Economy Middle East - March 2023

UAE committed to economic openness

Exclusive Interview with H.E. Abdulla bin

Touq Al Marri, UAE Minister of Economy

World Bank

GCC countries can be drivers of global economic growth

Publisher . JOSEPH CHIDIAC

EDITORIAL

Managing Editor . HADI KHATIB

Economy Contributor . HALA SAGHBINI

Editor-at-large, Automotive & Lifestyle . ALP SARPER

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Tech Editor . MAYANK SHARMA

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A new era is on the horizon for humanity and the generations to come

The World Government Summit (WGS), held in Dubai last February, brought together heads of state, prime ministers, and international figures, attracting participation from around 20 presidents and more than 250 ministers. The commemorative photo of these leaders taken together for this occasion left an indelible image in our collective minds.

While official photos at global events like this are not uncommon, it may be rare for leaders to face the camera and all agree on one thing: our world is in danger.

Undoubtedly, major and growing challenges face our world and future generations, foremost of which is climate change. Additionally, the emergence of new economic blocs, which enjoy powerful financial and global influence, threatens to fragment the world, worsen division, and increase trade and economic barriers, all of which could eventually result in significant losses to global GDP.

Another big challenge is the powerful emergence of artificial intelligence (AI). While the technology was once categorized as science fiction, rapid technological advancements over the past few years have turned AI into one of the most important transformative powers that future governments can hold.

The world will be divided between governments that proactively adopt AI technologies and those that live in the recesses of time, isolated and archaic in nature. This telling description is from the speech delivered by His Excellency Mohammad Abdullah Al Gergawi, Minister of Cabinet Affairs of the UAE and Chairman of the World Government Summit.

In other words, the clout of future governments will be measured by their ability to adopt technology. Therefore, they are expected to be ambitious in their decisions and forward-looking. Planning a future that takes full advantage of economic opportunities requires great technological leaps. We cannot attain this echelon of excellence without capacity building in advanced digital infrastructure and technology.

Today’s world is facing difficult economic times, experiencing slow global growth and high inflation rates triggered by the Russian-Ukrainian war. Sharp rises in energy and food prices, currency depreciation, high fiscal deficits, and domestic and external debt are issues that feature prominently in all economies around the globe.

However, it seems that we are beginning to see the light at the end of this dark tunnel. World economists reassure us that global growth is emerging from current tight bottlenecks.

We need to look at our world from a glass-half-full perspective and be as optimistic as possible that there are always solutions to challenges, no matter how big, and that a better tomorrow awaits us and future generations.

Chief Executive Officer – Publisher

The clout of future governments will be measured by their ability to adopt technology

WGS uniting the world, shaping the future

UAE a model for solidarity, energy transition, technology

Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai announced on February 15 the conclusion of the tenth session of the World Government Summit (WGS) in Dubai, which witnessed the signing of 80 agreements between the summit’s participating countries. The Summit represents the UAE’s efforts to unite the world, shape the future, and serve humanity.

Bringing stability to Egypt

Bringing relief to a devastated Turkey

Also at the summit, Sheikh Mohammed bin Rashid Al Maktoum and Sheikh Saud bin Saqr Al Qasimi, Member of the Supreme Council and Ruler of Ras Al Khaimah, as well as Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, witnessed a recorded speech by the Turkish President Recep Tayyip Erdogan.

Erdogan extended thanks to the UAE for its assistance to Turkey in the aftermath of the recent earthquake, saying, “We have received support and messages of sympathy from more than 100 countries… especially the UAE.”

On the first day, the UAE President Sheikh Mohamed bin Zayed Al Nahyan and Sheikh Mohammed bin Rashid Al Maktoum attended a dialogue session featuring Egypt’s President Abdel Fattah El-Sisi.

During the session, El-Sisi spoke about the challenges he faced as President in his efforts to bring stability to Egypt after the political events of 2011. He praised the pivotal support extended by the UAE President.

Praising the UAE President’s leading role in supporting other Arab countries, El Sisi said: “His Highness Sheikh Mohamed bin Zayed helped greatly in bringing stability to Egypt, as he visited the country in 2013, and was aware of the needs of the country. He ordered the transfer of ships carrying vital petroleum commodities through the Mediterranean to Egypt to help overcome the crisis.”

The Egyptian President urged Arab states to stand against any interference that aims to disrupt the strong ties in the region.

El-Sisi explained that the Egyptian government has made great progress in improving the health sector by implementing a national health program. Moreover, El-Sisi highlighted that Egypt has succeeded in providing more than 1.5 million job opportunities for citizens in its efforts to combat unemployment.

“I wish I could have been with you had it not been for the earthquake disaster,” Erdogan said, noting that scientists estimate that the energy released by the earthquake is equivalent to 500 atomic bombs.

“The future of our world will be determined by global governance and close international cooperation,” he added. “We are witnessing one of the most massive natural disasters in human history,” Erdogan observed, highlighting that supply chain disruptions, the Russian-Ukrainian conflict, the food and energy crisis, and high global inflation all pose challenges to the global economy anddevelopment process.

Partnering with Meta towards digital mastery

Additionally, WGS witnessed Sheikh Hamdan bin

Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, announcing that Dubai’s strong partnerships with companies such as Meta also support D33’s aim to generate 100 billion dirhams annually from digital transformation and the Dubai Metaverse Strategy’s goal to turn the emirate into one of the world’s top 10 metaverse economies by 2030.

Sheikh Hamdan met with Nick Clegg, President of Global Affairs, Meta, on the sidelines of the summit.

Sheikh Hamdan explained that partnerships with international technology players are particularly vital in the context of the objective of the Dubai Economic Agenda D33, recently launched by Sheikh Mohammed bin Rashid Al Maktoum to accelerate investments in advanced technology and develop talents to consolidate Dubai’s global competitiveness and economy. According to Sheikh Hamdan, Dubai is looking to further deepen synergistic partnerships with global technology majors like Meta to further the leadership’s vision to transform Dubai into a frontrunner in shaping the future of the world’s digital landscape.

Sheikh Hamdan further highlighted that Dubai provides established technology companies, emerging players one of the world’s best environments to incubate innovative ideas and tap new growth opportunities.

Tripling renewable energy capacity Flying Taxis, 9 global initiatives

Ahead of the summit kick-off, Sheikh Mohammed bin Rashid revealed that air taxis will begin flying in Dubai within three years.

Sheikh Hamdan made the announcement on Twitter, where he revealed he had approved designs for air taxi stations at the WGS.

“From the World Government Summit, ‘we approved today the design of the new air taxi stations in Dubai, which will start operating within three years,” Sheikh Mohammed tweeted.

On the second day of WGS, the UAE Minister of Industry and Advanced Technology Sultan Al Jaber addressed delegates saying that “We need to triple renewable energy capacity, double hydrogen production.”

“The hard reality is that global emissions must fall 43 percent by 2030. That’s just seven years away,” the President-designate of COP 28 said.

“We need a major course correction.”

He told an audience that “we need to shift from implemental steps to transformational progress.

“We need to triple renewable energy capacity, double hydrogen production,” he said.

COP 28 will be the first global assessment of climate action since the Paris Agreement of 2015 – but “we already know that we are way off track, we know we are playing catch up” on halting rising temperatures, he said. “COP 28 must bring together every nation, and everyone in those nations, if action is to be realized,” he said.

Al Jaber added: “We will mobilize every segment of society. We are listening to everyone and engaging with everyone. We want COP 28 UAE to be remembered for uniting everyone in action. Let’s unite in solidarity for the sake of humanity.”

A video accompanying the tweet says: “RTA has been working with advanced air mobility companies Skyports Infrastructure and Joby Aviation to design and develop the infrastructure for an expected launch of electric vertical take-off and landing (eVTOL) operations by 2026.”

Furthermore, as part of WGS, Sheikh Mohammed Al Maktoum launched the fifth edition of Creative Government Innovations. These innovations present nine new initiatives and solutions developed by governments from nine different countries: the US, Serbia, Estonia, Finland, France, Sierra Leone, Chile, Colombia, and the Netherlands. Some of the innovations feature the “National Platform for AI” developed by Serbia, which is based on a new strategy aimed at developing a massive device that allows startups to use the platform for free to develop AI applications.

LEAP 23 announces USD9 bn worth of investments

To support future technology and startups

LEAP 23, the world’s most visionary technology event, which ran from February 6 to 9, 2023, announced more than $9 billion in investments to support future technologies, digital entrepreneurship, and tech startups, and enhance the Kingdom of Saudi Arabia’s position as the largest digital market in the Middle East and North Africa (MENA).

The investments were revealed by Abdullah bin Amer Alswaha, the Saudi Minister of Communications and Information Technology (MCIT), during a keynote address on the opening morning of LEAP 23, which took place at Riyadh Front Exhibition & Conference Centre.

Alswaha confirmed the investments included Microsoft’s $2.1 billion investment in a global super-scaler cloud in the

Kingdom, Oracle investing $1.5 billion to expand its MENA business by launching new cloud areas in the Kingdom, Huawei’s $400 million investment in cloud infrastructure for its services in the Kingdom, and the launch of a Zoom cloud area in the Kingdom in partnership with Aramco. An additional $ 4.5 billion has been invested in global and local assets across multiple sectors at LEAP 23, added Alswaha.

An annual event that brings together the world’s most important tech experts, LEAP 23 is rapidly evolving into a global tech movement, with the event expected to attract more than 250,000 visitors from around the world this year. The tech industry magnet comes as the Kingdom continues its leadership as the MENA region’s largest digital market, with more than $42 billion in active investments.

The

Several new projects in the works to diversify Kingdom’s economy

Saudi Arabia is undergoing a major economic transformation in line with its overarching Vision 2030 strategy. With a $500 billion investment, NEOM is arguably the most eye-catching of Saudi Arabia’s megaprojects. The zone covers 26,500 square kilometers and is located in the country’s northwestern corner. It is envisioned as a futuristic smart city powered by clean energy with no cars or carbon emissions.

Here’s a rundown of the megaprojects in store for NEOM: The Line

The Line is planned to be a 170-kilometer linear city that will house nine million people. It will run from east to west across the NEOM region. According to the developer, the city will consist of two parallel, 500-meter-high, linear skyscrapers standing 200 meters apart. The buildings will be clad with mirrored facades.

Oxagon

Oxagon is planned as an octagon-shaped port city that will be built on the Red Sea in the far south of the NEOM region. According to NEOM’s developer, the port and logistics hub will be the “world’s largest floating structure.”

Trojena

Trojena is planned as a ski resort in the Sarwat Mountains near the north of the NEOM region. The 60-square-kilometer skiing and outdoor-activity resort will offer year-round skiing and is set to host the 2029 Asian Winter Games.

Sindalah

Sindalah is planned as an island resort within the Red Sea. Aimed at the yachting community, the 840,000-square-metre island will have an 86-berth marina and numerous hotels.

four futuristic megacities of Saudi's NEOM

Saudi's first woman astronaut to go to space this year

In a feat that supports the Kingdom’s Vision 2030

Saudi Arabia will send its first two astronauts, including its first female astronaut, to the International Space Station (ISS) in Q2 2023, SPA reported.

In a feat that supports the Kingdom’s Vision 2030, Saudi citizens Rayyanah Barnawi and Ali al-Qarni will join the crew of the AX-2 space mission. The space mission is scheduled to launch from the US to the ISS.

The move aims to boost national capabilities in the field of human spaceflight and help the Kingdom benefit from the opportunities provided by the international space industry, SPA said. It also aims to “contribute to scientific research that serves the interests of humans in essential fields such as health, sustainability, and space technology.”

In addition to Barnawi and al-Qarni, astronauts Mariam Fardous and Ali al-Gamdi will also be trained on all the requirements of the mission that is part of the Saudi Space Commission’s spaceflight program. The program is being carried out in cooperation with the Ministry of Defense, the Ministry of Sports, the General Authority of Civil Aviation, and King Faisal Specialist Hospital and Research Center, in addition to international partners such as Axiom Space.

“This mission is also historic as it will make the Kingdom one of the few countries in the world that brings two astronauts of the same nationality aboard the International Space Station simultaneously,” the Saudi Space Commission’s CEO Dr. Mohammed Bin Saud al-Tamimi said.

UAE launches 3D digital metaverse health assessment service

New service ensures security of data using artificial intelligence

During a press conference held at Arab Health 2023 in Dubai, the UAE Ministry of Health and Prevention (MoHAP) launched an innovative service to evaluate healthcare professionals, including doctors and allied practitioners, using cutting-edge “Metaverse” technology.

The 3D Digital Metaverse Assessment Service seamlessly integrates the real, virtual, and digital worlds, enhancing the delivery of both government and private healthcare services.

MoHAP has also unveiled a new medical thermal imaging

technology, further enabling healthcare providers to utilize cutting-edge innovations. The 3D Digital Metaverse Assessment Service will enable the ministry to remotely evaluate health practitioners, including doctors and allied health professionals. This service will also streamline procedures while maintaining data security through AI. It will be unique for its several key features, including transparency and secure remote assessment where AI will be used to ensure that personal data and medical certificates match during the assessment process. This technology also monitors eye movements and analyzes facial expressions for the safety of the evaluation process. The 3D platform, which simulates a realistic assessment hall, provides clear roles and platforms for the judging committee, invigilators, and examinees.

The new thermal imaging technology will be effectively used in detecting diabetic foot inflammation for early diagnosis and monitoring surgical sites for infection risk. It will also be used in determining psychological state through facial temperature analysis and tracking blood vessels associated with heat-producing tumors in thermal oncology, which streamlines the process of diagnosing and monitoring patients’ conditions.

UAE Economy Minister discusses macroeconomic outlook, shares vision for economic openness and reforms

Ministry remains committed to protecting population from inflation, rising global food prices and external shocks

H.E. Abdulla bin Touq Al Marri, UAE Minister of Economy

The UAE has established itself as a powerful player in the global hydrocarbon market and enjoys a prominent position within OPEC. However, rather than resting on its laurels, the country has been proactively pursuing a multi-faceted strategy of diversification away from its traditional reliance on oil. This commitment to transformation was exemplified in 2022, which witnessed a number of key milestones, such as an 11-year-high GDP growth of supported by the non-oil sector and record-breaking international trade.

Moreover, the UAE has also taken a leading role in the fight against climate change, committing to a net zero 2050 pledge and branding 2023 as the “Year of Sustainability.” Additionally, the country has been entrusted with hosting COP28, the largest global energy event, further highlighting its status as a pioneer in sustainable development.

To fast-track its growth over the next five decades, the UAE government has launched Investopia as part of the “Projects of the 50” initiative, which has outlined a comprehensive set of strategic reforms and initiatives. The world has taken notice of the country’s ambitious plans, with investors flocking to seize the opportunities that have been created.

In an exclusive interview with Economy Middle East, His Excellency

light on the UAE’s

The UAE’s GDP is expected to grow 4.1 percent in 2023, higher than the 3.9 percent forecasted earlier. Which main sectors will contribute to this growth?

I cannot talk about 2023 without talking about 2022. The last year was remarkable on the economic front in the UAE. The economy grew at a strong pace despite a challenging global environment. The GDP is estimated to have grown by 7.6 percent, the highest in 11 years, driven by a rise in oil production, as well as a significant improvement in the non-oil sector. The non-oil GDP was up 6.1 percent, reflecting strong performance in some of the non-oil sectors such as tourism and hospitality, construction, transportation, and manufacturing. Expansion in nonoil business activity was driven by higher client demand across these sectors.

On the international trade front, we saw a record-breaking 17 percent growth in 2022, reaching more than AED 2.2 trillion for the first time in the history of our country. Our exports value surged 6 percent on an annual basis to AED 366 billion. The share of exports in the total non-oil trade rose to 16.4 percent from 12 percent in 2015. The share of re-exports also reached 27.5 percent of total non-oil trade.

Moreover, let’s not forget that the UAE economy made a strong recovery from the pandemic-induced slowdown: we were one of the first economies in the world to recover from the recession. The strong growth of last year is the fruit of the ambitious economic reform agenda that we launched during the COVID-19 pandemic to support the recovery, including the overhaul of the companies’ law to allow 100 percent free foreign ownership, the modernization of residency regime, and the series of Comprehensive Economic Partnership Agreements (CEPAs) that we started. The impact of abovementioned and other reforms was significant in 2022 and will materialize further in 2023 and beyond.

The UAE Central Bank has revised its forecast for real output growth in 2023 to 3.9 percent, whilst the World Bank expects our economy to grow by 4.1 percent slightly higher than the central bank’s projections. The positive

momentum in consumption and investment seen in 2022 is likely to continue this year. We expect the non-oil sector to keep its strong performance, continuing the trend set in 2022, while oil production is likely to be lower if the global economy slows down further. GDP growth will be supported by an increase in our exports, our country’s favorable business climate and world-class infrastructure, a strong performance in the real estate sector, and a continuous rebound in travel and tourism.

So, as you can see, growth figures are strong, particularly considering the difficult global economic conditions; and the strong recovery in the non-oil sector will continue with us in 2023. The International Monetary Fund (IMF) suggested in its latest “Regional Economic Outlook: Middle East and Central Asia” that non-oil growth in the UAE will accelerate over the medium-term with the implementation of ongoing reforms. There is a strong case for optimism despite a challenging global context.

European and possibly the United States economies might be heading towards a recession in 2023. What will the Ministry of Economy do to buck downtrends in 2023, be it inflation, tech stock slide, or continuing war in Ukraine?

Several macroeconomic indicators suggest that 2023 is going to be difficult at the world stage: the global economy is very likely to slow down this year. But the impact on GCC countries, including the UAE, will be less important compared to the rest of the world. The UAE economic outlook remains positive, supported by domestic activity. The macroeconomic and structural policies adopted

The UAE is a largely globalized economy. We are committed to economic openness.

UAE Economy Minister, Abdulla bin Touq Al Marri shed

journey toward excellence and the reasons behind its unwavering commitment to sustainable development.

by our government succeeded at keeping inflation at relatively low levels compared to the rest of the world. Inflation averaged just over 5 percent last year. The Ministry of Economy also took pricing and other measures to protect consumers from unjustified increases in prices. Inflationary pressures are projected to moderate gradually in 2023, including from the impact of tightening financial conditions in advanced economies.

The UAE is a largely globalized economy. We are committed to economic openness. The benefits of trade, investment, and international cooperation in our view outweigh the costs no matter the context. In a way, our economy benefited from increased global uncertainty in the past year. The uncertain global context led to larger financial inflows, contributing to rapid real estate price growth in some segments. FDI inflows are expected to have reached $22 billion, representing 4.3 percent of the GDP. This reflects investors confidence in the UAE as a country and as a society, and it is a testimony to the world-class environment for doing business that we offer. The economic priority going forward is to protect the economy from potential external shocks or at least to attenuate any impact thereof. Elevated oil prices have boosted government revenues and external buffers,

but fiscal policy remained more aligned with the macroeconomic environment, channeling domestic surpluses into sustainable investments and targeted support for the most vulnerable.

Trade policy has played a key role in protecting our population from some of the rise in global food prices by offering consumers greater access to low- or no-tariff products. The series of CEPAs that we signed or planning on signing in the next few years aim to diversify our network of trading partners, open new markets for our exporters, and increase the choice of the consumer. We will continue the implementation of structural reforms here at home as well, including policies related to consumer protection and a revamp of the competition law, which would partly cushion some of the inflation on consumers and increase productivity and competitiveness. We will also give a particular attention to human capital for we believe that talent is a vital part of any economy and human capital development will be part of our future growth plans. Finally, by committing to net-zero emissions by mid-century, the UAE has adopted a bold strategy to shield the economy from oil shocks, which is expected to add some degree of certainty in the future.

All eyes will be on the UAE’s hosting of COP28 later this year. You oversee the circular economy policy which is closely related to environmental sustainability and will have a role to play in achieving the country’s climate goals. What can you tell us about it?

The UAE is committed to ensuring sustainable consumption and production patterns as per the SDG 12. The UAE leadership, represented by HH Mohamed bin Zayed Al Nahyan and HH Mohammed bin Rashid Al Maktoum, has vested its trust in the Circular Economy Council and its members, to set the national path to circularity and maximize the use of our precious resources to create a healthier, more sustainable economy. The circular economy policy is working towards the improvement of our management of waste, and the reduction of waste generation overall. 2022 will be remembered as the year that has marked the beginning of the implementation of the roadmap for circularity and we can already showcase some results. Since the approval of the 22 policies to expedite the transition to a circular economy model in the UAE, in July of last year, the Policy Committee has made important progress towards the implementation of the policies. We finalized the RPET standards (recycled polyethylene terephthalate), and they have been issued by Ministry of Industry and Advanced Technology (MoIAT) regulating the trade of recycled plastic water bottles. This makes the UAE one of the first countries in the region to have classification for products that contain minimum amounts of recycled content. The Electric Vehicle (EV) infrastructure policy is now in the final stage. We finalized the EV infrastructure policy including the EV standards for car manufacturers, which will play a key role in supporting the country’s transition to carbon neutrality by 2050. We inaugurated the UAE Aluminium Recycling Coalition at Emirates Global Aluminium. Finally, as part of our objective to harmonize federal and local strategies, the Committee has engaged with federal and local entities to advance the work related to the 22 policies under each entity.

As a chair of the Committee, I have the responsibility to carry on and implement the full UAE Circular Economy Policy 2021-2031 framework. We will continue the work through programmes and projects that are set to attract investments to this field and expand its infrastructure, and in line with the net-zero drive and circular economy principles. Our efforts are being exerted to establish a circular economy database, in addition to offering incentives to encourage the private sector to shift towards clean production methods. We will also pursue the engagement with the private sector to address the challenges business are facing in their shift to a circular economy and support the country’s green development drive. Transitioning towards a new model also requires financing; so, we will be exploring avenues to increase financing for circularity in the private sector. Finally, we will plastic bags ban from January 1, 2024, and will also prohibit all imported plastic cutlery, drinks cups, Styrofoam, and boxes by the beginning of 2026.

The “Year of Sustainability” announced by HH Sheikh Mohamed bin Zayed, the President of the UAE will culminate in COP28. This is a great opportunity for the UAE to lead global climate talks, but it equally puts an additional responsibility on us to further our action towards sustainability and circularity, as well as to advance the country’s vision to become a global pioneer of green development.

The transition to a circular economy model has made important progress.

In 2022, you launched Investopia as part of the “Projects of the 50.” Before discussing the agenda of Investopia 2023 and your expectations, can you take stock of the activity carried by Investopia in its first year?

The UAE government launched Investopia as part of the “Projects of the 50,” which are a series of strategic initiatives and reforms that will accelerate the nation’s growth over the next five decades. Investopia is an UAE-based platform that connects the international business community to investment opportunities in the new sectors that are likely to constitute the pillars of the economies of the 21st century. We see it as a platform that is our gateway to the emerging industries and the economy of tomorrow.

We kicked off the first edition of Investopia conference to a resounding success on the margins of the World Government Summit in Dubai in 2022. After that, we launched the “Global Talks,” a series of strategic business dialogues with policymakers, investors, and industry experts across several countries. It’s true that Investopia is made in the UAE, but it was designed to have a global outreach. We held global business sessions in New Delhi, Bombay, Geneva, Cairo, New York, Rabat, and Havana, in addition to Abu Dhabi and Dubai, where more than 3000 industry leaders and policymakers gathered in total and led discussions characterized by depth and transparency, with forward-looking solutions to the themes of the sessions.

several sectors as the conference dialogues are focusing on timely and forward-looking issues such as uncertainty, innovation, decarbonization, and the future of finance and sustainable business. Discussions will build on the outcomes of its first conference and its global talks, trying to decrypt trends shaping the future of investment and identify investment opportunities in sectors that will define the economy in years to come.

Saudi MCIT and Huawei sign ICT MOU

I should like to mention that Investopia 2022 held the world’s first press conference in the Metaverse attended by an economy minister. Moreover, during the World Cup 2022, we hosted a discussion about the future of investment in sports and the interlinkages between sports and other sectors of the economy such as infrastructure, healthcare, and tourism. Finally, we managed to build strategic partnerships with prominent organizations including the Abu Dhabi Department of Economic Development, Crypto. com, BlackRock, Invest in Sharjah. And I also attended the signing ceremony of an MOU between Investopia and SALT, a premier global thought leadership forum. The strategic partnership aims to leverage synergies between Investopia on the one hand, and these organizations, on the other hand, and open the door for a greater collaboration going forward.

Investopia 2023 will be held under an intriguing theme:

“Envisioning Opportunities in Times of Change.” What are your expectations out of the event?

In the beginning, I must highlight that Investopia is designed by business for business, and through our engagement with our partners we aim to be relevant to their agendas in supporting sustainable growth in their respective markets. Investopia 2023 brings opportunities in

Moreover, Investopia 2023 will take place against the backdrop of a complex and uncertain international context, be it the pandemic or supply chains bottlenecks, global inflation or monetary policy normalization in advanced economies, technology disruptions or geopolitical tensions. Indeed, opportunities lie in change, but change also involves uncertainty. Uncertainty surrounding investment has theoretical foundations in economics and corporate finance. Therefore, in an everchanging world, it is of utmost importance for policymakers, investors, and business leaders to tackle such issues, their linkages, and the impact that they can have on investment in the new economic sectors.

Having more than 1000 investors, industry leaders, and policymakers in one place, is vital now, given the global need for more urgent solutions to the challenges that are facing the world economy. Moreover, Investopia is contributing to the revival of the global economic debate, particularly about the post-pandemic economic formations—following a period where the activity of global economic forums declined significantly because of the COVID-19 pandemic.

Investopia is contributing to the revival of the global economic debate.

What are your plans for the current year with regards to Investopia?

Investopia is a strategic initiative from the UAE to the world with an ambitious but essential agenda. From day one, we wanted Investopia to be an ecosystem that draws on the dynamic and imaginative spirit of the UAE but reaches far beyond. We wanted it for those wishing to benefit from the UAE’s unique future-focused economy and its position as an investment hub that serves some of the fastestgrowing economies across the Middle East, Africa, and Asia.

We started as a C-level global dialogues platform, and it is now becoming a preferred business destination for investors interested in the new economies because it set

itself essentially apart as an investment ecosystem for the new economy through its content and deliverables. The annual conference Investopia 2023 will launch a marketplace for investment, providing speed-pitching opportunities, facilities for business announcements, and linking investors to promising projects through its platform. In addition to that, we are going to offer investors and business leaders additional opportunities throughout the year to engage with relevant stakeholders from different countries. Investopia will hold roundtables and discussions across global economic and financial hubs such as New York, London, Shanghai, and Milan. Moreover, we will expand local and global partnerships and foster the platform’s status as independent and impartial global hub that brings together all opinions in the world of business.

A country firmly on the path of reform and modernization

Interview with H.E. Dr. Hala El-Said, Egypt’s Minister of Planning and Economic Development

The Egyptian government has recently released a draft of what it calls a “State Ownership Policy Document.” The document outlines plans to reduce the state’s involvement in certain economic activities and strengthen the role of the private sector in economic activity and create an enabling environment that attracts and reinforces investments.

This policy is a continuation of previous efforts to promote the private sector’s ownership of public assets with the aim of maximizing the economic return of different economic activities. The state will continue to provide services to citizens while simultaneously monitoring quality and competition. The draft document has been the subject of media attention in Egypt, with reports stating that the government plans to completely exit investments in around 79 activities across various sectors. In 45 other activities, the government will maintain but reduce its investments, while allowing for greater private sector participation.

Economy Middle East conducted an interview with H.E. Dr. Hala El-Said, the Minister of Planning and Economic Development in Egypt, to provide further insight into the state ownership policy document. In addition to discussing the document and its objectives, the interview also covers topics such as digital transformation, strategic cooperation with H.E. Dr. Hala El-Said, Egypt’s Minister of the UAE, and more.

How would you describe the purpose and contents of the state ownership policy document? Additionally, what role is envisaged for Egypt’s sovereign wealth fund within this context?

The Egyptian government has made strengthening the role of the private sector a top priority in its efforts to stimulate sustainable and inclusive growth. To achieve this, the government is directing longterm investments towards key sectors such as renewable energy, water desalination, health, ICT, and agribusiness. Additionally, the government

is providing a mix of incentives to strengthen FDI linkages with local sectors.

Since 2014, the government has invested heavily in infrastructure development and implemented legislative and institutional reforms aimed at enabling private investment. An integrated policy for state ownership of assets has been developed, and proposals to enhance the role of the private sector in various sectors have been put forward.

The government has also launched a series of public consultations across the country to address the specific demands of business representatives in all

H.E. Dr. Hala El-Said, Egypt’s Minister of Planning and Economic Development

industries and geographic locations. Based on the results of those consultations, a revised version was put forward and officially launched. The sectors and activities identified in the document from which the state will emerge within three to five years include:

The state ownership policy document identifies several sectors and activities from which the state plans to withdraw within 3-5 years. These include crops and fish farming in agriculture, passenger and cargo transport, river transport, food and beverages (with some exceptions), retail, and various financial intermediary activities such as commercial insurance. The document also outlines several manufacturing activities that the country plans to exit, including the leather industry, engineering, appliances, electronics, chemical industries, and textiles.

The Egyptian government plans to maintain or reduce its footprint in several areas, including wholesale trade, many activities in the water and wastewater sector such as drinking water lifting stations and water distribution networks, as well as many mining activities such as coal mining, gold refining, and others.

To accelerate the implementation of the state ownership policy document, the government has highlighted three main mechanisms. These include the listing of state-owned assets through the Egyptian Stock Exchange, new investments for the private sector in the existing structure of state ownership by involving strategic investors, and public-private partnerships (PPPs), especially in relation to infrastructure projects and public services.

What about the role of Egypt’s sovereign wealth fund?

Established in 2018, the Sovereign Fund of Egypt serves as a mechanism to strengthen partnerships with local and foreign private sector entities. It is regarded as the ideal partner for the private sector for various reasons, including the Fund’s operation under a special law that provides flexibility in implementing various investments while also allowing for optimal exits. The fund provides promising

opportunities for joint investment in various development sectors. It has already concluded many local and international investment partnerships in fields such as the localization of heavy industries (including the establishment of the Egyptian National Company for Railway Industries), the financial sector, and the education sector.

The fund has also invested in renewable energy, green hydrogen, and green infrastructure projects in several African countries, working alongside a number of international sovereign institutions and funds, such as the Norwegian Investment Fund and the Norwegian company “Scatec.”

The Sovereign Fund of Egypt is actively working to unlock Egypt’s potential as a gateway to Africa by creating attractive investment products across multiple sectors, including renewables and green hydrogen, tourism, real estate, and logistics. The Fund operates through five sub-funds: infrastructure and facilities, tourism; real estate and antiquities; healthcare and pharmaceuticals; financial services and financial technology (fintech); and the IPO subfund. The last sub-fund is in line with efforts to exit specific sectors and advance the IPO program. Moreover, the sovereign wealth fund will restructure these companies to increase their valuation and marketability before they are publicly listed. This provides a unique opportunity for investors to invest in assets that are not otherwise accessible.

What role is digital transformation achieving towards Egypt’s future vision? What are the efforts of the Egyptian state in this field?

Digital transformation plays a crucial role in enabling governments to achieve sustainable development goals, visions and strategies. The global conversation revolves around the Fourth Industrial Revolution, big data and the jobs of the future. In this regard, the Egyptian government has increased its investments in the ICT sector to EGP 82 billion ($2.68 billion) between 2014/15 and 2022/23, representing an increase of 2,200 percent, more than 20 times the 2014/15 fiscal year.

Egypt’s Vision 2030 includes a set of sub-goals under the sixth sustainable development goal, which focuses on administrative reform, improving the efficiency and effectiveness of government agencies, promoting transparency and combating corruption. Other sub-goals include making data available, strengthening partnerships with national and international development partners, promoting accountability and the rule of law, decentralization and empowering local governments. The transformation process rests on key pillars, including the establishment of advanced education

and training systems to produce an internationally qualified workforce, a robust digital infrastructure for communications and information to support digital transformation, and a national system for information and cybersecurity. It also includes the deployment of digital financial technology Fintech to establish an effective digital infrastructure for financial inclusion and launching innovation and research and development systems.

How does your ministry contribute to the digital transformation process?

The Ministry of Planning and Economic Development contributes to the digital transformation process through several programs, including developing government services. These services include those of localities and new urban communities, providing government services through mobile technological centers (about 200 mobile service cars), and creating combined service centers through the Egypt Service Center project. The Aswan Service Center was launched in cooperation with the UAE, and efforts are underway to expand similar centers across all governorates.

There is strategic cooperation with the UAE in several areas. What cooperation levels are hoped to be achieved in the coming years?

The two countries are collaborating on establishing high-quality government service centers such as the Egypt Service Center in Aswan, as well as enhancing government capacity building in areas such as promoting innovation at work, future foresight, and government communication strategies. Furthermore, there is ongoing investment cooperation between the two countries through the Sovereign Fund of Egypt, which includes a joint strategic platform with Abu Dhabi Holding Company. This partnership presents promising investment opportunities, as outlined in the 2019 protocol for up to $20 billion in joint investments towards economic and development projects. There are numerous investment opportunities in various sectors, including health, pharmaceutical manufacturing, real estate development, financial services and digital transformation. Additionally, besides infrastructure, communications, agriculture and food processing, there are exciting prospects for joint cooperation in the digital economy.

What were the most important issues discussed during your participation in the meetings of the 53rd edition of the WEF in Davos?

The Forum brought together 52 heads of state and government, as well as ministers and CEOs, to focus on solutions and cooperation between the public and private sectors in addressing the world’s most pressing needs.

Several sessions covered a range of topics, including enabling investment in the transition to net zero emissions, planning for the 28th session of the Conference of the Parties (COP), and stakeholder dialogues on climate change and reform in the Middle East. A strategy session was also held to discuss the future of growth. On the sidelines of the forum, numerous bilateral meetings took place with CEOs of companies and representatives of international institutions. These included meetings with the CEOs of AstraZeneca and the Adani Group; the President of Google for Europe, the Middle East and Africa; and the Managing Director of the World Economic Forum. Meetings were also held with the managing partners of Golden Sachs and BAIN Europe, the Middle East and Africa; with the CEOs of Envision Group, Coursera, Honeywell and HSBC Bank Europe; as well as with the Vice President of the Indurama Foundation. Discussions centered on enhancing

future cooperation with Egypt and reviewing investment opportunities in various sectors. Overall, the forum highlighted the importance of collaboration and innovation in addressing global challenges and building a more sustainable and prosperous future.

What about the sovereign wealth fund’s tour of a number of Arab countries? What are its objectives?

The Sovereign Fund of Egypt embarked on a tour to several Arab countries to promote investment opportunities in Egypt. During the meetings, we reviewed the first phase of the National Program for Economic and Social Reform, which the Egyptian state launched in November 2016. The state implemented numerous legislative and institutional reforms by enacting laws that simplified project establishment procedures and encouraged local and foreign private sector investments.

In April 2021, the state introduced the National Program for Structural Reforms, which aims to restructure and diversify the Egyptian economy. The government prioritizes the private sector’s role in the Egyptian economy as the cornerstone for stimulating sustainable and inclusive growth, particularly in the agriculture, industry, communications and information technology sectors. It plans to direct long-term investments in key areas such as renewable energy, water desalination, health, communications and information technology, industry and agriculture while providing incentives to strengthen foreign direct investment links with local sectors.

We also reassured investors that the Sovereign Fund of Egypt serves as the government’s investment arm. There is a strong demand for investment opportunities that we currently offer, as the fund provides a range of attractive investment products across several sectors, including renewable energy sources, green hydrogen, tourism, real estate, and logistics. Additionally, we continuously strive to increase the value of some major state-owned companies by involving the private sector either through private placements, IPOs, or pre-IPO activities.

To manage the offering process for state-owned companies on the Egyptian Stock Exchange or investors, a sub-fund was established, providing investment opportunities in strategic assets while restructuring companies before the offering process to enhance their value and returns. The sovereign wealth fund’s plan aligns with Egypt’s Vision 2030, and the country seeks to secure its position on the international investment map.

GCC countries can be drivers of global economic growth

Non-oil sectors, green transition, are major propellers

Gulf countries have had an exceptional year growing their economies in 2022 and in 2023, they will maintain this growth path and continue to benefit from developments in the international energy market. Economy Middle East discussed all of this and more with Issam Abousleiman, GCC country director at the World Bank since August 1, 2018.

Abousleiman is a Harvard University Executive Management program graduate. He also holds an MBA in finance and investment from George Washington University, as well as an MBA in management from the American University of Beirut.

Abousleiman joined the World Bank in 1989, starting his career in the Loans Department, and has since held various positions across the institution, including head of Financial Advisory and Banking at the World Bank Treasury and principal investment officer in the Banking & Debt Management Department. His regional expertise includes Africa, Asia, Europe, Latin America, and the Middle East.

Issam Abousleiman, GCC country director, The World Bank

You previously announced that Gulf countries recorded the highest GDP growth rate back in 2022. What are your growth expectations for this year?

The GCC region is expected to expand by 6.9 percent in 2022 before moderating to 3.7 percent and 2.4 percent in 2023 and 2024, respectively. The strong performance in 2022 was driven primarily by the hydrocarbon sector. However, with the recent signals for a more cautious approach to OPEC+ planned production, the oil sector is expected to expand, but at a slower pace, by 3.3 percent in the medium term. Similarly, the non-oil sectors grew by 4.3 percent in 2022 and are expected to grow by 2.9 percent in the medium term to reflect the weaker global growth outlook.

The risks to these forecasts remain numerous. The global outlook continues to be clouded by uncertainty and is subject to various risk factors, including intensifying geopolitical tensions, growing stagflationary headwinds, rising financial instability, continuing supply strains, and worsening food insecurity. Higher food and energy prices are eroding real incomes and could aggravate social tensions in some countries around the world. Global growth is expected to decelerate sharply to 1.7 percent in 2023 – the third-weakest pace of growth in nearly three decades, overshadowed only by the global recessions caused by the pandemic and the global financial crisis. This is 1.3 percentage points below previous forecasts.

Do you trust that Gulf economies can become drivers of global growth?

I do not see why not.

As mentioned earlier, the GCC region is currently considered a bright spot despite high uncertainty and a bleak global outlook. The region has been committed to structural reforms that have allowed for increased private sector contribution and job creation. Indeed, oil receipts continue to play an important role in financing this transition. However, there is also clear evidence of reduced oil dependency overall in these countries.

Which GCC country is expected to achieve the highest growth rate this year and why?

We are in the process of updating our individual forecasts for the GCC countries which will become public during WBG/IMF Spring Meetings in April 2023. Generally speaking, and in light of the global economic slowdown, we do not foresee the oil sector performing as strongly as it did during 2023. However, high-frequency data suggests that non-oil sectors in Saudi Arabia, the UAE, and Oman seem to be performing slightly higher than their peers. This is supported by robust private consumption as well as investments and improvements in the overall business environment.

What is the nature of the cooperation between the World Bank and Gulf countries, and what form of support do you provide?

The World Bank Group (WBG) has maintained strong partnerships with Gulf Cooperation Council (GCC) countries for more than five decades. The WBG has delivered transformational and highly relevant knowledge products to support the development agenda of the region. The governments of the Kingdom of Bahrain, the Kingdom of Saudi Arabia, the State of Kuwait, the State of Qatar, the Sultanate of Oman, and the United Arab Emirates have made use of the global knowledge and development expertise the WBG provides through technical assistance programs offered as Reimbursable Advisory Services (RAS). RAS are demand-driven and tailored to the specific country context, and consist of strategic reform and policy advice, implementation support, and capacity building.

Can you tell us more about the green growth opportunities in the GCC?

There is an excellent and timely opportunity to diversify the GCC economies further using a green growth strategy and playing a leading role in the global transition to low-carbon economies.

The region could use the green growth transition to focus policies on developing green technologies and associated skilled labor that would reverse trends in productivity and enable the region to grow faster. The GCC countries’ total GDP is projected to be close to $2 trillion in 2022. As we mention in our latest Gulf Economic Update, if the GCC countries continued business as usual, their combined GDP would grow to an expected $6 trillion by 2050. However, if the GCC countries implemented a green growth strategy that would help and accelerate their economic diversification, GDP could have the potential to grow to over $13 trillion by 2050.

Focusing on green growth in the Gulf region is entirely in line with GCC vision documents that outline an image of the economy of the future that relies increasingly on the private sector playing a leading role in investment, job creation, and value addition. The GCC green growth strategy should focus on major upstream and downstream sectors of the green economy, including renewable energy, green buildings, sustainable transport, water management, and waste management. In addition, green finance would become a critical enabler for new investments in these areas.

The Bold Bureau

Standard Chartered Bank profits jump 28 percent

in 2022

Interest rate hikes among key drivers of growth

Global banks experienced a strong performance in 2022, bolstered by multiple interest-rate hikes by central banks aimed at combating inflation. After a decade of near-zero rates, these rate hikes allowed lenders to charge higher interest-based fees.

Standard Chartered Bank, like its peers, was one of the financial institutions that had a robust showing last year. The bank’s annual pre-tax profit surged by 28 percent, driven by the rise in global interest rates, which the bank capitalized on.

According to Standard Chartered, nearly 10 percent of its overall profit growth was derived from the interest rates that central banks raised to tackle high inflation. This allowed commercial banks to charge borrowers higher fees, offsetting the impact of a decade of low interest rates.

In 2022, the bank generated pre-tax profits of $4.29 billion, representing a 28 percent increase from the previous year’s $3.35 billion. Interest income also soared by nearly 50 percent to $15.25 billion from $10.25 billion in 2021.

For the fourth quarter ending December 31, 2022, Standard Chartered posted a pre-tax profit of $123 million, compared to a loss of $208 million in the fourth quarter of 2021. This exceeded analysts’ expectations, who had projected a loss due to a credit impairment charge for the bank’s China commercial real estate business for the full year. Net interest income increased by 119 percent to $2.02 billion, which was in line with previous consensus

estimates. Diluted earnings per share, which include the number of convertible traded shares and collateral shares, rose by 25 percent to 84.3 cents, up from 61.3 cents in the previous year.

CEO Bill Winters said: “We are raising our expectations and are now targeting a return on tangible equities approaching 10 percent in 2023, exceeding 11 percent in 2024, and continuing to grow thereafter.”

London-based Standard Chartered had previously targeted 10 percent for 2024.

Sunil Kaushal, Regional CEO, Africa and Middle East, Standard Chartered

Return on equity is a key measure of banks’ profitability

“We achieved a strong set of results in the fourth quarter and for the full year of 2022, with income and profit before tax up 15 percent, and a return on tangible equity of 8.0 percent, up 120 basis points in 2021,” Winters said at the start of the report, in which the bank disclosed its 2022 financial report.

He announced that the bank intends to buy back new shares worth $1 billion and to distribute a final dividend of 14 cents per share. This takes the total shareholder dividends announced in 2022 to $2.8 billion, which is more than half of the $5 billion target the bank had set for itself by 2024.

“We remain confident in achieving our financial targets. We are raising our forecasts, and are now targeting a return on tangible equities approaching 10 percent in 2023, exceeding 11 percent in 2024, and continuing to grow thereafter.”

Standard Chartered remains optimistic about the reopening of China and economic growth in Asia next year, which is where it generates most of its revenue due to high growth rates.

What about the Middle East and Africa?

Standard Chartered data shows it had a remarkable performance in the Middle East and Africa regions. The base profit before tax reached $819 million, up 4 percent on a constant currency basis, despite the high decline in the value of loans, “mainly related to circumstances of downgrading sovereign ratings in Ghana and Pakistan,” according to a statement from Standard Chartered.

The $937 million in core profit, a 25 percent increase on a constant currency basis, came from high income and cost-disciplined management.

In the UAE, Standard Chartered’s profits increased by the end of 2022 with a growth rate of 41.3 percent, compared to 2021 profits. The bank registered a profit increase to AED 1.25 billion ($340 million) in 2022, compared to AED 888.2 million ($24 million) in 2021.

Progress made

Standard Chartered has made significant strides in the region:

• It strengthened its presence in Egypt after receiving approval to seek a banking license, marking a major achievement.

• It dominated the bond and sukuk markets in Africa and the Middle East in 2022, earning first place in company ratings based on specific financial metrics and third generation issuances in the Middle East and North Africa region for the fifth consecutive year. It doubled in size, introducing the most innovative deals of the year, and ranked first in these criteria in Africa and the Middle East.

• The bank’s contribution to sustainable finance in the market was notable.

• It introduced a comprehensive digital onboarding service in Pakistan using built-in methods that verify customers’ identities, allowing them to easily open accounts from the bank’s mobile app.

• To support financial inclusion, it expanded its offering to banking agents in five countries, providing multiple points of contact for customers to conduct transactions. In addition, it extended digital wealth management solutions in Kenya and the UAE.

• The bank’s products saw broad-based growth in income, with financial markets reaching their highest level since 2015.

According to Sunil Kaushal, Standard Chartered’ s Regional Chief Executive Officer, Africa and Middle East, the bank achieved remarkable success in 2022, partly because it was “developing a transformation journey aimed at realigning and restructuring our network across Africa and the Middle East.”

“Our outstanding financial performance has been a reflection of our team’s efforts and dedication throughout the year,” Kaushal said. Despite ongoing challenges, GCC markets are optimistic about “outperforming global growth, thanks to a recovery in oil prices, increased government spending and bilateral trade negotiations,” he added.

“We continue to reaffirm our commitment toward investing in our distinguished international network, toward the business activities of our wealthy clients, and toward market-leading digitization initiatives to help our clients thrive. We always have a specific goal, which is becoming a leader in our industry across the region.”

The Road to COP28

By Laura López Mingo & Elias El Mrabet

Sustainable finance has advanced globally since 2015, through new initiatives and the development of existing policies, including in the Middle East and North African region (MENA). The Doha declaration was a key step in honing the region in the international sphere. By hosting the negotiations, the region showed its desire to coordinate and align with international standards on sustainable finance. Most recently, Egypt hosted COP 27 in Sharm El Sheikh and the UAE will host next year’s Conference of the Parties. To decarbonise the economy and meet the Paris Agreement, countries need to finance the green transition. So far, only 3 countries have made clear decarbonisation commitments: Bahrain (2060), Saudi Arabia (2060) and the United Arab Emirates (2050). The financial sector has a central role in helping to finance the green transition and is doing so through green bonds, a debt instrument that uses green and sustainability-linked debt and has reached a fourfold increase to $18.7 billion in 2021 from the previous $4.5 billion in 2020 to plan and finance the transition, the financial sector has launched new initiatives:

• In 2018, the Union of Arab Banks, with representatives and bankers of central banks, met to encourage the region’s financial sector to actively finance sustainable development and green banking projects. The Union made pledges to shift to green finance through objectives such as creating a specialised department for sustainable finance, raising awareness and introducing green products to their portfolios.

• In 2019, the Islamic Development Bank (IsDB), supported by Saudi Arabia, successfully issued the first green Islamic bond referred to as a sukuk for €1 billion under its Sustainable Finance Framework that would be used to finance green projects. Two years later the largest ever US-dollar public financing sukuk was issued for $2.5 billion with sustainability use of proceeds.

• Also in 2019, twenty-five UAE public and private entities signed the Abu Dhabi Sustainable Finance Declaration with principles designed to help banks integrate ESG criteria into their core businesses and strategies.

These initiatives are not binding in nature but show a predisposition and interest in sustainable Finance by gulf countries. Especially those initiatives that push for the adoption of voluntary corporate sustainability standards such as the Saudi National Sustainability Standards, Dubai Financial Market’s ESG Reporting Guide, Qatar Stock Exchange’s Guidance on ESG Reporting, Boursa Kuwait’s ESG Reporting Guide, and Bahrain Bourse’s ESG Reporting Guide. The green actions are helping the region reduce climate risk for the banking sector. The region needs to take action to reduce its climate risk because its geography sets it as one of the most sensitive regions to climate change. It is also heavily reliant on oil and gas, where the production represents over 40% of GDP in Gulf Cooperation Council countries, except for the UAE and Bahrain, The fast-changing geography and falling oil repositories mean that sustainable finance is the smart way forward for the region to invest in green projects and assure economic and political stability in the future. Issuing green sukuk is an excellent example of this change of direction and interest in sustainable financial products. However, there is still a need for expertise and confidence in the region’s use of

Laura López Mingo, Sustainability Analyst

Elias El Mrabet, Senior Advisor MENA

sustainable finance and green bonds to ensure efficiency and trust. According to the Climate Policy Initiative, capital flows have been among the lowest in the Middle East and North Africa region to fund climate change initiatives in any global region.

For the moment, there is no green taxonomy in the region to define what constitutes a sustainable activity. The trend in some jurisdictions is to develop a national taxonomy taking into account international standards. Notably, now, standards are aligning internationally to facilitate a uniform framework for stakeholders to report and identify which of their economic activities are sustainable. Understanding the new regulatory frameworks can be challenging and timeconsuming. Greenomy and others are helping regulators, companies, credit institutions and asset managers to understand the new international rules and monitor the new developments in sustainable finance initiatives in the middle east. In its effort to accelerate the green transition, Greenomy is looking to develop partnerships in the region.

UAE

The UAE pledged to be climate neutral by 2050 in 2015 in the UN Paris meeting pledged $163 billion to its net-zero pledges and has recently confirmed it will host COP 28 in

November 2023. In 2020, the UAE published the first set of Guiding Principles on Sustainable Finance to advance the sustainability agenda

To advance its carbon-neutral transition, it issued its first green bond in 2022 and published the UAE’s Guiding Principles on Sustainable Finance roadmap setting sustainable finance initiatives and objectives. The roadmap has three pillars:

1. Mainstream sustainability in financial decision-making and risk management

2. Enhance supply and demand for sustainable finance products and green investment projects

3. Strengthen enabling environment that promotes sustainable finance practices through collaboration between financial and real sector stakeholders

The Net Zero by 2050 Strategic Initiative sets the path to achieving the UAE’s pledge to decarbonise. The initiative has short and long-term deliverables, the 3 key objectives in the short term are:

1. To strengthen the ESG corporate disclosure standards

2. To encourage sustainable corporate governance structures in UAE enterprises

3. Develop a green taxonomy of sustainable economic activities to guide investors and set the path for the economic transition needed to achieve its 2050 pledge.

Dubai

The UAE’s emirates are making a tremendous effort in adapting to the new international financial field. In Dubai, put forward 2 guides in sustainable finance: the Sustainable Investing Guide, to help investors navigate through sustainable and ESG investment offerings, and the Sustainable Issuance Guide, guiding the newly issued sustainable finance products.

Dubai has also created a strategy, with deliverables for 2024 and DIFC’s Sustainability Framework divided into the ESG characteristics, commonly attributed to sustainable finance, necessary to contribute to the overall strategy:

1. Social: encouraging citizens’ collaboration and attracting talent to sustainable practices to increase what can sometimes be described as gross national happiness.

2. Environmental: fostering partnerships and environmental conservation

3. Governance: encouraging corporate transparency and accurate disclosures

Abu Dhabi

The capital of the UAE is a major player in fostering sustainable finance in the region so the Abu Dhabi Global Market (AGDM) recently published a consultation paper on the Proposal for a sustainable finance regulatory framework to ensure investor confidence that the risk of “greenwashing” has been appropriately mitigated through a robust regulatory framework so capital can be raised for investments seeking a positive environmental impact and financial returns. Green funds take center stage when talking about sustainable finance because it has positive measurable environmental benefits, so ADGM launched the ADGM Green Fund Designation for funds that will improve investors’ confidence in sustainable finance and use resources that follow a green taxonomy and assets that are a part of or follow an EU Parisaligned Benchmark.

The 2050 target is based on the UAE’s Guiding Principles on Sustainable Finance and led by the ADGM, there was a key strategic decision to make Abu Dhabi into a hub for sustainable finance. As a first step to this, in 2019, ADGM published the ADGM Sustainable Finance Agenda which is divided into 4 main pillars:

1. Regulation: to develop a legislative framework for sustainable finance

2. Collaboration: to ease and align the cooperation between national and international stakeholders involved in advancing the sustainable finance agenda

3. Awareness: to increase acceptance and attraction to sustainable finance solutions through events, education and training.

4. Ecosystem: to create unity for institutions, products and services in sustainable finance

On 19th January 2023, the Abu Dhabi Sustainable Finance Forum, (ADSFF) took place as part of the Abu Dhabi Sustainability Week bringing together top global institutional investors, selected government leaders, regulators and financial institutions to discuss areas of collaboration to increase the flow of capital towards sustainable investment. A key segment of the forum was the Sustainable Innovations Champion Showcase where Greenomy has been shortlisted to present our solution and to advance sustainability in the region.

Since 2019, ADGM is collaborating with key UAE regulators and ministries to develop a UAE-wide harmonised taxonomy for sustainable finance. This is a key development in the region because it is showcasing the country’s dedication to developing its sustainable finance sector. Greenomy and its strategic partner Euroclear, which is present in the UAE and, following it with great interest. The publication of the UAE’s taxonomy will implement a framework for

national corporations and financial institutions to create environmental pledges, and sustainable roadmaps and attract talent to the region. Internationally, it will attract new green investments and connect them to the international capital markets, as it is already happening in other countries such as Singapore, South Africa and Panama.

QATAR

Qatar has also taken steps to advance its sustainable finance roadmap. From 2017 to this year, the Qatar Financial Centre (QFC) together with the Qatar Central Bank (QCB) and Qatar Financial Markets Authority (QFMA) Qatar implemented the Second Strategic Plan for Financial Regulation. Previously, the General Secretariat for Development Planning (GSDP), with the guidance of Qatar’s Higher Authorities, have been coordinating the National Strategy to launch the Qatar National Vision 2030 (QVN 2030) to provide a framework for national development strategies, trends and available options. To achieve the objectives of the QVN 2030, the Ministry of Development and Statistics published the National Development Strategy 1 for 2011 to 2016 and in 2019, the National Development Strategy 2 for 2018 to 2022. The latter aims to foster sustained economic prosperity, promotion of human development, integrated methodology for social development, and environmental preservation for future generations (sustainable environment).

Qatar has pledged to cut its emissions to 25% by 2030, to finance this transition, Qatar National Bank (QNB) issued its first green bond for USD 600 million in 2020 and it launched its ESG guidance sustainability platform and its first ESG tradable index.

SAUDI ARABIA

Saudi Arabia’s Crown Prince Mohammed bin Salman pledged the Public Investment Fund would be net zero by 2060 and launched green bonds to start its transition, the first green bond issued in Saudi Arabia made a profit soon after it was issued and is referred to as the green century bond.

In February 2022, Saudi Arabia’s Sovereign Wealth Fund (PIF) set a strategy to raise green debt to prepare the country for the expected lower oil levels. The PIF’s roadmap included issuing debt linked to environmentally friendly goals and selling green bonds. Moreover, the country has strengthened its position relative to other countries in the region after it published its Saudi Green Initiative which was recorded in the Arab Financing for Development Scorecard of the UN.

In Egypt this year, Saudi Arabia presented 66 initiatives as part of its environmental plan at the climate change summit. The Kingdom has developed the initiatives in among other pillars: the circular carbon economy and promoting sustainability. Furthermore, in the Middle East Green Initiative (MGI) Summit the Crown Prince pledged $2.5 billion to support emissions reduction.

Conclusion

Overall, the MENA region is showing steady progress in developing policies that will help achieve sustainability goals. It is certain that to finance the green transition, the region’s players will need to increase their trust in sustainable finance and governments need to fund initiatives to encourage partnerships and understanding of the sector. Through the development of action plans, roadmaps and strategies, governments can avoid greenwashing in the region and increase investors’ trust.

Taxonomies are an excellent approach to hone this trust and encourage investment into sustainable economic activities. The UAE has shown its desire to lead the region’s sustainability journey through the initiatives mentioned above in Dubai and Abu Dhabi, and by hosting next year’s COP, which will further extend the country’s sustainability agenda to foreign investors and governments. The release of the UAE’s taxonomy will be an excellent opportunity for the country to be a standard setter in the region, helping to develop new national taxonomies and thus encourage a better flow of capital.

The green bonds that have been issued in the region have had ample finance and attraction which shows the region’s interest in green solutions. With the pledges made in COP27, new bonds and solutions are to be expected. The publication of guidelines has allowed investors to have a clear understanding of what their investments are contributing to and to identify how sustainable their investments are. The region’s commitment to sustainable initiatives is key to mitigating climate risks.

Powerful positioning of brand presence in Saudi

media

SMC is behind highly influential sports and entertainment media campaigns

Saudi Media Company (SMC) is a pioneering media enterprise in the advertising industry, offering innovative sales and marketing solutions. With the ambition of becoming a leading global media powerhouse in advertising media sales and sponsorships across Sports & Entertainment, SMC is committed to continuously raise the bar. The company’s wide ranging media solutions span broadcast (Radio/TV), print, digital, social, and mobile platforms.

Economy Middle East recently had the opportunity to interview SMC’s CEO, Khalid Al Khudair, to discuss the company’s strategies for achieving its ambitious goals. Through the interview, Al Khudair shed light on SMC’s comprehensive plan for expansion and innovation, as well as its focus on delivering top-notch media services to clients across different sectors.

Khalid Al Khudair, CEO, Saudi Media Company (SMC)

How are you positioning SMC as the Media Partner of Choice? What is your USP?

First and foremost, SMC is presented as a valuable partner and trusted advisor. Our focus is on driving digital transformation for the media industry, a goal that permeates everything we do. By investing in knowledge, technology and talent, we are able to make a meaningful impact. This is achieved through impactful campaigns and compelling stories that demonstrate SMC’s transformative influence.

Our vision for SMC is to be a strategic media catalyst, operating with excellence and driving significant local and regional growth to instill leadership within the industry.

You transitioned from banking to media. Knowing the disparity between the two fields, can you tell us more about your input to the media industry?

While it is a significant change, I believe that common sense is crucial in this process. The crucial aspect is to examine insights and discover the most relevant and authentic information that will make a difference. The entire process revolves around collecting data, creating assets, and implementing strategies based on careful analysis. It is also vital to cultivate the best talents in the industry and unleash their full potential. With the right approach, nothing is beyond our reach.

What’s the strategy behind directing your media services and investments to Sports and Entertainment? Are you expanding the pie at some point?

We are working together to achieve the best possible results and meet the growing demand we are experiencing in the Kingdom. Our goal is to establish a strong presence in the sports industry and we are currently representing and managing Mrsool Park, which is at the core of all sports and event sponsorships. With this platform, we are able to host and

manage some of the most prestigious sporting events in the region. Our strategy is centered on technology, sponsorships, contacts, clientele, and our user base in the region, in order to strengthen our brand presence. It is worth noting that the entire media scene in the Kingdom is familiar with this venue, which further enhances our reputation. We have exciting plans and news that I wish we could share at this time. However, we are confident that they will add significant value to our journey.

Sports and entertainment are becoming key sectors for Saudi GDP growth. What is your take on those two market segments in terms of growth outlook, attracting FDI, and uniqueness that only a country like Saudi can offer?

Undoubtedly, factors such as market size, infrastructure quality, and political/economic stability hold great significance in attracting foreign direct investments (FDIs). In this regard, the Kingdom is offering unparalleled opportunities that provide a healthy and enriched life, contributing to the rapid growth we’re currently witnessing.

Our approach is to tackle challenges head-on, and our mindset is open to push the envelope, achieve our goals and surpass expectations.

How do you see the way ahead for your company, given the competitive environment that the region presents in those media fields? What innovative solutions will set you apart moving forward?

At SMC, our focus is on identifying the value for clients, users and the ROI – what is in it for them and their audiences – that is linked to any deliverable we’re trying to capture from our brands.

To do this, we leverage our prestigious digital assets, advanced audience segmentation tools, the database and cutting-edge technology to see how we are complementing a collection of user behavior online along with AI and various tech in order to host those campaigns.

We understand that selecting the right tools is critical to the success of our campaigns. Contextual targeting is a key strategy we use to develop effective campaigns that drive high performance, allowing us to stand out from the competition and deliver outstanding results for our clients. By using the right digital strategies and empowering our technology, we are confident that we can deliver efficient and effective campaigns that yield significant ROI.

It’s also worth noting that we have a significant advantage in the market due to our partnership with leading digital media assets in the region such as MBC, SRMG, SBA, beIN Media Group, and many others. This gives us a powerhouse positioning within Saudi Arabia.

Navigating uncertainty in the workplace Investing in the wants and needs of the workforce is key

The COVID-19 pandemic started the conversation about the future of work, as many were forced to work remotely.

In 2022, global businesses grappled with constantly evolving return-to-office trends, as well as “quiet quitting.” What lies ahead in 2023?

In the following interview with Economy Middle East, Rajai El Khadem, head of Government and Academia at LinkedIn MENA, discusses UAE workplace trends and more.

We hear flexible work is on the decline. How are UAE executives feeling about flexibility in the workplace?

Our research shows us that while 77 percent of UAE executives believe that flexible work conditions will remain for at least the next five years, over threequarters of them worry that the global economic uncertainty could push back the progress on flexibility that’s been made as leaders look to bring employees back to the office. Meanwhile, 72 percent of workers surveyed in our research said that, if offered a new job or promotion that requires them to be in the office full time, they would decline the opportunity in favor of a hybrid or remote work policy.

Trends in our data show the share of remote UAE job postings continued its decline in January, with a 44 percent year-on-year decrease.

How are UAE leaders hoping to maintain their employees’ commitment amid turbulent economic times?

UAE leaders, just like their counterparts across the world, say that giving employees opportunities to move into different roles within the business is their top workforce priority over the

next six months. This comes as they also recognize that financial strains due to the increased cost of living (51 percent) and worries over being laid off (34 percent) are currently playing on employees’ minds.

How can leaders navigate the winds of the current economic uncertainty in the workplace?

There are several steps:

Take an adaptive leadership approach – Leaders must be transparent about the current reality and adapt to what lies ahead while providing employees with clarity on short-term business priorities. Maintain workforce connection and trust – Today, just 43 percent of employers encourage collaboration and knowledge-sharing among employees. By helping employees build connections with their colleagues, employers can energize their teams and strengthen their company culture. A return to command-and-control styles of leadership will quickly erode trust.

Focus on skills – The skills sets needed for jobs has changed by around 25 percent since 2015, a number expected to double by 2027. By understanding the skills your employees have today, and those your company needs in the

future, companies can hire or redeploy talent into growth areas.

Are professionals more focused on keeping their current jobs?

77 percent of professionals are considering changing their jobs in 2023. The top three reasons for considering the switch are higher pay (37 percent), better work-life balance (34 percent), and feeling confident in their abilities to land better roles (31 percent).

How are millennials vs Gen-Z approaching big decisions about their careers in 2023?

The growing appetite for switching jobs is highest among millennials, who show almost 15 percent more confidence in job searching, interviewing, and in their ability to secure better jobs in 2023 than their younger colleagues.

81 percent of millennials feel that their employers are not invested in them, nearly 25 percent greater than similar concerns expressed by Gen Z. Millennials feel more undervalued at work (46 percent), not motivated enough (65 percent), and that their wages do not require them to show higher levels of commitment (71 percent).

Rajai El Khadem, Head of Government and Academia, LinkedIn MENA

The Communicator's Guide to the GPT Galaxy

By Thomas Billinghurst & Dr. Abdullah Sahyoun

Let’s get something clear. This opinion piece is not the work of ChatGPT. Come to that, no op-ed with a human byline should be written by any generative AI tool.

People want to know what the human (or humans, in the case of this joint article) think about the topic they are writing about. And they always will.

With that disclaimer out of the way, let’s address the DALL.E-designed elephant in the media room.

Generative pre-trained transformer (GPT) models will do much of the work that we, in communications and media, are doing today within the next six to 12 months. If it isn’t already.

And, let’s be honest, people are concerned. Many see it as a threat to job security. Some see it as a bigger existential threat. Are we irreversibly headed towards societies run by self-conscious, self-preserving bots as often played out in sci-fi novels and movies?

But the English textile workers of the 19th century –remembered by history as ‘Luddites’ – felt the same way when their industry was presented with sewing machines

The era of generative AI is upon us. But how can media and communications professionals harness it, before it replaces us?

Thomas Billinghurst, Head of Content, APCO Worldwide

Dr. Abdullah Sahyoun, Head of AI and Digital Transformation, APCO Worldwide

DALL.E

and the like. Despite alarmist warnings that the end of human labor was at hand, it wasn’t. The labor market evolved, human skillsets advanced, and the quality and efficiency of textiles products has only improved since.

So, should we take arms against this sea of machine learning-induced troubles and destroy ChatGPT & Co. where they code? (Would ChatGPT know how to weave in a reference to Hamlet’s famous soliloquy here, in a way that makes sense to a modern reader?)

In a word, no. Rather, this is a golden opportunity to propel our productivity, complement our creativity and enhance the efficiency of our working hours. But we will only achieve this if we work with these new technologies. We won’t beat the GPT bots, so we must join them. And this requires a clear and practical plan of how best to optimize them, how to make them work for us.

This plan needs three things. The first is an understanding of the landscape. Second, is optimizing it. And third is addressing the challenges it brings.

It’s already a crowded house

Though ChatGPT has grabbed most of the recent AIapocalypse headlines since its launch in November 2022, it is just one of a plethora of tools disrupting communications.

In the language-generation domain, Google has already launched Bard, with Sparrow soon to follow. Anthropic’s rival to ChatGPT Claude will soon be open and available. And the Chinese multinational tech company Baidu will soon unveil Ernie. And then you’ve got the supplementary bots like QuillBot and Word Spinner, which take your AI-generated text and rephrase it so it’s almost non-detectable as AIgenerated text – handy for essay scribbling students. Equally handy for speechwriters and editors working on version 71 of a keynote due to be delivered in a matter of hours.

In the audio space there’s Voice.ai, which will mimic any voice in the world. Handy for advertisers who want a low-budget Morgan Freeman to do their voice overs. And VALL-E, another Microsoft creation, will arrive soon with the ability to mimic any voice in the world (including yours) after listening to it for only three seconds.

And in the creative space, we’ve all seen the mesmerizing outcomes from the likes of Midjourney, Stablediffusion and DALL.E. Perhaps less known, is

Dreamix – a video editing tool which can make video edits quicker than you can brief a designer. Good news for the last-minute changes to on-screen text, background music choices and cropping out the back of people’s heads.

A return on your prompts

So, how do we harness this game-changing tech?

Firstly, you develop your own – like we’re doing at APCO Worldwide with our AI Comms Lab. It’s been rumored that some developers will consider offering their GPT models to companies to customize and optimize. When it comes to building capabilities, upskilling talent and focusing your efforts on strategic outcomes, this is nothing but a good thing.

One key thing we will need to focus on is change management. There has to be a cultural acceptance that this technology will shift our working dynamics radically. But that’s no reason to dismiss it.

Interestingly, one of the most useful prompts when using ChatGPT is to start by telling it: “Believe you are an expert in (insert field here).” The text that is subsequently generated sounds much more like the human profile you are seeking to mimic, than it would if you start your prompt with: “Draft me…”

We must follow the same prompt. We must believe that this tech is here to help us, rather than replace us. When we

accept this, our approach will change, and improve. Staggering as these tools are, there are multiple challenges and limitations.

Though GPT models have some contextual awareness, they still lack a comprehensive understanding of the world around us. For instance, ChatGPT generates responses based on the input it receives, but does not have access to all the relevant information and context that you, as a well-read expert in your field, do.

Further, because ChatGPT is trained on vast data sets to recognize patterns and relationships between words and sentences, its human-sounding output becomes somewhat predictable and monotonous.

This human ‘sounding’ text is also, and importantly, statistics-based. And “statistically-likely sentences are not the same as verifiable truths,” as the World Economic Forum has been quick to point out. We cannot assume that the ‘facts’ ChaptGPT offers have undergone the same rigorous research or journalistic processes that our professions hold as gold standards.

In response to this point, ChatGPT said: “You can trust that I will do my best to provide accurate and relevant information based on the data I was trained on. However, it’s important to remember that I am an artificial intelligence and may make mistakes.”

Fact checking, and injecting the right tone, style and strategic thinking, makes the human intervention of an industry professional essential.

But this throws out some ethical concerns – who is training the bots, and who gets to decide what is fair and ethical practice?

Biases are easily transferred from the data or algorithms these models are trained on. Privacy is a big issue. Where does the data you are inputting to ChatGPT (an open-source AI tool) go when you’ve entered it into the system?

Remember, when you don’t pay for a product, you are the product. The last thing communications firms want to see is sensitive information become a free-to-access product for anyone with internet access. And then, there’s the hotbed of transparency and accountability. If the AI makes a mistake, who is responsible? You are. If you are using a GPT model, you are ultimately responsible for the final product that you send out into the world. You should be ready to defend what you have created. This is why your final review and edit is indispensable.

Media and communications are not alone in facing this great wave of disruption. It is one of many industries. But it is perhaps the best placed to harness the change. And so, in the words of the human writer Alan Watts, “the only way to make sense out of change is to plunge into it, move with it and join the dance.”

Follow the money

Binance: Stopping rogue digital criminal networks calls for collaboration at top levels

Binance, a world-leading blockchain ecosystem and cryptocurrency trading infrastructure, offers the capacity to process more than 700,000 transactions per second, a 24-hour trading volume worth $65 billion, with 350+ cryptocurrencies listed and 120 million registered users. Binance has secured regulatory approvals and registrations across the globe, and is one of the few crypto companies to have done so with G7 countries.

But none of that would have been possible without a robust compliance and Know-Your-Customer (KYC) program that secures both data and assets.

Nils Andersen-Röed, deputy head of Financial Crime Compliance at Binance, is responsible for leading the company’s efforts to develop effective security measures for the platform. He recently attended the Saudi Leap conference and followed that up with a trip to Dubai to reassure authorities and investors that not only are illicit activities in the crypto space rare but that they are also subject to very close monitoring.

“A crypto crime report by Chainalysis showed that 0.24 percent of all crypto transactions are currently related to illicit activities. In traditional finance, these activities are estimated at roughly 2 to 5 percent of the globe’s GDP. We’re talking about $800 billion to $2 trillion, at a time when the entire crypto market cap sits right now at around $1.2 trillion,” Andersen-Röed revealed.

Dark Web and law enforcement expertise

Andersen-Röed, who has a strong background in law enforcement and dark web investigations, is now leading different teams at Binance.

“We’re leveraging the blockchain to make sure that our platform is not being used by criminals and to keep the platform safe for our users, using various internal controls starting with KYC (Know-Your-Customer) and KYB (Know-Your-Business),” AndersenRöed said.

When Andersen-Röed joined Binance in 2021, he and other former law enforcement colleagues from IRS-CI put together a strong team of experts with a background in either cybercrime or money laundering-related investigations.

“I previously worked in dark net investigations, trying to locate where platforms were running, finding out who the administrators and vendors were for trades usually involving illicit drugs and other rogue activities,”

Nils Andersen-Röed, Deputy Head of Financial Crime Compliance, Binance

Andersen-Röed described. “Basically, you try to follow the money starting with a very tiny piece of information which might be linked to a dark marketplace. We would chase a connected transaction to a compliant exchange where information like a phone number, name, and IP address existed, and build the case from there.” It’s only when such funds are transacted at an exchange, that a subpoena would need to be issued to track any further movement of the funds on blockchain platforms. “So, you can see if a user wants to send money to a known illicit cluster, which is then detected and rejected. Other times, it’s a wallet address that’s indirectly connected to illicit activity,” Andersen-Röed explained.

Working with law enforcement

Andersen-Röed noted that Binance maps out criminal networks – similar to what law enforcement agencies try to do – and engages with these agencies who can, in turn, make a legal request to obtain user data, allowing Binance to share a full picture of the situation. “We have delivered cryptocurrencyrelated training and workshops to over 70+ countries globally,” AndersenRöed said.

KYC verification

In August 2021, Binance made it mandatory for all active users on the platform to be fully KYC verified. “Historically, it was possible to register on almost any exchange by only using an email address. This has changed. On Binance, any account that is not KYC verified is restricted to withdrawing only 0.06 BTC per day,” Andersen-Röed clarified.

KYC involves receiving credentials like ID, proof of address, and emails that are checked for risk intelligence at services such as World-Check and Refinitiv, and users are also required to make a live face check to prevent the creation of mule accounts.

Stopping money laundering and other illicit attempts

Binance’s approach to spotting money laundering patterns is similar to that used by banks.

“We have transaction monitoring systems in place which look at the origin of the funds. Quite often, criminals attempt to exchange them for fiat using an exchange. What we do in these cases is block accounts that receive money from very highrisk clusters, preventing money from leaving the platform to those services,”

Andersen-Röed explained. “On the fiat side, we have similar rules, such as looking at dormant accounts which suddenly become active, or repetitive structuring patterns with very small transactions, and wallets that try to send to multiple accounts on the exchange.”

Andersen-Röed added that Binance gives

feedback to the authorities about what it believes works to fight these crimes and provides training programs to help these institutions understand how to follow the money trail on the blockchain.

“This eventually also helps authorities build new regulations in this space,” Andersen-Röed said.

“We believe close collaboration with law enforcement is a win-win. If we detect any criminal activities linked to a specific country, we have reporting obligations – especially on very urgent cases – and it is extremely helpful for us to reach out directly and assist with their cases.”

Since November 2021, Binance has responded to over 47,000 law enforcement requests, with the response time taking only 3 days on average.

Cooperation with banks

Banks have an essential role to play in keeping client accounts safe from attacks, and monitoring and precenting money laundering activities.

Binance works closely with many central and private banks around the world, providing them with training sessions on multiple issues related to fraud and scam prevention.

“When talking about money scammed from bank accounts, that cash will be withdrawn, and it’ll go to a crypto exchange and then it’ll be transformed into cryptocurrency. You need to have proper controls in place. The best way to ensure this is for banks, crypto exchanges and law enforcement to collaborate in tracking and notifying customers of any irregular activities,” Andersen-Röed said.

“Of course, some banks are hesitant to work with crypto due to potential competition, but many others actively hire people with a similar background to myself and my colleagues, which really helps.”

Financial services, both traditional and those enabled by blockchain and Web3, add immense value to users’ lives. The priority remains for the financial sector to work closely and collaboratively to ensure customer safety and market security.

Where is the Metaverse?

It’s the next big thing. But should you take the plunge?

By Mayank Sharma

The potential of the metaverse is staggering. The Dubai Future Foundation predicts that it could contribute $4 billion to the UAE’s annual GDP and create 40,000 jobs by 2030. At the 2022 Dubai Metaverse Assembly, James Hairston, director of AR/VR Policy at Meta, suggested that the metaverse could account for 6 percent of the MENA region’s GDP, or approximately $360 billion in the next decade.

The companies that are building the metaverse consider it the next iteration of the internet, and a possible catalyst for the Fourth Industrial Revolution. However, investors who have already sunk billions in metaverse projects are eagerly awaiting concrete results. Those who remain on the sidelines are equally anxious.

Enormous potential

If you are interested in the metaverse, it’s important to recognize that the development of new technologies can be a slow process. They can take a surprisingly long time to arrive at their commercial potential, as evidenced by the examples of autonomous vehicles and Artificial Intelligence. Technologies such as these are the result of an accumulation of incremental technological advances, and the metaverse is no different, being a combination of several top trends, including immersive reality, advanced connectivity, and AI. Recently, at the Dubai Metaverse Assembly, the Crown Prince of Dubai and Chairman of the Dubai Executive Council Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum launched the Dubai Metaverse Strategy. The aim of this strategy is to position Dubai as “one of the leading metaverse economies, and a major hub for the global metaverse community.”

At the event, companies like Emirates Airlines and DP World also discussed their plans to leverage the metaverse for internal functions like staff

training and exploring its potential for providing a parallel revenue stream through virtual trade. Nike’s success in their virtual space in Roblox, Nikeland, is proof that there is potential for significant financial gain in the metaverse, having sold over $185 million of NFTs for digital sneakers and attracting over 26 million visitors.

Digital twin

Speaking in a panel discussion at the World Economic Forum (WEF) in Davos, Switzerland, the Saudi Minister of Communications and Information Technology Abdullah Alswaha pointed out that the kingdom was currently using the metaverse to help develop some of its largest infrastructure projects, specifically the NEOM and Red Sea projects.

The minister shared that Saudi Crown Prince Mohammed bin Salman had urged that all developments first be tested in the “digital twin” created in the metaverse before initiating production in the real world.

Alswaha said the use of the digital twin helped the country recreate projects in the metaverse, which in turn helped streamline planning and

bring down costs.

“Within NEOM we promised we would be able to save 95 percent of the environment, and we were able to do that,” Alswaha said, adding that this method had also been used by Aramco and SABIC in projects to help reduce carbon emissions.

Not a fad

Christopher M. Reid, founder and lead visionary of goHere, says the concept of a metaverse, as in a virtual shared space where people can interact with one another as well as with digital objects, has been around for decades.

“The rise of new technologies such as AR/VR and blockchain have fueled the concept of the metaverse with major companies such as Microsoft and Meta understanding the longterm investment this space provides,” Reid adds.

Nick Curran, head of Endava Middle East and North Africa, says that as with any “hyped” technology, there is an accompanying degree of skepticism, even more so in the

current economic climate where the ROI on every dollar spent is being questioned.

“Far from the hype, though, questions around the relevance of the metaverse arise not because of the limitations of the technology itself, but rather because it is often misunderstood,” Curran says, adding that if one were to ask a dozen different people to define the metaverse, they’d likely hear a dozen different answers.

Dive, dive, dive

What’s important, says Vasseh Ahmed, managing director for MENA at Enjinstarter, is that brands, cities, and countries have all recognized that the metaverse needs to be part of their customer engagement strategy.

“In the near term, the metaverse will continue to provide a dynamic customer engagement channel for brands and a public space for Web3 gaming and economic activity,” Ahmed adds. Moreover, he believes the transformative nature of the

underlying technology will help create even more metaverse use cases.

“Over the next decade, the metaverse is likely to expand beyond gaming and socializing to include a wide range of applications, such as education, healthcare, commerce, and entertainment. It could become a new digital frontier, with opportunities for creators, entrepreneurs, and businesses to innovate and build new experiences and services,” Ahmed says.

Taking all that into consideration, Curran urges organizations waiting on the sidelines to take the plunge. Suggesting that feeling is believing, Curran says businesses can’t expect to successfully integrate the metaverse into their digital strategy if they do not experience its promise and its limitations for themselves.

“Rather than upending their entire business to accommodate the metaverse, most companies should seek to integrate the metaverse into their existing digital strategy by taking small steps, each with practical deliverables.”

Solid start to 2023 for Dubai and Riyadh real estate

A near-term slowdown is very unlikely in city’s residential segment

By Neha Bhatia

The Dubai and Riyadh real estate markets have had a promising start to the first quarter of 2023. These cities are already real estate hotspots in the GCC, and there is even more positive sentiment surrounding their growth prospects for this year.

The Dubai and Riyadh real estate markets have had a promising start to the first quarter of 2023. These cities are already real estate hotspots in the GCC, and there is even more positive sentiment surrounding their growth prospects for this year.

Oliver Morgan, partner and head of development in Deloitte Middle East’s real estate team, said 2022 was “a prosperous year for residential investors who had a tough time looking back at more recent trends in Dubai.”

Oliver Morgan, partner and head of development in Deloitte Middle East’s real estate team, said 2022 was “a prosperous year for residential investors who had a tough time looking back at more recent trends in Dubai.”

Dubai real estate snapshot

Dubai’s effective handling of COVID-19 has positioned the city as a secure destination for both business and residential living. Recent reforms to visa frameworks have given Dubai an edge over other regional and global business hubs.

period, average rents grew by 19 percent to $19.9 (AED73) per sq. ft. To meet the increasing demand from ultra-high-net-worth individuals (UHNWIs), developers are investing in the construction of luxury homes in Dubai amid a “drought” of such residences.

“There are some supply chain issues to manage due to the impact of the Ukraine war on the construction sector,” a contract specialist at a Dubai construction company told Economy Middle East. “But developers like Emaar and Select Group have awarded major contracts in recent months. Generally, there is a recognition that there is significant investor demand for high-quality projects.”

“In Saudi Arabia, there continues to be excess demand across all residential sectors with more volume housebuilders competing for market share and to differentiate their product,” he added.

“In Saudi Arabia, there continues to be excess demand across all residential sectors with more volume housebuilders competing for market share and to differentiate their product,” he added.

Due to the positive market sentiment, the residential property segment in Dubai is expected to remain stable, according to a local real estate professional. “There are always concerns about the longevity of Dubai’s property-demand appetite. But it’s highly unlikely that premium stock prices will drop anytime soon.” The upbeat market sentiment is visible on the ground in Dubai. Footfall in commercial districts such as Dubai Media City and DIFC is growing, and the rising trajectory of luxury real estate homes shows no signs of slowing down.

The average price of residential property in Dubai increased by approximately 12 percent between Q3 2021 and 2022, reaching $327.5 (AED1,203) per sq. ft. During the same

Hospitality growth

According to Deloitte’s ninth annual Middle East Real Estate Predictions 2023 report, the tourism industries in Dubai and Riyadh are poised for significant growth. The report states that the post-COVID-19 recovery of the tourism industry by the end of

2022 will be a major contributing factor to this growth.

Dubai’s hospitality segment, in particular, is expected to benefit from the recovery, with hotels experiencing a YoY increase of 37 percent in average daily rates (ADR) to $174.5 (AED641) as of September 2022. This figure is higher than the majority of regional and international markets, further strengthening Dubai’s position as a key player in the global tourism industry.

Riyadh’s hospitality segment has also seen impressive growth, with a YoY increase of 23.4 percent in ADR to $169 (SR635) in the year to September 2022. Despite a lower ADR than Dubai, Riyadh’s occupancy rate averaged 58 percent throughout the year, suggesting that the city is also on the path to recovery and growth in the tourism industry.

Riyadh real estate snapshot

A number of factors are coming together to fuel growth in both the commercial and residential real estate markets in Riyadh. Demand for Grade A stock is increasing, with government initiatives such as Programme HQ playing a part. Deloitte data reveals that office rents in the Saudi capital hit $390.5 (SR1,465) per sqm in Q3 2022, with YoY growth of 3 percent.

Increased commercial activity in Riyadh is encouraging people to relocate to the city, creating more demand for homes. According to Deloitte, Riyadh North has seen the most growth in terms of both residential and work relocations between 2021 and 2022.

The residential sector across Saudi Arabia experienced growth in both sales and rental rates last year, with double-digit growth noted in Riyadh, where villas remain the preferred housing option for Saudi nationals. Price and rent values for residential properties rose by 6-22 percent in 2022. Villa and apartment prices saw YoY growth of 16 percent and 22 percent respectively in Q3 2022, with rents for both asset types increasing by 6 percent during this period.

“Development activity for Vision

2030 is picking up not just in Riyadh, but across Saudi Arabia in general, too,” a Riyadh-based construction professional told Economy Middle East. “The government mandate for international firms to have Saudi HQs is attracting more people to the city. Rising demand for quality housing is also having an effect on property prices.”

Dubai and Riyadh real estate: outlook

Expectations are high for continued strong performance in both Dubai’s and Riyadh’s real estate markets for the remainder of 2023. However, despite the otherwise optimistic markets, there is a note of caution regarding the impact of inflation. The possibility of consumers cutting back on discretionary spending as prices rise could present a challenge

for segments such as retail and commercial in both cities.

Saudi Arabia’s inflation rate rose to 3.4 percent in January 2023, largely driven by higher housing costs. According to GASTAT, rents increased by 7.7 percent during the month, reflecting a significant 19.3 percent hike in apartment rents. Despite this, from both on-the-ground observations and a macroeconomic perspective, the outlook for the Dubai and Riyadh real estate markets remains broadly positive.

“Riyadh and Dubai continue to be attractive commercial markets as occupiers search for growth away from the Far East and Europe,” Morgan said.“Investment in infrastructure plus evolving retail and F&B offers are a social marketer’s dream which continue to draw record levels of tourists to both locations.”

What prompted this security VA framework by VARA? Weren’t these addressed before? What’s new?

The Virtual Assets and Related Activities Regulations of 2023 (the “VA Regulations”) have long been awaited since the passing of Dubai Law No. 4 of 2022 which established VARA in Dubai. The VA Regulations are composed of four compulsory rulebooks and seven activity-specific rulebooks. The compulsory rulebooks are composed of the Company Rulebook, the Compliance & Risk Management Rulebook, the Technology & Information Rulebook, and the Market Conduct Rulebook. These will be applicable across all entities regulated by VARA that carry out any type of activity related to virtual assets.

The seven activity-specific rulebooks will only be applicable to an entity carrying out said specific activity and regulated by VARA. One activity-specific rulebook that has yet to be

VARA

establishes a clear pathway to virtual assets regulation

Covering strong governance, compliance, and consumer protection

On February 8, the Dubai government’s Virtual Assets Regulatory Authority (VARA) released its 2023 rulebook for the regulation of cryptocurrency in the emirate. The new regulations require all entities involved in the issuance of virtual assets (VA) to adhere to the rules and apply for a license to operate in Dubai.

The primary objective of VARA’s new rules is to protect both crypto businesses and investors while also cracking down on illicit activities. To gain further insight into the legislation and its implications, Economy Middle conducted an interview with Nadim Bardawil, Partner at BSA Ahmad Bin Hezeem & Associates LLC.

published is the Payments & Remittances Services Rulebook While the initial legislation that established VARA was a watershed moment for the regulation of virtual assets in Dubai, the VA Regulations have been long awaited as the industry now has a clear and public pathway to regulation under VARA.

Are these new regulations targeted at banks, the central bank, or private enterprises that deal and trade with virtual assets and currencies?

The regulations are targeted at any entity that wishes to carry out an activity in the virtual asset space in Dubai but outside of the Dubai International Financial Centre. As a reminder, the DIFC has enacted its own token and crypto legislative frameworks that apply to entities carrying out activities within the DIFC and regulated by the DFSA.

Nadim Bardawil, Partner at BSA Ahmad Bin Hezeem & Associates LLC

Under the VA Regulations, the activities that can be carried out and regulated by VARA are as follows:

1. Advisory services

2. Broker-dealer services

3. Custody services

4. Exchange services

5. Lending and borrowing services

6. Payments and remittances services

7. VA management and investment services

Each of these activities is defined in the VA Regulations, which enable entities to determine whether their current or prospective operations may be subject to the regulation of VARA. Certain exemptions are included in the VA Regulations, which permit some entities to operate without a license. It should be noted that UAE government-owned or linked entities are exempt from complying with the regulations.

Are the regulations enough to ensure security against potential misuse of new tech? What else is needed?

The nature of new or nascent technologies is that regulation often lags behind their development. This has usually allowed technology to continue to evolve without facing significant restrictions on its usage or innovation. The VA Regulations have struck a good balance by providing clear licensing and registration requirements for prospective entities while at the same time ensuring that strong governance, compliance, and consumer protections remain.

While no one can effectively fully guard against the misuse of new technology, VARA seems to be making a commitment to being a proactive regulator in the virtual assets space having chosen to address several aspects of the industry.

Are the new regulations flexible enough to allow for VA and crypto innovation to thrive, i.e. are the new regulations stringent enough to kill innovation in the sector?

The VA Regulations seem to have struck the right balance as mentioned above. VARA has not currently defined which virtual assets will be recognized or permitted under its regulatory framework. This means that VARA has kept the door open for recognition of assets, noting that it reserves the right to suspend the trading of any virtual asset on reasonable grounds.

One unique aspect is that the VA Regulations include an ESG component where entities are required to satisfy certain disclosure requirements during the licensing process. This is quite an innovative approach from VARA and demonstrates that it will be taking on the characteristic of a proactive regulator, as mentioned above.

What additional costs will licensed private-sector enterprises incur to be fully compliant with AML? Do they need to be insured against such risks?

The VA Regulations have been made with direct reference and recognition of the applicable AML legislative framework in the UAE. This means that any entity regulated by VARA must comply with applicable AML laws set by the UAE federal government.

The Compliance & Risk Management Rulebook provides for a thorough AML framework similar to those of other financial institutions in operation in the UAE and in line with international standards. VARA-regulated entities will need to have an appointed money laundering reporting officer or MLRO which must adhere to a strict set of responsibilities and must be deemed fit and proper by VARA.

Women in lead

Inspirational women in Banking & Finance, Telecom and Technology

International Women’s Day is celebrated globally on March 8 every year to draw attention to issues such as gender equality, inclusion and economic inequality. However, it also recognizes and celebrates the achievements and contributions of women from across the globe and from all walks of life, including social, economic, cultural and political fields.

The March listicle of Economy Middle East highlights the success stories of 27 regional women in the three main fields of Banking & Finance, Telecom and Technology. These are inspiring accounts of personal and professional growth that have left a lasting impact.

Despite facing significant challenges, these women have risen to top professional positions in sectors traditionally dominated by men. Their stories not only highlight their resilience in breaking the glass ceiling and overcoming cultural barriers but also shed light on the support they offer to advance the careers of other women through NGOs, training and specialized organizations focused on highlighting women’s capabilities and needs.

This world is fraught with numerous challenges such as high inflation, unemployment, climate change, and geopolitical insecurity, among others.

Overcoming these obstacles requires collective efforts, and to achieve that, we must break down barriers, including those hindering women from ascending to leadership and influential positions in their professions.

In contemporary society, social movements and corporate responsibility are the driving force behind consumers’ purchasing habits and environmental awareness. Furthermore, social media plays a significant role in shaping public perception and support for women, especially during International Women’s Day, by reinforcing the important role women play in business and society and in shaping global sentiment around these issues.

To clarify, the women mentioned in this listicle are not ranked based on merit, but rather by Alphabetical order, as the intent is to showcase in no particular order their accomplishments in the three aforementioned sectors.

The Banking & Finance, Technology and Telecom industries are essential business and economic sectors that, in particular, this region’s countries need to diversify their economies, reduce reliance on hydrocarbons and advance their visions as drivers of global growth, innovation and economic prosperity.

As we celebrate IWD, we recognize and celebrate the outstanding contributions of these inspirational women.

Alanoud Bint Hamad Al-Thani

Deputy CEO & Chief Business Officer, Qatar Financial Centre (QFC)

Alanoud Bint Hamad Al-Thani has been with QFC since 2016 and assumed her current role in July 2021. Her previous position was as a managing director for business development. She is now an essential part of QFC’s vision to make Doha a leading global financial and commercial hub, as well as a magnet for FDI.

During her tenure with the company, Al-Thani played a crucial role in driving record growth over the past five years. In 2020 alone, she was responsible for increasing the number of firms registering on the platform by an impressive 80 percent.

Before joining QFC, Al-Thani served as the Qatar Country Representative and Director for Silatech, a Qatar-based social initiative that connects young people to employment opportunities throughout the Arab region. She has also held several positions with U.N. agencies and international organizations that specialize in economic development, education and youth employment. Al-Thani is the recipient of several honors and awards, including being named as a Global Shaper by the World Economic Forum, Young Arab Achiever, His Highness Sheikh Tamim bin Hamad Al-Thani Education Excellence Award, and most recently, she was honored as a 2021 Young Global Leader by the World Economic Forum.

With a wealth of experience and achievements, Al-Thani’s role in QFC is a significant one. She is committed to making a difference in the world of finance and is sure to continue driving growth and success in the future.

Beatrice Cornacchia

Senior Vice President, Marketing and Communications, Eastern Europe, Middle East and Africa, Mastercard

Beatrice Cornacchia is the mastermind behind the company’s brand strategy across 81 markets in the region. She has been with the company since 1991 and has held various roles, including Head of Consumer Marketing for Europe, Head of Issuer and Merchant Marketing for Europe, and Head of Marketing for Italy and Greece.

Cornacchia strikes a balance between Mastercard’s growing tech image and its heritage of creating “Priceless Possibilities.” She played a pivotal role in launching the company’s innovative symbolic and sonic identity across the region, while also enhancing its position as a trustworthy voice for secure and seamless transactions during the pandemic.

Cornacchia’s efforts have earned her numerous personal awards and accolades. She also led winning campaigns at the 2020 MEPRA Awards and a campaign to empower SMEs in the region, which received recognition at the 2021 and 2022 MEPRA Awards and 2022 PRCA Awards.

Overall, Cornacchia is a driving force behind Mastercard’s success in the region, and her innovative and strategic approach to brand strategy has helped the company maintain its position as a leader in the industry.

Eaman Al Roudhan CEO Zain Kuwait

In December 2015, Eaman Al Roudhan became the first female CEO of Zain Group, a telecommunications company where she had worked since 1998. Zain Kuwait, one of the company’s most profitable entities, was among the first operators in the Middle East and Africa to introduce 5G technology.

Al Roudhan had previously held various leadership positions within Zain Kuwait and other Zain Group affiliates for a total of 18 years. Among these roles was Chief Regulatory Officer of Zain Group. As a member of the GSMA Arab World regional interest group and the GSMA Chief Regulatory Officer Group, Al Roudhan has played a key role in shaping the telecommunications industry. She is known for launching the first mobile prepaid service in Kuwait and driving smart city initiatives in key markets.

Thanks to Al Roudhan’s leadership, Zain Kuwait saw impressive growth, with revenues reaching $844 million during the first nine months of 2022 and a client base of 2.6 million as of September 2022. In 2021, the company generated over $1 billion in revenues.

Elham Mahfouz

CEO Commercial Bank of Kuwait

With 37 years of industry experience, Elham Mahfouz currently serves as the CEO of Commercial Bank of Kuwait, a role she has held since 2014. Prior to her current position, Mahfouz was the bank’s GM of International Banking Division, overseeing trade financing, syndicated loans, fundraising, and correspondent relationships with banks around the world for six years, until December 2010. She was later promoted to Deputy CEO in April 2012.

In her current role, Mahfouz oversees three major departments, namely Corporate Credit, Retail Banking, and Treasury. Additionally, she lends her expertise to other areas of the bank. As a result, the bank generated $179 million in net profit and had $14.1 billion worth of total assets in 2021. Mahfouz gained extensive experience working in various Kuwaiti financial institutions before joining Commercial Bank of Kuwait. Furthermore, she is a member of the supervisory board of the American University of Kuwait.

With her wealth of experience and impressive track record, Mahfouz has proven herself to be a highly capable leader at Commercial Bank of Kuwait, and is well-respected in the industry.

Elissar Farah Antonios

CEO, UAE and MENA Cluster Head, Citigroup

With almost three decades of experience in the financial industry, Elissar Farah Antonios is a highly accomplished international banker who currently leads Citi’s largest and most diverse operation. Antonios began her career with Citi in 2005, initially serving as Head of Private Banking in Abu Dhabi before taking on the role of CEO for Citibank Lebanon. In 2015, she was appointed as CEO of Citibank UAE, and in December 2020, Antonios made history as the first woman to run Citigroup’s MENA Operations when she was named Head of the MENA cluster. With more than 30 years of banking experience in the Middle East, Antonios got her start in 1990 at Republic National Bank of New York’s London office as a Management Associate focused on the Wealth Management Middle East Desk.

Over the years, she has held positions with Credit Agricole Indosuez in Abu Dhabi and Dubai, as well as ABN AMRO Private Bank. Antonios holds an MBA from Imperial College in London and a Bachelor’s degree in Mathematics from American University in Beirut.

Fida Kibbi

Vice President and Head of Marketing, Communications, Sustainability & Corporate Responsibility at Ericsson Middle East & Africa

Fida Kibbi holds a significant role that covers 66 countries, where she manages Marketing, Communications, S&CR strategies and plans for Ericsson. Her leadership skills are widely recognized, and she is trusted by senior executives in the MEA region. Over the years, Kibbi has developed and executed numerous marketing plans that align with sales strategies and targets, paving the way for digital marketing transformation.

As an expert in communication strategies, Kibbi has been instrumental in driving Ericsson’s transformation, including communicative leadership, crisis communication, and employee and media relations. Her strategic planning and execution have established her as an accomplished team leader, who delivers results.

Kibbi started her journey with Ericsson in 2007, as the Head of Internal Communication. In 2010, she was appointed as the Head of External Communications for the Middle East region. Her exceptional performance led to her appointment as the Vice President and Head of Communications in 2014.

Kibbi holds a Bachelor’s degree in Business Administration from the Lebanese American University, which has undoubtedly contributed to her success in the corporate world. She continues to lead and inspire with her exceptional skills, and her contributions to the industry are highly valued.

Gina-Marie Collignon

Vice-President, Head of Marketing EMEA South, Middle East and Africa, SAP

With 25 years of experience in IT multinationals, Gina-Marie Collignon is an innovative and customerfocused CMO who has a proven track record of success. Her MBA and extensive business experience have exposed her to the best international practices, which she has incorporated into her three key drivers of Excellence, Care, and Meaning.

Throughout her career, Collignon has held several significant positions, including Head of Marketing for the Middle East and Africa at FireEye/Mandiant, a global leader in cyber security, as well as Head of Marketing for the Middle East, Mediterranean, and Africa at Hewlett-Packard Enterprise. She has also spent 12 years in leading marketing roles at IBM France and IBM Europe, Middle East, and Africa. Collignon has managed EMEA/MEA marketing budgets of up to $10 million and has consistently delivered successful results throughout her career. She is a strategic thinker and an exceptional leader, with a passion for driving growth and success.

As a leader in software for the management of business processes, SAP is one of the world’s most successful companies. The company has guided cloud and software revenue of between 28.2 and 28.7 billion euros ($30.55 to $31 billion) at constant currencies for 2023, which is expected to result in a growth of 6 to 8 percent. SAP’s commitment to innovation and excellence is in line with Collignon’s core values, making her a perfect fit for the company’s vision and goals.

Hana Al Rostamani

Group CEO, First Abu Dhabi Bank (FAB)

Hana Al Rostamani has been in her current role as Group Chief Executive Officer of a major UAEheadquartered bank and publicly listed corporation since 2022, making her the only female to hold this position.

With total assets of $312.4 billion as of September 2022, FAB is the largest bank in the UAE.

Al Rostamani is a recognized change leader who is dedicated to instilling a culture of innovation and diversity in her organization.

With over 20 years of experience in banking and financial services, Al Rostamani is a veteran C-suite executive with specialized knowledge in her field.

Before her current position, Al Rostamani served as Deputy Group CEO and Head of Personal Banking at FAB, where she emphasized the importance of customer-centric and digital-first mindsets.

Al Rostamani currently holds the position of Chair of the Global Council on Sustainable Development Goals, with a particular focus on development goal 7: “Affordable and Clean Energy.” She is also a member of MasterCard Advisory and has served as an independent director in “du” and vicechairperson of the Emirates Institute for Banking and Financial Services.

Al Rostamani earned a doctorate degree in engineering from George Washington University.

Huda Sabil Abdulla

Chief Financial Officer (CFO), Emirates Islamic Bank PJSC

Huda Sabil Abdulla made history in 2019 by becoming the first Emirati woman to be appointed as CFO of Emirates Islamic, the Islamic subsidiary of Emirates NBD Group. She is a highly skilled financial services professional, with over 26 years of experience in the banking and finance industry.

Abdulla has been an integral part of Emirates NBD Group since the beginning of her career. During her time with the group, she has continued to grow and develop professionally.

Among her many notable achievements, Abdulla is credited with leading the implementation of fund transfer pricing (FTP) rollout. This initiative has enabled efficient pricing and liquidity management for the organization. She also pioneered the establishment of a best-in-class economic profit framework in line with Basel standards.

Abdulla’s exceptional leadership in the banking sector has been recognized with a number of prestigious awards. She was the recipient of the 17th Middle East Future Excellence Award, and the Distinguished Woman Award in Banking and Finance from Emirates Institute for Banking and Financial Studies.

Abdulla earned her bachelor’s degree in business administration from Ajman University of Science and Technology. Her education and experience have equipped her to excel in her role as CFO of Emirates Islamic.

Lubna Olayan

Chair of Board Directors at Saudi British Bank (SABB)

Lubna Olayan was re-elected for a second three-year term as Chair of the Board of Directors for SABB. She made history in 2004 as the first woman to be elected to the board of a Saudi publicly listed company, Alawwal Bank.

Olayan’s lengthy tenure as CEO of Olayan Financing Company, a global enterprise with operations in manufacturing, distribution, and investments, has provided her with extensive experience in the financial sector.

The World Economic Forum named Olayan to its Board of Trustees in September 2022, reflecting her stature as a prominent business leader.

In addition to her role at SABB, Olayan also chairs the Saudi Swedish Business Council.

Olayan holds a Bachelor’s degree from Cornell University, as well as an MBA from Indiana University and an honorary PhD in Law from Trinity College.

SAAB has reported profits of nearly $1 billion during the first three quarters of 2022, with $377 million in Q3 alone.

Nadia Al Saeed CEO Bank Al Etihad, Jordan

Since Nadia Al Saeed took on the role of CEO at Bank al Etihad in 2007, she has been instrumental in establishing the bank as one of the most innovative and forward-thinking financial institutions in Jordan.

Al Saeed is a seasoned industry professional, having previously worked as a Strategy Advisor at McKinsey & Co. and as Head of Corporate Banking at Bank al Etihad. Her extensive experience has been invaluable in driving the bank’s success.

Under her leadership, Bank al Etihad has undergone a digital transformation that has seen the implementation of cutting-edge technologies and the optimization of the bank’s operations. Al Saeed oversees a team of 1,300 employees who are committed to delivering the best possible service to the bank’s customers.

Al Saeed is passionate about promoting the participation of women in economic growth, and in 2014 she launched the bank’s Shorouq program, which is specifically designed to support women in achieving their financial goals. The bank has also implemented a range of policies that align with the UN Women Empowerment Principles, further demonstrating Al Saeed’s commitment togender equality.

In 2021, Bank al Etihad achieved a net profit of $48.5 million, up from $45.8 million the previous year. The bank’s revenues for the year also increased significantly, reaching $513.4 million, up from $424.5 million year-on-year.

As of December 2021, the bank’s total assets stood at $8.8 billion, cementing its position as a major player in the Jordanian financial sector. Al Saeed is also the Chairperson of Endeavor Jordan and has previously served as Minister of ICT and the Ministry’s Secretary General from 2003-2006.

Najla Ahmed Midfa

Board member, United Arab Bank, Emirates Development Bank

Najla Al Midfa is the CEO of the Sharjah Entrepreneurship Center (Sheraa), a government-supported organization established in 2016 to cultivate the entrepreneurial ecosystem in Sharjah. As the head of Sheraa, she oversees the annual Sharjah Entrepreneurship Festival (SEF).

Before joining Sheraa, Najla held a senior position at Khalifa Fund for Enterprise Development where she focused on financing SMEs. She also worked as a consultant at McKinsey and Company’s New York office, where she primarily served clients in the financial institutions sector. Her previous experience includes roles at PricewaterhouseCoopers and Shell.

In addition to her role at Sheraa, Najla sits on the boards of United Arab Bank, Emirates Development Bank, and Emirates Schools Establishment. She also serves as the Co-Chair of the 4th Industrial Revolution Working Group in the UK-UAE Business Council, Vice-Chairperson of Young Arab Leaders, and board member of Endeavor UAE.

Najla has been recognized as a fellow of the Aspen Institute’s Middle East Leadership Initiative and an Eisenhower Global Fellow. She holds an MBA from Stanford University.

Najla Al Shirawi

CEO SICO Bank BSC, Bahrain

Najla Al Shirawi became the CEO of SICO in 2014, after only one year in her role as deputy CEO. Her leadership has been instrumental in the expansion of SICO beyond Bahrain’s borders. Al Shirawi’s appointment at SICO in 1997, a mere six years prior, speaks volumes about her leadership skills. Before joining SICO, Al Shirawi worked with the Geneva-based Dar Al-Maal Al-Islami Trust where she launched private banking services in the Gulf region. She is an active member of the Bahraini community and holds a position as a member of the Bahrain Economic Board (EDB).

Al Shirawi also serves as a Chairperson on the Board of Directors for two SICO subsidiaries: SICO Funds Services Company (SFS) in Bahrain and SICO Financial Brokerage in Abu Dhabi. Due to her exceptional services and banking expertise, Al Shirawi’s skills are in high demand in Bahrain. She currently serves as an Independent Board Member of Eskan Bank BSC and a Board Member of the Deposit Protection Scheme, the Bahrain Associations of Banks, and the Bahrain Institute of Banking and Finance. Al Shirawi holds an MBA and a BA in Civil Engineering from Bahrain University.

Narjes Farookh Jamal

COO Bahrain Bourse

In 1998, Narjes Farookh Jamal became a member of the Bahrain Bourse immediately after graduating from the University of Kuwait, College of Science. During that time, it was rare for women to have experience or be able to enter the IT industry, yet Jamal was able to achieve just that. Today, as the COO, Jamal oversees the digital transformation of the Bahrain Bourse, which began the year with a market capitalization of $30.2 billion. She also manages the development of ESG practices and partnerships with other regional exchanges. Despite being in a male-dominated role, Jamal performed exceptionally well, even while managing her parental responsibilities at home. Her technical expertise in capital markets enables her to translate that knowledge into insights and effectively leverage it for commercial success.

Last October, the Bahrain Bourse signed an MoU to strengthen the relationship between itself and the Muscat Stock Exchange.

Jamal also serves as a board member of Bahrain Clear, which recently launched the Bahrain Private Market in August, an all-encompassing platform for closed shareholding companies.

Nezha Hayat

Chairperson and CEO, Morocco Capital Market Authority

Nezha Hayat has been re-elected for a second consecutive term as Chairperson and CEO of the Moroccan Capital Market Authority, and as Chair of the Africa and Middle East Regional Committee (AMERC), by the Moroccan Capital Market Authority in 2021.

The International Organization of Securities Commissions (IOSCO) Africa and Middle East Regional Committee (AMERC) brings together financial market regulators of the region to discuss, exchange information, and promote issues specific to capital market development.

Hayat has been serving in her current role since 2016, where she is responsible for overseeing the country’s non-banking capital markets, including the stock exchange and brokerage firms. The total value of all securities traded on the Bourse de Casablanca, known as market capitalization, is $53.71 billion.

Prior to her nomination, Hayat worked at Société Générale Morocco group, where she made history in 2007 by becoming the first woman to sit on a management board of a bank in the country. Hayat holds a degree from ESSEC Business School Paris, which is one of the leading business schools in Europe.

Dr. Raja Easa Al Gurg

Deputy Chairperson of the National Bank of Fujairah & on the advisory board of Coutts Bank

Dr. Raga Easa Al Gurg holds several notable positions within the banking and business worlds. As Deputy Chairperson of the National Bank of Fujairah and an advisory board member of Coutts Bank, the wealth division of the Royal Bank of Scotland Group, she has an impressive financial background In addition to her banking roles, Dr. Al Gurg is the Chairperson and Managing Director of the Easa Saleh Al Gurg Group (ESAG), a well-known and respected business in the UAE. Her commitment to supporting Arab women entrepreneurs is evident in her founding of the Dubai Business Women Council and her position as a board member of the Dubai Chamber of Commerce & Industry (DCCI) and Dubai Women’s Association.

Dr. Al Gurg’s influence extends beyond business and banking. As Vice Chairperson of University of Dubai, she plays a role in shaping the future of higher education in the UAE. She is also on the Board of Trustees for the Mohammad Bin Rashid University of Medicine and Health Sciences, a member of the Board of Governors of Hamdan Bin Mohammed Smart University, and on the Board of Trustees for Ajman University.

Dr. Al Gurg’s contributions to academia and economics have been recognized with two honorary doctorates. Queen’s University Belfast awarded her an Honorary Doctorate for economics, and Amity University, India awarded her a Doctor of Literature.

Randa Sadik

CEO Arab Bank, Jordan

Randa Sadik has assumed the role of CEO at Arab Bank since February. Having served the bank for over a decade, she started as Deputy CEO in 2010. Sadik has extensive experience in the banking sector, having spent 24 years at National Bank of Kuwait, where she was General Manager in her last role.

Throughout her career, Sadik has demonstrated effective leadership in managing executive teams. This led to her holding various positions within the Arab Bank Group, including Chairman of the Board of Arab Tunisian Bank, Vice Chairman of Arab Bank Australia ltd, Board member of Oman Arab Bank, and Chairman of the Management Committee of Al-Arabi Investment Group.

Arab Bank has a significant global presence, with over 600 branches and assets worth $64.7 billion as of September last year. The bank recorded a year-end net income of $544.3 million. In line with the bank’s commitment to sustainability and ESG, it has introduced its first Sustainable Finance Framework.

Sadik holds an MBA from the American University of Beirut, adding to her extensive experience in the banking sector.

Rania Nashar

Former CEO of Samba Financial Group, current advisor at the Public

Investment Fund (PIF), Saudi Arabia

In 2017, Rania Nashar held the position of CEO at Samba Financial Group. Today, Samba is a part of Saudi National Bank (SNB), the largest commercial bank and lender in Saudi Arabia, boasting assets of $243.8bn. The merger of National Commercial Bank and Samba Financial Group brought about the creation of SNB, of which the Saudi Public Investment Fund (PIF) holds a majority share.

Nashar has an impressive background, having previously served as a board member for Samba’s global markets subsidiary and accumulated over 20 years of experience in the commercial banking sector. In June 2021, she was appointed to head compliance and governance at PIF, a globally prominent sovereign wealth fund valued at over $600 billion. PIF is playing a primary role in realizing the economic transformation envisaged by Saudi Arabia’s Vision 2030 goals.

Nashar has served as the chair of the Women in Business Action Council at B20 Saudi Arabia. This council acts as the voice of the private sector in dialogues with the G20. She holds a Bachelor’s degree in computer science and information technology, which she obtained from King Saud University in 1997.

Rania Nerhal

Chief Client Experience and Conduct Officer, Mashreq Bank

Rania Nerhal has held the position of division leader at Mashreq Bank since 2020, with a focus on improving the bank’s client experience strategy. Her top priority is to ensure that all business is conducted efficiently, ethically, and effectively, with clear and regular communication of policies to all clients.

Nerhal brings over 25 years of experience in client relationship management within the banking industry. Prior to joining Mashreq, she held various executive management roles, including Head of Corporate Banking Dubai at HSBC Commercial Banking, and Senior Relationship Manager of Corporate Banking at Ahly Bank of Kuwait.

Joining Mashreq in February 2018 as Head of Public Sector, Healthcare, Education & Energy, Nerhal’s leadership resulted in the establishment of the MEED Energy Club and Frost & Sullivan Healthcare Forum. These achievements have helped to solidify Mashreq’s positioning within the respective industries and increased market awareness of Mashreq’s strong sector capabilities.

Nerhal graduated with a Bachelor’s degree in Economics from the Faculty of Commerce and Foreign Trade at Cairo, Egypt.

Reem Asaad

Vice President, Middle East and Africa, Cisco

With over 25 years of experience in various industries including technology, financial services, and customer experience, Asaad is a highly successful business leader.

Before joining Cisco, Asaad was the CEO of Raya Customer Experience, a business process outsourcing service provider with operations across Europe, the Middle East, and Africa. The company serviced multinational and Fortune 500 companies, and Asaad’s leadership was pivotal in its success.

Following her tenure at Raya, Cisco sought Asaad to lead its operations across the Middle East and Africa. In her current role, Asaad is responsible for collaborating with governments, customers, and partners to help them achieve their digitization agendas using Cisco’s portfolio of advanced solutions.

Cisco, which has 3,000 employees and contractors, operates in 74 countries across the MEA region. In March 2021, Asaad was appointed by Egypt’s Minister of Communications and Information Technology to serve on the board of directors for the country’s Information Technology Industry Development Agency.

Asaad holds a degree in Computer Science and Information Technology from the University of Houston in Texas.

Reema Al Asmari

Head of Territory, Saudi BNP Paribas

With nearly two decades of experience in building both commercial and investment banking platforms in Saudi Arabia, Reema Al Asmari has demonstrated her versatile leadership skills across entrepreneurial ventures, complex institutional banking units, and treasury businesses on national and international scales.

In March of 2021, Al Asmari joined BNP Paribas as head of territory for Saudi Arabia. In her new role, she oversees the bank’s national commercial strategy, with a particular focus on strengthening relationships with strategic clients, multinational companies, and government-related agencies. Al Asmari is also responsible for expanding the bank’s product and service portfolio across all CIB segments.

Al Asmari previously held the position of CEO for Saudi Arabia at Natixis, where she was appointed in January 2020. Before that, she spent nine years working for JPMorgan Chase & Co in the Kingdom, where she held several senior roles, including Treasury Services Country Head and Treasurer for Saudi Arabia, Bahrain, Johannesburg and Moscow.

Al Asmari earned her bachelor’s degree from King Saud University (KSU).

Rola Abu Manneh

CEO Standard Chartered Bank, UAE

Since August 2018, Rola Abu Manneh has been the first Emirati woman to lead a bank in the UAE. As the CEO, she has been instrumental in expanding the bank’s presence, elevating it to one of the top five markets in the country.

Abu Manneh has always been a strong advocate for empowering women and promoting female entrepreneurship. To this end, she has spearheaded several initiatives and provided mentorship programs to university students. As a result, she has been recognized as one of the most powerful and influential businesswomen in the region.

Recently, in 2021, Abu Manneh was appointed to the Board of Directors of the Dubai International Chamber. Prior to joining Standard Chartered Bank, she held senior positions in First Abu Dhabi Bank (FAB), including Head of Corporate & Investment Banking for Abu Dhabi and General Manager of FAB’s Wholesale Banking Group.

Abu Manneh holds a Bachelor of Science in Mathematics & Operational Research graduate from the University of London – Royal Holloway and Bedford New College.

Saeeda Jaffar

Senior Vice President and Group Country Manager for GCC Visa

Saeeda Jaffar and her team prioritize driving Visa’s business growth by collaborating with financial institutions, partners and governments to make Visa the preferred partner for them.

In June 2021, Jaffar joined Visa and took on the responsibility of overseeing Visa’s operations in six countries. Two months later, Visa launched its global initiative “She’s Next” to empower women entrepreneurs in the UAE, Saudi, Egypt, and Morocco.

Prior to her current role, Jaffar worked for Alvarez & Marsal as the Managing Director for the Middle East for five years. She also held leadership positions at Bain & Company and McKinsey & Company, where she worked with both private and public sector clients.

As a member of the board of trustees at Kuwait University, Jaffar actively contributes to the academic community. She has a Bachelor of Science in Biomedical Engineering from Boston University, and a Masters and Doctorate in Chemical Engineering from the Massachusetts Institute of Technology (MIT).

Samia Bouazza

Group CEO & Managing Director, Multiply Group

Bouazza has an impressive history of driving growth as a business leader. In her current position as the head of strategic development for Abu Dhabi-based Multiply Group, she oversees the company’s investment portfolio, while also ensuring sustainable growth for its subsidiaries.

Multiply Group became a publicly-traded company on the Abu Dhabi Securities Exchange in December 2021. In addition to her role at Multiply Group, Bouazza serves as a board member for Arena Events Group, Emirates Driving Company, Viola Communications, and Selphagy Therapeutics Inc.

At the young age of 22, Bouazza founded Multiply Marketing Consultancy, a local boutique agency that she successfully grew by 400 times over a decade. She later merged Multiply Marketing Consultancy with Viola Communications.

Bouazza also served as a member of the Artificial Intelligence Committee and Strategy Committee within the Royal Group, the parent company of Multiply Marketing Consultancy.

Bouazza earned a BA in Political Science and Public Administration from the American University of Beirut in 1998. In 2014, she received a degree in Strategic Intelligence from Harvard Business School Executive Education.

Sarah Al Suhaimi Chairperson of the Board of Directors, Tadawul

Sarah Al Suhaimi chairs the Board of Directors for the Saudi Tadawul Holding Group, which is known as the largest exchange in the region. Moreover, she serves as the Chairperson of Lazard Ltd. in Saudi and the MENA, while also holding a board member position at the Saudi Telecom Company (STC) and the Saudi Arabian Airlines Public Agency. In addition, she is a trustee of the International Financial Reporting Standards Foundation and a We-Fi Leadership Champion.

Between 2014 and 2021, Al Suhaimi served as the CEO of Saudi National Bank Capital (SNB Capital) and was also a member of its board of directors. During her leadership, assets under management (AUMs) increased by more than four hundred percent.

Furthermore, from 2013 to 2015, Al Suhaimi served a two-year term as Vice-Chairperson of the Advisory Committee of the Capital Market Authority (CMA) Board of Directors. Before that, she led the asset and wealth management division at Jadwa Investment Company.

Al Suhaimi holds a Bachelor’s degree in Accounting from King Saud University.

Shaikha Al Bahar

Deputy Group CEO, National Bank of Kuwait

Shaikha Al Bahar is a well-respected figure in the banking industry of the Middle East region, serving as the Deputy Group CEO of National Bank of Kuwait (NBK) Group since 2014. With extensive experience in institutional finance, Al Bahar has made a significant impact on Kuwait’s financial community, particularly in the areas of privatization, project finance, bond issues, advisory services, and IPOs.

She has been associated with NBK for more than 35 years and is now leading the bank’s digital transformation, culminating in the launch of Weyay, Kuwait’s first digital bank, in November 2021. Besides her role at NBK, Al Bahar also chairs NBK Egypt and NBK France and serves on the boards of NBK (International) PLC and NBK Global Asset Management Limited.

NBK operates across four continents in 13 countries and has more than 8,500 employees working in 140 branches. The bank has grown to become the biggest in the country, generating a profit of over $1.7 billion from a net operating income of $3.3 billion in 2022.

Al Bahar’s contributions to the Arab banking industry were recognized in 2022 when she received an award for her Distinguished Services to Arab Banking from the Arab Bankers Association.

Wafa Ahmad Abdul Aziz AlQatami

Deputy Chairman of the Board of Directors, Kuwait Direct Investment Promotion Authority (KDIPA)

Aside from her role at KDIPA, Wafa Ahmad Abdul Aziz AlQatami has been a Board of Directors member of the Kuwait Chamber of Commerce & Industry (KCCI) since 2010, where she oversees the Finance & Investment committee and is a member of the commerce & transport and trace policies committees.

Having garnered over four decades of experience in the banking industry, AlQatami has held the position of Acting Director General of Kuwait Investment Bank.

AlQatami currently serves as the CEO of the Nine Pearls for General Trading & Contracting Co., Managing Director of Al Marfa General Trading, and Deputy Chairman of the Board for Al Wafer Marketing Services. Her previous roles include Chairman of the Board of the Kuwaiti Financial Group and board member for Kuwait & ME Bank, Kuwait Clearing Co., and Al Khonani & Al Qatami General Trading.

AlQatami was a founding member of both the Kuwait Forex Society and the Kuwait Businesswomen Committee. She holds a BA in Political Science & Public Administration from the American University of Beirut.

UAE's aspirations to become a leading medical hub

Investments in technology, infrastructure, and human capital

By Lana Zailaa

The United Arab Emirates has swiftly emerged as a premier medical hub on the global stage, attracting patients and medical professionals from all over the world. The country has secured this position through its noteworthy investments in technology, infrastructure, and human capital, elevating it to an unparalleled level of medical care.

The UAE’s cutting-edge infrastructure is a major factor that distinguishes it as a medical hub. The country has made substantial investments in constructing contemporary hospitals, clinics, and research centers that are equipped with state-of-the-art technology, such as advanced imaging equipment, robotic surgery systems, and electronic health records. These facilities enable the provision of high-quality healthcare services to patients from all over the world. The healthcare infrastructure in the UAE is constantly growing, with new hospitals and clinics being constructed in various areas.

The UAE has made significant investments in human capital to establish itself as a premier medical destination. The country boasts a pool of highly trained healthcare professionals, including doctors, nurses, and other skilled workers. Moreover, the UAE is actively seeking to attract top-notch medical specialists from different corners of the globe to work in its hospitals and clinics. This strategy has resulted in an expansion of healthcare services and an elevation in the quality of care delivered to patients. The country’s investments in technology have also been instrumental in making it a leading medical hub. In fact, the UAE has adopted advanced tools such as telemedicine, electronic health records, and robotics in the field of medicine. Through telemedicine, patients can access remote consultation and diagnosis, particularly benefiting those who reside in remote areas or have mobility issues. The use of telemedicine has been integrated into both public and private hospitals, with the Ministry of Health and

Prevention (MOHAP) launching a telemedicine platform in 2019 to facilitate remote communication between patients and doctors.

The implementation of Electronic Health Records (EHRs) has revolutionized patient records management in healthcare. EHRs have made it simpler for healthcare professionals to access and share patient data, resulting in improved healthcare efficiency and reduced errors. The UAE has successfully introduced EHRs in both public and private hospitals.

The integration of robots in the medical field is also a notable technological advancement in the UAE. They are utilized in surgical procedures, patient care, and administrative tasks. The Sheikh Khalifa Medical City in Abu Dhabi, for example, employs robots to aid in the rehabilitation of patients and take vital signs, among other tasks.

Genomics is another area where the UAE is making significant investments. The country has established the Sheikh Khalifa Medical City Genomic Medicine Institute, which aims to enhance the detection and management of genetic disorders. The institute uses cutting-edge technology, such as next-generation sequencing, to gain deeper insights into genetic ailments and create innovative treatments. The institute collaborates with leading international research institutions to provide patients with access to the latest therapies and clinical trials.

Lana Zailaa, Founder of Goût de Vie, Integrative Health & Wellness Enterprise

The UAE is making significant strides in the field of healthcare with the help of Artificial Intelligence (AI) and Machine Learning (ML). The country has created the UAE AI and ML in Healthcare Conference to encourage the integration of AI and ML in medicine. This event brings together specialists in the field to exchange insights on the latest advancements and discover new ways to leverage AI and ML to enhance healthcare. AI and ML are currently being utilized to refine disease diagnosis, treatment, and the development of novel drugs and therapies. The UAE is among the leading countries worldwide in adopting AI technology in healthcare.

The UAE’s ambition to emerge as a leading medical hub has resulted in the establishment of several technology parks and zones, such as the Sharjah Research, Technology, & Innovation Park (SRTIP) and Dubai Science Park. These zones and parks offer an array of facilities and resources for start-ups, research centers, and technology companies operating in the medical sector. They create an environment conducive to innovation and collaboration, promoting the creation of cutting-edge medical technologies and solutions.

As a leading innovation and research hub, SRTIP has made significant contributions to the life sciences, health, and wellness industry in the UAE. With advanced facilities and a strong commitment to promoting collaboration between academia and industry, SRTIP has successfully introduced ground-breaking medical technologies and solutions to the UAE market.

Dubai Science Park is dedicated to advancing scientific research and innovation across a wide range of industries, with a particular emphasis on healthcare. It provides laboratories, office spaces, and other facilities to support research and development in the healthcare industry. The growth of the healthcare industry in the UAE is being supported not only by the Dubai Science Park and the Sharjah Research, Technology, & Innovation Park but also by various other institutions.

The Abu Dhabi Health Services Company (SEHA), for example, oversees and runs public hospitals and clinics

in Abu Dhabi, while the Khalifa University of Science and Technology has set up a research center solely dedicated to the advancement of medical technologies.

The Dubai Healthcare City (DHCC), on the other hand, operates as a hub for medical professionals by providing training, education, and research opportunities. These institutions have established a conducive environment for innovation and expansion in the healthcare sector, further cementing the UAE’s position as the premier destination for medical technology and healthcare services in the region. The UAE’s remarkable strides in healthcare have left many in awe, particularly given the country’s relatively young age. Within a few short decades, the UAE has emerged as a prominent medical hub, a testament to its visionary leadership and adaptability. Going forward, healthcare will remain a top priority in the UAE’s ambitious plans for the future. The country’s sustained efforts to improve its healthcare industry have the potential to establish it as a major player on the global healthcare stage, contributing to the betterment of global health and well-being.

Clearly, the UAE’s journey to becoming a leading medical hub is well underway, as evidenced by its impressive goals and unwavering commitment to progress in healthcare.

Wellness is a state of mind at ZOYA

A detailed program for all treatments, customized for each individual

By Alp Sarper

The UAE is perhaps one of the most well catered destinations for all types of travellers, whether local or international. The county has everything from the most luxurious resorts in Abu Dhabi and Dubai to the nature emirate of Ras Al Khaimah, and there is something for everyone for every budget and every style.

Strangely enough, one type of resort, the Health-Farm or the Wellness-Resort is not something we’ve had in the UAE, let alone in the region. Until one man’s personal tragedy turned into a lifelong mission to better serve his fellow human beings. The ZOYA Health & Wellbeing Resort is the brainchild of Ameer Said, a man who spent most of his life in senior corporate positions before devoting his life and hard-earned money to creating unique Wellness concepts. He was once a client in a similar type of facility in Bodrum where he shed over 30kgs and changed his life forever for the better.

The Resort

Operated by Premedion, a spa consultancy and management company from Germany, the beautifully appointed Mediterranean looking property is located in Ajman’s serene Al Zorah area, right next to the mangroves and overlooking the Golf course. The owner, Ameer Said says, “Oxygen is key to a healthy life, and the lush greens surrounding the property played a big role in his decision to purchase the land.”

ZOYA Wellbeing was created to educate guests and set them on the right track to a healthier life. The recipe consists of preventative rather than curative methods which can be applied in our daily lives. As obvious as some might seem, the majority of individuals will not know how to apply these potentially lifesaving methods and integrate these into their daily lives. This is where the adults-only ZOYA resort comes in. The resort is quiet, uncluttered, and rich with sunshiny areas, a space designed where mind, body and soul can rejuvenate, re-activate and re-launch for a better healthier future, and where experts in their fields will guide guests on their journey to a healthier life.

The Process

ZOYA’s trained professionals are there to create customized wellbeing programs which entail an integrative and holistic approach consisting of a wide range of treatments. These include, Health Optimization, Physiotherapy & Rehabilitation, Medical Fitness & Recreation as well as Detox, Weight Management, Wellcation, Rejuvenation, Anti-Ageing and Immune Support, among others. Upon check-in, guests are taken for a medical check-up including a BMI index test. A detailed program of all the treatments is customized for each individual making sure every minute at the resorts counts towards a better future. Throughout their stay, guests begin their days with the all-important oxygen therapy and sporadically see the resident integrative medicine doctor on certain days. Guests can stay as little as 2 days

or as long as 6 to 14 day programs. Some become regulars at the resort. For those on the longer stays, Ajman city has multiple cultural activities including the museum which is a stone’s throw away.

The treatment rooms and the spa span the entirety of the lower ground floor, which includes an impressive Turkish Hamam along with medical fitness rooms, dermatology, a comprehensive gym, and state of the art machines for fitness, massage and more.

Upstairs, daily Yoga and breathing sessions are ongoing for guests to participate in as they please. Along with daily morning walks, bike rides, and upon booking, kayaking in the mangroves are some of the activities available at the resort. Every detail of the facility is designed to make people feel at home, and the small size makes it a very friendly environment to be in.

The Culinary Experience

While some may be somewhat worried about the amount of food that may be served in a health farm, the chaps at ZOYA make sure every dish is ample and as healthy as it can be. The chefs create some imaginative dishes as part of the plant-based and pescetarian calorie-controlled menu.

The Verdict

Until you visit such a resort, it is hard to embrace how vital it is to take a solid step to improve one’s life. Simple changes in one’s daily habits such as being more active, watching what you eat, spending more spiritual time with oneself are all essential for a better, healthier future. But in doing so you must seek professional guidance, and that is where the ZOYA Health & Wellbeing Resort will be your first port of call.

Illuminating millions in the fight against avoidable blindness

Orbis Flying Eye Hospital trains local doctors and medical teams worldwide

By Alp Sarper

In the developed world, many of us are fortunate enough to have comprehensive health insurance, thanks to our government or employers, and healthcare is something we take for granted. Unfortunately, a large number of people don’t have this privilege and suffer from easily preventable diseases due to lack of access to basic healthcare.

Globally, there are 338 million people who are blind or are living with moderate to severe visual impairment. Shockingly, up to 77 percent of these cases are entirely preventable or treatable.

Since 1982, the Orbis Flying Eye Hospital has been fighting against avoidable blindness with a unique concept. It uses a former cargo MD-10 aircraft, generously donated by FedEx, which has been retrofitted into the world’s only mobile ophthalmic teaching hospital. The multi-faceted plane includes a state-of-the-art teaching facility complete with an operating room, classroom and recovery room.

The dedicated team of eye care specialists at the Orbis Flying Eye Hospital travel around the globe

to developing countries and train local doctors and medical teams as well as perform essential surgeries while on the tarmac. More than 400 volunteer medical experts, including doctors and nurses, make up the Orbis International team, which carries out these life-changing treatments and trainings free of charge, and has helped millions of people across Africa, Asia, Latin America, and the Caribbean.

By providing volunteer pilots, aircraft parts, maintenance, and pilot training, FedEx plays a vital role in helping Orbis International achieve its noble mission. FedEx engages in projects like the FedEx Cares 50 by 50 campaign, which aims to positively impact 50 million people worldwide by 2023.

Compassionate supporters, including individuals, local governments, global organizations, philanthropists, or the general public, can all get involved by creating awareness. Every bit helps in the global fight to end avoidable blindness. To find out how you can provide support, visit https://me.orbis.org/en.

Rolls-Royce SPECTRE, Electrification at the very top

The house of luxury is set to deliver its first EV

By Alp Sarper

Yes, it’s fascinating to see how far the automotive industry has come since Charles Rolls’ initial remarks about electric cars over a century ago. Today, electric cars are gaining popularity for their environmental benefits, efficiency, and lower operating costs. Rolls-Royce’s decision to introduce its first EV, the SPECTRE, is an indication of the brand’s commitment to embracing the electric revolution and reducing its carbon footprint.

One could argue the marque’s electric aspirations date back to 1900, when Rolls-Royce founder told the Motor Car Journal, a leading publication of the day, “The electric car is perfectly noiseless and clean. There is no smell or vibration, and they should become very useful when fixed charging stations can be arranged. But for now, I do not anticipate that they will be very serviceable – at least for many years to come.” Fast forward to today and we see a move by Rolls-Royce to electrify all its models by 2030.

The 2024 SPECTRE is the world’s first ultra-luxury coupe and shares the same platform as the Phantom sedan and Cullinan SUV. However, what sets the SPECTRE apart is its electric powertrain with two motors that generate an impressive 577 hp, 900 Nm and an estimated electric range of 520 km.

The first cars are scheduled for delivery to the most decerning Rolls-Royce customers in Q4 of 2023. But before that, the chaps in Goodwood are putting the SPECTRE through its paces. Currently, rigorous testing is being conducted to ensure the car’s reliability and durability. RollsRoyce says it will match the intensity of around 400 years of normal use. The tests include putting the car through some of the most demanding geographies in the world, covering a total of 2.5 million km, the same as circling the globe 62 times over.

Testing began back in the winter of 2021 at a special facility in Arjeplog, Sweden, right around the corner from the Arctic Circle. At the height of winter, temperatures drop down to -40°C. The cars are tested for handling and durability, making sure all the components pass with flying colors. In the summer of 2022, the SPECTRE was taken to what can only be referred to as its natural habitat, the French Riviera and the Côte d’Azur. There the cars were put through hot and humid temperatures, as well as racing conditions at the famous, now BMW-owned Autodrome de Miramas, where once upon a time the French Grand Prix was held.

Torsten Müller-Ötvös, Chief Executive Officer, Rolls-Royce Motor Cars and the man largely credited for bringing the brand into the 21st century said; “SPECTRE has already secured its place as the most anticipated Rolls-Royce in history. This remarkable and transformative motor car

represents the beginning of the marque’s bold electric era as well as our unquestionable technological leadership of the super-luxury space.”

Although Rolls-Royce are seldom concerned about acceleration and usually never brag about it, official figures for the SPECTRE suggest a 0-100 time of around 4.6 seconds. But the SPECTRE is more than just a highperformance machine, with technology features that bolster the driving experience and the comfort of passengers. In addition, the SPECTRE features an advanced suspension system that automatically adjusts to provide the smoothest ride possible. This system uses a network of sensors to analyze road conditions and adjust the suspension accordingly, making sure the smoothest of rides, ensuring the sensation of a “magic carpet ride” continues in the ultra-luxury EV.

While we have not had the pleasure of driving this masterpiece, one can only assume it matches or even surpasses its spiritual predecessor: The Phantom Coupe. Overall, the Rolls-Royce SPECTRE is expected to be a truly exceptional vehicle, like every single Rolls-Royce that has been delivered to date. We are certain that the SPECTRE, whether used as a daily drive or a high-performance ultraluxurious sports car, will deliver an unparalleled experience that’s sure to impress even the most discerning of RollsRoyce aficionados.