Finance World Magazine| Edition: May 2024

UAE's Sporting Revolution: Unveiling the Blueprint for Global Domination
Travelling Beyond Borders: How Startups are Bridging Gaps in Global Tourism
Empowering Entrepreneurs: Navigating Financing Solutions in UAE
Beyond Dubai: RAK DAO's Rise as a Hub for Digital Entrepreneurs
May 2024
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Breaking Norms:
Impactful Startups that Redefined Industries
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Economic Significance of Family Businesses in UAE
Exploring The AlMulla Brothers' Visionary Approach to Healthcare
UAE's Unified Registry Launch: Strengthening Family Business Governance
Towards Net-Zero: ADNOC’s Decarbonisation Odyssey in 2024
February 2024
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Reaching a visionary goal requires
one percent vision and 99 percent alignment.
In the May edition of the Finance World Magazine, we shine a
spotlight on the vibrant entrepreneurial landscape Editor’s of the Note United
Arab Emirates (UAE). As the UAE continues to solidify its position
as a hub for innovation and economic growth, we find ourselves amidst
a flourishing ecosystem of startups and SMEs making significant
impacts across various industries.
The cover story features a lineup of pioneering startups and SMEs in
the UAE, meticulously curated for their groundbreaking contributions
to innovation and societal impact. From fintech disruptors to
sustainable energy pioneers, each company embodies the spirit of
entrepreneurship and resilience, driving positive change and shaping
the future of business in the region.
Between these pages, readers can uncover Lara Daoud’s insights as
she previews the MetaGate Summit, shedding light on its transformative
role in Middle Eastern immersive technologies. The edition also
features articles that dive into discussions surrounding Sharjah’s
Rental Disputes Center and its pivotal role in sustaining the economy
within the emirate’s thriving real estate market.
And for aspiring entrepreneurs, seize the opportunity to delve into
“Startup Funding 101,” a comprehensive guide illuminating various
sources of capital and strategies for securing investment. Explore
“Empowering Entrepreneurs: Navigating Business Financing Solutions
in the UAE,” which highlights several banks bolstering the startup
landscape of the Emirates.
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
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May 2024 www.thefinanceworld.com 7
September 2022 3

STAY CONNECTED
WITH OUR LATEST
BUSINESS NEWS
Contents May
2024
INTERVIEW
P10 | Recognition, Opportunities,
and Leadership: The Impact of
PRCA Awards
PERSONAL FINANCE
P12 | Fortifying Your Future: The
Vital Role of a Financial Safety Net
for Startup Founders
UAE BANKING
UAE REFORMS
P18 | Sharjah’s Rental Disputes
Center: Nurturing the Emirate’s
Real Estate Economy
FINTECH
P20 | Fintech News
P23 | Fintech Application
BUSINESS
P24 | Business News
COVER STORY
UAE's Sporting Revolution: Unveiling the Blueprint for Global Domination
Travelling Beyond Borders: How Startups are Bridging Gaps in Global Tourism
Empowering Entrepreneurs: Navigating Financing Solutions in UAE
Beyond Dubai: RAK DAO's Rise as a Hub for Digital Entrepreneurs
May 2024
ENERGY
P42 | Energy News
MERGERS AND
ACQUISITIONS
P46 | Mergers & Acquisitions News
REAL ESTATE
P50 | Real Estate News
INTERVIEW
P52 | Exploring the Future of
Immersive Technologies: In
conversation with Lara Daoud
FUNDING & INVESTMENT
P14 | Empowering Entrepreneurs:
Navigating Business Financing
Solutions in the UAE
P16 | UAE Banking News
UAE - AED 30 | USA - USD 16.5 KSA - SR
61 | Qatar - QAR 60 Oman - OMR 6.3 |
Bahrain - BD 6.2 Kuwait - KWD 5 | UK -
£12 | EU - €14
Breaking Norms:
Impactful Startups that Redefined Industries
P26 | Breaking Norms: Impactful
Startups that Redefined Industries
P56 | Startup Funding 101: Understanding
Different Sources of Capital
and How to Secure Investment
P58 | Funding & Investment News
8 www.thefinanceworld.com May 2024

DIGITAL ASSETS
CORPORATE
P68 | Corporate Results
SPORT AS A BUSINESS
LOCAL
P84 | Local News
TRAVEL
P60 | Beyond Dubai: RAK
DAO’s Rise as a Hub for Digital
Entrepreneurs
HEALTHCARE
P64 | Healthcare News
INTERVIEW
P70 | UAE’s Sporting Revolution:
Unveiling the Blueprint for Global
Domination
P73 | Sports News
TOURISM
P86 | Exploring the Enchanting
Destinations of Saudi Arabia
P88 | Travel News
LAUNCH EXPRESS
P66 | Investment Strategies,
Collaboration, and Economic
Growth
P76 | Travelling Beyond Borders:
How Startups are Bridging Gaps in
Global Tourism
GLOBAL
P81 | Global News
P45 | P79 | Launch Express
P40 | P48 | Wheels
P38 | P78 | Tech My Money
May 2024 www.thefinanceworld.com 9

Interview
Recognition, Opportunities, and
Leadership:
The Impact of PRCA Awards
10 www.thefinanceworld.com May 2024

In an engaging discussion, James Hewes, CEO of PRCA, provides valuable
insights into the profound impact of PRCA Awards on nurturing excellence
and fostering innovation within the dynamic PR industry. He elaborates on the
distinctive characteristics that differentiate PRCA Awards from other industry
accolades, highlighting their role as a beacon of recognition and celebration for
outstanding achievements in public relations and communications.
Exclusive to Finance World Magazine
Q. Please Introduce PRCA and
PRCA MENA?
The PRCA was founded in London
in 1969 and launched PRCA MENA in
2016. We are the world’s largest professional
PR body and a key part of our
mission is to raise industry standards
worldwide. It therefore made sense to
launch in the region and bring our unique
expertise to our PR & communications
across MENA. Globally, we represent
more than 35,000 PR professionals in
82 countries.
We exist to connect the industry as
the foremost advocate for professional
standards, inclusivity, innovation,
best practices, and the celebration of
excellence. This week’s PRCA MENA
Awards are a great example of putting
our purpose into practice, as we celebrate
the very best of the industry’s
work across the region.
Q. Who can be a member of PRCA
MENA?
Our membership isn’t exclusive to
PR Agencies; we also cater to in-house
members from any company with a
Communications team. Currently, among
our network are notable companies
including Al-Futaim – UAE, Alshaya –
Kuwait, Volkswagen UAE, OSN Group,
MAADEN – KSA, and others. Additionally,
we have established partnerships with
esteemed organisations such as Dubai
Cares and with academic institutions
across the world.
Q. As the CEO of PRCA, how do you
view the importance of the PRCA
Awards in promoting excellence and
innovation within the PR industry?
PRCA was established in 1969 in the
UK, boasting a rich tradition of Awards.
Winning a PRCA MENA Award offers
significant exposure to the agency,
instilling trust in clients. In today’s
competitive market with numerous
agencies, being part of the PRCA network
and receiving an award or being
shortlisted holds substantial significance.
It signals to brands that they can rely
on the agency to deliver exceptional
campaigns with tangible results.
Q. Are there any specific goals
or objectives that PRCA aims to
achieve through the PRCA Awards
in the coming years?
The growth of AI is clearly an important
development in the industry. In addition
to celebrating the technical success
that effective use of this technology
brings, the Awards celebrate the human
success that sets our industry apart.
At last year’s PRCA Digital Awards
in The Kingdom of Saudi Arabia, we
introduced the Best AI-Driven Digital
Campaign, designed to recognise and
celebrate exceptional campaigns that
have successfully harnessed the power
of AI. We also want to use the Awards to
enhance another of our key campaigns,
recognising the value of our industry.
The important work that PR and communications
professionals produce is
critical to the success of any business
– our Awards programme enables us
to highlight the best example of this.
Q. In your opinion, what sets the
PRCA Awards apart from other
industry accolades or recognition
programs?
The PRCA Awards stand out for several
reasons. Firstly, they are backed
by an organisation with a long-standing
reputation for excellence in the industry
since its establishment in 1969, which
lends credibility and prestige to the
awards. Moreover, the PRCA Awards
are known for their rigorous judging
process, which ensures that only the
most deserving entries are recognised.
The judging panel comprises seasoned
professionals and experts who bring a
wealth of experience and insight to the
evaluation process, guaranteeing a fair
and comprehensive assessment. Winning
a PRCA Award carries significant
weight within the industry, serving as a
validation of excellence and innovation,
and showcasing the winning agency’s
ability to deliver outstanding results
and creative campaigns.
This recognition not only boosts the
agency’s reputation but also enhances
its credibility and trustworthiness in
the eyes of clients and stakeholders.
Furthermore, the PRCA Awards provide
unparalleled visibility and exposure
for the winners.
Being honoured with a PRCA Award
leads to increased media coverage,
industry recognition, and new business
opportunities, further solidifying the
agency’s position as a leader in the field.
Overall, the PRCA Awards distinguish
themselves through their esteemed
reputation, rigorous judging process,
industry significance, and the tangible
benefits they offer to winners.
May 2024 www.thefinanceworld.com 11

Personal Finance
Source: pexels.com
The foundation of financial security starts with creating an emergency fund.
Fortifying Your Future:
The Vital Role of a
Financial Safety Net
for Startup Founders
Financial experts recommend maintaining a
safety net that covers three to six months of
living expenses.
As an aspiring entrepreneur, the allure
of launching a startup and bringing your
vision to life is undoubtedly thrilling. However,
amidst the excitement and ambition,
it’s crucial to recognise the financial risks
inherent in entrepreneurship. One of the
prevalent shortcomings in many startups is
the absence of adequate financial security
measures. Often, individuals disregard
the importance of financial stability and
instead invest all their resources into their
ventures, inadvertently jeopardising their
businesses and their welfare. Building
a solid financial safety net is not only
prudent but essential for weathering the
uncertainties of startup life. This article
explores strategies for startup founders
to establish a strong financial cushion,
including emergency funds and insurance
coverage, to safeguard personal finances.
12 www.thefinanceworld.com May 2024

Understanding the Importance
of a Financial Safety Net
Launching a startup often
involves significant financial investments,
sacrifices, and uncertainties. As
a founder, you may pour your savings
into the business, forego a steady paycheck,
and endure periods of financial
instability. While the potential rewards
can be immense, the journey is fraught
with risks, including market fluctuations,
unexpected expenses, and the possibility
of business failure.
A financial safety net is a buffer against
these risks, providing peace of mind
and stability during turbulent times. It
allows you to focus on growing your
business without constantly worrying
about personal financial obligations or
emergencies that may arise.
A financial safety net refers to a set of
measures and resources put in place to
protect individuals or households from
financial crises or unexpected expenses.
It serves as a cushion to help mitigate
the impact of unforeseen circumstances
such as job loss, medical emergencies,
or economic downturns.
Key components of a financial safety
net may include an emergency fund,
insurance coverage (such as health,
disability, or life insurance), and diversified
investments. The goal of a financial
safety net is to provide peace of mind,
stability, and resilience in the face of
financial challenges.
Building an Emergency Fund
One of the cornerstones of a financial
safety net is an emergency fund—a pool
of savings specifically earmarked for unexpected
expenses or income disruptions.
For startup founders, an emergency fund
serves as a financial lifeline, enabling you
to cover personal expenses and weather
temporary setbacks without resorting to
debt or derailing your business efforts.
To establish an effective
emergency fund:
1. Set a Target Amount:
Aim to save at least three to six months’
worth of living expenses. Calculate
your essential monthly expenditures,
including housing, utilities, groceries,
and insurance premiums, to determine
your target amount.
Success in entrepreneurship
isn’t just about
taking risks;
it’s about
smart risk
management.”
2. Automate Savings:
Treat your emergency fund as a
non-negotiable expense by setting up
automatic transfers from your business or
personal accounts to a dedicated savings
account. Consistency is key to building
a substantial reserve over time.
3. Prioritise Liquidity:
Keep your emergency fund in a liquid,
accessible account, such as a high-yield
savings account or a money market
account. While it may be tempting to
invest these funds for potentially higher
returns, prioritising liquidity ensures
that you can quickly access the money
when needed.
4. Replenish Regularly:
Periodically review and replenish
your emergency fund, especially after
withdrawing funds to cover unforeseen
expenses. Treat it as an ongoing financial
priority rather than a one-time endeavour.
Securing Adequate Insurance Coverage
Apart from an emergency fund, comprehensive
insurance coverage is another
critical component of a financial safety
net for startup founders. Insurance
policies protect against various risks,
including health emergencies, disability,
liability, and property damage, thereby
mitigating potential financial losses
that could jeopardise your personal and
business finances.
1. Key insurance policies
to consider
include:
Health Insurance: Ensure that you have
adequate health insurance coverage for
yourself and your dependents. Evaluate
different plans based on premiums, deductibles,
and coverage options to find
the best fit for your needs.
2. Disability Insurance:
Protect your income and financial
stability in the event of a disabling illness
or injury that prevents you from working.
Disability insurance replaces a portion of
your lost income, allowing you to meet
ongoing expenses and maintain your
standard of living.
3. Life Insurance:
While life insurance may not be a
priority for all startup founders, it can
provide financial support for your loved
ones in the event of your untimely death.
Consider term life insurance policies with
sufficient coverage to cover outstanding
debts, and funeral expenses, and provide
for your family’s future financial needs.
4. Business Insurance:
Depending on the nature of your startup,
you may need specialised business
insurance coverage to protect against
specific risks, such as professional liability,
property damage, or cyber liability.
Consult an insurance agent or broker to
assess your business’s insurance needs
and secure appropriate coverage.
Building a financial safety net is not
merely a precautionary measure; it’s a
strategic imperative for startup founders
navigating the unpredictable terrain of
entrepreneurship. By establishing an
emergency fund and securing adequate
insurance coverage, you can insulate
your personal finances from the inherent
risks of startup life and pursue your
entrepreneurial dreams with confidence.
Remember, investing in your financial
security today lays the foundation for
long-term success and resilience in the
face of adversity.
May 2024 www.thefinanceworld.com 13

UAE Banking
Source: freepik.com
Emirates Development Bank has provided AED 1.8 billion in business loans to SMEs.
Empowering Entrepreneurs:
Navigating
Business Financing
Solutions in the UAE
Customised banking and financing solutions
in the UAE serve as essential tools for
entrepreneurial success.
Embarking on a business venture in the
UAE’s vibrant market might appear intimidating
at first glance. Yet, by focusing
on key essentials like developing a
solid business plan, acquiring necessary
licences, establishing a bank account, and
securing funding, you can pave a smoother
path for your entrepreneurial journey. For
making informed decisions, this article
explores banks offering services tailored
to kick-starting businesses in the UAE.
These institutions provide vital support,
guiding entrepreneurs through various
services to navigate the market effectively
and accelerate business growth. With their
expertise and resources, entrepreneurs
can confidently embark on their entrepreneurial
endeavours and thrive in the
competitive landscape of the UAE.
14 www.thefinanceworld.com May 2024

Banking services play a vital role in
the journey of startups and SMEs
in the UAE, providing access to
capital, enabling financial management,
facilitating seamless payments, mitigating
risks, supporting international
trade, ensuring regulatory compliance,
and offering valuable expertise. By
leveraging the comprehensive suite of
banking services available in the UAE,
entrepreneurs can fuel their aspirations,
drive economic prosperity, and embark
on a path towards sustainable success
in the dynamic business landscape of
the Emirates.
Starting a business venture demands
careful preparation, and among the initial
milestones is the establishment of
a business account. This step, though
sometimes intimidating, stands as a
crucial foundation for startups and Small
and Medium Enterprises (SMEs) to lay
down their financial groundwork and
gain entry to a diverse range of banking
services crafted to suit their requirements.
Comparing Business Account Options
for Startups and SMEs in the UAE
When evaluating the banking options
available for startups and SMEs in the
UAE, it’s crucial to consider various factors
such as minimum balance requirements,
address proof necessities, key charges,
existing bank account requirements,
cross-border transaction capabilities,
average opening time, and any notable
comments or additional features.
ADCB offers a relatively low minimum
balance requirement and accepts
a wide range of address proofs, making
it accessible for businesses at various
stages. However, its inability to facilitate
cross-border transactions may limit its
utility for companies with international
aspirations. ADIB, with an AED 5000 balance
requirement, provides the advantage
of allowing cross-border transactions,
which can be essential for businesses
engaged in global trade. E20 stands out for
its flexibility, with no minimum balance
requirement and a fully digital application
process, making it convenient for
tech-savvy entrepreneurs. Additionally,
its low monthly maintenance fee and
reasonable transaction charges make it
an attractive option for cost-conscious
startups.
Mashreq Neo offers the advantage of
waiving the monthly maintenance fee
with a minimum balance, which could be
beneficial for businesses with fluctuating
cash flows. However, its requirement
for a higher minimum balance to qualify
for the waiver may be a deterrent
for some startups. RAK Starter, while
offering competitive fees and allowing
cross-border transactions, may have a
longer average opening time and a fully
digital application process, which might
not suit all entrepreneurs.
Ultimately, the choice of banking
partner depends on the specific needs
and priorities of the startup or SME,
weighing factors such as cost-effectiveness,
convenience, digital capabilities,
and international transaction facilitation.
However, E20 looks like an ideal
choice for start-up businesses as It offers
flexibility with no minimum balance
requirement, competitive fees for local
and international transfers.
Analysing the Business Financing
Solutions for UAE Startups and SMEs
Mashreq Neo Business Loan offers
startups and SMEs in the UAE a convenient
way to access funding based on
their card payment receivables through
its Merchant Lending facility. With no
requirement for cash or security, entrepreneurs
can secure term loans of up
to AED 5 million, providing substantial
capital to fuel their growth. The loan
comes with flexible repayment options
of up to 48 months, allowing businesses
to align their repayments with their cash
flow projections. The application and
approval process is streamlined, ensuring
quick access to funds and minimising
administrative hassles.
ADIB Small Business Finance presents
a tailored financing solution for
small and medium businesses in the
UAE, catering to both short-term and
long-term financial goals. With options
like Working Capital Finance for local
and international purchases or CAPEX
Finance for equipment, machinery, and
auto needs, ADIB offers a comprehensive
suite of financing solutions to meet
diverse business requirements. Key
benefits include financing up to AED 1.5
million, a hassle-free application process,
competitive financing profit rates, and
flexible tenor options.
ADCB offers fast-track finance solutions
tailored to the dynamic needs of
growing businesses. With their unsecured
loan option, entrepreneurs can access
up to AED 1.5 million in loan amounts,
providing the capital necessary to seize
growth opportunities promptly. The flexibility
extends to repayment terms, with
options for up to 48 months, ensuring
businesses can manage their cash flow
effectively. What’s more, ADCB’s unsecured
loan eliminates the need for collateral,
simplifying the borrowing process for
entrepreneurs. With a streamlined documentation
process and quick approval
turnaround, businesses can access the
funds they need with minimal hassle.
Unlocking unparalleled features, RAKvalue
SME Business Loan caters to the
diverse financing needs of businesses,
offering a comprehensive solution to
fuel growth. With financing amounts
extending up to AED 3 million and a
repayment period of up to 60 months,
entrepreneurs gain the flexibility to expand
their operations without the burden
of collateral. For urgent financial needs,
express loans of up to AED 500,000 are
available, ensuring businesses can seize
opportunities promptly.
Emirates NBD empowers small and
medium enterprises (SMEs) to shape the
future of their businesses with flexible
financing solutions through their Small
Business Loan offering. Whether businesses
seek to expand operations, invest
in new equipment, or hire additional
staff, Emirates NBD provides the support
needed to achieve these goals. Tailored
for sole proprietors, self-employed individuals,
and SMEs, this Commercial Loan
offers funding up to AED 300,000, with
a minimum loan amount of AED 50,000,
ensuring accessibility to businesses at
various stages.
Each of these financing options provides
businesses with the necessary capital
and support to achieve their growth and
expansion goals. Depending on specific
requirements, businesses can choose the
option that best aligns with their financial
needs, offering flexibility, competitive
rates, and additional benefits to drive
success in the UAE market.
Investing in the right banking and
financing solutions lays the groundwork
for success, empowering entrepreneurs
to navigate the dynamic landscape of
the UAE market with confidence and
resilience.
May 2024 www.thefinanceworld.com 15

UAE Banking News
UAE Banks Lead
Region with $18.6M
Revenue Per Branch
UAE bank branches lead the
region in revenue, averaging
$18.6M per branch for retail
services, marking a 27% surge from
2019. Saumitra Sehgal, head of financial
services at Roland Berger,
attributes this growth to digital transformation,
which saw the Gulf region’s
banks reduce branches by 328 over
three years. The UAE spearheaded
this trend, slashing 157 branches by
2022, followed by Saudi Arabia with
82 and Bahrain with 57. Qatar reduced
branches by 20. Sehgal anticipates the
UAE could further decrease branches
by 10 to 15% in the next two years.
This shift, driven by digitalisation, sees
branches evolving from transaction
hubs to specialised service centres
like mortgage acquisition, streamlining
simple transactions digitally, a move
beneficial for banks and customers
alike.
UAE and Qatar Banks Lead GCC in Reputation
Banks in the UAE and Qatar stand
out in the GCC for their exceptional
reputation, according to
a report by KPMG, which delves into
customer perceptions of the region’s
banking sector. Emirati banks lead in
reputation, showcasing the highest net
positive sentiment among GCC peers,
measured through an analysis of nearly
4 million online posts on platforms
like X (formerly Twitter). Meanwhile,
Qatar secures the top spot for overall
net sentiment, with Bahrain following
closely in second place. The report, a
first of its kind in the region, provides
valuable insights into customer sentiments
and interactions with banks
online. Saudi Arabian banks notably
lead in engaging with customers online,
with a response rate of 58.6%,
surpassing the GCC average of 31.3%,
with Oman and Kuwait ranking next.
These responses, mainly from bank
social media teams, address customer
mentions on X, indicating proactive
engagement to address potential risks
or opportunities for the brand.
Fitch Affirms Ajman Bank’s ‘BBB’ Rating;
Stable Outlook
Fitch Ratings has reaffirmed
Ajman Bank’s long-term issuer
default rating (IDR) at ‘BBB+’,
with a stable outlook, and viability
rating (VR) at ‘b+’, as per a recent
press release. Mustafa Al Khalfawi,
Group CEO of Ajman Bank, expressed
pride in receiving the ‘BBB+’ rating,
underscoring the institution’s strong
financial outlook and strategic trajectory.
Al Khalfawi emphasised the
endorsement as a testament to their
operational resilience, prudent risk
management, and commitment to
corporate governance and financial
integrity. He noted the rating as a
catalyst for further innovation, expansion
of service offerings, and
enhancement of shareholder value
amid evolving financial landscapes.
The ratings reflect UAE authorities’
support for the bank’s IDR, while the
VR highlights aspects such as narrow
franchises, undiversified business
models, risk concentrations, improving
asset quality, modest profitability, and
capitalisation.
4 UAE Banks Facilitate AED 4.25B Syndicated Loan for Africa
Four UAE banks, alongside lenders
from Europe and Asia, facilitated
Africa Finance Corporation
(AFC) in raising a $1.16B (AED
4.25B) syndicated loan. This agreement,
signed on Tuesday, saw leading
international financial institutions
such as First Abu Dhabi Bank (FAB),
Mashreqbank, MUFG Bank, and Standard
Chartered as global coordinators,
with Industrial and Commercial Bank
of China (London Branch) as the China
coordinator. Abu Dhabi Commercial
Bank (ADCB), Emirates NBD Bank,
Mizuho, and Sumitomo Mitsui Banking
Corporation acted as initial mandated
lead arrangers and bookrunners. Bank
of China and Société Générale S.A also
participated as initially mandated lead
arrangers, alongside first-time lenders
Société Générale, Bank Muscat, and
Intesa Sanpolo Bank Luxembourg
S.A. The syndicated loan, initially
launched at $1B, was upsized due to
oversubscription by 49%, indicating
strong global investor confidence in
AFC’s creditworthiness and resilience
in navigating today’s economic landscape
with unwavering strength and
determination.
16 www.thefinanceworld.com May 2024

Abu Dhabi Islamic Bank Donates AED 3M to Mothers’ Endowment Campaign
Abu Dhabi Islamic Bank (ADIB),
a leading financial institution,
has contributed AED 3M to the
Mothers’ Endowment campaign, initiated
by Sheikh Mohammed bin Rashid Al
Maktoum, Vice-President and Prime
Minister of the UAE and Ruler of Dubai.
The campaign’s objective is to honour
mothers by establishing an AED 1B
endowment fund aimed at sustainably
supporting education worldwide. Managed
by Mohammed bin Rashid Al Maktoum
Global Initiatives (MBRGI), the campaign’s
funds will be utilised to implement
education projects in collaboration with
humanitarian organisations, empowering
millions of underprivileged individuals
with essential skills for independent
living. Within two weeks of its launch, the
campaign has already raised AED 770M
in donations, demonstrating significant
progress towards its ambitious goal.
Investcorp Names
Abbas Rizvi as CFO
Investcorp, a prominent alternative
investment firm, announces the
appointment of Mr. Abbas Rizvi as
its Group Chief Financial Officer (CFO),
effective April 1, 2024, succeeding Mr.
Jan Erik Back, who will retire. With 19
years of experience at Investcorp, Rizvi
has showcased exceptional dedication
and leadership across various roles,
positioning him uniquely for this new
role. Before joining Investcorp, he
served at Ernst & Young, specialising
in auditing and advisory services for
financial institutions. Rizvi is a fellow
member of the Institute of Chartered
Accountants of Pakistan and an alumnus
of Yale School of Management’s Global
Executive Leadership Program.
Mohammed Alardhi, Investcorp
Executive Chairman, expressed
confidence in Rizvi’s ability to lead
the firm’s financial strategy, thanking
Jan Erik Back for his contributions
and wishing him well in retirement.
Abu Dhabi Welcomes Tungsten, UAE’s Digital
Asset Custodian
Tungsten, the UAE’s inaugural
regulated digital asset custodian,
has secured its licence
from the Financial Services Regulatory
Authority (FSRA) to operate
within the Abu Dhabi Global Market.
Positioned to cater to institutional
investors, Tungsten will offer secure
storage solutions for cryptocurrencies
and various digital assets. With the
UAE witnessing over $34.9B worth of
digital asset transactions in the past
year, Tungsten aims to capitalise on
this burgeoning market by providing
The Central Bank of the UAE
(CBUAE) has decided to maintain
the status quo on interest
rates, opting to keep the base rate
for the Overnight Deposit Facility
(ODF) unchanged at its prevailing
rate of 5.40 percent. Additionally, the
interest rate applicable to borrowing
short-term liquidity from the central
bank remains at 50 basis points above
the Base Rate for all standing credit
facilities. This decision closely follows
the US Federal Reserve’s recent
announcement to keep the interest
rate on Reserve Balances (IORB) unchanged.
Given that the CBUAE’s Base
Rate is anchored to the US Federal
Reserve’s IORB, this move signals the
a safer alternative to self-custody or
reliance on exchanges. Chris Desjardins,
founder and senior executive
of Tungsten, expressed pride in operating
within the UAE’s progressive
regulatory framework, emphasising the
company’s dedication to excellence
and innovation. Tungsten’s services
will include online and offline bankgrade
storage, enterprise-grade wallet
management, and insurance coverage
to instil confidence among institutional
clients.
UAE Central Bank Maintains Base Rate at 5.40%
general stance of monetary policy and
serves to establish an effective floor
for overnight money market interest
rates within the UAE.
May 2024 www.thefinanceworld.com 17

UAE Reforms
source: wam.ae
Sharjah’s occupancy rate exceeds 87%, with scarce availability of prime properties.
Sharjah’s Rental
Disputes Center:
Nurturing the Emirate’s
Real Estate Economy
Rental Disputes Center will regulate the relationship
between landlord and tenant and guarantee them
justice, stability, and speed of litigation.
Sharjah emerges as the epitome of accessibility,
affordability, and tranquillity in
residential living. The emirate’s economy
is largely supported by its rental market,
which, in contrast to Dubai and Abu Dhabi,
experiences comparatively lower levels
of inflation. With escalating rental costs
in Dubai in recent years, a significant migration
from the city to Sharjah has been
observed. This influx of residents also
brings an increased likelihood of rental
disputes. To address this, the government
has proposed a draft law to establish a
rental disputes center in 2024. This move
aims to ensure the sustainable growth of
the rental sector and maintain a fair environment
for both tenants and landlords.
This article explores the implications of
this regulatory reform and its anticipated
impact on Sharjah’s residential landscape.
18 www.thefinanceworld.com May 2024

The real estate landscape in Sharjah
is experiencing a notable upswing,
mirroring the growth trend observed
across the UAE. Over the past three
years, a series of policy adjustments and
the introduction of new projects have
facilitated the transformation of Sharjah’s
real estate market into an affordable yet
high-quality and integrated sector.
This evolution has broadened its appeal,
attracting several buyers from beyond the
traditional GCC market. In line with the
buoyancy seen in Dubai and Abu Dhabi,
Sharjah witnessed a surge in real estate
transactions in 2023, with transaction
volumes soaring by 14.6% year-on-year
for the first nine months alone, reaching
a total value of over AED 19 billion.
As per the recent Real Estate Transactions
and Mortgages Movement report released
by the Sharjah Real Estate Registration
Department, Sharjah’s real estate market
showed robust activity in February 2024.
The report disclosed a trading volume
totalling AED 3.1 billion ($844 million),
reflecting 4,458 real estate transactions
carried out across various regions and
cities within the emirate.
According to a report by Savills, Sharjah
experiences a positive influx of tenants
and buyers from neighbouring Dubai,
where prices in specific communities
have nearly doubled over the past 18 to
24 months. Consequently, demand has
surpassed supply in Sharjah over the past
year, with occupancy rates averaging over
87%. The most sought-after properties have
extremely limited availability. However,
a two-tier market dynamic is emerging:
older or lower-quality buildings remain
price-sensitive, while demand sharply
rises for properties meeting a certain
quality standard.
In a move aimed at enhancing judicial
efficacy and fostering economic stability,
the Sharjah Consultative Council (SCC) has
approved a draft law for the year 2024 to
establish and regulate the Rental Disputes
Center in Sharjah. This pivotal decision,
made during the eighth session of the
Council, marks a significant milestone
in the Emirate’s legislative landscape.
The establishment of the Rental Disputes
Center in Sharjah is poised to play a
pivotal role in sustaining the economy
through several key mechanisms. Some
of these are discussed below:
1. Enhanced Investor Confidence:
A transparent and efficient mechanism
for resolving rental disputes instils
confidence among investors, both domestic
and foreign. By providing a reliable
framework for addressing potential
conflicts between landlords and tenants,
the centre reduces uncertainty in the real
estate market, thereby attracting greater
investment. Increased investment, in
turn, stimulates economic activity and
fuels growth across various sectors of
the economy.
2. Stability in the Real Estate Sector:
The real estate sector is a cornerstone
of Sharjah’s economy, with significant
contributions to GDP and employment.
By establishing a dedicated centre for
resolving rental disputes, the Emirate
mitigates the risk of protracted legal battles
and ensures the smooth functioning of
real estate transactions. This stability is
essential for sustaining property values,
encouraging development projects, and
maintaining investor confidence in the
long term.
The centre,
under
Sharjah City
Municipality,
strives for
efficient
resolution of
rental disputes,
ensuring timely
and quality
rulings.”
3. Fostering Entrepreneurship
and Small Businesses:
Small businesses often rely on rental
properties for their operations. Delays or
uncertainties in resolving disputes can
disrupt business operations and impede
growth. The Rental Disputes Center, by
offering timely and fair resolutions, provides
small businesses with the assurance they
need to thrive. This, in turn, encourages
entrepreneurship, supports job creation,
and contributes to the diversification of
the economy.
4. Promoting Consumer Spending:
A stable and predictable real estate
market benefits not only investors and
businesses but also consumers. Tenants,
assured of their rights and confident in
the dispute resolution process, are more
likely to invest in their rented properties,
whether through improvements or long-term
commitments. This increased consumer
spending has a multiplier effect on the
economy, driving demand for goods and
services and fueling economic growth.
5. Attracting Foreign Investment:
In an increasingly interconnected global
economy, foreign investors scrutinise
the legal and regulatory environment of
potential investment destinations. The
establishment of a Rental Disputes Center
demonstrates Sharjah’s commitment to
upholding the rule of law and protecting
the rights of all stakeholders in the
real estate sector. This commitment
enhances the Emirate’s attractiveness
as a destination for foreign investment,
leading to inflows of capital, technology
transfer, and knowledge exchange—all of
which are vital for sustainable economic
development.
The Rental Disputes Center in Sharjah
serves as a linchpin for economic
sustainability by promoting stability,
confidence, and fairness in the real estate
market. By resolving disputes efficiently
and upholding the rule of law, the centre
facilitates a conducive environment
for investment, entrepreneurship, and
consumer spending—all of which are
essential components of a thriving and
resilient economy.
May 2024 www.thefinanceworld.com 19

Fintech News
Alibaba Cloud Unveils Training Center in Dubai Internet City
Alibaba Cloud has inaugurated a
state-of-the-art training centre in
Dubai Internet City, enhancing its
commitment to empowering ecosystem
partners and customers. Situated within
the global tech hub of TECOM Group
PJSC, the centre will offer a range of
training, workshops, and certifications,
catering to diverse digital skill sets.
With over 3,500 customers, including
Fortune 500 companies, SMEs, and
startups, Dubai Internet City serves as
a vital hub for regional digital transformation.
Collaborating with Aladdin
Cyber Security, a leading provider of
security services, the centre plans to
host monthly training and enablement
programs covering cutting-edge technologies
like AI, database management,
and elastic computing. These initiatives
align with Dubai’s economic agenda and
the UAE’s vision for a future-oriented,
knowledge-based economy, fostering
digital talent and accelerating regional
digitisation efforts.
TCL Unveils World’s Largest QD-Mini LED TV in Dubai
TCL unveiled the world’s largest
QD-Mini LED TV, the 115” X955
Max, at a grand launch event
in Dubai’s Palm Jumeirah. Industry
leaders, media representatives, and
influencers gathered for an evening
of excitement and anticipation, joined
by notable personalities like Khalid Al
Ameri, Baymabay, and Latifa Shamsi.
The event showcased the TV’s outstanding
features, including a peak brightness
of 5,000 nits and over 20,000 local
dimming zones, promising exceptional
contrast and visuals. With QLED Pro, a
144 Hz VRR, and an ONKYO 6.2.2 Hi-Fi
system, the TV ensures superior image
quality and immersive audio. Attendees
experienced the product firsthand in
an immersive user experience zone
and enjoyed engaging presentations
from TCL executives, entertainment,
and interactive activities, making it a
memorable affair for all.
Telco-Backed Platforms Dominate E-Wallet Market
in Africa and the Middle East
Telco-backed e-wallet platforms
are leading the market in Africa
and the Middle East, offering users
a range of services directly from their
mobile phones, including payments,
money transfers, and remittances,
according to a market analysis by
financial data company FXC Intelligence.
The report, titled “The State
of E-Wallets: Africa and the Middle
East,” examined the region’s e-wallet
market, highlighting key players and
their offerings. With a significant population
of unbanked individuals and
increasing mobile phone penetration,
e-wallet adoption is surging due to its
convenience and accessibility. This
trend is underscored by the World
Bank’s Global Findex data, revealing
a notable increase in digital payment
usage in both sub-Saharan Africa and
the Middle East and North Africa. The
report identifies twelve significant
e-wallet platforms in the region, most
of which are telco-backed, highlighting
the dominance of telecom companies in
driving financial inclusion and digital
wallet adoption among unbanked and
remote populations.
Cleeng Partners with
Adyen to Elevate
Subscription Payments
in the UAE
Adyen, a global payments platform,
has extended its collaboration
with Cleeng to the United Arab
Emirates (UAE), enhancing subscription
payment solutions in the region. Cleeng,
renowned for its Subscriber Retention
Management (SRM) software in the
media and entertainment sectors, enters
the UAE market to elevate its services
for broadcasters across the Middle
East and North Africa (MENA) region.
This strategic move is in response to
the requirements of TOD, a prominent
sports and entertainment streaming
service under the beIN Media Group
in MENA, highlighting the increasing
demand for Cleeng’s offerings in new
territories. The partnership addresses
revenue loss challenges stemming from
expired card details by leveraging Adyen’s
Real-Time Account Updater, ensuring
uninterrupted service. Additionally,
Cleeng adopts Adyen’s Network Token
Optimization for enhanced data security
and authentication rates, along with
the RevenueProtect risk management
tool to combat fraud.
20 www.thefinanceworld.com May 2024

Visa Co-Hosts Dubai
Fintech Summit
Visa’s participation as a Founding
Partner and Co-Host at the Dubai
FinTech Summit, organised by the
Dubai International Financial Centre
(DIFC), highlights its steadfast commitment
to fostering innovation and
driving progress in the global fintech
landscape. Through a strategic threeyear
agreement with DFS, Visa has
deepened its partnership, signalling
a long-term dedication to supporting
the fintech ecosystem. Leveraging
initiatives like the Fast Track program,
Accelerators, and Visa Everywhere,
Visa remains at the forefront of empowering
fintechs, offering tailored
resources and personalised tools to
fuel their growth and innovation. By
collaborating with industry stakeholders
and thought leaders at events like the
Dubai FinTech Summit, Visa continues
to shape the future of finance, driving
the evolution of digital payments and
advancing financial inclusion worldwide.
UAE Smart Home Market to Grow Over 10% Annually
The UAE smart home market is
set for significant growth, with
a projected annual expansion
rate of 10.49% between 2024 and 2028,
driving the market volume to an estimated
$113.8M by 2028, as indicated by
Statista.com data. Household penetration
is expected to witness a notable
uptick, climbing from 15.7% in 2024 to
22.9% by 2028. Seizing upon this burgeoning
trend, Philips has introduced
HomelD, a cutting-edge application
aimed at seamlessly connecting all
home devices. Beyond offering culinary
insights, HomelD provides comprehensive
tips and tricks, including
guidance for optimising kitchen and
coffee machines, with tailored support.
This innovative app enables users
to effortlessly connect their Philips
kitchen and coffee machines, access
a wealth of recipes and barista tips,
and benefit from valuable guidance,
manuals, and support, ensuring users
fully leverage the capabilities of their
home appliances.
Bolttech’s Middle East Expansion via stc Group
Partnership
Bolttech, a leading international
insurtech company, has unveiled
a partnership with stc
Group, a prominent player in telecommunications
and digital transformation
across the Middle East.
This collaboration signifies bolttech’s
strategic expansion into several new
markets, capitalising on stc Group’s
well-established presence in the region.
The partnership aims to provide
stc’s customers with cutting-edge
device protection services, integrating
advanced technology to enhance the
overall customer experience. Beyond
mobile device protection, the collaboration
intends to diversify its offerings
to include IoT-enabled solutions for a
wide array of products, spanning from
home appliances to health electronics,
and even cybersecurity solutions for
personal assets. This strategic alliance
underscores both companies’ commitment
to delivering innovative and
comprehensive insurance solutions to
meet the evolving needs of customers
in the Middle East.
Sav-Desert Adventures
Partnership Expands
Leisure Services in UAE
Sav, a leading fintech firm, has
partnered with Desert Adventures,
a prominent destination management
company in the UAE, granting Sav
users access to a wide range of leisure
services. With over 75% of residents
prioritising unique experiences, this
collaboration is poised to capture a
growing market. Through the Sav app,
users can now explore Desert Adventures’
offerings, including city tours,
desert safaris, theme park tickets, sea
cruises, dining experiences, and sports
activities. Exclusive discounts are also
available for Sav users. Purvi Munot,
Sav’s Co-founder and CEO, expressed
excitement about enhancing users’
leisure experiences. Samir Mehta, COO
at Desert Adventures, highlighted the
collaboration’s value in distributing
destination services to the local market.
The integration of Desert Adventures’
offerings into the Sav app is now live,
enabling users to easily access diverse
experiences, and enhancing their ability
to explore cultural and recreational
opportunities available.
May 2024 www.thefinanceworld.com 21

Organized By
MIDDLE EAST
EMPLOYEE WELLBEING
SUMMIT
28 th - 29 th May 2024 | Dubai
www.wellbeingsummits.com
SPONSORS & PARTNERS
SILVER SPONSOR EXHIBITING SPONSOR ASSOCIATE SPONSORS
NETWORKING PARTNER
NETWORKING PARTNER NETWORKING PARTNER NETWORKING PARTNER
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MEDIA PARTNER MEDIA PARTNER MEDIA PARTNER MEDIA PARTNER MEDIA PARTNER
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Fintech Application
NAQAD
Kamelpay has firmly positioned
itself as a leading fintech player
within the UAE’s dynamic financial
sector. Recognised for its agile
and customised payment solutions,
Kamelpay has become a trusted partner
for corporations, offering invaluable
support in efficiently managing the
payroll requirements of low-income
employees.
Central to Kamelpay’s offerings is
its user-friendly application, NaqaD,
which delivers a comprehensive array
of digital payment services, replete
with a multitude of advantages for
both users and businesses:
First and foremost, NaqaD facilitates
seamless money remittance, empowering
users to transfer funds swiftly
and securely to designated recipients.
This functionality not only ensures
timely payments but also underscores
Kamelpay’s commitment to facilitating
hassle-free financial transactions.
In tandem with its remittance services,
NaqaD prioritises the secure
processing of transactions, leveraging
cutting-edge encryption technologies
to safeguard user data and financial
information. This unwavering dedication
to security is a cornerstone of
trust and reliability, establishing it as
a preferred platform for users seeking
peace of mind in their financial dealings.
Moreover, the application offers
seamless mobile top-up services, enabling
users to replenish their mobile
accounts effortlessly and maintain
uninterrupted connectivity. Additionally,
the platform facilitates convenient
bill payments, allowing users to settle
their financial obligations promptly and
conveniently, all from the convenience
of their smartphones.
By streamlining the process of online
transactions, NaqaD empowers
users to navigate the digital landscape
with ease, offering a user-friendly
interface that enhances efficiency
and convenience. This functionality
reflects its commitment to simplifying
financial transactions and enhancing
user experience.
It also empowers users to monitor
their finances closely through its intuitive
application dashboard, providing
real-time insights into financial activities
and expenditures. This transparency
enables users to make informed
decisions and manage their finances
effectively, promoting financial literacy
and responsibility.
One of the application’s standout
features is the provision of transaction
history without incurring any overhead
charges. This transparency ensures that
users have access to comprehensive
records of their financial transactions,
facilitating accountability and financial
planning.
NaqaD epitomises the future of digital
financial solutions, offering a comprehensive
suite of services designed to
meet the diverse needs of users. With
its unwavering commitment to security,
convenience, and transparency,
Kamelpay emerges as a trusted partner
for corporations and individuals alike
in navigating the dynamic landscape
of fintech in the UAE.
May 2024 www.thefinanceworld.com 23

Business News
Parkin’s Trading Debut in UAE’s Inaugural IPO of 2024 Sees 30% Surge
Dubai’s premier parking operator,
Parkin, experienced a
remarkable surge of over 30%
as it debuted on the Dubai Financial
Market. With shares reaching AED
2.73 ($0.74) at the onset of trading,
Parkin’s initial public offering marked
a resoundingly positive start to the
United Arab Emirates’ inaugural public
listing of the year. Priced at the upper
end of its range at 2.1 dirhams, the
company commanded a valuation of
$1.7B. Oversubscribed 165 times, the
IPO raised AED 1.57B ($429M), with
demand soaring to AED 259B, a record
for the exchange. As Dubai’s leading
provider of paid parking services,
Parkin is poised to capitalise on the
city’s expanding population, evident
from the 63% surge in residency visas
issued in the first half of 2023.
Abu Dhabi Extends
10% Tourism Tax
Waiver for Events
The Department of Culture and
Tourism – Abu Dhabi (DCT
Abu Dhabi) has extended the
waiver on fees related to event ticket
issuance, distribution, and marketing
in the emirate until December 31.
This move aims to increase growth in
the tourism sector. Event organisers
will benefit from a waiver of the 10%
tourism fee on ticket sales during this
period. Saleh Mohammed Al Geziry,
director general of Tourism at DCT
Abu Dhabi, highlighted the importance
of events in attracting visitors to the
capital city, emphasising the diverse
range of year-round events available.
While enjoying the fee waiver, organisers
must adhere to regulations by
securing event licences through the
Abu Dhabi Events Licencing System
and complying with financial reporting
requirements. These initiatives align
with efforts to enhance Abu Dhabi’s
tourism and events industry.
UAE, Russia, Saudi Arabia Boost Indian Engineering
Goods Exports
Despite an overall decline in goods
exports, engineering goods
exports from India witnessed
a 1.23% year-on-year growth, reaching
$98.03B in April-February 2023-24. Notably,
there was a significant increase
in exports to Russia, the UAE, and
Australia. However, exports to key
markets like the US and China saw
a decline during the eleven months,
according to an analysis by EEPC
India. In February 2024 alone, engineering
exports surged by 15.9%, hitting
$9.94B, marking the highest growth
rate for fiscal year 2023-24. Although
exports to the US decreased by 7% to
$15.95B, it remained the top destination.
Meanwhile, engineering exports
to the UAE soared by 16%, reaching
$5.22B, making it the second-largest
The fee waiver for commercial
licences on Al Reem Island until
October 31, as announced by the
Abu Dhabi Global Market (ADGM),
represents a significant boon for businesses,
particularly those in the non-financial
and retail sectors. This move,
formulated following extensive focus
group sessions aimed at understanding
the unique needs and hurdles faced by
local enterprises, underscores ADGM’s
unwavering dedication to bolstering
Abu Dhabi’s economic framework.
market for India, followed by Saudi
Arabia with a 75% spike to $4.62B in
April-February 2023-24.
Abu Dhabi Waives Commercial Licence Fees for
Select Businesses
Hamad Sayah Al Mazrouei, ADGM
Registration Authority’s CEO, reiterated
the pivotal role of this initiative in
ensuring a seamless transition for businesses
migrating from the Abu Dhabi
Department of Economic Development
(ADDED) to ADGM. With the elimination
of licensing fees, ADGM seeks to
empower businesses to operate within
its jurisdiction with efficiency, thereby
aligning with its broader mission of
nurturing the growth and prosperity
of local ventures.
24 www.thefinanceworld.com May 2024

Dubai Plans IPO for UAE Builder ALEC Engineering
UAE’s renowned construction
firm, ALEC Engineering & Contracting,
is reportedly contemplating
an initial public offering (IPO)
and subsequent listing on the stock
market, marking a potential milestone
in its trajectory. Bloomberg’s sources
familiar with the matter revealed that
discussions regarding this strategic
move have been initiated by the statebacked
Investment Corporation of Dubai
(ICD), the entity overseeing ALEC. As
part of ICD’s extensive portfolio, ALEC
could soon join the ranks of Dubai’s
companies venturing into the public
market domain. While key details, including
the magnitude and timing of
the offering, remain undisclosed, the
deliberations within ICD are ongoing.
Notably, ALEC was acquired by ICD
from the Al Jaber Group in 2017 and
has garnered a reputation for delivering
exemplary projects across various
sectors, including hospitality, leisure,
retail, airports, and residential, and
commercial developments, as highlighted
on its website.
UAE’s E& Proposes
New Incremental
Dividend Policy
The board of directors of e&,
formerly known as Etisalat has
introduced a comprehensive
new dividend policy aimed at enhancing
shareholder value and stability.
This proposed policy outlines a “progressive”
dividend per share (DPS)
structure, coupled with a firm commitment
to maintaining a minimum
DPS of AED 0.80 ($0.2) through the
years leading up to 2026. As part of
this initiative, e& plans to implement
incremental increases of AED 0.03 (3
fils) per share annually for the fiscal
years 2024, 2025, and 2026, resulting in
anticipated DPS figures of AED 0.83,
AED 0.86, and AED 0.89, respectively.
Furthermore, the company pledges
to uphold a minimum DPS of 80 fils
(AED 0.80) throughout this policy.
This proposal is subject to shareholder
approval at an upcoming meeting. The
announcement comes on the heels of
e&’s recent financial report, which
showcased a 3% increase in net profit
for the full year 2023, amounting to
AED 10.3B.
32% of SMEs Attracted by Dubai Chamber in
2023 from Middle East & Eurasia
In 2023, Dubai International Chamber,
a part of Dubai Chambers, attracted
32% of SMEs from the Middle East
and Eurasia, with Asia and Australia
Saudi Arabia’s leading steel pipes manufacturer,
East Pipes, has clinched a
lucrative contract worth SAR 230M
($61.3M) with the kingdom’s foremost
desalinated water producer, Saline Water
Conversion Corporation (SWCC). The
contract, spanning 2.5 years, entails the
manufacturing and supply of steel pipes
to SWCC, as disclosed on the Saudi Stock
Exchange (Tadawul) on Monday. SWCC,
boasting a colossal production capacity
of 11.5 million cubic metres per day, holds
the prestigious title of the world’s largest
producer of desalinated water. East Pipes
anticipates the contract’s financial impact
to be reflected in its forthcoming financial
statements. SWCC, a vital government
close behind at 29%. This influx underscores
Dubai’s role as a global trade and
investment hub. The chamber’s network
of international offices facilitated the
attraction of SMEs from diverse markets.
Latin America and Europe contributed
26%, while African markets represented
13%. Notably, 17% of these SMEs operated
in trade and logistics, with 13% in IT,
focusing on areas like AI and blockchain.
Food and agriculture comprised 10%, followed
by healthcare/pharmaceuticals at
9%. Financial services, real estate, retail,
fashion, travel, hospitality, and tourism
contributed significantly. Mohammad
Ali Rashed Lootah, President and CEO
of Dubai Chambers, highlighted Dubai’s
appeal for high-value investments, crediting
its leadership, business environment,
legislation, and investment opportunities.
Saudi’s East Pipes Secures $61M Deal with SWCC,
Desalinated Water Supplier
entity tasked with water supply across
the kingdom, operates a vast network
comprising over 33 desalination plants
and 139 purification facilities nationwide.
May 2024 www.thefinanceworld.com 25

Cover Story
OVER
S
Breaking Norms:
Impactful Startups that Redefined Industries
26 www.thefinanceworld.com May 2024

Introducing this month’s cover story featuring a lineup
of the most impactful startups, carefully curated based on
their innovation, remarkable growth, substantial funding,
and significant social impact. Each of these startups has
received no less than USD 35 million in funding, demonstrating
investor confidence in their potential to drive
change and disrupt industries. It’s important to note that
these startups are organised alphabetically, with none given
a rank, emphasising their equal importance in shaping the
entrepreneurial landscape.
In the selection process, priority was given to startups
that have demonstrated innovation in their respective
fields and made tangible contributions to society through
their products, services, or initiatives. While revenue is
often a crucial factor in evaluating a startup’s success,
the focus was placed on other criteria due to a lack of
available information.
From fintech to proptech, healthtech to immersive entertainment,
these startups are at the forefront of driving
change and pushing the boundaries of what’s possible in
the startup ecosystem.
TORY
May 2024 www.thefinanceworld.com 27

Cover Story
Breaking Norms:
Impactful Startups that Redefined Industries
Talal Bayaa
Chief Executive Officer
Bayzat
Leading Bayzat is Talal Bayaa, who serves as the
CEO and co-founder, driving forward an innovative
approach to insurance and HR solutions. Established
in April 2013, Bayzat has emerged as a groundbreaking
technology startup in the UAE, offering businesses access
to cutting-edge insurance and HR platforms. Notably,
Bayzat became the first one-stop-shop providing real-time
comparisons of health insurance rates in the UAE, marking
a significant milestone in the industry’s evolution.
The startup’s innovative approach attracted the attention
of investors early on, securing support from the
UAE finance ministry fund. Furthermore, Bayzat has seen
substantial funding, with a $25 million Series C round
led by DisruptAD alongside Ischyros New York, pushing
its total raised capital beyond $60 million. This strong
financial backing underscores the confidence investors
have in Bayzat’s potential to disrupt and revolutionise the
insurance and HR sectors.
Bayzat’s growth trajectory has been nothing short of
remarkable, boasting over 100% annual growth and expanding
its workforce to nearly 350 employees across the GCC
region. Its client portfolio includes renowned companies
such as Deliveroo, Zomato, Saudi Icon, Grant Thornton,
Eyewa, and The Giving Movement. The platform’s online
HRMS solution witnesses more than 2 million employee
logins per month, a testament to its widespread adoption
and utility in the market.
Beyond its commercial success, Bayzat is deeply committed
to social impact. Recently, the company unveiled
plans to launch a wellness hub mobile app targeting Saudi
Arabia’s workforce, aiming to enhance employee well-being
and productivity. This initiative reflects Bayzat’s dedication
to leveraging technology for positive social change and
community development.
Through Bayzat’s comprehensive suite of services, employers
can empower their workforce with a wide range of
benefits, including health coverage, mental health support,
fitness challenges, and access to an online pharmacy. By
prioritising employee well-being and streamlining insurance
and HR processes, Bayzat continues to solidify its
position as a transformative force in the UAE’s startup
landscape, poised to shape the future of insurance and
HR solutions in the region and beyond.
Bayzat’s innovative solutions, coupled with its estimated
revenue of around $63 million, underscore its position as
an impactful startup poised to revolutionise the insurance
and HR sectors in the UAE and beyond. With a rapidly
growing workforce and a track record of exponential
growth, Bayzat is reshaping the landscape of insurance
and HR services, setting new standards for efficiency and
effectiveness. Its commitment to technological advancement
and customer-centric approach solidifies its status as
a frontrunner in the industry, driving meaningful change
and empowerment in workplaces across the region.
28 www.thefinanceworld.com May 2024

Cover Story
Breaking Norms:
Impactful Startups that Redefined Industries
Ola Doudin
CEO and Co-Founder
Bit Oasis
Leading BitOasis is Ola Doudin, the co-founder, and
CEO, championing a vision of accessible and secure
cryptocurrency services. Established in 2015 and
headquartered in the UAE, BitOasis has emerged as one
of the largest and most trusted cryptocurrency platforms
in the MENA region. It stands out as a hub of innovation,
actively promoting cryptocurrency adoption among newcomers
and seasoned traders alike.
BitOasis prides itself on offering a secure and regulated
infrastructure for cryptocurrency trading, catering to retail
and institutional clients alike. With a diverse portfolio of
over sixty digital assets, the platform provides users with
the opportunity to buy, sell, and trade cryptocurrency using
local currencies such as the UAE Dirham and Saudi Riyal.
Operating across fourteen countries, including the UAE,
Saudi Arabia, Bahrain, and Egypt, BitOasis has established
itself as a leading player in the region’s cryptocurrency
ecosystem. Its suite of products, ranging from Lite to
VIP accounts, caters to the diverse needs of its growing
user base.
BitOasis offers a suite of products designed to meet
the diverse needs of its expanding user base. The Lite
account provides a user-friendly interface and basic features
tailored for beginners venturing into cryptocurrency
trading. For experienced traders, the Pro account offers
advanced tools and functionalities to facilitate seamless
transactions. High-net-worth individuals and institutional
clients can benefit from the VIP account, which provides
exclusive benefits, personalised services, and priority
support.
BitOasis also caters to high-volume traders through
its OTC desk, offering solutions outside public exchanges.
Additionally, the platform provides API access for
developers and institutional clients, enabling effortless
integration of cryptocurrency trading functionalities into
external platforms and applications.
The startup’s journey has been marked by significant milestones
and achievements. In 2022, BitOasis made headlines
with a trade volume exceeding $4 billion, underscoring its
growing influence in the global cryptocurrency market.
Furthermore, a strategic partnership with Mastercard
paved the way for the launch of crypto card programs,
enabling smooth cryptocurrency transactions at points
of sale and across e-commerce platforms in the region.
In 2023, BitOasis achieved another milestone by obtaining
the first broker-dealer minimum viable product operational
licence from Dubai’s crypto regulator, reaffirming its
commitment to regulatory compliance and transparency.
Beyond financial success, BitOasis is dedicated to
driving social impact in the region. Through partnerships
with entities like MBC Group, it has launched crypto educational
initiatives aimed at promoting awareness and
understanding of cryptocurrencies across the MENA region.
As it continues to expand its offerings and reach, BitOasis
remains steadfast in its mission to make cryptocurrency
accessible, secure, and impactful for all.
May 2024 www.thefinanceworld.com 29

Cover Story
Breaking Norms:
Impactful Startups that Redefined Industries
Mudassir Sheikha
CEO and Co-Founder
Careem
Founded in 2012 by Mudassir Sheikha, Abdulla
Elyas, and Magnus Olsson, Careem has become
synonymous with innovation and convenience in
the greater Middle East. The company’s mission to build
‘the everything app,’ simplifying daily tasks such as transportation,
food delivery, grocery shopping, and payments,
underscores Careem’s commitment to enhancing lives and
inspiring through innovation, leaving an indelible mark
since its inception.
Careem’s impact is evident in its numbers: it has created
earnings opportunities for over 2.5 million Captains and
improved the lives of more than 50 million customers.
Operating in over 70 cities across 10 countries, from
Morocco to Pakistan, Careem has established itself as a
cornerstone of everyday life in the region.
In 2019, Careem’s journey took a significant turn when
it was acquired by Uber for USD 3.1 billion, solidifying its
status as the largest unicorn in the Middle East and opening
doors for startups in the region. This acquisition not
only injected fresh talent into Careem but also provided
access to new growth opportunities.
With the recent $400 million investment from global
technology investor e&, Careem is poised to explore
synergies and scale its Super App across key markets.
This strategic partnership, combined with Uber’s backing,
positions Careem to lead in category-defining verticals
and further expand its offerings.
In a bid to enhance financial inclusion, Careem Pay, the
digital wallet and fintech platform within the Careem Super
App, has expanded its international remittance services,
including ‘Faster Payments’ to the United Kingdom for
UAE residents.
Beyond business success, Careem remains committed
to social impact and sustainability. The introduction of the
‘Right Click’ brand signifies a new era of conscious giving,
integrating evolved donation features across Careem’s
services. Additionally, Careem’s eco-friendly car rides in
Dubai have offset more than 200 tonnes of CO2e since
its launch, underscoring its dedication to environmental
sustainability.
With a revenue of $336.1 million, Careem continues
to innovate and expand its reach, remaining steadfast in
its mission to simplify lives, empower communities, and
drive positive change across the Middle East and beyond.
Careem’s multifaceted approach to financial inclusion,
social impact, and environmental sustainability,
combined with its significant revenue growth, solidifies
its status as a profoundly impactful startup, poised to
continue leading positive change across the Middle East
and beyond, inspiring innovation and transformation in
the global landscape.
30 www.thefinanceworld.com May 2024

Cover Story
Breaking Norms:
Impactful Startups that Redefined Industries
Vilhelm Hedberg
Ekar
Founder
Founded in 2016 by Vilhelm Hedberg, ekar is a UAEbased
pioneer in personal mobility systems. The
platform offers convenient access to a comprehensive
network of carshare and subscription leasing vehicles,
alongside other innovative mobility solutions such as
peer-to-peer rentals. With a presence across nine cities
in Saudi Arabia and the UAE, ekar boasts a fleet of 3,000
vehicles serving over 350,000 users, with an impressive
1.75 million bookings facilitated by November 2022.
One of the standout features of ekar is its commitment
to customer satisfaction and convenience. With no deposit
required for car rental, users can quickly access vehicles
and hit the road without any hassle. The platform also
provides 24/7 roadside assistance, ensuring peace of mind
for users wherever their journey takes them. All ekars are
meticulously maintained to ensure maximum comfort and
safety, with transparent pricing and convenient booking
options further enhancing the user experience.
In September 2023, ekar introduced contactless vehicle
rentals in Saudi Arabia, marking a significant milestone
in its expansion efforts. The launch of this feature underscores
ekar’s dedication to leveraging technology to
enhance convenience and safety for its users. Additionally,
in 2021, ekar pioneered a car subscription service in Saudi
Arabia, offering users flexible and hassle-free mobility
solutions tailored to their needs.
Utilising cutting-edge AI technology, ekar effectively
manages vehicle locations and availability, optimising the
user experience by minimising the distance customers
need to travel to access a car. Moreover, the platform
has collaborated with industry-leading companies such
as Talabat, ENBD, ADCB, Saudi Aramco, Etihad Airways,
and Emirates Airlines, as well as prominent car rental
and leasing companies in the GCC, further solidifying its
position as a key player in the region’s mobility sector.
ekar has garnered substantial funding, totalling $45
million, underscoring investor confidence in its innovative
approach to personal mobility solutions. This financial
backing has enabled the startup to expand its operations,
enhance its technological infrastructure, and solidify its
presence in the UAE’s competitive market.
As an impactful startup in the UAE, ekar’s disruptive
model has revolutionised how individuals access transportation,
offering convenient and affordable options while
addressing the evolving needs of modern urban lifestyles.
With its commitment to seamless mobility experiences
and forward-thinking initiatives, ekar continues to drive
positive change in the transportation sector, shaping the
future of urban mobility in the region.
May 2024 www.thefinanceworld.com 31

Cover Story
Breaking Norms:
Impactful Startups that Redefined Industries
Jad Antoun
CEO and Co-Founder
Huspy
Huspy, a prop-tech startup founded in 2020 by Jad
Antoun and Khalid Ashmawy, has quickly emerged
as a prominent player in the UAE’s real estate
landscape. Through its innovative platform, Huspy offers
a smooth and comprehensive solution for individuals
looking to purchase homes.
With a vast network of over 1,400 agents and 250 agencies
across the UAE, Huspy has successfully streamlined the
home buying process, from property search to financing
and closing deals. This extensive network, combined with
Huspy’s user-friendly interface and advanced technology,
has contributed to its rapid growth and widespread
adoption among home buyers.
In November 2023, Huspy achieved a significant milestone
by processing a record-breaking more than AED 1 billion
in mortgages. This accomplishment not only highlights the
platform’s robust performance but also underscores its
pivotal role in facilitating home ownership for thousands
of individuals in the UAE. Furthermore, Huspy’s commitment
to affordability and accessibility was reaffirmed in
March 2024 with the announcement of mortgages below
the UAE EIBOR rate. By offering competitive rates as low
as 3.85% over a fixed 3-year term, Huspy is empowering
more people to realise their dreams of owning a home.
Beyond its financial achievements, Huspy is driven
by a broader mission to revolutionise the home-buying
experience. By leveraging technology and industry expertise,
the startup aims to eliminate the traditional complexities
and inefficiencies associated with real estate
transactions. Through its transparent pricing, convenient
booking options, and 24/7 customer support, Huspy is reshaping
the way people perceive and engage with the real
estate market. With a focus on simplicity, transparency,
and customer satisfaction, Huspy is not just a proptech
platform but a catalyst for positive change in the UAE’s
real estate industry.
Huspy’s remarkable journey, backed by $45 million
in funding, underscores its position as a transformative
force in the UAE’s real estate sector. With its innovative
solutions, record-breaking achievements, and commitment
to affordability and accessibility, Huspy is not only reshaping
the home-buying experience but also paving the way
for a more inclusive and equitable housing market in the
UAE. With each milestone achieved, Huspy reaffirms its
commitment to empowering individuals and democratising
homeownership opportunities for all segments of society.
Its relentless pursuit of excellence and its focus on leveraging
technology to streamline the property acquisition
process have set new benchmarks within the industry.
As it continues to expand its reach and impact, Huspy
remains steadfast in its mission to empower individuals
and make the dream of homeownership a reality for all.
32 www.thefinanceworld.com May 2024

Cover Story
Breaking Norms:
Impactful Startups that Redefined Industries
Mohamad Ballout
CEO and Co-Founder
Kitopi
In January 2018, Mohamad Ballout, alongside his partners
Saman Darkan, Bader Ataya, and Andy Arenas,
embarked on a mission to revolutionise the culinary
world. Their collective vision, Kitopi, emerged not just
as a startup but as a pioneering force in food technology.
Today, it holds the title of the world’s premier managed
cloud kitchen platform, a testament to the founders’ visionary
leadership and dedication to excellence.
In May 2022, Kitopi expanded its Series C round by
securing an additional $300 million, resulting in a total
round size of $715 million. This milestone propelled Kitopi’s
post-investment valuation to $1.55 billion, firmly
establishing it as a unicorn.
Kitopi’s journey to global recognition has been marked
by innovation, adaptability, and a firm dedication to
creating impact. By leveraging cutting-edge proprietary
technology, the company revolutionised kitchen operations,
effectively managing multiple brands in a single space.
This innovation streamlined processes and facilitated
direct consumer delivery, reshaping the conventional
culinary landscape.
Recognising the struggles of F&B businesses, the company
diversified its investments, evolving into a tech-powered
multi-brand restaurant. Today, Kitopi’s reach spans eight
countries, with over 200 locations across 12 cities, offering
a diverse portfolio of 100+ brands.
The foundational success of Kitop lies in its commitment
to innovation, epitomised by the Smart Kitchen Operating
System (SKOS). This suite of proprietary applications
optimises kitchen operations in real time, setting new
standards for culinary excellence.
Yet, Kitopi’s impact extends far beyond commercial
success. The company’s dedication to social responsibility
is evident in its strategic partnerships and sustainability
initiatives. Collaborations with industry leaders like Careem
and Fresh on Table demonstrate its commitment to
driving positive change.
In a partnership with Careem, Kitopi empowered customers
by offering them a chance to win rent coverage for
a year, easing financial burdens and fostering community
well-being. Furthermore, its collaboration with Fresh on
Table, an agritech platform for local ingredients, not only
promotes sustainability but also contributes to reducing
CO2 emissions, marking a significant milestone in environmental
stewardship.
As Kitopi continues to reach new heights, its influence
transcends borders, bridging cultural and geographical
divides. With an impressive annual revenue of $106.8M
in 2023, the company’s success speaks volumes about
its impact.
As it continues to redefine the culinary landscape, one
kitchen at a time, Kitopi’s journey serves as an inspiration
for aspiring entrepreneurs and changemakers worldwide.
May 2024 www.thefinanceworld.com 33

Cover Story
Breaking Norms:
Impactful Startups that Redefined Industries
Omar Onsi
CEO and Founder
NymCard
Established in 2017 by Omar Onsi, NymCard has
swiftly emerged as a leading Banking-as-a-Service
(BaaS) platform, facilitating seamless card
issuance for fintechs, SMEs, and banks across the UAE,
Saudi Arabia, Egypt, and Pakistan.
With over 300 fintech partners leveraging its platform,
NymCard’s impact is evident in its recent fundraising
success, totalling $35 million, including a significant $22.5
million round in June 2022. Certified by Mastercard as a
principal issuer in the UAE, NymCard boasts high-profile
clients like Samsung, Verity, and Pluto, showcasing its
credibility and market influence.
NymCard’s comprehensive tech stack, featuring over
150 APIs, empowers businesses to launch diverse payment
solutions effortlessly, from prepaid cards to multi-currency
offerings and Buy Now Pay Later (BNPL) solutions. Its
modular approach offers unparalleled flexibility, allowing
customisation to meet unique business needs. The
platform’s integration simplicity via flexible APIs and
webhooks streamline the adoption process, whether for
businesses or consumers, driving innovation and growth
across various sectors.
In addition to its core offerings, NymCard’s strategic
acquisitions and partnerships underscore its commitment
to innovation and market expansion. The recent acquisition
of Spotii, a buy now pay later startup, enhances NymCard’s
product portfolio, offering clients credit-on-demand
solutions. Collaborations with CWallet and participation
in Visa’s Ready to Launch program further solidify Nym-
Card’s position as a leader in payment solutions across
the MENA region.
As the only MENA-based provider regulated by the
Central Bank of the UAE and a principal member of both
Visa and Mastercard, NymCard continues to empower
businesses of all sizes to launch cutting-edge payment
products swiftly. Its dedication to innovation and strategic
partnerships underscores NymCard’s pivotal role
in driving financial inclusion and digital transformation
in the region.
With its aligned infrastructure, strategic partnerships,
and customer-centric approach, NymCard is poised to
continue revolutionising the banking and payments industry,
driving economic growth and fostering financial
inclusion across the Middle East and beyond.
NymCards commitment to financial inclusion makes it
an impactful startup, poised to drive positive change and
transform the banking and payments landscape across
the MENA region and beyond. By leveraging innovative
solutions and embracing diversity, NymCards is redefining
accessibility to financial services, empowering individuals,
and fostering economic growth.
34 www.thefinanceworld.com May 2024

Cover Story
Breaking Norms:
Impactful Startups that Redefined Industries
Sky Kurtz
Founder and CEO
Pure Harvest
Founded in 2017 by Sky Kurtz, Mahmoud Adi, and
Robert Kupstas, Pure Harvest Farms is at the forefront
of sustainable agriculture, designing, building,
and operating controlled-environment agriculture (CEA)
solutions to produce fruits and vegetables. In June 2022,
the company secured a significant milestone with $180.5
million in convertible funding, led by Metric Capital
Partners, IMM Investment Corp, and the Olayan Group.
Operating in the UAE and Saudi Arabia, with expansion
projects underway in Kuwait and Singapore, Pure
Harvest Farms has formed strategic alliances to expand
its footprint. Notably, the company partnered with the Al
Dahra Group, increasing its total operating capacity to
over 22 hectares. Pure Harvest Farms supplies retailers
like Carrefour, Spinney’s, and Waitrose, as well as hotels
and restaurants including the Four Seasons and the Hilton
Group. Plans for further expansion across the GCC,
Southeast Asia, and the Far East are underway.
In a move to enhance its presence in Saudi Arabia,
Pure Harvest Farms acquired Red Sea’s CEA production
facility, enhancing its farm footprint and market reach.
Moreover, the company has prioritised sustainability by
adopting Honeywell technology for its farming operations.
This ultra-low-global-warming-potential (LGWP) solution
reduces CO2 emissions and increases energy efficiency,
aligning with Pure Harvest Farms’ commitment to environmentally
responsible practices.
In addition, Pure Harvest Farms has collaborated with
Nadec in Saudi Arabia to develop more than 27 hectares
of production capacity. This partnership is expected to
provide consumers in Saudi Arabia with a diverse range
of locally sourced and sustainably grown fresh produce
throughout the year. The inaugural facility in Saudi Arabia,
managed by Pure Harvest Smart Farms, yields over
5 million kilograms annually, showcasing the remarkable
potential of tech-enabled agribusinesses to support the
Kingdom’s food security goals with consistent year-round
production.
Through a collaborative effort with Al Dahra Agriculture
and PlanTFarm, Pure Harvest Farms is spearheading an
impactful initiative aimed at revolutionising the agricultural
landscape. By introducing an innovative, low-cost
vertical farming solution for animal feed production,
the project promises not only to enhance agricultural
sustainability but also to address pressing environmental
concerns. Research and development trials conducted
in Korea have yielded promising results, showcasing a
potential reduction of up to 95% in water usage compared
to conventional methods. Additionally, the initiative offers
significant nutritional advantages over imported feeds,
contributing to improved livestock health and well-being.
With a total funding of $387 million until 2022, Pure
Harvest Farms continues to lead the way in sustainable
agriculture, leveraging technology and strategic partnerships
to drive positive impact in the UAE’s farming
industry and beyond
May 2024 www.thefinanceworld.com 35

Cover Story
Breaking Norms:
Impactful Startups that Redefined Industries
Hosam Arab
Co-Founder and CEO
Tabby
Established in 2019 in the UAE by Hosam Arab and
Daniil Barkalov, Tabby has swiftly emerged as a
leading player in the buy now pay later (BNPL)
fintech space, boasting an annualised transaction volume
exceeding $6 billion. With a mission to reduce reliance on
cash payments and reshape consumer behaviour, Tabby
has forged strategic partnerships with industry giants
like Visa and the Majid Al Futtaim Group, facilitating a
significant shift towards online transactions among both
merchants and customers.
Tabby’s innovative approach empowers users to shop,
earn, and save with financial freedom, transforming their
relationship with money. With over 11 million users, Tabby
enables individuals to maintain control over their spending
while maximising their financial resources.
The platform’s appeal extends to both global brands and
small businesses, with over 40,000 merchants leveraging
Tabby’s technology to accelerate growth and cultivate loyal
customer bases. Notable partners include SHEIN, Amazon,
Adidas, IKEA, H&M, Samsung, and Noon. Operating in
Saudi Arabia, UAE, and Kuwait, Tabby has been valued
at $1.5 billion in its most recent funding round, attracting
investments from prominent firms such as Wellington
Management, STV, Mubadala Investment Capital, PayPal
Ventures, Arbor Ventures, and Bluepool.
In response to evolving consumer preferences, Tabby
recently introduced Tabby+, a subscription service offering
flexible payment options to shoppers using the Tabby Card.
Unlike traditional credit cards with high APRs, Tabby+
operates on a transparent pricing model, charging a flat
fee of AED 49 per month, with the first month free for new
users. Customers opting out of Tabby+ can continue to
enjoy free in-store purchases within the partner network,
accessible via the Tabby app.
Regarding funding, Tabby has secured substantial investments,
including $200 million in Series D equity financing,
valuing the company at $1.5 billion. Additionally, Tabby
obtained up to $700 million in receivables securitisation
from J.P. Morgan, marking the largest asset-backed facility
secured by a fintech company in the MENA region.
The company further expanded its debt facility to $350
million through a new financing round led by Partners
for Growth (PFG), Atalaya Capital Management, and
CoVenture, underscoring investor confidence in Tabby’s
growth trajectory and market potential.
Tabby’s transformative approach to retail finance,
coupled with its substantial funding and rapid expansion,
solidifies its position as a highly impactful startup in the
UAE, positioned to revolutionise the way consumers
shop, businesses grow, and financial transactions are
conducted in the region.
36 www.thefinanceworld.com May 2024

Cover Story
Breaking Norms:
Impactful Startups that Redefined Industries
Khaled Zaatarah
Co-Founder
Vuz
Founded in 2017 by Khaled Zaatarah, Vuz (formerly
known as 360VUZ) is an immersive social video mobile
app, offering users an unparalleled experience
in the realms of Extended Reality (XR) and the metaverse.
With its innovative platform, Vuz enables users to stream
and immerse themselves in a diverse range of content,
including entertainment, creators, sports segments, and
XR, VR, and AR experiences.
With an extensive library surpassing 20,000 hours of
exclusive content, Vuz has captured widespread acclaim,
amassing over a billion screen views on its extended
reality platform.
At the core of Vuz’s mission is a dedication to building
a hyperconnected product that not only entertains but
also empowers and transports users into new realms of
possibility. By removing barriers to immersive experiences
and technology, Vuz aims to democratise access to cutting-edge
technology, providing users with the power to
explore, create, and engage with content on their terms.
Through its platform, users have the freedom to choose
what to see, when to see it, and how to see it, unlocking
new dimensions of entertainment and connectivity.
Vuz has strategically leveraged partnerships to expand
its immersive experiences and reach. In February 2023, the
app forged a significant collaboration with MBC GROUP,
the largest media company in the Middle East and North
Africa (MENA). This partnership aimed to enrich Vuz’s
video library and XR experiences, enhancing its offering
to users across the region. Such alliances bolster Vuz’s
position as a leading immersive content platform, providing
users with unparalleled access to a diverse range of
high-quality content.
Moreover, in December 2023, Vuz announced a groundbreaking
partnership with LALIGA, the premier Spanish
football league, marking another milestone in its journey.
As the exclusive official immersive content partner of
LALIGA in the MENA region for the next three years, Vuz
offers football fans an unmatched and interactive experience.
This collaboration underscores Vuz’s commitment
to delivering innovative and engaging content, bringing
fans closer to their favourite sports like never before.
In addition to its partnerships, Vuz’s introduction of Vuz
on the App Store for Apple Vision Pro further solidifies its
foothold in the immersive technology space. By making its
app available on Apple’s advanced platform, Vuz expands
its reach to a broader audience of users seeking immersive
experiences. This move highlights Vuz’s dedication
to embracing cutting-edge technology and platforms to
enhance user engagement and satisfaction.
The company’s commitment to excellence has earned
it accolades such as the “Top Media Company” Award,
recognising its contribution to the immersive content
landscape. Set to revolutionise the immersive entertainment
landscape, Vuz harnesses innovative partnerships,
cutting-edge VR technology, and a steadfast commitment
to delivering high-quality content, making it a driving
force in shaping the future of digital experiences globally.
May 2024 www.thefinanceworld.com 37

Nothing Ear
Nothing, a London-based tech
company, has introduced two
new AI-enabled wireless earbuds:
the Nothing Ear and Nothing Ear (a).
These earbuds integrate with the latest
technology offerings, including the
innovative Nothing OS and ChatGPT.
With the Nothing OS installed on
compatible devices, users can effortlessly
access advanced features such
as “pinch-to-speak” directly from the
earbuds, connecting to the world’s most
popular consumer AI tool.
Nothing Ear wireless earbuds offer
a compelling blend of design, comfort,
and functionality. Designed with versatility
in mind, these earbuds come with
three sizes of ear tips to accommodate
various ear sizes, ensuring a snug fit
for most users. The medium-sized ear
tips, which come pre-installed, are
suitable for average ear sizes, providing
a comfortable and secure fit.
Despite sporting a slightly less powerful
chipset compared to its counterpart, the
Nothing Ear maintains an impressive
level of noise cancelling, along with
high-quality sound reproduction. The
custom 11-mm dynamic driver delivers
crisp, clear, and dynamic audio performance
across various genres, with
a neutral sound signature that allows
for an authentic listening experience.
One noteworthy feature of the Nothing
Ear is its advanced touch controls,
which allow for intuitive operation
through simple squeezes on the stem of
the earbuds. This feature adds convenience,
enabling users to easily control
playback and toggle transparency mode
for quick environmental awareness.
Setting up the Nothing Ear is a hassle-free
process, akin to the simplicity
of AirPods. Upon opening the case, the
earbuds swiftly pair with compatible
devices, facilitating seamless connectivity.
Additionally, the accompanying
Nothing app enhances functionality
by offering EQ settings and other
advanced features for personalised
audio experiences.
In terms of noise reduction, Nothing
Ear excels in attenuating ambient
sounds, providing an immersive listening
environment even in noisy surroundings
such as gyms or bustling streets.
Moreover, Nothing Ear prioritises
comfort and durability, featuring a dual
chamber design with improved airflow
for clearer sound reproduction. The
inclusion of Clear Voice Technology
and a redesigned talk mic ensures
optimal call quality, minimising background
noise and wind interference
for seamless communication.
With its ergonomic design, advanced
features, and reliable performance, the
Nothing Ear stands as a competitive
option in the wireless earbuds market.
Whether for everyday listening or travel,
these earbuds offer a compelling
balance of comfort, functionality, and
audio quality, making them a worthy
consideration for discerning consumers.
38 www.thefinanceworld.com May 2024

Wheels
Lexus RZ450e
The 2024 Lexus RZ marks a
significant departure for the
luxury brand, being its first foray
into the world of electric vehicles (EVs).
Upholding the signature comfort and
refinement that Lexus is renowned
for, the RZ introduces an electrifying
twist to the brand’s lineup, offering a
plush driving experience coupled with
eco-conscious technology.
Available in two variants, the RZ300e
and the RZ450e, the lineup presents
options catering to various preferences
and driving needs. The RZ450e boasts a
dual-motor setup delivering 308 horses
to all four wheels, ensuring spirited
acceleration and enhanced traction.
Inside the RZ, a blend of sophistication
and simplicity greets occupants,
with premium materials adorning
the cabin and a focus on intuitive
technology integration. The centrepiece
is a generous 14.0-inch touchscreen
display, offering seamless access to
infotainment features and connectivity
options. While the interior exudes
luxury and spaciousness, the removal
of traditional buttons and switches
in favour of centralised controls may
take some getting used to for drivers
accustomed to a more conventional
layout.
40 www.thefinanceworld.com May 2024

Performance-wise, the RZ delivers
respectable acceleration, though it may
not match the adrenaline-inducing feats
of some competitors. With the RZ450e
reaching 60 mph in 4.6 seconds, it offers
a balance of power and efficiency, albeit
with a range that falls short compared
to some rivals in the luxury EV segment.
Speaking of range, this is where the
RZ faces some challenges. Despite
Lexus’s efforts, the real-world driving
range of the RZ450e, especially with the
larger wheels, may leave some potential
buyers wanting more, particularly for
long-distance travel.
Safety and driver-assistance features
abound in the RZ, reflecting Lexus’s
commitment to occupant protection
and peace of mind. From adaptive
cruise control to automated emergency
braking, the RZ comes equipped with a
comprehensive suite of advanced safety
technologies, ensuring confidenceinspiring
performance on the road.
In terms of pricing, the RZ presents
a competitive offering in the luxury EV
segment, with starting prices ranging
from $55,150 to $65,580 depending on
trim and options. Despite its relatively
higher starting price compared to
some rivals, the RZ positions itself as
a compelling choice for those seeking
the luxury, comfort, and environmental
consciousness synonymous with the
Lexus brand.
As Lexus embarks on its electric
journey with the RZ, it represents a
bold step forward in the evolution of
luxury mobility, marrying traditional
elegance with sustainable innovation.
While facing challenges in range and
performance, the RZ embodies Lexus’s
commitment to delivering exceptional
driving experiences while embracing
the electrified future.
May 2024 www.thefinanceworld.com 41

Energy News
Positive Zero, Tamimi Energy Partner for Saudi Clean Energy Growth
Positive Zero, a key provider of
decentralised energy solutions
in the GCC, and Tamimi Energy,
a prominent player in integrated and
sustainable energy services in Saudi
Arabia, have forged a strategic alliance.
Their collaboration aims to spearhead
the development and execution of
solar power projects throughout the
kingdom. The partnership, formalised
through a signed agreement between
SirajPower, Positive Zero’s distributed
power generation arm, and Energy
Equipment Rental Company (ENERCO),
a leading power solutions provider
under Tamimi Energy, sets a flexible
framework for leveraging each other’s
expertise in solar project development.
By combining their diverse capabilities,
the two entities seek to accelerate the
expansion of Saudi Arabia’s clean energy
market. SirajPower and ENERCO
will deploy human resources, equipment,
technology, and other essential
resources to drive the success of joint
commercial and industrial solar power
initiatives nationwide.
TAQA and JERA Partner
to Build Power Plant
for Saudi Aramco
Abu Dhabi National Energy Company,
known as TAQA, and Japan’s
JERA have inked a deal with a
Saudi Aramco joint venture to construct
a power and steam generation facility in
Saudi Arabia. Set to go online in 2027,
the plant will deliver 475 megawatts
of power and 452 tonnes per hour of
steam to the upcoming $11B Amiral
petrochemical complex in Jubail, Eastern
Province. The complex, featuring one
of the GCC’s largest mixed-load steam
crackers, is intricately linked with the
existing Saudi Aramco Total Refining
and Petrochemical (Satorp) refinery in
Jubail, operated jointly with France’s
TotalEnergies. TAQA’s CEO, Farid Al
Awlaqi, emphasised the project’s role
in reducing carbon emissions and supporting
Satorp’s decarbonisation agenda,
positioning it as a cornerstone of TAQA’s
growth strategy and 2030 objectives.
UAE and South Korea Forge Energy and
Investment Alliances
During the esteemed Investopia
2024 event hosted in Abu Dhabi,
the United Arab Emirates (UAE)
and the Republic of South Korea solidified
their enduring partnership with
the signing of two groundbreaking
memorandums of understanding
(MOUs). These significant agreements
serve as a testament to the unwavering
commitment of both nations to deepen
collaboration across a spectrum of vital
sectors, including energy, investment,
and burgeoning industries. The signing
of these MOUs represents a pivotal
milestone in the bilateral relationship,
laying the foundation for strengthened
cooperation and mutual prosperity in
key areas of economic development.
At Investopia 2024, these landmark
signings symbolise the united vision
shared by the UAE and South Korea,
as they endeavour to cultivate greater
synergy and seize opportunities for
advancement and innovation on the
global stage.
DEWA Shareholders Approve $844.1M Dividends
for H2-23
The general assembly of Dubai
Electricity and Water Authority
(DEWA) has given its resounding
approval for the disbursement of
AED 3.10B, which translates to an
allocation of 6.20 fils per share, for
the second half (H2) of 2023. This
significant decision, ratified during the
assembly meeting, is poised to benefit
eligible shareholders who can anticipate
receiving their dividends in April
2024, following the details outlined in
a recent bourse filing. In addition to
this substantial announcement, DE-
WA’s shareholders have also formally
endorsed the allocation of AED 3.10B
in interim cash dividends for H1-2023,
which were successfully distributed on
10 August 2023. Furthermore, demonstrating
foresight and confidence in
the organisation’s future performance,
shareholders have conferred authority
upon DEWA’s board to execute a cash
dividend of AED 3.10B for H1-24, expected
to materialise in October 2024.
42 www.thefinanceworld.com May 2024

QatarEnergy Inks Time Charter Deals with Nakilat for 25 LNG Vessels
Qatar Energy has finalised
time-charter party (TCP) agreements
with Qatar Gas Transport
Company Limited (Nakilat) for the
operation of 25 conventional-size
LNG vessels, marking a significant
milestone in QatarEnergy’s ambitious
LNG Fleet Expansion Program. The
agreements, signed by His Excellency
Mr Saad Sherida Al-Kaabi, the Minister
of State for Energy Affairs and CEO of
QatarEnergy, alongside Mr Abdullah
Al Sulaiti, CEO of Nakilat, solidify the
partnership in a special ceremony held
at QatarEnergy’s headquarters in Doha.
Seventeen of the vessels are under
construction at Hyundai Heavy Industries
(HHI) shipyards in South Korea,
with the remaining eight at Hanwha
Ocean shipyards. This move underscores
QatarEnergy’s commitment to
sustainable energy development and
further strengthens Nakilat’s position
as a leading LNG shipping and maritime
company, contributing significantly to
Qatar’s national economy.
DEWA Stresses Commitment to Reliable Energy
and Water Services
DEWA, Dubai’s Electricity and Water
Authority, remains steadfast
in its mission to deliver dependable
energy and water services, ensuring
the well-being of all Dubai residents.
This commitment aligns with Goal 6
of the UN Sustainable Development
Goals 2030, focusing on universal
access to clean water and sanitation.
With an advanced infrastructure, DEWA
meets the growing demand for energy
in Dubai, projected to rise by 6.3% in
2023. Notably, DEWA’s performance
surpasses major utilities in Europe
and the USA, boasting minimal line
losses and the world’s lowest electricity
Customer Minutes Lost (CML) per year.
Through pioneering projects like the
Mohammed bin Rashid Al Maktoum Solar
Park and energy storage initiatives,
DEWA continues to lead in renewable
energy integration and infrastructure
development, ensuring Dubai’s energy
security and sustainability.
Solomon Islands National University and UAE
Explore Clean Energy Collaboration
The Solomon Islands National
University (SINU) is embarking
on a journey towards sustainable
development through collaborative
efforts with the United Arab Emirates
(UAE). Recently, SINU’s Vice Chancellor,
Professor Transform Aqorau, and
executive management met with His
Excellency Omar Shehadeh, the Envoy
of the UAE’s Minister of Foreign Affairs,
at the SINU Kukum Campus. Central to
the discussion was the exploration of
potential collaborations, with a strong
focus on sustainable development and
clean energy initiatives. Professor
Aqorau proposed the establishment
of a Center for Clean Energy at SINU,
aiming to pioneer research, education,
and partnerships in clean energy technologies.
The envisioned centre will
focus on renewable energy sources
like solar, wind, hydro, and biomass,
tailored to address the unique environmental
and societal needs of the
Solomon Islands, paving the way for
sustainable energy solutions.
ACWA Power Signs
$800M Desalination
Deal with Senegal
ACWA Power, a prominent utility
developer based in Saudi Arabia,
has embarked on a transformative
endeavour with Senegal, solidifying
its commitment to advancing sustainable
water infrastructure. The SAR 3B
($800M) agreement represents a pivotal
milestone in the collaborative efforts
between the two nations. Under the
terms of the deal, ACWA Power, partially
backed by Saudi Arabia’s sovereign
wealth fund, the Public Investment
Fund (PIF), has inked a water purchase
agreement with Senegal’s Ministry of
Water and Sanitation and Société Nationale
des Eaux du Senegal (SONES).
This landmark pact paves the way for
the construction of the Grande Côte
seawater desalination plant in Dakar,
boasting an impressive daily capacity of
400,000 cubic metres. Spearheaded by
ACWA Power, this ambitious initiative
underscores the company’s unwavering
commitment to driving sustainable
development and addressing critical
water challenges in the region.
May 2024 www.thefinanceworld.com 43

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HUAWEI nova 12 Series
Huawei’s latest announcement of
the HUAWEI nova 12 Series has
garnered attention from both
tech enthusiasts and fashion-forward
individuals. With its sleek design and
advanced technology, the nova 12 Series
aims to offer a refreshed smartphone
experience.
The hallmark of the nova series has
always been its commitment to ultra-slim
design and stylish aesthetics, and the
HUAWEI nova 12 Series continues this
tradition with finesse. With a razor-thin
profile and the iconic Star Orbit Ring
design, these smartphones exude
elegance and sophistication, making
them a statement accessory for the
modern individual.
The nova 12 Series places a strong
emphasis on innovation, especially in
the area of selfie technology. Leading the
lineup, the HUAWEI nova 12s features
a remarkable 60MP Ultra-Wide Selfie
Camera, enabling users to capture
high-quality selfies with exceptional
clarity and detail. Supported by a flexible
rear camera system, consisting of
a 50MP Ultra Vision main Camera and
an 8MP Wide Angle Macro Camera,
the nova 12s ensures that every photo
taken is of top-notch quality.
Moreover, Huawei has placed significant
emphasis on battery life and
charging capabilities. The nova 12
Series is equipped with the powerful
66W HUAWEI SuperCharge Turbo 2.0,
ensuring swift charging times and enduring
battery performance. Whether
users are travelling or in need of a fast
recharge, these smartphones provide
unmatched charging efficiency and
sustained battery longevity, seamlessly
adapting to their dynamic lifestyles.
Revolutionising the user experience
is the new EMUI 14, which offers enhanced
security, personalisation, and
efficiency. With features like Live View
and customisable Lock Screen Themes,
EMUI 14 allows users to tailor their
smartphone experience to suit their
unique preferences and style.
In addition to its impressive features,
Huawei offers comprehensive device
protection through HUAWEI Care+,
ensuring peace of mind for users. From
Accidental Damage Protection to Free
Lifetime Software Support, Huawei
goes above and beyond to ensure that
your device remains in top condition.
Overall, the HUAWEI nova 12 Series
represents a bold leap forward
in smartphone innovation, combining
style, performance, and innovation to
deliver an unparalleled user experience.
Whether you’re a fashion enthusiast, a
tech aficionado, or someone who simply
appreciates quality craftsmanship,
the nova 12 Series is sure to impress.
May 2024 www.thefinanceworld.com 45

Merger and Acquisition News
AstraZeneca Acquires Fusion to Advance Cancer Cure Efforts
AstraZeneca, a prominent pharmaceutical
company with a significant
presence in the UAE, has finalised
its acquisition of Fusion Pharmaceuticals,
a Canada-based clinical-stage biopharmaceutical
firm. Under the agreement,
AstraZeneca’s subsidiary will purchase
all outstanding shares of Fusion at $21
per share in cash at closing, along with
a contingent value right of $3 per share
upon the achievement of a specified
regulatory milestone. The upfront cash
portion of approximately $2B represents
a substantial premium to Fusion’s market
price, signalling AstraZeneca’s commitment
to advancing cancer treatment.
With Fusion’s expertise in developing
next-generation radioconjugates (RCs),
AstraZeneca aims to revolutionise cancer
therapy by offering more targeted
alternatives to traditional regimens
like chemotherapy and radiotherapy,
reinforcing its dedication to transforming
patient outcomes in oncology.
Ruder Finn Acquires
UAE-Founded Agency
Atteline
Leading global communications
agency, Ruder Finn, has announced
the acquisition of Atteline, a UAEfounded
agency based in Dubai, which
will serve as Ruder Finn’s new hub in
the Middle East. This move aligns with
Ruder Finn’s strategy of expanding its
global footprint, particularly in healthcare,
enterprise technology, reputation
management, crisis communications,
and digital ventures. Atteline, founded
in 2016 by Sophie Simpson, brings
extensive experience in publishing and
communications to the table. Sophie
will collaborate closely with Kathy
Bloomgarden, Ruder Finn’s Global CEO,
and Atul Sharma, who oversees Ruder
Finn’s Middle East Region. By establishing
a hub in Dubai, Ruder Finn aims to meet
the increasing demand for public relations,
marketing communications, digital, and
corporate reputation services in the
region, leveraging Atteline’s cultural
insights and digital expertise to enhance
client relationships and support global
growth initiatives.
Gulf Tamin Acquires 13.85% Stake in Bahrain’s
Arab Insurance Group
Gulf Tamin Ltd, led by Lepercq,
de Neuflize & Co and Callaway
Capital Management LLC, has
acquired a notable 13.85% stake in Arab
Insurance Group (ARIG). Advised by
SICO BSC (c), Trowers & Hamlins,
and Zu’bi and Partners, Gulf Tamin
Ltd has completed this significant purchase
with international shareholders.
Wissam Haddad, Head of Investment
Banking and Real Estate at SICO,
expressed enthusiasm for the collaboration,
emphasising the successful
acquisition of ARIG’s shares. Daniel
Freifeld, Director of Gulf Tamin Ltd,
voiced optimism about the investment,
highlighting plans to revitalise ARIG’s
underwriting business in Bahrain
and beyond. This acquisition marks
a strategic move for Gulf Tamin Ltd,
positioning them to play a key role
in reshaping ARIG’s operations and
presence in the insurance sector.
UAE’s Capital Markets and M&A Forum 2024
Successfully Concluded
The Capital Markets & M&A Forum
2024, hosted by ARC Group, concluded
as a pivotal event, bringing
together over 120 industry leaders to
delve into insightful discussions on financial
innovation and regional growth.
Held at the prestigious Waldorf Astoria
DIFC, Dubai, UAE, the forum served as
a platform for unveiling a transformative
partnership between ARC Group, M/HQ,
and Re/think UAE, signifying a significant
milestone in shaping the future of the
industry. Highlighting the event was a
compelling keynote address by H.E. Dr.
Ahmed Abdulrahman Albanna, emphasising
the UAE’s remarkable economic progress
and diversification efforts. Through
collaborative exploration of key financial
topics, the forum emerged as a catalyst
for fostering innovation and driving the
evolution of the financial landscape in
the dynamic Middle East region.
46 www.thefinanceworld.com May 2024

Sovereign Funds Dominate 86% of Middle East Deal Value
Sovereign wealth funds (SWFs)
are wielding significant influence
in Middle Eastern dealmaking,
accounting for over 85% of total deal
value according to experts from Bain
& Company. Tom De Waele, Grégory
Garnier, Riccardo Molinari, and Elif
Koc highlight how SWFs are reshaping
the region’s economic landscape,
particularly through diversification
away from hydrocarbons and aggressive
investments in Asia. Despite a slight
dip in deal volume and value in 2023,
SWFs, either directly or through portfolio
ADQ Invests in Plenary
Group with Stake
Acquisition
Abu Dhabi’s ADQ and Australia’s
Plenary Group announced a
collaboration to enhance public
and social infrastructure development
through strategic investments. ADQ is
set to acquire a 49% stake in Plenary,
including shares held by Canadian
pension fund Caisse de dépôt et placement
du Québec, which will maintain
its investment in Plenary’s Australian
assets and remain a major shareholder
in its Americas business. The infusion
of capital from ADQ will fuel Plenary’s
expansion plans across Australia,
the Middle East, Asia, the UK, and
Europe. Additionally, the partnership
will establish a co-investment platform
targeting public and social infrastructure
opportunities in high-growth
regions like the GCC, Middle East, and
Central Asia. This move underscores
ADQ’s commitment to infrastructure
investment, aiming to drive economic
growth locally and globally.
companies, remained the driving force
behind deal activity, representing 86%
of total deal value. These deals serve
various strategic objectives, including
sector consolidation such as Saudi
Arabia’s Public Investment Fund’s
acquisition of AlRajhi Steel and Hadeed,
and strengthening regional ties like
Mubadala’s investment in Shein and
Qatar Investment Authority’s stake in
Reliance Retail Ventures, underscoring
their pivotal role in shaping the region’s
economic future and fostering global
partnerships for sustainable growth.
AESG Acquires UK-Based SGW to Enhance
Building Security Consulting in Middle East
AESG, a prominent consultancy,
engineering, and advisory firm
originating from the UAE, has
expanded its reach with the acquisition
of SGW, a respected Safety and
Security Consultancy with a global
presence. This strategic move not only
enriches AESG’s suite of services but
also heralds the launch of its Security
Consultancy service line. Saeed Al
Abbar, AESG’s CEO, emphasises the
company’s remarkable journey from
a UAE-based entity to a global player
spanning the Middle East, Europe, and
APAC. Al Abbar highlights the alignment
of SGW’s exceptional portfolio
and commitment to excellence with
AESG’s ethos. Simon Whitehouse,
SGW’s founder, brings his wealth of
experience, industry certifications,
and leadership to AESG as the Director
of Security Consultancy, promising to
enhance the firm’s offerings and serve
its global clientele effectively.
Ducab Metals Boosts Global Presence with GIC
Magnet Acquisition
Ducab Metals Business (DMB),
a top supplier of copper and
aluminium solutions, has acquired
GIC Magnet, a move aimed at
broadening its product range and global
footprint. This strategic step signifies
DMB’s dedication to innovation, sustainability,
and industry leadership.
By integrating GIC Magnet’s expertise,
DMB anticipates unlocking new growth
avenues, catering to diverse industry
verticals, and enhancing value for
customers and stakeholders. Mohamed
Al Ahmedi, CEO of Ducab Metals
Business, highlights the acquisition’s
role in expanding the downstream
product offering and diversifying
market presence globally. With a projected
sustainable revenue growth of
$40.5M, DMB aims to meet evolving
market demands while prioritising
eco-friendly solutions. This strategic
move reinforces the commitment to
innovation, sustainability, and delivering
quality solutions to customers
worldwide.
May 2024 www.thefinanceworld.com 47

Wheels
Honda Prelude
Honda Prelude, a name resonating
with nostalgia and sporting
heritage, is set to make a
triumphant return to Honda’s lineup,
embodying the essence of a 21stcentury
coupe with a sleek design and
hybrid powertrain. Once a symbol of
performance and style, the Prelude
is poised to reclaim its throne in the
hearts of enthusiasts, promising a blend
of efficiency and driving excitement.
Scheduled for a debut in the 2026
model year, the Prelude marks a new
chapter for Honda, filling the void left
by the departure of coupe variants in
the Civic and Accord lineup. While
exact details on its release date remain
elusive, anticipation runs high as
enthusiasts eagerly await its arrival.
In terms of pricing, the Prelude
is positioned competitively, with an
estimated starting price of around
$31,000 for the base Sport trim, rising
to approximately $38,000 for the fully
loaded Sport Touring variant. Although
trim levels and pricing details are
speculative at this point, the Prelude
is expected to offer a compelling value
proposition in the affordable sports
car segment, challenging contenders
like the Toyota GR86 and the Mazda
MX-5 Miata.
48 www.thefinanceworld.com May 2024

Prelude is set to adopt a hybrid
powertrain, drawing inspiration from
Honda’s existing lineup, including
models such as the CR-V, Accord, and
the forthcoming 2025 Civic hybrid.
While specific powertrain details are
scarce, it’s anticipated to feature a
variant of the hybrid system found in its
stablemates. The Accord’s hybrid setup,
for instance, yields 204 horsepower
from its 2.0-litre four-cylinder gasoline
engine, suggesting the potential for
spirited performance in the Prelude.
Traditionally front-wheel drive,
the Prelude is expected to adhere
to its heritage, delivering power
to the front wheels for a dynamic
driving experience. However, there’s
speculation about the possibility of
an all-wheel-drive option, hinting
at even greater agility and traction.
Regrettably, manual transmission, a
hallmark of past Prelude models, is
unlikely to make a return, signalling
a shift towards modern transmission
technologies.
As details continue to emerge, the
resurrection of the Honda Prelude
represents not just a revival of a beloved
nameplate, but a reinvigoration of
the spirit of driving enjoyment and
innovation. With its sleek design, hybrid
powertrain, and promise of a fun-filled
driving experience, the Prelude stands
ready to captivate a new generation of
enthusiasts while reigniting the passion
of loyal fans.
May 2024 www.thefinanceworld.com 49

Real Estate News
Wellness Homes Launch in Dubai’s Al Barari
Luxury Market
La Maison Amal, a newly unveiled
wellness-centric luxury residential
development in Dubai’s
prestigious Al Barari district, promises
a seamless fusion of opulence and
serenity. Maria Morris, CEO of Maria
Morris Real Estate, underscores the
project’s response to the evolving
preferences of ultra-high net worth
individuals (UHNWIs) for holistic luxury
experiences post-pandemic. With a
focus on wellness and health-conscious
living, every aspect of La Maison Amal
reflects a new pinnacle in ultra-luxury
living. The residences feature a topfloor
gym with panoramic views and
a meticulously designed wellness zone
by Potenza Wellness, offering advanced
treatments and amenities like Exercise
With Oxygen Therapy (EWOT)
and infrared saunas. Furthermore,
the integration of fine art, overseen
by Art Director Coco Valdez, elevates
the project’s exclusivity, catering to
discerning buyers seeking an elevated
lifestyle.
Arada Completed New Homes in Sharjah’s
Aljada Megaproject
Arada has completed the first
phase of residences in the Naseej
District of Aljada, Sharjah’s
expansive megaproject. Spanning 24
million square feet, Aljada encompasses
a blend of residential, retail, hospitality,
and commercial spaces amidst lush
greenery. The Tiraz buildings, comprising
920 homes, offer proximity to
cultural venues, shops, and the iconic
Il Teatro performance theatre, designed
by renowned architect Tadao Ando.
Ahmed Alkhoshaibi, Arada’s CEO, expressed
excitement in welcoming the
inaugural families to Naseej District,
envisioning it as a vibrant hub within
Aljada. These residences, featuring
various-sized flats overlooking courtyards
and interconnected by landscaped
parks, boast smart technology and
access to amenities like gyms, pools,
playgrounds, and BBQ areas. With over
7,500 homes now completed, Aljada
continues to shape into a thriving
community, with the Tiraz blocks
constructed by Kuwaiti contractor
Mohammad Abdulmohsen Al-Kharafi
& Sons contributing significantly to
its development.
Saudi Real Estate Thrives in ‘Golden Era’ with
Vision 2030 Momentum
Riyadh and Saudi Arabia’s real
estate sector are experiencing
a golden age of development
fuelled by the transformative initiatives
of Vision 2030. It highlights the surge
in housing projects and monumental
endeavours like NEOM, bolstered by
significant government investments.
Launched in 2016 by Crown Prince
Mohammed Bin Salman, Vision 2030
aims to diversify the economy, foster
innovation, and enhance opportunities,
evident in the Kingdom’s evolving
skyline and bustling cities. Riyadh’s
landscape is evolving rapidly with
new commercial hubs and residential
complexes, a trend set to accelerate with
upcoming events like Expo 2030 and
the 2034 FIFA World Cup. Digitisation
initiatives streamline interactions with
the government, while mega-projects
like NEOM exemplify Saudi Arabia’s
global ambitions with sustainable urban
innovations.
Almal Investments
Redefines Dubai and
RAK Real Estate
Almal Investments, a prominent
Dubai-based investment and
development firm specialising
in hospitality and residential ventures,
continues to shape the UAE’s real
estate scene. With a rich international
background, the company is expanding
its footprint in the region, boasting
remarkable projects like La Mer Island
in Dubai and Al Marjan Island in Ras Al
Khaimah. Established in 2022, Almal
Investments aims to deliver upscale
properties tailored for discerning clientele,
focusing on enduring value and
attractive investor returns. Notably,
their Harrisoni La Mer Villas in Dubai
garnered acclaim, winning the prestigious
‘Private Villa Project of the Year’
award. The company’s forthcoming luxury
hotel in Ras Al Khaimah’s Al Marjan
Island underscores its commitment to
refinement, supported by a significant
investment and a partnership with a
globally renowned hotel operator.
Dubai Investments
Announces $81.7M
Violet Tower in JVC
Dubai Investments has unveiled
plans for a 287-unit residential
tower spanning 27 floors in Jumeirah
Village Circle. The investment
firm, listed on the Dubai Financial
Market, will invest AED 300M into
the project, overseen by Dubai Investments
Real Estate, its property arm.
Violet Tower, a residential complex
featuring G+4P+27 floors, will be
located in one of Dubai’s most desirable
neighbourhoods and will offer
studio, one-bedroom, and two-bedroom
layouts. Alongside the 287 units, the
tower will boast amenities such as a
swimming pool, gym, and children’s
play area. Construction of the tower
is set to commence in 2024. Obaid Mohammed
Al Salami, Dubai Investments
Real Estate’s General Manager, noted:
“Recognising the surge in demand for
upscale residential projects in JVC,
Dubai Investments acknowledges
the trend towards owned properties
harmonising luxury and practicality,
epitomised by Violet Tower.”
50 www.thefinanceworld.com May 2024

Gllit Launches Innovative
Property Search Platform
in Dubai
Dubai - based proptech startup
Gllit has introduced a groundbreaking
end-to-end property
search platform, eliminating costly
commission fees for buyers, sellers, and
landlords. This pioneering move positions
Gllit as the first Dubai-based firm
to offer a commission-free model for real
estate transactions in the emirate. In a
market often plagued by hidden fees,
Gllit directly connects home buyers
and tenants with property sellers and
landlords, effectively reducing financial
burdens by eliminating commission
costs entirely. Co-founders Arijit Sen
and Smriti Tripathi emphasise the platform’s
aim of empowering consumers,
providing them with unprecedented
choices and fostering transparent interactions.
Gllit’s innovative approach
not only streamlines transactions but
also builds a community where users
can engage in genuine conversations,
establish meaningful connections, and
secure the best deals directly from
property owners.
Zayed Housing Programme: 4,334 Housing
Decisions Issued in 2023
The Sheikh Zayed Housing Programme
reported issuing 4,334
decisions in 2023, amounting
to AED 3.34B, including 3,015 housing
finance decisions valued at AED
2,380,551,000 and 1,025 housing grants
totalling AED 682,300,000. Mohammed
Al Mansoori, Director-General,
highlighted that active loan decisions
reached AED 17.502B, constituting
90.6%, with closed loan files accounting
for 9.4%. Established in 1999, the Programme
remains dedicated to enhancing
citizens’ well-being through sustainable
housing solutions. Al Mansoori attributed
the Programme’s achievements
to the forward-thinking vision
of wise leadership, noting significant
advancements that have positively
impacted thousands of individuals.
He stated, “Over 91% of citizens now
own residences, one of the highest
rates globally. The Programme has
significantly reduced the time required
for citizens to obtain housing support
decisions, from 4.42 years in 2017 to
1.07 years in 2023.”
Amali Properties Unveils Luxurious Haven: Amali
Island in The World Islands
Introducing Amali Island by Amali
Properties, a luxurious enclave
nestled within the World Islands,
offering exclusive 5-7 bedroom villas
with private beach access and breathtaking
views of the Dubai skyline.
Crafted by renowned architectural
firm ELASTIC, with interiors by Hirsch
Bedner Associates and SquareM, each
villa promises a blend of opulence and
tranquillity across its 1,200,000 square
feet waterfront expanse. With 24 villas
ranging from 11,108 to 33,497 square
feet, residents will enjoy panoramic
vistas of Dubai’s iconic landmarks.
Choose from four villa styles - Avatea,
Aria, Aurora, and Amorino - each featuring
two distinctive designs: Grande
and Minima. Residents will indulge in
unparalleled amenities including water
sports facilities, a luxury boat garage,
a cinema, a sauna, and a spa, ensuring
an unmatched lifestyle experience on
Amali Island.
Huspy Introduces Mortgages Below UAE EIBOR Rate
Dubai-based real estate startup
Huspy has unveiled new mortgages
in the UAE with rates
dipping below 4 per cent, undercutting
the prevailing Emirates Interbank
Offered Rate (EIBOR) benchmark.
Offering its lowest rate of 3.85 per cent
exclusively during Ramadan, Huspy
presents competitive rates of 3.94
per cent and 3.99 per cent for fixed
terms of 2 and 3 years, respectively.
Prospective homeowners can easily
apply through Huspy’s platform, submitting
documents for a complimentary
cost analysis. With Huspy’s “Brokers
Portal,” brokers can streamline the application
process for clients, accessing
exclusive deals and reducing waiting
times. Customers stand to benefit from
partner banks’ offerings, including
zero processing and valuation fees,
and some may qualify for a 50 per cent
cashback on their first month’s salary.
Moreover, early repayment options
without penalties and opportunities
for existing homeowners to refinance
at competitive variable rates further
enhance Huspy’s appeal.
May 2024 www.thefinanceworld.com 51

Interview
Exploring the Future of
Immersive Technologies:
In conversation with Lara Daoud
52 www.thefinanceworld.com May 2024

In an exclusive interview with Finance World Magazine, Lara Daoud, Founder
& Managing Partner of EUMENA Events, provides an in-depth look into the
upcoming MetaGate Summit, shedding light on its groundbreaking nature
and the opportunities it presents for the future of immersive technologies in the
Middle East. She discusses the summit’s aim to showcase the real-life impact
of immersive technologies across various sectors, from healthcare to fintech,
education, and beyond.
Exclusive to Finance World Magazine
Q. What personal motivations and
factors drove you to pursue a career
in event management, considering
its demanding nature as a 24/7 job?
The journey into event management
has been deeply rooted in my passion
for creating meaningful connections
and fostering impactful experiences.
From an early age, I found joy in bringing
people together and orchestrating
moments that resonate long after the
event concludes. This innate drive to
connect individuals and businesses led
me to delve into the dynamic world of
event management, where each day
presents new challenges and opportunities
to craft memorable experiences.
Despite the demanding nature of
the industry, characterised by its 24/7
demands and inherent stress, I discovered
an undeniable fulfilment in the
process. The thrill of conceptualising
an event, meticulously planning every
detail, and witnessing it come to life is
incredibly rewarding. It’s a testament
to the hard work and dedication of my
team and to the transformative power
of events in bridging gaps, fostering
collaborations, and creating win-win
scenarios for all stakeholders involved.
This passion and drive eventually
fuelled my decision to transition from a
secure job to founding EUMENA Events.
I saw an opportunity to channel my
enthusiasm for events into a platform
that not only celebrates creativity and
innovation but also serves as a catalyst
for meaningful connections and
business growth.
Q. What do you consider to be the
most rewarding aspect of your role
as CEO of Eumena Events?
The most rewarding aspect is knowing
that EUMENA Events plays a pivotal
role in creating impactful moments,
fostering collaborations, and leaving
a positive legacy in the realm of event
management. From conceptualisation to
execution, seeing our meticulous planning
come to life and create memorable
experiences for clients and attendees is
immensely gratifying. Moreover, as a
leader, I find great reward in nurturing
and empowering my team; seeing them
grow both professionally and personally,
and witnessing their dedication
translate into exceptional outcomes,
is truly satisfying. Together, we strive
to push boundaries, innovate, and set
new standards of excellence in the
events industry.
Q. How do you ensure that your
events effectively align with the
business objectives of your clients?
We employ a strategic and collaborative
approach that begins with a deep
understanding of our clients’ goals,
values, and target audience. We start
by conducting thorough consultations
to tailor every aspect of the event to
align seamlessly with their business
objectives, whether it’s brand visibility,
lead generation, networking, or
product launches.
Throughout the planning and execution
phases, we maintain open communication
with our clients, seeking feedback
and making necessary adjustments to
ensure alignment with their evolving
objectives. Post-event evaluations and
analyses further validate the success of
our approach, enabling us to continually
refine our strategies for future events.
Our commitment to strategic alignment,
collaboration, and data-driven
insights enables us to deliver events that
not only meet but exceed our clients’
expectations, contributing significantly
to their overall business success.
Q. With your experience in organising
events, how do you foresee the
growth of events like the MetaGate
summit in the Middle East?
MetaGate Summit which is organised
by EUMENA Events along with
our Saudi partner ETISAL, and in collaboration
with our stakeholders and
association partners, is a groundbreaking
event that showcases the real-life
impact of immersive technologies on
May 2024 www.thefinanceworld.com 53

Interview
our day-to-day lives.
At MetaGate, we aim to highlight
the value of these technologies for
businesses and individuals while fostering
collaboration and innovation
across various sectors. For instance,
our summit will feature a live surgery
demonstration on our conference stage,
where doctors from Italy will perform
surgery in a hospital in KSA using robotics
and immersive technologies.
This demonstration serves to showcase
the transformative impact of immersive
technologies on the healthcare
sector, illustrating their potential in
revolutionising healthcare delivery.
Beyond healthcare, our event will
delve into the immersive technologies’
impact across diverse industries such
as the industrial metaverse, fintech,
telecom, education, training, retail, and
more. Each sector will be explored in
depth, demonstrating how immersive
technologies are reshaping processes,
enhancing user experiences, and driving
forward-thinking solutions.
Given the Middle East’s enthusiasm
for innovation, digital transformation,
and investment in cutting-edge technologies,
events like MetaGate Summit
are poised for substantial growth in the
region. The summit’s comprehensive
coverage of immersive technologies
and its real-life applications across
industries make it a compelling platform
for knowledge exchange, collaboration,
and business opportunities.
In summary, the MetaGate Summit
embodies the future of events in the
Middle East, offering a unique blend
of visionary insights, immersive experiences,
and tangible impacts across
sectors—an evolution that I believe
will resonate deeply with businesses
and individuals in the region.
Q. Can you describe the opportunities
that the MetaGate summit
provides for startup participation
and engagement?
MetaGate Summit presents a wealth of
opportunities for startup participation
and engagement. One of the standout
features of the summit is the InnovateXcelerate
Startup competition, aligning
perfectly with our vision to provide a
thriving platform for entrepreneurs and
showcase the next wave of metaverse
innovators.
Powered by our Startup Enabler, Tuwaiq
Academy, who recently launched
the first Metaverse Academy in the
MENA region in partnership with Meta,
and who actively supports startups
with resources and an environment
conducive to success, oversees the
competition’s mechanics, from registration
to mentoring, judging, and
winners’ selection.
The competition offers startups a
unique opportunity to pitch live for
awards and potential partnerships to
an expert jury comprising investors and
executives, and serves as a launchpad
for emerging startups, providing them
with valuable exposure, networking
opportunities, and potential funding
or collaboration avenues.
Q. What resources or support does
MetaGate offer to startups looking
to showcase their innovations and
ideas during the summit?
One of our key initiatives is the creation
of a dedicated startup area within
the exhibition feature of MetaGate
Summit, where startups showcase their
products, connect with industry leaders,
investors, and potential partners,
and gain valuable visibility within the
event’s diverse audience.
We are also offering an affordable
package tailored specifically for startup
companies, to provide them with the
tools and platform they need to succeed,
grow their networks, and secure
potential partnerships or investments.
Q. From your perspective, what
role do startups play in shaping the
future of the metaverse industry,
and how does MetaGate empower
them to do so?
As catalysts for change and innovation,
startups bring fresh perspectives
and drive forward-thinking solutions
that push the boundaries of what’s
possible in the metaverse.
At MetaGate, we are committed to
advancing the evolution of the metaverse
ecosystem. Recognising the pivotal
role of startups, we empower them by
providing essential tools, platforms, and
opportunities for growth and innovation.
Through our dedicated startup area,
networking events, and the InnovateXcelerate
Startup competition, we
offer startups a unique platform to
showcase their innovations, connect
with industry leaders, and access valuable
resources. We invite startups to
seize this opportunity by booking their
space today and taking advantage of
our special startup package!
54 www.thefinanceworld.com May 2024

Funding and Investment
source: pexels.com
Startups in the Middle East and North Africa (Mena) region raised $88.7 million across 37 deals.
Startup Funding 101:
Understanding Different
Sources of Capital and
How to Secure Investment
From bootstrapping to venture capital, startup
funding encompasses various sources and
strategies crucial for driving success.
Securing capital is a vital aspect of startup
success, encompassing a diverse array
of sources and strategies. From bootstrapping
to venture capital, navigating
this landscape requires a nuanced understanding.
In this guide, we explore
the fundamentals of startup funding,
providing entrepreneurs with a roadmap
to navigate the labyrinth of capital
acquisition. From grassroots approaches
to high-stakes investments, we delve
into each funding source’s advantages,
challenges, and suitability for different
stages of the startup journey. The goal
of this guide is to demystify the process,
empowering entrepreneurs by providing
them with the knowledge, resources, and
tools necessary to succeed in driving innovation
forward.
56 www.thefinanceworld.com May 2024

When it comes to financing a
startup, entrepreneurs typically
have two primary options: equity
financing and debt financing.
Equity financing involves the sale of
shares in exchange for capital, i.e., the
sale of partial ownership in exchange for
cash. Debt financing, on the other hand,
is the act of raising capital by borrowing
funds at an interest from a lender or
bank, to be repaid at a future date. This
method preserves ownership. What type
of financing is best for your venture
depends on a number of factors- such as
the age and model of the business, the
nature of the product/service, competitive
scenario and leadership.
Let us examine the various sources of
securing capital:
Bootstrapping/Self-financing
Bootstrapping in startup terminology
refers to the practice of starting and
growing a business using personal finances,
revenue generated by the business itself
(customer-funded stage), or any other
available resources without relying on
external funding from investors or loans.
Essentially, a company is scaled using
limited financial resources and a focus
on self-sustainability.
Under this model, founders invest
and reinvest their personal funds and
current cash flow respectively, often
taking no monetary compensation (sweat
equity) and prioritising lean operations.
A bootstrapped venture typically comes
with financial freedom and full ownership
for its founders, but often at the cost of
slower growth, limited industry connections
and resources.
Apple and Microsoft are examples of
companies that started out bootstrapping
their early operations.
Investments from Close Network
(Friends and Family)
Startups find it advantageous to secure
funding by identifying potential investors
amongst their close contacts. It often takes
place on a less formal, high-trust basis with
a repayment program structured around
partial ownership (equity) or debt, which
may be interest-free. Friends and family
funding typically takes place at the early
(seed) stage or may serve as a bailout
option for startups in financial trouble.
Even amongst close ones, it is important
to have repayment terms and investment
structure legally ratified and available to
all parties to avoid potential disputes.
Founders must also consider the downside
of borrowing from friends and family
as against an institutional investor, as
the latter is better positioned to absorb
potential losses against a wide investment
portfolio.
Angel Investors
Angel investors are affluent, high-networth
individuals who provide capital
to startups in exchange for ownership
equity or convertible debt (debt which
may be converted to equity in the future).
They typically invest in early-stage or
seed-stage companies, offering not only
financial support but also mentorship,
expertise, and valuable networking
opportunities. Angel investors play a
crucial role in funding startups, especially
when traditional sources of financing may
Startup funding:
a puzzle of
opportunities
from personal
investments to
venture capital.”
be unavailable or limited. Examples of
angel investors include individuals such
as Peter Thiel, who famously provided
early funding for Facebook or Reid
Hoffman, an early investor in LinkedIn.
Venture Capital
Venture capital (VC) is a type of private
equity financing provided to startups and
early-stage companies that have high
growth potential. Venture capitalists invest
capital in exchange for an ownership stake
in the company, typically in the form of
equity. Unlike traditional loans, venture
capital investments are not repaid with
interest but rather through the eventual
sale of the company or through an initial
public offering (IPO).
Sources of venture capital are venture
capital funds, investment banks and
wealthy individuals. They employ
experienced investors and industry
experts to identify promising investment
opportunities, conduct due diligence, and
provide strategic guidance to portfolio
companies. Examples of VC Firms are
Sequoia Capital and Accel.
Venture Capital vs Angel Investors:
What is the difference?
Angel investors and venture capitalists
(VCs) are both sources of funding for
startups but differ in investment stage,
size, involvement, and risk tolerance.
Angel investors typically invest smaller
amounts in early-stage startups, offering
mentorship and hands-on support,
while VCs invest larger sums in more
mature companies, taking a strategic
approach with less direct involvement.
Angel investors use personal funds and
have higher risk tolerance, whereas VCs
manage institutional funds and are more
risk-averse. Both are crucial for startup
growth, providing capital and guidance,
but serve different stages and needs
within the startup ecosystem.
Private Equity Funds
Private equity investors- typified
by firms such as Blackstone and Bain
Capital- are different from venture
capitalists, who typically provide cash
infusions to young startups and hope
for a 10x return. Private equity funds
represent collective investments by
ultra-HNIs, typically inaccessible to
individual investors. Managed by private
equity firms, these funds deploy capital
on behalf of investors, often acquiring
majority ownership in companies. Working
closely with company leadership, private
equity firms aim to enhance the value of
these businesses, known as portfolio
companies, with the intention of selling
them at a profit in the future.
Private equity investors aim to generate
returns for their investors by improving
the performance and value of their
portfolio companies through operational
improvements, strategic initiatives, and
financial restructuring. They may also
exit their investments through initial
public offerings (IPOs), mergers and
acquisitions (M&A), or secondary sales
to other investors.
To conclude, the modern-day start-up
ecosystem is thriving with a plethora
of avenues to secure investment for
innovation, but it is important to select
the right route tailored to the specific
needs and goals of each company.
May 2024 www.thefinanceworld.com 57

Funding and Investment News
Saudi and UAE Intensify
Africa Investments Amid
Rising Competition
Riyadh and Abu Dhabi are engaged
in a strategic race for influence
and commerce across Africa. The
UAE has solidified its global standing,
emerging as Africa’s fourth-largest
investor following China, the EU, and
the US. Over the period from 2012 to
2022, the Gulf Cooperation Council
(GCC) nations collectively injected
approximately $101.9B in foreign
direct investment into Africa, with
Egypt, Morocco, Algeria, Nigeria, and
South Africa reaping the most benefits.
Notably, the UAE led the pack
with investments totalling $59.4B, as
highlighted in Knight Frank’s 2023/24
Africa Horizons report. Saudi Arabia
followed with $25.6B, trailed by Qatar,
Kuwait, and Bahrain. While maintaining
its traditional rivalry with Abu Dhabi,
Riyadh is notably prioritising its African
investments, underscoring an evolving
dynamic in the region.
UAE and Kenya Ink
Investment Deal for
Digital Infrastructure
and AI Projects
The UAE Ministry of Investment
and Kenya’s Ministry of Information,
Communications, and the
Digital Economy have formalised an
Investment Memorandum, outlining
collaboration in digitalization and
technology. This pact aims to delve
into investments concerning digital
infrastructure, artificial intelligence
(AI) services, and potentially, the
development of data centre projects
with a capacity of up to 1,000 megawatts.
Notably, the memorandum also
emphasises assessing the potential of
advancing Large Language Models in
the AI domain. Signed by Mohamed
Hassan Alsuwaidi, UAE’s Minister of
Investment, and Eliud Owalo, Kenya’s
Cabinet Secretary at the Ministry of
Information, Communications, and
the Digital Economy, the agreement
underscores Kenya’s robust digital
economy growth, particularly in the
ICT sector, which has expanded by 23
per cent annually over the past decade.
UAE Tech Start-ups Optimistic About Enhanced
Funding in 2024
Tech start-up companies in the UAE
are poised for a more favourable
growth environment in 2024, with
increased funding opportunities anticipated
by investors. The UAE’s commitment
to fostering a conducive business
landscape, bolstered by governmental
support and a vibrant entrepreneurial
community, sets the stage for accelerated
development. Ranking second
in the Middle East and 28th globally
for start-up support, according to the
Global Start-up Ecosystem Index, the
UAE demonstrates its commitment to
nurturing innovative ventures. Despite
cautious investor sentiment, evidenced
by data from Lucidity Insights, the UAE
led fundraising in the MENA region in
January. Experts note a rapid expansion
in the venture capital market, driven
by diverse investment interests and
government initiatives supporting
entrepreneurs and innovators.
Mubadala Ventures Into Indian Education Sector
with Avanse Investment
Abu Dhabi’s Mubadala Investment
Co. has ventured into India’s
financial landscape with its
maiden investment in Avanse Financial
Services, a move facilitated through its
affiliate Alpha Investment Company
LLC. Joining Mubadala in the funding
round is Avendus PE Investment Advisors
Private Ltd, through its fund
Avendus Future Leaders Fund II, collectively
raising 10 billion Indian rupees
($120M). This strategic investment
marks Mubadala’s initial foray into
India’s financial services domain and
aligns with its broader objective to
amplify its presence in Asia by 2030, as
outlined in the fund’s statement. While
the exact size of Mubadala’s investment
remains undisclosed, the infusion of
funds is earmarked to bolster Avanse’s
position in education financing, emphasising
enhanced customer experiences
and sustained profitable growth.
UAE Explores Investments in Europe’s Nuclear
Energy Sector
The United Arab Emirates (UAE)
is contemplating investments in
Europe’s nuclear energy sector,
engaging with various European nations
to assess potential collaboration
opportunities, as per Reuters sources.
The UAE’s state-owned Emirates
Nuclear Energy Company (ENEC) is
exploring the prospect of acquiring
minority stakes in European power assets,
including those in Britain. ENEC
envisions expanding its international
presence while refraining from operational
management, focusing solely on
minority ownership. This move aligns
with the UAE’s strategy to diversify
its economy away from fossil fuels,
leveraging its oil-rich resources. For
Britain, such investments could provide
vital support for projects like the
Sizewell C nuclear endeavour, which
has garnered substantial investments
totalling $25B. ENEC, in its pursuit
of international growth, is actively
seeking collaboration opportunities in
civil nuclear projects and clean energy
technologies.
58 www.thefinanceworld.com May 2024

Funding and Investment News
Abu Dhabi Fund for Development Pledges AED 216B for Global Sustainability
In 2023, the Abu Dhabi Fund for
Development (ADFD) reported substantial
achievements, surpassing
AED 216B in cumulative development
and investment financing. This significant
milestone played a pivotal role
in advancing economic and social development
initiatives globally. ADFD’s
annual report highlighted AED 120.5B
in total development financing by December
2023, comprising AED 66B in
concessionary loans and AED 54.5B
in government grants, benefiting 106
countries. Moreover, the Fund supported
Emirati companies’ international
expansion through the Abu Dhabi
Exports Office, allocating AED 3.2B
from 2020 to 2023. Additionally, ADFD
invested AED 12.6B across various sectors
and countries, deposited AED 78B
with Central Banks, and allocated AED
5.3B to bolster investment activities.
Avenues World Plans $25M Pre-IPO Funding for
UAE Expansion
UAE-based fintech firm Avenues
World FZ LLC is embarking
on a pre-IPO funding round to
raise $25M, offering up to 25% of its
equity. The move aims to fuel expansion
plans within the UAE’s digital payment
sector, particularly for its payment
brand, CCAvenue.ae. The funds will
drive merchant acquisition efforts and
the introduction of advanced payment
solutions in the UAE market. Avenues
World FZ LLC, a subsidiary of Vavian
International Ltd, has enlisted SAFA
Capital as its bankers for fundraising,
with a pre-IPO term sheet signed with
select investors. The UAE-based Vavian
International Ltd is a wholly-owned
subsidiary of India-based AI-powered
fintech company, Infibeam Avenues
Ltd. Arun Jeevaraj, Vice President of
CCAvenue.ae’s business and operations
in UAE and Saudi Arabia, highlighted
that the fundraising initiative aims to
enhance technical capabilities.
Dubai’s Wind Rises Secures $1M Pre-Seed
Funding for Sailing Startup
Dubai-based sailing club startup,
Wind Rises, has secured
$1M in pre-seed funding from
angel investors, signalling a strong endorsement
for its eco-friendly leisure
venture. The funds will be utilised to
expand the fleet, enhance services,
offer lessons, organise local races,
and foster community growth. Wind
Rises plans to establish a second
location in the UAE with a focus on
sustainability. Currently boasting
a fleet of 10 keelboats, the startup
emphasises emission-free sailing experiences.
Co-founder Max Pinigin
envisions Wind Rises as more than a
sailing venture, but a community hub
offering diverse opportunities for
skill development and networking.
Pinigin underscores the company’s
commitment to shaping a sustainable
yachting landscape in the MENA region,
with services ranging from sailing
experiences to corporate team-building
events on the water.
Fortis, UAE Fintech,
Secures $20M in Series
A Funding for Expansion
Dubai-based retail tech and fintech
solutions firm, Fortis, has successfully
raised $20M in Series
A funding to drive its expansion and
establish new collaborations. Led by
Opportunity Venture (Asia), a limited
partnership fund based in Hong Kong,
this investment marks a significant
milestone for Fortis. Alberto Caruso,
CEO and Founder of Fortis Digital
Solutions expressed excitement over
the funding, emphasizing its potential
to accelerate growth and enhance value
delivery across the MENA region. The
raised capital will be directed towards
developing Customer-Centric Services,
prioritizing UX/UI design, and fostering
partnerships with banks, payment systems,
and B2B services. Additionally,
Fortis aims to strengthen its omnichannel
capabilities, expand its presence in
MENA, and recruit new talent.
May 2024 www.thefinanceworld.com 59

Digital Assets
Source. alexablockchain.com
RAK DAO has issued over 100 licences to global companies, with India leading at 15% of total licences.
Beyond Dubai:
RAK DAO’s Rise as
a Hub for Digital
Entrepreneurs
RAK Digital Assets Oasis represents more than
just a free zone; it’s a gateway to a world of
opportunity and innovation in the digital asset and
cryptocurrency market.
The digital asset landscape of the United
Arab Emirates is continuously expanding
and poised to attract significant foreign
direct investments in the future. The
country has consistently made strides
to compete on the global stage of digital
assets, with Dubai leading the charge.
However, in October 2023, Ras al Khaimah,
one of the seven emirates, announced the
establishment of Ras al Khaimah Digital
Assets Oasis, also known as RAK DAO,
marking the first of its kind free zone
dedicated to virtual asset companies.
From its strategic location in Ras Al
Khaimah to its comprehensive regulatory
framework and strategic partnerships,
this article illuminates the key highlights
and transformative impact of the RAK
Digital Assets Oasis Free Zone.
60 www.thefinanceworld.com May 2024

The RAK Digital Assets Oasis Free
Zone, established by the government
of Ras al Khaimah, offers a
conducive environment for companies
operating with minimal restrictions in
the virtual assets sector, making it an
ideal destination for entrepreneurs and
businesses of all sizes.
With the launch of RAK Digital Assets
Oasis, a dedicated free zone for digital
assets and cryptocurrencies, there has
never been a more opportune moment to
establish a company in the UAE.
Situated in Ras Al Khaimah, the RAK
Digital Assets Oasis Free Zone is the UAE’s
inaugural free zone tailored specifically
to meet the requirements of companies
and entrepreneurs engaged in digital
assets and cryptocurrencies. It caters
to service providers in emerging sectors
such as the metaverse, blockchain, utility
tokens, virtual asset wallets, NFTs,
DAOs, DApps, and other Web3-related
businesses.
Strategic Advantages
RAK Digital Assets Oasis offers a
plethora of benefits tailored to facilitate
growth and innovation:
100% Foreign Ownership:
Embrace full control over your enterprise’s
destiny with complete foreign
ownership.
100% Repatriation of
Profits and Capital:
Enjoy the flexibility of repatriating
profits and capital without constraints.
0% Corporate and
Personal Income Tax:
Navigate your business journey without
the burden of corporate or personal
income taxes, fostering a conducive
environment for growth.
Positioned amidst the UAE’s strategic
location, RAK Digital Assets Oasis
leverages world-class infrastructure
and a supportive business ecosystem.
These elements combine to create an
unparalleled environment for companies
seeking to enter the digital asset and
cryptocurrency market. In a market
characterised by rapid evolution and
boundless potential, RAK Digital Assets
Oasis offers a competitive edge. By
establishing your business within this
innovative free zone, you gain access to
a wealth of opportunities and resources
to propel your venture forward.
RAK Digital Assets Oasis prioritises
regulatory compliance, ensuring that
businesses operate within the bounds
of the law. By adhering to stringent
regulations, companies build trust with
customers and stakeholders, fostering
long-term success.
Moreover, the free zone is dedicated
to fostering innovation through strategic
partnerships with leading universities and
research institutions. This commitment
to innovation positions RAK Digital Assets
Oasis as a hub for groundbreaking
research and development in the digital
asset space.
DAO Hive stands as
a testament to our
vision of creating
a dynamic
ecosystem where
pioneering
ideas converge
and businesses
thrive.”
Dr. Sameer Al Ansari, CEO of RAK DAO
A Haven for Investors
RAK Digital Assets Oasis isn’t just for
businesses—it’s an attractive destination
for individual investors as well. Explore
a range of investment opportunities,
including ICOs and STOs, backed by a
comprehensive regulatory framework
for added peace of mind.
Streamlined Process:
Registering Your Company in RAK DAO
Registering a virtual assets business in
RAK DAO involves a highly streamlined
process designed to facilitate ease and
efficiency. While navigating these steps
may pose challenges for foreign investors
new to the UAE, enlisting the support of
business setup consultants in RAK can
simplify the process significantly. Here’s
a breakdown of the key steps for setting
up a company in RAK DAO:
1. Choose the Business Type
Select the appropriate business type
from the following options available in
RAK DAO:
• Freelance Permit
• Remote Company
• Standard Company
2. Submit the Application & Documents
Initiate the registration process by
submitting the required application and
documents. Timely submission of all
necessary documents is crucial for expediting
the RAK DAO licensing process.
3. Receive Business Licence
Upon successful completion of the
registration process and approval of
your application, you will receive your
business licence, granting you the legal
authority to operate within RAK DAO.
Types of Companies in RAK DAO
RAK DAO accommodates various
types of companies tailored to meet
diverse business needs, including Freelance
Permits, Remote Companies, and
Standard Companies.
Documents Required for
RAK DAO License
Ensure compliance with the RAK DAO
authority by submitting all necessary
documents. Here’s a glimpse of the essential
documents required for company
incorporation:
For Corporate Shareholders:
Certificate of Registration, Incumbency
certificate, Valid trade licence, Memorandum
and Articles of Association, Board/
Shareholders resolution.
For Individual Shareholders:
Valid passport copy, Copy of residence
visa (for UAE residents), Copy of Emirates
ID, Business plan, Power of Attorney
(if applicable), and Proof of address (if
applicable).
May 2024 www.thefinanceworld.com 61

Digital Assets
Registering your business in RAK
DAO unlocks several benefits for crypto
investors, including:
• Access to 170 activities designed
for virtual & digital assets.
• Comprehensive visa services.
• Assistance in accessing key banks
through RAK DAO partners.
• Incubation and funding opportunities.
• Networking opportunities with Web3
companies, investors, and potential
partners.
• World-class infrastructure and easy
connectivity.
• Transparent legislation and simple
licensing procedures.
Entrepreneurial Renaissance:
RAK DAO’s Impact on the Digital
Economy
Since its inception in October 2023,
RAK DAO has been driving innovation
in Ras Al Khaimah’s virtual asset landscape.
In March, it unveiled DAO Hive,
an innovative business centre poised to
transform the entrepreneurial ecosystem.
Offering flexible membership packages
and state-of-the-art amenities, DAO Hive
fosters collaboration and networking,
reflecting RAK DAO’s commitment to
empowering global businesses.
Furthermore, RAK DAO has strategically
partnered to support startups
in the virtual asset business sector. In
January 2023, it forged a significant
alliance with Conflux, aiming to yield
substantial benefits. This collaboration
between Conflux Network and RAK
DAO is poised to advance and expand
blockchain technology, leveraging the
strategic location of RAK DAO and the
technical prowess of Conflux Network.
The partnership will nurture talent and
provide educational resources, contributing
to the cultivation of a knowledgeable
and skilled workforce in the blockchain
sector. It will also unlock enriched business
prospects for regional businesses
and startups to explore and integrate
blockchain technologies, invigorating
the digital economy.
In February 2024, RAK DAO and
Blocklogica Labs teamed up to drive
innovation in the Web3 landscape. This
strategic partnership merges RAK DAO’s
pioneering Free Zone, renowned as a
global hub for digital asset innovation,
with Blocklogica Labs’ expertise. Together,
they aim to empower forward-thinking
enterprises within the blockchain space.
By enhancing opportunities for businesses
and startups in the dynamic blockchain
sector, this collaboration paves the way
for revolutionary advancements in the
Web3 landscape.
Moreover, in March, the Ras Al Khaimah
Digital Asset Oasis (RAK DAO) made
headlines with the announcement of a
strategic Memorandum of Understanding
(MoU) signing with Tencent Cloud, aimed
at exploring avenues for mutual growth.
The initial focus of the deal revolves
around fostering the growth of startups
registered at RAK DAO.
As part of the memorandum, plans
are underway for the establishment of a
Tencent Cloud training centre within RAK
DAO, dedicated to skill development and
education. Additionally, the agreement
encompasses internship opportunities
for companies licensed in RAK DAO
and its partners within the Tencent
Cloud ecosystem, further solidifying
the commitment to nurturing talent and
fostering innovation within the digital
asset landscape.
As RAK DAO continues its journey, it
stands at the forefront of revolutionising
the digital economy. Its efforts promise
transformative change and present new
opportunities for businesses and startups
to thrive in this dynamic landscape.
Source. pbs.twimg.com
62 www.thefinanceworld.com May 2024

Connect &
Register Today
www.ctwghana.com
MEET | INVEST | TRADE | EXHIBIT
19-21
JUNE 2024
Accra International
Conference Centre
Accra, Ghana
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Healthcare News
UAE Unveils Health Insurance Scheme for Employee Well-being
The newly introduced mandatory
health insurance scheme in the
UAE aims to enhance employers’
ability to attract and retain top talent
while also fostering improved productivity
and reduced turnover rates among
employees. However, it is anticipated
to raise operational costs for many
employers. Effective from January 1,
2025, all UAE employers must provide
and cover the health insurance expenses
for their employees, including domestic
workers, during residency visa issuance
or renewal. Myra Bennett, principal
consultant at Genie Recruitment, noted
that such insurance coverage offers
employees peace of mind, potentially
alleviating financial burdens and
enhancing satisfaction, productivity,
and retention rates. Additionally, to
remain competitive, employers can
explore implementing various other
benefits such as schooling, flexible
work arrangements, duvet days, and
bonuses to attract top talent.
Daman Offers
International Health
Insurance Packages in
UAE
The National Health Insurance
Company-Daman, a part of Pure-
Health, has teamed up with
AXA - Global Healthcare to introduce
enhanced International Private Medical
Insurance (IPMI) for its members. Under
this partnership, Daman’s customers
with international coverage plans will
gain access to new global coverage
plans, tapping into AXA’s extensive
select network of 1.9 million healthcare
providers worldwide. Administered
locally by Daman and supported internationally
by AXA - Global Healthcare,
the new Global Healthcare Plan offers
round-the-clock access to a team specialised
in claims handling and AXA’s
Virtual Care services. Members can
conveniently manage their benefits
through the Daman Mobile app. Khaled
Ateeq Aldhaheri, CEO of Daman, expressed
excitement about expanding
their global health insurance offering,
emphasising Daman’s commitment to
meeting clients’ evolving needs.
ADGM Academy Forms Three Healthcare
Partnerships to Empower National Cadres
The Abu Dhabi Global Market Academy
(ADGMA), the educational
arm of the Abu Dhabi Global
Market (ADGM), has inked Memoranda
of Understanding (MoUs) with Burjeel
Holdings, NMC Assetco Limited, and
Aster DM Healthcare. These collaborations
are geared towards advancing
initiatives aligned with the healthcare
sector outlined in the UAE National
Agenda, fostering an environment conducive
to empowering Emirati talents.
ADGMA’s strategic alliances with key
players in the healthcare domain underscore
its commitment to nurturing
a knowledge-driven ecosystem. The
agreements entail the co-development
Mubadala Investment Company
has finalised an agreement to
purchase KELIX bio, a speciality
pharmaceutical firm specialising in
complex generics distribution across
emerging markets. This acquisition
is poised to fortify the UAE’s life sciences
landscape, elevating its global
standing while fostering economic diversification.
Established in November
2020, KELIX bio has expanded rapidly
internationally, acquiring manufacturing
entities in India, Egypt, Malta, and
Morocco. Their portfolio spans oral
and injectable formulations across
various therapeutic domains, including
of training programs and educational
courses tailored to meet the evolving
demands of the sector while bolstering
the skill set of Emirati nationals.
Through dedicated courses and initiatives,
ADGMA aims to facilitate the
recruitment, training, and retention
of local talents, further contributing
to the growth and sustainability of
the healthcare workforce in the UAE.
Mubadala Acquires KELIX bio, Boosting UAE’s
Life Sciences
diabetes, oncology, cardiology, and
central nervous systems. With KELIX
bio’s expertise and Mubadala’s strategic
vision, this venture aligns with the
UAE’s ambition to excel in the global life
sciences arena. Dr. Bakheet Al Katheeri,
CEO of Mubadala’s UAE Investments
Platform, heralded this partnership as
a pivotal step in advancing Mubadala’s
presence in the life sciences domain.
64 www.thefinanceworld.com May 2024

Fujairah Hospital: First ‘Patient Safety Friendly’ Public Facility
Fujairah Hospital, part of Emirates
Health Services, has earned the
prestigious “Patient Safety Friendly
Hospital” designation from the World
Health Organisation, in collaboration
with the Ministry of Health and Prevention
in the UAE. As the first public
hospital to achieve this recognition,
Fujairah Hospital demonstrates its commitment
to excellence in patient care.
This milestone reflects the dedication of
its administrative, medical, and nursing
staff to implementing international standards
in patient safety. The achievement
underscores Fujairah Hospital’s position
as a leader in providing cutting-edge
medical services. The rigorous evaluation
process involved a comprehensive
three-day assessment focusing on standardised
safety practices, collaboration
among stakeholders, and the reduction
of healthcare costs. This recognition
reinforces Fujairah Hospital’s mission
to maintain the highest standards of
quality and safety while delivering innovative
healthcare services.
Response Plus
Holding’s 2023 Net
Profit Surges by 68%
Response Plus Holding PJSC, the
leading pre-hospital care and
emergency medical services
provider in the UAE and Saudi Arabia,
reported a remarkable 68% surge in net
profit for the period ending December
31, 2023, reaching AED 49.39M compared
to AED 29.31M in the previous
year. The group’s revenue also saw
growth, climbing to AED 345.36M from
AED 320.86M, while equity increased
to AED 230.04M from AED 222.9M
during the same period. Earnings per
share (EPS) experienced a notable
increase to AED 0.25 in 2023 from
AED 0.15 in the previous year. Omran
Al Khoori, Chairman of Response Plus
Holding, expressed confidence in the
company’s diversified operations and
strategic partnerships, positioning it
for continued growth in the region
and beyond. Dr. Rohil Raghavan, CEO,
emphasised the group’s commitment to
excellence and operational efficiency,
setting the stage for a strong growth
trajectory in the coming years.
Pharmatrade Launches Logistics Centre in
KEZAD, UAE
KEZAD Group and UAE-based
Pharmatrade have announced
Pharmatrade’s new Abu Dhabi
Logistics Centre. The facility aims to
bolster the storage and distribution
of pharmaceutical and medical device
products, catering to the UAE’s
healthcare sector. Pharmatrade’s steady
growth since establishing its Dubai Investment
Park 1 Logistics Centre over
13 years ago spurred the investment in
this new centre within KEZAD. Located
in KEZAD Logistics Park Phase 5, the
centre offers temperature-controlled,
Grade A industrial warehouse facilities.
Mohamed Al Khadar Al Ahmed, from
Khalifa Economic Zones Abu Dhabi
(KEZAD) Group, praised Pharmatrade’s
trusted reputation and emphasised
AmplifAI Health, headquartered in
Saudi Arabia, and Toronto-based
Healthspan Digital Inc. join forces
to merge AI thermal hyperspectral tech
with longevity protocols, poised to transform
vascular age management. Vascular
ageing, linked with chronic diseases,
poses a global health challenge. Understanding
its mechanisms fuels hope for
enhanced interventions and outcomes.
Integrating AI with thermal imaging offers
insights into age-related vascular changes,
enabling personalised interventions.
Medical thermography, cost-effective and
non-invasive, holds promise for assessing
vascular health. Leveraging AI-driven
analysis facilitates early detection and
proactive interventions. This collaboration
marks a significant stride in combating
the strategic advantage of KEZAD’s
infrastructure. Konstantinos Petridis,
Managing Partner of Pharmatrade
LLC, highlighted the centre’s role in
expanding geographical coverage, rapid
delivery, and enhancing competitiveness,
leveraging KEZAD’s integrated
transportation and logistics network.
AmplifAI Health & Healthspan Digital Introduce
AI Vascular Age Analysis
age-related health issues, benefiting
populations globally. Together, these
companies pioneer innovative solutions,
aiming to enhance lives worldwide by
addressing vascular ageing challenges.
May 2024 www.thefinanceworld.com 65

Interview
Investment Strategies, Collaboration,
and Economic Growth
AIM Congress 2024
66 www.thefinanceworld.com May 2024

In an enlightening discussion with Dawood Al Shezawi, President of AIM
Global Foundation and AIM Congress, he sheds light on the vital significance
of AIM Congress. Organised by the AIM Global Foundation, the event serves
as a platform to unite global leaders, policymakers, investors, entrepreneurs,
and experts, fostering discussions on investment strategies and challenges to
ignite positive transformation and economic growth worldwide.
Q. What is AIM Congress, and what
is its significance in the global
investment landscape?
AIM Congress, organised by the AIM
Global Foundation, stands as a pivotal
event uniting global leaders, policymakers,
investors, entrepreneurs, and experts
to discuss investment strategies and
challenges. Its significance lies in its
role in boosting promotion strategies,
facilitating economic opportunities,
and fostering international economic
relations, ultimately aiming to ignite
positive transformation and economic
growth worldwide.
Q. What makes the AIM Congress
2024 particularly special or noteworthy
compared to previous editions?
AIM Congress 2024 holds special significance
due to its theme of adapting
to a shifting investment landscape and
harnessing new potential for global
economic development. This year the
event boasts an impressive lineup of
participants, including over 25 government
ministers, 45 city mayors, 12 central
bank governors, 900+ speakers, 450
dialogue sessions, 7 high-level roundtable
meetings, 9 global stock markets,
50+ unicorns, and more than 12,000
delegates representing 175 countries
worldwide, in 27 joint events organised
in cooperation with 304+ international
and global partners.
Q. For attendees planning to participate
in AIM Congress 2024, what
can they expect in terms of content,
activities, and opportunities?
Attendees can expect a dynamic and
enriching experience at AIM Congress
2024, featuring a wide range of content,
activities, and opportunities. From
insightful panel discussions to networking
sessions, the congress provides a
platform to engage with global leaders,
explore investment trends, and forge
meaningful partnerships to drive economic
development.
Q. What is the importance of the
core tracks featured at the AIM
Congress, and how do they contribute
to the overall objectives
of the Congress?
The core tracks at AIM Congress play
a crucial role in addressing various
aspects of investment and economic
development. From focusing on small
and medium-sized enterprises to exploring
innovation and technology, these
tracks facilitate knowledge-sharing,
best practices, and collaboration among
attendees, ultimately contributing to the
congress’s overarching goal of fostering
economic growth and transformation.
Q. How does the AIM Congress
contribute to fostering economic
relations among nations and addressing
global challenges?
AIM Congress serves as a vital platform
for fostering economic relations
among nations by bringing together
global leaders, policymakers, investors,
and entrepreneurs to discuss investment
strategies and opportunities. By
facilitating dialogue and collaboration,
AIM Congress helps countries identify
common challenges and explore solutions
that promote economic growth
and development on a global scale.
Q. In what ways does AIM Congress
support small and medium-sized
enterprises (SMEs) and entrepreneurs,
particularly through the SMEs
Track - Entrepreneurs Investment
Summit?
The SMEs Track - Entrepreneurs
Investment Summit at AIM Congress
provides a dedicated platform for SMEs
and entrepreneurs to access investment
opportunities and resources. Through
fireside chats, panel sessions, and networking
events, AIM Congress offers
valuable insights, best practices, and
connections to help SMEs thrive and
expand. This initiative aims to stimulate
entrepreneurship, foster innovation,
and unlock the potential of SMEs in
driving economic growth.
May 2024 www.thefinanceworld.com 67

Corporate Results
National Bank of Umm Al
Qaiwain (NBQ)
Q1’24 Net Profit: AED
175.73M
In the first quarter of 2024, the National
Bank of Umm Al Qaiwain (NBQ) reported
an unaudited consolidated net
profit after tax of AED 175.73M, marking
an increase from AED 139.15M in the
same quarter of the previous year. This
growth was driven by a surge in interest
income, which rose to AED 229.78M
from AED 165.79M. Basic and diluted
earnings per share (EPS) also saw an
uptick, reaching AED 0.09 compared to
AED 0.07 in the corresponding period
of the previous year. Additionally, the
bank’s total assets increased to AED
14.82B, with customers’ deposits rising
to AED 8.85B.
ADNOC Gas
Q4’23 Net Profit: AED 4,963M
ADNOC Gas plc and its subsidiaries,
collectively known as “ADNOC Gas,”
a leading integrated gas processing
company, unveiled its consolidated
financial results for Q4 2023 and FY
2023. The company reported a robust
performance in Q4 2023, driven
by substantial volume growth and
a favourable pricing environment.
Revenue for Q4 2023 increased by 7%
year-on-year to approximately AED
23,153M, with processed volumes
reaching 912 Trillion British Thermal
Units (TBTU), a 5% increase from the
previous year. Consequently, Q4 2023
EBITDA surged by 15% year-on-year
to approximately AED 8,119M, and net
profit for the quarter rose by 24% yearon-year
to approximately AED 4,936M,
as compared to the net profit of AED
3,983.87M of the previous year. ADNOC
Gas attributed its strong performance
to efficiency improvements and a higher
proportion of higher-margin liquids.
FY 2023 net income amounted to approximately
AED 17,337M, surpassing
market expectations.
Aldar Properties
Q4’23 Net Profit: AED 1.4B
Aldar Properties, headquartered in
Abu Dhabi, demonstrated impressive
financial performance in the fourth
quarter, with a 38.9% increase in net
profit, totalling AED 1.4B ($381M), as
compared to net profit of AED 1.007B.
This growth was fuelled by a substantial
40% rise in revenue, reaching AED 4.4B.
Surpassing analyst estimates, the company’s
profit exceeded expectations,
standing in contrast to the anticipated
AED 805M. Throughout 2023, Aldar
experienced a significant 40% surge in
net profit, reaching AED 4.4B, driven
by robust full-year sales amounting to
AED 27.9B and strategic international
expansions. Aldar underlined its solid
liquidity position, boasting AED 2.9B
in free cash and AED 7.5B in untapped
credit facilities.
Emirates NBD
Q1’24 Net Profit: AED 6.7B
In the first quarter of 2024, Emirates
NBD experienced a remarkable 67 per
cent surge in profit, reaching a record
AED 6.7B ($1.82B) as compared to a
net profit of AED 4B in the previous
year. This surge was fueled by robust
regional growth, increased transaction
volumes, and substantial impaired loan
recoveries. The bank’s asset base surpassed
AED 900B ($245B), with retail
and corporate lending both achieving
significant milestones. Notably, the
bank expanded its presence in Saudi
Arabia and refreshed its Egyptian franchise.
Deposit franchises saw notable
growth, with an AED 26B ($7.08B)
increase, largely driven by low-cost
current and savings accounts. Loan
growth also saw an uptick, particularly
in retail and corporate sectors,
contributing to a 3 per cent increase
in total income, reaching AED 10.7B
($2.75B).
ADNOC Logistics &
Services
Q4’23 Net Profit: AED 2,277M
ADNOC Logistics and Services plc
(ADNOC L&S) (ADX symbol ADNOCLS
/ ISIN AEE01268A239), a global energy
maritime logistics leader, announced
its Q4 and full-year 2023 financial
results. The company delivered a
net profit of AED 2,277M for the full
year, marking a remarkable 138%
year-on-year increase from AED 959M
in 2022. Revenues for 2023 reached
AED 10,118M, indicating a substantial
41% surge over 2022. EBITDA saw
a notable 93% year-on-year increase
to AED 3,217M, with an expanded
margin of 32%, driven by growth in
the Integrated Logistics segment and
strong performance in Shipping and
Marine Services. The integrated logistics
segment saw a notable 88% rise
in revenues, reaching Dh6.39 billion.
This increase was primarily driven
by sustained growth in revenue and
margins across core business lines.
RAKBANK
Q1’24 Net Profit: AED 574.2M
RAKBANK has announced a remarkable
quarterly net profit after tax of AED
574.2M ($156.3M), marking a 27.5 per
cent growth (39.7 per cent on a pre-tax
basis) driven by sustained momentum
on both sides of the balance sheet in Q1.
The Net Interest Income reached AED
879.5M, up 11.5 per cent year-on-year
(YoY), complemented by a robust fee
income of AED 294.9M, marking a 9.6
per cent YoY increase. Raheel Ahmed,
Group CEO, expressed satisfaction
with the progress of their strategic
transformation towards becoming the
‘digital bank with a human touch.’ He
highlighted the crossing of AED10B
in corporate loans and advances, with
Wholesale Banking now constituting
28 per cent of income and 40 per cent
of profit before tax.
68 www.thefinanceworld.com May 2024

Sharjah Islamic Bank
Q1’24 Net Profit: AED 285.4M
Sharjah Islamic Bank (SIB) reported a
significant 22.5% increase in net profit
before tax, reaching AED 285.4M for the
first quarter of 2024, compared to AED
233.1M for the same period last year.
After-tax net profit amounted to AED
259.7M, marking an 11.4% increase. This
growth is attributed to the bank’s robust
core performance and customer-centric
approach, along with the introduction of
high-profit customised products. Total
income from financing and investment
products surged by 23.5% to AED 858.1M,
while net fees, commissions, and other
income rose by 20.4% to AED 136.7M.
Despite a marginal increase in general
and administrative expenses, the bank
improved its cost-to-income ratio.
Additionally, SIB bolstered provisions in
response to ongoing operational risks,
with total assets reaching AED 70.1B,
reflecting a 6.4% increase from the yearend
2023.
Presight AI Holding PLC
Q4’23 Net Profit: AED 300.6M
Presight AI Holding PLC (“Presight”,
ADX: PRESIGHT) has disclosed its
financial year 2023 (FY2023) outcomes,
showcasing sturdy and consistent
revenue growth, with revenues surging
by 14.7 per cent (AED 228.6M) to AED
1,780.6M compared to FY2022. Concurrently,
the net profit escalated by 5.1%
(AED 27.6M), reaching AED 570.6M
in FY2023 compared to AED 543.0M
in FY2022, with a net profit margin of
32.0% in FY2023. The company attributed
the financial success to significant
domestic project deployments, notably
in the final quarter of the year, which
propelled Q4 ‘23 revenues by AED
713.5M, marking a 23.3% increase over
Q4’22. Despite a marginal 0.4% increase
in Q4’23 net profit over Q4’22, with net
profit reaching AED 300.6M, the Q4’23
net profit margin stood at 42.1%.
AD Ports Group
FY’23 Net Profit: AED 1.36B
AD Ports Group has reported a robust
operational and financial performance
for 2023, with revenue more than
doubling year-on-year (YoY) to AED 11.7
billion, as compared to AED 0.545B. The
group’s preliminary financial results for
the 12 months ending 31st December
2023 highlight strong operational and
financial performance. Revenue soared
by 112% YoY to AED 11.68B, with a
105% YoY increase to AED 3.57B in
Q4 2023. EBITDA rose by 23% YoY to
AED 2.67B in 2023, while the EBITDA
margin stood at 22.8%. Profit Before
Tax reached AED 1.41B in 2023, and
Total Net Profit reached AED 1.36B.
The revenue growth was driven by
various clusters, including Maritime &
Shipping, Ports, Logistics, and Digital,
as well as mergers and acquisitions
(M&A) effects.
Saudi Advanced Industries
Company (SAIC)
Q1’24 Net Profit: USD 28.98M
In the first quarter of 2024, Saudi Advanced
Industries Company (SAIC)
experienced a remarkable surge in its
financial performance, with its net profit
witnessing an exponential increase of
392.61% year-on-year, soaring to USD
28.98M from USD 5.88M recorded in
the same period the previous year.
This impressive growth was mirrored
in its revenues, which skyrocketed by
385.13% year-on-year. The earnings per
share (EPS) for the quarter stood at SAR
1.84, marking a substantial rise from SAR
0.37 in the corresponding period of the
previous year. Additionally, on a quarter-on-quarter
basis, SAIC’s net profit
surged by 201.24%, while revenues saw
a significant increase of 129.26%.
Qatar Islamic Bank
Q1’24 Net Profit: USD
262.32M
Qatar Islamic Bank (QIB), Qatar’s leading
Islamic Bank, reported a net profit
attributable to shareholders of USD
262.32M for the three months ending
on March 31, 2024, marking a growth
of 5.5% over the same period in 2023.
The bank’s total assets as of March 31,
2024, stood up by 1.5% compared to
December 31, 2023, and 7.7% compared
to March 31, 2023, primarily driven by
financing and investing activities. Financing
assets grew by 1.9% compared
to December 2023, while investment
securities reflected a growth of 1.5%.
Total income for the period surged by
17%, with net income from financing
and investing activities registering a
robust growth of 19%. Efficient cost
containment led to a reduction in the
cost-to-income ratio to 17.8%, the lowest
in the Qatari banking sector.
Gulf Navigation Holding
PJSC (“GULFNAV”)
Q4’23 Net Profit: AED 21M
Gulf Navigation Holding PJSC (GULF-
NAV), a maritime and shipping company
listed on the Dubai Financial Market,
disclosed its annual audited financial
results for 2023, marking a significant
turnaround with a net profit of AED
21M, compared to a net loss of AED
7.6M in 2022. Key highlights include a
gross profit of AED 9.6M driven by the
chartering business, with total assets
reaching AED 1B and shareholders’
equity rising by 42% to AED 596M. Although
gross revenues from operations
decreased by 23%, other revenue and
income surged by 64%, attributed to
resource management and restructuring
efforts. Operating costs were reduced
by 18% and financing costs by 32%,
reflecting the company’s improved
financial and operational performance
under the strategic direction of His
Highness Sheikh Theyab bin Tahnoon.
May 2024 www.thefinanceworld.com 69

Sports as a Business
Source: pexels.com
The UAE leads globally with 89% of its population actively engaged in sports.
UAE’s Sporting
Revolution: Unveiling
the Blueprint for
Global Domination
The UAE’s strategic use of sports has forged a
lasting legacy, driving economic diversification,
and global visibility in the sports business arena.
Since its inception in 1971, the UAE’s
leadership has made fostering the sports
sector a cornerstone of national development.
This unwavering commitment
encompasses not only the establishment
and nurturing of sports clubs but also
broader social development initiatives.
These endeavors have propelled the UAE
onto the global stage as a preeminent
hub for sports events, investments, and
commercial ventures. With strategic foresight,
visionary leadership, and substantial
investments, the nation has harnessed the
power of sports as a driver for economic
expansion and international recognition.
Central to this transformation is a deliberate
governmental strategy aimed at
leveraging sports to catalyze economic
diversification.
70 www.thefinanceworld.com May 2024

The country recognised the potential
of sports as a means of entertainment
and physical well-being and as a
lucrative sector with vast opportunities for
revenue generation and global exposure.
A pivotal event in the UAE’s sports
trajectory occurred with the inauguration
of Dubai Sports City, a vast multi-purpose
complex dedicated to cultivating a
diverse array of sports disciplines such
as cricket, football, golf, and beyond.
Spearheaded by the Dubai government,
this ambitious undertaking underscored
the nation’s dedication to cultivating a
thriving sports ecosystem. Not only did
it furnish cutting-edge infrastructure, but
it also served as a catalyst for attracting
prestigious global sports events and fostering
investment opportunities.
The UAE’s strategic location, coupled
with its world-class infrastructure and
state-of-the-art facilities, has drawn
major international sporting events to
its shores. From Formula 1 racing and
golf championships to prestigious tennis
tournaments and cricket leagues, the
country has positioned itself as a coveted
destination for hosting high-profile sports
events. The Abu Dhabi Grand Prix, Dubai
Tennis Championships, and the Dubai
World Cup are among the marquee events
that have solidified the UAE’s position
on the global sports calendar.
The UAE has also established free
zone sports cities like Zayed Sports City
in Abu Dhabi, Hamdan Sports Complex,
Dubai Sports City, and Dubai Motor City.
These areas integrate sports facilities,
residential spaces, and commercial areas.
Zayed Sports City offers diverse practice
facilities, while Hamdan Sports Complex
features advanced swimming pools and a
15,000-seat stadium with solar-powered
outdoor lights. Dubai Sports City hosts
the Dubai International Stadium, and
Dubai Motor City caters to motorsports
enthusiasts with the Dubai Autodrome
and an F1 circuit. These developments
showcase the UAE’s commitment to
creating comprehensive sports hubs.
Moreover, visionary leaders and influential
personalities in the UAE have
played a pivotal role in shaping the sports
landscape and attracting investments.
Individuals like Sheikh Mohammed bin
Rashid Al Maktoum, the Vice President
and Prime Minister of the UAE, and Sheikh
Mansour bin Zayed Al Nahyan, owner
of Manchester City Football Club, have
been instrumental in not only promoting
sports but also investing significantly in
various sporting ventures. Their vision
and commitment to developing sports
have contributed to the country’s ascent
in the global sports business realm.
Complementing these efforts in February
2023, H.H. Sheikh Mansoor bin
Mohammed Al Maktoum, Chairman of
the Dubai Sports Council, Directed an
important meeting approving a transformative
2023-2033 strategy for sports
sector advancement. Stressing alignment
with sustainability goals and echoing
President Sheikh Mohamed bin Zayed Al
Nahyan’s commitment to a sustainable
future, Sheikh Mansoor indicated a vision
aiming to double the sports sector’s GDP
contribution, arrange 3,000 annual events,
and attract 1,000 international training
camps. This strategic blueprint stands
as a testament to the UAE’s dedication
to sports sector growth while embracing
sustainability and global excellence.
Beyond hosting events, the UAE
has strategically ventured into sports
investments and acquisitions, marking
its presence in the international sports
market. Investments in football clubs
across Europe, including Manchester City
and Paris Saint-Germain, have not only
elevated the country’s profile but have
also opened doors for collaborations and
business synergies in the sports industry.
The UAE’s strategic vision to boost
the sports industry also includes tax-free
zones offering businesses 100% ownership,
exemption from import/export duties,
and no personal income tax. These benefits
significantly cut operational costs,
making the UAE an appealing hub for
sports businesses looking for financial
advantages and operational flexibility.
Furthermore, the UAE’s forward-thinking
approach extends beyond traditional
sports to embrace emerging trends, such
as esports. Recognising the growing
popularity and commercial potential
of esports, the country has embraced
this digital domain, hosting esports
tournaments and establishing dedicated
arenas, positioning itself as a hub for both
traditional and digital sports.
The success of the UAE’s sports empire
can also be attributed to its commitment
to grassroots development. Initiatives
promoting youth sports participation,
academies nurturing talent, and sports
education programs have laid the foundation
for a sustainable sports ecosystem.
These efforts not only foster local talent
UAE’s sports
strategy
propels global
prominence,
exemplified by
transformative
projects like
Dubai Sports
City.”
but also attract international partnerships
and collaborations aimed at talent
exchange and development.
In addition to economic dividends, the
UAE’s sports endeavours have contributed
to its soft power and global image. By
hosting international events and attracting
sporting icons from around the world, the
country has enhanced its brand visibility
and positioned itself as a global player
in the sports business landscape.
However, this meteoric rise in the
sports business realm hasn’t been without
challenges. Competition from other
global sports markets, evolving consumer
preferences, and the need for continuous
innovation pose ongoing hurdles.
Yet, the UAE’s adaptability, resilience,
and willingness to embrace change
have positioned it as a dynamic player
capable of navigating these challenges
and sustaining its growth trajectory in
the sports business domain.
As the country continues to innovate
and expand its sports empire, its influence
on the global stage is set to endure,
leaving an indelible mark on the business
of sports.
May 2024 www.thefinanceworld.com 71

Sports News
Abu Dhabi’s Sporting Hub: Challenge Tour Double-header
Abu Dhabi, the capital city of the
United Arab Emirates, expanded
its influence in the global sporting
arena with two weeks of exciting events.
The Al Ain Equestrian, Shooting, and
Golf Club debuted as the host venue
for the Abu Dhabi Challenge from April
18-21, followed by the UAE Challenge
at the Saadiyat Beach Golf Club from
April 25-28. Supported by the Abu Dhabi
Sports Council, these prestigious golf
tournaments showcased some of the
Baseball United Rebrands
ME Franchises for Market
Share
Baseball United, the pioneering
professional baseball league
for the Middle East and Indian
Subcontinent, is broadening its reach
with the expansion of its UAE-based
franchises. The Dubai Wolves will now
be known as the Arabia Wolves, and
the Abu Dhabi Falcons will adopt the
name Mid East Falcons, reflecting their
extended territories. While retaining
their original colours and emblems,
the clubs will update their letter marks
and word marks to integrate the new
Arabia and Mid East designations.
Kash Shaikh, Chairman, CEO, and
Co-Founder of Baseball United, expressed
excitement about the growing
fanbase, noting that approximately 7
per cent of the GCC population are
now baseball enthusiasts, totalling
nearly five million fans across the
Arabian Peninsula. This move aims to
resonate with fans across all six GCC
countries, fostering a sense of local
pride and identity within the league.
Additionally, Baseball United plans to
further expand its presence with three
new franchises in Saudi Arabia, setting
the stage for an exciting inaugural
season slated for winter 2025.
globe’s up-and-coming talents as they
competed in the captivating ambience
of the desert sun. These events contributed
to Abu Dhabi’s reputation
as a prominent global sporting hub,
complementing its esteemed roster
of events such as Formula 1, the UFC
308 fight night, and the Abu Dhabi
Championship in November, reinforcing
its status as a premier destination for
sporting excellence and entertainment.
Dubai World Cup: Costs to Sustain Champion
Horse Unveiled
The Dubai World Cup, renowned
for its impressive $30.5B prize
pool, stands as a pinnacle event
in global horse racing, luring elite
competitors, trainers, and owners
worldwide to Meydan Racecourse.
Owning a contender capable of vying for
victory at this esteemed event demands
substantial financial commitment.
Prices for top-tier racehorses vary
widely, often reaching millions of dollars,
factoring in lineage, performance
history, and future potential. Acquiring
such assets may involve auction bids
or private transactions, with costs
sometimes exceeding tens of millions,
exemplified by record-setting sales like
Hound & Hound’s $70M acquisition in
2000. Maintaining these prized equine
In a challenging day for UAE cricket,
Kuwait, led by former UAE Academy
Coach Qasim Ali, triumphed in
the ACC Premier Cup held in Muscat,
marking a significant transition for Ali.
Despite initial victories against Kuwait
and Bahrain, the UAE faced defeat
against Oman, highlighting their vulnerabilities.
In a rain-shortened match
of 15 overs per side, Oman secured a
convincing nine-wicket win with over
two overs to spare. Meanwhile, at the
Oman Cricket Academy, Qasim Ali,
formerly pivotal in grooming UAE’s
young talent, guided Kuwait to success.
This shift marks Ali’s departure
from his role as head coach at the ICC
Academy in Dubai to leading Kuwait’s
athletes within Dubai’s lavish stables
incurs significant monthly expenses,
covering stable fees, bedding, feed, and
attentive care, with deluxe facilities
commanding thousands monthly. For
those intrigued by the world of elite
horse racing, tours offered by the
Meydan Hotel provide a glimpse into
the daily routines of these remarkable
athletes.
Former UAE Academy Coach Qasim Ali Leads
Kuwait to Victory in ACC Premier Cup
cricketing endeavours, showcasing his
influence beyond UAE borders.
May 2024 www.thefinanceworld.com 73

Sports News
Ambulance Services and DEWA Shine in Nad Al Sheba Wheelchair Basketball
Dubai Corporation for Ambulance
Services and Dubai Electricity
and Water Authority (DEWA)
showcased their prowess in wheelchair
basketball at the 11th Nad Al Sheba
Sports Tournament. In a thrilling match,
Ambulance Services triumphed over
Mai Dubai with a commanding 25-9
victory, while Dubai Courts secured
a crucial 14-10 win against Al Bustan
Centre and Residence. Despite a tough
start against RTA, DEWA rallied back
with an aggressive offensive strategy,
Emirates Arabian Horse
Global Cup 2024 Begins
in Scottsdale, USA
The highly anticipated third round
of the Emirates Arabian Horse
Global Cup and the Breeders
World Cup commenced on the 28th of
March in Scottsdale, Arizona, United
States. Under the patronage of His
Highness Sheikh Mansour bin Zayed Al
Nahyan, Vice President, Deputy Prime
Minister, Chairman of the Presidential
Court, and Chairman of the Board of
Directors of the Emirates Arabian
Horse Society (EAHS), these prestigious
cups promise an exhilarating
display of equestrian excellence. The
Breeders World Cup boasts a lineup
of 117 horses, while the Emirates
Arabian Horse Global Cup features 47
equine contenders from North America,
representing 34 different owners
hailing from the USA, Canada, and
Mexico. This edition marks the inaugural
launch of the Emirates Arabian
Horse Global Cup, a landmark event
conceived under the visionary guidance
of His Highness Sheikh Mansour
bin Zayed and closely overseen by
Sheikh Zayed bin Hamad Al Nahyan,
Vice Chairman of the EAHS Board of
Directors.
clinching a 32-26 victory and keeping
their semi-final hopes alive. Meanwhile,
Dubai Police General Headquarters
staged a comeback with a 30-25 win
over Dubai Municipality in Group A
action. With one round of matches
remaining, the Federal Authority for
Identity and Citizenship leads Group
A, followed closely by Dubai Police
General Headquarters and Dewa, setting
the stage for an intense finish to
the tournament.
Zayed Sports Tournament Ends on High Note
Under the patronage of Sheikh
Mansour Bin Zayed Al Nahyan,
Vice President and Deputy Prime
Minister of the UAE, and Minister of the
Presidential Court of the UAE, the vibrant
culmination of the 27th Zayed Sports
Tournament unfolded in Abu Dhabi.
Brimming with exuberant festivities,
the tournament paid heartfelt homage
to the revered legacy of Sheikh Zayed
Bin Sultan Al Nahyan, drawing in 1780
fervent sports enthusiasts from across
the globe. Spanning a diverse array of
competitions including chess, football,
boxing, padel tennis, gymnastics, and
Petanque, the tournament served as a
beacon of community spirit during the
sacred month of Ramadan. Infusing
the event with cultural depth were the
captivating performances of renowned
Emirati artists. As the jubilant celebrations
reached their zenith, deserving athletes
were adorned with a total of AED 350,000
in prize money.
UAE and Brazilian Athletes Shine in NAS
Tournament Jiu-Jitsu Event
Brazil asserted its dominance emphatically
on the tournament’s
climactic day, adding an impressive
nine gold medals to their tally, complementing
the three triumphs secured by
Thiago Marques (Male Masters 72kg),
Andre Luiz De Almeida (Male Masters
85kg), and Renato Cardoso (Male Masters
100kg) on the previous evening.
Meanwhile, Sharjah Defence Sports Club
celebrated a resounding victory, amassing
a commendable total of 269 points
throughout the exhilarating two-day event,
firmly establishing their supremacy. Al
Ain Jiu-Jitsu Club and Bani Yas Jiu-Jitsu
Club followed closely behind, securing
second and third place, respectively.
Sharjah Defence Sports Club distinguished
themselves with an impressive haul of
ten medals, boasting five gold, one silver,
and four bronze, while Al Ain Jiu-Jitsu
Club achieved remarkable success with
a total of 13 medals, including three gold
and silver each, accompanied by seven
bronze medals.
74 www.thefinanceworld.com May 2024

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Tourism
source: pexels.com
Travel market is expected to exceed USD 12 billion by 2026, growing at a CAGR of more than 7.7%.
Travelling Beyond
Borders: How Startups
are Bridging Gaps in
Global Tourism
Startups are changing the way people travel by
bridging gaps in accessibility, sustainability, and
overall travel experiences.
In a world more connected than ever,
crossing borders can still pose obstacles.
Yet, startups’ innovation and resourcefulness
are breaking down these barriers,
making global tourism increasingly
accessible and enjoyable for travellers
worldwide. From revolutionising accommodation
options to enhancing cultural
immersion, startups are reshaping the
tourism industry and expanding travel
opportunities for all. This article explores
the driving force behind these startups’
growth, their resilience, and the profound
impact they have on making global tourism
more accessible than ever before.
By bridging gaps, fostering inclusivity,
embracing diversity, and promoting accessibility,
startups are transforming the
way people explore the world, one trip
at a time.
76 www.thefinanceworld.com May 2024

Before diving into the innovative
world of travel startups, it’s worth
exploring the diverse motivations
driving their efforts. The various motivations
for doing so could include:-
Huge Potential Market:
Tourism business is large and has
enormous growth potential. The world
has a rich cultural past, various landscapes,
and numerous tourist attractions,
making it an appealing destination for
international visitors.
Technological Advancements:
With the advent of technology and the
internet, travel planning and booking
have become more accessible and convenient
than before. Tourism startups are
embracing technology to develop noble
solutions that make travel planning and
booking easier and more efficient for
consumers.
Low entrance hurdles:
The tourist industry has comparatively
low entrance hurdles when compared to
other industries, making it a profitable
field for startups. Startups in the tourist
industry began small but grew quickly
due to the market’s vast potential.
Changing Consumer Preferences:
Consumers’ preferences are shifting
towards personalised and customised
travel experiences. Startups are capitalising
on this trend by providing bespoke
travel packages and experiences based
on individual tastes.
Virtual guided tours:
We once Googled everything about
a tourist spot before booking a hotel
or planning a trip anywhere . With
technological advancements and the
implementation of AI and augmented
reality, tech-based travel firms are now
assisting us in visiting the location and
getting a firsthand feel for the famous
sites before we arrive.Virtual guided tours
allow travellers to explore their would-be
surroundings before they arrive.
Digitalizing local communities:
New-age travel businesses are bringing
local communities onto digital platforms
and educating them how to use the new
technology. They have greater access to
the global travel sector.
Entrepreneurs have found inventive
solutions to address pain areas in the
travel experience, such as reserving
accommodations and navigating foreign
destinations, thanks to technological
advancements.
Pent-up demand for travel is currently
being satisfied by product innovation,
greater safety measures, and cutting-edge
technology alternatives.
Bridging the gap:
1. Emergence of customised and cheap
luxury road excursions:
Travel companies have revolutionised
service offerings, and instead of daily
room rentals, the majority of hotels
and guesthouses now offer all-inclusive
long-term stays ranging from a week to
a month.
2. Online travel platforms:
Startups such as Airbnb and Booking.
com have transformed how customers
search and book rooms. AirBnB allows us
to travel for less than the cost of a hotel
room. Its exploration-focused brand has
long prospered by allowing customers
to travel anywhere with the press of a
button. They’ve increased that and are
helping to connect these vacations to
real-world activities with their AirBnB
activities service.
3. Language Barriers:
Language limitations can often impede
communication in distant nations. However,
firms like Google Translate and
iTranslate break down these barriers
by offering rapid translation services,
allowing travellers to speak efficiently
with locals and navigate foreign situations
with ease.
4. Transportation Solutions:
Uber and Ola make it easy to move
around without struggling to find a
cab.These ride-sharing systems provide
economical and dependable alternatives
to traditional taxis, allowing visitors to
explore their destination with ease.
Some of the well-known companies in
the tourism industry include:
Hotel Online:
HotelOnline delivers cloud-based
software solutions tailored for hotels.
Their suite includes hotel management
software, a booking engine facilitating
real-time website bookings with integrated
payment gateways, and a channel
manager for overseeing listings on online
distribution channels. Their comprehensive
features span front desk operations
management, POS systems, accounting,
housekeeping management, payments
processing, and beyond. Additionally,
HotelOnline provides customised branded
web development services and managed
customer/guest care support, ensuring
a holistic approach to enhancing hotel
operations and guest experiences.
Holidayme:
Holidayme is an online travel company
that offers a variety of services, including
flight tickets, hotel reservations, and
vacation packages. It was formed in 2000
and has grown to become one of the top
online travel providers.
EZhire Technologies:
Ezhire operates as a self-drive car
rental platform accessible through a mobile
application. Through the app, users
can conveniently select their preferred
vehicle, which will then be delivered and
collected from their specified location.
Whether for short-term or long-term
rentals, users have the flexibility to rent
vehicles as needed. The Ezhire mobile
app caters to both Android and iOS users,
ensuring accessibility across a wide
range of devices.
Airbnb:
Airbnb is a prominent short-term renting
marketplace. It was created in 2008 and
has since spread to over 100,000 places
throughout the globe.
Travelling across borders has never
been simple for many reasons, including
new places, new people, and new
environments, but these start-ups have
taken the initiative to bridge the gap for
our benefit. As we look to the future,
the opportunities for exploration and
discovery are limitless, and startups
will continue to play an important role
in altering how we perceive the world.
Rather than replacing people, their goal
is to push them out the door and provide
new chances.
May 2024 www.thefinanceworld.com 77

Pulse 17 AI 2024
Pulse 17 AI 2024 laptop by MSI
represents a significant leap
forward in computing capabilities,
thanks to its integration of cutting-edge
AI technology. With a focus
on delivering exceptional performance
and innovative features, this laptop
offers users a powerful and versatile
computing experience.
At the heart of the Pulse 17 AI 2024
is its impressive display, boasting a
17-inch 2560 x 1600 resolution screen
with a high 240Hz refresh rate and
full DCI-P3 colour gamut coverage.
Whether you’re gaming, working, or
consuming multimedia content, the
visuals are bound to impress with
their clarity, smoothness, and accurate
colour reproduction.
The laptop is powered by an Intel
Core Ultra 9-185H processor, ensuring
swift responsiveness and seamless
multitasking capabilities. Paired with
optional NVIDIA GeForce RTX 4060 or
RTX 4070 graphics cards, users can
expect fluid gaming experiences and
exceptional graphics performance for
demanding tasks like content creation
and video editing.
Pulse 17 AI 2024 introduces innovative
AI features such as the MSI AI Engine
and MSI AI Artist. The AI Engine optimises
hardware settings based on user
scenarios, enhancing performance for
different usage scenarios like gaming,
productivity, or entertainment. Meanwhile,
MSI AI Artist empowers users to
unleash their creativity with image and
text generation capabilities, opening
up new avenues for exploration and
expression.
In addition to its impressive performance,
the Pulse 17 AI 2024 prioritises
effective cooling solutions to maintain
optimal performance under intense
workloads. MSI’s Cooler Boost technology,
combined with a redesigned heat
pipe system and large dual fans, ensures
efficient heat dissipation, allowing users
to push the laptop to its limits without
compromising performance.
Furthermore, the laptop offers modern
connectivity options with Wi-Fi
6E support and a variety of ports for
seamless peripheral integration. Hi-Res
audio technology delivers rich, immersive
sound quality, complemented by
Nahimic software enhancements for
an enhanced gaming experience. The
inclusion of a customisable RGB backlit
keyboard adds a touch of personalisation
and style to the user experience.
Pulse 17 AI 2024 is a testament to MSI’s
commitment to delivering cutting-edge
technology and exceptional user experiences.
With its blend of powerful
hardware, intelligent AI features, and
thoughtful design elements, this laptop
offers a compelling solution for users
seeking high-performance computing
in a versatile and stylish package.
78 www.thefinanceworld.com May 2024

MSI Claw
MSI has unveiled its latest innovation
in gaming technology
with the introduction of the
MSI Claw in the Middle East region. This
gaming handheld marks a significant
milestone as the world’s first device
powered by the Intel Core Ultra Processor,
offering gamers an unparalleled
gaming experience on the go.
At the core of the MSI Claw is the
Intel Core Ultra processor, featuring
ARC graphics with up to 8 Xe cores
and advanced XeSS technology. This
powerful combination ensures smooth
gameplay across a variety of AAA titles,
delivering an immersive gaming experience
like never before. The ARCTM
integrated graphics provide twice the
graphical performance of previous
generations, revolutionising integrated
graphics and setting new standards for
gaming handhelds.
MSI’s Claw represents a significant
advancement in handheld gaming.
Powered by Intel Core Ultra processors
and Intel XeSS technology, it enhances
FPS for seamless gameplay, even in
demanding AAA titles.
Integrated with MSI Cooler Boost
Hyperflow technology, the device
features dual fans and heat pipes that
efficiently dissipate heat, ensuring
optimal gaming performance. The intraflow
thermal design further enhances
airflow, keeping internal components
cool during intense gaming sessions.
The Claw boasts a leading-edge
53Whr battery, providing up to 2 hours
of impressive battery life under full
workload, enabling gamers to indulge
in extended gaming sessions. With the
MSI Center M UI, users can easily access
key features and settings, including a
quick game launcher and instant platform
access. Additionally, the Claw supports
the MSI APP Player, expanding gaming
options to include both Windows and
Android mobile games.
Designed with ergonomics in mind,
the Claw offers a comfortable grip for
various hand sizes, enhancing the overall
gaming experience. Its 7-inch Full
HD touchscreen display with a 120 Hz
refresh rate ensures a visually stunning
and responsive gaming environment.
MSI’s Claw sets a new standard for
portable gaming with its advanced technology,
ergonomic design, and powerful
performance features. Available online
and in major retailers across the UAE,
including Virgin Megastore, Sharaf DG,
Geekay, Jumbo, Eros, and Amazon, as
well as Computer Plaza with HyperX Al
Ershad Computer Group. In KSA, it is
exclusively available at Jarir Bookstore.
May 2024 www.thefinanceworld.com 79

DIAMO N D S P ONSOR
3rd ICPAC Mediterranean
Finance Summit
23-24 MAY 2024
Four Seasons Hotel
Limassol, CYPRUS
www.qubevents.com/3rd-icpac-mfs
3 rd Annual
Financial
Innovation
Forum
Payments & Regtech
19 SEPTEMBER 2024
RENAISSANCE HOTEL ST PANCRAS
LONDON, UNITED KINGDOM
www.qubevents.com/3rd-financial-innovation-forum

Global News
US Inflation Eases as Consumer Spending Supports Economy
US prices moderated, particularly
in services excluding housing
and energy, keeping the possibility
of a June interest rate cut by the
Federal Reserve viable. The Commerce
Department’s report highlighted a notable
increase in consumer spending,
emphasising the economy’s resilience
despite global challenges. Despite higher
borrowing costs, the US continues to
surpass its peers, buoyed by a robust
labour market. Economist Jeffrey
Roach predicts a continued slowdown
in core services inflation throughout the
year, potentially influencing the Fed’s
decision-making process by June. The
Personal Consumption Expenditures
(PCE) price index rose by 0.3% last
month, while goods prices increased
by 0.5%, mainly due to energy product
costs. Despite moderating price pressures,
inflation remains above the Fed’s
2% target, indicating ongoing economic
dynamics and policy considerations.
Investors Watch Fed Rate Cut and Earnings to
Sustain Market Rally
Following a strong start to the
year for stocks, investors are
cautious about potential challenges
in the second quarter, closely
monitoring whether the Federal Reserve
will implement an anticipated
interest rate cut by June and focusing
on upcoming earnings reports. The
S&P 500 ended the first quarter with a
significant gain, led by tech giants like
Nvidia and Meta Platforms, along with
a resurgence in economically-sensitive
sectors such as energy and industrials.
The sustainability of this rally hinges
on the Fed’s actions, as it assesses inflation
levels and economic resilience.
Market expectations have shifted from
anticipating multiple rate cuts to now
predicting fewer cuts, reflecting growing
confidence in a “soft landing” for the
US economy. However, any deviation
from these expectations could trigger
increased volatility in the market, underscoring
the importance of progress
on the inflation front.
Syngenta Abandons
Multi-Billion Dollar
China IPO Bid
Swiss agrichemicals and seeds
group Syngenta has withdrawn
its multi-billion dollar listing bid
on the Shanghai Stock Exchange amid
recent turbulence in the Chinese equity
market. The proposed IPO, aiming to
value the Chinese-owned firm at up to
$60B, faced repeated delays since its
proposal in 2021 due to unfavourable
market conditions. Syngenta cited the
industry environment and its development
strategy in its decision to withdraw
the IPO application. Syngenta intends
to revisit the listing process, either in
China or elsewhere, when conditions
improve, exploring alternative funding
sources such as exchanges in Hong
Kong, Zurich, or London. This strategic
move coincides with increased scrutiny
from China’s securities watchdog under
new leadership, signalling a cautious
approach to IPOs in the current market
landscape.
Egypt Set to Gain from Increased Intra-Africa Trade
Recent expert reports underscore
Egypt’s potential to thrive
through enhanced implementation
of the African Continental Free
Trade Area (AfCFTA) agreement,
providing a beacon of hope amidst
economic challenges. Landry Signé, a
senior fellow at the Brookings Institution
and professor at the Thunderbird
School of Management, highlights
Egypt’s pivotal role and abundant
opportunities for both SMEs and larger
enterprises within the AfCFTA
framework. These reports coincide
with significant financial injections,
including a $7B World Bank deal and a
new $5B IMF loan program, fortifying
Egypt’s economic trajectory. Published
by the OECD and tralac, these reports
affirm Egypt’s advantageous position
to leverage and contribute to the progress
of AfCFTA, promising a brighter
economic future for the nation.
May 2024 www.thefinanceworld.com 81

Global News
HSBC Finalises Sale of
Canadian Unit to RBC
HSBC Holdings announced the
completion of the ($9.96B)
sale of its Canadian unit, HSBC
Bank Canada, to Royal Bank of Canada
(RBC) on Thursday. The transaction
is expected to generate an estimated
gain of $4.9B for HSBC in the first
quarter of 2024. RBC anticipates that
the acquisition, which merges Canada’s
largest and seventh-largest lenders,
will enhance its domestic business
and global standing. RBC confirmed
that HSBC Canada’s branches and
offices will commence operations as
RBC locations starting Monday, April
1. Despite opposition from various
groups, including environmental and
anti-monopoly activists, as well as
conservative voices expressing concerns
over industry concentration and
potential fee increases for consumers,
the merger marks RBC’s largest deal.
Such substantial banking sector transactions
have not been seen in Canada
since the early 1990s.
China’s Growth Sparks
Optimism
Senior officials and executives at the
China Development Forum 2024 in
Beijing expressed optimism about
China’s growth prospects, citing the
country’s commitment to fostering new
quality productive forces and promoting
high-quality development. With China’s
economy on a positive trajectory after
announcing a 5 per cent growth target
for the year, effective macroeconomic
policies, stable production growth,
and sustained demand recovery are
contributing factors. Zheng Shanjie,
Head of the National Development
and Reform Commission, highlighted
that China’s focus on cultivating new
high-quality productive forces fuels its
economic growth and propels global
economic recovery and expansion.
Kristalina Georgieva, Managing Director
of the International Monetary Fund,
acknowledged China’s leadership in
artificial intelligence preparedness,
facilitated by its advanced digital
infrastructure. As China continues
its strategic investments and policy
measures, the world looks to the nation
for inspiration.
Guangdong Province Aims to be a Global
Industrial and Sci-Tech Hub
Guangdong Province in China is
ambitiously positioning itself
as a global leader in industrial
and sci-tech innovation, aiming
to foster synergy between industry
and technology while nurturing new
productive forces. With its GDP reaching
(approximately $1.88T) in 2023,
Guangdong has maintained its status
as China’s top-ranking province for the
35th consecutive year. The province
boasts over 18 million business entities,
contributing significantly to the national
economy. Governor Wang Weizhong
outlined plans for 2024, focusing on
bolstering investment, stimulating
consumption, and stabilising foreign
trade to achieve a targeted 5-percent
economic growth. Notably, Guangdong
witnessed robust growth in industrial
investment and technology upgrading,
with consecutive months of double-digit
expansion. Despite global economic
uncertainties, Guangdong’s economy
showed resilience, evidenced by growth
across various sectors, including industry,
consumption, investment, and
imports/exports.
Wanda Sells 60% Stake in Mall Unit for $8.3B
Private equity firm PAG and a
consortium of investors have
disclosed an $8.3B investment
for a 60% stake in Dalian Wanda’s mall
unit. Dalian Wanda will maintain a 40%
ownership in Newland Commercial
Management, the parent company of
Zhuhai Wanda Commercial Management
Group Co. The group of investors
includes CITIC Capital, the Abu Dhabi
Investment Authority, Mubadala Investment
Company, and Ares Management
Corporation. PAG’s David Wong emphasised
Newland’s competitive edge and
pioneering status, foreseeing consistent
and expanding cash flow for investors.
Newland oversees a portfolio of 496
large shopping malls across China.
This investment pact follows a prior
restructuring framework announced in
December, solidifying the partnership
between PAG and Dalian Wanda Commercial
Management Group.
Japan Expands Visa Program to Tackle Driver Shortage
Japan has expanded its foreign
skilled worker visa program to
alleviate the nation’s driver shortage
by granting longer stays of up
to five years in four new industries,
including road and railway transportation,
forestry, and timber sectors.
This marks the first expansion since
the program’s inception in 2019. With
Japan facing a declining birthrate and
pronounced shortages in transportation
and logistics industries, the move
aims to address these labour gaps,
particularly with the upcoming enforcement
of new limits on driver overtime
hours in April, dubbed the “2024
problem.” The government plans to
admit up to 820,000 foreigners under
the skilled worker visa in the next
five fiscal years, more than double
the previous estimate. Chief Cabinet
Secretary Yoshimasa Hayashi urged
relevant ministers to expedite preparations
for accepting foreign workers
to foster an inclusive society.
82 www.thefinanceworld.com May 2024

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Local News
UAE and Oman Ink AED 129B Multi-Sector Investment Deals
The United Arab Emirates and
Oman have sealed a monumental
AED 129B worth of investment
agreements spanning multiple sectors,
signalling a profound commitment to
bolstering economic collaboration.
Unveiled during the UAE-Oman Business
Forum in Abu Dhabi, attended by Sheikh
Hamed bin Zayed Al Nahyan, Managing
Director of the Abu Dhabi Investment
Authority (ADIA), the agreements
encompass several initiatives. Central
to these deals is an AED 117B industrial
and energy megaproject, emphasising
renewable energy endeavours and green
metals production. Beyond energy,
collaborations extend to technologyfocused
funds, rail connectivity projects,
and mutual investment cooperation across
digital infrastructure, food security,
energy, and transport. These agreements,
coinciding with Sultan Haitham bin
Taiq’s state visit to the UAE, are poised
to fortify bilateral relations and foster
socio-economic growth for both nations.
Dubai Launched New
Property Project Every
18 Hours in Q1 2024
Dubai witnessed a surge in
property project launches
during the first quarter of 2024,
with both local and foreign developers
aggressively introducing new ventures.
Cavendish Maxwell’s Property Monitor
revealed that in March alone, nearly
30 off-plan projects were launched,
contributing around 10,000 units to the
market. This brought the total for Q1
2024 to an unprecedented 34,000 units
across 120 projects, averaging a new
launch every 18 hours, as highlighted by
Zhann Jochinke, director of marketing
and research at Cavendish Maxwell.
The robust demand in Dubai’s property
market has prompted developers
to initiate various major projects,
including Emaar Properties’ Heights
Country Club and Grand Club Resort,
Danube Properties’ Diamondz and
Bayz101, Deyaar Development’s tower
in Jebel Ali, and several others by local
and foreign developers.
UAE Job Market Surges: 8% Growth in 3
Months Amid Gulf Employment Boom
The United Arab Emirates led
Gulf job creation with an 8%
surge compared to Q4 2023,
driven by growth in sectors like real
estate, digital, data, and AI, per the
Cooper Fitch Gulf Employment Index.
Real estate saw an 11% uptick, reflecting
the market’s boom. Regionally, real
estate development, design, and sales
jobs grew by 11%. Other GCC countries
contributed to a 6% employment
The UAE’s retail sector is on a
steady growth trajectory, projected
to reach no less than AED
275B ($74.87B) by 2028, with a Compound
Annual Growth Rate (CAGR)
of 3.7%. Mohammad Ali bin Rashed
Lootah, President and CEO of Dubai
Chambers, highlighted that e-commerce
is a significant growth driver,
expected to maintain a double-digit
trajectory, surpassing AED 42B. Lootah
emphasised the importance of bridging
the gap between traditional brickand-mortar
stores and e-commerce,
leveraging opportunities in both sectors.
With the pandemic accelerating
the shift towards hybrid models, the
Dubai Chamber of Digital Economy
is actively facilitating this transition,
extending beyond e-commerce to
sectors like Agri-tech, FinTech, and
telemedicine. Collaborating with local
rise: Saudi Arabia by 5%, Qatar by
3%, Bahrain by 1%, and Kuwait by 4%.
Oman’s job creation remained steady.
In the UAE and Saudi Arabia, the public
sector saw an 8% increase in job
opportunities. Saudi Arabia’s Public
Investment Fund hit $940.26B in assets
under management. Qatar’s tourism industry
rebounded, welcoming 596,000
international visitors in February 2024,
indicating post-pandemic recovery.
UAE Retail Sector Set to Exceed $75B by 2028
retailers, the Dubai Chambers aims to
enhance omnichannel capabilities and
foster growth across various tech-driven
sectors.
84 www.thefinanceworld.com May 2024

Dubai’s Network
International Granted
SVF Licence by
Central Bank
Network International, a prominent
player in Dubai’s financial
landscape, has achieved
a significant milestone by securing
its stored value facility (SVF) licence
from the esteemed Central Bank of
the UAE. This coveted licence grants
Network International the authority to
issue stored value products, encompassing
various non-cash facilities
that allow customers to pre-pay funds
for future transactions. With this regulatory
approval in place, Network
International is poised to expand its
service portfolio, offering enhanced
payment solutions to its extensive
network of partners and customers.
By enabling prepaid card issuance
and facilitating wallet provisioning
services, Network International aims
to streamline financial transactions
and elevate the overall user experience
within the burgeoning digital
payment ecosystem of the United
Arab Emirates. This accomplishment
underscores Network International’s
unwavering commitment to innovation
and excellence in the realm of financial
technology, firmly solidifying its
position as a leading innovator in the
industry.
UAE Cities Lead Global Smart City Rankings
In the latest IMD Smart City Index
2024, the United Arab Emirates
(UAE) showcased significant advancements
in smart city development,
with both Dubai and Abu Dhabi securing
notable positions within the top
20 globally compared to the previous
year. Abu Dhabi ascended three spots
to claim the 10th position, while Dubai
made a remarkable five-place leap,
securing the 12th rank. Notably, Abu
Dhabi and Dubai are the sole representatives
from the Middle East in the
Top 20. Globally, Zurich maintained its
dominance for the fifth consecutive
year, followed by Oslo and Canberra.
Other noteworthy mentions include
Geneva in fourth place and Singapore
in fifth. The IMD Smart City Index,
based on a combination of hard data
and resident surveys from 142 cities
worldwide, underscores how cities
are harnessing technology to enhance
residents’ quality of life.
AD Ports Group Commits $251M Investment in Luanda
Port, Angola
AD Ports Group, based in the
UAE, has secured a 20-year
concession agreement to oversee
operations at Angola’s Luanda
multipurpose port terminal. With plans
to inject $251M into modernising the
terminal, AD Ports aims to enhance
its efficiency and capabilities. The
agreements, signed with Angola-based
logistics and transport firms Unicargas
and Multiparques, can be extended for
an additional decade, as announced by
the Abu Dhabi ADX-listed company.
AD Ports will acquire an 81% stake in
a joint venture to manage the Luanda
terminal, and a 90% stake in another
venture to serve both the facility and
the broader Angolan logistics market.
The investment will facilitate terminal
modernisation and logistics development
from 2024 to 2026, potentially
reaching $379M over the concession
term. The Port of Luanda handles
over 76% of the nation’s container and
general cargo volumes.
Dubai’s Emirates NBD Q1 Net Profit Surges 12%, Beats Estimates
Emirates NBD, Dubai’s largest
lender, announced a robust
performance for Q1 2024, with
a net profit of AED 6.72B ($1.82B),
marking a 12% increase from the previous
year. This exceeded analysts’
expectations, as indicated by LSEG
data. The bank attributed this success
to higher income and recoveries
on impaired loans. Total operating
income reached AED 10.66B, driven
by a favourable deposit mix, solid
loan growth, and strong fee and commission
growth across all segments.
Notably, the bank’s asset base expanded
by 5%, surpassing the AED
900B milestone for the first time. With
deposits up 13% year-on-year and gross
loans increasing by 5%, Emirates NBD
remains well-positioned in the market.
May 2024 www.thefinanceworld.com 85

Travel
Exploring the Enchanting Destinations
of Saudi Arabia
Saudi Arabia, a nation rich in history and culture, often flies under the radar as a tourist hotspot. However, in recent
years, the Saudi government has taken significant strides to diversify its economy, particularly through tourism. With
tourism investments reaching nearly $13 billion and projected revenues expected to reach $85 billion, the kingdom is
swiftly becoming a magnet for travellers, extending beyond the Holy cities.
Beneath the surface of Saudi Arabia lies a treasure trove of enchanting destinations waiting to be explored. From
ancient ruins steeped in history to modern marvels, the kingdom offers a diverse range of experiences for adventurers,
history buffs, and nature enthusiasts alike. Here we highlight four such destinations that are a must-visit on your next
trip to the kingdom.
Diriyah
Situated on the outskirts of Riyadh,
Diriyah is a UNESCO World Heritage
Site and the birthplace of the first
Saudi state. Steeped in rich history,
this ancient city was once the capital
of the Emirate of Diriyah and played
a pivotal role in the formation of the
modern Kingdom of Saudi Arabia. Ad
Diriyah, renowned for its traditional
mud-brick architecture, beckons with
its lively Al Bujairi district, now transformed
into a pedestrian-friendly hub.
Explore its winding alleys adorned with
charming cafes and artisanal shops.
Immerse yourself in history at the
Diriyah Museum, housed in a former
Yanbu
palace, and admire the beautifully restored
Al-Zawihra Mosque. The Wadi
Hanifah Valley offers a tranquil retreat,
where a river flows amidst date palm
trees, creating an idyllic setting for
leisurely picnics, peaceful strolls, and
invigorating cycling adventures. Amid
the recent investments, Saudi Arabia
has announced to build of a version of
the Champs-Elysees and a new retail
project named Zallal in the Bujairi
District of Diriyah. The town continues
to evolve, blending its rich history with
modern developments, promising an
unforgettable experience for visitors
from around the world.
Yanbu emerges as Saudi Arabia’s premier
diving destination, nestled along
the picturesque West Coast. Divided
into three distinct sections—Yanbu
Al Bahr, Yanbu Al Nakhal, and Yanbu
Industrial—the city offers a diverse
array of experiences, each brimming
with its own unique charm. Yanbu Al
Nakhal boasts a rich historical heritage,
once serving as a vital rest stop
for caravans traversing between Saudi
Arabia, Egypt, Yemen, and the Mediterranean
Sea. In the heart of the city
lies Yanbu Al Bahr, a treasure trove of
archaeological wonders. From ancient
mud and stone buildings to centuries-old
sites like Souq Al Layl and the Senussi
Mosque, visitors are transported to a
bygone era. Here, vibrant handicraft
shops, authentic folk restaurants, and
the enchanting flavours of local cuisine
await exploration.
For thrill-seekers, Yanbu Al Bahr
offers an array of water sports, including
water skiing and boat rides. Dive
enthusiasts will be enchanted by the
Red Sea’s azure waters, teeming with
vibrant coral reefs and a kaleidoscope
of marine life, making Yanbu a haven
for underwater adventurers.
86 www.thefinanceworld.com May 2024

Al Ula
Step back in time and uncover the
mysteries of ancient civilisations in
Al Ula, a historical gem nestled in the
heart of the Arabian Peninsula. Home
to the spectacular UNESCO-listed
site of Hegra (Al-Hijr), Al Ula boasts
towering sandstone cliffs, carved
tombs, and well-preserved Nabatean
architecture reminiscent of Petra in
Jordan. From ancient archaeological
sites to breathtaking natural wonders,
AlUla is a testament to Saudi Arabia’s
storied past and promising future. As
the kingdom unveils its millennia-old
treasures, visitors are invited to embark
on a journey through time, exploring
the Nabataean city of Hegra, the ancient
Kingdoms of Dadanite and Lihyanite,
and the charming AlUla Old Town.
In addition to its rich cultural heritage,
the city boasts a selection of
luxurious resorts, offering travellers
the perfect retreat for relaxation during
their visit. Moreover, AlUla caters to
diverse culinary tastes with a myriad
of cafes and restaurants scattered
throughout the area, ensuring visitors
can indulge in a variety of culinary delights.
Experience the allure of AlUla’s
cultural heritage, where every moment
promises an unforgettable experience
amidst breathtaking landscapes and
timeless heritage.
Abha
Perched atop the verdant mountains
of the Asir region, Abha offers a refreshing
escape from the desert heat and
a glimpse into Saudi Arabia’s natural
wonders. Known for its mild climate,
lush valleys, and terraced farms, Abha
is a haven for outdoor enthusiasts and
nature lovers. As you navigate through
the mist-shrouded terrain, even in the
warmth of summertime, Abha reveals
its hidden treasures of plains, cliffs,
and rich biodiversity. Delve into the
region’s artistic heritage and discover
the centuries-old tradition of Qatt Al
Aseeri, where vibrant colours extracted
from nature adorn the walls of homes
in a mesmerising display of abstract
artistry—a symbol of the deep connection
between man and place.
In Abha, time seems to stand still as
you wander through the labyrinthine
streets, listening to the echoes of old
tales whispered by ancient houses turned
museums. Here, the past comes alive
as museum owners open their doors to
visitors, offering a taste of traditional
dishes that tantalise the senses and
provide a rich sensory experience.
These mementoes will serve as lasting
reminders of your journey, ensuring
that Abha remains deeply etched in
your memory long after you depart.
May 2024 www.thefinanceworld.com 87

Travel News
Dubai’s Salik Plans
Revenue Diversification
Beyond Toll
Dubai’s Salik, the exclusive tollgate
operator, reported robust
financial performance in 2023,
generating 2.1 billion UAE dirhams in
revenue, driven by a notable surge in
toll usage. With over 461 million revenue-generating
trips, marking an 11.7
per cent increase from the previous
year, Ibrahim Al-Haddad, CEO of Salik,
credited Dubai’s enduring appeal as a
tourist and residency destination for
growth. Salik maintained impressive
EBITDA and net income margins of 65.9
per cent and 52.1 per cent respectively.
Looking ahead, the company plans to
diversify its revenue streams beyond
toll usage fees and fines, aiming to explore
ancillary revenue opportunities.
This strategic shift includes recent
collaborations like the partnership with
Emaar Malls for private parking fee
collection at Dubai Mall, demonstrating
Salik’s commitment to innovation and
sustainable growth.
China Southern Airlines Launches Direct Route to
Saudi Arabia
China Southern Airlines celebrated
the inaugural flight of its Beijing
Daxing - Riyadh route, marking
the first direct passenger service between
China and Saudi Arabia by a
Chinese airline. The event, attended by
China Southern’s senior management,
Saudi Air Connectivity Program (ACP)
representatives, Saudi Tourism Authority
members, and industry partners,
highlighted the airline’s commitment
to strengthening ties between the two
countries. Alongside the new route,
China Southern introduced international
connections to Belt and Road Initiative
regions, emphasising the transit services
at Beijing Daxing International Airport
and onboard amenities. Mr. ZHANG
Dongsheng, Deputy Director General of
China Southern’s Commercial Steering
Committee, underscored the route’s
significance in fostering cooperation
in economic, trade, cultural, and tourism
realms, aligning with the Belt and
Road Initiative and Vision 2030 goals.
Saudi Theme Parks: Study Finds 20% of KSA
Residents Favour Theme Parks for Leisure
According to a recent report by
YouGov, visiting theme parks
has become one of the most
popular leisure activities for Saudi
residents, with one in five reporting
they regularly spend their free time at
such attractions. This demand comes
amid a significant transformation in
Saudi Arabia’s entertainment and leisure
sector, reflecting the kingdom’s
broader efforts to improve the quality
of life for residents and boost tourism
in line with the Saudi Vision 2030. The
data reveals a preference for local
theme parks among 59 per cent of respondents,
yet a considerable portion,
60 per cent, are willing to travel far
distances to experience new attractions.
From the surveyed respondents,
on-site dining is an important part of
the theme park experience. Nearly 70
per cent of visitors agreed that theme
parks must have high-quality food
services. Al Baik tops the list as the
preferred restaurant among KSA theme
park visitors, with 61 per cent naming
it as their top dining choice.
Louvre Abu Dhabi Draws
Over 1.2 Million Visitors
in 2023
In 2023, the Louvre Abu Dhabi
welcomed over 1.2 million visitors,
driven by enhanced exhibitions,
increased visits to the Children’s Museum,
and active educational programs.
Outdoor activities and activities on
the premises also boosted footfall.
International visitors accounted for
72 per cent, with key markets including
Russia, India, France, the USA,
China, Germany, Italy, Kazakhstan,
and the UK. UAE residents made up
the remaining 28 per cent. The museum
hosted over 500 officials and
dignitaries, including Heads of State,
ministers, ambassadors, renowned
artists, and celebrities. As of March
19, 2024, it surpassed 5 million visitors
since its inception, solidifying its
global cultural landmark status. Saood
Abdulaziz Al Hosani, Under-Secretary
of the Department of Culture and
Tourism – Abu Dhabi, emphasised its
role in providing exceptional cultural
experiences and its impact over six
years of operation.
88 www.thefinanceworld.com May 2024

Saudi Arabia Invests $100M Annually in Tourism Sector Skills Development
At the Manafea Forum in Madinah,
Minister of Tourism Ahmed
Al-Khateeb announced that Saudi
Arabia allocates SR 375M annually to
enhance the skills of Saudis in the
tourism sector, aiming to increase their
rates to 40 per cent, with a target of
50 per cent. Additionally, efforts are
underway to expedite licence issuance,
reducing the current duration from five
days to instant processing. Al-Khateeb
highlighted the sector’s trajectory
towards joining the global top ten by
2030, projecting a contribution of 10
per cent to the economy, up from five
per cent the previous year. Minister of
Hajj and Umrah Tawfiq Al-Rabiah noted
a historic increase in Umrah pilgrims
in 2023, reaching five million, up 60
per cent from the previous year, while
preparations for the Hajj season were
already underway.
Arabian Travel Market’s Tech Zone Surges with 56%
Year-on-Year Growth
Arabian Travel Market (ATM) 2024,
hosted at Dubai World Trade
Centre (DWTC), will feature
over 100 leading travel technology
companies, marking a 56% increase
in the Travel Tech space compared to
last year. With a 33% rise in exhibitors,
the event reflects the growing demand
for showcasing innovations to a global
audience. Sponsored by Sabre, the
ATM Future Stage will gather over a
hundred expert speakers, presenting
cutting-edge solutions to enhance efficiency
and profitability in travel and
tourism. According to Allied Market
Research, the global travel technology
market is projected to reach $21B by
2032, underscoring the significance
of tech advancements in the industry.
Sessions at the ATM Future Stage will
explore AI implications, traveller-centric
approaches, and leveraging technology
for enhanced journeys.
Qatar Utilises Tourism and ICT to Diversify Economy
Qatar has seen remarkable progress
in its tourism and Information
and Communications
Technology (ICT) sectors following
the successful hosting of the 2022 FIFA
World Cup. With a focus on leveraging
the event’s global attention, the Qatari
government has invested heavily in
infrastructure, hospitality, and cultural
attractions, positioning the country as
a top destination for global travellers.
Strategic initiatives, including expanding
Hamad International Airport’s capacity,
developing world-class hotels,
and promoting cultural events, have
driven growth in the tourism sector.
Qatar Tourism reported exceeding 4
million visitors in 2023, attributing
the surge to the positive impact of the
World Cup and ongoing promotional
efforts. Saudi Arabia, India, Germany,
the UK, and Kuwait were among the
top visitor countries, with air travel
being the preferred mode of arrival.
Abu Dhabi Extends 10%
Tourism Tax Waiver for
Events
Abu Dhabi has prolonged its tax waiver
initiative for event organisers
as part of its strategy to invigorate
the tourism sector. Until December 31,
2024, event organisers will continue to
be exempt from the 10% tourism fee on
ticket sales, announced the Department
of Culture and Tourism – Abu Dhabi (DCT
Abu Dhabi). Saleh Mohammed Al Geziry,
Director General of Tourism at DCT Abu
Dhabi, emphasised that extending the tourism
fee waiver aims to accelerate growth
and provide ongoing support to event
partners and organisers, crucial players in
the emirate’s tourism and entertainment
ecosystem. This initiative complements
Abu Dhabi’s array of strategies to bolster
its tourism and events industry, including
reductions in hotel fees and updates to
holiday home policies. In 2022, Abu Dhabi
hosted over 1,200 MICE events, attracting
603,000 visitors, with a target set at 24
million visitors for 2023.
May 2024 www.thefinanceworld.com 89

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