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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Cryptocurrency News<br />
Investopia Partners with Emirates Development Bank for a Brighter<br />
Investment Future<br />
<strong>The</strong> UAE government’s global<br />
investment platform, Investopia,<br />
has signed a Memorandum of<br />
Understanding with Emirates<br />
Development Bank as part of a new<br />
partnership. <strong>The</strong> agreement was signed<br />
at a ceremony in Dubai on February<br />
6th, <strong>2023</strong> and was witnessed by H.E.<br />
Abdullah bin Touq Al Marri, Minister of<br />
Economy and Chairman of Investopia.<br />
This partnership will allow both Investopia<br />
and Emirates Development Bank to<br />
collaborate and utilize their strengths to<br />
promote economic growth, diversification,<br />
and industrial transformation in new<br />
economies. Investopia serves as a global<br />
investment platform connecting capital<br />
with opportunities, while Emirates<br />
Development Bank is a leading financial<br />
institution.<br />
GCC Central Banks Follow<br />
US Fed’s Lead with Interest<br />
Rate Hikes<br />
<strong>The</strong> Central Bank of UAE and<br />
other central banks in the GCC<br />
raised their interest rates after<br />
the US Federal Open Market<br />
Committee (FOMC) announced a 25<br />
basis points increase as part of its<br />
efforts to manage inflation. <strong>The</strong> GCC<br />
central banks, whose currencies are tied<br />
to the US dollar, generally follow the<br />
Federal Reserve’s policy rate changes.<br />
Inflation in the GCC has been around<br />
5-6% in 2022, higher than in the past<br />
ten years but still lower compared to<br />
western nations. <strong>The</strong> Saudi Central<br />
Bank, also known as SAMA, increased<br />
its repo and reverse repo rates to 5.25%<br />
and 4.75% respectively. <strong>The</strong> central bank<br />
of Bahrain also raised its benchmark<br />
interest rates by 25 basis points, with<br />
the overnight deposit rate at 5.25%<br />
and the one-week deposit facility rate<br />
at 5.50%.<br />
Iris Health Services Loses UAE Central Bank License<br />
for Non-Compliance<br />
<strong>The</strong> Central Bank of the UAE<br />
(CBUAE) announced that<br />
it has revoked the license<br />
of Iris Health Services for<br />
failing to follow relevant guidelines.<br />
<strong>The</strong> regulator stated that the license<br />
revocation was in accordance with<br />
the procedures and regulations for<br />
licensing health insurance third-party<br />
administrators. Iris Health Services is a<br />
company that provides medical benefit<br />
and claims administration services.<br />
<strong>The</strong> CBUAE is closely monitoring the<br />
insurance sector to ensure that all<br />
companies comply with local laws. In<br />
<strong>The</strong> Abu Dhabi Commercial<br />
Bank (ADCB) is seeing success<br />
in its efforts to adopt digital<br />
innovation and maintain high<br />
standards in ESG, as the bank reported<br />
AED 6.434B ($1.75B) in net profits for<br />
the 2022 fiscal year, a 23% increase<br />
from the previous year. <strong>The</strong> bank<br />
also experienced a rise in net interest<br />
income to AED 10.194B ($2.77B), up<br />
15% from the previous year, while noninterest<br />
income increased by 22% to<br />
June 2022, it imposed penalties on two<br />
insurance companies for not meeting<br />
regulatory requirements, with one of<br />
them banned from selling insurance<br />
to new customers for a year.<br />
ADCB Achieves Record Net Profit with Boost from<br />
Digital Innovations<br />
AED 4.151B ($1.13B). During the fourth<br />
quarter, the bank saw a 23% increase in<br />
net profit to AED 1.784B ($0.48B), with<br />
a 30% increase in net interest income<br />
to AED 2.918B and a 19% increase in<br />
net fees and commission income to<br />
AED 620M.<br />
62 www.thefinanceworld.com <strong>March</strong> <strong>2023</strong>