




Transmission: 8-speed dual-clutch 

Acceleration: 0 - 100 km/h - 2.9 seconds 


Investing in Tourism 

Ras Al Khaimah Tourism Sector 

Captivates Global Investors’ Attention 

Ras Al Khaimah has put forward a new tourism plan, known as the Balanced 

Tourism plan, which aims to bring in more than 3 million visitors by 2030 while 

minimizing their carbon footprint. The goal is to establish the resort as the 

most sustainable in the Middle East by 2025. This initiative is in partnership 

with Earth Check, a leading organization that provides scientific benchmarking, 

certification, and advisory services for the travel and tourism industry. The new 

plan goes beyond just focusing on reducing single-use plastic and promoting 

recycling, as it aims to promote sustainability across multiple areas. 

Tourism plays a crucial role in the economy of Ras Al Khaimah, 

accounting for approximately 5% of the GDP and providing 

employment opportunities for over 10,000 people. 


As the trend towards sustainable 

tourism gains momentum, tourist 

destinations and boards are 

making efforts to promote it. The 

ones that are able to set and achieve the 

most ambitious and practical sustainability 

goals will have a significant impact on the 

way we travel in the coming ten years. 

Based on a survey included in Expedia 

Group Media Solutions’ Sustainable 

Travel Study of 2022, fifty percent of 

customers are interested in obtaining 

more information about vacation spots 

that prioritize sustainability. 

Ras Al Khaimah Tourism Development 

Authority and its partners developed 

policy commitments first, followed by 

benchmarks against which success would 

be judged. Second, two certification 

programmes, one for the destination 

and one for enterprises, will seek to 

generate sustainable certification for at 

least 30 tourist firms. Raki Phillips, CEO 

of Ras Al Khaimah Tourism Development 

Authority commented: “We’re seeing 

a growing number of visitors booking 

longer stays in the Emirate to completely 

switch off and enjoy as much of the unique 

experiences the Emirate has to offer. 

We want to tap into this trend and have 

therefore updated our holiday homes 

rental system to make it even easier for 

homeowners and operators to register, 

organise permits for and convert their 

units. This is in line with our vision for 

a diversified tourism and hospitality 

sector, adding even more accommodation 

options to our portfolio, and enhancing 

liveability to benefit our communities and 

visitors who want to experience the high 

Ras Al Khaimah is 

at the forefront 

of implementing 

a novel method 

of promoting 

sustainable 

tourism, as the 

world moves 

towards more 

sustainable forms 

of tourism. 

quality of life here and discover more of 

our stunning Emirate.” 

To address modern hot-button concerns 

such as over tourism, the Balanced 

Tourism method stresses conserving a 

country’s culture while also establishing 

sustainable communities. According to 

Raki Phillips, “most people only talk 

about the environment but forget about 

other factors like the local economy, 

population, and culture. We wanted to 

make sure we were considering everything 

from the ecosystem and heritage to 

businesses, too.” 

Inspired by Slovenia, Costa Rica, and 

Rwanda, the Emirate of Ras Al Khaimah 

will not only create its tourist industry 

with sustainability as a cornerstone, 

but will also help construct blueprints 

for other nations seeking sustainable 

tourism growth without sacrificing 

tourism objectives. The tourist industry is 

important in Ras Al Khaimah’s economy, 

contributing for around 5% of GDP and 

10,000 employments. However, with 

prosperity comes additional problems, 

such as over tourism, population increase, 

and environmental harm. To address 

this issue, the Tourism Authority has 

established requirements for ecologically 

friendly hotels that include characteristics 

such as sustainability in landscaping 

and the implementation of food waste 

reduction laws. 

According to Phillips, this is a project 

to achieve 100% integrated sustainability 

in all hotels, hence the programme exists 

to promote the adoption of sustainable 

practices and the use of products and 

services with low environmental effect. 

For example, the Wynn Resort, which 

is set to debut in 2026, is taking a bold 

approach to sustainability and energy 

efficiency, aiming for 50% renewable 

energy by 2030. It has already developed 

waste management systems that keep 26 

to 100% of garbage out of landfills, cut 

water use, and invested in new wasteto-energy 

projects. 

As Phillips points out, sustainability is 

also a question of perspective, whether 

you’re a developer, an existing hotel, a 

guest, or the entire planet. The emirate 

is open for tourism and loves receiving 


Investing in Tourism 

tourists, but advertising and presenting it 

as a sustainable destination establishes a 

certain expectation. Organizing gatherings 

like the United Nations Framework 

Convention on Climate Change’s COP2023 

(Conference of Parties) will help create 

this expectation. Working with hotels 

on value offerings for eco-conscious 

customers would also be beneficial. 

According to Phillips, the mission is to 

ensure that the hospitality partners get 

the most out of the inventory; “We’re 

talking about 50% five-star inventory.” 

Setting Key Performance Indicators 

(KPIs) and incentivizing partners with 

benefits such as tax offsets is the key to 

driving a higher average rate rather than 

focusing on volume business. “During 

Covid, we rebated 20% of the destination 

fee to help keep hotels afloat. Now we are 

adding that element into sustainability, 

rewarding hotels and businesses based on 

specific metrics being met,” Phillips said. 

Ras Al Khaimah has the benefit of being a 

growing destination, or what Phillips refers 

to as a “future destination.” This provides 

it the option to try something new. Ras Al 

Khaimah is actively guaranteeing a more 

sustainable future by spending around 

$140M in 20 projects that will adhere to 

these new sustainability requirements. 

The Emirate has four cultural and 

historical sites on the UNESCO Tentative 

World Heritage List, the most of any 

Emirates. It protects and repairs these 

cultural assets as part of its sustainability 

plan, providing interested visitors with an 

alternative to congested heritage sites. 

Suwaidi Pearls Farm, one of the few 

farms in the UAE still harvesting pearls 

by hand, and Al Jazirah Al Hamra, an old 

pearling town of the Al Zaab tribe, are 

already part of this effort. The Ministry 

of Culture and Tourism is collaborating 

with UNESCO specialists to reconstruct 

the village by 2025 using traditional, 

sustainable materials and to provide 

curated cultural tours. 

In addition, the tourism authority 

organises approximately 20 community 

events each year, including the RAK Fine 

Arts Festival, the RAK Half Marathon, 

and the DP World Tour. It also contains 

programmes that assist the community 

think more sustainably, such as its 

Buy RAK programme for low-carbon 

local suppliers, which negotiates direct 

transactions for local fisherman. A 

carbon-conscious event in December 

will give more knowledge. 

Tourism authority RAKFAM recognises 

the significance of employee well-being and 

has launched a number of programmes to 

improve staff connectedness, community 

life, and facilities. Thanks to innovative 

policies focusing on employee well-being, 

Great Place to Work named the tourist 

authority the sixth-best workplace for 

small and medium-sized businesses in 

the UAE for 2022. 

Ras Al Khaimah is pioneering this holistic 

approach to destination management not 

just because it’s the right thing to do, but 

it’s being demanded by its customers, 

Phillips said; “We know travellers prefer 

sustainable destinations.” Ras Al Khaimah 

is leading the way in pioneering a new 

approach to sustainable tourism as the 

globe shifts towards more sustainable 

kinds of tourism. The emirate has become 

an increasingly popular tourist destination 

owing to its rich culture and magnificent 

natural beauty, in addition to adopting a 

proactive approach to sustainability in 

recent years, developing a number of 

measures to guarantee that tourism to 

the region is performed in an ecologically 

responsible manner. 

Furthermore, announcing the update 

of holiday homes system this, the Ras Al 

Khaimah Tourism Development Authority 

(RAKTDA) stated it intends to “simplify 

the procedure for homeowners and 

operators to secure licences and turn 

their units into suitable holiday homes”. 

The upgrades are part of the emirate’s 

ongoing efforts to diversify and strengthen 

its current portfolio of four- and five-star 

hotels and resorts, as well as to drive a 

sustainable tourist economy that benefits 

its residents. 

The holiday homes system is an online 

registration gateway where owners and 

operators may register their residential units 

for short-term rentals. The technology will 

also allow owners and operators to plan 

inspection appointments for registered 

units and give a categorization service 

based on standard or luxury standards. 

This will provide simple and smooth 

compliance with Ras Al Khaimah’s 

vacation rental rules. 


TECH 

MY 

SAMSUNG S23 ULTRA 

The Samsung Galaxy S23 Ultra 

is the ultimate smartphone for 

those who demand the very best. 

With its stunning 6.8” display, 

you’ll feel like you’re right in the middle 

of the action. The peak brightness of 1750 

nits and HDR capabilities of 1200 nits 

make for crystal-clear images that pop off 

the screen. Plus, the adaptive refresh rate 

of 1~120Hz ensures smooth scrolling and 

fluid interactions. The Galaxy S23 Ultra 

is built to last, with an Armor Aluminium 

Frame and Gorilla Glass Victus 2, and is 

MONEY 

water-resistant with an IP68 rating. With 

the Snapdragon 8 Gen 2 Mobile Platform, 

octa-core processing, and up to 1TB 

of storage, you’ll have the power you 

need to handle anything, whether you’re 

streaming a movie or running a demanding 

app. The camera on the Galaxy S23 Ultra 

is truly outstanding, with optical zoom 

of 3x and 10x and digital zoom of up to 

100x. With a main camera of 200MP, you 

can take breathtaking landscape photos, 

and the ultra-wide and selfie cameras 

are perfect for capturing any moment. 

The brightest low-light portrait ensures 

that your photos will always look great, 

no matter the lighting. The Galaxy S23 

Ultra comes in four colours, with the 

option to choose from four additional 

colours for online exclusives. Plus, the 

S Pen is integrated, so you can easily jot 

down notes or sketch out ideas. With up 

to 26 hours of video playback and 5G 

connectivity, the Samsung Galaxy S23 

Ultra is the smartphone you’ve been 

waiting for. 

Display: 6.8” Edge Quad HD+ (3088 x 

1440), with a peak brightness of 1750 

nits and HDR capabilities of 1200 nits, 

and an adaptive refresh rate of 1~120Hz 

Storage: 256GB, 512GB, or 1TB 

Camera: Ultra-wide camera of 12.0MP, 

200MP main sensor, telephoto with 

optical zoom at 3x and 10x and digital 

zoom up to 100x, and selfie camera of 

12.0MP, with brightest low-light portrait 

Battery: 5000mAh, with up to 26 hours 

of video playback 

Processor: Snapdragon 8 Gen 2 Mobile 

Platform, octa-core 

Durability: Armor Aluminium Frame, 

Gorilla Glass Victus 2, and waterresistant 

with IP68 rating 


Local News 

Dubai’s TECOM Misses 

Profit Estimate with 

$24M Q4 Net Profit 

Dubai’s TECOM, a subsidiary 

of Dubai Holding, announced 

its fourth quarter net profit of 

$24M, missing the estimated 

figure by analysts. The company attributed 

the lower-than-expected results to 

challenging market conditions, but 

maintained its focus on long-term growth 

strategies. Despite the miss, TECOM’s 

full-year net profit showed a significant 

increase of $83M, driven by its diverse 

portfolio of technology and media 

businesses. The company is committed 

to continuing to drive innovation and 

provide support for its businesses to thrive 

in the ever-evolving market landscape. 

Dubai’s Salik Surprises 

with Strong Performance 

Despite YoY Profit Dip 

Dubai’s Salik, the road toll 

system, has reported a 

decrease in its profits yearon-year 

to $361M, yet it 

has still managed to beat analysts’ 

expectations. Despite the challenging 

economic conditions, the company 

has demonstrated its resilience 

through effective cost management 

and innovative revenue-generating 

initiatives. Salik has consistently 

invested in improving its infrastructure 

and technology to enhance the overall 

toll collection process and ensure 

seamless operations. The company’s 

commitment to providing efficient and 

convenient services to its customers 

has been a key factor in its success, 

and it is expected to continue this 

trend in the future. The latest results 

serve as a testament to the strength of 

Salik’s business model and its ability 

to overcome obstacles and deliver 

positive results for its stakeholders. 

UAE Brings New Guidelines for Family-Owned 

Businesses in DIFC 


has recently announced 

new rules for family-owned 

businesses operating in the 

Dubai International Financial Centre 

(DIFC). The aim of these guidelines 

is to promote transparency and good 

governance in the functioning of family 

businesses, which are a significant 

contributor to the economy of the 

UAE. The new regulations focus on 

areas such as dispute resolution, 


(UAE) has recently made 

it easier for entrepreneurs 

and small business owners 

to establish their operations in the 

country. The country’s Department of 

Economic Development has launched a 

new initiative that allows applicants to 

obtain a business license in under five 

minutes. This streamlined process is 

a testament to the UAE’s commitment 

to promoting entrepreneurship and 

boosting the economy. The online 

platform provides a user-friendly 

interface and step-by-step guidance, 

making the process of starting a 

business faster and more efficient. 

The license is issued instantly and 

the applicant can immediately begin 

succession planning, and the rights 

and responsibilities of family members 

involved in the business. They also 

provide a framework for the proper 

management of family-owned 

businesses, ensuring their sustainability 

and growth in the long term. The 

introduction of these guidelines is 

expected to boost the confidence 

of investors and stakeholders, thus 

providing a much-needed fillip to the 

country’s economy. 

UAE Introduces 5-Minute Business Licensing 

conducting their business operations. 

This innovative approach is expected 

to attract more investment and 

entrepreneurship to the UAE, further 

solidifying its position as a leading 

hub for business and innovation in 

the Middle East. 


UAE Boosts Its Economy with Operation 300bn and In-Country Value Program 


made significant strides in 

strengthening its economy 

through its Operation 300bn 

and In-Country Value (ICV) program. 

Operation 300bn aims to increase the 

country’s non-oil sector contribution 

to its GDP from the current 60% to 

70% by 2030. The ICV program, on the 

other hand, is designed to promote 

local content and develop the country’s 

Géant Expands Express 

Concept for Convenient 

Shopping Experience 

Géant, one of the largest 

hypermarket chains in 

the UAE, is expanding its 

Express Concept store 

to offer consumers an even more 

convenient shopping experience. 

The new Express Concept stores will 

offer a carefully curated selection of 

products, including fresh produce, 

dairy, and bakery items, as well as 

household essentials, all at competitive 

prices. Customers can expect a fast and 

efficient shopping experience, with a 

streamlined checkout process and easyto-navigate 

store layout. The expansion 

of the Express Concept stores is part 

of Géant’s commitment to meeting the 

needs of its customers and providing 

a convenient and accessible shopping 

experience. Géant is solidifying its 

position as a leader in the retail industry 

in the UAE and beyond. 

industrial sector by boosting local 

production and creating new job 

opportunities. These initiatives have 

already shown promising results, with 

the country’s industries receiving a 

major boost and the economy growing 

at an unprecedented pace. The right 

mix of investment, infrastructure, and 

policy support, the UAE is well on its 

way to becoming a global economic 

powerhouse. 

Carrefour Launches Revolutionary Facial Recognition 

Payment Technology in UAE 

Carrefour, the leading retail in 

the UAE, has taken a giant 

leap in the world of payment 

technology by introducing a 

ground-breaking facial recognition 

system. Shoppers can now make 

purchases simply by looking at the 

camera and having their face scanned, 

eliminating the need for cash, credit 

cards, or even smartphones. The 

technology uses advanced algorithms 

to securely verify the shopper’s identity 

and process the payment in real-time. 

Not only is this new system incredibly 

convenient, but it also offers an added 

layer of security as it eliminates the 

risk of fraud and theft associated 

with traditional payment methods. 

The launch of this technology marks 

a major milestone for Carrefour and 

sets a new standard for the future of 

retail payment systems. 

Al Salam Bank Reaches New Heights with 48% 

Net Profit Increase in 2022 

Al Salam Bank, based 

in Bahrain, has seen a 

significant boost in its 

net profit, reaching a 48% 

increase in 2022. The bank attributed 

this success to its strong performance 

in retail banking, treasury, and 

investment operations. Additionally, 

the bank’s efforts to improve 

operational efficiency and control costs 

have also played a crucial role in this 

growth. With a strong balance sheet 

and robust capital position, Al Salam 

Bank is well-positioned to continue 

serving its customers and supporting 

the development of Bahrain’s economy. 

The bank remains committed to 

providing a wide range of financial 

services and innovative solutions to 

meet the evolving needs of its clients. 

This impressive performance is a 

testament to the bank’s dedication to 

excellence and its ability to navigate 

challenging market conditions. 


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The Finance World Magazine| Edition: March 2023

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