The Finance World Magazine| Edition: March 2023
The March edition of The Finance World Magazine (TFW) 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. 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. Through this edition, we also bring you insights on topics like the UAE's steadfast dedication to sustainable growth and development, Dubai surpassing global and regional tourism recovery levels, the sports industry emerging as a promising sector magnetizing international investors, and many more key informational articles in the finance sector. Keep yourself up to date with all financial sector news with our current news segments. Each person can find something unique from us. We believe our readers deserve real value from what we have to offer.
The March edition of The Finance World Magazine (TFW) 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.
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.
Through this edition, we also bring you insights on topics like the UAE's steadfast dedication to sustainable growth and development, Dubai surpassing global and regional tourism recovery levels, the sports industry emerging as a promising sector magnetizing international investors, and many more key informational articles in the finance sector.
Keep yourself up to date with all financial sector news with our current news segments. Each person can find something unique from us. We believe our readers deserve real value from what we have to offer.
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Local News<br />
Dubai’s TECOM Misses<br />
Profit Estimate with<br />
$24M Q4 Net Profit<br />
Dubai’s TECOM, a subsidiary<br />
of Dubai Holding, announced<br />
its fourth quarter net profit of<br />
$24M, missing the estimated<br />
figure by analysts. <strong>The</strong> company attributed<br />
the lower-than-expected results to<br />
challenging market conditions, but<br />
maintained its focus on long-term growth<br />
strategies. Despite the miss, TECOM’s<br />
full-year net profit showed a significant<br />
increase of $83M, driven by its diverse<br />
portfolio of technology and media<br />
businesses. <strong>The</strong> company is committed<br />
to continuing to drive innovation and<br />
provide support for its businesses to thrive<br />
in the ever-evolving market landscape.<br />
Dubai’s Salik Surprises<br />
with Strong Performance<br />
Despite YoY Profit Dip<br />
Dubai’s Salik, the road toll<br />
system, has reported a<br />
decrease in its profits yearon-year<br />
to $361M, yet it<br />
has still managed to beat analysts’<br />
expectations. Despite the challenging<br />
economic conditions, the company<br />
has demonstrated its resilience<br />
through effective cost management<br />
and innovative revenue-generating<br />
initiatives. Salik has consistently<br />
invested in improving its infrastructure<br />
and technology to enhance the overall<br />
toll collection process and ensure<br />
seamless operations. <strong>The</strong> company’s<br />
commitment to providing efficient and<br />
convenient services to its customers<br />
has been a key factor in its success,<br />
and it is expected to continue this<br />
trend in the future. <strong>The</strong> latest results<br />
serve as a testament to the strength of<br />
Salik’s business model and its ability<br />
to overcome obstacles and deliver<br />
positive results for its stakeholders.<br />
UAE Brings New Guidelines for Family-Owned<br />
Businesses in DIFC<br />
<strong>The</strong> United Arab Emirates<br />
has recently announced<br />
new rules for family-owned<br />
businesses operating in the<br />
Dubai International Financial Centre<br />
(DIFC). <strong>The</strong> aim of these guidelines<br />
is to promote transparency and good<br />
governance in the functioning of family<br />
businesses, which are a significant<br />
contributor to the economy of the<br />
UAE. <strong>The</strong> new regulations focus on<br />
areas such as dispute resolution,<br />
<strong>The</strong> United Arab Emirates<br />
(UAE) has recently made<br />
it easier for entrepreneurs<br />
and small business owners<br />
to establish their operations in the<br />
country. <strong>The</strong> country’s Department of<br />
Economic Development has launched a<br />
new initiative that allows applicants to<br />
obtain a business license in under five<br />
minutes. This streamlined process is<br />
a testament to the UAE’s commitment<br />
to promoting entrepreneurship and<br />
boosting the economy. <strong>The</strong> online<br />
platform provides a user-friendly<br />
interface and step-by-step guidance,<br />
making the process of starting a<br />
business faster and more efficient.<br />
<strong>The</strong> license is issued instantly and<br />
the applicant can immediately begin<br />
succession planning, and the rights<br />
and responsibilities of family members<br />
involved in the business. <strong>The</strong>y also<br />
provide a framework for the proper<br />
management of family-owned<br />
businesses, ensuring their sustainability<br />
and growth in the long term. <strong>The</strong><br />
introduction of these guidelines is<br />
expected to boost the confidence<br />
of investors and stakeholders, thus<br />
providing a much-needed fillip to the<br />
country’s economy.<br />
UAE Introduces 5-Minute Business Licensing<br />
conducting their business operations.<br />
This innovative approach is expected<br />
to attract more investment and<br />
entrepreneurship to the UAE, further<br />
solidifying its position as a leading<br />
hub for business and innovation in<br />
the Middle East.<br />
118 www.thefinanceworld.com <strong>March</strong> <strong>2023</strong>