Economy Middle East - December 2022

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The United Arab Emirates marks its 51st National Day at a time when the country is ardently expanding its position not only on the world stage but also in space. The seeds of these remarkable achievements, which have accumulated in an endless array of fields, were sowed thanks to a wise leader ship that works tirelessly to realize the impossible.

The UAE’s astute leadership has precipitated radical change in the structure of economic life in the country through economic diversification and improvement, using integrated develop ment plans based on an abundance of advanced infrastruc ture. This pioneering mindset has transformed the country not only into a destination for businessmen and international companies seeking to expand their presence in the region, but also into the ideal locale for international conferences and exhibitions. Indeed, the UAE has become a highly attractive lo cation for investment as well as an alluring tourist destination for millions of visitors from around the world.

The UAE is enjoying great successes in diversifying its eco nomic base and promoting high added value industries, bringing the contribution of non-oil sectors to the country›s GDP at constant prices to 73.5 percent at the end of Q1, 2022. Impressively, the country is achieving momentous econom

ic growth rates despite the global financial challenges resulting from high inflation rates. And yet, the road ahead has been paved for additional achievements, with the International Monetary Fund expecting the UAE to become the fastest growing economy in the Gulf region in 2023, driven by non-oil economic growth and amid substantial improvements in non-oil private sector conditions. A 5.1 percent real GDP growth is anticipated in 2022.

The UAE is consolidating its position as a major regional and international destination for investment, and confirming its status as key partner enjoying a significant level of confidence in the global investment and financial communities. Amendments to the “Golden Visa” came in line with plans to strengthen the country’s status as an ideal destination to live, work, invest and support sustainable economic growth.

The importance of the real estate sector, which continues to attract investors from around the world, can certainly not be overlooked. Thanks to the UAE’s keenness to enact laws that support its prosperity, the sector has become one of the most lucrative, not only at the local or regional levels, but also compared to its counterparts in major developed countries. The UAE’s ability to attract a variety of investments is assuredly too immense to summarize in just a few lines. However, we would be remiss to understate the achievements made by IPO activity in the country, highlighted by the massive $6.1 billion Dubai Electricity and Water Authority IPO. Now considered a watershed moment that cemented the country’s prominence in IPO terms, DEWA’s IPO was the second-largest in Europe, the Middle East and Africa since the beginning of 2022, and the larg est filing in the history of the Emirates’ capital markets. The UAE’s extensive investments abroad underscore its global position and the high competitiveness of its local companies, whose operations and investments have leaped beyond the country’s borders to help inscribe countless “Made in the UAE” success stories that have dazzled the world. The UAE has also demon strated its international position in the world of digital economies, becoming a recognized global player in digital ecosystems, as well as a «mecca for technology giants around the world» thanks to GITEX, the largest platform for international technology and innovation.

Today, the UAE is gleaming on the back of many years of achievements during which it won international accolades, especial ly for its speed in addressing the health and economic repercussions of the COVID-19 pandemic. On the 51st anniversary of the establishment of the Federation in 1971, and with so many astonishing accomplishments, we can’t help but look ahead in anticipation at what remarkable wonders the years ahead will bring in terms of development, prosperity, and successes.

Chief Executive Officer – Publisher

On its 51 anniversary, the UAE pens inexhaustible volumes of success stories

COP 27 – officially the Conference of the Parties of the UNFCCC – concluded lately in Sharm El Sheikh.

The first draft of the final declaration is limited to a list of points and reaffirms some of the controversial principles, including “the need to act quickly to keep the 1.5 degrees target possi ble.” The second issue at the heart of the negotiations is to demand that

developing countries create a special mechanism to finance the “loss and damage” they have suffered as a result of cli mate warming. The topic of loss and damage was included for the first time on the official calendar of the COP Conference. However, developed and developing countries are divided on whether a new mechanism should be put in place or whether existing financial institutions can provide the necessary funds.

Below are some of the major decisions and alliances:

Launching of the “International Coalition to Withstand Drought.” The new alliance will benefit from seed funding of 5 million euros provided by Spain to launch the project and to garner additional support.

Saudi committed $2.5 billion to the Middle East green initiative Saudi and Egypt signed an agreement to cooperate in the fields of electricity, renewable energy, and clean hydrogen, in order to achieve their common goals in these areas.

Sheikh Mohammed: Hosting COP 28 will be UAE's biggest event in 2023

Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, highlighted that the UAE’s hosting of the climate conference COP 28 will be the country’s most prominent event in 2023.

According to WAM, Sheikh Mohammed said, “We have con fidence that the UAE will organize the most successful global environmental conference.”

First Movers Coalition committed $12 billion to commercial ize zero-carbon tech and cut emissions.

The UN unveiled a plan of action worth more than $3 billion to protect the entire world from weather disasters through an early warning network within five years.

The total annual investment requirements of developing countries will reach $2.4 trillion by 2030. The current invest ment was about $500 million.

This came during Sheikh Mohammed bin Rashid’s attendance at a major session during the UAE government’s annual meetings, which discussed the significance of the UAE hosting COP28.

The global event, which will take place at Expo City Dubai, will welcome more than 140 heads of state and government and 80,000 participants. Sultan Al Jaber, Minister of Industry and Advanced Technology, special envoy for climate change, and chairman of Masdar gave a presentation at the meeting outlining what will be involved in hosting one of the largest global events of the year. Al Jaber said COP 28 was crucial because it would be the first global event to assess commitments made since the Paris Agreement in 2015. The UAE was the first Gulf country to ratify the Paris Agreement and announce a strategic plan to achieve climate neutrality by 2050 as part of its climate action and clean energy efforts. The country is also home to the International Renewable Energy Agency’s headquarters (IRENA). Moreover, the UAE has invested more than $50 billion in renewable energy projects in 70 countries, including 40 develop ing countries. It also recently concluded a $100 billion partnership with the US to accelerate the spread of clean energy use through projects generating 100 gigatonnes of electricity worldwide.

1COP 27:What was agreed upon at Egypt's climate conference?

A significant disagreement on “loss and damage”

The first event to assess Paris Agreement commitments

In the midst of skyrocketing real estate prices in Dubai and robust performances in the sector throughout the UAE, the larg est property event Cityscape Dubai opened its doors on Monday, unveiling premium properties. The event this year has a stronger global influence. In addition to regional developers like Azizi, Sobha Realty, Damac, and Arada, more than 60 percent of the exhibitors came from outside the UAE.

The event this year displays more conventional villa developments and apartment buildings, indicating a more mature market where buyers are more attracted to returns on investment amid rising rents and prices.

Azizi Developments plans to spend $15 billion in the next three years on building projects, as well as launching the sec ond-tallest tower in Dubai next year, as it looks to capitalize on booming demand in the UAE’s property market. Additionally, one of the UAE-based developers to make a statement was Arada, whose Jouri Hills project in Dubai, valued at 2 billion dirhams ($544 million), was unveiled. It will include the construction of 294 opulent villas and townhous es in the Jumeirah Golf Estates.

This is the first project for the Sharjah-based developer in Dubai. This year’s edition of Cityscape Dubai, which drew sizable crowds to the Dubai World Trade Center, emphasizes sustainability. Moreover, in an effort to preserve the ocean ecosystem, Dubai-based developer and contractor Inspire Home Con tracting is planning a floating villa project on Dubai’s World Islands.

Meanwhile, in Fujairah, Rawasi Real Estate said its Naseem AlBahar Villas are completed and on sale in what is the emirate’s first sustainable residential project with a 2 Pearl Estidama rating.

Exchange Traded Funds (ETFs) listed on the Abu Dhabi Securities Exchange (ADX) trading values have surpassed 1.4 billion dirhams year to date, making the Exchange’s ETFs the most liquid in the Arab world.

Year-to-date growth in the turnover of ADX’s ETF market was supported by more than 11,400 trades of 227 million units. This milestone reinforces ADX’s position as a leading regional ETF hub with the highest number of ETFs among regional exchanges, offering investors diverse investment

options, including Sharia-compliant and geographically diverse funds. Since the first ETF was listed on the ADX in August 2020, the exchange is now home to seven ETFs with an 8th ETF, the Chimera FTSE ADX 15 ETF to list on November 24. To support the increased demand for passive strategies and support the exchange’s derivatives market, ADX partnered with FTSE Russell this year to create a suite of indices, including the introduction of the FTSE ADX Growth Market Index (FADGMI) in the third quarter. Launched in March 2022, the FADX 15 selects companies by free float-adjusted market cap italization and median trading value. In June, the exchange introduced FADX 15 futures to provide a new way for investors to facilitate risk management during periods of market volatility.

The market capitalization of the Abu Dhabi Securities Exchange has recently surpassed 2.5 trillion dirhams, while the ex change’s benchmark index, FADX15, reached a new high with 10,500 points for the first time in ADX’s history.

«Azizi» plans to spend $15 bn on building projects

ADX ETF market surpasses 1.4 bn in traded value

Premium properties unveiled at Cityscape Dubai

The ETF market was supported by 11,400 trades

Abu Dhabi Finance Week witnessed during its Fintech Abu Dhabi Festival the announcement by Abu Dhabi Global Market (ADGM) Courts of the first-ever introduction of blockchain technology for the global enforcement of commercial judgments. The blockchain solution will result in substantial time and cost savings for parties to enforce their commercial judgments. Secure, immutable decisions will be immediately available to parties and enforcing courts, via ADGM’s website, an API, or directly on the blockchain for member courts. Parties will no longer need to wait for a certified copy of the judgment to start the process in the enforcing jurisdiction.

The move is one of a few financial modernization efforts the UAE is undertaking. For example, the UAE announced earlier this year they will also introduce a first-ever corporate business tax starting in 2023.

New Crypto Hub launched

In the same context, Abu Dhabi Finance week saw the launch of the Abu Dhabi Crypto Hub by Abu Dhabi Global Market (ADGM), the leading international financial center (IFC) of the UAE’s capital.

Crypto Abu Dhabi served as a vital platform to facilitate the assembly of the global crypto, blockchain, and decentralized finance entities and elaborated on some of the most disruptive financial technology of our age, while also discussing and planning the long-term growth and development goals of an exciting, dynamic and forwardlooking sector of the financial industry.

Dubai retains position as world's top FDI destination in H1

The emirate witnessed FDI inflows of $3.73 bn in H1

Dubai consolidated its status as the world’s leading foreign direct investment (FDI) hub, retaining its first rank globally for attracting FDI projects during H1 2022. In a record first-half achievement for the emirate, Dubai at tracted 492 FDI projects during the first six months of 2022, an 80.2% increase compared to the same period in 2021, according to data published by Dubai’s Department of Economy and Tourism (DET).

Dubai also ranked first globally in attracting greenfield FDI projects during the same period this year, according to the Financial Times Ltd’s ‘fDi Markets,’ the most com

prehensive online database on cross-border greenfield investments. Greenfield projects accounted for a 56% share of Dubai’s FDI projects during the period, according to the Dubai Investment Development Agency (Dubai FDI), a DET entity, using data from its Dubai FDI Monitor. Dubai witnessed FDI inflows of 13.72 billion dirhams ($3.73 billion) in H1 2022, reflecting a growth of 14.6% compared to the same period last year. Meanwhile, FDI investments and projects generated 15,164 new jobs in H1 2022, a 33.5% year-on-year growth compared to H1 2021. Dubai retained its top rank in FDI-related employment among countries in the Middle East and North Africa (MENA). Underlining its focus on retaining investments and investor confidence, Dubai ranked fourth globally in rein vestment FDI projects, 10th globally in reinvestment FDI capital inflows, and eighth in terms of jobs created by reinvest ment projects.

Dubai ranked first globally in attracting greenfield FDI projects in 2021, with 418 greenfield FDI projects, and the latest numbers vindicate its business-friendly initiatives and policies. Investor confidence in the emirate remains high, re flecting its economic stability and bright growth prospects.

Blockchain adoption continues to accelerate in Abu Dhabi

To address future needs of the market through innovative technologies

Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai approved the Dubai Countryside and Rural Areas Development Master Plan, spanning an area of 2,216 sq km.

The plan seeks to preserve the nature of areas including Lahbab, Margham, Al Marmoom, Al Lisaili, Al Faqaa, and Al Aweer, and provide various services and amenities to residents and visitors to enhance their well-being.

It will serve as a comprehensive plan for the next 20 years, in line with the Dubai Urban Plan 2040.

The key objective is to offer a unique touristic experience and transform each area into a tourist destination in the emirate. The Dubai ruler also approved a host of develop ment projects and initiatives aimed at protecting natural reserves and archaeological sites.

Sheikh Mohammed also approved the Saih Al Salam Sce nic Route (Route 1) project, a 100km-long road for vehicles and bicycles.

To be built based on the Scenic Route concept, the project will include facilities to provide a holistic tourism experience. It aims to increase the number of activities, events, and services that promote desert tourism. The project will also offer investment opportunities for inhabitants, support local projects that stimulate tourism, and encourage entrepreneurs to preserve the area’s nature and distinctive identity. Additionally, the initiative will include sports initiatives such as skydiving, hot-air balloons, safari trips, and a club for remotely controlled planes and cars. It will also include the first dedicated path for desert means, bicycles, and desert

Al Qudra and Saih

Miral, Abu Dhabi’s creator of immersive destinations and experiences, in partnership with Warner Bros. Discovery, announced today that a Harry Potterthemed land, a first in the Middle East, will be coming to Yas Island, Abu Dhabi, within the world’s largest indoor theme park, Warner Bros. World Abu Dhabi.

The creative vision for this newly designed Harry Potter-themed land from Miral and Warner Bros. Global Themed Entertainment will invite fans to step inside iconic locations from the wizarding world, seen in an all-new way.

The addition of a Harry Potter-themed land at Warner Bros. World Abu Dhabi (groundbreaking date yet to be revealed) expands upon a successful line-up of themed lands and experiences, including Bedrock, Dynamite Gulch, Cartoon Junction, Gotham City, and Metropolis.

The Harry Potter-themed land will be significant in scale and join the existing six Immersive Lands in the award-winning theme park, bringing Harry Potter to fans like never before.

Harry Potter is a global phenomenon, a fictitious character whose life journey has been scripted over a series of books, which sold over 600 million copies worldwide, distributed in more than 200 territories, and translated into over 80 languages. The books were then creatively spooled across eight films.

The addition of a Harry Potter-themed land at Warner Bros. World Abu Dhabi expands upon a line-up of themed lands and experiences, including Bedrock, Dynamite Gulch, Cartoon Junction, Gotham City, and Metropolis.

Dubai unveils masterplan for rural, countryside development

Harry Potter-themed land coming soon to Abu Dhabi's Yas Island

electric scooters to link tourist attractions and entertainment areas with the existing cycling track at

Al Salam.

The plan seeks to preserve the nature of areas including Lahbab and Margham

A first in the Middle East

Dubai is consistently the highest-ranked financial centre in MEASA

Innovation, Fintech, driving MEASA growth and investment landscape

CEO of DIFC Authority: Arif Amiri

From the outset, the Dubai International Financial Centre (DIFC) has been a significant contributor to the sustainable economic growth of Dubai and the United Arab Emirates. Today, DIFC stands out as one of the world’s most advanced financial centres, as well as the leading financial hub for the Middle East, Africa and South Asia (MEASA) region, an area which comprises 72 countries with an approximate population of 3 billion and an estimated GDP of $8 trillion.

In an interview with Arif Amiri, CEO of DIFC Authority, we take an exclusive look into the strategies and inner workings of the authority as well as its crucial role as a growth driver of and gateway to MEASA.

Looking ahead, the opportunity for growth is immense and we continue to attract both large financial institutions and start-ups as we provide certainty, a track record of stability, access to regional markets, and one of the most progressive, tested regimes within the region.

Last year, DIFC and its clients created approximately 5 percent of Dubai’s GDP. Overall, the UAE Financial Services sector contributed 13 percent. DIFC and the industry is a key economic growth driver for Dubai and the UAE. Our contribution continues to increase.

Dubai is consistently the highest-ranked financial centre within the MEASA region in the Global Financial Centre Index rankings, featuring alongside other key financial hubs such as London, New York and Hong Kong, and our trajectory continues to elevate us from a regional hub towards a global hub. Our efforts on climate issues and ESGs are also recognised by our leading status in the Green Financial Centre Index.

The opportunities for businesses to use DIFC as a gateway to the Middle East, Africa and South Asia remain tremendous and backed by our world-class infrastructure, regulatory frameworks and innovation initiatives. DIFC is also home to an internationally recognised, independent regulator and a proven judicial system with an English common law framework. Since our inception, they have provided confidence for finance-related firms to choose DIFC as their headquarters for the region.

As our client ecosystem has grown, so has its contribution to helping us drive the future of finance in the region. DIFC is home to more than 4,000 active registered companies and nearly 30,000 professionals – the largest and most diverse pool of industry talent in MEASA.

Since 2017, we have been evolving our proposition to stimulate financial innovation. We are home to the region’s first and largest Fintech Accelerator. Since then, DIFC has attracted 600 Fintech and innovation businesses, accounting for more than 60 percent of all those in the GCC. The DIFC Innovation Hub provides access to education, accelerator and innovator programmes, mentorship from established financial firms, cost-effective regulatory and operating licenses, access to funding sources and expertise. Lifestyle is also a key driver and influencing factor for companies to set up in our Centre. DIFC is more than a place to work. We are one of Dubai’s most soughtafter 24-hour, seven-days-a-week lifestyle destinations comprising a variety of world-renowned retail and dining venues, a dynamic art and culture scene, residential apartments, hotels and public spaces.

You announced the best annual performance in the history of the DIFC, with unprecedented results in 2021 as part of “Strategy 2024.” What are the most prominent features/highlights of what was achieved? What are your expectations for 2022 by year’s end? What about 2030 Strategy? What work has gone into achieving its goals?

At DIFC, we constantly strive to build and maintain our reputation as the leading global financial centre in the MEASA region, and our success is a reflection of all our stakeholders’ hard work, dedication and perseverance. Ultimately, DIFC’s success can be traced back to the strategies and initiatives undertaken by Sheikh Maktoum bin Mohammed bin Rashid al-Maktoum, Deputy Governor of Dubai, Deputy Prime Minister, Minister of Finance and Chairman of Dubai International Financial Centre.

DIFC now comprises 17 of the world’s top 20 banks, 25 of the world’s top 30 global systemic banks, five of the top 10 insurance companies, five of the top 10 asset managers and several of the world’s leading law and consulting firms.

During the first half of 2022, we continued to shape the industry by introducing initiatives aligned to our Strategy 2030 which led to attracting new businesses and talent to our ecosystem at an unprecedented pace.

Last year, we achieved the growth targets set in Strategy 2024 three years ahead of schedule, further strengthening our global economic profile in a year marred by the global pandemic. Strategy 2030 will see DIFC move beyond its achieved ambition of becoming the region’s leading financial centre, to becoming a global centre for business and innovation. Coming years will see DIFC doubling in size and doubling its economic contribution to Dubai’s GDP. It will also continue to strengthen the UAE’s competitiveness by working closely with the UAE Central Bank to drive digitalisation of the UAE’s financial sector.

DIFC is home to more than 4,000 active registered companies

What global status does the UAE enjoy today, both economically and financially? Where do you stand it in the medium to long term on these two fronts?

There are several highlights in our performance, but it’s worth mentioning that our strong performance reaffirms Dubai’s position as a leading global hub for financial institutions, Fintechs and innovation firms, in line with DIFC’s Strategy 2030. In fact, the total number of registered companies grew from 3,297 to 4,031, a 22 percent year-onyear growth, fuelling unprecedented levels of workforce growth – the fastest job creation growth rate since inception, further expanding the region’s largest and most diverse pool of industry talent. And this phenomenal growth came against the backdrop of global economic uncertainty. We welcomed some 537 new companies in H1 2022, an 11 percent year-to-date increase, and the Centre is now home to 1,252 financial and innovation-related companies – up by 22 percent from the first half of 2021.

Fintech and innovation companies continue to be key growth drivers at DIFC, increasing from 406 to 599, up 23 percent year-on-year. By year end, we firmly believe the ambitious steps taken by Dubai and DIFC to drive the future of finance will generate significant new opportunities for businesses. Our strong business growth will continue to pave the way for continued economic growth in our region and across the globe, enabling us to further raise our competitiveness

and differentiate the emirate as a top global centre for finance, Fintech and innovation. We will continue to deliver exceptional opportunities for expansion and business enterprise, and to build productive and long-lasting partnerships with financial companies worldwide. Simply put, DIFC delivers the robust, state-of-the-art infrastructure and support needed to enhance the stability, competitiveness and growth potential of significant global enterprises.

DIFC’s central role: Can you describe the role DIFC played in supporting the country’s economy and growth?

Dubai has one of the most diversified economies in the region. A deliberate strategy that spans a range of industries. DIFC, Dubai’s economy and the UAE economy are closely intertwined. This has been the case since DIFC was established in 2004.

Our success is reflected in national economic growth. Our new strategy to double in size is as bold, ambitious and well-considered as the federal government’s own national growth plans. The Centre’s commitment to differentiating itself as the region’s leading global financial hub reflects our commitment to continuously evolve our ecosystem, our legal

and regulatory framework and our innovation proposition to attract global companies.

It is also worth noting that DIFC ranked first among global free zones in attracting FDI to the financial services sector in 2021. During the period of 2017-2021, the Centre supported Dubai to attract 58 FDI projects in the sector, totalling AED926.2 million and generating more than 1,432 jobs.

DIFC has provided new opportunities to enhance cooperation in the Fintech sector. What is the importance of Fintech today? How does it contribute to developing the economy? Do you expect Dubai to become a springboard for global Fintech entrepreneurs to build and expand across the region?

DIFC has built the most comprehensive Fintech and innovation proposition in MEASA region. This has helped us become one of the world’s leading hubs for the sector, and is attracting high levels of interest from Fintechs in Asia and other parts of the world. DIFC will continue to develop initiatives to further differentiate our strong reputation for Fintech.

DIFC helps start-ups, global players and unicorns expand their global reach and capture opportunities in fast-growing MEASA markets. As an example, between January and September 2022, DIFC-based Fintech firms secured more than AED2 billion ($559 million) of funding.

Our proposition also helps cement Dubai’s reputation as a global hub for technology and innovation. We have already identified that Fintech is the fastest growing sector in DIFC, and so we are ensuring Fintech companies enjoy the support, the infrastructure and the ease of doing business they not only expect, but deserve.

Dubai is already a regional – if not global – springboard for innovative Fintech companies. Given our growing cohort of world-class Fintech players, we are in an ideal position to drive the sector, both regionally and globally. Financial technology companies are rapidly positioning themselves as the sector which enables global flows of capital, drives innovation and enables us all to do more than we ever thought possible just a few short years ago. We see Fintech as an enormous area of growth, and an enormous opportunity. This was confirmed with our DIFC Fintech Week held earlier this year at the Ritz Carlton. Around 1,000 attendees heard 40 world-leading speakers talk around the key themes shaping the next phase of Fintech including Web 3.0, the metaverse, NFTs, crypto, blockchain, payments, embedded finance, open banking, RegTech and ESG.

In May 2023, we are excited to be hosting the first Dubai Fintech Summit in May 2023, a global event that will

bring together more than 5,000 experts, thought leaders, policymakers and decision-makers together to discuss how they can shape a new wave of innovation, enterprise and growth for the international financial industry.

DIFC delivers robust, stateof-the-art infrastructure and support

Box out: DIFC experiencing robust growth in H1

About DIFC

From the outset, the Dubai International Financial Centre (DIFC) has been a significant contributor to the sustainable economic growth of Dubai and the United Arab Emirates. Today, DIFC stands out as one of the world’s most advanced financial centres, as well as the leading financial hub for the Middle East, Africa and South Asia (MEASA) region, an area which comprises 72 countries with an approximate population of 3 billion and an estimated GDP of $8 trillion. In an interview with Arif Amiri, CEO of DIFC Authority, we take an exclusive look into the strategies and inner workings of the authority as well as its crucial role as a growth driver of and gateway to MEASA.

DIFC H1 growth

DIFC delivered robust growth in the first half of 2022. The Centre’s strong performance reinforces DIFC’s Strategy 2030 to drive the future of finance, differentiate Dubai as a global hub for financial institutions, FinTech and innovation companies, and increase its economic contribution to the Emirate. 537 new entities registered during the first half of this year, representing a double digit (11 percent) year-todate increase. The total number of companies operating in DIFC has gone up from 3,297 to 4,031 at the end of June 2022, an increase of 22 percent year-on-year. This led to the fastest job creation growth rate since inception, and further expands the largest and most diverse pool of industry talent in the region. As a result, the demand for commercial space also surged.

Recognizing DIFC’s market-leading operating environment, legal and regulatory framework, innovation offering and ecosystem depth, the Centre is now home to 1,252 financial and innovation related companies, an increase of 22 percent on the same period in 2021. FinTech and innovation companies jumped from 406 to 599, a 23 percent increase year-on-year. New clients include, Tarabut Gateway, the first regulated Open Banking platform to be licensed by the DFSA; KMMRCE Holdings, a leading Dubai-based digital-

first technology provider; Oneglobal Broking, specialist international broking company; and ADIB Capital Ltd. for Wealth & Asset Management. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and President of DIFC, said: “The continuing strong momentum of Dubai International Financial Centre’s growth yet again validates the farreaching vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to create a financial hub in Dubai that rivals the world’s best. DIFC’s H1 performance is testament to Dubai’s ability to accelerate knowledge and innovation-driven growth amidst a rapidly evolving international environment, backed by the emirate’s strong and stable economy.

“Dubai International Financial Centre has created a strong platform for financial companies across the spectrum including global majors, regional players and promising entrepreneurial ventures to innovate, scale their business and add value to the economy. The continued expansion of the thriving financial community also shows DIFC’s growing global profile as an industry cluster that offers exceptional opportunities for expansion and business enterprise,” Sheikh Maktoum added.

Essa Kazim, Governor of DIFC, noted : “DIFC’s strong results reflect the trust that businesses from around the world continue to place in Dubai as a financial hub…enabling us to further raise our competitiveness and differentiate the Emirate as a top global center for finance, FinTech and innovation.” DIFC continues to be at the forefront of FinTech and innovation evolution. In June, DIFC hosted FinTech Week, the region’s largest gathering of FinTech innovators, leading investment firms, banks, policymakers, and service providers, to accelerate the adoption of next-gen technology solutions in the industry.

DIFC has expanded its Innovation Hub proposition by launching a global Venture Studios hub and introducing a $100 million Venture Debt Fund.

DEWA: Partnerships core to green and lucrative future

DEWA is studying a proposal for building a hydrogen fueling station in Dubai

Dubai Electricity and Water Authority (DEWA) is exceptionally active in new technology usage and highly attractive to investments. It is adopting innovation and the latest disruptive technologies of the 4IR, reshaping the traditional concepts of work mechanisms to enhance Dubai’s position as an incubator for creativity and cementing its reputation as a beacon of innovation.

Economy Middle East addressed a number of DEWA’s latest initiatives with HE Saeed Al Tayer, MD&CEO of DEWA, where we asked:

What role is the innovation center and the Partnership Lab for the UAE playing in light of global emphasis on renewable energy transition?

Thanks to the forward-looking vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, Dubai is on the right track to become the smartest and happiest city in the world. DEWA’s Innovation Centre at the Mohammed bin Rashid Al Maktoum Solar Park is a pioneering global hub for renewable and clean energy innovations, and an educational platform that hosts events, conferences, seminars, and workshops in collaboration with local and global universities, organizations, and start-ups.

We are keen to build strategic partnerships with local, regional and global organizations to transform Dubai into the smartest city in the world, as well as achieve the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Carbon Emissions Strategy 2050.

Can you update us on the tender for the 900 MW renewable energy project at the solar park?

There has been a great response from international developers for the 900MW 6th phase of the Mohammed bin Rashid Al Maktoum Solar Park. DEWA has appointed a consortium of advisors to provide consultancy services for implementing the 6th phase. The project is based on the Independent Power Producer (IPP) model and will become operational in stages between 2025 and 2027.

DEWA is the organizer of WETEX. How do these types of exhibitions contribute to enhancing and improving the services DEWA provides?

DEWA is the organizer of the Water, Energy, Technology, and Environment Exhibition (WETEX) and Dubai Solar Show. This is the largest exhibition of its kind in the region bringing together prominent global organizations specialized in water, clean and renewable energy, the environment, gas, green development, sustainability and related industries. The show widens DEWA’s partners’ network, and promotes adoption of innovative ideas and solutions.

DEWA is the first utility in the region to adopt Reliability Centered Maintenance (RCM) strategy. What does that mean in terms of maintenance, efficiency and costs savings for the UAE?

MD & CEO of DEWA: HE Saeed Al Tayer

We work continuously to enhance the reliability and efficiency of our transmission and distribution networks. The use of Reliability Centered Maintenance (RCM) & Artificial Intelligence has helped us to predict and address potential faults in a timely and efficient manner, reduce our maintenance costs, ensure continuity of supply, thereby enhancing the happiness of our customers.

have made sustained progress towards unlocking shareholder value by paying our first dividend of AED 3.1bn in October 2022, by listing our majority-owned district cooling subsidiary, EMPOWER, on the DFM, and by recommending the payment of a one-time special dividend of AED 2.03bn to our shareholders in December 2022. The next dividend of AED 3.1bn is intended to be paid in April 2023. For the financial year 2022, we expect to return AED 8.23bn in dividends to our shareholders. Assuming an IPO share price of AED 2.48 per share, this amounts to a 2022 dividend yield of 6.6%.

How does DEWA stand in the eyes of energy investors coming to Dubai?

The use of green hydrogen for power generation and fighting global warming is rising. Studies show that green hydrogen production will increase by 57% annually to reach 5.7 million tons by 2030. The Green Hydrogen pilot plant that DEWA built in collaboration with Expo 2020 and Siemens Energy, is aligned with Dubai’s and UAE’s commitment to sustainability, supports Dubai turning into a carbon-neutral economy by 2050 as well as DEWA’s strategy to diversify energy sources.

DEWA, in partnership with Emirates National Oil Company (ENOC), is studying a proposal for building a hydrogen fueling station in Dubai, which will encourage the use of sustainable transportation, as well as the UAE’s Hydrogen Vehicles System that aims to develop the hydrogen economy in the UAE and open up local markets to hydrogen vehicles.

What can you tell us about the largest IPO in the EMEA region since 2019, where DEWA raised AED 22.3 billion ($6.1 billion)?

As part of the IPO, the Government of Dubai sold 18% of its shares. The proceeds from the sale of DEWA’s shares were remitted to the Government of Dubai. For the first 9 months of 2022, DEWA’s revenue increased by 15% to AED 20.63 bn. Energy demand in Dubai during the first 9 months of 2022 increased by 5% compared to the same period in 2021. Similarly, water demand in the same period grew by 6.4%. In the first 9 months of 2022, our net profit is nearly at par with the full year net profit of 2021. We are well positioned to deliver the best full year financial performance in our operating history, and are optimistic about our green growth prospects. Moreover, we

Investors appreciate Dubai’s business-friendly environment which is supported by a transparent legal and regulatory framework. In recent years 5 IPP and IWPP projects have been already implemented and currently 2 projects are in the pipeline. Energy investors have so far brought in over $10 Billion in foreign direct investment (FDI) into Dubai and more investments are expected as DEWA has announced that all new capacity additions will be implemented through the IPP/IWPP model. We’re sending a strong message to local and international investors that Dubai offers the best choice to become their preferred investment destination.

How will DEWA increase its contribution to the UAE’s GDP in the next five years?

The adoption of IPP model has created significant economic value for DEWA since we are able to procure electricity at the lowest Levelized cost. This has increased profitability and reduced our dependency on costly/uncertain fuel imports. IPP projects are usually accompanied by import of new technology and know-how, increase in skilled workforce etc., all of which add to jobs and growth opportunities in the economy with a positive impact on GDP. DEWA has also established several diversified activities related to its core businesses, which are operating profitably, and contributing to GDP, including Bottled drinking water, Energy efficiency business, data solutions and digital opportunities, district cooling service, etc.

Does DEWA believe that green hydrogen will be an active element in the diversification of energy sources in the future? What are your outlooks in this regard?

The UAE economy: From reliance on oil exports to economic diversification

Reforms and incentives to attract foreign investors

By: Hala Saghbini

The global economy was hit hard in 2022 and is teetering on the edge of a recession. Only oilexporting countries are enjoying protective fiscal margins thanks to persistently high energy prices, prompting them to achieve unprecedented growth rates. The UAE is one of those countries whose economy has witnessed a sizable boom, placing it among the best in terms of economic indicators. The country is growing at the fastest pace since 2011 and exceeding estimates, with the volume of its oil exports rising and demand for non-oil sectors

rebounding, supported by a favorable business environment and world-class infrastructure. Furthermore, according to IMF estimates, real GDP is expected to grow by 5.1 percent in 2022. Many factors, including rising oil production and prices, a strong tourism recovery, work on major infrastructure projects and strong domestic demand, contribute to the revival of the UAE’s economy, which recovering rapidly from the repercussions of the COVID-19 pandemic.

Meanwhile, UAE reforms and incentives to attract foreign

investors, large infrastructure projects and high global oil prices are boosting investment activity in the country. In fact, according to the IMF, the UAE is one of the world›s leading countries attracting investors and businessmen from around the globe, largely due to the facilities and incentives made available to investors, thus creating a safe and profitable business environment. According to a report by the Dubai Investment Development Agency, the country retained its position as the premier global destination for FDI projects in the first half of 2022.

Path to Economic Diversification

The UAE is one of the most prosperous countries regionally and internationally. Its strategic location, huge natural hydrocarbon reserves and strong macroeconomic foundations have all made it one of the world’s leading financial centers as well as success story worth monitoring. Non-oil sectors are playing a vital macroeconomic role, driving the UAE forward and positioning it as the second-largest economy in the GCC after Saudi.

Today, many sectors reflect the UAE’s storied economic success, most notably oil and natural gas, tourism, manufacturing, real estate, services, construction and banking. It’ a long list and the UAE translated that success by placing first in the Arab world and 25th globally in the Global Competitiveness Report 2019.

Diversifying the economy has been an important long-term strategic goal of the UAE leadership, which translates into reducing reliance on crude oil and developing a non-oil economy to meet the needs of the population and ensure sustainable development.

Abu Dhabi’s Economic Vision 2030 and the Dubai Strategic Plan 2015 are pivotal in implementing the UAE’s diversification policies, and were intended to increase investments in sectors such as heavy industry, information technology, travel and space along with oil and natural gas reserves. The organization of Expo Dubai came to strengthen the UAE’s plans for economic diversification and bring about radical and important changes in the country’s economy, which benefits from this hugely important global event, strengthening capabilities where needed. The Expo will have an impact on the future of the UAE for years to come by stimulating travel and tourism, supporting economic diversification, achieving a sustainable economy and enhancing the UAE’s position for business, leisure and investment.

Economic diversification plans have boosted non-oil foreign trade, which for the first time exceeded the AED1 trillion mark in the first half of 2022 to reach AED1.058 trillion, a growth of 17 percent year on year.

Financial Markets and IPOs

There is a marked increase in the number of companies that went public in the UAE as part of the growing IPO market, in which Saudi Arabia topped the list, helping to significantly support GCC financial markets with more

than 27 IPOs – likely to rise by year’s end – raising $14.5 billion in 2022, and reflecting growing investor confidence in UAE’s economy.

From the start of 2022, the UAE saw a total of $9.7 billion raised through five IPOs, according to the Initial Offerings of Gulf Equity Reports issued by Kuwait’s Central Financial Bank, also known as “Markaz.” The Dubai Financial Market accounted for 67 percent of total IPOs for this year with $6.5 billion raised in revenue, while the Abu Dhabi Securities Exchange accounted for 33 percent, accounting for a total of $3.2 billion raised. In April, the UAE saw the largest IPO by value when the Dubai Electricity & Water Authority launched a $6.1 billion IPO, the largest initial public offering in the GCC this year, and the largest IPO in the region since Saudi Aramco’s 2019 offering. Burooj Petrochemicals ranked second after successfully listing on the Abu Dhabi Securities Exchange in June 2022, making it the largest IPO in Abu Dhabi’s history. The company floated 10 percent of its total issued capital, raising a total of $2 billion, accounting for 14 percent of total Gulf stock offerings to date.

Challenges

Despite this level of progress and record achievements in the UAE, becoming a global model in terms of speed and strength of growth, the country’s economy, like others around the world, faces quite a few challenges, especially as the global economy

is being met with increasing growth headwinds. This is prompting countries to develop a road map to confront the threat, although it is worth mentioning how Gulf states have managed to achieve higher rates of economic growth than those recorded in other countries.

Energy prices are rising, and central banks will not back down from the battle to defeat soaring inflation, which is causing a global slowdown. The UAE’s inflation rate, however, remains under control and the country’s central bank has forecast it to reach 5.6 percent in 2022, the highest since 2016.

Jihad Azour, director of the IMF’s Middle East and Central Asia Department, was accurate in this regard: “The economic horizons are now packed with bleak prospects, so it is extremely important to protect economies from the headwinds we are currently facing.”

The Middle East and Central Asia region experienced a healthy recovery in 2022, with growth expected to reach 5 percent, i.e. 5.2 percent for oil exporters, and 4.9 percent for oil importers.

“But next year, we expect growth to slow down,” Azour said, as the slowdown is inevitable given the need to tame inflation. Thus, the main challenge for the UAE will be to maintain high growth rates and reduce the repercussions of inflation on its economy. Will it succeed in meeting these conditions? Let’s monitor economic performance and movement of indicators for 2023.

Sharjah evokes the meaning of the Union on UAE National Day

Unbelievable venues and performances showcase the gems offered by the emirate

UAE National Day is a special annual occasion that brings pride and joy to citizens, residents and visitors alike. Sharjah is no stranger to the festivities that the UAE as a country engages in, and has arranged for venues and activities that are sure to entertain and please the crowds, particularly for people of determination and families with little kids, all of whose needs are tended to and cared for down to the smallest detail. HE Khalid Jasim Al Midfa, Chairman of the Higher Committee for Sharja’s National Day Celebrations, discusses with Economy Middle East the preparations for the UAE’s National Day and its crucial importance.

What lasting memories will people in attendance take home with them from the activities planned for Sharjah in celebration of the UAE National Day?

We were keen to provide a rich program while moving to different places throughout Sharjah and its municipalities at different times. We coordinated with the municipal councils in the cities of the Emirate of Sharjah with the aim of distributing the festive program’s activities such that they cover all parts of the emirate throughout the celebration period. The program is designed to ensure the largest possible participation in the celebrations, so that this national occasion remains a beautiful memory for every citizen, resident and visitor. Those wishing to enjoy the events can follow and participate in Flag Island, Al Majaz Amphitheater, Sharjah National Park, Maleha Public Park in Maleha, Al Hosn Island in Dibba Al Hisn, and Khorfakkan Amphitheatre, Wadi Al Hilu. Other areas include Kalba, the parks and neighbourhoods in Al Bataeh, different areas of Madam, in Al Dhaid Fort, and the Heritage Village in Al Hamriya. We hope that through our efforts our activities are enhanced to the level of this national event, which evokes in us the meanings of the Union, and draw the shape of the future for our children. Therefore, we promise the attendees a rich and varied program suitable for all ages, where celebrations will be an occasion for joy, spending beautiful time with family and friends, and creating unforgettable memories, in addition to being a national occasion that is dear to our hearts.

What significant figures will be in attendance, and what topics will they be addressing during the activities of the National Day?

Like every year, on this occasion, we must extend our sincere thanks and gratitude to the Executive Council of the Emirate of Sharjah, headed by His Highness Sheikh Sultan bin Muhammad bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah,

Chairman of the Higher Committee for Sharja’s National Day Celebrations: HE Khalid Jasim Al Midfa

for its sponsorship and support for the celebrations of the 51st National Day.

Senior officials of Sharjah and its government entities, representatives of major private sector companies as well as cultural, media, literary and artistic personalities, in addition to the general audience will enjoy attending the most prominent events. These include the “Sultan of Giving” show, which talks about the generosity of His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, Member of the Supreme Council, Ruler of Sharjah, since assuming the reins of power in the Emirate of Sharjah, the extent of development taking place at the urban, cultural and environmental levels, as well as interest in education and human building over the past 51 years. We will also have the “The New Era” show, which includes four theatrical performances that address the coming years in the life of the Union, efforts to prepare for them, the aspirations of the UAE, and what has been achieved.

As every year, the public eagerly awaits the Khorfakkan celebrations, especially the concerts hosted by the Khorfakkan Amphitheater on December 3, with a musical evening featuring performances by Aida Al Menhali and Diana Haddad. Al Majaz Amphitheatre will host a musical evening on November 26 by Balqis and Latifa.

What logistical and security measures will be taken to ensure a safe and exciting event for the huge number of citizens and residents joining the festivities?

Large and important events undoubtedly always adhere to certain protocols in order to ensure the security and safety of visitors. We aim beyond that by ensuring engineering

requirements for public facilities used by people of determination such as ramps for wheelchairs. We are also keen to have changing and nursing rooms for mothers who bring their young children and, as usual, the UAE is always exceptional in managing and organizing events at all levels. All committees are ready and putting the finishing touches, whether in terms of preparing the venues or the necessary equipment and supplies. We hope that this year’s celebrations will be extraordinary and up to the level of this great national event. The audience is our partner in the success of this national celebration and in ensuring that things run smoothly and to the highest standards possible.

What key strengths went into successfully organizing this joyful event and what message does it aim to send?

Rich with the most beautiful places for tourism, entertainment, cultural and family options, the Emirate of Sharjah celebrates the 51st National Day of the UAE. With a program that lasts for 10 days from November 24 to December 3, 2022, visitors to the festivities will be able to be acquainted with Sharjah’s various landmarks throughout this period. It is an occasion to introduce its status as a friendly city for children and people of determination. Holding these celebrations in the most important areas and cities of Sharjah at different times helps everyone from all parts of the country attend and enjoy the performances that reflect the richness of the local culture, its national, human and religious values, as well as its openness to the world, thus strengthening it as a destination for life and work.

Miral: Leading immersive experiences in iconic destinations

Expanding expertise, footprint in creating multi-sensory venues

Miral conceives, creates, develops, operates and manages immersive destinations and experiences that create treasured memories for the global tourists it draws, helping fast-track the realization of Abu Dhabi’s economic diversification plans and cementing it as a prime location for international investment. Launching landmark projects on Yas Island, Miral helped bolster the emirate’s reputation as a global tourism destination with unique attractions and a world-class infrastructure. In the following exclusive interview with Economy Middle East, Mohamed Abdalla Al Zaabi, Group CEO of Miral, reveals the strategies behind its new identity, its portfolio of projects, technologies, themed attractions and much more.

Miral Group CEO: Mohamed Abdalla Al Zaabi

You revealed your new identity in October. This goes beyond a new visual logo and renaming subsidiaries. Please expand on the new direction of being datadriven, progressive, committed and joyful.

We recently unveiled Miral’s new visual identity, signifying a new chapter of growth as we strive to be the region’s most impactful and influential leisure, tourism and lifestyle entity as Abu Dhabi’s leading creator of immersive destinations and experiences. As a key contributor to the diversification of Abu Dhabi’s economy, Miral also announced its portfolio of projects under construction worth over AED 13 billion on Yas Island and across the emirate, with three new projects coming soon.

In terms of being data-driven, we use analytics and technology to better understand our guests’ preferences. We personalize travel packages for different guests to make their experiences unique and memorable. For example, in 2021 Miral launched FacePass, a cutting-edge contactless technology that utilizes facial recognition to streamline guest experiences. This also enables us to customize experiences and leverage state-of-the-art recognition algorithms to send joyful photos of guests on a ride directly to their Yas Island app.

To add sustainable growth and value, we continue to add more cultural, leisure, sporting and business concepts that connect and enliven the local community, while delivering joy and excitement to people globally. An example of this would be our latest announcement that we will launch the region’s first Harry Potter-themed land at the world’s largest indoor theme park Warner Bros. Abu Dhabi. Overall, our new visual identity is inspired by the combination of themes connecting and enriching, as Miral seeks to marry partners and employees under a common ideology and purpose – to connect people in the moment at an experience or destination. Recently, we brought the most popular musical in the world, “The Lion King,” to the Middle East and we feel this is a clear demonstration of how we are delivering joy to our residents and tourists.

You currently have a portfolio of projects under construction worth over AED 13 billion on Yas Island and across the UAE. Previously you managed AED 9 billion in investments in Yas Island- What were Miral’s most remarkable accomplishments to date and the ones it expects in the future?

Over the last 11 years, Miral has been responsible for transforming the entertainment and leisure sector in the region, showcasing Abu Dhabi as a leading global tourism destination. The most immediate accomplishment has been our approach to the recovery from the global pandemic. This summer, Yas Island recorded a record-breaking 90 percent hotel occupancy during Eid Al-Adha, and our awardwinning theme parks boasted a 90 percent recovery of international numbers compared to pre-pandemic figures. The UAE has emerged as the safest country in the world, and we are delighted that both domestic and international tourists are choosing to enjoy our unique offering. Looking further back, I think I am proud of the accomplishment of our strategy to create a truly integrated

entertainment and leisure destination that creates lasting memories for our guests of all ages. Yas Island is continually evolving; we began with record-breaking theme parks such as Ferrari World Abu Dhabi and Yas Waterworld Abu Dhabi and continue to add iconic developments including Etihad Arena, Hilton Abu Dhabi Yas Island and Yas Bay. We are relentless in our pursuit of delivering unique and inspirational experiences.

Earlier this year, Miral was appointed by the Department of Culture and Tourism – Abu Dhabi to oversee Saadiyat Island’s Destination Management Strategy, helping to achieve Saadiyat Vision 2025 that aims to grow domestic, regional, and global visitors, as well as support the development of Abu Dhabi’s tourism ecosystem and reaffirm its position as a center for creativity and innovation. This includes delivering the immersive, multi-sensory venue teamLab Phenomena Abu Dhabi, and the Natural History Museum Abu Dhabi, anticipated to be the largest of its kind in the region, to grow domestic, regional and global visitors. In the future, we will open three landmark projects across Abu Dhabi. SeaWorld Abu Dhabi, the next-generation marine-life park, is currently 90 percent complete and will open in 2023 on Yas Island.

Is your approach to digital transformation based on allowing a better understanding of guests to create more personalized, streamlined, memorable and immersive experiences for them? How is your B2B transformation happening? And is the metaverse part of your business/entertainment plans?

Yes, providing an enhanced customer experience is at the center of everything we do. Therefore, we are able to create a more personalized and memorable experience for our guests by implementing a combination of first-party data, AI, machine-learning and analytics – even in group settings such as theme parks.

Last year, we launched the Noor Initiative, our decision analytics strategy. This B2B initiative aims to enhance the company’s investment in predictive data analytics and integrate innovation across our operations, which in turn will bolster Abu Dhabi’s position as a data-driven capital. This initiative highlights our endeavor to deliver deeper, tailored experiences for local and international visitors to Yas Island’s award-winning theme parks and experiences. We have previously mentioned how we have introduced FacePass to streamline the guest experience via facial recognition technology, and since its inception over a million guests have registered for a MyPass ID, which has informed decision-making to customize and personalize visitations to Yas Island.

In regards to the metaverse, we are amazed at how this new technology is able to remove all physical boundaries. Therefore, our goal is to create a metaverse bridge to happiness by introducing fascinating, immersive experiences to visitors from around the world from the heart of the UAE capital. As a vehicle of innovation, we would like to implement a virtual platform within the metaverse to serve as a testing ground for new initiatives before bringing any proposed changes offline.

Sharjah: A healthy business environment designed for robust ROI

Home to thriving healthcare, tourism and manufacturing sectors

The Sharjah FDI Office (Invest in Sharjah) acts as a strategic partner for global investors looking to grow their business in the emirate, home to diverse and attractive opportunities. Thanks largely to efforts by the FDI office, the emirate is enjoying a sustainable growth path geared toward economic diversification.

In an interview with Economy Middle East, Mohammed Juma’a Al Musharrakh, CEO of Sharjah FDI Office, discussed the investment opportunities across a range of sectors and industries, highlighting which of these are most attractive to investors.

There are a number of reasons why the emirate of Sharjah has proven to be a hub of possibilities for investors, businesses and entrepreneurs. Our geographic position makes Sharjah a great place to be based, not only within our own country’s borders but in the world as a whole, and we aim to be the center of business and commerce globally. Sharjah’s advanced position in global trade, along with its welldeveloped infrastructural facilities and highly attractive investment ecosystem, make the emirate a hub for prosperous activity. These facts were outlined in various economic summits and seminars in which we represented ourselves in the UAE and around the world.

CEO Sharjah FDI: Mohammed Juma’a Al Musharrakh

What can you tell us about having robust and sustainable economic infrastructures, and competitive logistics to attract investors?

We created the Investors Services Centre (SAEED) to be a dynamic entity developed specifically to help investors and entrepreneurs, from the region and abroad, to set up their business in the emirate of Sharjah with unequalled speed and efficiency. We have developed many incentives and attractive reasons to incentivize businesses to choose Sharjah as their new home and headquarters. We have thriving pharmaceutical manufacturing and precision medicine, a specialized health care sector that caters to a range of health-related facilities including elderly care, as well as a growing “Wellness & Medical Tourism” sector. As more and more people discover the opportunities that present themselves in Sharjah and take note of our rising local population, medical needs and advances will be driving high volumes of spending in the health and wellbeing sector here. In regards to travel & leisure, Sharjah’s diverse natural landscapes present opportunities for varied tourism offerings across the emirate. These include Ecotourism and Adventure Tourism in the East Coast and Central Regions, spotlighting Sharjah as an ideal

location for film shoots and television commercials due to our many different biomes under special care by skilled and passionate people. We are also an ideal location to hold business events, festivals and live entertainment. Expanding on the growing talent in the area also makes Sharjah an ideal place for further innovation as we enable local human resources to lead the way with further education and training. Sharjah is a regional champion for driving innovation in sustainability, with the emirate on track to become the first zero waste-to-landfill city in the region, with plans to be leading globally as well. Investments in waste recycling and waste-to-energy systems, clean energy generation and storage, smart buildings and green construction activities continue to be on the rise.

Sharjah is a symbol for a cultural, intellectual and architectural revolution, and our commitment to heritage and culture was instrumental in earning the emirate the UNESCO title of the “Cultural Capital of the Arab World.” Sharjah, meaning “Rising Sun,” dates back more than 6,000 years, and under the directive of His Highness Sheikh Dr. Sultan bin Mohammed Al Qasimi, member of the Supreme Council and Ruler of Sharjah, our efforts to make Sharjah one of the cultural centers of the world is increasing in leaps and bounds. When it comes

to manufacturing, investments in technology are outpacing all other sectors. Sharjah, which is home to more than 35 percent of the UAE’s manufacturing industries, has the potential to lead the world in advancing the development and creation of products and machinery.

What are the top three key investment areas in Sharjah with the largest potential ROI for investors?

Sharjah has a business-friendly environment backed by modern legislation, a future-ready infrastructure, a highly talented workforce as well as more than 60,000 SMEs and start-ups.

As mentioned earlier, Sharjah has a multitude of sectors one can invest in to achieve highly lucrative ROIs. Using our specialized free zones, or industrial zones coupled with strategic locations and global connectivity via sea and air, regardless of what investors might choose to invest, it will prove to be a profitable venture. That said, our real estate sector continues to experience a boom, and as more people move to this culturerich city, then naturally the travel & leisure as well as health care sectors will continue to flourish and have robust outlooks for sizeable ROIs.

What investment schemes does your office have to grow health care, travel & leisure, mobility & logistics, talent & innovation, green technology, culture & heritage, and manufacturing?

ADNEC: Bolstering Abu Dhabi's vision for economic growth

Abu Dhabi National Exhibitions Company (ADNEC) is a key contributor to the development of the business tourism sector in Abu Dhabi, helping the UAE capital become a leading destination for business meetings and events as part of the city’s bid to achieve its long-term goals of economic growth and diversification. In the following interview, Humaid Matar Al Dhaheri, MD and Group CEO, ADNEC, discusses with Economy Middle East the first ever Global Media Congress, the many ways ADCEC helps fulfill Abu Dhabi’s business and growth objectives, as well as the key role media plays in supporting this endeavor.

Can you describe the reasons behind the UAE’s stature as a global platform for media organizations?

The UAE is a key global player in shaping the future of the media industry and we have the ability to unite some of the world’s greatest minds in the field.

As we saw with our involvement in hosting and organizing the firstever Global Media Congress, this complemented ADNEC Group’s commitment to creating a regional epicenter for the event that allowed us to share our vision for establishing a true focal point for industry, creatives and talent to collaborate, powered by state-of-the-art infrastructure and the very latest technologies, all integrated for the first time.

The event united the entire media sector to exchange groundbreaking ideas and cutting-edge solutions shaping the future of the industry, in

line with ADNEC Group’s goals. We were proud to provide a unique platform to highlight the position of mass media in the Middle East while engaging a global audience as well as driving innovative visions and collaborations that help advance the sector.

In how many ways is ADNEC helping support Abu Dhabi’s economy?

ADNEC Group makes strategic contributions to the sustainable growth of Abu Dhabi’s tourism industry and brings business and leisure travelers together to create a valuable social and economic impact on the UAE capital. We aim to diversify our operations by focusing on a

number of promising economic and investment sectors in the business and leisure tourism industries and achieving integration among them, which will contribute to enhancing our competitiveness on regional and international levels.

ADNEC Group maximizes the social and economic benefits to Abu Dhabi’s business and tourism sectors through holistically managing a group of business entities that provide and maintain facilities and services at the highest standards.

ADNEC Group is playing a crucial role in driving Abu Dhabi’s economic diversification, positively supporting the evolving interests of businesses in the Emirate and across the UAE. A global hub for major events, the

ADNEC MD & Group CEO: Humaid Matar Al Dhaheri

The Global Media Congress created an ideal gateway for emerging companies in the region

ADNEC center has exceptional infrastructure, flexible teams and the right facilities to ensure long-term and sustainable development as well as provide key services through a number of companies specialized in Destination Management, Catering, Hospitality and more.

What are the overarching aims of the Global Media Conference beyond a meetand-greet media event?

The Global Media Congress created an ideal gateway for emerging companies in the region to enter the Middle East, to network with the most prominent regional and global parties, and discuss the latest innovations. The event provided opportunities for various media institutions to discuss partnerships and collaborative ventures that will bolster the development of the media sector, ensuring its long-term sustainability, and the continued provision of solid, reliable and highly credible content. Under the theme “Shaping the Future of the Media Industry,” the specialized three-day conference saw in-depth discussions aimed at uniting the entire media sector to exchange ground-breaking ideas and cuttingedge solutions that are shaping the future of the industry. It provided a unique platform to drive innovation and collaborations that will advance the sector.

There was also a focus on the conference and workshops for young media professionals that offered a

platform for journalists, tech firms, content creators, digital marketing specialists, streaming giants, entertainment executives, regulators and key media stakeholders to share ideas and exchange experiences.

In today’s digital communications, what is the impact of artificial intelligence on media and what advanced technology is being integrated innovatively in this sector?

Advanced technology in digital communications is transforming the sector, driving efficiencies and enabling targeted communications, yielding positive outcomes. Artificial intelligence optimizes digital communications for businesses and media professionals by delivering the key messages that enable growth and retain customers. Advanced technologies help monitor social data and interpret results to enhance messaging with personalization and optimization of user experiences. Technology is advancing rapidly and companies that innovate are retaining customers and maximizing their earning potential.

Of the group’s six clusters – Food & Beverage, Hotels, Events, Venues, Tourism and Services – which are most on ADNEC’s development agenda and budget focus, and why?

ADNEC Group is made up of leading business entities with business interests in Abu Dhabi, Al Ain and London that perfectly align to our future growth plans across the UAE, Middle East and Europe. Our new corporate identity also reflects the Group’s refreshed vision and mission, as it seeks to expand both in business terms and geographically. Through our rebranding, we have raised visibility of all of our six main business segments – Venues, Events, Hotels, F&B, Services and Tourism that are all of equal importance and have a strong focus.

What media trends and challenges is the Global Media Conference addressing and attempting to overcome?

The event aimed to formulate a vision of the future for the media industry, which has become a main catalyst of sustainable development in communities. It shed light on the role of media in the Middle East and pushed toward developing the sector by reaching global audiences, supporting the realization of innovative visions and establishing cooperation relations.

The conference also focused on a number of main themes, topics and issues, including digital communication, the impact of artificial intelligence on contemporary media, and the integration of advanced technologies and innovation in the media sector.

emaratech: Empowering Dubai's digital future

Actively making life easier for people

Emirati company emaratech partners with governments and technology suppliers to create new entities that develop innovative solutions on a partnership level. From biometrics to e-payments, artificial intelligence and more, emaratech is actively making life easier for people.

In an interview with Economy Middle East emaratech CEO Thani Alzaffin delves deeper into what makes his company a leader in its field and more.

How have your tech background and previous leading ICT positions helped you develop a far-seeing path for emaratech that aligns with Dubai’s vision for a smart digital future?

Coming from a strong background in the technology field and working under the smart vision and clear directives of Dubai leaders for years, I had the chance to educate myself not to look at technology as an end but rather as a means to improve the quality of services and make people’s lives easier and more enjoyable, be they citizens, residents or visitors. I have been closely working with the team at emaratech to introduce several e-government solutions that have strongly contributed to empowering Dubai’s vision for a smart digital future.

How has your smart border control system at airports, from pre-travel clearances to biometric recognition technology, smart trolleys and smart baggage handling, helped save time and money for both tourist and business travelers, as well as for government authorities, without compromising on safety?

The unique Integrated Border Management system developed by

emaratech has enabled the General Directorate of Residency and Foreigners Affairs to easily process arriving and departing travelers alike at air, land and sea points, across manned immigration desks and automated Border Control points (Smart Gate and Smart Corridor).

The integrated system has a processing time of no more than 8 seconds per passenger.

Using cutting-edge technology, our Border Control solution allows our experts to build systems and processes that become the foundation for fast, efficient and secure visa processing for individuals, investors, companies, the tourism sector, airliners and freezone authorities.

Our smart luggage handling system has proven of great value for airports by significantly improving the processing times at both Arrivals and Departures by reducing manpower by 50 percent and increasing efficiency by 90 percent. Our smart trolley solutions offer personalized wayfinding and promotions for next-generation shopping experiences at airports. It has been piloted and gone live in four international airports where it has increased the satisfaction levels of travelers by more than 90 percent. In addition, the adverts enabled on the trolley application encouraged passengers to increase the amount

of money and time they spend in the commercial areas at airports by 29 percent.

Are you developing an internal cadre of Emirati talent to run future sister companies/sub services?

As part of its drive to support the strategy of the Ministry of Human Resources and Emiratization that was based and formulated on the UAE Vision 2022, the Training & Development Division at emaratech worked on putting together a holistic capacity-building program with market-driven and industry-aligned learning interventions to help develop our Emirati citizens to be industryready in different technical disciplines. These learning interventions were carefully designed after meaningful deliberations among experts on the subject matter. To guarantee practical applications of all the technical skills being introduced and developed during these programs, every bootcamp is concluded with a final graduation project that helps us validate the learning and its application in a competitive workplace. This initiative is one of the many efforts being made by the management at emaratech to harness the skills and capabilities of our local talent pool.

emaratech CEO: Thani Alzaffin

4How does emaratech compete with various payment gateway solutions on the market in terms of speed, cost, expertise, safety and efficiency? Are you, on that end, a one-stopshop for businesses, government authorities and end-users?

noqodi is a fintech company fully owned by emaratech that was started, developed and scaled internally. It is a powerful comprehensive payment solution using a digital wallet (stored value) not only to pay but to also accept payments. Users can leverage any of our connected channels, including credit cards, bank transfers, direct online banking (netbanking through the UAE Central Bank payment gateway system), and even kiosks and exchange houses, to top-up their wallets (e-cash). Users can send and receive money using QR codes or links as well as pay their utility bills and for government services. noqodi is accessible through a web portal and app available on iOS and Google play where all transactions history and reports are available for download. noqodi is integrated with multiple banks as well as with the government and private merchants, offering a multitude of payment options and channels. We provide complete

automation of collections, reconciliation, settlement, refunds and other financial transactional services. Merchants, businesses and consumers can all utilize our extensive information management interfaces and features, putting your payments at your fingertips, and manage their users (profile-based users).

With the highest industry-standard PCI DSS-Certification, onboarding automated process with liveliness check against Emirates ID and passport, combined with the appropriate financial licenses from the UAE Central bank (in progress), we’re a platform you can trust with the things that matter most.

and real estate trade licenses into the blockchain ledger (database).

Due to other parties’ resistance to using the technology, our ledgers remained an immutable evidence database and could not apply a distributed ledger concept to have real time-information for all participants. Smart contracts were not used and tokenization has yet to be legalized for use by Dubai Land.

We integrated with Emaar to register the initial sales contract seamlessly from their CRM into our off-plan ledger, including the registration fees of Dubai Land which we’re posting to the blockchain database.

5 6

What is your blockchain, tokenization and AI strategy with any of your services? Besides creating a unified portal, do your real-estate solutions include buying, leasing and trading capabilities using smart contracts, tokens?

With regards to the real estate solutions provided by our subsidiary Emirates Real Estate Solutions, we have mainly created the portal with administration console to track the nodes and participants’ posted lease contracts, title deeds, RDC verdicts

Do you have plans for emaratech to be present on the metaverse and offer your current and future services there?

We at emaratech constantly undertake extensive research and development activities to innovate and introduce new products and services, and we will keep on looking for the best experiences that would connect everyone to the future. We are currently exploring augmented virtual reality to innovate in some of our key services.

Smart border control system at airports

Alef Education: Technology key to graduating future leaders

Application of AI in the classroom has several benefits

Alef Education is a UAE-based leading global education technology provider,with a mission to transform K-12 school systems with technologyenabled learning experiences that engage a more individualized sense of inquiry and empower the 21st century workforce.

Dr. Aishah Al Yammahi, Board advisor at Alef Education, is no stranger to technology, particularly to AI as a transformative tool. In the following interview with Economy Middle East, we look at the latest technology, digital transformation and approach to learning required by education today.

Given the focus of your PhD on AI and your enrollment in Oxford’s program on it, how important is AI in education today, and how is it best used?

Technology has contributed to a significant transformation of the education system, particularly since COVID-19 emerged. The way students learn in the classroom is being transformed by new technology like digitalized learning and virtual reality. The application of AI in the classroom has several benefits, including raising teacher productivity and improving student engagement and learning outcomes. For instance, effective use of AI can allow learning platforms to understand each individual student and supply the most suitable content for their level, creating a personalized and effective learning pathway. Similarly, for teachers, AI automation has helped speed up the myriad of time-consuming and arduous duties that they must complete such as marking and record keeping, freeing them up to spend more time with each student. Furthermore, AI and big data can provide powerful insight into performance, progress and potential at an individual or group level, allowing more effective allocation of resources for educators. At Alef Education, we are leaving no stone unturned in our pursuit to provide the best possible education for our children and improve their outcomes.

How has the role of human resources, from recruitment and management standpoints, changed today in the education sector?

Human resource specialists play a vital and strategic role in selecting suitable talents to match the evolving education needs within schools and among companies specialized in

Board Advisor : Dr. Aishah Al Yammahi

education solutions.

Teachers have a wide range of responsibilities, including instruction, mentorship, care, listening and learning. How efficiently these duties are handled is directly related to how well teachers are cared for in their jobs, but also how receptive and accommodating they are to utilizing aiding tools such as software and platforms to deliver the best teaching outcomes.

The right talent must have this versatility toward new technologies and resources and be willing to explore them and use them to the best of their ability. Additionally, HR professionals must consider developing robust upskilling programs as teachers are better able to foster a great learning environment for their kids when they are motivated and progressing their professional abilities and knowledge. Moreover, learning management systems to automate workflows and technological tools are empowering the effectiveness and success of staff in the education sector. Teachers should stay up to date with these changes.

Alef Education was founded to transform the entire education experience for students, including making it more personalized and fun. How is it doing that?

Alef Education was built on the vision of transforming the education sector and providing students with advanced and unique learning experiences. We are transforming the K-12 education ecosystems and the way students learn by offering tailored and personalized learning experiences using the best technologies, including AI, big data, and machine learning. We believe that the education journey of each student must be engaging, seamless and tailored to the levels and requirements of each student.

We have a portfolio of four main cutting-edge products – Alef Platform, Abjadiyat, Arabits and Alef Pathways –which are learning experiences that are customized to the various needs of students, led by a magnificent team of professionals whose main goal is to make a difference and offer engaging learning environments. Our flagship product, the Alef Platform, has been essential in enabling students to obtain better academic results and in assisting teachers to fully devote themselves in guiding the students. One way we are utilizing AI within the platform is to fill students’ learning gaps, or lost learning, which has become a greater issue since the COVID-19 pandemic. Withing Alef Pathways, our recommendation engine delivers relevant instruction materials to students and allows them to work independently on their personalized learning paths.

How have student-centered learning techniques changed in the past few years and how has the role of the teacher changed with that?

Education has historically been approached with a “onesize-fits-all” mindset where pupils, regardless of their aptitude or levels, are provided with the same teaching resources, methodologies and evaluation systems. However, advances in learning science and technology have shown that this is not efficient or effective. Student-centered learning comes from the realization that every student is different and that teachers work with individuals. Teachers achieve the greatest progress with students by recognizing, and adjusting for, their unique strengths, weaknesses and

knowledge gaps. Our instructional resources are designed by our expert curriculum team to support multiple learning styles.

Is Alef Education preparing students for tomorrow’s economy? For example, is it integrating learning about blockchain, wallets, digital assets, AI, metaverse economy and others?

The more schools embrace technology that encourages children to explore beyond themselves, the more students will incorporate soft skills and critical thinking pathways, which together equip them for future careers. Our in-platform lessons include many modern life examples from current trends such as blockchain and coding to help introduce students to such new concepts and future fields. We also hold annual winter and summer programs for students, outside of the usual at-school learning to help them explore and learn new skills. Our most recent program was the Student Summer Coding Program, which was held in partnership with the Ministry of AI to promote future coding careers and ignite interest in new fields among students.

What do schools need to do to align with the needs of societies for a modern workforce and future leaders?

Careers and future needs are changing on a regular basis and such talents are becoming unique and difficult to find among current job seekers and fresh university graduates. This surely calls for schools, curriculum designers and ministries to start incorporating modern-world subjects, courses, and skills into their curriculum and instruction to fulfil future career needs.

Al Masaood Group: Success is never final

For 5 decades, growing hand in hand with the nation

Throughout its five-decade journey, Al Masaood Group has operated across various sectors implementing value-driven solutions and services. The Group has cemented its presence in the fields of automotive, power generation, marine solutions as well as logistics, business services, construction, and real-estate.

In this interview with Economy Middle East, Ahmed Rahma Al Masaood, Director, Al Masaood Group, discusses the very steps put in motion to achieve this success and go beyond it to greater achievements.

What makes Al Masaood Group successful, in your opinion?

I believe success is never final. It is more of a continuous process that requires constant work and agility to keep up with the customer and market demands that are constantly evolving. Our customer-centric business model has enabled us to elevate our offerings and adopt innovation as a core factor for our services and solutions across all our companies. I also believe that the success of an organization depends on having an open, forward-thinking organizational culture that promotes a positive work environment and makes

people feel valued and recognized for their contributions. Therefore, building strong relationships not only with our customers but with our employees as well is a priority for us as a company

How do you evaluate your success as a brand, and market leader today?

Al Masaood Group has always supported the growth of Abu Dhabi since its founding in 1971. The Group has brought home an array of global brands and also established a portfolio of home-grown brands to serve the social, economic, and commercial growth of the Emirate. The Group was

the first business to be registered with the Abu Dhabi Chamber of Commerce and Industry. It also brought the first gas turbine to Abu Dhabi and the Middle East, and later constructed the first desalination plant in the UAE back in the 70’s. From those very early days, we also developed strong partnerships with renowned brands like Nissan, INFINITI, Renault, and Sunstream International, for the distribution of their products in the UAE. For five decades we have grown hand in hand with our nation, and today we are introducing home-built solutions, such as Al Masaood’s SHAMS+ smart solar charging solution, which is the first of

Al Masaood

Director: Ahmed Rahma Al Masaood

its kind to be fully constructed in the UAE. This reiterates our commitment to the UAE’s industrialization strategy and the “Make it in the Emirates” campaign. Throughout the years, Al Masaood has taken big strides, all with the prime purpose of best serving the UAE, our stakeholders, and the community. We are proud of how far we have come along, but also acknowledge that we still have more to do and offer in order to continue supporting the country.

What is the vision for Al Masaood Group for the coming years, in terms of growth, development, and market expansion and technological expertise?

At Al Masaood, we see diversification as a core strategy to safeguard the Group against market challenges. Therefore, we are constantly on the lookout for opportunities to diversify our offerings in various sectors as well as reinforce our relationship with stakeholders to benefit society and the environment. Our Industrial divisions

are pursuing diversification into the manufacturing side of operations to create products and solutions that are tailored to serve each of our customers’ specific needs. A main direction we are also currently taking across all our divisions is sustainability and environment awareness. Ensuring sound ESG practices has become intrinsic to all our business decisions and product offerings. This comes in line with its rising significance to ensure a sustainable future according to the vision and ambitions of the government. Internally, we have established an effective framework for ESG requirements that ensures synchronicity with our vision and businesses, and deployed new solutions across our operations to limit our carbon footprint and ensure energy efficiency. We will continue to pursue investments in important strategic industries, and seek new business avenues, not only in the UAE but across the region as well.

UAE’s National Day is very significant not just for our company, but everyone living on this land, as it symbolizes the inception of an inspiring journey that led the UAE to become a leading global business hub. As the country developed its key sectors over the years, Al Masaood has stood as a supporter of this growth by expanding and upgrading its operations, business model, and value propositions. We will continue to play our role in UAE’s journey, as we look forward to a future filled with progress and development for our organization and, more importantly, for our homeland. As we now shift our focus to the next phase of our journey, Al Masaood will stay true to its vision of Growing with the Nation, Delivering Value, and Embracing the authentic heritage of the UAE.

How important is UAE’s National Day for you and the company in cementing the belief and pride in what you are doing for the country?

51 Success stories celebrating five decades of Uae innovation

The United Arab Emirates was founded on December 2, 1971, becoming a federation after a British decision in early 1968 to withdraw from its involvement and treaty in the Trucial States, the name the UAE was formerly known as. At the time, influential UAE rulers, mainly the late former President Sheikh Zayed bin Sultan Al Nahyan of Abu Dhabi and the late former Vice-President Sheikh Rashid bin Saeed Al Maktoum of Dubai, began planning, organizing and developing the UAE from a predominantly coastal and desert landscape to the hyper-modern country it is today. Previously characterized by a low-rise topography, the UAE rose mightily from humble beginnings around pearl fishing and trade to become a highly diversified economy enjoying top global status as a hub for

tourism, retail, technology and finance, adorned with a contemporary and unique high-rise architecture. Today, the UAE is ranked first globally in 23 indicators in vital sectors that include telecommunications, health and residency, and amongst the top five countries in 59 indicators. Dubai is now the fourth-most-visited city in the world and tourists spend more in the emirate compared to any other destination. The city welcomed about 8.1 million international visitors in the first seven months of 2022, compared to 7.28 million visitors in the whole of 2021. Abu Dhabi is also the third-fastest-growing city in the world and tops the Middle East with a 19.8-percent growth rate. This not happening by chance. The below 51 success stories are a celebration of the UAE’s five decades of innovation, representing a culmination of achievements that bring to light some of the most exquisite economic features, global positioning and unique attributes that distinguish the country from any other on the planet.

The UAE passport is ranked No.1 in the world by the 2022 Passport Index of Arton Capital, a global financial con sultancy, mirroring the respect the country has earned at regional and international levels.

The UAE ranked first on the Passport Index’s “Global Passport Power Rank” and “Individual Passport Power Rank.”

This success was achieved by the Ministry of Foreign Affairs and International Cooperation, which launched the “UAE Passport Force” initiative aimed at making the document among the five most powerful ones in the world by 2021, a deadline beaten by three years.

The ranking is based on freedom of movement and vi sa-free travel for passport holders, and reflects the coun try›s image abroad as a place of prudence, moderation, coexistence and peace, in addition to tourism and enjoying economic, developmental and even humanitarian benefits. The UAE passport enables its holder to enter no less than 175 countries. Of these, 119 countries can be entered without a prior visa and 55 countries whose visas can be obtained online or on arrival, beating the passports of countries com peting for the second spot, namely Germany, Sweden, Fin land, Luxembourg, Spain, France, Italy, Netherlands, Austria, Switzerland and South Korea.

This “Mobility Score” is a standard metric of measurement, and typically the first factor to be considered among all indexes. It is determined by a total of factors including electronic travel authorization (eTA), visa-free (VF), and visa-on-arrival (VOA) capability.

1The world’s No.1 most powerful passport

3

Expo 2020: First World Expo hosted by an Arab nation

From October 1, 2021, to March 31, 2022, Expo 2020 Dubai hosted a mega international event in terms of scale, dura tion and visitor count. Expo 2020 was the first World Expo to be held in the Middle East, Africa and South Asia (MEASA) region, and the first to be hosted by an Arab state.

The expo site covered 438 hectares and boasted the world’s largest 360-degree projection dome. The Al Wasl Plaza dome, which stood 67.5 meters tall and 130 meters wide, acted as a sun cover in daytime and transformed the night into a colorful canvas covering the sky with cin ematic projections.

Expo 2020 also had the world’s largest passenger lift, which could carry approximately 160 people simultaneously. DEWA supplied the expo with 464 megawatts of renewable energy from the Mohammed Bin Rashid Al Maktoum Solar Park, the largest of its kind in the world.

On the business side of things, Expo 2020 awarded $1.8 billion worth of contracts to 2,150 SMEs, or over a fourth of all expo contracts in value.

The expo reached a milestone of 24 million visits. About 70 percent of the total visitor numbers were from the UAE. The majority of the 760 overseas SME suppliers came from the U.K. (24 percent), the U.S. (16 percent), as well as 4 from each of France, India and Australia.

Over 32,000 events and attractions involved world leaders, great innovations, sporting heroes, Grammy-award winning artists, ground-breaking architecture and Arab superstars. The UAE promoted the principles of inclusiveness, tolerance and collaboration during the expo.

UAE named one of the safest countries in the world

In November 2021, the UAE was named the safest country for people to walk at night after scoring 95 percent, according to The Gallup Global Law and Order 2021 report. The UAE also came second in the highest law and order index, deeming it the second-safest country in the world after Norway, scoring 93 and 94 points respectively. In 2022, another high ranking came in a safety index of 134 countries compiled by Global Finance magazine, showing Abu Dhabi being named the world’s safest city for the sixth consecutive year. The 10 saf est countries also include Sharjah (4) and Dubai (8), placing them ahead of cities like Zurich and Monaco. Abu Dhabi has a safety index of 88.4. It cemented its position as a safe and secure place to live, work and invest. Abu Dhabi is rated “very low” for crime, fear of theft or robbery, and drug use. It scored “very high” on feeling safe walking alone. Strict criminal laws make the UAE one of the safest coun tries in the Middle East for tourists who enjoy clean, safe and monitored public transportation in the city.

In August 2022, the UAE was ranked the second-safest country in the world by the World Economic Forum (WEF), up one position from 2016. This reputation as a safe and mod ern city has contributed to the UAE’s 2022 ranking as the sixth-best country out of 52 destinations for expatriates to live and work, according to a new survey by global network InterNations. About 94 percent of UAE respondents said they were happy with the level of personal safety in the Emirates compared with 81 percent globally.

On July 2020 ,20, at 2 a.m. Dubai Time, the UAE Mars Probe was launched from Tanegashima Space Centre, Japan, traveling at a cruising distance of 493.5 million kms, for a mission duration of one Martian Year (about two Earth years). Launched in conjunction with the nation›s 50th anniversary in December 2021, the probe’s mission is to understand the structure and variability of hydrogen and oxygen in the upper atmosphere, as well as to determine why Mars is losing them into space.

The Emirates Mars Mission, also called Hope, reached the Red Planet seven months later and successfully entered orbit around Mars on February 2021 ,9. Following a few months in orbit, the mission began its scientific observations. “Hope” was the first probe to provide a complete picture of the Martian atmosphere and its layers and will help understand climate dynamics and global weather maps. Hope is the UAE›s first mission beyond Earth›s orbit. The spacecraft›s arrival made the UAE the fifth entity to successfully reach the Red Planet, joining NASA, the Soviet Union, the European Space Agency and India; China joined the group just one day after the UAE with its Tianwen1 mission. Since Hope›s arrival, the UAE has made it clear that a successor mission will attempt to reach the asteroid belt. The UAE had launched its National Space Program under which the country will prepare Emirati cadres specialized in airspace sciences. The National Space Program is part of the UAE’s objectives of building the first settlement on Mars by 2117 and overseeing the realization of the first scientific city on the Red Planet.

indoor theme parks

Ferrari World Abu Dhabi, located on Yas Island in the Emirati capital, is the world›s first Ferrari-themed indoor park featuring Formula Rossa, the world›s fastest roller coaster. It is also home to the world›s highest loop ride as well as the tallest space-frame structure ever built on the planet. The foundation stone for the park was laid on November 2007 ,3. Developed by Aldar Properties and constructed by BESIX Group subsidiary Six Construct, the park took three years to develop until it was officially opened to the public on November 2010 ,4 Warner Bros. World Abu Dhabi is the world’s largest Indoor theme park in the capital owned and developed by Miral Asset Management at an expected cost of 1 $ billion. The park features characters from Warner Bros.’ franchises such as Looney Tunes, DC Comics, Hanna-Barbera and others. The park is located on Yas Island near Ferrari World, Yas Waterworld and CLYMB Abu Dhabi, and is the third Warner Bros. theme park. An adjoining hotel is also being built at the center of Yas Island.

The theme park is indoor and fully air-conditioned, as is typical of most major theme parks in the region due to high summer temperatures. Standing at 1.65 million sq.ft., Warner Bros. World Abu Dhabi was named the world’s largest indoor theme park by Guinness World Records in 2019.

4“Hope Probe,” the first probe to provide a complete picture of the Martian atmosphere

Abu Dhabi is home to the largest

powered by

Burj Khalifa: Towering over the entire world

At over 828 meters and reaching 162 stories, Burj Khalifa holds the world record for being the tallest building in the world, as well as the tallest free-standing structure in the world. Additional records include having the highest number of stories with the highest occupied floor in the world. The tower has the highest outdoor observation deck in existence, the highest aluminum and glass façade, and the elevator with the longest travel distance, not to mention the tallest service elevator ever. The tower is also home to the world’s highest library (on level 123).

Burj Khalifa has 185,000 m2 of residential space (1,000+ apartments) and over 28,000 m2 (49 floors) of office space. The building contains a 160-room Armani Hotel with the world’s highest swimming pool, located on the 76th floor.

Burj Khalifa has 57 elevators and eight escalators. The curtain wall of the tower is the equivalent of 25 American football fields in size and the tower can hold in the region of 10,000 people at any given point in time.

At the peak of construction, more than 12,000 people were working on site, requiring 22 million people hours in order to achieve completion in January 2010.

Construction also used three of the world’s largest cranes and used at least 45 different types of stone. It is made of over 11 million cubic feet of concrete.

The huge tower featured alongside Tom Cruise in “Mission Impossible: Ghost Protocol,” which was the fourth “Mission Impossible” film in the series. The stunt scene from the mov ie featured Burj Khalifa.

7 Louvre Abu Dhabi, first museum of its kind in the Arab region

Opened on November 11, 2017, Louvre Abu Dhabi on Saadiyat Island is the first museum of its kind in the Arab region and offers a new perspective on the history of art in a globalized world.The inaugural installation presented across 6,400 m2 of galleries presented 600 works of art, half from its own rich holdings, and half consisting of stellar works visiting from its 13 affiliate museums in France, the partner country in this project. The centerpiece of the museum is a huge silvery dome that appears to float above the city, but actually weighs around 7,500 tons.

Louvre Abu Dhabi is surrounded by water, and allows visitors to arrive by land or sea. Visitors can explore the 55 buildings, of which 23 are galleries. They are architecturally inspired by the low-rise homes of the region. Along the exterior walk ways, visitors can take a break, think about and discuss the artworks, as well as enjoy the ever-changing relationship between sun, sea, art and architecture.

Louvre Abu Dhabi is visited by approximately 15,000 peo ple daily. The museum has welcomed more than 3 million visitors over the past five years, including the years of travel restrictions due to the COVID-19 pandemic.

Leonardo da Vinci’s “Saint John the Baptist” recently found a new but temporary home at the museum where the master piece will be on display for the next two years. The painting is on loan from Paris’ Musee de Louvre.

Ain Dubai: World’s Highest observation wheel

Ain Dubai is 250 meters tall, has 192 cables with a length of 2,400 km, and boasts 48 Hi-Tech cabins. Requiring around 11,200 tons of steel to build, the world’s biggest and tallest Ferris Wheel is located on Bluewaters Island, offering unobstructed views of the Dubai skyline. In comparison, the U.K.’s London Eye is only around 134 meters tall, while the High Roller in Las Vegas, which had held the title of tallest Ferris Wheel in the world for nearly a decade, only reaches a height of 167 meters.

Ain Dubai can also hold a record number of 1,750 passengers simultaneously (the High Rollers’ is 1,120), and where a single wheel rotation takes around 38 minutes to complete. Considered an amazing feat of construction, each leg of the wheel stands 126 meters high while the weight of the assembled hub and spindle is equivalent to four A380 aircraft. Officials in Dubai first gave developers the green light to build the record-breaking ride in 2013 as part of a larger project to increase tourism in the area. A series of delays ensued, including the COVID-19 outbreak, which meant the launch date was postponed until October 2021. The venue is attractive all year round but especially during the New Year, when in 2021 it provided unequalled views of Dubai during fireworks celebrations. According to its website, Ain Dubai is closed for maintenance until the first quarter of 2023 to allow the completion of enhancement works.

The UAE is known for being the capital of peculiarities and architectural records. One of the most ambitious projects was the construction of the Palm Islands, which was later joined by The World and The Universe archipelagos, currently under construction.

Palm Islands is made up of Palm Jumeirah, Palm Jebel Ali and Palm Deira. These man-made islands have increased Dubai’s beach area by 320 km. Palm Jumeirah is the most developed of the three, while Deira received its first visitors in December 2020 and Jebel Ali is still being developed.

Palm Jumeirah is a tremendous achievement of modern technology and the embodiment of daring architectural designs. Located opposite Internet City, it consists of a “trunk” and a “crown” of seventeen palm leaves spreading in both directions. This shape increased the length of the beaches on the archipelago by up to 78 kilometers.

Palm Jumeirah also has a crescent moon, an 11-kilometerlong island acting as a breakwater and protecting the main sandy archipelago from erosion. A 300-meter bridge connects the “trunk” of the Palm Jumeirah with the mainland.

The Palms Islands cost Al Nakheel Properties $7 billion and became the second-largest man-made structure in the history, also visible from space. This man-made structure claims to be the eighth wonder of the world. The 17 branches and the crescent of The Palm Jumeirah host over 100 residential villas and a dozen of luxury hotels, including Atlantis, which recently set a new Guinness World Records of 50 waterslides in its Aquanventure – the most in any waterpark globally.

Iconic man-made islands and a new Guinness World Record

Dubai Mall: Largest destination for shopping, entertainment and leisure

At 12 million sq.ft., Dubai Mall’s total area is equivalent in size to 200 soccer pitches. It has 3.77 million sq.ft. of gross leasable space, over 1,200 retail stores, and more than 200 food and beverage outlets.

The Address Dubai Mall 5-star premium hotel features 244 rooms and 449 serviced residences, as well as 14,000 undercover car park spaces spread across three levels.

The Souk is a distinctive shopping precinct with wide walkways and shops where a unique new exhibit from the Late Jurassic Period, the 155-million-year-old Diplodocus longus dinosaur skeleton, all of 24.4 meters long and 7.6 meters high, is now on display.

A centerpiece of the mall is the Dubai Aquarium & Underwater Zoo, one of the largest aquariums in the world, boasting the capacity to hold 10 million liters of water, and showcasing one of the most diverse collections of marine animals worldwide.

The Dubai Mall also features an Olympic-size Dubai Ice Rink, a multi-purpose venue that can be transformed into a concert arena or host private functions, with a seating capacity of 350.

Spread over 150,000 sq.ft. are The Dubai Mall Reel Cinemas with 22 screens, having a seating capacity of 2,800 people.

World’s-first Hyperloop will float you on air

The UAE is reimagining the future of transportation, and the Roads and Transport Authority (RTA) is closer to launching the world’s first hyperloop in Abu Dhabi and Dubai: Virgin Hyperloop One. This multi-billion-dollar 100-percent electric project will reduce travel-time for Dubai-Abu Dhabi commuters from 1 hour down to 12 minutes, but the expected completion date has yet to be confirmed. Virgin Hyperloop One involves a suspended capsule that consists of multiple passenger/cargo pods in a nearvacuum environment. With an outstanding “airplane” speed of up to 1,123 km/h, the capsule glides through electric propulsion and magnetic levitation, requiring minimal energy. This happens with the help of a proprietary linear electric-motor system, no-contact electromagnetism and ultra-low aerodynamic drag. With the pods’ noise levels significantly lower than other forms of transportation, noise pollution will be minimal. Fully autonomous, the pods do not require pilots to operate. This eliminates risk factors such as weather hazards and driver-related errors. The tubes, through which the pods will glide, are built with punctureproof, thick and sturdy steel that can withstand changes in air pressure. Every pod will include emergency exits. Over 10,000 travelers can be transported both ways every hour and each seat will be equipped with interactive entertainment screens. The proposed Hyperportal locations – stations from which the pods will depart – are near Burj Khalifa in Dubai and Etihad Towers in Abu Dhabi. Businesses in the UAE, especially those focused on highpriority consumer goods such as fresh food and medical supplies that require immediate delivery, will benefit greatly.

Dubai Metro: the world’s longest driverless single metro line

September 9, 2022, marked the 13th anniversary of the opening of the Dubai Metro, the longest driverless urban light railway in the world as certified by Guinness World Records. Until 2016, the Dubai Metro was the world’s longest driverless metro network with a route length of 75 kilometers as recognized by Guinness World Records in 2012. The system was surpassed by the Vancouver SkyTrain in 2016 for the longest fully automated system in the world but regained the title in 2021 with the opening of Route 2020, which added seven stations to the network,. However, its total route length has since been surpassed by the automated lines of the Singapore MRT. Nevertheless, the Red Line, at 52.1 kilometers, remains the world’s longest driverless single metro line. The Red Line began as a 52-kilometer track, with 10 stations connecting Rashidiya to Jebel Ali, followed by the opening of the 23-kilometer Green Line in 2011 connecting Al Qusais to Dubai Creek. For its 10th anniversary, the Roads & Transport Authority announced that Dubai Metro had transported 1.5 billion people. Over 500,000 people take the Dubai Metro every day.Dubai invested over $27.2 billion in roads and transport infrastructure, according to the Roads & Transport Authority, generating economic benefits worth in excess of $18 billion in its first seven years of operation. This would be the equivalent of a financial return of $31.3 billion by 2020 and $63.7 billion by 2030 on capital and operational costs of $12.3 billion and $14.7 billion respectively.

13 UAE upgraded laws: A magnet for business

Following UAE’s 50th anniversary from April 2021 to March 2022, dozens of laws were newly enacted or considerably upgraded and amended in order to make the country a magnet for business and talent.

A new Federal Companies Law was enacted on February 2, 2022, replacing the previous Companies Law of 2015. Foreign investors no longer have a local majority requirement in relation to shares in Emirati corporations. A new data protection law came into effect very much in line with the European General Data Protection Regulation. Also, key was the replacement last February 2 of the previous UAE Labor Code. Now, only fixed-term employment contracts are permitted for a maximum period of three years. Existing unlimited contracts will be changed to fixed-term contracts within one year, or by February 1, 2023.

Also, a new UAE Trademark Law came into effect on January 2, 2022, replacing the one enacted in 1992. This law now protects 3D trademarks and holograms as well as sound and olfactory marks. The Trademark law is based on the GCC Unified Trademarks Law and, in the future, it will also be possible to apply for a trademark in several classes at the same time. Meanwhile, the new Cybercrimes law came into force on January 2, 2022, and is intended to increase protection against online crimes, false advertising on the internet and fake offers, as well as criminalize unlicensed trade in cryptocurrencies, medical products and food supplements.

14Top quality education, near-zero illiteracy rates

The UAE has been ranked first globally in three indexes related to the Sustainable Development Goal 4 of Quality Education, which guarantees inclusive and equitable quality education and promotes lifelong learning opportunities for all. The country clinched the top spot in the Primary Education Enrolment and Literacy Index in the Global Gender Gap Report published by the World Economic Forum, as well as coming in first in terms of the flow of the international student’s index published by IMD.

Education is mandatory in the UAE for all individuals over the age of 6. The law prohibits such children’s parents or guardians from not enrolling them in schools or stopping them from going to school, reducing illiteracy rates to below 1 percent. The ministry has also dedicated the best supervisory and educational practices as well as curricula that build students’ skills and behavior. This includes gamification, where educational games are incorporated in early childhood curricula to simplify the delivery of information to the child. The ministry also provides equal education opportunities to students living in difficult physical conditions, and people of determination, equipping schools and accommodating these students to ensure their safety and proper education. In regards to tertiary learning, of the six UAE universities included in the overall world rankings for 2023, five are on the rise, led by United Arab Emirates University and the University of Sharjah, which have both surged this year into the world top 300 list. The country’s tertiary education has maintained its international leadership in attracting non-citizen students after establishing a distinguished universal higher education model.

15 UAE Economy Ministry builds HQ in the metaverse

The UAE’s Ministry of Economy has joined the league of governments and private organizations with real estate in the metaverse. The metaverse HQ would be the Ministry of Economy’s third office, offering an immersive experience for governments, global corporations and the public to connect and collaborate. Dubai-based Virtual Assets Regulatory Authority (VARA) is the world’s first regulator to enter the metaverse, having opened an HQ in the metaverse in May 2022. Even earlier this year, Sharjah’s Beeah Group also said that its new headquarters will feature a “digital twin” in the metaverse. According to Economy Minister Abdulla bin Touq Al Marri, the virtual government office will sign bilateral agreements with other nations in the metaverse and bolster the UAE’s ability to become a global hub for next-generation technologies. He said the UAE could build on its position as a gateway for global trade to become a digital export center and a leading metaverse economy. The UAE aims, with this strategy, to add $4 billion to Dubai’s GDP, support 40,000 virtual jobs by 2030 and attract 1,000 companies specializing in blockchain and metaverse technologies.

The global metaverse market is expected to reach $1.6 trillion by 2030, with total annual growth of 43.3 percent. The UAE enjoys a competitive advantage to become one of the world’s top 10 metaverse economies, according to the minister. Meanwhile, Web3 company Delaware incorporated Metaverse Holdings said Dubai would become the world’s first virtual city and a global center for digital innovation. A Beta version of the technology is expected to go live in Q4.

16Advanced e-government services

The UAE’s National Digital Government Strategy is drafted on eight dimensions, tailored to fit the UAE’s developmental plan in the post-pandemic era. These are: Leaving no one behind, Resilient, Fit for the digital age, User-driven, Digital by design, Data-driven, Open by default, and Proactiveness.

The UAE introduced the eDirham in 2001, launched the eGovernment in 2011, and the smart Government in 2013. Today, the digital government is taking part in the Fourth Industrial Revolution (4IR). In the field of education, the UAE launched Madrasa (the K-12 eLearning platform), while the Hamdan Bin Mohammed Smart University became the first college offering a Masters’ degree in Artificial Intelligence. The Mohammed Bin Zayed University is the first university for postgraduate studies in AI research worldwide.

In the health sector, the UAE’s Health Ministry launched the E-Health Information System “Wareed,” an integrated electronic system for managing health information in all hospitals and health care centers. The UAE boasts a number of telehealth services.

In business, the UAE launched Basher, a digital one-stop shop helping establish businesses within 15 minutes. The UAE created the first global digital platform that contains information about the country’s industrial sector.

The UAE also launched the Emirates Blockchain Strategy 2021 to transform 50 percent of federal government transactions into the blockchain platform by 2021.

The UAE has achieved a 300 percent increase in e-commerce transactions over 2019. Dubai has become the world’s first government to turn 100 percent paperless, achieving savings of $350 million and 14-million-man hours.

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“Operation 300bn”: Manufacturing success

Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, launched the Industrial Strategy “Operation 300bn.”The 10-year comprehensive strategy aims to empower and expand the industrial sector to become the driving force of a sustainable national economy, increasing its contribution to the GDP from the current AED133 billion to AED300 billion by 2031. The Ministry of Industry and Advanced Technology will roll out programs in support of 13,500 industrial SMEs, with the primary focus on future industries that implement advanced technology and the Fourth Industrial Revolution (4IR) solutions and applications. The Ruler of Dubai also launched the Unified Industrial Brand Identity under the slogan “Make it in the Emirates” as part of efforts to build the credentials of UAE products by enhancing their quality and global competitiveness. “Operation 300bn” will support more than 13,500 SMEs by 2031. Currently, over 33,000 industrial enterprises operate in the UAE, comprising 95 percent of SMEs. The volume of spending on Research and Development in the industrial sector will increase from AED21 billion, constituting 1.3 percent of the GDP, to AED57 billion in 2031, bringing the contribution to the GDP to 2 percent. This will significantly accelerate economic diversification already underway in key industrial sectors that include energy, petrochemicals, plastics, metals and manufacturing, as well as food, agriculture, water and health care, as well as in industries of the future such as space, biotech, medi-tech and other 4IR tech. “Operation 300bn” also aims to increase the UAE’s global ranking on the Competitive Industrial Performance Index (CIP).

18 UAE Net Zero by 2050

The UAE Net Zero by 2050 strategic initiative was the first in the MENA region and aligns with the “Principles of the 50” roadmap for accelerating national economic development. It also aligns with the Paris Agreement to reduce greenhouse gas (GHG) emissions and limit the rise in global temperature to 1.5 degrees Celsius. The UAE has invested over $40 billion in the green energy sector to date, including solar and nuclear, which combined will produce 14 GW by 2030, up from 2.4 GW in 2020. The UAE supports green infrastructure and clean energy projects worldwide, and has invested in renewable energy ventures worth around $16.8 billion in 70 countries. It has also provided more than $400 million in aid and soft loans for clean energy projects. The UAE’s “Net Zero by 2050” initiative consists of numerous projects including in Abu Dhabi, where the Department of Energy is developing a Hydrogen Policy and Regulatory Framework; and where Emerge, a joint venture between Masdar and French energy company EDF, has won a contract to deploy on-site solar energy systems at SeaWorld Abu Dhabi, a theme park currently under construction. The UAE is already the world’s third-largest producer of solar power. In Sharjah, a recently inaugurated Waste to Energy plant, the first of its kind in the Middle East, was formed thanks to a joint venture between BEEAH and Masdar. BEEAH Group has already managed to divert 76 percent of Sharjah’s waste away from landfills, the highest rate in the Middle East.

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Investopia: Technology’s headquarters

Investopia is one of the most prominent strategic projects announced by the UAE government within the first set of the “Projects of the 50,” which will attract AED550 billion worth of foreign direct investments (FDI) into the UAE by 2030, and AED1 trillion by 2050. The summit aims to develop innovative partnership models and plans that would provide opportunities for future investment, as well as strengthen partnerships between the public and private sectors.

The March 2022 inaugural summit discussed prospects and trends in global investments until 2025, space investment, food security, health and preventive care technology, as well as current trends reshaping globalization.

The summit also reviewed the metaverse and the opportunities it provides, and analyzed the importance of climate change leadership. More than 90 speakers and 1,000 decision-makers from around the world attended the summit, where it was revealed that spending on quantum computing would surge to $9.1 billion by 2030 from $260 million in 2020. During the summit, “The UAE Investment Outlook: 50 Years Ahead” session highlighted the importance of the initiatives and programs of the UAE during the next 50 years. The “Leaders of Investment and Change” session reviewed the importance of the role of women in the future economy. Investopia has a wide network of local and global partners, including the global cryptocurrency platform Crypto.com, Deloitte Middle East, Accenture Middle East, BlackRock, and several partners from the private sector, along with the Abu Dhabi Department of Economic Development, and the Sharjah Foreign Direct Investment Office (Invest in Sharjah).

Mohammed bin Rashid Library, largest cultural center in MENA

Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai inaugurated this June the Mohammed bin Rashid Library, located in Al Jaddaf. Built with an investment of AED1 billion, the library aims to cultivate a culture of reading, while supporting the development of creativity, knowledge and art at both the individual and social level. It will provide a platform for intellectual, literary and imaginative minds across the region and the world. Across its seven floors, the library includes over 1.1 million printed and digital books in Arabic and foreign languages, over 6 million dissertations, around 73,000 music scores, 75,000 videos, approximately 13,000 articles and more than 5,000 historical print and digital journals within an archive covering 325 years. These are alongside some 35,000 print and digital newspapers from around the world, as well as nearly 500 rare collectibles. The nine libraries within it are the General Library, the Emirates Library, the Young Adults Library, the Children’s Library, the Special Collection Library, the Maps and Atlases Library, the Media and Arts Library, the Business Library and the Periodical Library. The Mohammed bin Rashid Library’s facilities use the latest technology and artificial intelligence (AI), including an automated storage and electronic book retrieval system, a book digitization laboratory and smart robots to respond to visitors’ inquiries, in addition to augmented and virtual reality technologies.

While the building looks like an open book, the design is inspired originally by a “rehl” that is used to hold the Holy Quran.

GITEX: World’s most innovative technology event

GITEX GLOBAL unifies the world’s most influential ecosystems advancing business, economy, society and culture through the sheer power of innovation. The world’s largest, most inclusive tech & startup event unveils the transcendent power of 5G and 6G all the way to the vast virtual business ecosystems of the metaverse.Inspired by the UAE’s mission of building the best coder and developer ecosystem in the world, GITEX’s Global DevSlam is the first-ever event connecting coders to global learning, innovative projects and flourishing career opportunities in the UAE. GITEX brings a curated Web 3.0 immersive journey, XVERSE, where one can step into a hyperrealistic, multi-dimensional space to explore 25 globally and regionally recognized industry applications and see how businesses will thrive in the vast virtual ecosystem of the metaverse.

The TMRW Foundation partnered with GITEX GLOBAL 2022 to premiere ROOM, its lifelike 3D communication solution, and offered a look into the future of the three-dimensional internet: The Internet of Life. The technology supports the Dubai Metaverse Strategy by innovating extended reality and supporting sectors such as health care, tourism, education, retail, remote work and legal. The biggest edition in the event’s history, the 42nd edition of GITEX GLOBAL brought together 5,000 leading technology companies from more than 90 countries across 26 sold-out halls and 2 million sq. ft. of exhibition space at the Dubai World Trade Centre. GITEX GLOBAL 2022 features some of the world’s most innovative tech giants including Microsoft, IBM, Dell Technologies, Ericsson, Avaya, Honeywell, Hewlett Packard Enterprise, e&, Lenovo, Cisco and Huawei.

World’s first AI ministry and AI university

In October 2017, the UAE launched the world’s first AI ministry and appointed then-27-year-old Omar bin Sultan Al Olama to head it as Minister of State for Artificial Intelligence, Digital Economy and Teleworking Applications. By developing the UAE’s Artificial Intelligence Strategy, the first of its kind globally, the government aims to enhance its performance by investing in AI in various economic sectors. The UAE has been an advanced operator of AI, with plans to be a world leader in the field by 2031. As part of its efforts toward that goal it launched an initiative to train 100 government officials in AI technology, in addition to introducing AI into schools and training teachers on the new curriculum.

Meanwhile, the Mohamed bin Zayed University of Artificial Intelligence (MBZUAI) was officially licensed in 2020 as a graduate research university dedicated to advancing AI, educating and developing top talent to foster an innovation ecosystem, and act as a strategic think tank for the public and private sectors. The university attracts world-class thinkers and doers in computer vision, machine learning, natural language processing, and beyond. It is ranked 24th globally for AI, ML and NLP, attracting 257 students from more than 40 countries of whom 31 percent are women, and boasting 97 researchers and post doctorates with 456 publications published in journals and conferences. Hewlett Packard Enterprise recently announced it is building a new supercomputer for MBZUAI to accelerate AI-driven scientific discovery and advance the UAE’s goal to be a global AI leader and increase predictability in research analyses in fields including energy, transportation and the environment.

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On track to record strongest annual GDP growth in a decade

Oxford Economics is predicting UAE GDP growth of 6.8 percent for 2022, a significant increase in the recorded actual growth of 3.8 percent in 2021, and by far beating growth figures of major global economies that are on the brink of a recession.

The latest government economic indicators show the UAE’s GDP expanding by an annual 8.4 percent in Q1 2022, with nonoil sectors expanding by 8.8 percent from a year earlier. The UAE economy has rebounded strongly on the back of tourism, a buoyant property sector and higher oil prices.

The S&P Global Purchasing Managers’ Index for the UAE climbed to 56.7 in August from 55.4 in July, the quickest rise in non-oil business activity since June 2019.

The UAE’s foreign trade for H1 this year exceeded $272 billion, compared with $228 billion for the same period before the pandemic. The tourism sector’s revenue exceeded $5.2 billion during H1 and total hotel guests in the same period reached 12 million, growing by 42 percent, compared with the same period before the pandemic.

Abu Dhabi property transactions exceeded $6.1 billion in H1 2022. In Dubai, average residential property prices increased by 10 percent in H1, a CBRE report found. The UAE’s crude oil output has increased 13 percent in the first eight months of this year, relative to full year 2021 production.

Fitch Ratings has affirmed the UAE’s Long-Term ForeignCurrency Issuer Default Rating (IDR) at “AA” with a Stable Outlook.

24Highest vaccination rates, fastest to recover from COVID-19

Abu Dhabi achieved the highest vaccination rate in the world at nearly 100 percent, according to the Department of Health-Abu Dhabi (DoH). It successfully managed to navigate and combat the pandemic without going into full lockdown. The UAE was one of the first countries in the world to launch a COVID-19 vaccination campaign. Abu Dhabi was also recognized as the world’s top pandemic-resilient city globally by Deep Knowledge Analytics (DKA). The report was based on six parameters aimed at preventing the spread of COVID-19 and demonstrate resilience and readiness for similar future public health developments. These parameters are government efficiency, economic resilience, health care management, quarantine measures, vaccination strategy and cultural compliance.Analysis showed that the UAE’s crisis management included efficient and able governance, integrated utilization of public-private partnerships and a global workforce of excellence. Abu Dhabi performed 500,000 tests per day and established 27 drive-through testing and vaccination centers, while increasing health care capacity by 200 percent pertaining to the number of patient beds at hospitals as well as increasing the number of intensive care beds by 300 percent. Starting November 7, the UAE lifted all remaining COVID-19 restrictions. The country’s National Emergency Crisis and Disaster Management Authority (NCEMA) said that the remaining restrictions pertaining to masks and the Al Hosn app would be lifted. The UAE has also aided other countries in dealing with the pandemic. It provided medical aid, ventilators, testing kits, personal protective equipment and supplies to 135 countries worldwide to support global efforts to combat COVID-19.

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Charging ahead with electric mobility

The UAE ranks eighth on an index of the world’s top 10 countries geared toward electric mobility, consultancy firm Arthur D Little reported. The UAE electric vehicle market is projected to grow at an annual rate of 30 percent between 2022 and 2028, according to the global electric mobility readiness index 2022. Passenger vehicles constitute about 95 percent of the EV market in the UAE due to an increase in rental car services. The report evaluated market readiness in five major categories that drive EV adoption — macroeconomic factors, competitive landscape, customer readiness, public charging infrastructure, as well as total cost of ownership and regulation. As part of its goal of becoming carbon neutral by 2050, the UAE, driven by Vision 2021, has converted at least 20 percent of government agency vehicles to EVs and is aiming for 42,000 on the streets by 2030. The country boasts nearly 325 charging stations. The Khalifa Industrial Zone Abu Dhabi is planning to construct a 25,000 m2 facility for the manufacturing, R&D and vehicle testing of EVs. A recent study shows that about 30 percent of UAE residents are seriously considering buying an EV as it can prove more cost-effective than gasoline-powered vehicles in the long run. Some 5,000 electric cars were registered in Dubai at the end of January 2022, statistics showed. Dubai Industrial City witnessed the launch of the first electric car “Al Damani” manufactured by the Emirati company “M Glory.” The EV, which has a range of 405 kilometers on a single charge, is priced at $34,710.

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26Wall Street: DFM is coming for you!

The Dubai Financial Market (DFM) provides a wide choice of financial instruments for investors, including equities, bonds and sukuk. The DFM became the first Shariah-compliant exchange globally. It offers innovative digital solutions including the iVESTOR Card for cash dividend distribution, the eFSAH system, the eServices platform and mobile apps. DFM helped upgrade the UAE to “Emerging Market” status by international rating agencies such as MSCI and S&P Dow Jones. Operational consolidation with Nasdaq Dubai offered investors a greater choice of asset classes via a single Investor Number (NIN). DFM’s consolidated financial results for H1 2022 posted a 63 percent increase in net profit to AED 63.4 million compared to AED 38.8 million during H1 2021.

During H1, DFM welcomed the listing of DEWA, the largest initial public offering in the history of the UAE financial markets. The company’s total consolidated revenue reached AED163.8 million in H1 2022 compared to AED136.6 million year-onyear. Total trading value increased by 75 percent during H1 to AED49.4 billion from AED28.2 billion YoY.

The DFM maintained its attractiveness to international investors, who accounted for 47 percent of its trading value during H1 with net purchases of AED2.6 billion. Institutional investors accounted for 53.6 percent of the trading value. DFM has attracted 70,432 new investors during H1, up 38 times YoY. Abu Dhabi Securities Exchange (ADX) increased 1,945 points or 22.91 percent since the beginning of 2022. The ADX derivatives market celebrated one year of success with AED1 billion in trades. One year after ADX launched single stock futures, the ADX derivatives market has become the region’s most liquid derivatives market in the Arab region, while being the youngest. ADX is the second-largest market in the Arab region.

Sky captains, travel masters: DXB world’s busiest international airport

Dubai International Airport (DXB) retained its title as the world’s busiest international airport with 29.1 million passengers in 2021. Passenger numbers through DXB more than doubled in H1 2022 to 27.9 million. Passenger traffic for H1 2021 was 10.6 million. The world’s busiest international airport also raised its full-year 2022 forecast to 62.4 million passengers from a previous estimate of 58.3 million. During H1, 96 percent of DXB’s passengers queued for less than 5 minutes at departure passport control, while the average queue time at security checks for departures was less than 3 minutes for 97 percent of total passengers, thanks to smart gates.

India remained DXB’s top destination country by passenger numbers with traffic for the H1 reaching 4 million passengers. Saudi Arabia was second on the list with 2 million passengers, followed closely by the U.K. with 1.9 million. The top city for travelers from DXB was London with 1.3 million passengers. DXB’s first co-working space, called “Their Patio,” opened recently in Terminal 3, at the arrivals section. Abu Dhabi Airports is gearing up to launch advanced biometric technology to offer a seamless experience throughout the travel journey for a “tailored travel.”

Meanwhile, Emirates airline received five global and regional awards from prestigious travel and aviation ceremonies Ultras 2002 and Apex 2023. The airline won the titles of “Best Airline in the World” and “Best Airline in the Middle East,” at the Ultras 2022 awards. Emirates airline’s current fleet comprises 262 aircraft, with the airline serving 152 destinations. Etihad Airways, operates a fleet of 125 aircraft serving over 120 destinations and ranked 12th in the best 20 airlines in the world.

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Home to spectator sports

Dubai has world-class sports, hospitality and tourism infrastructures with an unrivalled ability to successfully organize mega sports events. Sheikh Mansoor bin Mohammed bin Rashid Al Maktoum, Chairman of the Dubai Sports Council (DSC), said the UAE has always been keen to cooperate and collaborate with the world, and is proud to offer its infrastructure for Asia Cup fixtures, one of cricket’s biggest contests. During the six months of the Expo 2020, Dubai hosted over 30 international sports events, including the men’s and women’s Rugby World Cup qualifiers; cricket’s Twenty20 World Cup; and the golf European Tour’s “Race to Dubai” finale, the DP World Tour Championship. The UAE is known for equestrian sports that include endurance, show jumping, eventing, dressage and racing. Both Sheikh Mohammed bin Rashid Al Maktoum and his son Sheikh Hamdan are exceptionally gifted endurance riders and have won several international endurance rides. Camel racing today is an organized sport involving valuable prizes and cash awards worth millions of dirhams. The modern era brought several sports to the UAE such as football, golf, polo, tennis, rugby, sailing, yacht and motor racing. Popular recreational and adventure activities include sky diving, golfing, desert safari, dune buggy riding, cycling, land sailing, quad biking, dune bashing, sandboarding, canoeing, kayaking, surfing, wakeboarding, jet skiing, snorkeling, scuba diving, fishing, ice-skating and snow skiing. The UAE regularly hosts championships that involve renowned international players, big rewards and huge public following, including the Arabian Gulf League, the Abu Dhabi Golf Championship, the Mubadala World Tennis Championship, the Dubai Desert Classic, the Dubai Tennis Championships, the Rugby Sevens and the Dubai World Cup.

Premier destination for luxury living

The Dubai real estate sector has seen significant recovery from the effects of COVID-19. The largest single sales transaction in Dubai’s history took place when an AED280 million palm villa was sold earlier this year. Dubai’s luxury home market is supported by rising demand and interest from the international elite. 2021 saw increased activity in the luxury housing sector as it recorded a 40-percent surge in prices compared to the preceding year. A 10 to 15 percent jump in annual price gains is expected in prime areas as the emirate recorded a 30 percent jump in transactions of luxury homes in January 2022 with 4,083 deals. A substantial price increase of 35.1 percent per square foot was recorded in the luxury property market, such as The Palm Jumeirah, Jumeirah Bay, District 1 and Dubai Hills. Maintaining its reputation for selling ultra-exclusive and luxury villas, The Palm Jumeirah sold the most expensive villa worth $23.68 million during Q1 2022. Q3 2022 became the best performing quarter in the history of the Dubai real estate market, with over 25,500 transactions rising by 14 percent QoQ and 60 percent compared to Q3 2021. This year, transactions valued above AED100 million increased by almost 49 percent vs. the record in 2014 and surged by 56 percent for properties worth more than AED20 million compared to the previous best performance in 2015.

According to the Knight Frank’s Prime International Residential Index 100, Dubai ranked first in terms of prime price performance across 100 cities and second-home markets worldwide in 2021. In fact, the cost of luxury homes here grew by 44 percent, fueled by economic support measures, various visa initiatives and the prime infrastructure of the city.

Digitally driven at top speeds

The UAE is among the world’s leading countries on several digital life indices, the, the Telecommunications and Digital Government Regulatory Authority (TDRA) said in a recent report titled “Digital Lifestyle in the UAE.”

The telecom authority said the UAE ranked first globally in the use of social media, second globally and first in the Arab region in the use of the internet, and ninth globally and first in the Arab region in e-commerce.

The UAE is first globally in terms of mobile internet speed, which stands at 134.48 megabytes per second (Mbps), while the global average is 30 Mbps. It ranks 13th globally in home internet speed, which stands at 124.7 Mbps compared to the global average of 63.46 Mbps. It is second globally in terms of internet usage at a rate of 99 percent compared to the global average of 62.5 percent. The number of internet users in the UAE is close to 10 million. The country was also ranked 11th globally in terms of time spent using the internet.

It is first globally in terms of average time spent on social media per capita at 106 percent, compared to the global average of 58.4 percent. The UAE is among the top 10 countries in e-gaming at 90 percent. The country was ranked among the top 10 in people in possession of cryptocurrencies at 11.4 percent. It is ninth globally in e-commerce, with the average annual per capita share of digital spending in the country being some $3,775, compared to the global average of $1,766. The UAE is among the top 20 countries in terms of digital content, with 68.1 percent of the population buying miscellaneous digital content on the internet.

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A gateway to global supply chain specialists

Boasting ultra-modern transport infrastructure and a strategic geographical location, Dubai has earned a reputation for being one of the world’s leading trade and logistics hubs. According to Mordor Intelligence, it is forecast to be worth over $31 billion by 2026, up from $19.65 billion in 2020, representing a compound annual growth rate of 8.41 percent. From the world’s largest man-made port to one of the world’s busiest international airports, Dubai has attracted global logistics giants and supply chain specialists. Dubai’s World Logistics Passport, an initiative offering a range of financial incentives to use the Emirates’ logistics services in return for enhanced custom clearances, cost and time savings, increases the ease of moving goods between Latin America, Africa and Asia. This Dubai-led freight loyalty program has attracted the involvement of more than 20 of the world’s fastest-growing economies, including Brazil, India and Mexico. DP World is the premier maritime gateway and hub to a region of more than 3 billion people, boasting a global logistics network of ports and economic parks, including Emirates Group’s worldwide Dnata and SkyCargo network. Dubai has also implemented the Dubai Logistics Corridor (DLC), which is a single customs bonded zone covering an area of 200 square kms that links Dubai Logistics City and Jebel Ali Free Zone. The logistics industry makes up over 14 percent of Dubai’s GDP. China is Dubai’s largest trading partner, contributing $29 billion to the economy in 2019, followed closely by India. The UAE’s total exports to China recorded $9 billion by Dec 2021, while importing $51.8 billion from China the same year.

32Bundles of energy geared at renewables

The UAE’s clean energy capacity is primed to reach 14 gigawatts by 2030 as a result of new initiatives and projects, according to the country’s Minister of Climate Change and Environment Mariam AlMheiri. She said the UAE was “home to the three largest-in-capacity, lowest-in-cost solar parks in the world” and is the “first country to have a carbon capture utilization and storage facility, having a capacity of 800,000 tons per year and is being expanded to 5 million tons.” The UAE is investing $163.5 billion in clean and renewable energy projects over the next three decades toward its goal of net zero emissions by 2050. It is building the world’s largest solar plant in the Al Dhafra region of Abu Dhabi with a capacity of 2 gigawatts, in addition to the Mohammed bin Rashid Solar Park in Dubai with a 5-gigawatt capacity. Looking to assist globally, the U.S. and the UAE have recently reached an agreement to spend $100 billion on clean energy projects with a goal of adding 100 gigawatts worldwide by 2035. The UAE Ministry of Energy and Infrastructure and its Indonesian counterpart signed a Declaration of Intent to develop electricity systems, power stations, clean and renewable energy sectors and carbon capture and storage, among others. The UAE also launched the 5,600 megawatts Barakah nuclear energy plant, which when fully operational will supply up to 25 percent of the country’s electricity needs and reduce up to 21 million tons of carbon dioxide emissions each year. The UAE also has an ambitious hydrogen strategy and aims to capture about 25 percent of the global hydrogen market.

33 A state of happiness

Keen on promoting cheerfulness, the UAE appointed a minister of state for happiness and launched the National Program for Happiness and Wellbeing which will include Emiratis as well as expatriate residents and visitors. The plan will also include initiatives for publishing scientific and cultural content, in addition to books on happiness. On March 20, 2016, Sheikh Mohammed bin Rashid Al Maktoum approved the National Program for Happiness and several initiatives that aim to create a happy and productive work environment at federal government offices. Some of these include appointing CEOs for happiness and wellbeing at all government bodies, establishing councils for happiness and wellbeing at federal entities, and allocating time for happiness-related activities. The document seeks to transform customer service centers into customer happiness centers, and will include annual indices, surveys and reports to measure happiness in all community segments. Happiness in Abu Dhabi has increased on the wellbeing index by 7.8 percent, for a final score of 7.727 points out of 10. The life satisfaction index has increased by 6.6 percent while the work-life balance index has increased by nearly 16 percent. Metrics including overall residence gratification and housing income satisfaction both increased as well. The results come as Abu Dhabi, and the UAE, have transitioned to a new working week and weekend for 2022, the year the country became the 24th happiest globally. At the annual Customer Happiness Summit & Awards (CHSA), 2022, Nakheel Community Management and Banke were awarded the year’s Happiest Residential Community and CH Broker respectively. Burjeel Hospitals won the year’s CH Medical Facility. Dubai-based super app Careem bagged three related awards.

34Gender diversity on the rise

The UAE’s continued efforts to improve gender diversity in the boardroom have led to more women holding board positions in 2021 (8.9 percent), up from 3.5 percent in 2020, according to research undertaken by Aurora50, and Mohammed Bin Rashid School of Government.

The report revealed that 77 of the 868 board seats from the 115 listed companies on the Abu Dhabi Securities Exchange and the Dubai Financial Market are now held by women.

The Securities and Commodities Authority (SCA) has set a quota mandating all listed companies in the UAE to appoint at least one woman to their boards.

Fatema Al Nuaimi, CEO for ADNOC LNG is one of ADNOC Group’s three female chief executives. The company has committed to ensuring at least one woman sits on the board of every ADNOC Group company by end 2022.

The UAE Labor Law guarantees women earn the same wage as men for performing the same work, while the Law on Equal Wages and Salaries for Men and Women ensures that women’s rights are protected and they have equal job opportunities.

The UAE Gender Balance Council is a federal entity whose objectives are to reduce the gender gap across all government sectors, and enhance the UAE’s ranking in global competitiveness reports on gender equality.

In the World Economic Forum’s Global Gender Gap Report 2022, the UAE ranked first across Arab countries and first globally in five of the report’s sub-indicators: Enrolment in primary education, Enrolment in secondary education, Enrolment in tertiary education, Sex ratio at birth, and Women in Parliament.

35 Blockchain goes mainstream

In April 2018, the UAE launched the Emirates Blockchain Strategy 2021 aimed at transforming 50 percent of government transactions into the blockchain platform by that date. It expects to save AED11 billion in transactions and documents processed routinely, 398 million printed documents and 77 million work hours annually, unlocking AED5.5 billion in savings annually. The UAE legalized ownership of crypto and digital assets under a still-expanding regulatory framework. MEAACBA is a non-profit organization backed by Abu Dhabi Global Market (ADGM) that counts major cryptocurrency platforms such as Mubadala-backed MidChains, Dubai-based BitOasis, Bahrain’s Rain Financial, Crypto.com and Binance. Global cryptocurrency exchanges such as Binance, Kraken and eToro have flocked to ADGM to secure operating licenses. The UAE is now among the top five nations in terms of crypto adoption, with annual transactions worth $25 billion, according to consultancy PwC.

In terms of central bank-issued digital currency (CBDC), the UAE Central Bank announced the development of its own national digital currency and published a development strategy for 2023-26 that aims to make the bank one of the top 10 central banks in the world. The UAE’s central bank has already collaborated with Saudi Arabia to develop a prototype national digital currency using blockchain technology. The two-country project was called Aber. Previously, the stateowned bank also joined the Central Bank Digital Currency Bridge project, which involves central banks in Hong Kong, Thailand and China. Roughly 100 countries, representing 95 percent of the world’s GDP, are using or looking into CBDCs.

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Abu Dhabi and Dubai rise as magnets for foreign talent

The UAE’s 10-year golden visa is granted to investors, entrepreneurs, skilled professionals who earn a monthly salary of more than AED30,000 ($8,167), exceptional talents, scientists and professionals, outstanding students and graduates, property investors, humanitarian pioneers and front-line heroes. Real estate investors can obtain a golden residency visa upon purchase of a built or off-plan property valued at AED2 million ($544,500) or more, including purchases made with loans from specific local banks.

A Green Visa provides a five-year residency for skilled employees, without a sponsor or employer, earning a salary no less than AED15,000.

Meanwhile, the UAE introduced a one-year digital nomad visa allowing people to live in the Emirates while continuing to work for employers in their home countries

Dubai also offers a five-year retirement visa for expatriates older than 55.

The Property Visa provides a three-year visa that can be obtained by those purchasing a property valued at a minimum of AED750,000, where no more than 50 percent of the value is subject to a mortgage, or at least AED750,000 needs to be paid to a bank. An Investor / Partner Visa is only issued to a UAE company shareholder for a period of three years allowing visa holders to also “sponsor” their dependents.

The Business Exploration Entry Visa allows straightforward entry for people to explore investment and business opportunities in the UAE. Job exploration visas allows job explorers to come to the UAE legally for 60 days and safely look for work.

UAE wins membership on U.N. Human Rights Council for 3rd time

The UAE won membership on the U.N. Human Rights Council for the 2022-24 term, a culmination of the UAE’s never-ending efforts to strengthen human rights and freedoms.

The UAE has an envious record of cooperation with various U.N. bodies and believes in the pivotal role played by the Council in the promotion and protection of human rights.

The UAE has served two consecutive terms in the Council fulfilling most of its earlier voluntary pledges and commitments. It is currently implementing its voluntary pledges announced at the 23rd Session of the Universal Periodic Review, particularly the following:

The UAE has a progressive vision built on the values of inclusion, tolerance and acceptance, where more than 200 nationalities live in peace and harmony. It established over 83 places of worship for many non-Muslim groups. The UAE finalized a draft law to establish the independent National Human Rights Institution (NHRI), having since 2019 established the National Human Rights Committee currently overseeing the preparation of a National Human Rights Action Plan. The UAE’s Federal Law No. (10) of 2017 protects the rights of domestic workers by ensuring them decent working and living conditions. The UAE, in partnership with U.N. Women, launched the U.N. Women’s GCC Liaison Office in Abu Dhabi in 2016, aimed at women’s empowerment.

The UAE’s judiciary is entirely independent. Residents’ rights include no arrest without a warrant and the accused are presumed innocent until proven guilty. Anyone accused of a serious crime may have a lawyer to defend them or shall have one appointed by the court free of charge.

Vying for top global economic indicators

The UAE placed ninth globally in 432 global indicators. According to the World Competitiveness Yearbook 2021, it globally placed third in government efficiency, eighth in business efficiency, ninth in economic performance and 28th in infrastructure.

The UAE ranks within the top five countries in 65 indicators and ranks first globally in 19 indicators. It ranked 33rd on the Global innovation index and 25th in the World Happiness report. These indicators see the UAE excelling in several essential areas, including education, environment, climate change, security and safety, cybersecurity, infrastructure, flexibility of regulations, prosperity, governance and more.

A recent Insead survey ranks the UAE 25th out of 133 countries and second-best in the Middle East in an annual benchmarking report measuring how countries and cities attract, grow and retain talent. It covers 133 countries and 175 cities across all income groups and levels of development.

The UAE has ranked 31st globally on the Global Innovation Index (GII) in 2022, which is published by the World Intellectual Property Organisation (WIPO), climbing two spots from 2021, while remaining top among Arab nations for the seventh consecutive year.

Meanwhile, the UAE ranked 18th globally on the GII’s Innovation Input Sub-Index, five ranks higher than 2021. Within these, the UAE came in sixth globally in the Institutions indicator, as compared to 24th last year; seventh in the infrastructure indicator, as compared to 14th in 2021; and 17th in the Human Capital and Research indicator.

Coding Ambassadors to boost nations’ digital transformation and economy

The UAE has selected 56 coding ambassadors to help champion the country’s digital drive, 23 of which are Emiratis, drawn from all seven emirates. Operating under the supervision of the UAE Artificial Intelligence Office, the national program for coders was launched in June 2021 by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai. The UAE signed a deal with a host of technology giants as part of the initiative, including Google, Microsoft, Amazon, Cisco, IBM, HPE, LinkedIn, Nvidia and Facebook, to train 100,000 young people in computer programming within five years. Sheikh Mohammed wants this tech-savvy workforce to create 1,000 digital companies to boost the UAE economy and increase government support for start-ups from AED1.5 billion ($0.41 billion) to AED4 billion. The program will also grant golden visas to 100,000 of the world’s best coders. These ambassadors will help promote the importance of digital knowledge to government and private sector leaders, employees, and university and school students. A coding school free of teachers or classrooms started last October, with 225 pupils split 60 percent males and 40 percent females. Dubai Knowledge Park is well-positioned to play a key role in achieving the aims of the program, having over 15 learning centers that teach coding skills to a range of age groups for a period of three months to two years. At Premier Genie at DKP, children as young as grade-one level can begin learning the fundamentals of block-based programming tools, while grades 10-12 focus on advanced programming languages.

Tourists visit the city of Pisa in Italy to see its world-famous tower, an iconic leaning building in the world. However, it’s not the most extreme. This title belongs to Abu Dhabi’s Capital Gate, a 160m-tall leaning tower in Abu Dhabi that leans 18 degrees westward, about five times the angle of Italy’s Leaning Tower of Pisa.

The $231 million project was developed by Abu Dhabi National Exhibitions Company (ADNEC) and designed by Robert Matthew, Johnson-Marshall & Partners (RMJM). Construction work on the tower started in September 2007 and was completed in 2011. Commercial leasing of the tower began in April 2011.

Capital Gate is home to 15 floors of offices, restaurants and bars, as well as a hotel, the Andaz Capital Gate. In September 2011, the project won the Best Commercial / Mixed-Use Project and the Best Overall Project of the Year at the 2011 Cityscape Global Awards for Architecture in Emerging Markets. Being situated at the confluence of sea and desert, the building’s form symbolizes a swirling spiral of sand while the curved canopy represents a splash. The building’s core was built in the opposite direction of its incline to maintain its balance. The building has a diagrid specially designed to absorb and channel the forces created by wind and seismic loading, as well as the gradient of Capital Gate. Capital Gate is one of only a handful of diagrid buildings in the world. Others include London’s 30 St Mary Axe (Gherkin), New York’s Hearst Tower, and Beijing’s National Stadium.

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TECOM: Where business clusters prosper

Dubai creative Clusters Authority (DCCA) is responsible for licensing, visa and zoning regulations for the diverse free zone encompassing Dubai Internet City, Dubai Outsource Zone, Dubai Media City, Dubai Studio City, International Media Production Zone, Dubai Knowledge Village, Dubai International Academic City, Dubai Biotechnology and Research Park (DuBiotech), Energy and Environment Park (EnPark) and Dubai Design District (D3). These clusters are owned and operated by TECOM Investments, Dubai’s master developer of industry-focused clusters. These clusters host more than 4,200 businesses across the media, ICT, education, sciences and design industries, housing a workforce of over 64,000. They successfully attracted many industry leaders including Microsoft, Google, IBM, Dell, HP, LinkedIn, SAP, GE, Pfizer, Exxon Mobil, CNN, MBC, OSN, Pfizer, and others. The authority has invested AED40 million annually toward the Dubai International Film Festival, the Dubai Film and TV Commission, and the Dubai Design and Fashion Council. TECOM successfully proceeded with an initial public offering (IPO) on the DFM, beginning its first day of trading on July 5, and raising approximately AED1.7 billion. TECOM Group announced its financial results for Q3 and first nine months ending September 30, 2022. Q3 revenues came in at AED490 million, increasing 12.48 percent year on year (YoY) while nine-month revenues for 2022 increased 15 percent YoY to AED1.48 billion, driven by strong growth across all business segments

As of September 30, 2022, occupancy levels for commercial and industrial assets was 83.5 percent, a significant increase from year end 2021 when occupancy levels stood at 78.3 percent.

40Capital Gate is world’s “farthest-leaning man-made building”

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42Innovation strategy: Seeing change as opportunity

In October 2014, Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, launched the UAE National Innovation Strategy to make the UAE one of the most innovative nations globally within seven years. The strategy establishes a stimulating environment for innovation in the form of supportive institutions and laws, requiring all government entities to reduce spending by 1 percent toward savings geared at research and innovation projects. It encourages private sector companies to establish innovation and scientific research centers, adopt new technologies, and develop innovative products and services. The strategy prepares individuals by concentrating on science, technology, engineering and mathematics. The strategy targets stimulating innovation in seven sectors.

Renewable energy: The strategy will establish a new organization to facilitate decentralized power generation projects such as small-scale solar installations.

Transportation: The strategy will stimulate innovation in air and sea travel as well as logistics with a focus on innovation in the field of unmanned drones.

Education: The strategy will establish innovation labs in schools and universities to equip students with skills such as critical thinking, problem-solving, creativity, perseverance and adaptability.

Health: The strategy will promote advanced technologies such as biotechnology and pharmaceutical industries while also working with strategic partners to support medical research.

Water: The strategy will seek innovative solutions to the challenge of water scarcity.

Technology: Innovation in research and technology. Space: The strategy will support space technology for the purpose of exploration as well as satellite communications.

ICT and 5G: Establishing a smart technology oasis

The UAE is a competitive market for the ICT industry and 5G tech in a bid to drive a knowledge-based economy. Several free-trade zones such as Dubai Internet City and Dubai Silicon Oasis specialize in the ICT industry, high tech and innovation. The UAE’s ICT spending will reach $23 billion by 2024. Demand for ICT products and services exist in sectors such as health care, space, aviation, aerospace, defense, transportation, retail, financial services, hospitality and others. The UAE’s SmartPass system created a digital framework for the operations of all government services and ministries. The UAE is one of the largest data center hubs in the Middle East where up to $1 billion in additional investments are projected by 2026. Microsoft Azure launched two cloud regions in Dubai and Abu Dhabi and Amazon Web Services announced a new data center region in the UAE. Between 2017 and 2022, the UAE cloud computing industry created over 32,000 jobs. The UAE has emerged as a leading global location for the deployment of IoT solutions to enhance public infrastructure. The UAE was the first country in the Arab region and fourth globally to launch its 5G network with Du and Etisalat. In June 2021, Etisalat revealed a 6G project that is estimated to be around 100 times faster than 5G.

The UAE has ranked first in terms of mobile speed at 193.51 Mbps, and among the top 20 countries globally in the fixed broadband index. Expo 2020 Dubai was hailed as the world’s fastest event, recording an impressive median download speed of 983.19 Mbps across its six-month duration.

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Pearls and Diamonds: Gems of business opportunities

Pearls have been traded in Dubai since the seventh century when the industry was once the cornerstone of the UAE economy. The industry was overtaken by the oil boom and pearl diving almost disappeared altogether, until an 8,000-year-old pearl was identified as the oldest ever found in 2019 in Abu Dhabi. The UAE’s Environment Agency in Abu Dhabi is now partnering with FAO to revive the Emirate’s pearl industry, conducting a detailed analysis of the UAE coastline, identifying and mapping areas where aquaculture, including oyster and pearl cultivation, could be sustainably practiced. The UAE’s strategy is designed to protect the natural oyster beds ecosystem so it can recover and become a destination for ecotourism that highlights the traditions and heritage associated with pearl diving and the modern technologies being used to promote sustainable pearl farming. Around 20,000 cultured pearls are produced annually at Al-Dhafra, the site of Abu Dhabi Pearls Project, but there are plans to increase this number to around 25,000 pearls a year. Today, the DMCC Pearl Exchange has become firmly established as an authoritative international body for promoting trade in a wide variety of natural and cultured pearls from around the world. The UAE is also the largest and fastest growing diamond hub, having increased its H1 2022 gross diamond trade (rough and polished) to $19.8 billion, marking a year-on-year increase of 24.7 percent, according to DMCC.

From January to June 2022, UAE’s polished diamond trade jumped 52.5 percent to $6.73 billion, and its rough diamond trade increased 14 percent to $13.05 billion.

Pioneering environmental efforts

The UAE’s pioneering environmental efforts reflect the country’s national and ethical commitment as outlined in its vision on sustainable development and climate change confrontation. This comes in line with the UAE’s “Principles of the 50,” and the country’s development strategy and the vision of the Founding Father, the late Sheikh Zayed bin Sultan Al Nahyan, who said, “We take from our environment as much as we need and leave the rest to ensure the rights of future generations.”

It is important to note that the UAE will be hosting the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28) in 2023. The UAE is working on building a better future for its citizens and residents, as it provides an example to other countries on how to adopt a clean and renewable energy strategy. In recent years, environmental education has become one of the main elements in curriculum development in the United Arab Emirates. Accordingly, efforts have been directed to include environmental content in school curricula. On-the-ground examples include Masdar City, one of the most prominent sustainable urban developments in the Middle East, which uses technology and solar power to help reduce energy and water consumption. Established in 2015 and spanning over 5 million sq. ft., Sustainable City Dubai is the eco-friendly project that focuses on social, economic and environmental sustainability, covering all aspects to conserve energy. Finally, the Expo 2020 site is a sustainable, human-centric smart city that will reuse at least 80 percent of the Expo-built infrastructure.

An entertainment hub: Thrills, spills and everything in between

The UAE is set to join the world’s top 10 leading markets for global box office revenues by 2030. But one could go to the movies anywhere. Dubai is an entertainment mecca with a tourism strategy to attract 25 million visitors a year by 2025, if not sooner. Exclusive experiences include swimming with sharks at Dubai Aquarium & Underwater Zoo while safely inside a dive cage. There, the iconic Burj Khalifa alone is a sight to see. It’s the world’s tallest building at 830 meters, an architectural marvel. Desert “duning” in a 4×4 or sandboarding are great for thrills and spills. One of the largest indoor theme parks in the world, IMG Worlds of Adventures, is also for thrill-ride seekers, and is visited by over 20,000 people daily with rides centered around popular Cartoon Network characters, Marvel superheroes and dinosaur adventures.

Hot-air ballooning at sunrise allows a relaxing time watching camels and gazelles traveling or running the sands.

More down to earth, Aventura Parks is the city’s largest zipline park covering 35,000 square meters of swinging space amid lush Ghaf tree forests.

The La Perle by Dragone is a 90-minute show filled with acrobatics and aquatic stunts in an onstage pool with a cast of 65 Broadway-seasoned performers.

Deep Dive Dubai offers an extraordinary diving experience in a wonderful underwater world that resembles a sunken city. You can go sky high with Dinner in the Sky, suspended 50 meters in the air, or ski all year long at Ski Dubai set across 22,500 m2 of manmade powder. There is much more but we can’t cover it all.

Globally competitive, rising to the challenge

The Ease of Doing Business index ranks countries against each other based on how the regulatory environment is conducive to business operations and protections of property rights. The Ease of Doing Business in the UAE is expected to reach 17 by end 2022, according to Trading Economics. The UAE created a modern investment environment and set policies that facilitate and speed up the establishment of companies through electronic platforms, and promoted its attractiveness by issuing amendments to the Companies Law.

The UAE has ranked in the top five economies out of 63 countries ranked by the IMD World Competitiveness rankings. For the sixth year in a row, the UAE also topped MENA countries in the annual Global Competitiveness Report 2022, issued by the Global Competitiveness Center of the International Institute for Management Development. The UAE maintained its leadership in first place regionally in the general ranking and 12th globally. According to the report’s results, the UAE ranked first globally in 19 indicators, while it ranked among the top five globally in 62 indicators, and among the top 10 globally in 100 indicators, out of a total of 334 indicators.

According to the Federal Competitiveness and Statistics Centre (FCSC), the UAE topped 156 world competitiveness indicators such as education, environment, climate change, security and safety, cybersecurity and infrastructure.

The UAE provides strengthened access to credit and ensures that registering property becomes easier while focusing on improving the legislation, procedures, as well as the cost and time of pursuing different businesses.

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A thriving job market

The UAE has a wide range of business segments and customer preferences that influence the economy and employment market. The employment market in the UAE is expected to continue improving with salary increases between 3 percent and 5 percent anticipated at the start of next year. Acxcording to the Hays 2022 Salary Guide, approximately 73 percent of UAE employers anticipated salary increases of up to 5 percent compared to 37 percent of those surveyed in 2021. Employers in the UAE frequently provide family permits, flexibility and remote working arrangements, plane tickets and some offer educational allowances to job candidates. Technology, human resources, and medical services are the most stable industries while there is a need for talented individuals in project management, data, technology and artificial intelligence. Hiring activity in the UAE jumped 3 percent in Q3 2022 according to Cooper Fitch. Seven out of 10 UAE companies plan to hire new employees next year, Bayt.com and market research company YouGov reported. Sixtythree percent of large local companies and multinational corporations in the MENA region are among those that have the highest intention of hiring in the next three months, the research found. Some 86 percent of working professionals in the UAE have a positive career outlook for 2023, Bayt. com and YouGov found. Cooper Fitch said a 5-percent increase in new jobs in the investment market was fueled by increasing activity in IPOs and M&As, very much prevalent in the UAE. The UAE witnessed the region’s largest IPO activity in Q3 2022, with total gross demand reaching $50.2 billion.

Picture of health: Creating a fit society

UAE commercial gyms are becoming more diversified, with boutique studios and growth of ladies-only fitness centers contributing to its rapid growth. The market is expected to register a five-year annual growth of 11 percent in terms of revenue during 2020-25. Focus toward offering group-class exercises which includes Pilates, Cross fits, Zumba, Aerobics, Martial Arts and many others will prove key to success for independent gyms. Digital Fitness and at-home virtual workout classes are gaining traction post pandemic. This shift in consumer preferences is expected to contribute to the growth of fitness equipment in coming years. Busy working professionals prefer to undertake online fitness sessions to enjoy exercising in the comfort of their homes and at their convenience. In response to the growing home fitness equipment industry, market players are launching digitally connected solutions for consumers. There is also increased memberships in UAE fitness centers partly due to the prevalence of adult obesity in the UAE standing at 27.8 percent in 2019. The opening up of ladies dedicated gyms, such as Fitness Terminal with female professional trainers, has increased female memberships in the country. UAE Hotels are collaborating with fitness centers to provide special trainings thereby increasing member penetration and employment. Meanwhile, government initiatives such as Dubai Fitness Challenge are also encouraging youth to take part in activities and events. The fitness market is further expected to grow due to an increasingly health-conscious population, higher disposable income, rising awareness regarding obesity, as well as to overcome health issues such as diabetes, hypertension and cardiovascular diseases.

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Top 10 globally in oil and gas reserves

The Abu Dhabi National Oil Company (ADNOC) announced a $127 billion capital spending plan for 2022-26, after reporting an increase in the UAE’s oil and natural gas reserves.

It said national reserves had risen by 4 billion stock tank barrels (stb) of oil and 16 trillion standard cubic feet (scf) of natural gas, taking the totals to 111 billion stb and 289 trillion scf respectively.

ADNOC said this reinforced the UAE’s position as sixth in the world in terms of oil reserves and seventh for gas reserves. ADNOC approved in December 2021 capital spending of $127 billion for 2022-26.

The investment will expand upstream production capacity, the company’s downstream portfolio, plus low carbon and clean energy businesses.

A discovery in the Offshore Block 2 Exploration Concession off the cost of Abu Dhabi amounted to 1-1.5 trillion scf of gas to add to an earlier discovery of 1.5-2 scf in the field. ADNOC, which pumps almost all of the UAE’s oil, wants to be able to produce 5 million barrels a day by 2025, sooner than a previously disclosed aim of 2030.

The UAE oil and gas market is expected to register an annual growth rate of more than 3.6 percent between 2022 and 2027. The country now has a total of 105 billion barrels of oil and 7.73 trillion cubic meters of conventional gas that are recoverable.

The UAE produces an average of 3.2 million barrels of petroleum and liquids per day. Crude oil production was reported at 3,193.000 Barrel/Day in September 2022.

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Foremost free zones for world’s leading companies

Dubai is home to more than 30 free zones targeting economic sectors ranging from transport and logistics to health care, media and technology. Each free zone provides private enterprises with world-class infrastructure, zero taxes and 100 percent ownership. Dubai Integrated Economic Zones (DIEZ) Authority is an independent legal entity that governs the Dubai Airport Free Zone, Dubai Silicon Oasis and Dubai Commerce City. It boasts over 5,000 firms covering 20 key economic sectors and employing 30,000 employees, accounting for over 5 percent of Dubai’s GDP. JAFZA (Jebel Ali Free Zone) has grown to 8,600+ companies today, including nearly 100 Global Fortune 500 enterprises. It enjoys a strategic global location combined with business-friendly policies and future-forward infrastructure. The Dubai Airport Free Zone (DAFZA) is collocated with Dubai International Airport and provides an ideal gateway to markets in the Middle East, Europe, the Indian Subcontinent and the Far East. DAFZA is home to 1,800+ registered businesses operating in more than 20 major industry sectors and employing 18,000+ professionals. The Dubai Multi Commodities Centre (DMCC) was named the world’s leading free zone for the seventh consecutive year in 2021. The free zone is home to the Dubai Gold and Commodities Exchange (DGCX), the Dubai Diamond Exchange, DMCC Coffee Centre, DMCC Tea Centre, and more than 20,000 companies ranging from start-ups to multinational corporations. Dubai South is Dubai’s largest single urban master development supporting the city’s aviation and logistics sectors. The precinct is best known for housing Dubai World Central, Dubai’s newest international airport that will rank among the world’s largest in the coming decades.

World Cup: Big Business comes to Qatar at an eye-watering cost

FIFA, soccer and fans are big winners

By: Hadi Khatib

It was back in December 2010 that former FIFA President Sepp Blatter announced that Qatar would host the 2022 World Cup. It sprung jubilation in Doha and across the Arab world, but low and behold, no one could have guessed how much money would be invested in this event.

According to Reuters, Qatar has allegedly spent $229 billion on World Cup infrastructure, some $29 billion above the $200 billion, as one unidentified Qatari official confirmed to Tass News agency. This dwarfed the $12 billion to $15 billion that Russia spent on the 2018 World Cup where close to $3 billion was spent on 12 new or upgraded stadiums, and at least a further $8 billion on infrastructure.

The stadiums and other infrastructure projects of the 2014 World Cup in Brazil cost a stated $15 billion, while South Africa reportedly spent $3.6 billion on the 2010 World Cup. Germany spent an estimated $4.3 billion in 2006, and Japan and South Korea nearly $7 billion in 2002. In a sports event where a match ball costs $300 at the most, by all considerations this is big business, but this year’s expenditures went beyond anyone’s wildest imagination, as did the expected revenues for FIFA, a non-profit organization.

Qatar WC 2022 Costs

The 2022 World Cup is the most expensive sporting event in the history of FIFA. In addition to the money spent on building or redeveloping stadia, sizable sums were also spent on accommodations, including private islands, villas, tented areas, apartments and hotels.

In Doha alone, more than $15 billion were devoted to accommodations in many areas including The Pearl, while another $36 billion were spent on the Doha Metro, which along with Lusail Tram recorded 566,868 travelers on the first day of the World Cup. The country built seven new stadiums that cost anywhere between $6 billion and $10 billion in total.

Qatar ROI/revenues

Qatar expects 1.5 million attendees at the 2022 World Cup, an event that will add up to $17 billion to its economy over the next three years and billions more in tourism for years to come. There is no definite time period on when the country will recoup its investment, but it’s safe to say that, by the time the World Cup ends, it will forever leave a positive mark in the eyes of investors and stay fondly etched in the memory and hearts of tourists, current and future ones alike. The event also attracted revenue streams from toptier sponsors like Qatar Energy as well as from other top sector players like Qatari bank QNB, national carrier Qatar Airways, and telecom firm Ooredoo. FIFA also added second-tier sponsor deals from financial platform crypto. com and American blockchain provider Algorand. Key broadcast deals were signed with Fox in the U.S. and Qatari broadcaster BeIN Sports.

FIFA World Cup costs

FIFA’s investment in the 2022 World Cup covers everything from marketing to workforce management. FIFA is projected to have spent about $1.7 billion in setting up this year’s World Cup, of which some $325 million went to operational expenses like tickets, event transport, hospitality and referees.

Another roughly $250 million went to cover TV operations, while some $440 million are geared to prize money. The winners of the Qatar World Cup will receive $44 million out of the total prize pot. Referees stand to make $17 million in total. In total, FIFA’s investment budget for the 2018 FIFA World Cup Russia amounted to over $1.9 billion, according to Statista. com. During the 2014 Brazil World Cup, FIFA spent $2.2 billion.

FIFA World Cup revenues

FIFA has increased its World Cup revenue by more than $1 billion after taking the tournament to Qatar, according to the governing body.

Between 2015 and 2018 FIFA generated $6.5 billion, of which $5 billion came from the 2018 World Cup alone. Over a billion viewers watched the last World Cup. Revenue generated by the four-year cycle of the Qatar World Cup – from 2018 to 2022, including an extra five months because of the winter schedule – will reach $7.5 billion.

FIFA generated $600 million in licensing rights for the 201518 cycle, 114 percent more than for the previous one. This revenue comes from the sale of brand licensing contracts, royalty payments and other similar sources. Revenue from ticketing rights is 100 percent owned by a direct subsidiary of FIFA. From 2015 until 2018, the sports body reported $712 million in hospitality rights and revenue from ticket sales. Tickets were in high demand for the 2022 World Cup in Qatar, with the top 10 purchasing countries being Qatar, the US, Saudi, the UK, Mexico, the UAE, Argentina, France, Brazil and Germany.

FIFA has made substantial cost savings from the Qatar World Cup, having essentially scheduled a tournament in one city with the eight World Cup stadiums being within a 50 km radius of Doha, cutting down substantially on travel costs for which FIFA is liable.

FIFA’s revenues are likely to approach $10 billion for the next four years, thanks to a new financial strategy for women’s football and the expanded 2026 World Cup in the U.S., Canada and Mexico. That event will see, for the first time ever, 48 teams competing, up from the present 32.

Making a world of difference brings us closer

Chopard Co-President: “We must respect our planet”

Karl and Karin Scheufele, who had bought it back in 1963. Caroline Scheufele is accredited for expanding the family business into fine jewelry. She also lays claim to fame as the woman who redesigned the coveted Palme d’Or trophy for the Cannes Film Festival in the late 1990s. For over 25 years, Chopard has been the official partner of the event.

In addition to her phenomenally successful professional career, Caroline has long been a philanthropist. I asked her more about the causes she supports and what it means to be a global citizen.

What

are some of the key

Education gives them a bright future. We have a great example in the Middle East with Her Highness Sheikha Moza bint Nasser, who has done an incredible job with her foundation, “Education Above All.” She has put over 10 million kids in school. That is a huge achievement. She’s right in saying that “without education, we are not going to change the planet.”

What are your thoughts on the distribution of global wealth? How does this affect different countries and prevent them from progressing?

causes

you’ve been involved in over the years?

In November I took part in the most recent edition of the “Global Citizen Forum” where the theme was Human Metamorphosis. Over two days in sunny Ras Al-Khaimah, 400 like-minded people from all walks of life attended various workshops and panel discussions. Among the guests were diplomats, business people, celebrities and scholars. I had the pleasure of speaking to Caroline Scheufele, artistic director and co-president of Chopard, the Swiss-based house of luxury. Caroline Scheufele and her brother Karl-Friedrich inherited the company from their parents

While we do not have our own charity, we do help many different foundations, whom I would like to think of as friends. We’re talking people like Jose Carreras, who has a very big foundation focused on leukemia, and my father is very much involved with that. I support Elton John’s AIDS foundation. I believe Elton made a big difference in the entire world not only through his music, but also through his talks and his communication. Hopefully soon, there will be some very good news about a type of vaccine that will really prevent AIDS and heal it. I am also a very close friend to Petra Němcová with her foundation, “All Hands On.” She builds schools across the globe, particularly places hit by natural disasters, and she’s doing a great job with a very small team. I’ve been in one of our schools in Nepal, and I say our school because it means a lot to all of us. It is very nice to see all these kids so happy, having the opportunity to attend school.

I think, unfortunately, it often has to do with who is running the country, because in many cases the governments are not doing their job. I see running a country is similar to running a company. It must be run properly with a structure and fair distribution of wealth. This is very important.

What would be your message to our readers?

We must respect our planet, be more personable to our neighbors, to whoever you meet, because everybody is a person, everybody is a child of this Earth. I think we have to be humbler and less power hungry. Then perhaps we can start to make it all a better world.

We should also think of ourselves as global citizens. When you are a global citizen and embrace international values, you will be more openminded. It’s beautiful to meet people from other countries, to learn and discover from their cultures.

Chopard Co-President: Caroline Scheufele

RAK: Experiential tourism meets cohesive sustainability It’s the nature emirate

By: Alp Sarper

For over 7,000 years, Ras Al Khaimah (RAK) has continuously been inhabited by humans, making it one of the most unique regions in the world. Its diverse topography is home to some of the most desirable beaches, lush mangrove trees and mystical desert dunes, as well as the UAE’s highest peak, the mighty Jebel Jais standing at 1,934 meters above sea level. The emirate also caters to the discerning luxury traveler who’s looking for some of the best retreats in the UAE.

During the most recent Global Citizen Forum, I had the opportunity to speak with His Excellency Raki Phillips, CEO of the Ras Al Khaimah Tourism Development Authority (RAKTDA). Phillips took over the top tourism job back in 2019 and has since been developing a seamless holiday infrastructure in addition to managing Ras Al Khaimah’s sustainable tourism strategy and initiatives.

What initiated Ras Al Khaimah hosting the Global Citizen Forum and what does it mean for the Emirate?

When we looked at the Global Citizen Forum last year, we were approached by the team and I had attended previous Global Citizen Forums and absolutely loved the conversations they’re having, the guest list that they bring, and really how they look at creating a better future for humanity. As grand as that may sound, they really put a lot of emphasis on this with the types of thought leaders they invite, and the activities that they put in place. It’s also a great way for us to showcase the destination. We hosted it last year here in Ras Al Khaimah. It was such a stellar success that we signed them up for three more years.

How would you describe Ras Al Khaimah?

Ras Al Khaimah is the nature emirate. We’re 45 minutes outside of Dubai International Airport and highly accessible. When you arrive here, you get three stunning topographies: the highest mountain in the UAE with Jebel Jais, 64 kilometers of white sand beach, and then our beautiful desert. It also has a cultural element to it. It really is a place where you can relax, enjoy, and even have a little bit of adventure on the longest zip line in the world, along with many of the other attractions that we offer.

An exciting new resort has been announced. What sort of new travelers do you expect to come to the emirate?

Earlier this year, Wynn announced an integrated resort, a multibillion-dollar investment into the Emirate, which is the largest FTI (fast track initiative) that this emirate has experienced. It is a driver of tourism. It’ll be a seismic shift in the way things will be experienced; it’s experiential. An integrated resort like Wynn does this in a unique way, having had tremendous experience globally as a hotel operator. But the attractions that they bring, the shows, the restaurants, are truly drivers for tourism and a new way of doing tourism in the emirate. We’re very excited about it.

Could you elaborate on the sustainable tourism strategy and some of the key initiatives?

We took a pledge last year to be the first certified sustainable destination in the region and our focus wasn’t just a buzzword. It was really to see how government and corporations, businesses, and private businesses can work together to ensure that we meet the 17 Sustainable Development Goals that the United Nations World Tourism Organization (UNWTO) has put together.

For us, those are things that we’ve done. We partnered with EarthCheck, which is a great global operator that has helped put us into a pathway where in the next year we achieve our plan. In sustainability, it’s not just environmental sustainability. It’s economic and cultural sustainability. Of course, the environment is a key factor in that.

Ruler of Ras Al-Khaimah: His Highness Saud bin Saqr Al Qasimi CEO of RAKTDM: Raki Phillips

Bell Flights: Customizing vertical lift, redefining flight

Bell is the oldest helicopter manufacturer on the planet

Headquartered in Fort Worth, Texas, Bell was the first ever manufacturer to certify a commercial helicopter. Bell Aircraft, the original company, was founded in 1935 by Larry Bell and bought by Textron in 1960. Today the company is simply referred to as Bell, and is a wholly owned subsidiary of Textron Inc. operating across six continents.

Bell produces a versatile range of helicopters for private, commercial, military, parapublic and cargo use. Private customers can customize their helicopters with luxury interiors. Bell also provides cost-efficient platforms for armed and security forces as well as emergency services.

We spoke to Sameer Rehman, the managing director for Africa & Middle East at the Horizon International Flight Academy, against a backdrop of over two dozen Bell 505’s in the hanger.

A journey of 1,000 miles begins with one footstep. I was always interested in aviation and studied at Embry-Riddle Aeronautical University in Florida, where I got my bachelor’s and my master’s in aerospace engineering. Thereafter, I applied to Cessna, which is a sister company of Textron. As the managing director, I like to say we are in the people business, and happen to sell helicopters. We have 65 countries with a very diverse economic footprint throughout these territories. My central role is making sure our customers, my team and Bell have what they need, are very well informed about what we’re doing, and that we take care of each other.

from a purchase decision to buy Bell to a purchase decision to buy an aftermarket support system, we have those modalities available. From providing a comprehensive support system for all our helicopters to the modality of actually having training done for pilots and mechanics, we manage all of that. At the forefront, the signing of the purchase agreement is the very start of a very long-term relationship.

What sort of customization might a private client want?

The helicopter industry is what I would call a boutique industry and Bell is the oldest manufacturer of helicopters on the planet. We also certified the very first helicopter ever and have a wide network of distributors, salespeople and service centers around the world. We regularly attend trade shows and conferences. We also generate leads through various experiential events. Most of our clients are organic, and I’m very proud to say that when they buy Bell, they stay with Bell. The selling process is perhaps the most visible process in a very long-term relationship. When a customer or an entity approaches us, we spend a significant amount of time understanding their needs and begin to develop a framework for a relationship based on that. The migration

The experience that we all cherish is when a client approaches us. Some may say I want it to look like the inside of my Rolls-Royce. Others may say I want it to look like the inside of my business jet. That is something we’re fully capable of doing. That experience is a very personal one to us. Helicopters are customizable, perhaps more than airplanes because there’s so many things you can do. Let me give you an example: A VVIP, a head of state, captains of industry or whomever they may be, they all want a comfortable cabin. Others want a rugged cabin to take the family and the dog on a weekend trip and fly to the canyon or the desert. Others want a business environment so they can conduct meetings while in flight. Others are owneroperators where they sit in front and fly the helicopter. We accommodate every single one and more.

What kind of aircraft are the most popular in your region, i.e. Africa and the Middle East?

The Africa the Middle East region is very specific in terms of use. By and large, most of our helicopters in Northern Africa, in sub-Saharan Africa and the Middle East are used across

Can you tell us about Sameer Rehman and your duties as managing director for Bell, Africa & Middle East?

What does the client journey look like from first contact to aircraft delivery?

Managing Director, Africa & Middle East · Bell Flight : Sameer Rehman

parapublic, oil and gas, law enforcement and emergency medical services. A niche of that is the very boutique clients, the VVIP customers, the corporations.

The segment for oil and gas in the Middle East is profoundly successful, as well as law enforcement and what I would describe as utility, including power line washing, conservation of wildlife and crop spraying. In Southern Africa, we have a larger general aviation presence. We make a variety of models, and these models serve the variety of needs for various business missions our customers have in Southern Africa, from South Africa to East Africa, Kenya, Tanzania and Ethiopia.

Globally, the military, the navy, the coast guard, the air force, the army, are all segments served by Bell. We truly have our hand in every game.

What is Bell introducing in terms of new products and technology?

Many years ago, Bell was known as Bell Helicopter – we made helicopters. Today, Bell is simply known as Bell Flights, and we are a technology company, redefining vertical lift, redefining flight. That’s who we are today. We have several military programs working in the United States: The V-280 Valor, the Bell 360 Invictus, and the V-22, which is our tilt rotor. We are very successful with the United States Marine Corps and the Air Force Special Operations Command. Following certification, the Bell 525 will be the very first fly-by-wire helicopter. That means no hydraulics and no pumps. This will be the most innovative certified commercial helicopter on the planet, and there’s only one place to get it, and that’s Bell. We have designed this aircraft for the oil and gas industry, for the military, and for the discerning client, the high-net-worth individual, the captains of industry, the heads of state. It’s going to be a dynamic aircraft that can take off vertically. In addition, Bell is working on logistical delivery systems: The APT, the Autonomous Pod Transport. This is a vertical-lift, cargo-carrying autonomous delivery system that we’re testing around the world. Our approach to technology is total. Our approach to vertical lift is total. But more importantly, our commitment to

aviation is to ensure the sustainability of our products and the happiness of our customers.

How does a private citizen learn to fly a helicopter here in the UAE?

Very simple. All they have to do is show up and ask the question at the Horizon International Flight Academy, and the personnel there will be more than happy to help.

The Bentley Continental GT Speed is the brand's most powerful production car

Walter Owen Bentley, or W.O. as he liked being called, dreamt of building the fastest and most elegant cars in the world. He was fortunate enough to realize that dream during his lifetime. His cars won the famed Le Mans five times between 1924 and 1930, and today the brand continues to produce some of the finest automobiles in the world.

The Specs

The Bentley Continental GT Speed is proudly the brand’s most powerful production car to date. Under the hood rests a mammoth 6-liter turbocharged W12 engine producing 650 BHP and max torque of 900 Nm. The numbers only get more impressive for the 0-100 km/h, which takes just 3.6 seconds. The acceleration is like nothing we’ve experienced before thanks to the immaculately designed launch-control system. Simply press the brake with your left foot then pedal to the metal with your right – the GT Speed will swiftly rev up to 5,500 rpm and off you go. The W12 is a gentle giant that is more than capable of shooting the 2.4-ton vehicle to the max speed of 335km/h.

With all that might, the optional yet very useful carbon-ceramic brakes would be a good choice. With a diameter of 17.3-inches for the front discs and 16.1 inches for the rear, they also are proudly the largest on the market.

The Exterior

Only true connoisseurs will be able to spot the fine difference between the GT Speed and the rest. The distinctive carbon-fiber styling package adds aggression to the design. The turbinelike 22-inch wheels look fantastic, while the front grille is darker in finish and adds a very elegant touch. The diamond patterned headlights, which are soon to be replaced, have long been a favorite of ours. New side skirts

add to the performance feel while the “Speed” and “W12” badges are displayed prominently.

The interior

As one steps into the palatial interior of the Continental GT Speed, the elegant three-tone color and the diamondquilted leather and luxe Alcantara provides a luxurious yet sporty setting. Naturally there are a multitude of color options to choose from. The car we drove had the understated piano black and white combination with the center console to match it. The front seats are heated and cooled, and the ever-essential massage function is a wonderful addition, while the back seats are all but for decoration. The fully retractable sunroof shade allows plenty of sunshine for a bright and airy feel.

The Drive

The Continental GT Speed comes with an electronic limited slip differential which vastly improves stability and traction while keeping the performance feel of the car very much alive. The rear wheels will turn in the same direction as the front at high speeds to further aid stability, thanks to the rear-wheel steering function. GT Speed comes with four driving modes, Comfort, Sport, Custom and the Bentley mode. We personally enjoyed the sport mode as none of the driving comfort was compromised while the engine roar and performance were just right. In terms of over-all comfort, it truly is a magic carpet ride powered by a W12.

The Verdict

The Bentley continental GT Speed is a true gentleman’s racer that combines peak engineering and design with unmatchable performance. It will turn heads when it needs to and leave you in the dust if you challenge it.