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