Finance World Magazine| Edition: April 2024

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Reaching a visionary goal requires
one percent vision and 99 percent alignment.
Amidst pressing global climate challenges, the UAE has emerged
as a leader in sustainability, spearheading initiatives Editor’s promising Note a
greener future. At the forefront of this movement is the country’s
ambitious Net Zero 2050 initiative, which has garnered pledges from
several companies. This month’s edition of Finance World Magazine
delves into the implications of the UAE’s Net Zero 2050 initiative and
its transformative effects on the financial landscape, echoing the
country’s dedication to sustainable development.
The cover story highlights companies dedicated to the Net Zero
by 2050 initiative, driving change across sectors with innovative
strategies for carbon neutrality, reflecting their proactive leadership
and impactful contributions to a sustainable future. Between these
pages, readers can discover insights into Venkat Reddy’s visionary
approach behind klipit, the world’s first eco-friendly, blockchain-based
paperless receipt app.
The edition highlights the significance of the UAE’s pioneering
Digital Asset Law and the newly introduced Biofuel Policy, assessing
their implications and potential impact. Complementing the net zero
initiatives the article, “Sustainable Living in Dubai: A Closer Look at
ZaZEN Properties’ Prescient Developments” deciphers the successful
green developments by ZaZEN Properties.
It also features Shahzad Ahmad, CEO of Ensure Events, sharing
insights on his entrepreneurial journey fuelled by childhood passion,
navigating challenges and envisioning global music festivals and
business expansion.
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, aiming to advance financial literacy and contribute to Dubai’s
journey to becoming one of the world’s most pioneering economies.
- Ambrish Agarwal, Editor in Chief
- Ambrish Agarwal, Editor in Chief
Advertisers advertised in this guide are included on a sponsored basis.
Details are correct at the time of going to press, but offers and prices
may change.
April 2024 www.thefinanceworld.com 7
September 2022 3

Contents April
2024
INTERVIEW
BUSINESS
P25 | Business News
COVER STORY
EVENT
P10 | Seamless. Sustainable.
Secure. klipit’s Steps Towards a
Better Future
PERSONAL FINANCE
P14 | The Emerging Trend of
Financial Literacy Education
Globally
UAE BANKING
P16 | UAE Banking News
UAE REFORMS
P28 | Toward Net Zero 2050:
Businesses Championing Climate
Action
ENERGY
P56 | Dubai Fintech Summit 2024
REAL ESTATE
P60 | Sustainable Living
in Dubai: A Closer Look at
ZaZEN Properties’ Prescient
Developments
P62 | Real Estate News
INTERVIEW
P18 | Future-Proofing Dubai’s
Workforce: A Bold Vision for
Talent Empowerment
FINTECH
P20 | Fintech News
P22 | Fintech Application
8 www.thefinanceworld.com April 2024
P48 | “UAE’s Biofuels Policy:
Promoting Sustainable Energy for
a Greener Future”
P50 | Energy News
MERGERS AND
ACQUISITIONS
P54 | Mergers & Acquisitions News
P64 | Nurturing Dreams, Building
Success - The Ensure Events
Entrepreneurial Journey

FUNDING & INVESTMENT HEALTHCARE
INVESTING IN ART
P68 | Shifting Sands: ESG
Investing Transforming the UAE’s
Financial Landscape
P71 | Funding & Investment News
DIGITAL ASSETS
P74 | Deciphering the DIFC’s
Groundbreaking Digital Asset Law
EVENT
P78 | Journey of Excellence:
Inside Burjeel Holdings’ Visionary
Expansion
P82 | Healthcare News
CORPORATE
P84 | Corporate Results
SPORT AS A BUSINESS
P98 | Investing in Ecological
Art: Bridging Environmental
Consciousness and Creative
Expression
P100 | Local News
TRAVEL
P104 | Travel News
P41 | P93 | Launch Express
P44 | P52 | Wheels
P40 | P92 | Tech My Money
P86 | From Pixels to Profit:
Exploring Abu Dhabi’s Esports
Island
P89 | Sports News
P77 | Connecting Green Hydrogen
MENA 2024: Driving the Energy
Transition Towards a Sustainable
Future
GLOBAL
P95 | Global News
April 2024 www.thefinanceworld.com 9

Interview
Seamless. Sustainable. Secure.
klipit’s Steps Towards a Better Future
10 www.thefinanceworld.com April 2024

In an exclusive interview with Finance World Magazine, Venkat Reddy,
CEO and Founder of klipit, shares the journey behind the world’s first ecofriendly,
blockchain-based paperless receipt app. klipit transforms personal
inconvenience into a universal solution, tackling environmental challenges and
reshaping consumer habits. Reddy’s efforts align with reaching the UAE’s net-zero
goal by 2050, promoting a sustainable and secure future for digital transactions.
Exclusive to Finance World Magazine
Q. Can you share the inspiration
behind founding klipit and how
the idea of a blockchain-powered
digital receipt platform originated?
The inspiration behind klipit sprouted
from a personal inconvenience:
the cumbersome task of managing a
plethora of paper receipts. This challenge
prompted us to seek out more
sustainable alternatives, leading to the
realisation of a universal need for an
efficient, eco-conscious solution. Our
research confirmed this need, with
76% of GCC consumers expressing a
preference for digital receipts.
Thus, klipit emerged as the world’s
first eco-friendly, blockchain-based paperless
receipt app- a product designed
to tackle two significant challenges:
reducing landfill waste and providing
consumers with a comprehensive digital
platform for receipt storage.
By transitioning to digital receipts, klipit
not only helps businesses in decreasing
their environmental footprint but also
enables them to save costs, streamline
operations, and gain valuable insights
into consumer purchasing behaviour.
Q. klipit has established hubs in
various locations, including Singapore,
Dubai, and Bangalore. How
does this global presence contribute
to klipit’s mission, and are there
specific regional considerations
in promoting a paperless receipt
system?
Klipit is actively working towards
expanding its global presence, with a
particular emphasis on the dynamic
Middle East region. Currently, we are
gearing up to introduce our innovative
solutions in Saudi Arabia, with plans
for subsequent expansion into other
GCC markets.
Klipit recognises the importance
of adapting to regional nuances and
preferences. In each market, we tailor
our strategies to address specific regulatory
requirements, cultural norms,
and technological infrastructures. For
instance, in regions like the Middle
East, where environmental sustainability
and digital transformation are
gaining momentum, we emphasise the
eco-friendly and convenient aspects of
our paperless receipt system.
Q. Sustainability is a key focus for
klipit. How do you see technology,
particularly blockchain, playing a
role in addressing environmental
challenges, and how does klipit
contribute to this effort?
We leverage blockchain technology
to revolutionise receipt management
and promote sustainability in the retail
sector. By digitising receipts and
storing them securely on our blockchain-based
platform, we eliminate
the need for paper receipts, thereby
reducing paper waste. Furthermore,
our platform ensures the integrity and
privacy of transaction data, enhancing
trust and accountability in the receipt
management process.
Q. The transition to digital receipts
is a significant step towards reducing
paper usage and deforestation.
What challenges did klipit face in
promoting this shift, and how have
you overcome them?
At klipit, we are committed to spearheading
a transformative shift towards
a paperless receipt ecosystem. Our
vision extends beyond mere innovation;
we envision a future where regions
such as the UAE, India, and Singapore
embrace paperless transactions as the
norm. However, amidst our ambitious
goals, we recognise the formidable challenge
of reshaping consumer mindsets
regarding the environmental impact
of traditional thermal paper receipts.
One of our primary hurdles has been
fostering awareness among consumers
about the detrimental effects of thermal
paper on the environment. Convincing
individuals to reconsider their habits
and adopt digital alternatives requires
a concerted effort in education and
advocacy. Many consumers are accustomed
to the convenience of physical
receipts and are still hesitant to embrace
a digital alternative.
Moreover, as klipit operates through
a mobile application, we encountered
the challenge of incentivising consumers
to download and utilise our platform
solely for receipt organisation. Recognising
this obstacle, we’ve strived to
April 2024 www.thefinanceworld.com 11

Interview
communicate that klipit offers far more
than mere receipt management. Our
application serves as a comprehensive
financial tool, empowering users to
budget effectively and gain insights
into their spending habits.
Despite these challenges, we remain
steadfast in our commitment to progress.
While we acknowledge that we
have a considerable journey ahead,
we are encouraged by the increasing
traction and positive feedback we’ve
received thus far.
Q. Could you elaborate on the specific
ways in which klipit leverages
blockchain technology to ensure
the security and authenticity of
digital receipts?
klipit utilises blockchain technology
to enhance digital receipt storage and
transaction management through its
decentralised and immutable ledger
system. Here’s how it works:
Decentralised Storage: Traditional
receipt storage systems rely on centralised
servers, which are susceptible
to hacking and data breaches. klipit,
on the other hand, stores receipts on
a decentralised blockchain network
(private and public networks depending
on the retailer’s requirement). This
means that purchase receipts are not
stored in a single location but are distributed
across multiple nodes in the
network, making it much more secure
and resistant to tampering.
Immutable Records: Once a receipt
is added to the blockchain, it cannot
be altered or deleted. This ensures the
integrity and authenticity of the transaction
data, as it provides a tamper-proof
record of all transactions. Users can
trust that the information stored on the
blockchain is accurate and cannot be
manipulated by any party.
Transaction Transparency: By
leveraging blockchain technology, klipit
offers greater transparency into transaction
histories. Users can easily access
their transaction records stored on the
blockchain, providing a clear audit trail
of their activities. This transparency
can help prevent disputes and provide
peace of mind to both consumers and
businesses.
Smart Contract Integration: As
a future scope klipit will utilise smart
contracts to automate certain aspects
of transaction management. Smart
contracts are self-executing contracts
with the terms of the agreement directly
written into code. They can automatically
trigger actions (such as prompting for
purchase of extended warranty, auto
servicing appointments, and Auto-renewal
of insurance) when predefined
conditions are met, streamlining transaction
processes and reducing the need
for manual intervention.
Q. The United Arab Emirates has
set an ambitious goal of achieving
net-zero carbon emissions by 2050.
How does klipit envision contributing
to this national objective, and
what role do you see blockchain and
digital receipt technology playing
in promoting sustainability within
the UAE’s business landscape?
At klipit, we recognise the United
Arab Emirates goal of achieving net-zero
carbon emissions by 2050 and believe
that our vision aligns closely with this
national objective. We see our platform
playing a pivotal role in advancing sustainability
within the UAE’s business
landscape.
By transitioning from traditional
paper receipts to digital alternatives,
we can significantly reduce paper consumption
and the associated carbon
footprint. This shift not only aligns with
the UAE’s sustainability objectives but
also represents a practical solution for
businesses seeking to minimise their
environmental impact.
Blockchain technology serves as a
cornerstone of klipit’s approach to digital
receipts. By leveraging blockchain, we
ensure the security, immutability, and
transparency of digital transactions,
thereby enhancing trust and accountability
in the receipt management process.
Furthermore, blockchain enables us
to create a decentralised ecosystem
where businesses and consumers can
seamlessly exchange digital receipts
while maintaining data privacy and
integrity.
Q. With the vision of klipit in mind,
transforming the receipt management
landscape globally, what growth
expectations do you have for the
platform in the next few years?
How do you anticipate klipit’s user
base, market presence, and overall
impact evolving on a global scale?
Looking ahead, we see klipit transcending
its role merely as a receipt
management system, envisioning it as
a transformative platform capable of
reshaping customer engagement and
refining retail analytics. Our trajectory
involves the integration of additional
features, such as tailored shopping
insights and financial management
tools, thereby enabling klipit as an
indispensable facet of daily transactions.
Taking consumer protection to the
next level, we also plan to introduce
TRUklip, a blockchain-based AI/ML
tool. The tool will enable brands to
allocate unique QR codes to each of
their products, which will allow consumers
to determine the authenticity
of the product at the time of purchase
while flagging any counterfeit products.
The tool will also be equipped with the
ability to track the movement of products
as they transit from warehouses
and factories to retail stores which will
further ensure a seamless solution to
eliminate counterfeits from the market.
12 www.thefinanceworld.com April 2024

Personal Finance
Source: pexels.com
Denmark leads financial literacy rates, currently at 71% according to global reports.
The Emerging
Trend of Financial
Literacy Education
Globally
The global rise in financial literacy education
signifies a positive shift towards empowering
individuals to make informed financial decisions.
In an age where financial complexities
are on the rise, the importance of
understanding money management has
never been more evident. Across the globe,
there’s a growing realisation that being
financially literate is highly imperative for
navigating the intricacies of modern life.
This awareness has boosted a rising trend
in financial literacy education worldwide.
Countries with higher tax rates are seen to
take such initiatives including academic
courses, campaigns, and seminars to
promote informed financial decisions in
the nation. This article highlights some
of the recent advancements taking place
globally to improve financial literacy and
the reasons behind these initiatives. From
schools to online platforms, efforts are
expanding to reach broader audiences.
14 www.thefinanceworld.com April 2024

Financial literacy encompasses a
range of skills and knowledge that
enable individuals to make informed
financial decisions. From budgeting and
saving to investing and understanding
complex financial products, a solid grasp
of financial concepts can significantly
impact one’s financial well-being. Recognising
this, governments, educational
institutions, and financial organisations
are increasingly investing in initiatives
to improve financial literacy among
their citizens.
One of the primary drivers behind the
push for financial literacy education is
the recognition of its correlation with
economic stability and growth. Studies
have shown that populations with higher
levels of financial literacy tend to exhibit
better financial behaviours, such as saving
for retirement, avoiding high-interest
debt, and making informed investment
choices. These behaviours contribute to
overall economic resilience and reduce
the likelihood of financial crises.
Recent research indicates that 75%
of teenagers exhibit low confidence in
their understanding of personal finance.
Moreover, 41% are unfamiliar with the
concept of a 401(k), and 32% cannot
differentiate between a credit card and
a debit card. This deficiency in financial
education significantly contributes to
increased debt, missed opportunities,
and economic instability.
Moreover, the democratisation of
financial markets and the proliferation
of financial products have made it necessary
for individuals to possess a certain
level of financial acumen. From basic
banking services to complex investment
instruments like stocks and bonds, the
modern financial landscape demands
that individuals understand how to use
these products and their associated risks
and benefits.
In response to these challenges, countries
around the world are integrating
financial literacy education into their
formal education systems. Starting from
primary school and continuing through
higher education, curricula are being
developed to teach students essential
financial concepts. These initiatives aim
to equip young people with the knowledge
and skills they need to navigate financial
decisions throughout their lives.
One of the notable examples is the
launch of Wise Up Academy, a pioneering
in-person financial and life skills educational
program for teens and young adults with
a primary focus on strengthening the
fundamentals of personal finance among
people from an early age.
In today’s
interconnected
world, financial
literacy holds
immense
transformative
power, impacting
every facet of our
lives.
Marilyn Pinto
Another example is the collaboration
between the National Finance Olympiad
and schools in India, aiming to raise
awareness about the significance of financial
education from early childhood.
Throughout its duration, the National
Finance Olympiad has played a pivotal
role by offering practical insights into
money management through innovative
teaching approaches. Additionally, it
has facilitated financial learning with
the aid of a comprehensive and easily
comprehensible study toolkit.
Furthermore, governments and non-profit
organisations are launching public awareness
campaigns and offering workshops
and seminars to reach adults who may
have missed out on financial education
in school. These programs cover topics
such as budgeting, debt management,
retirement planning, and investment
basics. By providing accessible and
relevant information, these initiatives
empower individuals to take control of
their financial futures.
Financial institutions also play a crucial
role in promoting financial literacy.
Banks, investment firms, and insurance
companies are increasingly offering educational
resources to their customers,
ranging from online tutorials to personalised
financial advice. By helping their
clients understand the products and
services they offer, these institutions
not only foster trust but also contribute
to improved financial decision-making.
The National Bank of Fujairah (NBF)
recently launched a pioneering initiative
aimed at enhancing financial literacy
among 14-16-year-old students in the UAE.
The inaugural event took place at GEMS
Winchester School in Fujairah, where
fifty students participated in a half-day
session. The program was designed to
challenge and educate students on various
aspects of personal finance, including
saving, loans, credit cards, and budgeting.
The success of this initial campaign has
spurred the organisers to expand the
initiative nationwide, recognising the
importance of equipping young people
with the knowledge and skills to make
informed financial decisions.
In addition to formal education and
industry-led initiatives, technological
advancements are revolutionising the
way financial literacy is delivered. Mobile
apps, online platforms, and gamified
learning experiences are making financial
education more engaging and accessible
than ever before. These tools leverage
the ubiquity of smartphones and the
internet to reach a broader audience,
including underserved communities and
marginalised groups.
Emirates NBD’s MoneyWise platform
stands out as a prime example of leveraging
technological advancements to promote
financial literacy. This comprehensive
platform offers a wealth of essential
financial information, covering topics
such as financial wellness tips, security
awareness, and a financial glossary. By
providing users with easily accessible
and relevant resources, MoneyWise
empowers individuals to enhance their
financial literacy and make informed
decisions about their finances.
By equipping people with the knowledge
and skills they need to manage
their money effectively, we can foster
economic stability, reduce inequality,
and improve overall well-being. As we
continue to invest in financial education,
we move closer to a world where everyone
has the opportunity to achieve financial
security and success.
April 2024 www.thefinanceworld.com 15

UAE Banking News
CBUAE Releases
Monetary and
Banking Updates
The Central Bank of the UAE
(CBUAE) reported notable
changes in various monetary
aggregates and banking indicators for
December 2023. The Money Supply
aggregate M1 saw a 4.0 per cent increase,
reaching AED 829.3B, driven
by a rise in Currency in Circulation
Outside Banks and Monetary Deposits.
M2 rose by 4.5 per cent, reaching
AED 2,023.4B, fuelled by an increased
M1 and growth in Quasi-Monetary
Deposits. The Money Supply aggregate
M3 increased by 2.4 per cent,
reaching AED 2,445.2B, primarily
due to an augmented M2 despite a
reduction in Government Deposits.
The Monetary Base expanded by 7.3
per cent, reaching AED 658.8B, with
various components contributing to
this growth. Meanwhile, gross banks’
assets, including bankers’ acceptances,
rose to AED 4,075.2B, but gross credit
saw a slight decrease of 0.1 per cent.
First Abu Dhabi Bank Introduces Innovative
Platform for Asset Managers in MENA
First Abu Dhabi Bank (FAB) has
launched MENASSA (MENA Securities
Services for Asset Managers),
a post-trade platform designed
for MENA-based asset managers. This
platform aims to bring sophistication
to securities services in the region,
offering a suite of modular services,
including Global Custody, Fund Accounting,
Transfer Agency, Performance
and Risk Measurement, and
Middle Office Services. Integrated with
FAB’s capital markets and investment
banking capabilities, the platform
addresses global regulatory complexities
affecting investment flows. The
platform’s distinctive feature lies in
its world-class component products,
supported by regulatory experts in the
UAE, Saudi Arabia, Bahrain, Kuwait,
and Oman. Despite regional regulatory
challenges, Middle Eastern markets
are expected to outpace others in assets
under management (AuM) growth,
according to PwC’s 2023 Global Asset
and Wealth Management survey and
2027 projections.
Ajman Bank and KPMG Collaborate on ESG
Framework Development
Ajman Bank has entered into a
partnership with KPMG ESG
Services, a significant step in
its commitment to environmental,
social, and governance (ESG) principles.
This collaboration aims to
shape Ajman Bank’s inaugural ESG
Framework, providing a roadmap and
long-term vision for sustainability. The
UAE’s dedication to sustainability resonates
with Ajman Bank’s alignment to
fostering sustainable practices across
sectors, emphasising climate action
and broader sustainability issues.
The Memorandum of Understanding
(MoU) was signed at Ajman Bank’s
head office, and attended by leaders
from both organisations. Mustafa Al
Khalfawi, Group CEO of Ajman Bank,
highlighted the institution’s commitment
to responsible and sustainable
banking, viewing the partnership
with KPMG ESG Services as a pivotal
moment in contributing to the UAE’s
sustainability objectives.
First Abu Dhabi Bank Aims to Triple China Business Revenue by 2026
First Abu Dhabi Bank (FAB) is
poised to triple its China business
revenue by 2026, solidifying
its role as a key player in UAE-Chinese
and Sino-MENA trade and investment.
As the sole UAE bank with a fully licensed
branch in mainland China, FAB
achieved a remarkable 50% business
growth in the region in 2023. Zhang
Yiming, Ambassador of the People’s
Republic of China to the UAE, praised
FAB during the bank’s Chinese New
Year celebration, emphasising the
bank’s confidence in the Chinese
economy. These plans align with the
UAE’s deepening ties with China, its
primary global trade partner, with expectations
of bilateral trade reaching
$200B annually by 2030. The UAE, a
strategic partner of China, hosts over
6,000 Chinese businesses and was
recently included in the expanded
BRICS trade bloc.
16 www.thefinanceworld.com April 2024

ADIB Shareholders Approve 71 Fils Dividend per Share for 2023
Abu Dhabi Islamic Bank (ADIB)
has gained approval for a cash
dividend of AED 2.595B, equivalent
to 71 fils per share, for the fiscal year
ending December 31, 2023. This marks
an increase from the previous year’s
49 fils per share, constituting 49% of
the bank’s net profit. ADIB achieved a
record Return on Equity (ROE) of 27.1%,
showcasing strong momentum in core
operations fueled by a resilient local
economy and transformative initiatives.
The General Assembly also approved
the Board of Directors’ report, auditors’
report, and financial statements for
2023. Jawaan Awaidha Suhail Al Khaili,
ADIB’s Chairman, expressed gratitude
to shareholders, highlighting the bank’s
exceptional 2023 results, surpassing AED
5B in net profit and emphasising strategic
initiatives aligned with ESG principles
and sustainability integration.
ADIB Names
Mohamed Abdelbary
Acting Group CEO
Abu Dhabi Islamic Bank (ADIB)
has appointed Mohamed
Abdelbary as acting Group
CEO, succeeding Nasser Al Awadhi,
who resigned for personal reasons.
Abdelbary, ADIB’s group CFO since May
2020, brings over 27 years of experience
from roles at international banks like
Standard Chartered, Citibank, and
Barclays Bank. His diverse expertise
includes serving as the regional CFO in
Africa and the Middle East and leading
business finance in the UAE and the
Middle East. ADIB’s decision aligns with
its strategic goals for expansion and
achievement. The bank, a key player
in the UAE since its establishment in
1997, boasts approximately AED 193B
in total assets. Abdelbary’s leadership
will be crucial as ADIB navigates new
opportunities and advances its longterm
vision.
Saudi CMA Approves Capital Hike for Bank
Albilad and Aldrees
The Capital Market Authority
(CMA) has approved capital
hikes for Bank Albilad and Aldrees
Petroleum and Transport Services
Company. Bank Albilad will
increase its capital by issuing one
bonus share for every four existing
shares, totalling 250 million bonus
First Abu Dhabi Bank (FAB)
shareholders have approved
a substantial cash dividend of
AED 7.8B, translating to 50% per share
(AED 0.71) for the fiscal year ending
December 31. The endorsement took
place at FAB’s Annual General Meeting
in Abu Dhabi, and shareholders as of
March 15, 2024, are set to enjoy the
dividends. The AGM showcased FAB’s
remarkable performance throughout
2023, marking three consecutive years
of heightened business momentum.
Sheikh Tahnoon Bin Zayed Al Nahyan,
FAB’s Chairman, underscored the
bank’s resilience in the face of a challenging
global economic landscape,
shares, raising the new capital to
SAR 12.50B. Aldrees, a Tadawul-listed
company, will issue one bonus share
for every three existing shares, transferring
SAR 250M from the retained
earnings account to raise its capital
to SAR 1B. Both transactions received
CMA approval on March 5, 2024. Bank
Albilad’s 25% capital hike proposal
came on February 4, while Aldrees’
board suggested a 33.33% increase
on January 25. In 2023, Bank Albilad
reported net profits of SAR 2.36B,
and Aldrees witnessed profits of SAR
280.80M.
FAB Shareholders Approve AED 7.8B Cash Dividend
outlining strategic goals for 2024 to
further strengthen its market leadership
in the UAE and expand internationally.
Hana Al Rostamani, FAB’s
Group CEO, emphasised the bank’s
consistent growth, robust returns,
and its standing as one of the world’s
safest and most profitable banks over
the past three years.
April 2024 www.thefinanceworld.com 17

UAE Reforms
source: wam.ae
The objective is to expedite the integration of 65,000 Emiratis into the private sector.
Future-Proofing
Dubai’s Workforce: A
Bold Vision for Talent
Empowerment
By embracing the challenges of tomorrow today,
Dubai is laying the groundwork for a future where
talent knows no bounds.
In an era defined by rapid technological
advancements and dynamic shifts in global
markets, the strategic management of
human capital has emerged as a critical
imperative for nations seeking to
thrive in the 21st century. Nowhere is
this more apparent than in Dubai, where
the Dubai Government Human Resources
Department (DGHR) has launched the
groundbreaking ‘Future Proofing Dubai’s
Workforce’ project. With its ambitious goal
of positioning Dubai as a global hub for
talent empowerment and innovation, this
initiative heralds a new era of strategic
workforce planning and development.
By harnessing the collective expertise of
government entities, private organisations,
and other stakeholders, the project seeks
to revolutionise the landscape of talent
management.
18 www.thefinanceworld.com April 2024

As we delve into the intricacies of
this transformative initiative, it
becomes clear that the ‘Future
Proofing Dubai’s Workforce’ project
represents a bold step towards shaping
a future where talent knows no bounds
and possibilities are limitless.
The launch event, held on the 7th of
March, 2024, was attended by a diverse array
of stakeholders, including representatives
from federal authorities, government
bodies in Dubai, and key employers from
various sectors in the private industry.
This strong show of support underscores
the significance of the project and the
collective commitment towards shaping
a brighter future for Dubai’s workforce.
At the heart of the ‘Future Proofing
Dubai’s Workforce project lies a multifaceted
approach aimed at addressing the
evolving needs of the labour market
while harnessing the potential of local
talent. One of the primary objectives is
the integration of 65,000 Emiratis into
the private sector, a move that promotes
inclusivity and strengthens the overall
economy by leveraging local expertise
and knowledge. By fostering partnerships
between government entities and private
organisations, the project seeks to create
a conducive environment for talent
development and retention.
Moreover, the initiative places a strong
emphasis on harnessing the power of
technology to drive innovation and
productivity in the workforce. Through
the digitization of labour market forecasts
and the implementation of advanced
analytics engines, decision-makers
will have access to real-time data and
insights to inform strategic workforce
planning. This data-driven approach not
only enhances efficiency but also enables
proactive decision-making in response
to changing market dynamics.
In addition to promoting talent integration
and technological advancement, the
‘Future Proofing Dubai’s Workforce project
is committed to fostering a culture of
lifelong learning and skill development.
To this end, capacity-building programs
tailored for the future workforce will be
devised, equipping individuals with the
skills and knowledge needed to thrive
in an increasingly competitive global
marketplace. By investing in human
capital development, Dubai is not only
preparing its workforce for the challenges
of today but also laying the foundation
for sustained economic growth and
prosperity in the years to come.
The project is structured into four
main phases, each spanning 12 months,
with specific initiatives and programs
continuing beyond the completion of these
phases. This long-term approach reflects
DGHR’s commitment to driving sustainable
change and ensuring the project’s lasting
impact on Dubai’s workforce.
This initiative
reflects our vision
to bolster Dubai’s
future plans
by leveraging
exceptional
talents, and
brilliant minds.”
Abdullah Ali bin Zayed Al Falasi,
Director General of DGHR
Abdullah Ali bin Zayed Al Falasi,
Director General of DGHR, expressed his
optimism about the project’s potential to
shape Dubai’s future. He emphasised the
alignment of the initiative with Dubai’s
strategic vision for 2033, including
ambitious economic growth targets and
sustainability objectives. Moreover, he
highlighted the importance of collaboration
and alliance-building in driving the
project forward, stressing the need for
continued partnership between government
entities, private organisations, and other
stakeholders.
In the lead-up to the project launch,
DGHR conducted a series of visits to key
government and private entities to foster
collaboration and joint efforts. These
engagements were aimed at deepening the
understanding of job market dynamics and
identifying opportunities for partnership
and innovation. By bringing together
diverse stakeholders, DGHR aims to
harness the collective expertise and
resources needed to drive the project’s
success.
The ‘Future Proofing Dubai’s Workforce’
project holds considerable strategic
importance as it aligns with the vision
of His Highness Sheikh Mohammed bin
Rashid Al Maktoum, Vice President, Prime
Minister, and Ruler of Dubai, to position
Dubai as a global hub for innovation
and creativity. Through this initiative,
DGHR seeks to address the evolving
needs and future expectations of the
human workforce in Dubai, providing
solutions and proposing effective tools
to empower both national human capital
and global talents.
Furthermore, the project is dedicated to
fostering partnerships and collaboration
between the government and private
sectors to drive sustainable development
and enhance the overall well-being of
the community. By investing in talent
development and strategic workforce
planning, Dubai is not only future-proofing
its economy but also creating a pathway
to prosperity for generations to come.
As the ‘Future Proofing Dubai’s Workforce’
project unfolds, it is poised to set new
benchmarks for talent development
and innovation on a global scale. With
its holistic approach and unwavering
commitment to excellence, the project
has the potential to transform Dubai
into a beacon of talent empowerment
and a model for sustainable economic
development.
April 2024 www.thefinanceworld.com 19

Fintech News
bolttech Expands into the Middle East with stc Group Partnership
Insurtech firm bolttech has made its
foray into the Middle East through a
strategic partnership with stc Group,
a key player in telecommunications
and digital transformation within the
region. This collaboration introduces
device protection services to stc’s
customer base and integrates advanced
technology to elevate the overall user
experience. Initially focusing on mobile
device protection, the partnership has
ambitious plans to diversify its offerings.
The expansion will include IoT-enabled
solutions, encompassing a wide range
of products such as home appliances,
health electronics, and cybersecurity
for personal assets. This strategic
move by bolttech aligns with its goal
of entering new markets, leveraging
the established telecommunications
and digital capabilities of stc Group
in the Middle East.
AWS Invests $5.3B in Saudi Infrastructure Hub
Amazon Web Services (AWS) has
revealed plans to establish a new
AWS infrastructure Region in
Saudi Arabia, scheduled to commence
operations in 2026. The substantial
$5.3B investment is poised to offer
developers, enterprises, healthcare institutions,
educational entities, gaming
companies, and nonprofits the flexibility
to run their applications from data
centres located within the kingdom.
Initially comprising three Availability
Zones, this initiative contributes to
AWS’s extensive global network, currently
encompassing 105 Availability
Zones spread across 33 regions. The
strategic move reflects AWS’s commitment
to strategic investments in key
regions and emphasises its dedication
to meeting customer preferences
for localised data storage solutions.
Alongside Saudi Arabia, AWS envisions
launching an additional 18 Availability
Zones and 6 AWS Regions in Malaysia,
Mexico, New Zealand, Thailand, and
the AWS European Sovereign Cloud.
Fintech Momentum in MENA Faces Talent and
Funding Gaps
The fintech sector in the Middle
East and North Africa (MENA),
particularly in cities within the
Gulf Cooperation Council (GCC),
has gained global recognition as an
emerging fintech hub. Despite this
success, sustaining the momentum
requires addressing talent and capital
challenges, as highlighted in a report
by Strategy&, the strategy consulting
unit of PricewaterhouseCoopers. Titled
“Fintech in the Middle East: Building on
the Momentum,” the paper examines the
remarkable growth of the MENA fintech
industry and identifies key obstacles
to its further development. The report
underscores the rapid expansion of the
fintech startup ecosystem, with over
800 startups in mid-2023, supported by
increasing funding volumes reaching
approximately $885M in 2022. This
robust growth reflects a maturing
landscape with larger deal sizes, emphasising
the industry’s potential for
continued success.
Singapore Gulf Bank
Secures Funding from
Bahrain’s Sovereign
Wealth Fund
Bahrain’s sovereign wealth fund
Mumtalakat has announced
its investment in Singapore
Gulf Bank (SGB), a new digital bank
established by Whampoa Group. This
funding will facilitate SGB’s launch
and expansion in Bahrain, following
the recent approval of its licence by
the Central Bank of Bahrain. SGB plans
to offer a digital banking platform catering
to global investors, institutions,
and innovators, providing access to
both conventional and digital assets,
real-time settlements, and asset management.
The bank’s goal is to bridge
the gap between Asia and the Middle
East and North Africa (MENA) region,
fostering cross-border trade and financial
connectivity. SGB’s presence
in Bahrain is expected to contribute
to the development of the country’s
digital banking sector and make it
the first in the region to allow remote
onboarding of banking clients, aligning
with Mumtalakat’s strategy to diversify
its portfolio and support Bahrain’s
economic transformation.
20 www.thefinanceworld.com April 2024

Additiv Opens New Office
in Dubai
Swiss embedded finance fintech,
additiv, is expanding its presence
in Dubai by opening a new office
in the Dubai International Financial
Centre (DIFC), the Innovation One
building. The move aims to strengthen
Additiv’s commitment to the Middle East
as a key market. The DIFC Innovation
Hub was chosen as the location for its
regional headquarters due to its status
as one of the world’s most advanced
financial centres and a major innovation
community. Additiv plans to hire
key personnel locally for research and
development, customer delivery, and
sales to implement industry-leading
wealth, credit, and insurance solutions.
The expansion comes as digital literacy
and affluence rise in the Middle East,
creating a growing demand for tailored
financial services. Additiv’s comprehensive
consumer research study in
the UAE and Saudi Arabia revealed a
significant demand for professional
financial or investment advice, with a
preference for advisor-led and hybrid
models blending digital platforms with
advisor interaction.
Barraq Inks Deal with MoneyGram in Saudi Arabia
Saudi fintech app, barraq, has
entered a strategic partnership
with global financial technology
giant MoneyGram, facilitating seamless
international fund transfers for Saudi
consumers. Through barraq’s app,
users can send funds worldwide using
MoneyGram’s cross-border platform,
enabling recipients to access funds
through various channels, including
bank accounts, mobile wallets, or
over 450,000 retail locations across
200 countries. Barraq’s CEO, Ahmed
Alenazi, expressed enthusiasm about
the collaboration, highlighting the
app’s commitment to customer satisfaction.
MoneyGram’s CEO, Alex
Holmes, emphasised the significance
of barraq’s selection, anticipating the
app’s rapid growth in the Middle East.
The agreement marks a milestone for
barraq, having received its licence from
the Saudi Central Bank in January.
With a focus on secure payments and
device compatibility, barraq is poised to
become a leading digital wallet option
in the region.
Oman Retailers Experience Revenue Boost with
Digital Payments
Muscat Visa’s ‘Value of Acceptance’
study reveals that 65%
of Oman retail merchants
experienced increased revenue and
higher footfall by embracing digital
payments. The survey examined two
groups: those accepting digital payments
for 1-4 years and those exclusively
dealing in cash transactions.
Quick service restaurants, mobile
shops, cafes, beauty salons/barber
shops, and fashion/shoe stores were
among the top represented businesses.
Digital and cash payments collectively
constituted over 95% of payments
accepted by surveyed small businesses,
with 41% of cash-only merchants
considering or planning to invest in
digital payment technology. Anticipating
enhanced footfall and revenue,
40% of these merchants recognize the
potential of providing a better payment
experience through digital payments,
marking a notable shift in Oman’s
retail landscape.
Bahrain Fintech Bay
Joins Forces with Qatar
Financial Centre
Bahrain FinTech Bay (BFB) and
the Qatar Financial Centre Authority
(QFCA) have signed
a Memorandum of Understanding
(MoU), establishing a framework for
collaboration in the fintech sector. The
agreement aims to support the growth
of startup networks and facilitate
knowledge exchange between the two
entities. The MoU emphasises mutual
support for startups exploring business
opportunities in each other’s territories,
providing access to co-working spaces
during business trips. Both organisations
will assist startups with expansion
plans into Bahrain and Qatar, leveraging
their networks and market insights.
The partnership also includes collaborative
research efforts, participation
in events, networking opportunities,
and virtual sessions to introduce each
other’s fintech landscapes, promoting
cross-border understanding.
April 2024 www.thefinanceworld.com 21

Fintech Application
KEYPER INVESTOR
Keyper, Co-founded by Omar Abu
Innab, stands out as a digitally
enabled real estate portfolio
management platform and property
management service provider. This
application empowers property investors,
offering a suite of tools and
services to streamline their real estate
management processes.
At its core, Keyper serves as a comprehensive
hub for property investors to
consolidate and manage their portfolios
effortlessly. Through tech-enabled property
management solutions accessible
on the go, landlords can automate daily
tasks, ensuring a smooth experience.
The platform’s emphasis on transparency,
visibility, and 360° communication
aligns with its commitment to providing
users with a clear overview of their
real estate holdings.
Keyper introduces a fresh perspective
on property management, allowing
users to stay informed and in control
while focusing on more critical aspects
of their lives. By combining technology,
data, and experienced relationship
managers, the platform promises a
curated experience tailored for real
estate investors.
The services offered by Keyper cover
a spectrum of essential aspects of real
estate management. From portfolio
monitoring that enables informed
decision-making to a digital payments
solution that enhances payment success
and eliminates delays, Keyper aims to
simplify the often intricate world of
property management.
One standout feature of Keyper is
its real-time data provision. Users can
access live market valuations, performance
updates, return on investment
(ROI) figures, and more, ensuring they
are well-informed at all times. This
data-driven approach, coupled with
the support of dedicated relationship
managers, allows users to navigate
crucial decisions with confidence,
backed by insights and without any
conflict of interest.
Keyper’s commitment to simplicity is
evident in its on-the-go capabilities. All
essential information, from contracts to
payment details and marketing assets,
is consolidated within the application,
providing users with a convenient,
centralised platform.
Keyper emerges as a transformative
real estate dashboard that amalgamates
human innovation and data-driven
technology. It positions itself as a knowledge-centric
tool, offering complete visibility
into users’ real estate portfolios
through an accessible interface. With
features like upfront rent payments,
Keyper aims to provide landlords with
immediate access to their annual rent,
mitigating default risks.
Keyper’s Rent Now, Pay Later feature
revolutionises landlord-tenant transactions,
ensuring landlords receive
their annual rent upfront in a single
payment, eliminating default risks.
This innovative approach enhances
financial predictability for landlords,
fostering a more secure and efficient
real estate management experience.
The platform’s emphasis on functionality,
data-driven insights, and user
convenience positions it as a noteworthy
player in the evolving landscape of
real estate management applications.
source: www.realkeyper.com
22 www.thefinanceworld.com April 2024

Fintech Application
ZYWA
Zywa, a neo-bank created by and
for Gen Z, targets the financial
fitness of teenagers in the Middle
East, beginning with the UAE. This
prepaid card and money management
app, exclusively catering to ages 13-21,
facilitates digital and offline payments
through the Zywa Card, functioning
akin to a debit card designed for teens.
Teens can efficiently spend, receive,
and manage money using the Zywa app.
Parents can also engage with the same
platform, sending money securely to
their children, who can spend within the
controlled oversight of their parents.
Zywa aspires to be the sole banking
app for the youth, transitioning Gen Z
from cash to digital without the need
for a traditional bank account.
Zywa stands as the pioneering prepaid
Mastercard and money management
app crafted exclusively for the next
generation in the Middle East. Presently
accessible in the UAE, Zywa is gearing
up for expansion, with upcoming
launches in KSA and Egypt.
The app empowers teenagers to make
independent payments, allowing them
to send and receive money, make tapand-pay
transactions at stores, and pay
offline using their personalized Zywa
Card. It also supports bill splitting,
encourages savings through goals,
and offers rewards and opportunities
within the app.
For parents, Zywa transforms the
way they manage their child’s finances.
They can send money digitally, track
their child’s expenses transparently, and
promote financial independence and
literacy through practical experience.
The app prioritizes security, adhering to
CBUAE guidelines and requiring KYC
verification for both parents and teens
to ensure maximum safety.
Zywa’s security features include operating
on the secure Mastercard/Union
Pay network, PCI DSS compliance
without the need to link a bank account,
and a team of engineers dedicated to
fraud detection and prevention. Users
can block, pause, or change the card’s
pin at any time, with 24x7 customer
support available for assistance.
In essence, Zywa allows teens to
focus on their lives while entrusting the
safety of their finances to the app. With
its commitment to security, financial
empowerment, and user-friendly features,
Zywa aims to be a transformative
tool in shaping the financial habits of
the next generation.
source: www.zywa.co
April 2024 www.thefinanceworld.com 23

JSAUX OmniCase 2 Pro
JSAUX OmniCase 2 Pro is a multifaceted
12-in-1 storage docking
station designed to streamline
connectivity and amplify functionality.
This compact gadget consolidates a
diverse range of ports, including HDMI,
USB, Ethernet, and more, into a single
unit, offering users an organized and
efficient solution for managing their
devices and peripherals.
Constructed with a sleek aluminium
alloy exterior and a lightweight plastic
interior, the OmniCase 2 Pro is both
durable and portable. Weighing in at
just 192g and measuring 126x78x26mm,
it stands out as a pocket-sized powerhouse,
making it an ideal companion
for professionals on the go, students,
and content creators.
One of the highlighting features of
this docking station is its integrated
compartment for storing cables, memory
cards, and SIMs, reducing clutter
and enhancing organisation. The top
of the dock can also detach due to
internal magnets, further boosting its
portability.
In terms of performance, the Omni-
Case 2 Pro supports stunning 4K@60Hz
Ultra HD resolution and triple display
capability, catering to Windows and Mac
OS users. It also ensures efficient power
delivery with its PD100W charging and
facilitates high-speed data transfer up
to 5Gbps, ensuring seamless file management
and device charging.
The dock effectively manages heat
distribution, safeguarding SD and TF
cards from potential damage. Port labels
located at the bottom of the hub
are easily legible, aiding in smooth and
hassle-free connectivity. The Power
Delivery port can supply up to an
impressive 100W of power via USB-C,
ensuring sufficient power supply for
even the most demanding laptops.
OmniCase 2 Pro also offers additional
USB ports for attaching peripherals such
as hard drives, SSDs, input devices, and
more. The inclusion of both an SD card
reader and a TF/MicroSD card reader
intensifies its versatility, allowing for
convenient storage and accessibility.
JSAUX OmniCase 2 Pro provides
a practical and versatile solution for
individuals seeking enhanced connectivity
in their portable and remote
work setups. Its compact design, strong
performance, and comprehensive port
selection cater well to diverse workflow
needs, making it a valuable addition to
any tech enthusiast’s arsenal.
24 www.thefinanceworld.com April 2024

Emerging Industries for New Businesses in the UAE Market in 2024
Business News
The UAE market, traditionally
linked to oil and gas, is actively
diversifying, with the government
steering towards emerging industries to
reduce reliance on oil and fuel broader
economic growth. Notably, the hospitality
sector in Dubai is transforming,
influenced by Michelin-star restaurants,
positioning the city as a hub for highnet-worth
individuals. Competitive
commercial rental prices in prime
locations affirm Dubai’s global appeal.
The demand for private member F&B
clubs mirrors trends in London and New
York, bolstering Dubai’s international
stature. Additionally, global fast-food
chains are embracing cloud kitchens,
finding fertile ground in Dubai’s infrastructure
and economic policies.
Open Hub’s successful introduction of
Michelin-star restaurants underscores
Dubai’s allure for businesses, a sentiment
echoed by His Excellency Mohammad
Ali Rashed Lootah, revealing a 19.4%
YoY growth with 6,478 new F&B companies
joining the Dubai Chamber of
Commerce in 2023.
Opportunities in UAE
Aviation Sector, Notes
Business France
Business France, the agency facilitating
French export growth
and international investment,
affirms the UAE’s aviation sector as
vast with abundant opportunities. With
a substantial fleet and active expansion
by national airlines, the UAE market
holds significant promise. Sandra
Papet, Head of Industry & Cleantech
Department for the UAE at Business
France, noted the presence of 30 French
companies in the aviation sector with
offices in the Middle East, underlining
the market’s importance. The 12th
French participation at MRO Middle
East 2024 features 22 companies in
maintenance, repair, spare parts, and
aircraft equipment. Papet highlighted
2023’s pivotal cooperation between the
UAE and France, including billion-dollar
projects, emphasising sustainable
aviation transformation with France
investing 1.2B euros for a lower carbon
footprint by 2030.
Non-Oil Business Surges in Saudi Arabia and UAE
Non-oil business activity in Saudi
Arabia and the UAE surged,
reaching nearly a five-year high
in the Emirates, the Arab world’s
second-largest economy. The Riyad
Bank purchasing managers’ index, a
key measure of Saudi Arabia’s non-oil
economy, rose to 57.2 from January’s
55.4, indicating robust growth well
above the neutral 50 mark. This signals
a marked improvement in operating
conditions, driven by increased output
due to rising client demand and
tourism activity in the kingdom. While
new work inflows rose more sharply
than in January, competition within
the domestic market remained strong,
and export orders recorded a modest
rebound. The data also revealed a faster
increase in employment, among the
Deyaar Development, a prominent
real estate developer and service
provider in Dubai, has revealed
its Board’s approval for dividend distribution,
marking a historic first for
the company. Founded in 2002 and
listed on the Dubai Financial Market
(DFM) in 2007, the board recommends
distributing 4% of the share capital,
amounting to AED 175M ($47.65M), or 4
fils per share. Described as a “landmark
decision,” this move is considered a
significant chapter in Deyaar’s history.
Abdullah Al Hamli, Chairman of the
Board, expressed delight in distributing
sharpest in the past eight years, coupled
with increased optimism for the year
ahead. This positive trend aligns with
expectations of a modest recovery in
demand driven by the acceleration
of Vision 2030 projects, part of Saudi
Arabia’s diversification agenda.
Deyaar Announces Maiden Dividend Distribution
in Company’s History
dividends to shareholders, highlighting
Deyaar’s steady growth trajectory and
successful transformation in recent
years. The Annual General Assembly
meeting is proposed for 5 April,
reflecting the company’s confidence
in continued success with strategic
initiatives and a strong business model
in place. Majority-owned by Dubai
Islamic Bank (DIB), Deyaar has established
real estate ventures across key
growth corridors and prime locations in
Dubai, delivering a diverse portfolio of
commercial and residential properties
over the past two decades.
April 2024 www.thefinanceworld.com 25

Business News
Dubai’s Drake & Scull Shares to Resume Trading on DFM
Dubai-headquartered construction
firm Drake & Scull International
(DSI) has gained approval from
the Dubai Financial Market to reinstate
its shares. This development follows
the company’s successful increase of
its share capital by at least AED 300M,
aligned with the court-approved restructuring
plan. Shafiq Abdelhamid,
Chairman of Drake & Scull, expressed
delight in this significant progress, acknowledging
the support from various
UAE and Greece
Strengthen Trade and
Economic Ties with
Signed Pacts
The UAE and Greece have signed
initial agreements, marking a
significant step in strengthening
trade and economic ties within their
Comprehensive Strategic Partnership
(CSP). During official discussions in
Greece, led by Dr Sultan Al Jaber,
Minister of Industry and Advanced
Technology, UAE government officials
and private sector executives
explored ways to broaden cooperation.
Mubadala Investment Company and
Greece’s Hellenic Development Bank
of Investments sealed an initial agreement
for a €200M ($219M) investment,
complementing a €400M partnership
from 2018. This additional investment
aims to enhance collaboration
in emerging and private investments
focused on high-growth sectors in
Greek funds. The CSP encompasses
political cooperation, trade, investment,
tourism, culture, and energy
sector investments. The Abu Dhabi
clean energy company Masdar and the
Greek Ministry of Environment and
Energy also signed an agreement to
advance projects under the “GR-Eco
Islands” initiative.
entities and emphasising the importance
of shareholder participation in the upcoming
General Assembly meeting on
March 27, 2024. The meeting’s agenda
encompasses discussions on the share
capital increase and the resumption of
trading, both crucial steps in the restructuring
plan aimed at reducing the
company’s debt by 90%. Other strategic
topics related to the company’s plans
and growth are also on the agenda.
Dubai Future District Fund Emphasises
Sustainability and Innovation in AGM 2024
The Dubai Future District Fund
(DFDF) conducted its Annual
General Meeting (AGM) at the Museum
of the Future in Dubai, showcasing
collaborative efforts between the public
and private sectors to enhance the
UAE’s innovation ecosystem through
strategic venture investments. Established
by H.H. Sheikh Maktoum bin
Mohammed bin Rashid Al Maktoum,
the DFDF AGM, co-anchored by Dubai
International Financial Centre and Dubai
Future Foundation (DFF), highlighted
the Fund’s remarkable progress in its
second year. Distinguished attendees
included government officials, investors,
and top executives from leading national
corporations, discussing collaborative
initiatives, adopting new technologies,
and exploring forward-looking strategies
to drive innovation. The event featured
keynotes, panel discussions, and insights
from prominent figures in the innovation
landscape.
Mohammed bin Rashid Aerospace Hub & Tim Aerospace:
Mega MRO Hangar Construction Starts
The Mohammed bin Rashid Aerospace
Hub (MBRAH) and Tim Aerospace
have officially marked the commencement
of their groundbreaking
venture—a new hangar at Dubai South.
As one of the GCC’s largest wide-body capable
MRO hangars, the facility, designed
to accommodate up to five wide-body
aircraft, excluding the A-380, promises a
significant boost to aviation services. The
ceremony, graced by Khalifa Al Zaffin and
Timor Shah Shahab, celebrated this milestone
in the presence of key executives.
Slated for completion in 2025, the hangar
aims to offer premium, cost-efficient
base maintenance services for a diverse
range of commercial passenger and cargo
aircraft. Tahnoon Saif, CEO of MBRAH,
emphasised the strategic importance of
supporting the aviation sector’s growth,
underscoring Dubai’s commitment to
becoming a global aviation hub.
26 www.thefinanceworld.com April 2024

Cover Story
OVER
Toward Net Zero 2050:
Businesses Championing Climate Action
S
28 www.thefinanceworld.com April 2024

Amidst the pressing global imperative to combat climate
change, a select group of companies has emerged as pioneers
in the journey towards a sustainable future. With
a commitment to the Net Zero by 2050 initiative, these
businesses are setting ambitious goals and implementing
strategic plans to achieve carbon neutrality.
This comprehensive cover story highlights the efforts
of the companies that have pledged their dedication to
the Net Zero by 2050 initiative. Discover the proactive
leaders driving the fight against climate change with
impactful strategies to mitigate carbon emissions across
their operations.
From healthcare to luxury retail, satellite communications
to finance, these companies represent a diverse
array of sectors, each contributing its unique perspective
and expertise to the collective effort. Through innovative
technologies, strategic partnerships, and bold commitments,
they are paving the way towards a more sustainable
future for all.
In compiling this list, we have selected companies that
demonstrate a genuine commitment to sustainability and
have tangible progress towards their net zero goals.
The businesses featured in the list are organised alphabetically
and presented without ranking to emphasise
their collective commitment to sustainability.
TORY
April 2024 www.thefinanceworld.com 29

Cover Story
Toward Net Zero 2050:
Businesses Championing Climate Action
Sultan
Ahmed Al Jaber
Managing Director and Group CEO
ADNOC Group
Founded in 1971, ADNOC Group stands as a prominent
diversified energy group, wholly owned by
the Abu Dhabi Government. Operating across the
energy value chain, the company is dedicated to responsibly
meeting the evolving demands of the energy market.
ADNOC has established itself as one of the leading
oil and gas producers globally, boasting top-tier status
in terms of low carbon intensity. With a commitment
to cleaner energy solutions, the company is actively
investing in sustainable initiatives to shape the future of
energy. Under the leadership of Dr. Al Jaber, serving as
Group CEO and Managing Director since 2016, ADNOC
has undergone a comprehensive transformation directed
by the UAE leadership.
Dr Al Jaber has spearheaded initiatives to enhance
operational efficiencies, bolster overall performance, and
cultivate a more commercial approach within the company.
ADNOC has achieved several strategic milestones under
his guidance, including its entry into the global capital
markets and the completion of its first-ever IPO.
Embracing a digital transformation, ADNOC is at the
forefront of adopting breakthrough technologies such
as AI, Big Data, and Blockchain to stay ahead of global
energy demands and contribute significantly to the UAE’s
economy.
In alignment with the UAE’s commitment to achieving
net-zero emissions by 2050, ADNOC has pledged substantial
investments, totalling $23 billion, to accelerate the development
and deployment of lower-carbon solutions.
In July 2023, the Abu Dhabi energy company, ADNOC,
advanced its sustainability goals by revising its timeline,
accelerating its target from achieving net zero emissions
by 2050 to eliminating methane emissions by 2030 and
achieving net zero by 2045. ADNOC’s decarbonisation
strategy involves a $3.8 billion initiative to transition
its offshore operations to clean grid power, expected to
reduce its offshore carbon footprint by up to 50 per cent.
Additionally, ADNOC is constructing a 1 million tonneper-annum
low-carbon ammonia production facility, aimed
at aiding its customers in their decarbonisation efforts.
ADNOC’s sustainability strategy for 2030 encompasses
key initiatives across climate change mitigation, environmental
conservation, economic and social contribution,
workforce diversity, health, safety, security, and business
sustainability.
The recent announcement in January 2024 of an additional
$8 billion commitment to decarbonisation projects
reaffirms ADNOC’s dedication to shaping a lower-carbon
future and facilitating a just energy transition. With a
strong emphasis on sustainability and innovation, ADNOC
continues to play a pivotal role in advancing the UAE’s
net-zero agenda while maintaining its position as a global
energy leader.
30 www.thefinanceworld.com April 2024

Cover Story
Toward Net Zero 2050:
Businesses Championing Climate Action
Talal Al Dhiyebi
Group Chief Executive Officer
Aldar Properties
Aldar Properties PJSC, established in 2004, stands
as a prominent real estate development, management,
and investment company headquartered in
Abu Dhabi, United Arab Emirates, with its shares traded
on the Abu Dhabi Securities Exchange. Leading the company
as Group Chief Executive Officer is Talal Al Dhiyebi,
spearheading Aldar Properties’ evolution into the UAE’s
premier real estate developer, investor, and manager.
Under Talal Al Dhiyebi’s stewardship, Aldar has significantly
expanded its presence beyond Abu Dhabi, venturing
into neighbouring emirates such as Dubai and Ras Al
Khaimah, as well as internationally into Egypt. With a
diversified recurring income portfolio exceeding USD 9
billion and an ongoing development backlog surpassing
USD 20 billion Aldar has solidified its position in the real
estate market.
When it comes to Aldar’s commitment to sustainability
the company marked a significant moment in January 2023
with the launch of its Net Zero Plan, a comprehensive
sustainability initiative underscoring the company’s commitment
to responsible growth. Aligned with the Science
Based Targets Initiative (SBTi) Corporate Standard, the
Net Zero Plan outlines Aldar’s targets and strategies to
achieve Net Zero emissions across all scopes by 2050.
The Net Zero Plan encompasses Scope 1, 2, and 3. (Scope
1 refers to Aldar’s direct emissions; Scope 2 pertains to
indirect emissions, such as those generated by the power or
water utilised by Aldar; Scope 3 emissions are associated
with Aldar’s supply chain or tenants occupying its developments).
The plan will be executed through Eight Net
Zero levers, addressing various aspects of the value chain.
Acknowledging the challenges posed by climate change,
Aldar recognises that its growth trajectory may lead to
an initial increase in total emissions. However, sustained
efforts in embedding sustainability and decarbonisation
practices throughout the business, driven by the Net
Zero levers, will reduce emissions intensity over time,
positioning Aldar on the path to Net Zero.
In 2023, Aldar achieved significant milestones toward
its Net Zero goals, including signing 64 suppliers to
the Real Estate Climate Pledge, screening 100 per cent
of suppliers on sustainability criteria, avoiding 13 per
cent of embodied carbon emissions across 27 projects,
achieving an 87.5 per cent construction waste recycling
rate, neutralising per cent of Scope 2 emissions through
Clean Energy Certificates (CECs), and projecting a 12 per
cent increase in clean energy production through a solar
energy partnership.
Aldar has set ambitious targets for 2030 and 2050, aiming
for a 90% reduction in Scope 1 and 2 emissions, a 45%
reduction in Scope 3 emissions intensity by 2030, and a
97% reduction in GHG emissions across all scopes by 2050.
April 2024 www.thefinanceworld.com 31

Cover Story
Toward Net Zero 2050:
Businesses Championing Climate Action
Barry Lewis
Chief Executive Officer
ALEC Engineering and
Contracting L.LC.
ALEC Engineering and Contracting L.LC. (ALEC), a
prominent construction company under the Investment
Corporation of Dubai (ICD), operates across
the GCC region and Africa, offering construction solutions
for complex projects. Over the past two decades, ALEC
has earned a reputation as a reliable partner, prioritising
quality, safety, functionality, and aesthetics in its projects.
With over two decades of experience working closely
with the former CEO of Alec, Kez Taylor and demonstrating
exemplary leadership in ALEC’s operations,
Barry Lewis is poised to lead the company into its next
chapter. His tenure promises an unwavering commitment
to innovation, sustainability, and delivering world-class
construction projects. Under Barry’s leadership, ALEC
aims to pursue expansion strategies, invest in its people
and technology, set global benchmarks, and synergize
diverse lines of business.
Recently, the company launched its inaugural sustainability
report, outlining its current achievements, ongoing
initiatives, and plans towards sustainability. Among
its notable accomplishments, ALEC has secured LEED
certification for seven projects, including two Platinum,
three Gold, one Silver, and one LEED NC 2.2 certification.
Additionally, one project is in progress for Gold LEED
Certification, while four others are undergoing the process
for pearl ESTIDAMA rating.
Demonstrating its commitment to sustainability, ALEC
has joined initiatives such as the UN Global Impact,
Emirates Green Building Council, and British Safety
Council. Looking ahead to 2024, the company aims to
establish Environmental, Social, and Governance (ESG)
and decarbonisation targets, finalise related policies and
processes, enhance carbon baseline coverage, and launch
training and engagement programs.
In 2025 and beyond, ALEC plans to align its reporting
with global ESG standards and procure clean energy
through onsite solar generation across its owned properties.
Notably, in 2022, the company produced around
158,600 kWh of energy from its 0.5 MWP onsite solar PV
plant in Dubai Industrial City. ALEC intends to increase
its total installed solar capacity to 1.45 MWp by early 2024
and is also embracing electric/hybrid solutions to power
equipment at its construction sites.
In its pursuit of decarbonizing the construction industry,
ALEC offers prefabricated modular units through LINQ
Modular, its subsidiary based in Dubai Industrial City.
These units contribute to significant reductions in material
waste while ensuring predictability and quality. Similarly,
ALEMCO, the company’s MEP arm, aims to increase the
usage of modular and prefabricated solutions in MEPD
system installations to 20-25% by 2025, underscoring
ALEC’s steadfast commitment to sustainable construction
practices.
32 www.thefinanceworld.com April 2024

Cover Story
Toward Net Zero 2050:
Businesses Championing Climate Action
Khaled Al Huraimel
Group Chief Executive Officer
BEEAH Group
BEEAH Group, established in 2007 as a Sharjah-based
public-private partnership, has evolved into a symbol
of sustainability across the MENA region. Initially
focusing on environmental and waste management, BEEAH
strategically expanded its scope to embrace renewable
energy, green mobility, education, and technology, with
sustainability and digitalization at the core of its vision.
In alignment with global initiatives like COP28 and
the UAE’s Net Zero by 2050 Strategic Initiative, BEEAH
has committed to achieving net-zero emissions by 2040.
Notably, BEEAH has made significant strides towards this
goal, achieving a remarkable 90% landfill waste diversion in
Sharjah, thereby reducing landfill emissions substantially.
Under the leadership of Khaled Al Huraimel, Group
CEO of BEEAH, the organisation’s enduring commitment
to sustainability since its inception has been emphasised.
BEEAH is firmly set on a path towards zero waste to
landfill, aiming to leverage existing emission reduction
strategies, innovative technologies, and diligent tracking
to achieve net-zero emissions by 2040.
Central to BEEAH’s sustainability efforts is its end-toend
waste management ecosystem, featuring digitally-enabled
waste collection, an integrated waste management
complex, and pioneering waste-to-energy initiatives.
The Sharjah Waste to Energy plant, a joint venture with
Masdar, exemplifies this commitment, producing 30 MW
of power and displacing 450,000 tonnes of CO2 annually.
During COP28, BEEAH unveiled plans for groundbreaking
projects, including a solar landfill and a waste-to-hydrogen
plant. These initiatives, in collaboration with partners like
Masdar, SEWA, Air Water, and Chinook Hydrogen, underscore
BEEAH’s dedication to innovation and decarbonisation.
With 13,000 employees across the UAE, KSA, and Egypt,
BEEAH is committed to shaping sustainable, smart cities
and enhancing quality of life.
The iconic BEEAH Headquarters, inaugurated in 2022
and designed by Zaha Hadid, epitomises the organisation’s
commitment to sustainability and digitalization. Equipped
with on-site solar and greywater recycling facilities, as
well as predictive AI technology, the headquarters sets
a precedent for future-ready, environmentally conscious
infrastructure.
Furthermore, during COP28, BEEAH collaborated with
Abu Dhabi Future Energy Company – Masdar and SEWA,
the Sharjah Electricity, Water and Gas Authority, to announce
their partnership in pioneering the MENA region’s
inaugural landfill-to-solar project. This first-of-its-kind
endeavour aims to repurpose empty landfills, transforming
over 68 hectares of land into solar farms with a total energy
production capacity of 120 MW. Positioned atop the Al
Saj’ah landfill, adjacent to BEEAH Group’s state-of-the-art
Waste Management Complex, solar photovoltaic panels
will be strategically installed, marking a significant step
towards sustainable energy utilisation.
BEEAH Group’s unwavering commitment to achieving
net-zero emissions by 2040 underscores its dedication to
pioneering sustainable solutions and leading the charge
towards a carbon-neutral future.
April 2024 www.thefinanceworld.com 33

Cover Story
Toward Net Zero 2050:
Businesses Championing Climate Action
Patrick Chalhoub
Chief Executive Officer
Chalhoub Group
Chalhoub Group, established in 1995 and headquartered
in Dubai, UAE, is a prominent luxury goods
retailer and distributor with a global presence
across 14 countries. Recognised as the largest retail operator
in the Middle East, Chalhoub Group is committed
to advancing sustainability initiatives in alignment with
international standards.
In response to the urgent threats posed by climate
change, the Chalhoub Group under the governance of President
Patrick Chalhoub has proactively set science-based
Greenhouse Gas (GHG) reduction targets to mitigate its
environmental impact. These targets are aligned with
the Intergovernmental Panel on Climate Change (IPCC)
pathway to limit global temperature rises to well below
1.5°C above pre-industrial levels.
With a clear focus on environmental protection and
societal needs, Chalhoub Group integrates Environmental,
Social, and Governance (ESG) principles into its business
model. Upholding a Net Zero commitment by 2040,
validated by the Science-Based Targets initiative (SBTi),
the company accelerates electrification and operational
efficiency efforts to reduce carbon emissions.
Chalhoub Group has pledged to decrease absolute
scope 1 and 2 GHG emissions by 50.4% by 2032 from a
base year of 2021. Furthermore, the company aims to
reduce absolute scope 3 GHG emissions, encompassing
purchased goods and services, upstream transport and
distribution, upstream leased assets, and investments,
by 30% within the same timeframe.
Embracing sustainable business models, Chalhoub
Group has enhanced customer-centric experiences while
minimising its carbon footprint. Collaborating with industry
experts, the company is strengthening waste management
practices and nurturing circular partnerships to achieve
its Zero Waste to Landfill goal by 2030. Moreover, efforts
are underway to develop circular products, reducing
material consumption and associated carbon emissions.
Chalhoub Group prioritises the health, safety, and
well-being of its employees, establishing a robust Health
and Safety management framework across all operational
areas. The company’s commitment extends beyond internal
operations to promoting ethical corporate governance
and responsible business practices among partners and
suppliers.
Through cross-functional collaborations and near-term
science-based targets, Chalhoub Group aims to halve its
emissions by 2032 and eliminate 90% of emissions by 2040.
The company is dedicated to driving sustainability across
its operations, promoting renewable energy solutions, and
advocating for circular economy principles.
Chalhoub Group’s sustainability journey underscores
its dedication to environmental stewardship, societal
well-being, and responsible corporate citizenship. By
aligning with international climate goals and embracing
innovative solutions, the company sets a precedent for
sustainable business practices in the luxury goods industry.
34 www.thefinanceworld.com April 2024

Cover Story
Toward Net Zero 2050:
Businesses Championing Climate Action
Fahad Al Hassawi
Chief Executive Officer
du
Emirates Integrated Telecommunications Company
P.J.S.C., known commercially as du since February
2007, stands as one of the key telecom operators in
the United Arab Emirates. Established in 2005, du offers
a comprehensive range of services including fixed line,
mobile telephony, internet, and digital television across
the UAE.
Committed to environmental sustainability, du has
pledged to achieve net zero Scope 1 and 2 emissions
within its UAE operations by 2030, extending its efforts to
Scope 3 emissions by 2050. The company is strategically
focusing on initiatives to reduce its carbon footprint,
with an emphasis on enhancing energy efficiency and
transitioning to renewable energy sources.
Under the leadership of CEO Fahad Al Hassawi, du
aligns its net zero ambitions with the UAE’s broader
goal of reaching net zero emissions by 2050. Al Hassawi
emphasises the importance of corporate responsibility
in environmental stewardship, highlighting the potential
for economic opportunities and improved quality of life
through sustainable practices.
Du’s Sustainability Report 2022 outlines its commitment
to key sustainability objectives, aiming to contribute to
societal well-being, operate ethically and responsibly, and
ensure equitable access to its services. These objectives
are aligned with the United Nations’ Sustainable Development
Goals (SDGs), guiding du’s sustainability efforts.
To reduce greenhouse gas emissions, du has implemented
various initiatives including the deployment of hybrid
and solar-powered alternatives to diesel generators. With
170 sites running on hybrid generators and 78 sites powered
entirely by solar energy, du continues to expand its
sustainable infrastructure, aiming to further reduce its
environmental impact.
Furthermore, du prioritises energy efficiency across its
network operations and non-technical sites, implementing
measures such as free cooling systems, LED lighting,
and eco-friendly building designs. These initiatives have
resulted in significant reductions in energy consumption
and carbon emissions, demonstrating du’s commitment
to sustainability across its operations.
In addition to environmental initiatives, du focuses on
waste management and corporate sustainability awareness,
aiming to minimise waste generation and promote
sustainable practices among its employees and stakeholders.
Through these efforts, du reaffirms its dedication
to being a responsible corporate citizen, integrating
economic, social, and environmental considerations into
its business practices.
During Cop28 Ericsson and Du, from Emirates Integrated
Telecommunication Company (EITC), partnered
to support the communications service provider to enhance
the sustainability of its networks and accelerate
their transition to Net Zero by reducing network energy
consumption and carbon emissions.
du stands committed to pioneering sustainability in the
telecommunications industry, championing eco-friendly
practices for a greener future.
April 2024 www.thefinanceworld.com 35

Cover Story
Toward Net Zero 2050:
Businesses Championing Climate Action
Hana Al Rostamani
Group Chief Executive Officer
First Abu Dhabi Bank
First Abu Dhabi Bank (FAB) emerges as a frontrunner
in the MENA region’s banking sector towards
achieving net-zero ambitions, exemplifying its leadership
in sustainability. Headquartered in Abu Dhabi and
boasting a strategic global footprint across 20 markets,
FAB stands as the UAE’s largest lender, holding total
assets of US$323 billion. With awards as the best ESG
performer within the MENA banking system and ranking
in the top 10% globally for ESG rating, FAB has solidified
its position as a pioneer in green finance.
Noteworthy achievements mark FAB’s sustainability
journey, including being the first bank to commit to the
UAE’s net-zero target by 2050 and the first GCC bank to
join the UN-convened Net-Zero Banking Alliance. FAB’s
endeavours extend to issuing green bonds, with 14
completed thus far, and leading the MENA bond market,
targeting US$75 billion in sustainable finance by 2030.
In alignment with its ambitious net-zero roadmap,
FAB is committed to reducing carbon intensity across
high-emitting sectors, setting financed emissions reduction
targets for key industries. The targets ranged from -7% to
-64% across key sectors such as oil and gas (-7% to -15%),
power (-64%), aviation (-15%), agriculture (-35% to -45%),
aluminium (-32%), cement (-25%), commercial real estate
(-45% to -55%), and steel (-26% to -32%). With a focus on
achieving up to 45% reductions in emissions across these
sectors by 2030, FAB aims to drive impactful change and
support the transition to a low-carbon economy.
FAB has also set an ambitious target of spending US$75
billion in green finance by 2030. By September 2023, the
bank had already achieved 36% of this goal, amounting to
US$27.1 billion. This achievement solidifies FAB’s position
as a leader in regional sustainable finance.
Under the leadership of CEO Hana Al Rostamani, FAB
has accelerated sustainable initiatives, exemplified by its
Sustainable Finance Framework and significant disbursement
of green finance. Bashir emphasises the importance
of green finance in achieving sustainability goals and urges
CEOs to prioritise alignment with these targets.
In addition to its environmental endeavours, FAB
prioritises social responsibility, supporting community
development projects and promoting financial inclusion.
By leveraging its resources and expertise, the bank endeavours
to create a more equitable and resilient society,
ensuring that the benefits of sustainable finance reach all
segments of the population.
FAB remains committed to advancing sustainable
finance and positioning the UAE as a green finance hub.
As a strategic pathway partner of the climate conference
and signatory to the COP28 Net-Zero Charter, FAB plays
a pivotal role in driving discussions and initiatives centred
on climate finance and environmental action. With
a comprehensive six-point agenda, FAB aims to catalyse
positive change, empower stakeholders, and accelerate
the transition to a sustainable future.
36 www.thefinanceworld.com April 2024

Cover Story
Toward Net Zero 2050:
Businesses Championing Climate Action
Shaista Asif
Group Chief Executive Officer
Pure Health
PureHealth, known to be the largest integrated
healthcare network in the United Arab Emirates, has
positioned itself as a frontrunner in sustainability
within the healthcare sector. Committed to advancing the
science of longevity while minimising its environmental
footprint, PureHealth has set a pioneering precedent by
pledging to achieve net zero emissions by 2040.
This landmark commitment, aligned with the Science
Based Targets Initiative (SBTi), makes PureHealth the
first healthcare company in the Middle East, Africa, and
Asia to embrace such ambitious environmental goals.
Shaista Asif, now serving as PureHealth’s CEO, actively
champions sustainability initiatives within the company.
Under her leadership as the COO, PureHealth joined the
Race to Zero for Climate Change and pledged to achieve net
zero emissions by 2040. Asif’s visionary approach fosters
a greener and more sustainable future for PureHealth.
Aligned with the UAE’s broader strategic initiative of
achieving net zero emissions by 2050, PureHealth’s pledge
underscores its dedication to fostering a greener future.
Recognising the significant environmental impact of
the healthcare sector, which contributes approximately
five per cent of global carbon emissions, PureHealth
has devised a comprehensive decarbonisation roadmap.
Embracing sustainable procurement practices, enhancing
waste management protocols, and implementing stricter
controls on fugitive emissions are integral components
of PureHealth’s sustainability strategy.
Moreover, PureHealth is prioritising the adoption of
energy-efficient buildings, infrastructure, and cleaner
transport fleets to further reduce carbon emissions. Embracing
clean and renewable energy sources is another
focal point, reflecting the company’s commitment to
transitioning towards a low-carbon future.
Apart from reducing its carbon footprint, PureHealth is
leveraging technology to revolutionise patient care while
promoting sustainability. Expanding Virtual Care services
to deliver healthcare beyond traditional settings, enhancing
Value-Based Care practices to minimise readmission rates,
and strengthening Preventive Care through innovative
technologies like Digital Twins exemplify PureHealth’s
holistic approach to sustainability.
Notably, PureHealth’s participation in the United Nations-backed
Race to Zero initiative signifies its dedication
to global climate action. By joining this coalition, PureHealth
aligns itself with the UAE’s vision for achieving climate
neutrality and contributes to the broader environmental
resilience agenda outlined by the Environment Agency
Abu Dhabi (EAD). This strategic alignment reinforces
PureHealth’s pivotal role in driving sustainability efforts
within the regional healthcare sector.
As PureHealth forges ahead with its net zero emissions
commitment, it stands as a catalyst for climate change
mitigation and environmental stewardship in the Middle
East. By prioritising sustainability in its operations and
embracing innovative solutions, PureHealth exemplifies
its dedication to fostering a healthier, greener world for
generations to come.
April 2024 www.thefinanceworld.com 37

Cover Story
Toward Net Zero 2050:
Businesses Championing Climate Action
Jasim Husain Thabet
Chief Executive Officer and Managing Director
TAQA
TAQA, rooted in Abu Dhabi with a global presence,
stands as a top 10 integrated utilities champion
in the EMEA region. Established in 2005, TAQA’s
journey traces back to 1998, marked by the privatisation
of Abu Dhabi’s power and water sector, emphasising its
commitment to water security and community power supply.
Jasim Husain Thabet, as TAQA’s Group CEO and Managing
Director, has been instrumental in promoting the
company’s commitment to achieving net zero emissions by
2050. With over two decades of experience in the energy
industry, Thabet brings strategic vision and leadership to
TAQA’s sustainability initiatives. Under his guidance, TAQA
has intensified its focus on renewable energy investments,
energy efficiency measures, and green finance frameworks.
Central to TAQA’s growth strategy is the imperative of
transitioning the global energy system towards cleaner and
more efficient technologies to mitigate climate change.
With a pledge to achieve net zero emissions by 2050,
TAQA’s 2030 ESG strategy outlines near-term emission
reduction goals, emphasising its dedication to environmental
stewardship.
TAQA has positioned itself as a leader in green finance,
launching a Green Finance Framework in April 2023 for
the issuance of green bonds, sukuks, and loans. Proceeds
from these investments support eligible green projects,
including renewables, energy efficiency, and sustainable
water management, aligning with TAQA’s long-term sustainability
goals.
In its pursuit of emission reduction, TAQA has made
significant strides, with an 8% reduction in greenhouse gas
emissions for scopes 1 and 2 compared to 2021. Investments
in renewable energy sources, energy management
systems, and climate risk management reflect TAQA’s
commitment to sustainability and resilience.
Aligned with global best practices, TAQA’s Green Finance
Framework adheres to the Green Bond Principles 2021 and
has received a Sustainability Quality Score of SQS2 (Very
Good) from Moody’s Investor Services. This framework
underscores TAQA’s commitment to financing sustainable
initiatives contributing to its net-zero aspirations.
TAQA outlines three fundamental elements crucial to
the energy transition: cleaner power and water, electrification,
and efficiency. The company aims to significantly
increase the share of renewables in its power generation
capacity, targeting 65% by 2030, with a focus on efficient
water desalination using reverse osmosis technology. In
terms of electrification, TAQA is investing heavily in grid
infrastructure upgrades, committing AED 40 billion by 2030
in the UAE while also pursuing international investments
in smart grid technologies.
Additionally, TAQA is actively involved in demand-side
management services through its subsidiary, Abu Dhabi
Energy Services, and distribution companies, facilitating
energy and water savings targets for both public and
private entities.
38 www.thefinanceworld.com April 2024

Cover Story
Toward Net Zero 2050:
Businesses Championing Climate Action
Ali Al Hashemi
Chief Executive Officer
Yahsat
Yahsat, a prominent player in the satellite communications
industry, is actively engaged in sustainability
initiatives that align with global environmental
objectives. Under the leadership of Group CEO Ali Al
Hashemi, Yahsat has committed to enhancing its measurement
and reporting of greenhouse gas (GHG) emissions.
By integrating climate change mitigation efforts into its
business model, Yahsat aims to contribute to the global
efforts outlined in the United Nations Sustainable Development
Goal 13 on climate action. This commitment reflects
Yahsat’s dedication to fostering a climate-resilient future.
Yahsat recognises the importance of reducing its environmental
impact across its operations. The company is
focused on reducing its consumption of natural resources,
increasing recycling rates, and minimising waste generation.
Notably, Yahsat has made significant strides in recycling
efforts, particularly in the reduction of e-waste. By implementing
systematic approaches, such as developing
a printing policy to reduce paper and ink consumption,
Yahsat is actively pursuing sustainable practices.
The significance of space technology applications in
disaster planning and recovery, coupled with the substantial
investments made by nations and private entities in
this field, cannot be overstated. Satellite communications
play a pivotal role in furnishing vital data for disaster preparedness
and facilitating search and rescue operations.
Yahsat, leveraging its state-of-the-art technology, plays
a crucial role in enhancing global disaster management
capabilities. Through its innovative Internet of Things
(IoT) solutions, Yahsat facilitates various crucial functions,
including forest mapping, wildfire detection, monitoring
of greenhouse gas emissions and water resources, biodiversity
management, and early detection and prevention
of natural calamities such as floods, hurricanes, earthquakes,
and tsunamis.
Concurrently, Yahsat’s satellite-enabled connectivity
solutions have been instrumental in saving lives and
fostering social, health, and educational development
in underserved and unserved communities across the
African continent.
In addition to its environmental initiatives, Yahsat
prioritises the sustainable use of space. The company
adheres to international standards to ensure the safety of
its space assets and mitigate space debris risks. Through
operational policies based on Inter-Agency Space Debris
Coordination Committee guidelines, Yahsat aims to
minimise the impact of its satellite operations on space
debris accumulation.
In October 2023, the company announced its membership
in the United Nations Global Compact, integrating
principles related to human rights, labour standards, environmental
stewardship, and anti-corruption measures into
its business operations. By embracing these principles,
Yahsat seeks to uphold ethical standards and contribute
to global sustainability goals.
Through strategic initiatives and collaborative efforts,
Yahsat is actively contributing to a more sustainable future
for the planet and its inhabitants.
April 2024 www.thefinanceworld.com 39

Nvidia Shield Portable
The Nvidia Shield Portable challenges
the conventions of handheld
gaming devices by merging
a dedicated gaming console with the
versatility of an Android tablet. This
$249 device boasts a hefty frame,
overshadowing the 3DS and Vita with
its 6.4-inch width, 5.5-inch depth, and
2.1-inch thickness, weighing in at a
sturdy 1.3 pounds.
Despite its unconventional aesthetics,
the Shield Portable offers a surprisingly
secure grip with twin soft-touch
rubber-coated grips, providing a comfortable
hold even when held above
the head. The plastic frame exudes
quality, minimising any cheap feel, and
the twin thumbsticks adopt a precise
and comfortable design reminiscent of
their Xbox 360 counterparts.
The controller on the Shield Portable
plays a dual role – not only is
it essential for gaming, but it serves
as the primary navigation tool for the
Android operating system. With dedicated
Home, Back, and Volume keys,
the controller seamlessly integrates
with Android, recognising the layout for
intuitive navigation. The face buttons,
triggers, and thumbsticks all contribute
to a satisfying and responsive gaming
experience.
The 5-inch, 720p display of the Shield
Portable stands out, offering vibrant
colours and crisp visuals. With a pixel
density of 294ppi, the display ensures
an immersive experience for gaming
and movie playback. The hinge allows
for a full 180-degree rotation, adding
versatility to the viewing angles.
In the audio department, the Shield
Portable impresses with custom-tuned
bass reflex speakers, providing fidelity
and range rarely experienced on a handheld
device. While not a substitute for
dedicated audio devices, these speakers
offer a commendable audio experience
for gaming and action movies.
Despite the need for a fan to cool
the Tegra 4 chip, the Shield Portable
remains quiet, and its battery life exceeds
expectations, surpassing 10 hours
in testing. Running on stock Android
4.2.1, the device supports a wide range
of apps from the Play Store, ensuring
a versatile user experience.
However, using touchscreen apps on
the Shield Portable can be cumbersome
due to its form factor, presenting challenges
in terms of ergonomic design.
Holding the device in various orientations
for touchscreen interactions feels
awkward, highlighting limitations in
its usability for certain applications.
While the Nvidia Shield Portable
presents an innovative approach to
handheld gaming with a unique blend
of gaming controls and Android functionality,
its unconventional design
may not appeal to all users.
40 www.thefinanceworld.com April 2024

Google Pixel 8a
Google Pixel 8a, internally codenamed
“Akita,” is anticipated
to blend design elements from
its predecessor, the Pixel 7a, and the
current Pixel 8 series. The device is
expected to feature rounded corners,
and a more prominently curved camera
bar, possibly crafted from aluminium,
and introduce a range of new colour
options.
The Pixel 8a is projected to house a
6.1-inch screen, maintaining the size
of its predecessor, the Pixel 7a. While
hopes are high for a 90Hz refresh rate,
an even more impressive 120Hz panel
is the sweet spot enthusiasts are eager
for. The overall dimensions will likely
shift due to the curvier corners, emphasising
pocket-friendly dimensions
akin to the current model.
Details regarding the rear camera
setup remain undisclosed, but a strategic
differentiation between the Pixel
8a and the pricier Pixel 8 is expected.
Drawing parallels with the Pixel 7a,
which featured a 64MP primary snapper
and a 12MP ultrawide lens, a similar
configuration is anticipated for the
Pixel 8a. Google’s recent trend of introducing
exclusive software features to
flagship models raises questions about
potential differentiators for the A-series,
suggesting a wait-and-see approach.
The device’s timing will play a crucial
role in determining whether the Pixel
8a will house a Tensor G3 processor.
If released in the first half of 2024, it is
likely to boast AI capabilities, offering
a balance of smart functionality and
respectable performance in the midrange
segment. Expectations for storage
include a standard 128GB with 8GB of
RAM, and the device is anticipated to
run Android 14 out of the box.
Building on the success of the Pixel
7a, wireless charging is anticipated to
make a return to the Pixel 8a, providing
users with added convenience. The
inclusion of AI-assisted camera and
image editing technologies, introduced
in the Pixel 8 Pro, is a hopeful feature,
offering users advanced capabilities for
photography and video editing.
As Pixel enthusiasts await the official
unveiling, desires for a superior screen,
potentially featuring a 120Hz refresh
rate and brighter display technology,
are voiced. Additionally, a call for faster
USB-C charging and the integration of
Qi2 wireless charging, akin to Mag-
Safe-style magnetic accessory support,
is expressed, as Google seeks to keep
pace with charging speed innovations
in the smartphone landscape.
April 2024 www.thefinanceworld.com 41

21 - 23 MAY 2024
Dubai World Trade Centre
MEASA'S LEADING MEDIA,
ENTERTAINMENT & SATELLITE
TECHNOLOGY EVENT
Tap into new business potential as thousands of key buyers, thought
leaders and decision makers from over 120 countries come together to
design, shape and co-create the future.
ORGANISED BY
Get in touch with us to exhibit,
sponsor or visit: www.cabsat.com
@cabsatofficial
#CABSAT

Wheels
Rivian R2
Rivian, the California-based
electric vehicle startup, has
introduced its latest model,
the R2, signalling a significant move
towards a more mainstream market.
Priced under $50,000, the R2 is an
affordable and relatively compact
SUV, measuring 185.6 inches in length,
75.0 inches in width, and 66.9 inches
in height.
The dimensions place it squarely
within the dimensions of luxury
crossovers like the Porsche Macan,
BMW X3, and Mercedes-Benz GLC,
positioning it as a competitive player
in the market.
Distinguishing itself from its larger
counterpart, the R1S, the R2 is designed
with international markets in mind,
aiming for broader appeal. Despite
its slightly reduced dimensions
compared to the R1S, the R2 maintains
an impressive off-road capability,
featuring nearly 10 inches of ground
clearance, surpassing its competitors.
While prioritising on-road comfort
and commuting, R2 is expected to
handle diverse terrains with surefooted
prowess.
Upon release, R2 will offer three
drivetrain configurations: a single motor
driving the rear wheels, a dual-motor
all-wheel-drive setup, and a tri-motor
all-wheel-drive setup. Combined with
two battery pack options, the R2 aims
to provide over 300 miles of range, with
the tri-motor version accelerating to 60
mph in under three seconds. Charging
efficiency is emphasised, with the
battery reaching 10 to 80 per cent in
under 30 minutes.
44 www.thefinanceworld.com April 2024

Designed to accommodate five
passengers, the R2 prioritises interior
space and offers sufficient cargo room
behind the seats and a sizable frunk.
Addressing a previous concern, the R2
includes two gloveboxes, enhancing
practicality for occupants. Additional
features like power-operated vents in
the rear windows and a fold-flat seat
configuration contribute to a versatile
and comfortable interior.
Rivian introduces sporty accessories
for the R2, including a rooftop tent
named the Rivian Treehouse, equipped
with a heated mattress, integrated
lighting, and a movie screen. Buyers
can also opt for a compact travel
kitchen and a two-bike rack, enhancing
the vehicle’s utility for those with an
adventurous lifestyle.
R2 incorporates advanced safety
features with 11 cameras and five radar
sensors, providing comprehensive
visibility. Over-the-air updates will
ensure regular enhancements to the
onboard advanced driver assistance
systems, emphasising Rivian’s
commitment to staying current with
evolving technology.
Specifications
Torque: 1,320 Nm
Horsepower: 835 hp
Acceleration: 0-60 mph in under 3 seconds
April 2024 www.thefinanceworld.com 45

Events
AgriNext Awards and Conference: Shaping
the Future of Agriculture Technology
In a world where technology is
rapidly transforming industries,
agriculture stands at the forefront
of innovation. The intersection of agriculture
and technology is not just a
trend but a necessity for sustainable
farming practices and global food security.
To celebrate the pioneers and
innovators driving this transformation,
InternetShine Technologies and Next
Business Media present the AgriNext
Conference, a premier event set to take
place on 13th-14th November 2024 at
Crowne Plaza, Dubai. The AgriNext
Conference is a convergence of visionaries,
industry leaders, and technology
enthusiasts dedicated to shaping the
future of agriculture.
AgriNext Conference:
AgriNext Conference is a two-day
extravaganza where the brilliance of
agriculture and technology merge to
create a sustainable future. The event
is a testament to the commitment of
InternetShine Technologies and Next
Business Media to fostering innovation
and driving technological advancement
in agriculture.
The AgriNext Conference isn’t just
about recognising achievements but
also about catalysing change and fostering
collaboration. Attendees will be
able to engage in insightful conference
sessions, explore cutting-edge solutions
at the Expo, and witness the prestigious
Agriculture Tech Awards ceremony.
Recognising Innovation: Agriculture
Tech Awards
The highlight of the AgriNext Conference
is the Agriculture and Agriculture
Tech Awards. This ceremony celebrates
the trailblazers and innovators who
are revolutionising farming practices
and leveraging technology to address
the agriculture industry’s challenges.
From precision farming to drone
technology, the Agriculture Tech Awards
recognise excellence across various
categories, showcasing the diversity
and ingenuity within the agriculture
technology sector. Through these
awards, we honour the visionaries who
are driving positive change and shaping
the future of agriculture.
Building Connections: Next Business
Media
Next Business Media, led by visionary
CEO Anas Jawed, is committed to
fostering collaboration and driving technological
innovation across industries.
With a focus on community building
and impactful events, Next Business
Media catalyses transformative change.
As an advisor to Next Business
Media, Anas Jawed underscores the
company’s unwavering commitment
to reshaping industry landscapes.
Through strategic partnerships and
visionary leadership, Next Business
Media aims to redefine the future of
agriculture by positioning the AgriNext
Conference as a central platform for
innovation and collaboration.
Join the AgriNext awards, Conference
and Expo
The AgriNext Awards and Expo
Conference is more than just an event;
it’s a movement towards a sustainable
and advanced future for global farming.
By bringing together thought leaders,
innovators, and industry experts, the
event aims to ignite a global movement
towards redefining the future
of agriculture.
Whether you’re a farmer, technology
enthusiast, or industry leader,
the AgriNext Awards & Conference is
your gateway to the forefront of agritech
evolution. Witness the future of
agriculture and be a part of paving
the way for a more sustainable and
prosperous tomorrow.
April 2024 www.thefinanceworld.com 47

Energy
source: pexels.com
The UAE Cabinet’s approval of the National Policy on Biofuels is a game-changer for the energy sector.
“UAE’s Biofuels
Policy: Promoting
Sustainable Energy for
a Greener Future”
The National Policy on Biofuels will help
achieve the objectives of the UAE Energy
Strategy 2050
As the United Arab Emirates (UAE) moves
towards achieving its goal of reaching net
zero carbon emissions by 2050, businesses
in the country have a crucial role to play
in promoting sustainability and environmental
responsibility. A key aspect of this
effort is implementing the UAE’s national
biofuel policy, which aims to encourage
the use of renewable energy sources and
reduce greenhouse gas emissions. In the
context of growing global concern about
climate change, the UAE’s biofuel policy
reflects its proactive approach to promoting
eco-friendly growth and aligning with
international sustainability targets. This
article analyses the impact of the recently
unveiled details of the national biofuel
policy on the country’s journey towards
a greener and more sustainable future.
48 www.thefinanceworld.com April 2024

In a monumental stride towards
sustainability, the United Arab Emirates
(UAE) has unveiled its National
Policy on Biofuels, marking a pivotal
moment in the nation’s energy landscape.
Developed by the Ministry of Energy and
Infrastructure (MoEI) in partnership with
key stakeholders from the public and
private sectors, the policy endeavours to
offer sustainable fuel alternatives, driving
economic growth and environmental
stewardship.
Advancing Decarbonization Goals:
The National Policy on Biofuels
underscores the UAE’s dedication to
decarbonisation, aiming to reduce
carbon emissions by increasing biodiesel
consumption by 20 per cent by 2050. By
prioritising the adoption of sustainable
fuel alternatives, the policy supports
the nation’s environmental objectives
while simultaneously enhancing energy
security and resilience.
Suhail bin Mohammed Al Mazrouei,
Minister of Energy and Infrastructure,
applauded the policy and stated, “The
National Policy on Biofuels will help achieve
the objectives of the UAE Energy Strategy
2050. It will enhance the implementation
of circular economy principles in various
sectors, such as infrastructure, mobility,
and manufacturing, and drive economic
growth by using waste as input for
production.”
Diversification of Energy Sources:
The UAE’s policy actively works to
diversify its energy mix by promoting the
production and utilisation of biofuels,
thus reducing dependence on traditional
fossil fuels. This strategic shift towards
renewable energy sources aligns with
the UAE’s broader strategy of net zero
by 2050 and reinforces the objectives
outlined in the country’s biofuel policy.
By prioritising sustainable practices and
embracing renewable energy solutions,
the UAE is forging towards a greener and
more resilient future while minimising
environmental impact and fostering
economic growth.
Driving Economic Growth:
Moreover, the National Policy on
Biofuels is a catalyst for environmental
sustainability and a driver of economic
growth. By leveraging waste materials as
inputs for biofuel production, the policy
promotes the implementation of circular
economy principles, spurring innovation
and investment across various sectors.
The development of a local biofuel
market creates opportunities for job
creation and encourages the growth of
related industries such as agricultural
and waste management sectors, which
play crucial roles in biofuel production.
By promoting the development of these
sectors, the policy lays the foundation for
a more resilient and dynamic economy,
equipped to adapt to changing environmental
and economic landscapes.
Regulatory Framework and Oversight:
Central to the successful implementation
of the biofuels policy is the establishment
of strong regulatory frameworks and
oversight mechanisms. The Ministry
of Energy and Infrastructure (MoEI)
The successful
implementation
of the National
Policy on Biofuels
will decrease
the country’s
carbon footprint
and reliance on a
new, sustainable
source.”
collaborates with industry stakeholders
to develop regulations governing biofuel
distribution, production standards, and
sustainability criteria. Through stringent
controls and mandates, the UAE ensures
the responsible and sustainable growth
of the biofuels industry.
Industry Collaboration and Innovation:
The adoption of biofuels in the UAE
catalyses collaboration and innovation
within the energy sector. Leading entities
such as the Emirates General Petroleum
Corporation (Emarat), ENOC Group, and
ADNOC Distribution are pioneering the
deployment of biofuels across various
sectors, including transportation and
aviation. By leveraging their expertise
and resources, these organisations
drive technological advancements
and operational excellence in biofuel
production and distribution.
According to Saif Humaid Al Falasi, CEO
of ENOC Group, the company launched
biofuel in the UAE in 2017, which is one
of the advanced alternative fuel products.
It has also expanded the application of
this biofuel to reach various sectors,
including operating Marine Abras and
some of our assets such as ENOC Link
trucks.
Environmental Stewardship and
Climate Action:
At its core, the National Policy on
Biofuels reaffirms the UAE’s commitment
to environmental stewardship and climate
action. By reducing greenhouse gas
emissions and mitigating environmental
impacts, biofuels play a crucial role in
the nation’s transition to a low-carbon
economy. One such example is the
Lootah Biofuels, which has developed a
forward-thinking policy that recognises
the multifaceted potential of biofuels. The
policy reaffirms the UAE’s environmental
stewardship and supports the country’s
goal of producing 700 million litres of
sustainable aviation fuel annually and
reaching net zero by 2050.
The introduction of the National
Policy on Biofuels heralds a new era of
sustainable energy in the UAE, underscoring
the nation’s unwavering commitment to
environmental preservation and economic
prosperity. By embracing biofuels as a
key component of its energy strategy, the
UAE paves the way for a greener, more
resilient future, setting a precedent for
sustainable development and climate
action worldwide.
April 2024 www.thefinanceworld.com 49

Energy News
Year of Sustainability 2024 Unveils ‘Sustainability Champions Society’
Following UAE President Sheikh
Mohamed bin Zayed Al Nahyan’s
extension of the Year of
Sustainability into 2024, the initiative
introduces its tagline “Plan to Action.”
It aims to engage the public in four key
focus areas: green transportation, water
and energy reduction, responsible
consumption, and wise planting. The
inaugural activation, the Sustainability
Champions Society, encourages
enthusiasts of all ages to share their
sustainability stories and participate
in events, initiatives, and gatherings
throughout the Emirates. The initiative
welcomes ideas for impactful activities
and community-driven projects
via the official Year of Sustainability
website. Eisa Alsubousi, Project Lead,
emphasises building upon last year’s
success and fostering a collective
commitment to sustainability. The
goal is to catalyse sustainable action,
unite the UAE community, and create
a positive impact on climate change
for future generations.
UAE Sustains Global
Leadership in Clean
Energy Transition
The UAE secures the second position
in the Green Future Index
2023’s Energy Transition category,
reaffirming its dedication to clean and
renewable energy. Guided by visionary
leaders Sheikh Mohamed bin Zayed Al
Nahyan and Sheikh Mohammed bin
Rashid Al Maktoum, the nation pursues a
diverse, sustainable economy. A decade
ago, the UAE’s commitment to celebrating
the last barrel of oil export signalled a
strategic shift towards sustainability.
Hosting COP28 in Expo City Dubai, the
UAE achieved the historic ‘UAE Consensus’
agreement, with DEWA showcasing
transformative clean energy projects.
DEWA’s digital transformation, aligned
with the Dubai Future Council on Energy’s
net-zero vision, includes landmark
initiatives like the Mohammed bin Rashid
Al Maktoum Solar Park and the world’s
largest solar-powered desalination plant
in Hassyan, highlighting a commitment to
cleaner technologies and environmental
stewardship.
Abu Dhabi - Japan Economic Council Backs
Sustainability
The 10th session of the Abu Dhabi-Japan
Economic Council (AD-
JEC) held in Abu Dhabi underscores
the commitment to supporting
UAE Net Zero 2050, COP28, and UN
Sustainable Development Goals. Cochaired
by Ahmed Jasim Al Zaabi and
Kodaira Nobuyori, the session brought
together key figures, including Japan’s
state minister of economy, trade, and
industry. Focused on energy transition
and green innovation, the meeting
featured group activity reports on
sustainable energy, infrastructure,
education, and human resources development.
Ahmed Al Zaabi highlights
the evolving cooperation between Abu
Dhabi and Japan, emphasising ADJEC’s
role as a vital platform for economic
collaboration. Progress since the 9th
session in Tokyo includes over 20
agreements signed during the Prime
Minister of Japan’s visit in July 2023,
further strengthening bilateral ties.
Masdar Powers UAE Ministry of Defence’s Clean
Energy Goals
Masdar, the global clean energy
developer, strengthens its support
for the UAE Ministry of
Defence’s clean energy goals, aligning
with the country’s net-zero emissions
target by 2050. The partnership involves
developing multi-solar plants across
Abu Dhabi through a deal signed at
Masdar City. Emerge, a joint venture
of Masdar and France’s EDF Group
will provide a comprehensive solution
covering finance, design, procurement,
construction, operations, and maintenance
for 25 years. The initiative, in
line with commitments from COP28
UAE, supports the UAE Ministry of
Defence’s Climate Change Strategy,
launched in December 2023, emphasising
a reduction in carbon emissions and
active participation in sustainability.
Emerge, established in 2021, focuses
on distributed solar, energy storage,
and hybrid solutions for commercial
and industrial sectors.
50 www.thefinanceworld.com April 2024

Saudi Arabia and Kazakhstan Ink Energy Cooperation Executive Program
Saudi Arabia and Kazakhstan solidified
their energy collaboration
with the signing of an executive
program, witnessed by Kazakhstan
President Kassym-Jomart Tokayev.
Stemming from a memorandum of understanding
in June 2023, the program
spans various energy sectors, encompassing
oil, gas, derivatives, refining,
petrochemicals, electricity, clean
hydrogen, renewable energy, energy
efficiency, and storage. Focused on
implementing projects in Kazakhstan, it
targets renewable energy, innovations,
and combating global warming. The
program aligns with the energy security
and transformation goals of both
nations, emphasising major projects for
energy production and storage, including
electricity initiatives. Additionally,
it supports Kazakhstan’s emissions
reduction objectives, striving for zero
neutrality by 2060, and fostering close
cooperation between Saudi and Kazakh
companies in diverse fields.
UAE’s EWEC Initiates Tender for 400MW Battery
Energy Storage System Project
Emirates Water and Electricity
Company (EWEC) invites developers
and consortiums to
participate in the development of a
cutting-edge 400 MW Battery Energy
Storage System (BESS) project. The
BESS technology aims to enhance
system flexibility, offering ancillary
services like frequency response and
voltage regulation. Aligned with EWEC’s
vision, this initiative contributes to
diversifying the energy portfolio sustainably,
targeting a 7.5GW total solar
photovoltaic (PV) power generation
capacity by 2030. Anticipating a 42%
reduction in carbon dioxide intensity
by 2030, the project supports the Abu
Dhabi Department of Energy’s Clean
Energy Strategic Target 2035 and
broader UAE sustainability goals.
Following the independent power
project model, developers will engage
in long-term agreements, overseeing the
BESS system’s development, financing,
construction, operation, maintenance,
and ownership.
Saudi Arabia Shifts 8% of Aramco Stake to PIF
Portfolio
Saudi Arabia doubled the Public
Investment Fund’s (PIF) stake
in Aramco, transferring an 8%
share valued at approximately $163.6B.
This move aligns with Saudi Arabia’s
Vision 2030 program to diversify the
economy. PIF, chaired by Crown Prince
Mohammed bin Salman, already holds a
4% direct stake in Aramco, transferred
in 2022, and an additional 4% indirectly
through Sanabil. The transfer aims to
boost and diversify the national economy,
solidifying PIF’s financial position
and credit rating. PIF, now the world’s
top-spending sovereign wealth fund
with around $700B in assets, plays a
central role in Saudi Arabia’s ambitious
plans for giga projects and economic
diversification. The private transfer
will not impact Aramco’s operations,
strategy, or governance.
ADNOC Generated
$500M with AI
Solutions in 2023
ADNOC announced a $500M
(AED 1.84B) value generated
through the deployment of
artificial intelligence (AI) solutions
in 2023. Over 30 industry-leading AI
tools integrated across ADNOC’s value
chain, from field operations to corporate
decision-making, contributed to
this achievement. The applications
also reduced up to 1 million tonnes
of carbon dioxide (CO2) emissions,
equivalent to removing around 200,000
gasoline-powered cars from the road
between 2022 and 2023. ADNOC’s
commitment to pioneering technologies
like AI, robotic automation, and
advanced data analytics aligns with a
multi-year program aimed at accelerating
the deployment of AI solutions. The
focus is on enhancing safety, reducing
emissions, and increasing overall value
across Adnoc’s operations. Dr. Sultan
Ahmed Al Jaber emphasises AI’s crucial
role in accelerating a just and equitable
energy transition.
April 2024 www.thefinanceworld.com 51

Wheels
Specifications Scat Pack:
Torque: 850 Nm
Horsepower: 670 hp
Acceleration: 0-60 mph in 3.3 seconds
52 www.thefinanceworld.com April 2024

2024 Dodge Charger Daytona
In a bold move for the 2024 model
year, Dodge has announced that
the Charger will exclusively feature
an electric powertrain, marking a
significant shift towards sustainable
mobility. This transformation extends
to models carrying the “Daytona”
designation, with the entire lineup
adopting a two-door body style. The
Charger utilises the modular STLA
Large platform, while the Daytona
introduces a specialised 400-volt
electrical architecture, setting the
stage for Dodge’s foray into the electric
vehicle (EV) market.
The ‘24 Charger Daytona lineup
boasts the familiar R/T and Scat Pack
trim levels, maintaining the dual electric
motors for standard all-wheel drive. The
R/T is set to deliver up to 496 horsepower
and 404 pound-feet of torque, while
the Scat Pack takes performance up
a notch with up to 670 horses and 627
pound-feet. Dodge’s Direct Connection
Stage 1 and Stage 2 packages, initially
standard for 2024, will become optional
next year, influencing the base-level
output of these electrified models.
To unlock the peak power of the
Daytona models, an over-boost function
called “Power Shot” is introduced,
providing a 40-hp boost for up to
15 seconds. With a 93.9-kWh usable
capacity, the Charger Daytona is
estimated to achieve EPA-rated ranges
of 317 miles for the R/T and 260 miles
for the Scat Pack.
In terms of performance, Dodge
aims to convince its loyal fan base
that the electric Charger surpasses
its predecessors. The ‘24 Charger
Daytona R/T is projected to accelerate
to 60 mph in 4.7 seconds, while the
Scat Pack model achieves this in an
impressive 3.3 seconds. Both models
promise quicker acceleration and
improved performance on the drag
strip compared to their combustionengine
counterparts.
Dodge prioritises performance over
efficiency with the Charger Daytona,
emphasising features such as wide tyres
upgraded Brembo brakes, and various
drive modes, including Drift and Donut
modes for the top-tier Scat Pack. The
exterior design draws inspiration from
the iconic second generation, paying
homage to the Charger’s heritage.
Inside, the Charger Daytona embraces
a modern, tech-savvy cockpit with
digital displays, wireless connectivity,
and innovative features like a pistolgrip-style
shifter. The introduction of a
rear hatchback enhances practicality,
offering 23 cubic feet of cargo space,
expandable to 37 cubes with the rear
seats stowed.
Dodge’s venture into the electric
realm with the 2024 Charger Daytona
signifies a paradigm shift for the iconic
muscle car, aligning with the industry’s
push towards sustainable mobility
without compromising the brand’s
performance heritage.
April 2024 www.thefinanceworld.com 53

Merger and Acquisition News
Mitgo Group Acquires UAE’s Embedded for Financial Market Entry
Mitgo Group, a MarTech leader,
unveils its new fintech services
division tailored for affiliate
publishers, targeting a booming market
projected to surpass $15.7B in 2024. With
plans to capture over 7% of this volume,
potentially exceeding $1.5B, Mitgo’s
strategic move begins with acquiring
UAE’s Embedded, bolstering its fintech
capabilities. This venture aims to revolutionise
affiliate marketing by providing
instant earnings withdrawals, particularly
benefiting underbanked regions
like MENA, APAC, and LATAM. Mitgo’s
innovative solutions offer access to loans,
reduced transaction costs, and enhanced
speed, addressing the challenges faced
by publishers, predominantly SMBs, in
accessing financial services. Leveraging
15 years of experience and advanced
AI algorithms, Mitgo aims to create a
lucrative yet low-risk loan portfolio,
transforming the financial landscape for
affiliate publishers worldwide.
Investrade Acquires
Majority Stake in
Areen Park Hotel and
Waterpark
Investrade, a prominent boutique
investment and asset management firm,
has finalised a strategic agreement to
acquire a 53 per cent stake in the Areen
Park Hotel and The Land of Paradise
Waterpark within the Areen Master
Development Project in southern Bahrain.
The signing ceremony, graced by Shaikh
Mohamed Bin Abdulrahman Al Khalifa,
Chairman of the Executive Board of
Investrade, and Mr. Hisham Alrayes,
Chairman of Al Areen Holding Company,
signifies a significant milestone for both
entities. The project encompasses a luxury
hotel, villas, and apartments across a
sprawling 2 million square metre area,
strategically located near key landmarks
like the King Fahd Causeway and Bahrain
International Circuit. Shaikh Mohamed
Bin Abdulrahman Al Khalifa expressed
excitement, affirming Investrade’s
commitment to Bahrain’s development.
Managing Director of Al Areen Holding
Company, Shaikh Mohammed bin Duaij Al
Khalifa, echoed enthusiasm, emphasising
the project’s role in advancing Bahrain’s
tourism sector and contributing to the
nation’s Vision 2030.
RasMal Acquires MENAP Pipeline Management
Platform, Pentugram
Saudi-based equity management
platform RasMal has announced
its acquisition of Pentugram,
marking its foray into private capital
investment management solutions.
Pentugram, founded in 2018 by Hasan J.
Zainal and Miled Elias, offers a cloudbased
SaaS platform that simplifies
investment processes for VC, PE, and
angel investors, along with financial
advisors across the MENA region.
RasMal, co-founded by Basil Alkuraya,
Nasser Al-Tamimi, and Salem Aljawini,
has been integral to Saudi Arabia’s
entrepreneurial landscape since 2019,
providing cap table management services.
The acquisition aims to bolster
RasMal’s mission of empowering the
entrepreneurial ecosystem by providing
feature-rich solutions for deal flow
and portfolio management. Nasser Al-
Tamimi, RasMal’s Co-founder & COO,
emphasises the shared vision of both
entities to enhance transparency and
sustainability in the regional investment
landscape.
Nybl and Basserah Tech Merger to Propel Saudi
AI Industry Globally
Saudi Arabia’s pioneering artificial
intelligence (AI) firm, nybl, and
Basserah, renowned for its expertise
in data and robotic process automation,
have formally sealed their merger, marking
a significant milestone in the region’s tech
landscape. The amalgamation is poised
to propel the joint entity’s regional and
global expansion efforts, leveraging a
cohesive, vertically integrated data-AI
pipeline. While nybl’s brand remains
unchanged, Basserah’s resources, including
its talented workforce, cutting-edge
products, and valuable intellectual
property, will be seamlessly integrated
into nybl’s operations. Mr. Noor Alnahhas,
Co-Founder and CEO of nybl, expressed
enthusiasm about welcoming Basserah’s
team and assets into the fold, foreseeing
a substantial enhancement of nybl’s capabilities
and a strengthened position in
the global arena. Basserah, a subsidiary
of NOMD Holding, boasts a commendable
track record of driving operational
efficiency and innovation across diverse
sectors, such as Telecommunications,
Oil and Gas, and Government, through
data-driven insights.
54 www.thefinanceworld.com April 2024

UAE Chemical Maker Eyes Expansion Amid Ongoing Merger Talks
The United Arab Emirates’s largest
chemicals producer, Borouge Plc,
is actively seeking expansion
opportunities while concurrently
pursuing a ($32.8B) tie-up with a unit
of Austria’s OMV AG. State-owned
Abu Dhabi National Oil Co., which
oversees Borouge, is driving international
growth initiatives, including a potential
acquisition of Germany’s Covestro AG
and investments in natural gas fields
in Egypt and Azerbaijan. Additionally,
discussions are underway regarding the
merger of Borouge with OMV’s chemical
Hudson RPO Expands into
UAE with Acquisition
RPO, a global talent solutions
firm under Hudson Global, Inc.
(NASDAQ: HSON), has acquired
Executive Solutions, a Dubai-based
talent solutions company, marking its
entry into the UAE, known for its rapid
growth. Expected to finalise this month,
the move aims to bolster RPO’s presence
in the Middle East. Jacob Zabkowicz,
Global CEO of Hudson RPO, believes
the acquisition will meet global clients’
strategic needs by placing top talent
in the UAE and the broader Middle
East. Jeff Eberwein, CEO of Hudson
Global, echoes this sentiment, emphasising
the expansion’s significance for
shareholder value and global growth
strategy. Established in 2008, Executive
Solutions excels in talent placement
across industries. Post-acquisition, it
will rebrand as Executive Solutions: A
Hudson RPO company. Hudson RPO’s
collaborative approach aligns with
its mission to provide scalable talent
solutions worldwide.
producer Borealis AG. Borouge CEO
Hazeem Sultan Al Suwaidi emphasised the
company’s role as Adnoc’s petrochemicals
“champion,” highlighting the significant
expansion plans within the sector. Al
Suwaidi mentioned that Borouge is
evaluating options, particularly in key
Asian markets like India and China, with
a focus on finding suitable partners.
The Borouge 4 project, expected to
conclude by the end of 2025, will increase
production capacity to 6.4 million tons
annually, further solidifying its position
in the global chemicals market.
Acclime Expands into UAE with MeiPro
Acquisition and Rebranding
Acclime, Asia’s top professional
corporate and advisory services
specialist, formally enters the
United Arab Emirates (UAE) market,
aiming to cater to multinational and
regional companies seeking to establish
and manage operations within
the UAE. Offering a comprehensive
suite of services, including company
incorporation in UAE-free zones,
mainland, and offshore jurisdictions,
Acclime ensures compliance with local
regulations. Acclime strengthened its
presence by acquiring MeiPro Corporate
Services, a renowned Dubai-based
corporate services provider founded
in 2017. MeiPro will be rebranded as
Acclime Dubai. Leading the Middle
East expansion is Rajiv Kumar Singh
(“Rajiv”), appointed as the Managing
Director of Acclime Middle East, based
in Dubai. With over two decades of
experience in business expansion and
mergers across the MENA region and
Southeast Asia, Rajiv brings extensive
expertise to the role.
Mubadala, Stone Point Capital, CD&R Acquire
Truist Insurance Holdings Stake
Mubadala Investment Company
(“Mubadala’’), a renowned Abu
Dhabi-based investment firm,
has forged a strategic alliance with
prominent private equity entities, Stone
Point Capital and Clayton, Dubilier &
Ross (“CD&R”), alongside other investors.
Together, they are set to acquire
the remaining stake held by Truist
Financial Corporation (NYSE: TFC)
in Truist Insurance Holdings (“TIH’’).
Headquartered in Charlotte, North Carolina,
TIH stands tall as the fifth-largest
insurance broker in the United States,
boasting a sprawling network of over
200 offices catering to diverse insurance
services. This latest venture follows
Mubadala’s earlier acquisition in 2023,
where alongside Stone Point Capital
and other partners, they secured a 20%
stake in TIH for a significant $1.95B
investment. The anticipated all-cash
transaction, valuing TIH at a robust
implied enterprise worth of $15.5B,
awaits regulatory nods and customary
closing procedures, with completion
slated for the second quarter of 2024.
April 2024 www.thefinanceworld.com 55

Event
DUBAI FINTECH SUMMIT 2024
The 2nd edition of Dubai FinTech
Summit (DFS), held under the
patronage of His Highness Sheikh
Maktoum bin Mohammed bin Rashid Al
Maktoum, First Deputy Ruler of Dubai,
Deputy Prime Minister and Minister of
Finance of the UAE and President of
DIFC – will return at Madinat Jumeirah,
Dubai, on 6-7 May 2024.
Dynamic Convergence
The FinTech industry is characterised
by rapid technological advancements
and regulatory shifts. The Dubai FinTech
Summit stands as a pivotal event for
the future of the FinTech sector, driving
innovation and fostering collaboration
while promoting a culture of continuous
learning and adaptation. It will serve
as a key platform for stakeholders to
exchange ideas and insights, showcase
cutting-edge technologies, discuss and
debate emerging regulatory frameworks,
and forge strategic partnerships
for building a more inclusive and
resilient FinTech ecosystem.
The first edition of the Dubai FinTech
Summit, held on 8 and 9 May 2023, recorded
a remarkable turnout of 5,300
visitors from 92 countries. The Dubai
FinTech Summit 2023 also set a global
benchmark for the way enterprises
and governments approach financial
innovation. It brought 5000+, world-renowned
thinkers, policymakers, and
decision-makers from more than 90
countries, consolidating Dubai as a
rising FinTech hub.
Organised by Dubai International
Financial Centre (DIFC), one of the
leading global financial centres in the
MEASA region, the Dubai FinTech
Summit will bring together an unprecedented
gathering of over 8,000 decision-makers,
300+ thought leaders and
200+ exhibitors, signalling increased
appetite for growth opportunities in
the region. The summit is designed to
encourage cross-border collaboration
and innovation, pivotal to strengthening
the global FinTech sector.
Dubai FinTech Summit aligns
D33 Agenda’s strategic goal of
propelling Dubai into the ranks
of the top four global financial
hubs by 2033.”
Fintech Frontier
Dubai FinTech Summit signals a
new wave of financial innovation, opportunity,
transformation, and growth
for the international financial services
sector. As a rising FinTech hub, Dubai
is also spearheading the evolution of
the financial services industry, with
investments in FinTech projected to
grow by 17.2% CAGR to USD 949 billion
from 2022 to 2030. The summit aligns
with the Dubai Economic Agenda D33’s
strategic goal of propelling Dubai into
the ranks of the top four global financial
hubs by 2033.
The expanded programme of the
Dubai FinTech Summit is set to exceed
expectations by delving into key tracks,
including the future of FinTech, embedded
and Open Finance, climate finance,
Web3 and digital assets. The summit
stands as a thought leadership-driven
platform, addressing industry challenges
head-on and championing innovation.
Event Agenda
Exploring how traditional financial
paradigms are being reimagined in the
digital age, the summit will examine
the evolving international financial
landscape and its implications. Leading
experts from across the globe will discuss
innovations and challenges in the
sector, as well as spotlight all things
impacting the future of finance – from
Web3, the Metaverse and blockchain to
decentralised finance, regulation and
policymaking, and the greater need
for increased financial inclusivity. The
focus will also be on the integration of
environmental sustainability into financial
strategies and products as much
as it will be on the latest innovations.
56 www.thefinanceworld.com April 2024

April 2024 www.thefinanceworld.com 57

Event
Dubai is at the heart of everything FinTech
and its global penetration has continued
to disrupt the way traditional financial
services operate. In line with the D33
Agenda to position Dubai as one of the
top four, global financial hubs by 2033 and
DIFC’s 2030 strategy to shape the future
of finance and innovation, the 2nd edition
of the Dubai FinTech Summit is designed
to encourage cross-border collaboration
and innovation, which will remain pivotal
to transforming the global FinTech
sector. It presents a unique opportunity
to explore emerging FinTech trends and
their potential to drive financial progress
in the MEASA region.”
Mohammad Alblooshi
CEO of DIFC Innovation Hub
By exploring the frontiers of technological
innovation, regulatory dynamics,
and societal imperatives, the
summit endeavours to chart a course
towards a more inclusive, sustainable,
and prosperous financial future for all.
58 www.thefinanceworld.com April 2024

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Real Estate
Source: fnst.axflare.com
ZaZEN Properties will continue to align with UAE’s 2050 net zero commitment
Sustainable Living in
Dubai: A Closer Look
at ZaZEN Properties’
Prescient Developments
ZaZEN Gardens, Al Furjan’s first LEED Goldcertified
residential and retail project, will cut
annual electrical expenses by over 24%.
HH Sheikh Mohammed’s decision to
extend the ‘UAE’s Year of Sustainability’
throughout 2024 underscores the growing
significance of sustainability across
all sectors in the UAE, including real
estate. This extension aligns with the
increasing focus on sustainable practices
seen throughout the country. There is
a discernible trend among individuals
towards making more informed choices,
with many opting for sustainable
residential properties in anticipation of
a brighter future. While the concept of
sustainable real estate projects is not new,
some developers have demonstrated a
stronger commitment to sustainability
than others. This article explores the
sustainable projects undertaken by ZaZEN
and examines the future of sustainable
real estate in the UAE.
60 www.thefinanceworld.com April 2024

Established in 2018, ZaZEN Properties
sets itself apart from other
real estate developers through
its distinctive sustainable residential
developments within Dubai’s established
communities. These projects are designed
for the mid-market segment and offer a
unique concept of a ‘community within
a building.’
ZaZEN Properties prioritises the individual
resident’s lifestyle in every aspect
of their development process. Their
approach is centred on creating homes
specific to residents’ needs rather than
focusing solely on market trends. By
promoting a sense of community within
their properties, ZaZEN aims to enhance
the living experience for UAE residents.
Madhav Dhar the COO and Co-founder
of ZaZEN played a pivotal role in its
establishment with a vision to foster
healthier living environments through
sustainable real estate projects in Dubai.
Under his leadership, the company has
successfully launched two notable sustainable
residential projects, ZaZEN One
and ZaZEN Gardens.
Both of these projects are LEED certified
which is a symbol of sustainability
achievement and leadership. This system
was established by the US Green Building
Council (USGBC) in 1993 and serves
as a comprehensive rating system for
environmentally responsible buildings,
covering design, construction, operation,
and maintenance. Widely adopted globally,
it evaluates the sustainability, efficiency,
and cost-effectiveness of developments
across four tiers, Certified (40-49 points),
LEED Silver (50-59 points), LEED Gold
(60-79 points), LEED Platinum (80 points
and above)
ZaZEN One
Situated in Jumeirah Village Triangle,
ZaZEN One is a testament to sustainable
community living. Since its successful
completion in January 2022, this flagship
project has redefined the standard for
mid-market residential developments
in Dubai. Embracing a diverse and international
community, ZaZEN One has
residents from 27 different nationalities,
encouraging a vibrant and inclusive
atmosphere.
The meticulously planned residential
complex prioritises sustainability at its
core. From its artful design to its comprehensive
amenities, every aspect of
ZaZEN One is geared towards reducing its
environmental footprint while enhancing
the quality of life for its residents. Solar
power generation not only lowers service
We aim to lead
sustainable
development
in Dubai and
collaborate with
other landowners
to promote
the benefits
of sustainable
living alongside
profitability.”
Madhav Dhar
charges for homeowners but also contributes
to the building’s overall energy
efficiency, aligning with the principles
of green living.
ZaZEN One’s commitment to sustainability
has earned it prominent awards,
including the Sustainable Project of
the Year Award and The Residential
Project of the Year Award. Its Trakhees
Leadership in Energy and Environmental
Design (LEED) green building certification
underscores its dedication to
environmental responsibility, reducing
approximately 440 metric tonnes of CO2
emissions annually.
Beyond its eco-friendly features, ZaZEN
One offers residents access to generous
lush green spaces, providing a peaceful
retreat from the hustle and bustle of
city life. With its incorporation of solar
panels, the building harnesses renewable
energy which generates approximately
25% of the building’s annual electricity
requirement. Additionally, it passes on
cost savings to homeowners, further
enhancing its appeal as a sustainable
living destination.
ZaZEN Gardens
Following the successful completion of
ZaZEN One, ZaZEN Properties unveiled
their latest endeavour, ZaZEN Gardens.
Positioned as a pioneering development,
ZaZEN Gardens is the sole residential
project possessing LEED Gold certification
and prioritising Well-Being integration.
Scheduled for handover this month, the
project comprises 159 units, ranging from
824 to 1,612 square feet, and includes
two ground-floor retail outlets catering
to the Al Furjan community.
Upon completion, ZaZEN Gardens is
poised to make a significant environmental
impact, reducing approximately 470
metric tons of carbon emissions annually—equivalent
to planting 12,147 trees.
The development features 35,000 square
feet of precisely crafted landscaping,
along with multiple recycling stations,
EV charging facilities, and rooftop solar
panels aimed at curbing common area
service charges for homeowners.
ZaZEN Gardens lies in Integrative
Well-Being Design, a holistic approach
that harnesses natural frequencies to
optimise physical environments and
promote resident health and well-being.
This encompasses practices such
as Land Energy Optimisation, Classical
Feng Shui, EMF Mitigation, and Building
Biology, culminating in spaces that foster
harmony between inhabitants and their
surroundings.
In an era marked by rising concerns
over autoimmune diseases, allergies,
and airborne pathogens, the demand
for health-centric living spaces has
never been greater. ZaZEN Gardens
addresses this need by cultivating an
environment where energy flow fosters
spaces that nurture both the mind and
body, offering residents a sanctuary of
complete wellness amidst the bustling
urban landscape.
As ZaZEN properties continue to innovate
in the realm of sustainable real
estate, they aim to enhance the living
experience for UAE residents while
contributing to a greener future.
April 2024 www.thefinanceworld.com 61

Real Estate News
Dubai’s Rental Revolution: Cheque-Free Digital
Payments Take Center Stage
Dubai’s rental landscape undergoes
a transformative shift as
tenants and landlords embrace
digital rent payments through the
pioneering Direct Debit System. In
collaboration with Keyper, a tech-driven
property management platform, the
platform ushers in a new era by replacing
outdated cheque transactions.
This paperless direct debit marketplace
allows property owners to receive rent
digitally, eliminating the complexities
of cheque acceptance. Aligned with
the UAE Central Bank and the government’s
modernisation directives, the
technology mirrors the functionality
of post-dated cheques but ensures
automatic deductions under pre-agreed
conditions. Keyper further enhances
the experience with “Rent Now
Pay Later,” enabling tenants to make
monthly digital payments while offering
landlords upfront receipts. Beyond
local benefits, this initiative caters
to non-resident property investors,
providing a seamless global avenue
for leasing and payments.
Binghatti Holding’s $300M Sukuk Lists
Successfully on Nasdaq Dubai
Binghatti Holding, a real estate developer,
has successfully issued
a groundbreaking $300M sukuk,
marking the first USD-denominated
sukuk from the MENA region in 2024.
This move is pivotal in diversifying
financing options for the real estate
sector, highlighting the significance
of sukuk financing in the region. With
a coupon rate of 9.625 per cent and
maturing in 2027, the sukuk garnered
strong investor interest, being oversubscribed
by two times and competitively
priced with a 30 basis points tightening.
Binghatti Holding’s recent B+ credit
rating with a positive outlook from
Fitch Ratings underscores its financial
strength. The successful listing on
Nasdaq Dubai strengthens Binghatti’s
position as a trusted financial partner.
It also contributes to Nasdaq Dubai’s
role as a premier venue for innovative
financial instruments, showcasing
Dubai’s growing prominence in the
global Islamic finance area.
Saudi Arabia Leads with 60% Share in Gulf’s
$1.68T Real Estate Pipeline
A
recent report reveals that the majority
of the Gulf region’s $1.68T
real estate project pipelines are
concentrated in the UAE and Saudi
Arabia. Saudi Arabia holds just over 63
per cent, amounting to approximately
$1.06T in planned or under-construction
projects, while the UAE accounts for
24 per cent, totalling $406B. Bahrain,
Kuwait, Oman, and Qatar collectively
share 1.3 per cent, 3.2 per cent, 5.2
per cent, and 2.9 per cent of the total,
respectively. The current construction
pipeline in the region has significantly
increased from $1.38T a year earlier.
Despite global and national economic
challenges, especially in oil-related
activities, the report highlights ongoing
resilience in non-oil sectors,
particularly real estate, across GCC
countries. In 2024, the average GDP
growth in GCC countries is projected
to be 2.9 per cent, reflecting economic
strengthening.
Dar Global Unveils
Trump Villas Design for
Muscat Resort and Golf
Course
Saudi property developer Dar
Global unveils the designs for
Trump Signature Villas in the
Aida resort and golf course development
in Muscat. As part of the Trump
International Golf Club Oman, these
villas offer an “elite membership” to the
golf club along with a Trump-branded
golf cart. Ranging from three to seven
bedrooms, the sea-view villas sit atop
an elevation of over 130 metres, starting
at 1,345 square feet. Phase one is set
for completion this year, with the entire
Trump Villas project slated to finish
by 2026. Dar Global, an international
arm of Saudi Arabia’s Dar Al Arkan,
collaborates with the Oman Tourism
Development Company (Omran) on
the $4B mixed-use Aida project, signed
with the Trump Organisation in 2022,
featuring residential villas, a top-tier
hotel, and an iconic golf course.
NEOM Unveils Gidori
Luxury Golf Resort in
Saudi Arabia
NEOM reveals Gidori, a private
golf enclave situated in the captivating
coastal hills along the
Gulf of Aqaba. The newly introduced
addition to NEOM, the progressive regional
development in northwest Saudi
Arabia, boasts ambitious architecture
harmonising with the stunning natural
surroundings. Gidori encompasses
premium residences, luxury hospitality,
and a spectrum of sports and leisure
amenities, promising an unparalleled
living experience. Positioned along
the Gulf of Aqaba coastline, Gidori
integrates world-class golf and active
leisure within an ultra-modern community
for guests and residents. The
architectural focal point is a beachfront
complex featuring a striking
cantilevered structure, housing 190
luxury sea-view apartments, diverse
dining options, signature retail stores,
and serene garden spaces. Marking a
remarkable addition to the landscape
of NEOM.
62 www.thefinanceworld.com April 2024

Emaar Unveils Two
Dubai Projects Valued
at $26B
Dubai’s prominent listed developer,
Emaar Properties, announces
two luxury projects, The Heights
Country Club and Grand Club Resort,
with a combined value of AED 96B
($26.14B), as the emirate’s property
market experiences robust growth
fueled by strong investor demand. Both
lifestyle projects, located next to The
Oasis, are anticipated to significantly
boost sales and profitability, featuring
several villas and townhouses. The
larger of the two, The Heights Country
Club, valued at AED 55B, spans 81
million square feet. Meanwhile, the
Grand Club Resort, valued at AED
41B, covers 60 million square feet and
includes a wellness centre, offering
luxury hospitality. The launches align
with Dubai’s expanding property market,
driven by favourable economic
conditions and policies encouraging
long-term residency. Last year, the
emirate witnessed real estate deals
valued at AED 634B, marking a 20%
annual growth.
Deyaar Unveils $191M Dubai Project, Plans
Debut Development in Abu Dhabi
Deyaar Development is set to
launch an AED 700M ($191M)
project in Dubai, with plans for
its inaugural scheme in Abu Dhabi in
the second quarter, reflecting the rising
demand for property in the UAE. The
new Jebel Ali project, named Eleve,
features studios to three-bedroom
flats, financed through debt and sales
revenues. The 33-storey development,
situated near a metro station aims to
create a vibrant community with full
amenities, completed in three years.
This marks the second project unveiled
by the Dubai-listed developer in 2024,
following the fully sold-out Rosalia
Residences in Al Furjan. Deyaar’s
CEO, Saeed Al Qatami, highlights the
flourishing property market in Dubai,
attributing its success to government
initiatives like residency permits and the
expanded 10-year golden visa program.
Dubai Land Department Joins Forces with Top
Property Platforms for Agent Support
Dubai real estate agents are set
to receive training and listing
support through collaboration
with the Land Department, as per newly
signed agreements with leading online
platforms – Property Finder, Bayut, and
Dubizzle. The Dubai Land Department
aims to empower local talents and
enhance awareness in the city’s real
estate sector. These partnerships focus
on creating an exceptional training
environment, improving service efficiency,
boosting customer satisfaction,
and advancing services in line with
industry best practices. The agreements
were signed during the Tamkeen Real
Estate Workshop hosted by the Land
Department on March 4, aligning with
DLD’s priority to empower citizens in
the real estate market and integrate
Emiratis, aligning with Dubai’s Social
Agenda 33 and Economic Agenda D33.
Hilton and NABNI to Launch Waldorf Astoria Residences in Dubai
Downtown
Hilton and NABNI Developments
are set to launch Waldorf Astoria
Residences Dubai Downtown,
marking the brand’s first residential
project outside the US. The project,
expected to be completed in 2028, aims
to expand Waldorf Astoria’s presence
in new regions. The ceremony marking
the partnership involved Daniel Wakeling,
VP of Development, Luxury &
Residential – Europe & Africa at Hilton,
Abdulrahman Alsuwaidi, Chairman of
NABNI Developments, and Badr Alsuwaidi,
CEO of NABNI Developments.
The Waldorf Astoria Residences, situated
on a 65,000-square-foot plot in
Downtown Dubai, will be designed by
Carlos Ott Architects with interiors
by Hirsch Bedner Associates. This
collaboration signifies a significant
milestone in strengthening Hilton’s
presence in the EMEA market, delivering
unparalleled luxury experiences
in the thriving UAE real estate sector.
April 2024 www.thefinanceworld.com 63

Interview
Nurturing Dreams, Building Success
- The Ensure Events Entrepreneurial
Journey
64 www.thefinanceworld.com April 2024

Ensure Events CEO Shahzad Ahmad shares how a childhood passion
for performance and a hunger for learning paved the way for his
entrepreneurial journey, navigating challenges like the pandemic and
fostering collaborative relationships with high-profile clients to drive the
company’s success and envisioning a future of global music festivals and business
expansion.
Exclusive to Finance World Magazine
Q. Can you share your journey of
setting up Ensure Events at a young
age? What inspired you to venture
into the events & media industry?
Well, looking back, it all started when
I was pursuing my graduation from
Manipal University Dubai. I pursued my
degree in Media Studies and that opened
a whole new world of possibilities. As
far as I can remember, that is when the
inclination began towards broadcast
and videography mostly. I was only
in my first year of college when I had
already started freelancing. My course
gave me an opportunity to become a
part of the Dubai International Film
Festival, and it was during my college
years that I actively took part in my
very first celebrity event, which was
the Asia Vision Film Awards. That entire
world seemed aspirational and pushed
me to hone my skills in the areas of
videography and cinematography.
Where Ensure is concerned, I have to
thank my family for that, especially my
aunt Ms. Yasmine. The Ensure group is
a family-owned business with multiple
verticals, and it was my family who
entrusted me enough to carry forward the
legacy. And that is how my brainchild,
Ensure Media & Events came into being.
Q. Starting a company requires a
great deal of entrepreneurship. How
did you develop your entrepreneurial
spirit, and what challenges did you
face during the initial stages of
NSure Events?
When you say entrepreneurial spirit, I
think it came from getting a glimpse of
that world. Like I mentioned, movies,
award shows, and just looking at the
elaborate production process inspired
me; so much that I wanted to do it all
on my own. Right from the ideation to
the execution, the logistics, and the
service, there’s so much that goes into
it and I wanted to learn every skill to
be able to create such experiences. I
guess I can say that it was my hunger
for learning that gave birth to Ensure.
As far as challenges are concerned,
Ensure Media & Events set up shop in
2019 and I don’t think we need a rehash
of what happened the year after that.
The pandemic hit and industries like
events, tourism, and hospitality were
a few of the most affected ones. But
when times seemed unpredictable for
the company, we saw the light at the
end of the tunnel. Intimate weddings
started to become a thing and we found
our foothold right there. That became
a turning point for me. Up until then, I
was focused on media production and
that whole phase opened up another
avenue that has now become one of
our USPs.
Q. Your skillset is quite versatile,
how has this contributed to the
growth and success of NSure Events?
Well, I will have to go back to my
childhood to set some context for this
one. I was born and raised in the UAE
and spent a lot of my childhood days in
Fujairah. It was the community around
me, especially my parents who saw my
creative abilities. I have always been
inclined towards music and dance,
and when my father, who’s my role
model, noticed my areas of interest,
he motivated me to hone that talent.
Soon, I was on stage performing for an
audience. That was my sowing the seed
moment; seeing how a stage was being
set up, how the lighting was, where
the camera was placed, and what’s a
sound system like; every element of
it piqued my interest and that is what
contributed to the inception of Ensure
Media and Events; and that performer
in me allows me to keep nurturing the
journey of Ensure.
Q. NSure Events now works with
some of the biggest clients in media
and entertainment. How did you
establish and nurture relationships
with such high-profile clients?
I realised this at a very young age,
back when I started my career as a
freelancer; that you should always
look at a project from a collaborative
point of view. Your client’s event is not
theirs alone, it’s yours too. That’s what
I do. Every event, and every project
that I undertake, I become an integral
part of it. And you know what that
April 2024 www.thefinanceworld.com 65

Interview
leads to? The success of the event
feels like a personal victory. And that
is basically it. The key to unlocking a
good relationship with your client lies
in that realisation. Make it personalised,
make their project your own, and that
will build your credibility.
Q. As a young entrepreneur, building
a competent team is crucial. How did
you assemble a team that aligns with
NSure Events’ vision and values?
I consider myself fortunate enough
to have found the right people at the
right time. My core team comprises
two of my childhood friends, my best
buddies, Thaufeeq and Sharooq, and
my mentor who’s been by my side,
guiding me, Mr. Aquinash.
They have been my pillars of support
in life, and at work.
As for the rest of my team members,
they are all dedicated, hard-working
individuals, who understand the
importance of delivering something
not just creative and unique, but also
personalised, and that’s the value we
strive to uphold.
Q. Managing costs is a vital aspect
of financial health. Can you discuss
NSure Events’ strategies for cost
management, and how do you ensure
that financial resources are allocated
efficiently to support the company’s
growth and sustainability?
At Ensure Media and Events, we have
multiple sources of revenue. Although
we are focused on media production,
photography, videography, and event
planning and management, we have
also ventured into the digital marketing
space. So even though one might think
that the events industry is a seasonal
business, we have “Ensured” that we have
recurring clients, on retainer models,
through our other ventures, which
guarantees a steady revenue thereby
maintaining seamless operations.
Q. Developing and sustaining a
successful business often involves
sound financial management. Can
66 www.thefinanceworld.com April 2024

you discuss NSure Events’ financial
strategy, especially in terms of
budgeting, investment decisions,
and maintaining financial stability
during the growth phases?
What we do is employ a comprehensive
financial strategy, which obviously
includes meticulous budgeting so we
can allocate resources effectively. And
when it comes to investment decisions,
we always prioritise technology, talent,
and marketing to fuel sustainable growth.
Q. What advice would you give to
young entrepreneurs looking to
enter the events and media industry,
considering your own experiences
and the success of NSure Events?
Two things, never lose hope, and
never turn an opportunity down. Even
if all they are offering is exposure,
take it. During the initial days, I took
up every collaboration that came my
way. Each of them was either a lesson
or an insightful experience, and each
of them has helped shape Ensure into
what it is today. Trust the process and
continue giving it your best shot.
Q. Looking ahead, what is the vision
for NSure Events in the next few
years? Are there specific goals or
projects on the horizon that you
are excited about?
When it comes to projects, we were
very recently a part of the QS Higher
Ed Summit 2024, which was truly a
milestone moment in our journey.
And when we talk about the future
of Ensure Media & Events, if things
continue looking up for us, I see the
company organising large-scale music
and entertainment festivals, the kind that
pull a global crowd. And meanwhile, we
will continue to upgrade our resources
and upscale the business.
April 2024 www.thefinanceworld.com 67

Funding and Investment
source: pexels.com
The UAE holds 19.2% of the global outstanding ESG sukuk market
Shifting Sands: ESG
Investing Transforming
the UAE’s Financial
Landscape
UAE’s economy is transitioning to sustainability,
with ESG investing gaining traction through
regulatory support and investor demand.
In recent years, Environmental, Social, and
Governance (ESG) investing has gained
significant traction worldwide as investors
increasingly prioritise sustainability and
ethical considerations alongside financial
returns. The United Arab Emirates (UAE),
known for its rapid economic growth
and ambitious development projects,
has witnessed a notable evolution in
ESG investments, reflecting a growing
awareness of environmental and social
responsibilities among businesses and
investors alike. The journey towards embracing
ESG investing has been marked
by a gradual but significant shift towards
sustainable finance practices. With the
Middle East unveiling proposals for the
region’s sustainability objectives, this
article explores the evolving landscape
of ESG investments in the UAE.
68 www.thefinanceworld.com April 2024

Traditionally, the UAE’s economy has
been heavily reliant on industries such
as oil and gas, but changing global
dynamics and increasing environmental
concerns have spurred a transition
towards more sustainable and responsible
investment strategies.
ESG investing in the UAE has its roots
in the early 2000s when global interest
in responsible investing started to grow.
Local financial institutions and investors
began recognising the importance of ESG
factors and their influence on long-term
financial performance. However, ESG has
evolved into a substantial part of funding
and investments by the regulatory efforts
done by the government of UAE.
The UAE Securities and Commodities
Authority (SCA) established a pivotal
framework in 2020 with the ‘Corporate
Governance Code for Public Joint
Stock Companies’ (Governance Code),
making it mandatory for Listed Public
Joint Stock Companies (PJSCs) on the
Abu Dhabi Securities Exchange and the
Dubai Financial Market to publish annual
sustainability reports. These reports are
designed to outline the impact of their
operations on the environment, society,
and governance.
To ensure transparency and accountability,
Listed PJSCs are required to adhere to
the Global Reporting Initiative standards
and sustainability standards issued by the
respective stock exchanges. However,
these reporting obligations are currently
limited to listed companies, and private
and state-owned entities can choose to
adopt sustainability reporting voluntarily.
The Abu Dhabi Global Market (ADGM)
has also embraced Sustainable Finance
(SusFin) as a strategic priority and
became the first International Financial
Centre to achieve carbon neutrality.
This aligns with the growing interest
in sustainable finance in the Middle
East, as exemplified by the issuance of
sustainable bonds reaching USD 8 billion
in the region in 2021.
Implementing these regulatory efforts
has raised awareness among Investors
in the UAE, acknowledging the enduring
advantages of incorporating ESG factors into
their investment portfolios, encompassing
risk reduction, performance enhancement,
and the cultivation of a positive corporate
image. This growing demand is propelling
the expansion of sustainable finance
mechanisms and products in the region.
The financial sector in the UAE is actively
advancing the cause of sustainability
and responsible investment. Prominent
initiatives encompass the issuance of
green bonds, the launch of ESG-oriented
equity funds, and the formulation of
comprehensive ESG guidelines and
frameworks.
The Commercial Bank of Dubai (CBD)
recently achieved a significant milestone
by successfully raising $500 million
through the issuance of green bonds.
This move follows in the footsteps of
the First Abu Dhabi Bank (FAB), which
made history in 2019 by issuing green
bonds worth $587 million, marking a
pivotal moment for sustainable finance
in the UAE. Another leading private bank
has joined the United Nations Global
Compact (UNGC) initiative, pledging
to facilitate USD 30 billion in SusFin
The emergence of
ESG investing has
rapidly changed
how investors
think and the
associated
choices they
make.”
Ahmed Abdelaal, Group CEO Mashreq
by 2030 and already enabling USD 15.5
billion of SusFin investments. Moreover,
the Abu Dhabi Sustainable Finance
Declaration, signed by major financial
institutions in the UAE, underscores the
collective commitment to facilitate the
flow of capital into sustainable projects,
signalling the country’s dedication to
fostering a greener and more sustainable
financial landscape.
In addition to the financial sector,
ESG investments have also paved their
way into the UAE’s real estate industry.
Investors and end-users in the UAE
are urging for a more sustainable built
environment, increasing the demand for
ethical and ESG-compliant investments.
A report by Knight Frank in October 2022
indicates that commercial buyers and
tenants are prioritising sustainable office
spaces, recognising that addressing the
climate crisis is key to talent attraction
and retention.
In August 2021, Majid Al Futtaim, a
Dubai-based developer, made history as
the first privately owned corporation in
Dubai to secure a $1.5 billion (AED5.5
billion) sustainability-linked loan, featuring
gender diversity goals and a requirement
to certify its malls as LEED Gold or higher
facilities. In a similar move, Abu Dhabi’s
Aldar signed an $81.7 million (AED 300
million) sustainability-linked loan with
HSBC in July 2021, becoming the first
real estate company in the MENA region
to do so. This five-year loan adjusts
Aldar’s interest margin based on annual
targets for energy and water intensity,
waste recycling, and worker welfare,
with provisions to invest in qualifying
ESG projects if targets are not met.
Furthermore, in January 2022, Aldar
committed to powering all its assets
with clean energy from the Emirates
Water and Electricity Company for up
to five years.
ESG is a dynamic and growing framework
that is gaining recognition among investors
worldwide. Significant advancements are
on the horizon in the UAE and globally.
While regulators and public bodies have
essential roles to play, companies are
also expected to take responsibility for
ensuring the effectiveness of their ESG
strategies. In certain instances, it is likely
that business innovation, offering new
green finance services and products, will
take the lead in advancing the regulatory
framework.
April 2024 www.thefinanceworld.com 69

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Funding and Investment News
Abu Dhabi Aims for
$100B AUM in AI
Investment Firm
Abu Dhabi is establishing MGX,
a technology investment firm
focused on artificial intelligence
and semiconductors, with aspirations to
exceed $100B in assets under management
(AUM) within a few years. Led by
Mubadala Investment and AI firm G42,
MGX’s CEO will be Ahmed Yahia Al Idrissi,
chief executive officer of Mubadala’s
direct investments platform. Initially
funded by Abu Dhabi’s government,
MGX will pursue deals independently
while maintaining Mubadala and G42’s
existing portfolios. The company aims
to attract top partners across AI infrastructure,
semiconductors, and AI core
technologies and applications. Chaired
by UAE National Security Adviser
Sheikh Tahnoon Zayed Al Nahyan,
MGX’s board includes Mubadala CEO
Khaldoon Al Mubarak, UAE Central
Bank Vice Chairman Jassem Al Zaabi,
G42 CEO Peng Xiao, and Al Idrissi.
Investopia Boosts UAE-
South Korea Economic
Partnership
Investopia 2024 witnessed the signing
of two memorandums of understanding
(MoUs) between the UAE and
South Korea. The first MoU involved
the Dubai Multi Commodities Center
(DMCC) and the Korean Institute of
Startup and Entrepreneurship Development
(KISED), while the second
partnership included the Dubai Future
District Fund (DFDF) and the Korea
Venture Investment Corporation (KVIC).
These MoUs highlight Investopia’s role
in fostering dialogue and connectivity
between national and international
institutions, offering promising opportunities
for business communities.
They aim to cultivate new partnerships
supporting the transition to emerging
economic sectors, expanding investment
prospects in venture capital, SMEs,
entrepreneurship, fintech, AI, and the
circular economy, driving sustainable
global growth. The presence of H.E.
Abdulla bin Touq Al Marri and H.E.
Daehee Lee underscores the significance
of these agreements, reinforcing bilateral
cooperation in various industries.
Investcorp Capital Secures $800M Financing for
2024 Growth Plans
Investcorp Capital plc, a significant
player in private markets and alternative
investments, has completed
an $800M refinancing via a revolving
credit facility (RCF) with an international
bank consortium. This move allows
the company to settle a previous $600M
facility with Investcorp Group, established
during its public listing on the
ADX in November 2023. Underwritten
and arranged by five banks, including
Abu Dhabi Commercial Bank PJSC
and HSBC Bank Middle East Limited,
the refinancing initially targeted USD
600 million but secured an additional
USD 200 million due to high interest.
With a four-year term and one-year
extension option, the facility offers
improved pricing terms, supporting
Investcorp Capital’s Capital Financing
Services segment. Strong bank interest
reflects confidence in the company’s
strategy, highlighted by a 47% revenue
surge in its CFS division in H1 2024,
reaffirming its commitment to an 8%
annual dividend yield for shareholders.
Saudi Urban Development Takes Center Stage at
MIPIM 2024 with Murabba
New Murabba Development Company,
a leading urban developer
in Saudi Arabia, is showcasing
its transformative vision at MIPIM 2024
in Cannes, France, from March 12-15.
Under the “Invest Saudi” initiative, it
aims to attract international investment,
emphasising the Kingdom’s commitment
to economic diversification.
New Murabba is currently developing
New Murabba Modern Downtown in
Riyadh, a model city centre aligned with
Saudi Vision 2030. Notable progress
includes Mukaab, a landmark already
excavating over 4 million cubic metres,
set to feature cutting-edge technology
and become one of the world’s largest
structures at 400 metres in height, width,
and length. With over 27 million sq. m of
floor area, the development will offer a
comprehensive mix of residential, hotel,
retail, office, leisure, and community
facilities, supporting Saudi Arabia’s
ambitious economic goals.
UAE Construction Market Set for 3% Annual
Growth Driven by Transport Investments
According to GlobalData, the
UAE’s construction market is
poised for an average annual
growth of 3% until 2028, propelled
by investments in transport and renewable
energy. The Emirates News
Agency, citing a report from the London-based
analytics firm, highlights
the market’s steady trajectory, valued
at $94B in 2023. The surge is attributed
to increased investments in transport
and renewable energy infrastructure,
with a focus on the electric vehicle
market. Residential developments
emerged as the dominant segment in
2023, with ongoing momentum expected
in the real estate sector throughout
2024. This growth is bolstered by the
initiation of high-quality infrastructure
projects and substantial investments
from governmental and private entities.
Notably, the UAE awarded $23B
in projects in the Middle East and
North Africa construction market in
the first half of 2023, as reported by
global property consultant JLL.
April 2024 www.thefinanceworld.com 71

Funding and Investment News
ADIA Increases Investment in Europe’s Cheyne Capital
Abu Dhabi’s sovereign wealth
fund, the Abu Dhabi Investment
Authority (ADIA), has increased
its funding commitment to Cheyne Capital’s
real estate private credit strategy
in Europe. According to reports from
European media, ADIA has pledged an
undisclosed amount to Cheyne’s capital
solutions strategy, bringing the total
commitment to ($836M). This strategy
focuses on senior lending against real
estate assets across Europe. Mohammed
Al Qubaisi, Executive Director
of ADIA’s real estate department,
highlighted that the capital solutions
strategy aims to address the growing
demand for various forms of real
estate credit by leveraging Cheyne’s
expertise in the European real estate
lending market. ADIA sees this as a
compelling investment opportunity,
especially in a market where private
credit lenders are increasingly sought
after for capital. ADIA’s assets are estimated
to be around $933B, according
to the Sovereign Wealth Fund Institute
(SWFI).
Mubadala and G42 Launch Tech Investment Firm
MGX in Abu Dhabi
Mubadala and G42, two leading
entities in the UAE, have
unveiled the establishment of
MGX, a new technology investment
company. With a focus on accelerating
AI and advanced technology development
and adoption, MGX aims to
forge world-leading partnerships both
domestically and globally. Its investment
strategy will revolve around AI
infrastructure, semiconductors, and
AI core technologies and applications.
Leveraging Abu Dhabi’s existing investments,
MGX will collaborate with
prominent international technology and
investment firms. Chaired by Sheikh
Tahnoun bin Zayed Al Nahyan, and
with Khaldoon Khalifa Al Mubarak
as vice-chair, the board includes key
figures such as Jassem Mohamed Bu
Ataba Al Zaabi, Peng Xiao, and Ahmed
Yahia Al Idrissi, who will also serve
as CEO. The establishment of MGX
underscores the UAE’s commitment to
advancing technology for a prosperous
and interconnected future.
LEAP: Al Awal Capital and Innovation Gate Forge
Strategic Partnership
Al Awal Capital and Innovation
Gate Holding have signed a
memorandum of understanding
to launch a strategic partnership aimed
at boosting innovation and excellence
in the Kingdom’s investment sector.
This collaboration underscores their
commitment to providing innovative
investment services, targeting various
investor categories and fostering
a thriving investment community.
Adnan Al-Talmassani, Managing Director
at Al Awal Capital, expressed
excitement, emphasising their goal
of delivering innovative investment
opportunities for sustainable development.
Mahareb Al-Rashidi, CEO of
Innovation Gate Holding, echoed this
sentiment, highlighting the partnership’s
role in advancing investment
innovation and fostering a cooperative
relationship. This partnership signifies
a significant step towards an advanced
and innovative investment landscape
in the Kingdom, aligning with both
companies’ vision for excellence in
investment services.
UAE Secures Second
Place in Greenfield FDI,
Attracts $15B in 2023
The UAE secured the second
position globally in greenfield
FDI projects in 2023, recording
1,280 projects, trailing only the United
States with 1,966 projects. This marks
a significant 36% year-on-year surge,
elevating the UAE three places from its
2022 ranking of fifth, as per an Emirates
NBD report. Dubai led the way in greenfield
FDI projects with 1,036, showing a
robust 32% increase year-on-year, while
Abu Dhabi ranked sixth globally with
172 projects, indicating a substantial
74% rise year-on-year. Notably, Dubai
accounted for approximately 81% of
the total projects in the UAE. Total FDI
capital inflows into the UAE soared by
33% year-on-year to $15.08B, with Dubai
attracting the largest share at $6.81B,
and Abu Dhabi securing a significant
portion with $4.48B. Greenfield FDI
plays a vital role in economic growth,
creating jobs, transferring technology,
and improving competition.
72 www.thefinanceworld.com April 2024

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- Rémy Levastre, Director of Advisory Services at WSP.

Digital Assets
Source. mediaoffice.ae
Digital Asset is intangible property and is neither a thing in possession nor a thing in action
Deciphering
the DIFC’s
Groundbreaking
Digital Asset Law
The Digital Assets Law defines digital assets
as property and outlines control, transfer, and
management guidelines for stakeholders.
In a strategic move, the Dubai International
Financial Centre (DIFC) has introduced
the “Digital Asset Law.” This
new legislation, effective as of March 8
2024, establishes the legal framework for
digital assets, defining them as a form of
property and outlining procedures for
their control, transfer, and handling by
interested parties. Alongside the introduction
of the new Law of Security and
amendments to existing legislation, these
enactments are designed to ensure that
the DIFC remains alongside technological
advancements in international trade
and financial markets, while also offering
legal clarity to investors and users
of digital assets. This article serves as a
comprehensive guide to the features of
the Digital Asset Law and explores its
potential impact.
74 www.thefinanceworld.com April 2024

Digital assets, constituting a trillion-dollar
asset class, present
vast potential for future innovation
and market opportunities. While many
jurisdictions have primarily focused on
regulating and enforcing sanctions related
to practical applications of this asset
class within regulated financial services,
the fundamental benefits facilitated by
blockchain technology and the diverse
range of digital assets it enables are
poised to expand significantly.
The Digital Assets Law delineates the
legal attributes of digital assets, recognising
them as a form of property and providing
guidelines on their control, transfer, and
management by stakeholders. In conjunction
with the Digital Assets Law, DIFC
has introduced a complementary Law of
Security, patterned after the UNCITRAL
Model of Secured Transactions, and implemented
corresponding amendments
to existing statutes.
Characteristics of Digital Assets
According to the Digital Asset Law
2024 a Digital Asset is intangible property
and is neither a thing in possession
nor a thing in action. It is defined as a
digital asset if:
(a) it exists as a notional quantity
unit manifested by the combination of
the active operation of software by a
network of participants and network-instantiated
data;
(b) it exists independently of any
particular person and legal system; and
(c) the thing is not capable of duplication
and the use or consumption of the
thing by one person or specific group of
persons necessarily prejudices the use
or consumption of that thing by one or
more other persons.
Control and Title:
The Digital Asset Law specifies that
an individual has control over a Digital
Asset if the asset or its relevant protocol
grants them exclusive abilities to prevent
others from benefiting from it, to obtain
substantial benefits from it, and to transfer
these abilities to another person, termed
as a ‘change of control’.
Additionally, the individual must be
able to identify themselves as possessing
these abilities. A change of control
encompasses various actions such as
replacement, modification, destruction, or
elimination of the Digital Asset, resulting
in the creation of a new asset under the
control of another individual.
Moreover, control need not be exclusive
if the Digital Asset or its protocol
restricts use or the individual in control
agrees to share their abilities with others.
Regarding title, the law states that a
person or group obtains legal ownership
of a Digital Asset upon gaining control
and intending to exercise control over it.
In the absence of evidence suggesting
otherwise, the individual or group in
control is presumed to hold superior legal
title. In certain agency relationships, if an
agent controls a Digital Asset on behalf
of a principal and intends to exercise
control on the principal’s behalf, the
principal holds legal title.
Once the title is acquired, it remains
with the individual or group until transferred
or the Digital Asset is destroyed.
Obligations
The Digital Asset Law imposes obligations
concerning the impairment of
digital assets. An individual’s impairment
of a digital asset is considered reckless if
they are aware of the risk of impairment
and unreasonably proceed to take that
This legislation is
groundbreaking
for being
the first to
comprehensively
define the legal
attributes of
digital assets in
property law.”
risk, especially if they know of another
party’s superior interest in the asset.
However, impairment is not intentional
unless the individual is aware of another
party’s interest and the superiority of
that interest. Liability arises if an individual
impairs the use of a digital asset
in which another party has an interest,
intentionally or recklessly causing loss
to the latter.
Consent from the affected party serves
as a defence against impairment, as does
the likelihood of reasonable consent.
Co-owners may recover damages proportionate
to their interest in the asset
and can bring actions against fellow
co-owners.
Additionally, if a person is found liable
to one claimant but another claimant is
subsequently found to have a superior
legal title to the asset, the former is
accountable to the latter.
Furthermore, the law grants individuals
the right to recover control of a digital
asset if it is under another party’s control
and the latter has no legal title to the
asset or has an inferior title.
The law also provides the Board of
Directors of the DIFCA with the authority
to make regulations to further the purpose
of the law or facilitate its administration,
including the imposition of fines for
contraventions and procedures for fine
imposition and recovery.
By delineating the legal attributes of
digital assets and recognising them as
a form of property, the law establishes
clear guidelines for their management
and administration.
This clarity is essential in an era where
digital assets play an increasingly prominent
role in various aspects of commerce
and finance. With this legislation, stakeholders
can navigate the complexities
of digital asset ownership, transfer, and
control with greater confidence and legal
certainty, fostering trust and facilitating
the growth of digital asset markets.
Moreover, by addressing legal questions
surrounding digital assets, such as control
and title, the law lays a solid foundation for
developing strong regulatory frameworks
that can adapt to the evolving landscape
of digital asset innovation and usage. In
an ever-evolving digital landscape, this
legislation lays a foundation for clear
regulations and fosters trust, crucial
for the growth and innovation of digital
asset markets.
April 2024 www.thefinanceworld.com 75

76 www.thefinanceworld.com April 2024

Events
Connecting Green Hydrogen MENA 2024:
Driving the Energy Transition Towards a
Sustainable Future
Amid mounting sustainability concerns
and the UAE’s ambitious
Net Zero by 2050 commitment,
the third edition of the Connecting
Green Hydrogen MENA 2024 Conference
and Exhibition (CGHM2024) is set
to take place from April 23rd to April
25th, 2024, at the esteemed Madinat
Jumeirah Conference Centre in Dubai,
UAE. Organised By Leader Associates,
this significant event is poised to catalyse
advancing the region’s energy
transition and foster sustainable socio-economic
development.
At its core, CGHM2024 is dedicated
to advancing the crucial role of
hydrogen in spearheading the global
energy transition towards sustainability.
Against the backdrop of pressing
climate challenges and the imperative
to decarbonize the energy sector, this
event serves as a platform for fostering
meaningful dialogue and collaboration
among industry stakeholders. By facilitating
discussions and sharing insights,
CGHM2024 aims to catalyse the adoption
of green hydrogen technologies
and inspire actionable steps towards
a cleaner, greener future. Through
showcasing the latest advancements
in hydrogen technology and exploring
innovative solutions, CGHM2024 aims
to empower participants to drive positive
change in their respective fields.
With a strong emphasis on collaboration,
innovation, and knowledge-sharing,
CGHM2024 is expected to attract
over 3,000 attendees, including policymakers,
industry leaders, investors,
and technical experts. The 2024 edition
boasts participation from esteemed
government officials, including representatives
from the Ministry of Energy
and Infrastructure (UAE), the Ministry
of Environment (Korea), and the Ministry
of Economy, Trade and Industry
(Japan). Additionally, industry giants
such as ACWA Power, Air Products,
Air Liquide, H2Global Stiftung, ADNOC
Group, Chevron New Energies and
ENGIE will contribute their expertise
to the event. Through interactive
sessions, thought-provoking discussions,
and networking opportunities,
attendees will delve into key topics
such as sectoral net-zero transitions,
the versatility of hydrogen as an energy
carrier, and strategies for building
international partnerships to support
the growth of the hydrogen economy
in the MENA region.
Discover a rich array of activities
at CGHM2024, designed to offer an
immersive experience for industry
professionals. Engage in enlightening
sessions like the CGHM Strategic
Summit, featuring insights from over
150 top speakers, and the H2Innovate
Next Summit showcasing cutting-edge
technologies. Explore the vast 1500+
sqm Exhibition Area, and connect with
peers through dynamic networking
programs. With offerings including
pre-day field trips, gala dinners, awards
ceremonies, 1-1 meetings, masterclasses,
and more, CGHM2024 ensures an
enriching and unforgettable event for
all attendees.
Organised by Leader Associates, a
leading advocate for environmental
sustainability, CGHM2024 embodies a
commitment to driving positive change
and shaping the future of the energy
landscape. With a track record of
hosting successful clean energy events
worldwide, Leader Associates brings
unparalleled expertise and insight to the
forefront of the hydrogen revolution.
April 2024 www.thefinanceworld.com 77

Healthcare
Source: pexels.com
In 2023, Burjeel Holdings experienced strong revenue growth of 15.6%, reaching AED 4.5 billion.
Journey of Excellence:
Inside Burjeel
Holdings’ Visionary
Expansion
Burjeel prioritises expanding its medical
network and enhancing operational efficiency
through scale economies and digitisation.
In the heart of the Middle East, where
innovation meets compassion, Burjeel
Holdings has emerged as an epitome of
excellence in healthcare delivery. Led by
the vision of Dr Shamsheer Vayalil, this
healthcare provider has transformed the
landscape of medical services across the
MENA region. From humble beginnings
in 2007 to becoming a leading force in
private healthcare, Burjeel Holdings has
steadfastly committed to providing highquality,
accessible, and compassionate
care to communities. Burjeel Holdings
features a network of 76 assets, including
16 hospitals and 38 medical centres, along
with 15 pharmacies and allied services,
delivering premier healthcare in the
Gulf region. Brands under its umbrella
include Burjeel, Medeor, LLH, Lifecare,
PhysioTherabia, and Tajmeel.
78 www.thefinanceworld.com April 2024

In 2007, Dr Shamsheer Vayalil laid the
foundation for what would become
Burjeel Holdings. The journey began
with the establishment of LLH Hospital in
Abu Dhabi, offering affordable and comprehensive
care to the community. As the
years passed, Burjeel Holdings expanded
its footprint, launching state-of-the-art
hospitals and medical centres across the
UAE. From the quaternary care Burjeel
Hospital to the advanced microsurgery
LLH Hospital
centre in Dubai, each facility symbolised
a commitment to delivering the highest
standard of healthcare.
In 2022, Burjeel Holdings achieved a
significant milestone by listing on the
Abu Dhabi Securities Exchange and
the following year marked the launch
of the Paley Middle East Clinic and the
announcement of a partnership with
ADNOC to manage Al Dhannah Hospital,
further solidifying Burjeel Holdings’
position as a leader in the healthcare
industry. Moreover, in 2022, Burjeel
Holdings announced its expansion into
the Kingdom of Saudi Arabia, setting the
stage for future growth and innovation.
Another noteworthy development
is Burjeel Holdings’ pledge to achieve
carbon neutrality by 2040, aligning with
the UAE’s overarching aim to become a
carbon-neutral state by 2050.
LLH Hospital, a subsidiary of Burjeel
Holdings Company, embodies a commitment
to delivering cost-effective yet
specialised and high-quality healthcare
services. Founded with a vision to cater
to the medical needs of the growing population
of the Emirate of Abu Dhabi at
an affordable price point, LLH Hospital
operates with unparalleled passion and
dedication.
Over the years, LLH Hospital has
earned the trust of citizens and residents
of Abu Dhabi through the sincere dedication
of its medical staff. With a focus
on compassion, respect, and dignity,
the hospital ensures that each patient’s
medical needs are attended to closely.
Facilities and services at LLH Hospital
have been carefully designed to meet the
evolving needs and demands of patients,
with a constant openness to the latest
developments in medicine and healthcare.
By adopting best practices, LLH Hospital
continually strives to enhance its service
delivery standards.
LLH Hospital operates multiple branches
in Abu Dhabi and Musaffah, offering
compassionate and personalised care
to its customers. The hospital has three
main branches:
LLH Hospital Abu Dhabi:
Providing comprehensive healthcare
services to the community, this branch
is committed to delivering excellence
in patient care across various medical
specialities.
LLH Hospital Musaffah:
With 24-hour emergency services, an
in-house pharmacy, and a wide range of
medical services, this branch caters to the
healthcare needs of the local community
and surrounding areas.
LLH Medical Centre Musaffah:
Strategically located near the business
and industrial hub, this medical centre
aims to meet the healthcare needs of
customers in the area, offering convenient
access to quality healthcare services.
The impact of LLH Hospital on the
community is substantial, with a team
of 137 doctors covering 21 specialities
and serving a patient population of over
9.8 million lives. With a yearly patient
footfall of 690,000, LLH Hospital continues
to touch the lives of individuals and
families, providing them with the care
and support they need to lead healthy
and fulfilling lives.
April 2024 www.thefinanceworld.com 79

Healthcare
Lifecare Hospitals
Lifecare Hospitals, a subsidiary of Burjeel
Holdings, is committed to providing
superior healthcare services conveniently
accessible to communities in Abu Dhabi’s
Musaffah and Baniyas areas. These two
multi-speciality hospitals boast stateof-the-art
technology and offer over 15
medical and surgical specialities and
clinical services.
Accredited by the Joint Commission
International (JCI), Lifecare Hospitals
feature experts in various fields, including
general medicine, emergency
care, dermatology, dentistry, cardiology,
neurology, ophthalmology, pulmonology,
and critical care. The hospital personnel,
including paramedics and support
staff, are dedicated to a compassionate,
patient-centric approach that addresses
day-to-day healthcare needs.
Both Lifecare Hospitals in Musaffah
and Baniyas offer 24/7 emergency and
other medical services, ensuring roundthe-clock
access to quality healthcare.
In 2012, Lifecare Hospital, Baniyas,
launched its multi-speciality hospital to
provide medical care in the industrial area
of Abu Dhabi. Two years later, in 2014,
Lifecare Hospital, Musaffah, followed suit,
further expanding access to healthcare
services in the region.
The impact of Lifecare Hospitals on
the community is significant, with 105
doctors covering 21 specialities and a
capacity of 224 beds. With over 4.5 million
lives touched and a yearly patient footfall
of 430,000, Lifecare Hospitals continue
to make a difference in the lives of individuals
and families, providing them
with high-quality healthcare services
they can trust.
Medeor Hospital
In 2015, Burjeel Holdings expanded its
footprint by opening two multi-speciality
hospitals under the Medeor brand, further
extending its commitment to providing
affordable, quality healthcare in a friendly
environment. The Hospital is known for
its multi-speciality healthcare, offering
world-class care across 35 specialities
along with 24/7 emergency services.
With a legacy spanning almost a decade,
Medeor Hospital has been serving the
communities of Abu Dhabi and Dubai
with unwavering dedication.
The team of doctors, nurses, and support
staff at Medeor Hospital is committed to
ensuring that each patient receives the
care they need to recover and maintain
their health. They firmly believe that
quality healthcare should be accessible
and affordable to all, which is why they
take pride in being the preferred choice
for patients seeking world-class care.
At Medeor Hospital, the staff views
the hospital as more than just a place
for treatment—it’s a sanctuary where
patients can feel safe, cared for, and
valued. Every interaction with patients
is seen as an opportunity to demonstrate
genuine concern for their well-being.
With branches in Abu Dhabi and Dubai,
Medeor Hospitals utilises the latest
treatments and technologies to deliver
compassionate and personalised care to
every individual.
The impact of Medeor Hospital on the
community is profound, with a team of
over 170 doctors covering 30 specialities
and a capacity of 140 beds. With over 4.3
million lives touched and a yearly patient
footfall of 500,000, Medeor Hospital continues
to make a meaningful difference
in the lives of individuals and families,
ensuring that everyone has access to the
care they deserve.
80 www.thefinanceworld.com April 2024

Burjeel
Burjeel, the premium brand under
Burjeel Holdings, epitomises an extraordinary
blend of healthcare excellence and
7-star hospitality. Established in 2012,
Burjeel operates a network of hospitals,
specialised centres, day surgery centres,
and medical clinics across the UAE and
Oman. Renowned for its world-class
medical professionals, sophisticated
diagnostic equipment, superior healthcare
services, and exceptional hospitality,
Burjeel is synonymous with excellence
in healthcare delivery.
At the heart of Burjeel’s operations is
Burjeel Medical City, the flagship facility
in Abu Dhabi, spanning 1.2 million square
feet and boasting 400 beds. Supported
by advanced laboratory and diagnostic
facilities, the hospital serves as a hub
for tertiary and quaternary oncology
treatment for both adult and paediatric
subspecialties.
Burjeel Hospitals are located across
Abu Dhabi, Al Ain, Dubai, Sharjah, and
Oman, offering a comprehensive range
of healthcare services to communities.
Burjeel’s journey of expansion and
innovation began in 2012 with the launch
of the Burjeel Hospital in Abu Dhabi,
marking its entry into the healthcare
sector. The subsequent years saw the
establishment of several remarkable
facilities, including the Burjeel Hospital
for Advanced Surgery in Dubai in 2013
and the Burjeel Day Surgery Center in
Abu Dhabi in 2017. In 2018, Burjeel extended
its reach with the inauguration
of the Burjeel Royal Hospital in Al Ain,
followed by the introduction of the Burjeel
Specialty Hospital in Sharjah in 2019. In
2020, Burjeel raised the bar with the launch
of the prestigious Burjeel Medical City
in Abu Dhabi, setting new standards in
quaternary care. The journey culminated
in 2022 with the launch of Burjeel Farha
in Al Ain, further solidifying Burjeel’s
commitment to delivering the highest
quality healthcare in the region.
Burjeel Holdings’ Al Reem Specialized
Day Surgery Center in Abu Dhabi
exemplifies the success of the model.
Since its 2017 inception, it has attracted
significant referrals, generating AED
253 million in revenue in 2023 at a 62%
inpatient occupancy rate.
Over the years, Burjeel has expanded
its portfolio with these notable facilities,
demonstrating its unwavering dedication
to providing top-notch healthcare services
across various regions in the UAE.
The impact of Burjeel on the community
is profound, with over 700 doctors
covering 50 specialities and a capacity of
over 700 beds. With over 10 million lives
touched and a yearly patient footfall of
1.8 million, Burjeel continues to make
a significant difference in the lives of
individuals and families, ensuring access
to top-notch healthcare services with
unparalleled hospitality.
Burjeel Holdings’ Expansion Journey in Saudi Arabia
In 2022, Burjeel Holdings announced
its expansion into the Kingdom of Saudi
Arabia, aligning with the country’s
Vision 2030. The ambitious plan aimed
to contribute to the nation’s healthcare
infrastructure and overall development
goals.
Building on this initiative, in 2023,
Burjeel partnered with Leejam Sports
Company to introduce the first four
PhysioTherabia centres in Riyadh. These
cutting-edge facilities focused on physiotherapy,
rehabilitation, and wellness,
reflecting a commitment to holistic health
within the community.
Continuing its expansion efforts, in
February 2024, the group unveiled two
Specialized Day Surgery Centers in Riyadh,
marking another milestone in its
regional growth strategy. These centres
were strategically positioned to meet the
rising demand for high-quality medical
services among residents and tourists.
Shortly after, in March 2024, Burjeel
expanded its presence further by listing
eight new PhysioTherabia centres in
Riyadh and four other cities across the
Kingdom. This significant scaling of its
geographical footprint underscored the
group’s dedication to serving a broader
population and enhancing healthcare
accessibility.
Aligned with Saudi Arabia’s Vision
2030 objectives, PhysioTherabia played
a pivotal role in promoting optimal
physical recovery and overall wellness
for patients of all ages. The specialised
services offered, including musculoskeletal
rehabilitation, neurological rehabilitation,
paediatric rehabilitation, and sports injury
rehabilitation, reflected a commitment
to comprehensive healthcare delivery.
Moreover, the centres aimed to position
Saudi Arabia as a regional hub
for sports performance training and
management, aligning with efforts to
integrate the Kingdom into the Exercise
is Medicine Global Health Network. This
initiative, managed by the American
College of Sports Medicine, aimed to
enhance sports medicine practices and
elevate the country’s status in the global
healthcare arena.
April 2024 www.thefinanceworld.com 81

Healthcare News
DoH Abu Dhabi and GSK Partner to Boost Innovative Healthcare Solutions
British pharmaceutical giant
GlaxoSmithKline (GSK) has
formalised a collaboration with
the Department of Health – Abu Dhabi
(DoH) through a Memorandum of
Understanding (MoU). This strategic
partnership, unveiled at Arab Health
2024, aims to propel innovative healthcare
in Abu Dhabi by integrating advanced
treatments and personalised
care. Positioned as one of the world’s
top-10 pharmaceutical companies, GSK
will join forces with DoH to foster the
biotechnology sector’s growth. Drawing
on their expertise in big data, real-world
evidence, clinical trials, and practices, the
collaboration could reshape the global
life sciences landscape. The initiative
will focus on logistical solutions for
research in critical areas like oncology,
establishing key clinical trials across
UAE sites, and potentially influencing
healthcare outcomes globally.
Saudi Arabia: Wealth of
Prominent Doctor Surges,
Approaching $12B
Saudi paediatrician Dr Sulaiman
Al Habib, among the world’s
wealthiest doctors, has witnessed
a resurgence in his fortune, nearing
$12B. The rebound in shares of Dr
Sulaiman Al Habib Medical Services
Group Co, surging 30% since a oneyear
low in October, positions him as
the third-richest non-royal individual
in the Middle East, per the Bloomberg
Billionaires Index. The stock’s six-fold
rise since its 2020 IPO brings it close
to a record high. In his early 70s, Dr Al
Habib transformed the $28B healthcare
chain from a single clinic in 1993 to 22
medical facilities and 22 pharmacies
across Saudi Arabia, the UAE, and
Bahrain, with 10 hospitals and medical
centres in development. Additionally,
he invests in commercial real estate
through a holding company, according
to the company’s IPO prospectus. Dr Al
Habib, holding a medical degree from
Riyadh’s King Saud University, has
played key roles in government-owned
hospitals in Riyadh.
Dubai Healthcare City Forecasts $28B Public
Sector Spending by 2027
Dubai Healthcare City has witnessed
substantial turnover
growth since 2020, projecting
continued expansion. At Arab Health
2024, the Dubai Healthcare City Authority
(DHCA) presented the “Dubai’s
Healthcare Ecosystem Highlights” report,
spotlighting the emirate’s robust
healthcare sector. The report underscores
Dubai Healthcare City’s (DHCC)
dedication to advancing the healthcare
ecosystem by seamlessly integrating
core services and collaborating with
global entities. Key findings reveal
DHCC’s pivotal role as a healthcare
investment hub, with an anticipated
16% Compound Annual Growth Rate
PureHealth, the National Healthcare
Champion at Arab Health
2024, is doubling down on its
mission of promoting longevity and
healthy lifespans. With a dedicated
focus on longevity at this year’s event,
the importance of this objective is
not only resonating within the global
healthcare sector but is also gaining
prominence in the planning strategies
of policymakers for future economies.
A study unveiled at the World Economic
Forum’s Annual Meeting 2024 forecasts
the number of individuals aged over 60
to reach 2.1 billion by 2050, emphasising
the urgency for innovative approaches
in turnover from 2020 to 2024. This
signifies the free zone’s commitment to
efficiency and sustainability, backed by
regional and international healthcare
investors’ confidence in DHCC’s ability
to foster growth in Dubai’s dynamic
healthcare landscape.
PureHealth Targets Longevity Amid WEF’s Over-
60s Doubling Prediction by 2050
to healthy ageing. PureHealth aims to
shape the future of healthcare by leveraging
technologies like Generative AI
to challenge lifespans, redefine health
spans, and future-proof the healthcare
sector globally.
82 www.thefinanceworld.com April 2024

DUPHAT 2024: Dubai Pharmacy Exhibition Clinches $2.3B in Deals
The Dubai International Pharmacy
Technologies Conference and Exhibition
(DUPHAT 2024) concluded
with remarkable success, generating
over AED8.5 billion ($2.3 billion) in
commercial deals over three days. Dr. Ali
Al Sayed Hussain, Chairman of DUPHAT,
highlighted the event’s commitment to
supporting the pharmaceutical industry
economically and academically by fostering
partnerships among stakeholders
Sheikh Hamdan
Unveils Cancer
Hospital in Dubai
Dubai unveiled the design of
the Hamdan Bin Rashid Cancer
Hospital, slated to open
in 2026, marking the city’s inaugural
integrated cancer facility. Sheikh
Hamdan bin Mohammed bin Rashid Al
Maktoum, Crown Prince of Dubai, and
Chairman of The Executive Council,
presided over the ceremony, emphasising
the hospital’s significance in
advancing accessible cancer care.
Operated by Dubai Health, the Hamdan
Bin Rashid Cancer Hospital is a testament
to the late Sheikh Hamdan bin
Rashid Al Maktoum’s impactful legacy
and philanthropic contributions. The
unveiling ceremony, attended by key
dignitaries including Sheikh Ahmed
bin Saeed Al Maktoum, underscores
the commitment to providing advanced
medical services and commemorating
Sheikh Hamdan’s extraordinary service
to the nation and global philanthropy.
and professionals. The diverse global
participation in DUPHAT enhances the
pharmaceutical sector and significantly
contributes to the growth of the retail
and tourism industries in Dubai and
the broader region. By promoting trade
and facilitating the exchange of ideas,
DUPHAT actively revitalises the public
economy, aligning with the UAE’s vision
of becoming a leading destination for
commerce and tourism.
Abu Dhabi’s New Medical City: Focus on Women
and Children’s Health
Abu Dhabi is set to establish a specialised
medical city, championed
by Sheikh Khaled bin Mohamed
bin Zayed Al Nahyan, focusing on women’s
and children’s health. The Crown
Prince has approved this groundbreaking
initiative, which includes Sheikh Khalifa
Medical City as a Centre of Excellence
for paediatric care, the Corniche Hospital
dedicated to women and newborns, a
Aster DM Healthcare and Life
Healthcare Group unveiled expansion
plans at Arab Health
2024 in Dubai, presenting a wealth of job
opportunities for healthcare professionals.
Both groups will establish premier
facilities in Dubai and pursue regional
expansion, particularly in Saudi Arabia,
within the next three years. The ongoing
Arab Health exhibition, featuring 3,400
exhibitors and representatives from
over 180 countries, serves as a platform
for these announcements. Dr. Azad
Moopen, founder and chairman of Aster
DM Healthcare, confirms active hiring
for the group’s expansion, with plans
to recruit doctors, nurses, paramedics,
admins, and support staff. The upcoming
Medcare Royal Hospital in Dubai’s Al Twar
rehabilitation facility, and a mental health
centre for women and children. These
plans, presented by the Department of
Health – Abu Dhabi and PureHealth, mark
a significant enhancement to Abu Dhabi’s
healthcare ecosystem. The forthcoming
developments aim to fortify the emirate’s
stature as a premier healthcare destination,
bolstering its advanced healthcare
infrastructure.
Aster and Life’s Dubai Expansion to Create
Thousands of Jobs at Arab Health
alone will offer approximately 650 jobs,
contributing to the region’s healthcare
sector’s growth.
April 2024 www.thefinanceworld.com 83

Corporate Results
Burjeel Holdings
FY’23 Net Profit: AED 540M
Burjeel Holdings PLC, a prominent
healthcare provider in MENA listed on
the Abu Dhabi Securities Exchange, unveiled
its 2023 financial results, adhering
to International Financial Reporting
Standards, the net profit surged to AED
540M, compared to AED 354M in the
previous year, showcasing a substantial
rise of 52.4%. Revenue surged by 15.6% to
AED 4.5B, propelling increased patient
numbers and patient yield. The Hospital
segment remained the primary revenue
generator, contributing 89% of total revenue,
with notable growth from flagship
hospitals like Burjeel Medical City and
others. Bed occupancy reached 61%, indicating
capacity adequacy for organic
growth. EBITDA rose by 17.7% to AED
1.0B, with a margin of 22.8%.
Majid Al Futtaim
FY’23: AED 2.7B
Majid Al Futtaim, a prominent Dubaibased
private sector entity and the
leading mall operator in the Middle
East announced a notable 12% surge
in net profit last year, propelled by
robust performances in its property
and entertainment divisions amidst
global economic uncertainties. The
company disclosed a net profit of AED
2.7B ($740M) for the January-December
period, up from AED 2.41B in the same
period last year, representing a solid
growth trajectory. Revenue also witnessed
a 1% increase to Dh34.5 billion.
Earnings before interest, taxes, depreciation,
and amortisation (EBITDA) also
saw a commendable 12% increase to
AED 4.6B. CEO Ahmed Ismail expressed
confidence in the company’s resilience,
foreseeing continued value delivery.
Salik
FY’23 Net Profit: AED 1.1B
In 2023, Salik’s net profit for the full
year amounted to approximately AED
1.1B, compared to AED 1.33B the
previous year, reflecting a decrease
in profitability. Despite this decline,
the company attributed its growth
to favourable macroeconomic conditions
and positive tourism trends.
Additionally, revenue for the same
period surged by 11.4 per cent to AED
2.11B ($574.45M), driven by a record
high of 461.4M revenue-generating
trips, marking an 11.7 per cent annual
increase. Looking ahead to 2024, Salik
anticipates a 4-6 per cent year-on-year
growth in revenue-generating trips
while maintaining a robust EBITDA
margin of 65-66 per cent. In light of
these results, the Board of Directors
has proposed distributing 100 per
cent of the net profit from the second
half of 2023 as dividends, totalling
AED 550M, equivalent to 7.3338 fils
per share.
Yahsat
FY’23 Net Profit: AED 405M
Al Yah Satellite Communications Company
PJSC (“Yahsat” or the “Group”),
UAE’s flagship satellite solutions provider
listed on the Abu Dhabi Securities
Exchange (ADX, under the symbol:
YAHSAT, ISIN: AEA007501017), announced
its consolidated financial
results for the full year ending December
31, 2023. Revenue surged 6% to a
record AED 1.7B, while EBITDA rose
3% to AED 977M. Net profit soared
by an impressive 68% to AED 405 million,
reflecting a significant increase
compared to the previous year’s net
income of AED 240.9M. Adjusting
for one-off items, EBITDA reached
a record AED 996M, growing by 5%,
and net income climbed 9% to AED
424M. This remarkable performance
was underpinned by revenue growth
across all operating segments, notably
the Mobility Solutions segment, which
saw a 23% increase in revenue.
ADNOC Drilling
FY’23 Net Profit: AED 3.792B
ADNOC Drilling Company PJSC announced
its financial results for the
fourth quarter and full year ending
December 31, 2023. Full-year revenue
reached AED 11.228B, up 14% yearon-year,
with EBITDA increasing by
20% to AED 5.447B, boasting an industry-leading
margin of 49%. Net profit
surged by 29% year-on-year to AED
3.792B, compared to AED 2.934B in
the previous year. The fourth quarter
saw record revenue, EBITDA, and
net profit, driven by operational rig
numbers, setting the stage for further
expansion in 2024. Quarterly revenue
stood at AED 3.087B, up 15% year-onyear,
with EBITDA at AED 1.556B, up
20%, and net profit at AED 1.207B, up
41%. ADNOC Drilling added 14 new
drilling units in 2023, strengthening its
position with one of the world’s largest
owned and operated fleets.
Dubai Islamic Bank
FY’23 Net Profit: AED 7B
Dubai Islamic Bank revealed its strong
performance for the period ending December
31, 2023, with a remarkable 43%
YoY surge in total income to AED 20B,
up from AED 14B in the previous year.
Notably, net profit soared to AED 7B,
marking a stellar 26% YoY growth from
approx. AED 5.56B the previous year.
The bank’s Balance Sheet expanded to
AED 314B, up by 9% YoY, while asset
quality improved to 5.4%, down by 110
bps YoY, surpassing expectations. Shareholder
returns flourished, with Return
on Tangible Equity reaching 20%, up by
300 bps YoY. A proposed dividend of 45%
was announced pending shareholder approval.
Group Net Profit surged to AED
7,010M, up 26% YoY compared to AED
5,552M in the previous year, driven by increased
non-funded income and reduced
impairment charges.
84 www.thefinanceworld.com April 2024

RAK Ceramics
FY’23 Net Profit: AED 320.9M
RAK Ceramics, a leading ceramics
lifestyle solutions provider, witnessed a
3.7% rise in net profit for 2023, reaching
AED 320.9M, compared to AED 309.6M,
despite a 1.7% decline in revenue to AED
3.45B. The decrease in revenue was
attributed to an unfavourable market
cycle. In Q4, revenue decreased by
3.8% to AED 866.4M, primarily due to
lower sales in tiles and faucets, while
sanitaryware revenue increased by 2.9%
YoY. Gross profit margins improved,
with the FY 2023 margin increasing
by 30 bps YoY to 37.9% and the Q4
margin increasing by 70 bps YoY to
35.6%. EBITDA for FY 2023 surged by
12.2% to AED 647.4M, with margins
increasing to 18.7% compared to 16.4%
in 2022. Net profit before one-off gains
increased by 3.7% YoY to AED 320.9M in
2023, with a net profit margin of 9.3%.
Additionally, net debt increased to AED
1.42M in December 2023, attributed to
dividend payments.
Ajman Bank
FY’23 Net Profit: AED 390M
Shariah-compliant Ajman Bank reported
a significant surge in its total
operating income for 2023, soaring to
AED 1.56B from AED 942M in 2022,
marking a 66% increase. Net operating
income stood at AED 857M, buoyed by
robust asset growth, which reached
AED 24.9B, up by 18.12% from the
previous year. Islamic financing assets
grew by 8.29%, closing at AED 13.8B,
while customer deposits swelled by
20.8% to AED 19.7B. Sheikh Ammar
bin Humaid Al Nuaimi, Crown Prince
of Ajman and Chairman of Ajman
Bank, presided over the bank’s board
meeting. To enhance asset quality,
the bank made a one-time provision,
resulting in a net loss of AED 390M for
2023, contrasting with a net profit of
AED 162M 2022. These provisions aim
to bolster asset quality for sustained
growth from 2024 onward.
Dubai Financial Market
FY’23 Net Profit: AED 329.4M
Dubai Financial Market Company
(PJSC) concluded 2023 on a high note,
with a remarkable 124% increase in
net profit of AED 329.4M, up from
approximately Dh 147.3M in the previous
year. This surge was propelled by
heightened trading activities, increased
capital inflow, and a notable influx of
new investors. The fiscal year’s success
was further accentuated by the
introduction of an enhanced digital
platform, the launch of an IPO accelerator
program, and the implementation
of various innovative market initiatives.
Consequently, the board proposed a
cash dividend of AED 280M, equivalent
to 3.5% of the capital and 95% of the
total retained earnings available for
distribution. Helal Al Marri, Chairman
of DFM, expressed satisfaction, stating,
“The Board is pleased to witness the
robust outcomes stemming from our
proactive initiatives and the substantial
progress that DFM has made towards
redefining our capital market and
business landscape.”
Borouge
FY’23 Net Profit: AED 3.6B
Borouge Plc, the Abu Dhabi-based
speciality chemicals company, reported
a 16% YoY increase in net profit for Q4
2023 to AED 1.06B compared to AED
911.4M driven by cost reductions mitigating
a decline in revenue. Despite a
challenging year, the company achieved
a full-year 2023 net profit of approximately
AED 3.67B, influenced by a 16%
decrease in average selling prices due
to reduced global polyolefins demand
compared to peak levels in 2022. Sales
volume saw a slight 1% increase to 5.1
million tonnes. The net profit exceeded
analysts’ mean estimates, with Q4
surpassing expectations of approximately
AED 5.51B and FY exceeding
estimates of approximately AED 4.77B
Q4 revenue fell by 6% to approximately
AED 5.51B, while costs decreased by
16% over the same period.
Aldar
FY’23 Net Profit: AED 4.4B
In 2023, Aldar’s net profit surged by 40%
to AED 4.4 billion, compared to AED
1.76B the previous year. This substantial
growth was propelled by record
development sales and an expanded
investment portfolio. The company
reported its highest-ever quarterly
development sales of AED 8.5B in Q4,
with full-year sales reaching a record
AED 27.9B. The development revenue
backlog doubled to AED 36.8B. Additionally,
Aldar successfully launched
14 new projects, making significant
strides into the Dubai and Ras Al
Khaimah markets while maintaining
its dominant position in Abu Dhabi.
Strong demand from end-users and
investors, particularly from overseas
and resident expat buyers accounting
for 66% of UAE sales, was observed.
Aldar Investment recorded a remarkable
40% revenue growth.
Response Plus Holding
FY’23 Net Profit: AED 49.39M
Response Plus Holding PJSC (ADX:
RPM) has announced its audited financial
results for the period ending
December 31, 2023, demonstrating
remarkable growth and profitability.
The Group witnessed a substantial
surge in net profit, which soared by
68% to AED 49.39M in 2023 compared
to AED 29.31M in the previous year.
Similarly, the Group’s revenue climbed
to AED 345.36M by the end of 2023,
reflecting a noteworthy increase from
AED 320.86M recorded a year earlier.
Additionally, the Group’s equity rose
to AED 230.04M in 2023 from AED
222.9M in the preceding year. The EPS
increased to AED 0.25 in 2023 from
AED 0.15 in the previous year.
April 2024 www.thefinanceworld.com 85

Sports as a Business
Source: cdn.oneesports.gg
The project is set to cost over 280 million USD and will be the first of its kind globally.
From Pixels to
Profit: Exploring
Abu Dhabi’s Esports
Island
For investors seeking to diversify and tap into the
thriving esports market, Esports Island offers a
unique opportunity for innovation and profit.
In recent years, the world of esports has
undergone a meteoric rise, transforming
from a niche pastime into a multi-billion
dollar industry with a global reach. Recognising
the potential for growth and
economic impact, Abu Dhabi, the capital
of the United Arab Emirates, has made
significant strides in positioning itself as
a hub for esports and sports investment.
At the forefront of this initiative is the
groundbreaking development, of Esports
Island by True Gamers. This project signifies
the Emirate’s strategic vision to
capitalise on the booming esports industry
and position itself as a global leader in
digital entertainment. From state-of-theart
gaming facilities to immersive virtual
experiences, Esports Island promises to
revolutionise the way we perceive sports
and entertainment.
86 www.thefinanceworld.com April 2024

The popularity of electronic gaming
has been swift and natural, evolving
largely outside the traditional
framework of national, regional, and global
sporting associations and regulations.
Stadiums now brim with enthusiastic
spectators, competitors vie for increasingly
lucrative prize pools, and sponsors
flock to these events.
Moreover, as esports operate outside
the confines of traditional pay TV, they
are promoted through social media platforms
and OTT (over-the-top) offerings,
facilitating the creation of more inventive
content. Consequently, esports compel
us to reconsider the dynamics of how
we perceive, organise, engage with, and
endorse sports.
The UAE stands out as a significant
player in the global gaming industry,
ranking 35th in revenue and 5th for
gaming influencers. With a thriving
gaming market valued at $0.4 billion in
2021 and a large population of gamers,
the potential for investment in Esports
Island is immense.
According to Statista’s recent report,
the UAE leads the esports market in the
MENA region, generating approximately
6.44 million U.S. dollars in revenue in
2021. With projected growth in esports
revenue in the UAE in the coming years,
investing in Esports Island presents a
lucrative opportunity to capitalise on
the region’s booming gaming sector
and secure a prominent position at the
forefront of this dynamic and rapidly
expanding industry.
A recent report by BCG (Boston Consulting
Group) highlighted the growing
interest in gaming among Arabs. It
found that over 60 per cent of people in
the Middle East enjoy playing games,
leading to a high number of downloads
for gaming apps on mobile devices.
Further, True Gamers, the driving force
behind Esports Island, is in discussions
with high-profile investors to secure
the $280 million required to acquire the
island and build the necessary facilities
for the project.
The pull of Esports Island extends
beyond its geographical boundaries,
offering a myriad of opportunities for
investors seeking to tap into the lucrative
esports market. With its comprehensive
infrastructure and forward-thinking
approach, the island presents a fertile
ground for various investment avenues.
The esport island is the result of extensive
research involving input from
over 100 organisations operating in
the esports space, including prominent
teams like Virtus. pro, Team Spirit, and
BetBoom. The island will feature multiple
facilities including:
We believe
eSports Island
will be a
groundbreaking
achievement in
the entertainment
industry”
Vlad Belyanin, CPO and co-founder of
True Gamers.
GG Bootcamps:
For serious gamers gearing up for
tournaments, GG Bootcamps will be the
ultimate training ground. This specialised
area will provide top-notch computers,
advanced analysis tools, dedicated rest
areas, and even a balanced nutrition plan
to keep gamers at their best. Additionally,
a children’s eSports camp will be
established to inspire and nurture the
next generation of gaming enthusiasts.
GG Resort:
Esports Island will also house a luxurious
hotel, the GG Resort, featuring 200 lavish
rooms equipped with high-performance
computers for an unparalleled gaming
experience. Alongside, the resort will
offer leisure facilities including a spa,
pool, and a pristine beach where gamers
can unwind.
Digital Tower:
Catering to business needs, the Digital
Tower will serve as a vibrant business
hub, providing modern workspaces and
animation development studios among
other amenities.
TG Arena:
No esports island is complete without
an impressive arena. The TG Arena will
host international esports tournaments
and showcase unique digital exhibitions
and large-scale conferences. It will be
versatile, accommodating various gaming
genres and competition formats. The
arena will feature a computer club with
top-of-the-line PCs, a car simulator area
with multiple platforms, a console zone,
and a fully equipped streaming area.
As Esports Island continues to take
shape, it symbolises Abu Dhabi’s ambition
to become a global powerhouse
in esports and sports investment. By
embracing technology, fostering talent,
and cultivating a supportive ecosystem,
the island epitomises the convergence
of digital entertainment and economic
opportunity.
For investors seeking to capitalise on
the transformative potential of esports,
Esports Island represents a compelling
destination ripe with possibilities. As the
industry continues to evolve and expand,
those who seize the opportunity to invest
in Abu Dhabi’s esports ecosystem
may find themselves at the forefront of
a thriving and lucrative market, where
pixels translate into profits.
Asserted Anton Vasilenko, head honcho
and Co-Founder of True Gamers, “True
Gamers conducted a comprehensive
market analysis of the MENA region’s
esports landscape and the global esports
industry’s growth trajectory before esports
Island development. This in-depth analysis
gives us the confidence that the proposed
business model will be instrumental in
bringing Esports Island to life.
Esports Island in Abu Dhabi presents
a fertile ground for investors to leverage
the UAE’s prominent standing in the
global gaming industry and the MENA
region’s forefront position in esports.
April 2024 www.thefinanceworld.com 87

Max Verstappen Secures Victory in 2024 Saudi Arabian Grand Prix
Sports News
Max Verstappen secured victory
at the Saudi Arabian Grand
Prix, maintaining Red Bull’s
dominant start to the Formula One
season with a second consecutive
one-two finish. Starting from pole
position, Verstappen’s teammate Sergio
Perez claimed the runner-up spot.
Charles Leclerc of Ferrari finished
third, achieving his first podium of the
season and setting the fastest lap. Oliver
Bearman, a rookie stand-in for Ferrari,
Saudi Arabia’s PIF Unveils
Major Sponsorship Deal
with ATP Tennis
Saudi Arabia’s Public Investment
Fund (PIF) and the ATP tennis
federation have announced a
groundbreaking multi-year strategic
partnership. This multi-million-dollar
deal reflects a shared commitment
to elevate global tennis experiences
for players, fans, and stakeholders
across all levels of the sport. PIF will
become the official naming partner of
the ATP Rankings, showcasing players’
journeys and progress throughout the
season. The partnership’s pinnacle is
the presentation of the Year-End No.
1, sponsored by PIF, at the Nitto ATP
Finals in Turin until 2025. PIF’s involvement
extends to key ATP Tour events
globally, including Indian Wells, Miami,
Madrid, Beijing, Nitto ATP Finals, and
Next Gen ATP Finals in Jeddah until
2027. Aligned with the ATP’s Baseline
program, PIF commits to nurturing
young players and advancing player
pathway initiatives, reinforcing their
dedication to inclusivity, sustainability,
youth, and technology in tennis.
stole the spotlight, finishing seventh
and earning the title of Driver of the
Day. This victory marked Verstappen’s
ninth consecutive win, extending back
to Japan in September. The race also
saw Red Bull surpass Williams in the
all-time win records, claiming their
115th victory. Additionally, the youngest
British Formula One driver, 18-year-old
Oliver Bearman, made an impressive
debut, scoring points in his first race.
Sheikh Hamdan Greenlights Design for Two New
Dubai Football Stadiums
Dubai is gearing up for the construction
of two state-of-the-art
football stadiums, as approved
by Sheikh Hamdan bin Mohammed bin
Rashid Al Maktoum. The Shabab Al Ahli
– Dubai Club stadium at Al Ruwayyah
3 and the Al Wasl Club stadium at Al
Jaddaf will both accommodate over
20,000 spectators. The Shabab Al-Ahli
Stadium will boast a distinctive circular
roof, symbolising unity and balance,
supported by columns reminiscent of
the moon and outer space. This venue
will also integrate eco-friendly systems,
aligning with smart city requirements.
Meanwhile, the Al Wasl Club Stadium
adopts an innovative ‘city within a city’
design, embracing sustainability and
reflecting Dubai’s urban identity. Sheikh
NEOM, Saudi Arabia’s future
sustainable city, has secured
a pivotal role as the principal
partner for the Rajasthan Royals in
the upcoming Indian Premier League
(IPL). Inking a two-year contract,
this collaboration entails the display
of NEOM’s logo on the chest of all
official team clothing during the 2024
and 2025 IPL seasons. Building on a
pilot program from the previous year,
NEOM’s extended partnership with the
Rajasthan Royals aims to deepen ties
and foster cricketing opportunities.
Through joint efforts with the Saudi
Arabian Cricket Federation, NEOM
will facilitate cricket development
for both men and women, nurturing
Mansoor bin Mohammed bin Rashid
Al Maktoum lauded Sheikh Hamdan’s
support, emphasising the stadiums’
role in realising Sheikh Mohammed
bin Rashid Al Maktoum’s vision for
excellence in Dubai’s sports sector.
NEOM Inks Two-Year Deal as Principal Partner
for Rajasthan Royals
Saudi talent. The ambitious initiative
aligns with NEOM’s commitment to
using cricket as a catalyst for social
growth and contributing to the global
recognition of the NEOM brand.
April 2024 www.thefinanceworld.com 89

Sports News
RTA Launches New Cycling Tracks in Al Khawaneej and Mushrif
Dubai’s Roads and Transport Authority
(RTA) has unveiled new
cycling tracks in Al Khawaneej
and Mushrif, expanding the network by
7 km and connecting seamlessly with
the existing 32-kilometre tracks in these
districts. Timed with the start of Ramadan,
this initiative enhances the total
cycling track length to 39 kilometres in
these residential communities. Mattar Al
Tayer, Director-General and Chairman
of the Board of Executive Directors at
RTA, highlighted the project’s alignment
with Sheikh Hamdan bin Mohammed
bin Rashid Al Maktoum’s vision to transform
Dubai into a bicycle-friendly city.
The expansion aligns with the Dubai
Urban Plan 2040, promoting an active
lifestyle and fostering interconnectivity
between residential cycling tracks and
key neighbourhood attractions.
UAE-Qatar Super
Cup Unveils Striking
Trophy and Shield
The UAE-Qatar Super Cup’s trophy
and shield were unveiled
at the Raffles Hotel in Dubai
by the executive committee. Modon
and Visit Qatar were announced as
official partners for the tournament.
Scheduled to kick off on April 12,
2024, in Doha, the first event features
a clash between UAE’s President’s Cup
winner Sharjah and Qatar’s Amir Cup
champion Al Arabi. The excitement
continued on April 13, 2024, in Dubai
with the UAE-Qatar Super Cup Shield,
featuring ADNOC Pro League champions
Shabab Al Ahli against Qatar Stars
League winners Al Duhail. The event
was attended by prominent sports
figures, including Abdulla Naser Al
Jneibi, Mohammad Khalifa Al Suwaidi,
and representatives from Modon Properties
and Visit Qatar.
Abu Dhabi to host Saudi Super Cup in April
Abu Dhabi secured hosting rights
for this year’s Saudi Super Cup,
marking the tournament’s first
venture outside of Saudi Arabia in the
Middle East. Scheduled for April 8th and
11th, the event will unfold at two stadiums
in the emirate, with Al-Nahyan Stadium
and Mohamed bin Zayed Stadium as the
chosen venues. Experience Abu Dhabi,
representing the Department of Culture
and Tourism, spearheaded the successful
hosting bid. The three-match lineup
includes Al-Ittihad Club vs. Al Wehda
FC and Al Hilal SFC vs. Al-Nassr FC on
April 8th, leading to the final on April
11th. Football stars Cristiano Ronaldo
and Karim Benzema, alongside regional
talents, promise an exciting competition
for the coveted cup, coinciding with the
Eid Al Fitr public holiday.
Abu Dhabi Entertainment Company Boosts Sports
Facilities Development
Abu Dhabi Entertainment Company
(ADEC) joins forces with
Sanad Strata and Solutions+ for a
comprehensive sports facilities enhancement
project in Abu Dhabi. The signing
ceremony, held at ACTIVE Al Maryah
Island, signifies the commencement of
this transformative initiative, with ACTIVE
being the first beneficiary. Ali Alyafei,
Chairman of ADEC, signed agreements
with representatives, including Mansoor
Janahi (Sanad), Nasir Al Nabhani
(Solutions+), and Dr. Khaled Al Mazrouei
(Strata). This collaboration aims to
elevate sports experiences across the
Emirate, reflecting ADEC’s expertise in
community needs and venue operations.
Mansoor Janahi emphasises Sanad’s
commitment to empowering communities
through sports. Dr Khaled Al Mazrouei
highlights Strata’s dedication to enhancing
the quality of life and supporting the
comprehensive development goals of
Abu Dhabi and the UAE.
90 www.thefinanceworld.com April 2024

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Momentum True Wireless 4
Sennheiser, renowned for its commitment
to exceptional sound
quality, introduces its latest flagship-class
earbuds, the Momentum True
Wireless 4. Available in a new Black
Copper colourway, alongside the more
conventional Graphite and Metallic
Silver options, these earbuds have an
elevated audio experience.
While visually similar to their predecessor,
Sennheiser emphasises
improvements in wearing comfort
and protection from earwax through
tweaks to the ear tips and nozzle. This
attention to detail reflects the brand’s
commitment to user satisfaction beyond
just auditory excellence.
The Momentum True Wireless 4
earbuds encompass advanced features
such as adaptive noise cancellation and
app control, catering to the demands
of audiophiles seeking a top-tier audio
experience. Notably absent, however,
is support for spatial audio technologies
like Dolby Atmos, a decision that
positions these earbuds towards a
more traditional audiophile audience.
A notable highlight is the connectivity
front, with the earbuds built on
Qualcomm’s S5 Sound Gen 2 platform.
Supporting Bluetooth 5.4, Auracast, and
Qualcomm’s aptX Lossless codec, these
earbuds aim to deliver a “bit-perfect”
music transmission. The adoption of
aptX Lossless may particularly appeal
to discerning listeners who prioritise
the fidelity of their wireless music
transmission.
However, the challenge lies in the
limited compatibility of aptX Lossless,
as it necessitates a compatible client
device. Despite this limitation, Sennheiser
strives to offer an unmatched wireless
audio experience for those who value
uncompromised sound quality.
In terms of battery life, the Momentum
True Wireless 4 earbuds boast a competitive
runtime of up to 7.5 hours on
a single charge, with the charging case
extending the usage to an impressive
30 hours. The charging case supports
Qi wireless charging and can also be
conveniently powered up via USB-C,
ensuring flexibility for users on the go.
Sennheiser’s focus on sound quality
continues to be a defining feature, reaffirming
its commitment to providing
an unmatched auditory experience.
The decision to support aptX Lossless,
coupled with the omission of spatial
audio support, suggests a targeted
approach towards the more traditional
audiophile market.
Set to be available for pre-order in
the US on February 15, the Momentum
True Wireless 4 earbuds are priced at
US$299.95 (~S$399). While local pricing
and availability details are yet to be
disclosed, the anticipation builds as
users look forward to experiencing
Sennheiser’s latest offering in premium
audio technology.
92 www.thefinanceworld.com April 2024

M3 Macbook Air
Apple’s latest release, the MacBook
Air with the M3 chip, signifies
a significant leap in power-efficient
performance and portability.
The M3 chip propels the MacBook
Air to exceptional speeds, boasting a
60 per cent increase compared to its
M1 counterpart and an astonishing
13 times faster performance than the
fastest Intel-based MacBook Air. The
integration of a faster and more efficient
Neural Engine in the M3 solidifies the
MacBook Air’s standing as the foremost
consumer laptop for AI applications.
Externally, the M3 MacBook Air
retains its sleek design, available in
four familiar colour options: midnight,
starlight, space grey, and silver. However,
noteworthy changes have been
implemented, marking a notable shift in
Apple’s commitment to sustainability.
M3 MacBook Air is appraised as the
first Apple product crafted with 50
per cent recycled content, showcasing
recycled aluminium in the enclosure,
rare earth elements in all magnets, and
a pioneering inclusion of 100 per cent
recycled copper in the main logic board.
Display-wise, there is a consistent
offering across the 13-inch and 15-inch
models. The 13.6-inch Liquid Retina
display boasts a 2,560-by-1,664 pixel
resolution, a maximum brightness of
500 nits, P3 colour support, and True
Tone. The 15-inch model mirrors its
predecessor with a 2,880-by-1,864 pixel
display, identical brightness levels, P3
colour, and True Tone support.
A notable enhancement comes in
the form of additional display support.
Unlike previous M-series Macs, the M3
MacBook Air models enable connectivity
with two external monitors with the
laptop lid closed, offering a significant
flexibility boost for users.
Under the hood, M3 MacBook Air
models feature an 8-core CPU and 8- or
10-core GPU, manufactured using an
advanced 3nm process. This advancement
allows for more transistors, showcasing
the M3’s superior performance over
its predecessors. Apple’s claims of
speed superiority over the M1 and Intel
models are substantiated by real-world
scenarios, such as game titles like No
Man’s Sky running up to 60 per cent
faster and productivity tasks like Excel
spreadsheets exhibiting a notable
speed boost.
Memory options for the M3 MacBook
Air range from 8-24GB, with the option
of 16GB Unified Memory at the top
end. Regarding connectivity, the new
models introduce Wi-Fi 6E, providing
up to 2x faster Wi-Fi compared to the
previous generation, including improved
download speeds.
Battery specifications remain consistent
with the M2 model for the 13-
inch MacBook Air, while the 15-inch
model maintains the same battery as its
predecessor, offering up to 15 hours of
wireless web usage and up to 18 hours
for movie playback, according to Apple.
M3 MacBook Air signifies a notable
technological advancement and reflects
Apple’s commitment to sustainability,
making it a compelling choice for users
seeking top-tier performance with a
conscience.
April 2024 www.thefinanceworld.com 93

Jeff Bezos Surpasses Elon Musk, Becomes World’s Richest Person
Global News
Elon Musk’s reign as the world’s
richest individual ended as Jeff
Bezos took the lead, fuelled by
a 7.2 per cent drop in Tesla shares
on Monday. Bezos now commands a
fortune of $200.3B, surpassing Musk’s
$197.7B, according to the Bloomberg
Billionaires Index. The wealth disparity,
once at $142B, has contracted due to
diverging trajectories of Amazon and
Tesla stocks. Amazon’s shares, part
of the influential ‘Magnificent Seven’
stocks, have more than doubled since
late 2022. Meanwhile, Tesla’s 50 per
cent decline from its 2021 peak stems
from lower shipments from its Shanghai
factory. Musk faces additional financial
challenges after a Delaware judge
nullified his $55B Tesla pay package,
a blow to the CEO with implications
for his significant assets, including
options, Tesla, and SpaceX holdings,
still considered in Bloomberg’s wealth
calculations.
HONOR MEA CEO: AI Smartphones the Future at
MWC Barcelona 2024
HONOR’s Middle East CEO,
Daniel Wang, envisions a transformative
era for smartphones,
emphasising the deep integration of
AI, as revealed on the sidelines of the
Mobile World Congress in Barcelona.
In an interview with Arabian Business,
Wang highlighted HONOR’s strategic
focus on premium users in key growth
markets like the UAE, emphasising their
human-centric approach to developing
AI technologies. Wang predicts that
AI-powered smartphones will define the
next generation, marking a significant
evolution following the analogue and
5G eras. He recognises the UAE as
a crucial market, citing 150 per cent
year-on-year growth and its role as a
testing ground for premium consumer
devices. Wang attributes this success
to the UAE’s early embrace of an AI
strategy, making it a significant market
for HONOR.
Etihad Airways boosts
its services between
Abu Dhabi to Rome
Etihad Airways has announced an
expansion of its services with
double-daily flights to Rome,
effective from November 1, 2024. This
move by the UAE’s national airline responds
to the increasing demand from
customers, elevating its weekly flights
from 11 to twice a day on the Abu Dhabi
Zayed International (AUH) to Rome
(FCO) route. Arik De, Chief Revenue
and Commercial Officer highlighted
the convenient morning and afternoon
departures, catering to UAE residents
seeking a break in Italy. The enhanced
flight schedule also provides more
options for travellers reaching Abu
Dhabi, supporting Etihad’s commitment
to bringing more guests to enjoy
the city and connecting to its growing
global network. Operating on Boeing
787-9 and Boeing 777-300 aircraft, the
double-daily flights represent a 22 per
cent year-on-year capacity increase,
offering nearly 10,000 seats per week.
Elon Musk Sues OpenAI and Sam Altman Over Profit Pursuit
Elon Musk, an early supporter
of OpenAI, has filed a lawsuit
against the company, accusing
it of deviating from its original mission
of creating AI for the benefit of
humanity. Musk alleges that OpenAI,
now influenced by Microsoft, has
become a closed-source entity prioritising
profits for Microsoft rather
than the broader good. The lawsuit
cites a breach of contract, breach of
fiduciary duty, and unfair business
practices. Musk demands OpenAI
return to its open-source roots and
seeks an injunction against CEO Sam
Altman, co-founder Greg Brockman,
and Microsoft from exploiting the
AI technology for profit. Musk highlights
the GPT-4 case, released in
2023, claiming its secrecy contradicts
OpenAI’s commitment to openness
and serves Microsoft’s profit motives
over societal well-being. Despite this
shift, both entrepreneurs continue to
push boundaries and shape industries
highlighting global wealth landscape.
April 2024 www.thefinanceworld.com 95

Global News
Mauritius: Prime
Destination for Global
Business
Mauritius, celebrated globally
for its allure as a luxury travel
destination, transcends its tropical
paradise image. The island nation
has blended its picturesque landscapes
with progressive economic policies,
creating an environment where business
flourishes alongside sustainable development
goals. A hub of international
business activity, Mauritius stands as a
beacon of innovation, economic diversification,
and prosperity. Its evolution
from a historic trading post to one of
Africa’s wealthiest nations is evident
in its high ranking on the World Bank
Doing Business Survey. The country’s
openness to business, political stability,
good governance, and robust banking
system attract key investors. With
enticing tax benefits, including zero
capital gains and inheritance taxes,
Mauritius remains a top choice for
global businesses, supported by its
embrace of cryptocurrency regulations
and blockchain technology.
Sharjah and Sri Lanka
Explore Economic and
Investment Cooperation
Abdullah Sultan Al Owais, Chairman
of the Sharjah Chamber of
Commerce and Industry (SCCI),
and Alexi Fonseka Gunasekera, Consul-General-designate
of Sri Lanka
in Dubai and the Northern Emirates,
have engaged in discussions at the
SCCI headquarters. The talks centred
on strengthening economic ties and
fostering investment partnerships
between the business communities of
Sharjah and Sri Lanka. In the presence
of SCCI’s Director-General, Mohammed
Ahmed Amin Al-Awadi, and Director of
International Relations, Fatima Khalifa
Al Mokarrab, avenues for incentivising
businesses and exchanging information
on investment opportunities were
explored. Emphasis was on private
sector participation in exhibitions,
cooperation between business communities,
and strategies to facilitate
reciprocal visits of trade delegations,
ultimately promoting mutual investment
in prominent sectors.
UAE Free Zone Expands Global Presence with
New Germany Office
The Dubai International Free Zone
Authority (IFZA) is expanding its
global reach by opening an office
in Germany and strengthening trade
links between the UAE and Germany.
Launched in Frankfurt on February 29th,
this strategic move is part of IFZA’s ambitious
international expansion plans.
The ceremony, attended by Khalfan Al
Matrooshi, Deputy Head of Mission at
the UAE Embassy in Berlin, IFZA’s CEO
Jochen Knecht, and prominent German
business figures, emphasised the aim
to foster business and investment
growth between the two nations. The
new office will play a substantial role
in supporting German companies
seeking trade relations with Dubai,
providing on-the-ground assistance
and establishing direct connections
with entrepreneurs, business leaders,
investors, and IFZA partners. Jochen
Knecht, CEO at IFZA, emphasised the
importance of this presence in Germany
for building meaningful relationships,
driving economic cooperation, and
attracting investments to the UAE.
Kenyan President Witnesses Signing of G42-
EcoCloud MoU
President William Samoei Ruto has
marked a historic moment for
Kenya’s role in the global digital
economy by witnessing the signing
of an MoU between EcoCloud and
G42. This visionary project is poised
to revolutionise the digital landscape
not only in East Africa but on a global
scale. Fuelled by Kenya’s abundant and
untapped 10 gigawatts of geothermal
energy, the EcoCloud-G42 Mega Data
Center is a pioneer in both scale and
ambition. Strategically located in Kenya’s
geothermal-rich region, the initial
100 MW capacity has the potential to
expand up to 1 Gigawatt, setting an
unprecedented standard for sustainable
data centres. Beyond technological investment,
this initiative reflects Kenya’s
commitment to advancing technology
through renewable energy, drastically
reducing reliance on fossil fuels, and
cutting carbon emissions.
UK Minister Visits UAE to Strengthen Space
Industry Ties
UK Minister of Science, Research,
and Innovation, Andrew
Griffith, visits the UAE
to strengthen collaborative efforts
in their respective space industries.
During his attendance at the Space
Comm expo in Farnborough, near
London, Griffith emphasised his role
as a “door-opener and partnership-former”,
particularly with emerging space
powers. The existing robust bond
between the UK and the UAE in space
initiatives is demonstrated through
the collaboration between Dubaibased
AzurX and Edinburgh-based
AstroAgency, which has resulted in
the establishment of a “space bridge,”
supported by the UK Space Agency’s
International Bilateral Fund. This visit
serves as a testament to the commitment
to cultivating international partnerships
and seizing opportunities for
collaborative and innovative ventures
within the dynamic space sector.
96 www.thefinanceworld.com April 2024

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Investment in Art
Source: e-flux-systems.com
The global impact investing market is projected to expand at a CAGR of 18.8% from 2023 to 2030.
Investing in Ecological Art:
Bridging Environmental
Consciousness and
Creative Expression
Art investments, particularly in ecological art,
stand as a promising avenue with the potential
to influence climate awareness and financial
markets profoundly.
In today’s rapidly evolving world, where
climate change and environmental degradation
are pressing concerns, the role
of art in fostering ecological awareness
has become increasingly significant.
The emergence of ecological art, also
known as eco-art or environmental art,
represents a fusion of artistic expression
with environmental activism, aiming to
inspire reflection, dialogue, and action on
pressing ecological issues. Dubai, with its
vibrant urban atmosphere, hosts a plethora
of artistic expressions, among which
an outstanding example is found in the
Al-Serkal Avenue: an artistic installation
by Mohanned Shano that truly captures
attention. This innovative approach introduces
a new realm of art investment—one
that promises to influence both climate
and finance in profound ways.
98 www.thefinanceworld.com April 2024

Investing in ecological art goes beyond
mere financial considerations; it represents
a commitment to supporting
and promoting sustainability, conservation,
and environmental stewardship through
the creative medium. Investing in ecological
art holds immense significance:
1. Raising Environmental Awareness:
Ecological art is a powerful tool for
raising awareness about environmental
issues among the public. Through
thought-provoking artworks, artists
convey complex environmental concepts
in accessible and engaging ways, stimulating
conversations and encouraging
individuals to reconsider their relationship
with nature.
2. Advocating for Change:
Many ecological artists are passionate
advocates for environmental conservation
and social change. Their artworks often
serve as catalysts for activism, inspiring
viewers to become more engaged in
environmental advocacy efforts and to
demand action from policymakers and
industry leaders.
3. Preserving Cultural Heritage:
Ecological art often incorporates traditional
craft techniques and indigenous
knowledge, highlighting the interconnectedness
between cultural heritage
and environmental sustainability. By
investing in ecological art, individuals
can contribute to the preservation of
cultural traditions that are deeply rooted
in sustainable practices and respect for
the natural world.
4. Supporting Sustainable Practices:
Ecological artists are increasingly
incorporating sustainable materials and
methods into their creative processes,
demonstrating a commitment to reducing
their environmental footprint. By investing
in ecological art, patrons can support
artists who prioritise sustainability and
encourage the adoption of eco-friendly
practices within the art community.
5. Promoting Biodiversity Conservation:
Many ecological artists draw inspiration
from nature and ecosystems, celebrating
the beauty and diversity of the natural
world through their artworks. By investing
in ecological art, individuals can contribute
to efforts to protect biodiversity and
preserve fragile ecosystems for future
generations.
It becomes a life
that you can no
longer speak for,
defend, or nurture.
You put it out there
and it needs to
find its own way.”
Muhannad Shono
6. Creating Dialogue and Reflection:
Ecological art invites viewers to
contemplate their relationship with the
environment and to consider the ecological
implications of human activities. By
investing in ecological art, individuals
can facilitate meaningful dialogue and
introspection on environmental issues,
fostering a deeper connection to nature
and a sense of responsibility for its
protection.
A prominent example of one such initiative
is a “Forgotten Place”, a site-specific,
long-term installation unveiled in 2024,
that emerged from a deep dive into the
unexpected ecologies thriving within
Dubai’s industrial-turned-cultural hub
of Alserkal Avenue. In a city marked by
rapid urbanisation, artist Mohanned Shono
finds intrigue in the untamed pockets
of nature that have reclaimed urban
spaces. As part of A Feral Commons,
the inaugural cycle of Alserkal Advisory’s
Global Co-commission project,
Shono’s creation stands as one of three
pieces exploring the theme of climate
change. Curated by Tairone Bastien, this
series leverages public art to explore the
often-overlooked interdependence and
symbiotic relationships between humans
and the natural world.
In this installation, Shono ingeniously
utilises water condensate harvested from
12 warehouse air conditioning units to
sustain a vibrant garden of indigenous
plants. These plants, carefully selected
during the artist’s thorough explorations
of Al Quoz, are not only chosen for their
medicinal or edible properties but also
for their rich history and significance
to the region.
The installation focuses on what the
artist terms “AC ecologies,” illustrating
nature’s resilience and ability to adapt to
climate change driven by human activity.
The project aims to explore the concept of
AC ecologies and contemplate the potential
of utilising abundant yet underutilised
sources of irrigation, particularly in regions
facing water scarcity. Muhannad, a globally
recognised artist, has showcased his
work in various prestigious exhibitions,
including the citywide annual festival of
Light Noor Riyadh in 2022 and the 2022
Venice Biennale, where he represented
his country with the installation titled
“The Teaching Tree.”
By incorporating these plants into the
artwork, Shono weaves a narrative of
indigeneity and resilience, highlighting
the enduring connection between nature
and the local environment. Through this
innovative approach, Shono demonstrates
a commitment to ecological stewardship
and also showcases the transformative
potential of art in fostering a deeper
appreciation for the natural world. The
installation serves as a poignant reminder
of the profound bond between art and
nature, inviting viewers to contemplate
their relationship with the environment
and the importance of preserving local
ecosystems. Overall, Shono’s work offers
a powerful testament to the symbiotic
relationship between human creativity
and the natural world, emphasising the
role of art in promoting environmental
awareness and sustainability.
Investing in ecological art offers a unique
opportunity to support environmental
conservation, promote sustainability,
and inspire positive change.
April 2024 www.thefinanceworld.com 99

Local News
Dubai’s Non-Oil Sector Poised for Global Leadership, PMI Data Indicates
Dubai’s non-oil private sector
demonstrated robust performance,
driven by a surge in new orders,
leading to the fastest hiring rate in eight
years, as per a business survey. Despite
continued favourable market conditions,
cost pressures remained modest, and some
firms built up inventories due to shipping
delays. The S&P Global Dubai Purchasing
Managers’ Index (PMI) rose to 58.5, a
significant increase from January’s 56.6,
marking one of the fastest-growing non-oil
sectors globally. Output and new order
volumes were notably strong, attributed
to new clients, increased demand,
and ongoing economic improvement
post-pandemic. Employee recruitment
intensified, reaching the highest pace
since August 2015, while output charges
decreased, particularly in the wholesale
and retail sectors, marking the most
significant reduction in eight months.
UBF Launches Sanadak,
Elevating UAE and MENA
Financial Services
The UAE Banks Federation
(UBF) has declared the launch
of Sanadak as a significant
milestone in advancing the financial
services sector in the UAE and the
broader MENA region. Sanadak, the
first Ombudsman Unit for consumers
of Licensed Financial Institutions and
Insurance Companies in the MENA
region, is set to reinforce the UAE’s
position as a leading financial and
banking centre. Under the direct
supervision of the Central Bank of the
UAE, Sanadak aims to enhance consumer
trust and rights by providing an efficient
mechanism for transparently and
impartially handling complaints. This
legally independent Ombudsman Unit
focuses on safeguarding consumers’
rights and resolving issues arising from
dealings with financial institutions and
insurance companies, aligning with
the UAE leadership’s commitment to
improving government services.
UAE Inaugurates Hurricane-Resistant Power
Plant in the Caribbean
The UAE-Caribbean Renewable
Energy Fund (UAE-CREF) has
announced the operational status
of the hurricane-resistant power
project in Antigua and Barbuda. Developed
by Masdar, the climate-resistant
plant is designed to withstand
winds of up to 265 km per hour, a
crucial feature after Hurricane Irma
devastated 95 per cent of Barbuda in
2017. The hybrid solar, batteries and
backup diesel project supports Antigua
and Barbuda’s goal of achieving
Air Arabia, the leading low-cost
carrier in the Middle East and
North Africa, has inaugurated
its latest City Check-in facility at
City Centre Al Shindagha in Dubai,
expanding its UAE network to a total
of 12 such facilities. This new service
enables passengers to drop off bags
and acquire boarding passes 24 hours
before their flights, offering enhanced
86 per cent renewable energy in its
electricity sources by 2030. Inaugurated
in Barbuda, the Green Barbuda
project reflects the UAE’s commitment
to sustainable energy initiatives. The
UAE-CREF, a $50M investment, is the
largest renewable energy initiative in
the Caribbean, fully financed by the
Abu Dhabi Fund for Development,
with additional funding from New
Zealand, Antigua and Barbuda, and the
CARICOM Development Fund.
Air Arabia Launches New City Check-in Facility
in Dubai
convenience and flexibility. Operating
daily from 10 am to 10 pm, the facility
also features a bus service connecting
it with Sharjah International Airport.
Air Arabia aims to streamline pre-flight
procedures, save time, and eliminate
airport waits, aligning with its commitment
to providing cost-effective
and customer-centric solutions for
evolving passenger needs.
100 www.thefinanceworld.com April 2024

ADGM Academy
Accelerates Efforts in
Line with UAE’s
National Agenda
Abu Dhabi Global Market Academy
(ADGMA) has inked Memorandums
of Understanding
(MoUs) with Burjeel Holdings, NMC
Assetco Limited, and Aster DM Healthcare,
emphasising its commitment to
the UAE National Agenda and fostering
a robust workforce of Emirati nationals
in the healthcare sector. The strategic
collaborations aim to establish an
educational hub by developing training
programs and courses that align with
the knowledge requirements for a highly
effective workforce. The MoUs outline
objectives to facilitate onboarding,
development, and retention of local
talent through dedicated courses,
supporting the national agenda’s goals.
ADGMA’s collaboration with leading
healthcare entities demonstrates its
dedication to empowering national
talent and contributing to the growth
of a knowledge-driven economy.
Dewan Architects Successfully Completes
Flydubai HQ Project
Dewan Architects + Engineers
has completed the new headquarters
for regional low-cost
carrier Flydubai, situated on a 900,000
sq ft area along the Emirates Road.
The design reflects Flydubai’s forward-thinking
vision and commitment
to innovation, seamlessly integrating
functionality, aesthetics, sustainability,
and energy efficiency. Guided by a set
framework of principles, the architectural
decisions aimed to create a
cohesive and harmonious appearance.
Drawing influence from historical
architectural concepts, the design
incorporates urban and architectural
scales, referencing ancient Greek
Agora and Roman Forum for a central
gathering space that fosters community
and connection. Courtyards on the
architectural scale provide solitude,
safety, and a thermally comfortable
microclimate.
UAE’s Swan Sees 40% Surge in Email Campaign
Views Using CleverTap
CleverTap, the comprehensive
engagement platform, has announced
that Swan, a prominent
UAE grocery and home services app,
achieved a remarkable 40% increase
in email campaign view rates through
CleverTap’s tools. Swan, established
in 2019, has evolved into one of the
UAE’s largest and most trusted e-commerce
platforms. Focused on creating
a personalised shopping journey,
Swan aimed to retain users with the
app already installed. Their strategy
included precise targeting, effective
incentives, and optimal timing, emphasising
robust measurement for
continuous improvement. Leveraging
CleverTap’s smart segmentation, A/B
testing, and multi-channel approach,
especially with emails and push notifications,
Swan successfully reactivated
dormant users. The platform’s Analytics
feature played a pivotal role in
evaluating campaign impact, ensuring
Swan’s continued success in customer
engagement.
DMCC Records 2,692 New Companies in Dubai for 2023
In 2023, Dubai’s DMCC showcased
sustained record performance, attracting
2,692 new companies and
reinforcing its role as a leading hub for
trade and investment. The growth was
driven by the launch of new industry
ecosystems, expanded service offerings,
and the physical expansion of
the Uptown Dubai district, including
the launch of Uptown Tower. DMCC
remained a key player in attracting
foreign direct investment (FDI), contributing
11% of Dubai’s total FDI inflows.
The business district’s strength
was further enhanced with the opening
of Uptown Tower, positioning DMCC
for accelerated growth and accommodating
new waves of investment in
Dubai. Developing new ecosystems,
refining service offerings, and strategic
partnerships contributed to DMCC’s
peak performance and growth in areas
like crypto, gaming, and energy, as
well as key focus markets like China.
April 2024 www.thefinanceworld.com 101

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Travel News
Travelex Expands
Presence with Seven
New Stores at Zayed
International Airport
Travelex expands its footprint
in the UAE with the opening of
seven stores and eight ATMs at
Abu Dhabi’s Zayed International Airport
– Terminal A. The new locations, comprising
both landside and airside stores,
bring the total number of Travelex stores
in the UAE to 49. This move is part of
Travelex’s broader expansion strategy
across the Middle East, enhancing its
distribution network in the region.
Recent initiatives include the launch
of bureaux and On-The-Move kiosks
in various airports and seaports, along
with the refurbishment and expansion
of existing stores. The Commercial
Director of Travelex Middle East and
Türkiye, Batu Dolay, emphasises the
company’s commitment to simplifying
customers’ access to international
money, aligning with the modern, seamless
experience at Zayed International
Airport - Terminal A.
Falcon Aviation, Archer Partner for Dubai–Abu
Dhabi ‘Flying Car’ Commute
Residents in the UAE will soon
enjoy faster connectivity between
Dubai and Abu Dhabi with a new
partnership between Falcon Aviation
and Archer. The deal involves the joint
development of a vertiport network,
aiming to launch flight operations
by 2025. Falcon Aviation and Archer
will establish vertiport infrastructure
at Falcon Heliport in Dubai and the
Marina Mall heliport in Abu Dhabi.
Passengers will fly aboard Archer’s Midnight,
a four-passenger eVTOL aircraft,
promising flights almost entirely over
water with scenic views, taking as little
as 30 minutes. The collaboration sets
the stage for broader expansion across
the UAE and the Middle East. Archer’s
strategic partnerships, including deals
with the Abu Dhabi Investment Office
and Air Chateau International, underscore
its commitment to revolutionising
air transportation in the region, with
plans for air taxi operations in Abu
Dhabi starting in 2026.
Aman CEO Unveils Plans for the ‘Most Expensive
Hotel in Dubai
Swiss luxury hospitality group
Aman is set to establish its inaugural
Dubai property, Aman
Dubai, positioned as the city’s “most
expensive hotel” in Jumeirah 2. CEO
Vlad Doronin, in an exclusive interview,
stressed the substantial investment
and likened the project to the
successful Aman New York. Aman
Dubai will showcase a luxurious hotel
with a private beach, exclusive residences,
a sprawling 2000 sqm Aman
Spa, Aman Club, and diverse dining
options. A unique feature is the introduction
of a nine-acre water garden,
creating an eco-environment in Dubai.
In collaboration with Bright Start and
H&H Development, the pre-development
stage promises unparalleled
luxury in this prime coastal location.
Doronin highlighted Aman’s strategic
shift towards urban city development,
evident in successful openings in Tokyo
and New York. The Dubai project
has been in consideration for years,
with partnerships reflecting the commitment
to excellence. Aman’s global
vision extends to constructing hotels
in Miami and Los Angeles, featuring
branded residences.
Saudi-China Air Connectivity
Boosted by China Eastern
Airlines Partnership
Saudi Arabia and China Eastern
Airlines forge a strategic
partnership through the Saudi
Air Connectivity Program (ACP) to
establish a new air route connecting
Shanghai Pudong Airport and Riyadh’s
King Khalid International Airport. Set
to launch on April 8th, 2024, with three
weekly flights using an A330-200 aircraft,
the route aims to meet growing
travel demand and strengthen bilateral
ties. ACP CEO Majid Khan expresses
enthusiasm for enhancing connectivity,
anticipating increased tourism and
business opportunities. China Eastern
Airlines sees the collaboration as a
milestone, fostering closer cooperation
between the nations and envisioning
elevated trade and people-to-people
exchanges. This ‘Air Silk Road’ initiative
aligns with Saudi Arabia’s Vision
2030, focusing on economic diversification
and positioning the Kingdom
as a prominent aviation hub in the
Middle East.
104 www.thefinanceworld.com April 2024

Sharjah Welcomes New Attraction: Hanging Gardens Unveiled in UAE
The recently unveiled Hanging
Gardens in Kalba, spanning an
impressive 1.6 million square feet
and adorned with over 100,000 trees,
has quickly become the talk of the town
as the UAE’s newest attraction. Conveniently
located on the Sharjah-Kalba
Road, this sprawling garden, graced by
the inauguration ceremony led by Dr
Sheikh Sultan bin Muhammad Al Qasimi,
Supreme Council Member and Ruler of
Sharjah, warmly welcomed residents
on March 8. During the unveiling, Dr
Sheikh Sultan meticulously toured
the garden, taking in the captivating
aesthetic elements, including landscaped
green spaces, flower-strewn
terraces, and enchanting waterfalls.
The Kalba community expressed profound
gratitude to Dr Sheikh Sultan for
his support of various developmental
initiatives in the area. As part of the
garden’s charm, the central restaurant,
boasting a comfortable seating capacity
for 215 patrons, showcases a timeless
semi-circular architectural design.
Old Doha Port Comes Alive with Vibrant Events and
Festivals in Q1 2024
Old Doha Port emerges as a
dynamic cultural and sports
hub in Q1 2024, hosting events
and reinforcing its status as a leading
tourist destination. The quarter kicked
off with the vibrant Kite Festival, followed
by the excitement of the AFC
Asian Cup Qatar 2023, where football
matches were broadcast in the port’s
park. The World Aquatics Championships
showcased the port’s versatility,
hosting open water swimming and
high diving competitions. National
Sports Day brought diverse activities
for all ages, including a unique diving
experience. As Doha hosted the Web
Summit conference, Old Doha Port
played a significant role in facilitating
networking events, reflecting its ability
to host diverse international gatherings
that celebrate sports, culture, and
maritime heritage.
Saudi Arabia Surpasses 100M Tourists and Unveils
Major Deals at ITB Berlin
Saudi Arabia achieved a significant
milestone by signing over 15
agreements at ITB Berlin, a major
travel exhibition, further advancing its
thriving tourism sector. Celebrating the
remarkable success at ITB Berlin 2023,
the Saudi Tourism Authority secured
key partnerships with industry leaders
such as Trip.com Group, Flynas, Eurowings,
Visit Bahrain, Visit Oman, and
Qatar Tourism. These collaborations
are expected to propel Saudi tourism
towards unprecedented sustainable
growth, solidifying its position as a
premier global destination. Minister of
Tourism and STA Chairman Ahmed bin
Aqeel Al-Khatib emphasised the positive
impact of the event, showcasing the
bright future of Saudi tourism aligned
with Saudi Vision 2030 and fostering
global relationships for sustainable
tourism development.
Ultra-Luxury on Palm
Jumeirah: FIVE LUXE,
Dubai’s New Beachfront
Gem
FIVE Hospitality has unveiled its
latest jewel on the Palm Jumeirah
shoreline – FIVE LUXE, a sophisticated
development set to enchant guests
when it opens its doors on March 31,
2024. Boasting an impressive offering of
222 hotel rooms, 276 luxury residences,
and the much-anticipated Playa Pacha
Beach Club in collaboration with Pacha
Group, FIVE LUXE promises an immersive
experience. The beach club will be
a haven for renowned DJs, commencing
with Keinemusik on April 13, 2024. The
accommodation spectrum spans from refined
studios to expansive four-bedroom
suites featuring private pools, including
signature suites designed with opulent
additions like ballrooms, DJ booths, and
dedicated spa facilities. The culinary journey
unfolds at seven distinctive dining
venues, showcasing culinary excellence
with highlights such as Ronin and the
globally acclaimed Paradiso, the World’s
Best Bar winner.
April 2024 www.thefinanceworld.com 105

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