RIFAD MAHASNEH ON OKX LAUNCHING THE UAE’S FIRST FULLY LICENSED CRYPTO EXCHANGE
An insight into the news and trends shaping the region with perceptive commentary and analysis
Global crypto exchange OKX is focused on driving greater financial inclusion as it launches its new operation in the UAE
From milestone moments to business excellence accolades, here are highlights of our annual flagship awards held on September 24
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The prestigious Gulf Business Awards 2024, held on September 24, celebrated the region’s finest achievers. Now in its twelfth year, the awards brought together over 300 high-profile business leaders at the Ritz-Carlton, DIFC, Dubai.
In this issue, we showcase all the winners who have shaped the GCC’s business landscape. The esteemed Lifetime Achievement Award went to Mishal Kanoo, chairman of The Kanoo Group.
Alshaya Group was named Company of the Year, recognised for its exceptional innovation and leadership in the retail sector. Meanwhile, the Business
Leader of the Year accolade was awarded to Mark Kirby, head of Hospitality at Emaar Hospitality Group.
These winners, along with all our nominees, represent the best in business today. For full details on each category and a closer look at their success stories, turn to our in-depth spread on page 39. Congratulations to all our winners for their outstanding contributions, and a special thanks to our readers and judges for their votes.
Gareth van Zyl, group editor
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The British Chamber of Commerce Dubai is a membership organisation that supports companies and individuals from the UK with existing business interests in the region and those new to the UAE.
Our membership consists of British-owned, Dubai and RAK-based companies, UK registered organisations, UK passport holders and brands that support British business.
Through a considered and strategic calendar of events, the BCCD ensures high-quality networking opportunities, market knowledge sharing, valuable engagement opportunities and exclusive experiences for our members.
The BCCD provides an ecosystem that goes beyond Dubai, to the wider GCC and through the British Chambers of Commerce’s Global Business Network reaching and providing international exposure and opportunities for our members and stakeholders.
For more information, please contact the BCCD Business Team: info@britishchamberdubai.com
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Abu Dhabi and the UAE have long been recognised as important investors in the global economy. As of early 2024, the UAE’s total value of assets abroad, whether government or private, were estimated at $2.5tn. Around 72 per cent of this money comes from the emirates’ various sovereign wealth funds, with investments spread across diverse industries.
Abu Dhabi’s track record as a strategic global investor has not only bolstered economies abroad but has also laid a strong foundation for attracting inbound investment, as the international business community looks to capitalise on the depth of opportunities in Abu Dhabi’s own economy.
As of 2024, it’s important to remind ourselves of just why the Abu Dhabi proposition connects so strongly with investors. Today, Abu Dhabi is without doubt a formidable global investment destination to be reckoned with, and in my view, there are several important and often complimentary factors as to why that is.
The emirate is fortunate that it has a growing, prosperous, liberalised, and diversified economy, driven by a strategic vision, structural transformation, and
countercyclical monetary and fiscal policies, resulting in sustainable growth and development.
In my view, given the unpredictability and instability of the modern global economy, Abu Dhabi has come to be viewed as a safe pair of hands for international investors. Of equal importance, our location is advantageous for business, with 33 per cent of the world just a four-hour flight away and 80 per cent of the world reachable with an eighthour flight. The emirate offers world-class infrastructure and connectivity across four time zones, so, it’s obvious why many companies use Abu Dhabi as their hub to the world.
At the very backbone of the Abu Dhabi success story is the fact that the fundamentals of our economy are strong. According to the Statistics Center Abu Dhabi (SCAD), Abu Dhabi’s economy grew 3.3 per cent in Q1 2024 compared to Q1 2023. The rise was driven by a 4.7 per cent increase in nonoil economic activities, which reached the highest quarterly value in total at Dhs154.7bn making the biggest contribution to the total economy at 54.1 per cent since 2015.
Simultaneously, Abu Dhabi has institutional capital estimated at around $1.3tn, and a real GDP size that was measured at around $310bn at the end of 2023, representing 68 per cent of the UAE’s total GDP. These are some of the reasons why the emirate has become globally known as the “capital of capital”.
2023 Q1 2024
ABU DHABI’S ECONOMY GREW
3.3 PER CENT IN Q1 2024 COMPARED TO Q1 2023. THE RISE WAS DRIVEN BY A 4.7 PER CENT INCREASE IN NON-OIL ECONOMIC ACTIVITIES
To its credit, Abu Dhabi has also worked hard to position itself as a credible hub for globally relevant innovative companies across multiple sectors. We’ve also built a thriving startup environment supported by funding, world-class digital infrastructure, networking, ecosystem collaboration, and we’ve attracted specialised human capital. Again, this is where Abu Dhabi’s active global investment legacy is spurring exciting new businesses at home.
So, today where are some of the best opportunities for investors in Abu Dhabi? There are many possibilities here for the right types of investors with the right attitude. From my perspective, several sectors stand out and these opportunities are very much geared towards the future, which underscores the Abu Dhabi proposition, in that, ‘an investment in Abu Dhabi is an investment in the future’.
Take renewable energy for instance is a major theatre for investment activity. The emirate’s commitment to clean energy is more than just a strategy, it is roadmap for a long-term, diversified and an environment-friendly economy.
Renewable energy, clean alternative fuels, energy storage, carbon capture, and storage energy efficient technologies are just some of the areas where investors can collaborate in Abu Dhabi. More specifically, when we look at traditional energy such as oil and gas, there are vast opportunities on offer, and for decades, Abu Dhabi has embraced a partnership approach in its energy endeavors, creating vast opportunities for collaboration at home.
As Abu Dhabi continues to extract more value from every barrel of oil produced, its petrochemicals sector also has vast opportunities. Through key companies in the emirate, Abu Dhabi continues to invest in and expand its downstream product portfolio by
Derek Nicholson, director of Strategy and Planning at Alpha Dhabi
AS OF EARLY 2024, THE UAE’S TOTAL VALUE OF ASSETS ABROAD, WHETHER GOVERNMENT OR PRIVATE, WERE ESTIMATED AT
$2.5TN
developing fully integrated refining and petrochemicals complexes to increase the range and volume of its high-value downstream products.
Another exciting area is in hospitality and tourism which offer many possibilities, which supports more than 300,000 jobs and enjoys significant investment of $7bn per year. The sector is also forecast to grow by more than 5 per cent per year over the next decade bringing with it unique and exciting for companies looking to enter this sector.
It is from Abu Dhabi’s position of experience and its deep familiarity with managing food and water resources that the emirate is also well placed to lead as a producer, exporter, and as a developer of innovative solutions related to food and water. Together with international partners it will look provide those much-needed answers to the questions that will dominate food and water in the next 30 years.
Across all these growing sectors Abu Dhabi has also shown its intent to embrace the future of artificial intelligence (AI). This is evident with the high rate of early adoption within the government sectors, as well as in the government owned commercial sector. As proof of concept, Abu Dhabi Global Markets (ADGM), the international financial centre, has placed AI at the very heart of its ecosystem.
Going further, there exist novel opportunities for the trialing of governance, education, and product innovation across these sectors for international investors. And the benefits could be vast for the right type of investors, as according to PricewaterhouseCoopers forecasts AI could contribute up to 14 per cent of the UAE’s gross domestic product by 2030.
As we look to that bright future and to an Abu Dhabi investment landscape that is increasingly powered by collaboration, one thing will remain, the emirate will continue supporting the big thinkers, innovators, and forward-thinking companies – it will continue building on its global investment legacy to fuel economic opportunities at home. ANOTHER EXCITING AREA IS IN HOSPITALITY AND TOURISM WHICH OFFER MANY POSSIBILITIES, WHICH SUPPORTS MORE THAN 300,000 JOBS AND ENJOYS SIGNIFICANT INVESTMENT OF $7BN PER YEAR.
COP29 is being called the “finance COP” – and is an opportunity for finally aligning climate finance contributions with global needs
Enhance ambition and enable action. These two pillars, powerful phrases in themselves, set the tone for the upcoming COP29 in Azerbaijan, this November 2024. They also starkly echo the challenge that the world faces when it comes to the environment –the need to do more. We are at a juncture where we don’t just need to save the environment – we need to improve it.
Actions and commitments are increasingly being witnessed across the individual, societal, corporate, and institutional level. Their impact has been limited, however, and a need for change is evident. At
such a time, there is a need to collaborate more –with an intent to exchange ideas, deliberate on options, dissect challenges, and share best practices – while working on aligning diverse interests under a common set of overarching objectives. This is where the United Nations Framework Convention on Climate Change (UNFCCC) Conference of the Parties (or COPs) annual summits come in – providing the only large-scale multilateral platform of its kind that focuses on unifying efforts and “working together for climate ambition”. Since 1994, the UNFCCC has strived to support in “stabilising greenhouse gas concentrations” – steadily gaining traction, through the holding of talks, and forging of landmark agreements like the Kyoto Protocol (December 1997) and the Paris Agreement (adopted on 12 December 2015 at the COP21 conference). We saw COP21 take a bold step, where an agreement was made to limit global warming to 1.5 degrees Celsius (compared to preindustrial levels) by 2050. Additionally, a direction was laid out to help vulnerable communities adapt to the effects of climate change and achieve net-zero emissions by 2050
Changes in commitment and awareness over time are clearly visible from what was achieved at COP28 (held in Dubai, UAE last year) and how it stood out from previous summits:
Increased participation: Climate action has traditionally suffered from a lack of awareness and commitment. Yet, COP28 witnessed record attendance, with more than 80,000 attendees, including over 150 heads of state – reflecting higher interest, intent and commitment.
First global stocktake: Goals lack meaning when not coupled with measures. COP28 saw the first such measure of progress in the form of a first-ever global stocktake, revealing progress was too slow, and prompted a call for action by 2030. We can expect to see more rigor and commitment in developing future climate action plans now that a baseline is starkly visible for everyone to refer to.
Accelerating energy transition: The world is still struggling to do away with energy sector related emissions. This was the first time that the final
agreement included clear language on transitioning away from fossil fuels and towards cleaner sources of power. Parties are called to attempt a tripling of renewable energy capacity and doubling of energy efficiency improvements by 2030, while phasing down coal power, and reducing fossil fuel subsidies.
Funding for loss and damage: A build up from previous summits, COP28 witnessed a landmark agreement for providing financial assistance to countries severely impacted by climate change. Having reached $661m to date, the fund clearly demonstrates how nations are jointly willing to take responsibility and come forward to support those in need.
Acknowledgement of interlinkages: COP28 witnessed a significant step forward in acknowledging the existence of interlinkages climate change has with biodiversity, public health, and food systems. We can treat this as a commendable first step in the journey towards resolving climate change holistically. This could also serve to unlock opportunities in future-enabling technologies and solutions like urban vertical farming, integration of renewables with building technologies, and a host of cross-sectoral decarbonisation solutions.
Negotiations and discussions at COP28 have paved the way for what could be a new era in the journey towards saving the environment. But a lot still needs to be done. Implementation must be fast-paced, purposeful and meaningful. Future summits need to drive things forward appropriately. Expectations for COP29 are already high, and we should look for how things progress across key themes – each of which can have far-reaching impact on achieving climate change ambitions.
Climate finance: COP29 is being called the “finance COP” – and is an opportunity for finally aligning climate finance contributions with global needs, while setting aside conflicts that otherwise crept up previously, especially between developed and developing nations. Differences do exist though, and deliberations would have to be notched up, to reach a reasonable level of consensus. A case in point is the contesting of the New Collective Quantified Goal (NCQG), which has been designed to enhance
COP28 WITNESSED A LANDMARK AGREEMENT FOR PROVIDING FINANCIAL ASSISTANCE TO COUNTRIES SEVERELY IMPACTED BY CLIMATE CHANGE
Abhay Bhargava, SVP and associate partner, Energy & Environment Growth Advisory, Frost & Sullivan
EXPECTATIONS FOR COP29 ARE ALREADY HIGH, AND WE SHOULD LOOK FOR HOW THINGS PROGRESS ACROSS KEY THEMES – EACH OF WHICH CAN HAVE FAR-REACHING IMPACT ON ACHIEVING CLIMATE CHANGE AMBITIONS.
the financial target for supporting developing countries in their climate actions. This will be a test of the level to which partnerships can be forged, the extent to which the private sector can step up, and how far accountability and transparency can be extended. Similarly, we need to see further commitments on the build up and roll out of the Loss and Damage Fund that was announced in COP28.
Improvement in monitoring mechanisms: COP28’s global stocktake was a commendable achievement. Now, the pressure will be higher on participants of the COP29 to go a step further and improve mechanisms for monitoring and accountability, which is a core enabler (or conversely, a challenge) for operationalisation of agreements/commitments.
Updating nationally determined contributions: The 2025 submissions of NDC’s (NDC 3.0) need a massive update, which incorporates the findings, and recommendations for action, from the global stocktake completed in COP28. Participating countries will be expected to come forward with a comprehensive economy-wide emission reduction targets that truly support complying with the 1.5°C limit.
Enhancing resilience: COP28 already echoed the importance of solving climate change across a broader set of systems. COP29 should take this a step forward, and prioritise initiatives that lead to strengthening of infrastructure, protection of ecosystems, and support to communities in adapting to changing climate conditions.
The hosts of COP29 have a tall task ahead of them –of bringing the world together in solidarity to address the critical issue of climate change. Commitments need to be strengthened – at the very least in the form of NDC’s that are revised to factor in for the global stocktake. Investments need to be scaled up, diversified, and made more accessible – with an intent to enhance resilience and accelerate transitions.
It is a time for action, and all eyes will be on COP29 to see the extent to which nations and actors can get together in a transparent manner, to put differences aside, and focus on negating the impact of climate change.
In an era of geopolitical instability, the economic landscape for businesses across the Middle East and North Africa (MENA) is proving extremely challenging to navigate. Ongoing crises, along with other regional tensions, continue to disrupt supply chains and adversely impact economic growth.
When operating in a turbulent environment, what specific steps can business leaders take to safeguard their supply chains, increase resilience, and ultimately ensure continuity of operations?
The reliance on technology in supply chain management has become increasingly critical. When paired with MENA’s region particularly fast-growing digital economy – which is set to increase from $180bn in 2022 to $780bn in 2030 – paying attention to technology becomes essential.
Businesses must invest in advanced technologies such as artificial intelligence (AI) to ensure that their supply chains are successful. Leading the charge in the Middle East’s AI transformation, the UAE and Saudi Arabia are strategically transitioning from a reliance on oil and gas to becoming global technology leaders.
This shift is supported by progressive government policies that foster a tech-friendly environment, stimulate innovation, and integrate AI across both public and private sectors.
An investment in generative AI, for instance, can significantly enhance business operations. Generative AI creates new content, designs, and models from existing data, optimising logistics by generating efficient delivery routes and aiding product design by crafting innovative prototypes based on market trends. By integrating generative AI, businesses drive innovation, improve efficiency, and stay competitive in the digital economy.
However, given the rate at which technology evolves, investing in infrastructure alone is not enough. Continuous upskilling and training programmes can help employees stay abreast of the latest technological advancements, ensuring that businesses can leverage innovation in the right way.
Rami Wadie, risk advisory MENA leader at RSM
While incorporating technology within supply chain management brings benefits, business leaders must ensure they avoid over-reliance on low-quality data. This can lead to reduced efficiency, missed opportunities, lost revenue, reputational damage, inaccurate analysis, and compliance issues, ultimately hindering business operations and growth.
Businesses must establish robust data governance frameworks to ensure the accuracy, consistency, and reliability of their data. This includes regular audits and validation checks to ensure that AI systems are functioning correctly and providing accurate outputs.
In tandem with this, businesses should employ training to ensure that staff can analyse data correctly and make informed decisions based on their findings.
businesses in the MENA region are increasingly recognising the importance of ESG strategies. However, a recent report revealed that MENA companies are lagging behind in their ESG strategies and that 70 per cent of those in the region are behind on achieving their sustainability goals.
GIVEN THE RATE AT WHICH TECHNOLOGY
EVOLVES, INVESTING IN INFRASTRUCTURE ALONE IS NOT ENOUGH. CONTINUOUS UPSKILLING
To avoid falling behind, businesses must comply with the regional ESG reporting requirements starting to appear, such as those mandated by the UAE’s Securities and Commodities Authority (SCA). Incorporating ESG strategies helps businesses adhere to global standards and mitigates environmental and social risks.
AND TRAINING PROGRAMMES CAN HELP EMPLOYEES STAY ABREAST OF THE LATEST TECHNOLOGICAL ADVANCEMENTS, ENSURING THAT BUSINESSES CAN LEVERAGE INNOVATION IN THE RIGHT WAY.
Diversification is key to mitigating risks associated with geopolitical instability. By spreading investments across different regions and sectors, businesses can reduce their exposure to localised disruptions. For example, there is a growing trend of capital moving into Egypt, which is geographically distanced from ongoing conflicts and offers a relatively stable environment for investment.
In addition to geographical diversification, businesses should consider diversifying their supplier base. Relying on a single supplier or a concentrated group of suppliers can be risky. By engaging with multiple suppliers from different regions, businesses can ensure a more resilient supply chain.
As global emphasis on sustainability grows,
With the rise of remote businesses, robust governance becomes critical in the ESG framework. Ensuring accountability, ethical decision-making, and regulatory compliance, especially in data privacy and cybersecurity, builds stakeholder trust, mitigates risks, and ensures company success.
Businesses must establish robust governance frameworks to oversee remote operations, ensuring compliance with regulations in every country they operate. This involves creating clear policies and procedures for data handling and protection, conducting regular security audits, and investing in cybersecurity measures to guard against data breaches and cyberattacks. These steps are crucial for maintaining operational integrity and safeguarding assets in a remote working environment.
Different industries face unique challenges that require tailored approaches. For example, the oil and gas industry in MENA – home to the world’s largest oil reserves – must adapt to global environmental policies and society’s shift towards renewable energy.
Business leaders should identify the specific challenges facing their industry and develop targeted strategies to address them. This may involve collaborating with industry stakeholders, investing in research and development, and staying informed about regulatory changes and market trends.
Geopolitical instability presents significant challenges for businesses across MENA. However, by adopting a strategic, long-term approach, business leaders can safeguard their supply chains and ensure resilience.
can adopt to help foster a culture of academic integrity and best provide students with the means to cope with their extrinsic pressures. There are also opportunities for educators to put policies in place which act as strong deterrents, and occasions where values of academic honesty can be instilled. It is an issue that educators can effect change in.
Here’s how educators can foster a culture of academic integrity among students
BY DR STEVEN GLASGOW
The advent of generative artificial intelligence (GenAI) and the proliferate access to online contract cheating services has led to real concerns about the maintenance of academic integrity within our education systems.
Tools and technologies have never been more advanced and accessible, and educational institutions are still in the process of learning how to design assessments to mitigate risks of academic misconduct.
Research from the International Centre for Academic Integrity suggests 29 per cent of students in higher education have participated in some form of academic misconduct and this rises to 95 per cent in secondary education.
Despite the contemporary challenges to maintaining academic integrity, it is worth highlighting that very few students go into education with the intention to cheat. What is much more common is students failing to manage external pressures leading them to make poor decisions in assessments.
Such pressures include family pressures to maintain high grades, a lack of engagement with classes and materials, and a distinct feeling of being out of their depth with material, which all can lead to students feeling they must cheat to meet expectations.
Academic misconduct tends to be a response to extrinsic factors rather than having an intrinsic motivation – students do not cheat simply because they want to. The prevalence of academic misconduct is also tied to a student’s belief about the chances of being caught and the scale of penalties that may be applied, with less rigorous detection methods and lighter penalties creating a more tempting environment for students to take the risk of academic misconduct.
In a way, this is positive because as educators although we cannot control all extrinsic factors, there are strategies we
Ensuring that students feel they can cope with their assessments without misconduct is not a simple issue to tackle and strategies should be specific to the nature of what is being taught.”
Ensuring that students feel they can cope with their assessments without misconduct is not a simple issue to tackle and strategies should be specific to the nature of what is being taught. However, broadly speaking, practices which formatively assess student understanding throughout an academic journey, educators making themself accessible to students who may be struggling, and use of monitoring systems which highlight signs of disengagement, poor attendance for example, can all lead to the identification of at-risk students and the implementation of interventions where extrinsic pressures can be mitigated.
In tandem with better supporting students, educators must provide consistent messages on the importance of maintaining academic integrity and this can be achieved through embedding academic honesty within module design, providing clear guidelines in what is and is not acceptable practice in assessments, and being transparent about the processes and penalties surrounding allegations of misconduct.
Such messages need not be negative discourse related to shame, crime and punishment which ultimately can lead students to becoming fearful, but positive messages about acting ethically, personal development and lifelong skills that provide a solid foundation for a long and successful career ahead. By enacting such a philosophy, academic integrity can become an underlying assumption embraced within the culture of student communities.
The writer is the associate professor at School of Social Sciences, Heriot-Watt University Dubai.
In recent years, interest in genomics has been rising rapidly across the GCC. Already in use in prenatal testing, pre-marital screening, and certain cancer screenings and treatments, genomics is just one of several “omics” sciences that collectively promise to transform our approach to health and disease.
Realising omics’ societal and economic benefits requires coordinated action among multiple stakeholders. Omics explore the roles, relationships, and actions of the various types of molecules in an organism’s cells. They provide insights
into biological functions and their impacts on health and therein hold great promise for our ability to predict, diagnose and treat a vast array of diseases.
Proteomics, for example, which examines the roles, locations and interactions of proteins, may unlock answers to Alzheimer’s disease.
Beyond their potential for improving and managing health outcomes, omics and their technologies represent a significant economic development opportunity.
By 2027, the genomics market in the Middle East and Africa is projected to reach $1.2bn, growing with a CAGR of around 10 per cent between 2023 and 2027.
What makes omics so compelling is their power to personalise healthcare. Prevention and treatment are tailored to the individual’s unique biological and genetic makeup, offering better outcomes while reducing unnecessary and ineffective procedures and their associated risks and costs.
Omics can also advance public health. By enabling the stratification of populations, they can inform government decisions, such as medication approval and ensuring that treatments align with the individual biological profiles of citizens.
GCC countries are in the vanguard of those incorporating genomics into their national healthcare strategies. Saudi Arabia’s newly launched National Biotechnology Strategy, part of Vision 2030, aims to position the country at the forefront of the global biotechnology landscape.
The strategy entails expanding the national genomic database, fostering a supportive regulatory environment, and applying precision medicine to improve health outcomes.
Both Qatar and the UAE have genome-mapping programmes, the latter targeting one million citizens to tailor cancer treatment. Further advances BY 2027, THE GENOMICS MARKET
are possible. Through an integrated approach that encompasses multiple omics, GCC countries stand to gain a more sophisticated understanding of diseases, especially complex conditions that disproportionately affect their populations.
Multi-omics offers a pathway to identify biomarkers and therapeutics that are more relevant and potentially more effective for GCC citizens given their particular genetic makeup.
This approach supports the development of more accurate diagnostic tools, personalised treatments, and more effective preventive measures. In adopting multi-omics, the GCC could set a new standard in individual and public health.
In addition to their substantial health benefits, omics and their technologies offer significant economic development opportunities.
We estimate that Saudi Arabia and the UAE are poised to capture more than 60 per cent of the estimated $1.2bn market for genomics alone.
Strategic investments in genomic technology and data – such as AstraZeneca’s estimated $840m fouryear partnership deal with Verge Genomics recently – also reflect the high economic stakes and potential returns.
To realise the transformative potential of omics, GCC healthcare stakeholders can take six steps.
First, governments and regulators should lay the foundation, starting with secure data infrastructure and governance, the seamless integration of omics in the research ecosystem, sustained funding, and sufficient talent. They must provide clear and consistent
MULTI-OMICS OFFERS A PATHWAY TO IDENTIFY BIOMARKERS AND THERAPEUTICS THAT ARE MORE RELEVANT AND POTENTIALLY MORE EFFECTIVE FOR GCC CITIZENS GIVEN THEIR PARTICULAR GENETIC MAKEUP. THIS APPROACH SUPPORTS THE DEVELOPMENT OF MORE ACCURATE
DIAGNOSTIC TOOLS, PERSONALISED TREATMENTS, AND MORE EFFECTIVE PREVENTIVE MEASURES.
SAUDI ARABIA AND THE UAE ARE POISED TO CAPTURE MORE THAN 60 PER CENT OF THE ESTIMATED $1.2BN MARKET FOR GENOMICS ALONE
legislation and predictable regulations for handling patient data, maintaining laboratory safety standards, and safeguarding direct-to-consumer services.
Second, healthcare and public health authorities should proactively collect and analyse their populations’ omics data points to inform public interventions, approvals (e.g., for medications and treatments), and clinical guidelines.
Third, research and educational institutions should deepen their study of local biology to address health challenges unique to the region. Doing so requires establishing clear research objectives, securing substantial sample sizes, and using modern laboratories and analytical tools effectively. Omics technologies should be included in biomedical education programmes.
Fourth, healthcare providers should integrate omics into routine clinical practice, offering equitable access to omics solutions and ongoing education to medical staff, while ensuring guideline compliance.
Fifth, healthcare payors should develop new frameworks for assessing and reimbursing omics solutions, focusing on their health-economic benefits and ensuring clinical effectiveness, quality, and transparency. These frameworks are crucial for maintaining funding for omics technologies.
Sixth, private-sector investors and companies should establish a sustainable loop of omics technology development through significant R&D investment, international collaborations, and public-sector partnerships.
The potential health and economic benefits of the omics revolution are profound – and the GCC stands at the threshold of this new era in medicine.
With its genetic diversity, advanced technological infrastructure, and strong governmental support, the GCC is well-positioned to lead the world in integrating omics into healthcare and setting a new paradigm for precision medicine worldwide.
TAHA KHALIFA - INTEL’S DIRECTOR OF CCG ENTERPRISE & GOVERNMENT SOLUTIONS, AND EMEA & GCC COUNTRY MANAGERSHARES HIS VIEWS ON AI’S IMPACT ON THE REGION AND HIS COMPANY’S CONTRIBUTIONS TO IT THROUGH ITS IDM 2.0 STRATEGY
BY NEESHA SALIAN
foundry partnerships, and the establishment of Intel Foundry Services (IFS).
By doing so, the company aims to provide GCC businesses with access to cutting-edge technology, packaging solutions and a vast IP portfolio.
Additionally, Intel is focused on enhancing digital literacy, improving skills, and offering training to support the region’s digital transformation goals.
How does Intel’s IDM 2.0 strategy benefit GCC businesses?
The IDM 2.0 strategy offers several advantages to GCC businesses and beyond. It ensures a reliable supply of advanced process technology, enhances product flexibility and scale, and creates a strong foundation for future innovation.
As the GCC region rapidly transforms through digitalisation, artificial intelligence (AI) is becoming a cornerstone of innovation and economic growth. Intel, a global leader in semiconductor technology, is playing a pivotal role in supporting this evolution. Here, Taha Khalifa, director of CCG Enterprise & Government Solutions, and EMEA & GCC country manager at Intel, shares his insights into AI’s transformative potential in the region and Intel’s contributions through its IDM 2.0 strategy.
What is the potential of AI in the GCC region?
The UAE and Saudi Arabia are leading the charge with substantial government investments in AI infrastructure and talent development.
The UAE has established the Ministry of Artificial Intelligence to position itself as a global leader in this field, focusing on integrating AI into various sectors, including healthcare, where AI technologies are being used to enhance patient outcomes.
Meanwhile, Saudi Arabia’s Vision 2030 emphasises AI’s role in diversifying the economy away from oil dependency, with initiatives like the Fourth Industrial Revolution Centre at Aramco showcasing AI’s environmental benefits.
By combining internal manufacturing, third-party foundry partnerships, and IFS, we can optimise product roadmaps for cost, performance, schedule, and supply, ultimately empowering GCC businesses to compete effectively in the global market.
How is Intel making AI accessible to businesses of all sizes in the GCC?
We are dedicated to democratising AI, making it accessible and beneficial to businesses of all sizes.
The GCC region is experiencing rapid digital transformation, with AI at its core. This technology holds immense potential to revolutionise industries and contribute significantly to economic growth. Estimates suggest that AI could add a staggering $320bn to Middle Eastern economies by 2030.
How is Intel supporting the region’s AI ambitions?
The company is committed to supporting the GCC region’s AI aspirations through our Integrated Device Manufacturing (IDM) 2.0 strategy. This approach involves a combination of internal manufacturing, third-party
The company’s focus on developing cutting-edge technologies that deliver flexibility, security, sustainability, and costeffectiveness is crucial in achieving this goal. Intel’s Lunar Lake architecture, for example, will bring high-performance AI capabilities to laptops and PCs, while Xeon 6 processors offer exceptional performance and power efficiency for data centres.
These innovations empower businesses to harness the power of AI and drive growth.
KRISTIAN IMHOF, GENERAL MANAGER OF LEGO MIDDLE EAST, DISCUSSES THE BRAND’S COMMITMENT TO INNOVATION, ITS FOCUS ON SUSTAINABILITY, AND ITS STRATEGIES FOR ADAPTING TO THE EVOLVING NEEDS OF MIDDLE EASTERN CONSUMERS
BY NEESHA SALIAN
LEGO is more than just a childhood favourite; it’s a cultural phenomenon that sparks creativity and connection across generations. Today, its products are sold in more than 130 countries worldwide. Through constant innovation and a dedication to staying relevant, the humble LEGO brick has transformed into a lifestyle brand. Here, we delve deeper into this beloved brand’s journey, as we chat with Kristian Imhof, general manager at LEGO Middle East, to explore how the company has
redefined play and become a symbol of endless possibilities. We’ll discuss the future of LEGO and how it continues to captivate audiences worldwide.
How does the LEGO brand balance innovation with maintaining the core elements that have made its products loved across generations?
The core of the LEGO brand is the iconic brick, which has been the foundation of our success for generations. This simple
yet powerful element is inherently innovative, in that it not only offers endless possibilities for creativity, but it also develops essential skills in kids such as fine motor skills, problem-solving among many more, all supporting their cognitive and physical development. Our approach to innovation builds on this legacy, introducing new functionalities and themes while staying true to the values of constructive play that have shaped the toy industry. For instance, while the LEGO Botanicals Collection offers a fresh perspective that caters to adults seeking relaxation and joy through building. Innovation for us also means listening to our consumers and adapting to their evolving needs. By creating products that resonate with different demographics, such as adults looking for a mindful escape, we ensure that LEGO builds remain relevant and beloved across generations. This balance between innovation and tradition ensures that while we embrace new trends, the timeless joy and creative
BEYOND TECHNOLOGY, SEVERAL EMERGING TRENDS ARE RESHAPING THE PLAY INDUSTRY. STEAM EDUCATION AND SOCIAL-EMOTIONAL LEARNING ARE BECOMING INCREASINGLY IMPORTANT, AND THE LEGO BRAND IS AT THE FOREFRONT OF PROMOTING PLAY-BASED LEARNING THAT FOSTERS COGNITIVE DEVELOPMENT, CREATIVITY, AND COLLABORATION.”
potential of LEGO play remain at the heart of everything we do.
How do you see advancements in play, such as augmented reality (AR) and interactive digital platforms, transforming the industry? How is the LEGO brand adapting to these industry trends into its products?
Advancements like AR and interactive digital platforms are transforming the play industry by adding new layers of engagement and interaction. These technologies don’t replace traditional play but rather enhance it, creating richer, more immersive experiences. A great example is our LEGO Super Mario line, which seamlessly
blends physical building with digital gameplay, offering a unique experience that bridges the physical and virtual worlds.
These innovations bring storytelling and interactivity to a new level, offering benefits like guided building instructions and expanded play narratives. We’re also collaborating with partners like EPIC Games to bring the LEGO brand into the digital gaming arena, appealing to a new generation of fans passionate about online gaming, and merging physical and digital worlds in products related to beloved games like Minecraft, Sonic, and Fortnite.
As we embrace these new technologies, digital child safety remains a top priority
for us. We understand the importance of creating a safe and secure digital environment for children as they interact with our platforms. The LEGO Group has implemented robust safety measures and collaborates with trusted partners to ensure that children can enjoy these immersive experiences while parents have peace of mind regarding their online safety. This approach allows us to expand our play experiences while maintaining the physical creativity and security that are at the heart of the LEGO brand.
Besides technology, what are some of the emerging trends you’ve observed in the play industry?
Beyond technology, several emerging trends are reshaping the play industry. STEAM education and social-emotional learning are becoming increasingly important, and the LEGO brand is at the forefront of promoting play-based learning that fosters cognitive development, creativity, and collaboration. We’ve also seen a growing demand for personalised play experiences and sustainable toys where consumers not only seek tailored engagements that reflect their interests and passions but they are also more conscious of the environmental impact of their choices. These trends reflect a broader shift towards play that is not only innovative but also socially and environmentally responsible.
The LEGO Group continually evolves in this area, with a strong commitment to making all packaging more sustainable by 2025, with a specific focus on paper-based materials. We are transitioning from singleuse plastic pre-pack bags to paper-based ones in LEGO boxes, significantly reducing plastic waste. This initiative is part of our broader commitment to triple spending on sustainability initiatives and invest in sustainable materials, to make our products from more sustainable and circular materials by 2032. In terms of carbon emissions, we have set ambitious targets to reduce emissions by 37 per cent by 2032 and to achieve net zero by 2050. This involves investing in renewable energy sources and enhancing energy efficiency in our manufacturing processes. We are also exploring alternative materials, having tested over 300 different options. While some materials have shown promise, we remain
committed to finding solutions that meet our high standards for quality, safety, and durability
How does LEGO Middle East adapt its offerings to meet the changing needs and preferences of consumers?
The company is deeply committed to understanding and adapting to the unique needs of our diverse audience by enriching our product portfolio to align with their various interests, whether it’s themed like Princess, Vehicles, or Gaming. Engaging with local communities and leveraging insights from studies like the Play Well Study help us tailor our marketing strategies and product offerings to better resonate with the region’s consumers.
Collaborating with regional partners also allows us to co-create culturally relevant experiences and events, fostering inclusivity and diversity within the LEGO brand. This approach ensures that our products resonate with various cultures and values across the Middle East and Africa. For example, we have developed product lines like the LEGO Botanicals Collection and LEGO Friends that cater to specific demographics, emphasising our commitment to providing meaningful and relevant play experiences. We also recently kicked off our collaboration with RTA’s Dubai Metro, where we are immersing commuters in the imaginative world of the LEGO brand and giving them an uplifting experience while they commute from one place to another.
What research has the LEGO brand used to highlight the benefits of play-based learning in educational systems?
The LEGO brand’s dedication to playbased learning is supported by extensive research through regional partners, including findings from our Play Well Study. This research highlights the benefits of play for cognitive development, social skills, and problem-solving. It emphasises the critical role of play throughout childhood in developing lifelong learning and adaptability.
The LEGO brand continuously innovates and provides parents with the tools and resources needed to inspire a deep, enduring love for learning through play. Our commitment is to ensure that every learning experience is enriched by the power of play, laying a foundation for future generations to become innovative, confident, and empathetic thinkers – all while keeping the fun element in learning through play.
How important is cultural sensitivity and inclusivity in the LEGO brand’s product development process?
While the LEGO product portfolio remains consistent across markets, we gather insights and learn about the preferences and passions of our audiences through in-depth research conducted in the local markets we serve including the UAE and Saudi Arabia.
These insights guide our design teams in the set creation process, resulting in a portfolio that offers a wide range of play and build options, from cars and flowers to landmark buildings and animals.
We collaborate with regional partners, local teams and advisors to ensure our products and marketing materials are culturally appropriate and inclusive. This includes developing product lines that promote diverse characters and stories. Our customer engagement strategies have also focused on celebrating local occasions and tailoring our marketing efforts to reflect regional values and traditions. For example, we are the only toy brand in the Middle East that has created meaningful Ramadan campaigns for the third consecutive year, resonating deeply with local audiences. This approach has helped us build strong connections with our consumers.
What message would you like to share on the impact of innovative play on the community?
Innovative play is a catalyst for shaping the future of our communities by fostering creativity, problem-solving, and collaboration. At the LEGO Group, we believe that play is a foundational element of human development, capable of transforming how individuals learn, grow, and interact with the world around them.
Today, the importance of play in developing critical life skills cannot be overstated. Innovative play breaks down barriers, encouraging inclusivity and understanding among diverse groups. It provides a universal language that brings people together, irrespective of age, background, or culture. By fostering environments where play is encouraged and valued, we empower individuals to imagine new possibilities and tackle challenges with confidence and ingenuity.
Sheheryar Rasul, CEO and country head - Switzerland Group Wealth Management, Habib Bank AG Zurich, shares the bank’s long-term vision, with a focus on trust and innovation
What is your long-term vision for wealth management at Habib Bank AG Zurich?
We envision building a globally recognised platform that provides personalised, clientcentric solutions tailored to the evolving needs of our clients. We aspire to be recognised as a long-term partner focused on wealth preservation while addressing each client’s specific needs and goals. Over the next 5-10 years, we see our wealth management division expanding its digital capabilities, and establishing ourselves as a leading provider of Shariah-compliant solutions for our private clients, whilst also deepening our involvement with the next generation of our clients.
Our goal is to become a trusted partner, not just for our clients’ wealth management needs but for their holistic financial well-being. Additionally, our presence in DIFC plays a pivotal role in achieving this vision. Dubai is a strategic hub that connects global markets, and being at the heart of the DIFC allows us to leverage its international financial ecosystem to better serve our clients. It also positions us closer to a key segment of our client base in the Middle East.
How do you balance the need for innovation while maintaining the trust and reliability that clients expect from us?
Innovation is essential in today’s fast-paced financial world, but at Habib Bank AG Zurich, it must always be built on a foundation of trust. Our clients look to us for stability, particularly in challenging times, and that’s something we are deeply committed to preserving.
Many of our relationships span multiple decades, and we are now seeing the next
generation being introduced into these family businesses. This generational shift is accompanied by evolving expectations, particularly around digital capabilities. It’s crucial that we keep pace with this new client base, which increasingly demands tech-driven solutions. However, as we embrace innovation, we ensure that it aligns with the core principles of security, transparency, and reliability that our clients have come to expect from us.
In your opinion, what sets Habib Bank AG Zurich apart from the other players, both in terms of culture and client service? What truly sets the bank apart is our deeprooted heritage of service and relationship building, coupled with our global reach. We are a family-owned bank, and that ethos translates into a client-centric approach that prioritises long-term relationships over short-term gains. Our culture is built on the principles of trust, respect, and personalised care, ensuring that each client feels valued and understood. Our core belief is that we are not just service providers, but custodians of our clients’ assets and wealth, committed to safeguarding them across generations. This multi-generational focus has been a guiding principle for us throughout the bank’s history, and it continues to shape our approach today.
In terms of client service, we offer a boutique experience tailored to the specific needs of each client, while leveraging the resources and global reach of a large institution. Many of our clients come from family-run businesses and are navigating the complexities of multi-generational wealth. Our ability to provide bespoke,
We aim to offer a seamless blend of traditional values with modern financial services, allowing us to continue serving clients across generations.”
multi-generational solutions – whether for wealth preservation or succession planning, sets us apart from the competition. Additionally, as a privatelyowned bank, we have the agility to respond quickly to our clients’ evolving needs, without the constraints that larger institutions often face. Our presence across multiple regions also allows us to combine local expertise with a global perspective, ensuring that we can offer both personalised insights and international opportunities. Ultimately, our culture of trust, respect, and personalisd care ensures that each client feels valued and understood.
What do you believe are the most significant challenges clients face today?
Today, clients face an increasingly complex financial landscape. Market volatility, regulatory changes, a continuously evolving fiscal framework, geopolitical uncertainties, and the rapid pace of technological disruption all present significant challenges. Additionally, there is a growing need for sustainable investment options as clients become more conscious of the impact their wealth has on the environment and society.
We address these challenges by offering tailored advice and solutions that account for both the macroeconomic environment and individual client circumstances. We maintain close contact with our clients to understand their evolving needs and provide strategies that balance risk and opportunity. By combining our deep expertise with a proactive, client-first approach, we help our clients navigate uncertainty and achieve their long-term goals.
Jamal Al Nassai, group managing director for Merchant Services at Network International shares his insights on the company’s strategic direction, innovative solutions for merchants, and the future of digital payments in the region
Tell us about your journey with Network International over the past 18 years and how your experience in various leadership roles has shaped your approach to managing Merchant Services in the MENA region. Network has undergone a remarkable journey of growth, and innovation. Starting in an era when the payments landscape was vastly different, the company has transformed into being a key digital payments player across the Middle East and Africa. I have had the privilege of witnessing this incredible growth in many different roles spanning operations technology and merchant acquiring over 18 years. What stands out the most is how crucial it is to keep our customers at the center of everything we do. That mindset has driven us to become the leading acquirer in the region. Our goal remains clear, to deliver value to our merchants, focus on innovation, drive digital payment
adoption, and continue enhancing the payments ecosystem with solutions that help businesses grow.
Network International is one of the largest acquirers in the UAE. What are the key components of your merchant services strategy in the Middle East, and how do you differentiate your services from competitors?
Our commitment to supporting merchants remains a core pillar of our strategy. Our focus is on helping merchants grow by enabling them with latest payment technologies to keep pace with the evolving digital landscape. With a 30-year history and over 130,000 merchants, we’ve been at the forefront of driving financial inclusion and digital payments across the region.
What gives us an edge is the combination of our in-house technology and development capabilities. At the core
is our state-of-the-art technology platform with an innovative product suite that offers everything from cards and tokens to POS systems and e-commerce solutions. Whether it’s preventing fraud, managing loyalty programmes, or offering financing options, we ensure that our merchants have the tools they need to thrive in a digital world and provide enhanced customer experiences. By leveraging artificial intelligence (AI) and integrating APIs, SDKs, and data, we provide merchants with customised, integrated solutions that enhance their operations both online and offline business.
How are you supporting merchants across the MENA region with innovative digital payment solutions? Can you share examples of how these solutions have enhanced the payment value chain? Network provides merchants with an allin-one payments platform that integrates multiple innovative products and valueadded services to meet the diverse needs of businesses.
“PAYMENTS SHOULD EMPOWER BUSINESSES, NOT COMPLICATE THEM.”
For example, our Split Settlement solution at point-of-sale and online enables merchants to collect payments for various services on a single terminal or on a single transaction and settle directly to the respective bank accounts Our App to App payments solution allows merchants to accept payments through their existing applications on their smartphones, eliminating the need for additional hardware. We’ve also introduced easy payment plans at point of sale in Egypt, as well as a customised payment solutions for hospitality in Jordan, addressing sector-specific needs.
Network offers a wide range of data and advisory solutions. These solutions enable our customers to customise and optimize their products and services to their consumers, resulting in higher consumer satisfaction and profitable growth. By delivering secure and seamless payment experiences, whether online or offline, we’re enabling businesses offer convenience to their customers. This year we have processed about three billion transactions across our markets, and crossed $100bn in process volume, while having managed 18 million payment credentials.
Network International has partnered with the Central Bank of the UAE on initiatives like Jaywan and Aani. Can you discuss the significance of these collaborations
What gives us an edge is the combination of our in-house technology and development capabilities. At the core is our stateof-the-art technology platform with an innovative product suite that offers everything from cards and tokens to POS systems and e-commerce solutions.”
seeing growing interest in buy now pay later payments, cross-border payments, real-time transactions, and even cryptocurrencies. At Network, we’re already tapping into these trends. Our platform supports the acceptance of multiple global digital wallets, BNPL payments, QR payments, biometric payments like facepay and much more, enabling consumers to make payments with ease, while enabling merchants with the tools they need to grow their business and enhance customer convenience. It’s an exciting time for everyone in the digital payments space and we’re proud to be at the forefront of it.
Jamal Al Nassai
and how they contribute to the UAE’s vision of establishing a world-class digital economy?
Our partnership with the Central Bank of the UAE is key to our commitment to a robust digital payment ecosystem through innovation, digitisation, and global interoperability. We’re proud to be among the first acquirers to launch ‘Jaywan’ and ‘Aani’ for merchants and consumers. These initiatives will advance the UAE’s national agenda for financial efficiency and inclusion, drive real-time payments and significantly improve transaction speed, security and customer experiences.
Network serves a large portion of merchants across the region, spanning several sectors including Government, retail, hospitality, electronics, airlines among others, that stand to benefit from these initiatives and thus drive acceleration of the UAE’s vision of a worldclass digital economy. We have over 26 banking partners, telecom and fintech customers whom we will support in issuing Jaywan cards and Aani payments.
What emerging trends do you see shaping the digital payments industry in the MENA region, and how is Network International positioned to capitalise on these trends? The payments landscape is changing fast with the rise of digital wallets, mobile payments, biometric authentication, and contactless technologies. We’re also
Innovation is key to economic diversification. How is Network International driving innovation in digital payment technologies to support merchant growth and contribute to regional economic development?
We are continuously expanding our technology stack to deliver innovative payment solutions that increase financial access, make transactions frictionless, and make money movement more efficient. As the UAE advances toward a digital economy, we’re helping merchants, financial institutions, and consumers transition smoothly by offering integrated, secure, and innovative payment solutions that align with regional economic goals.
Where do you see Network International in the next five years, particularly in terms of its role in the digital economy in the region?
Network is committed to leading the digital transformation across the Middle East and Africa and working closely with the governing bodies, regulators, partners and customers to innovate and scale digital payments across regions.
Our focus will remain on supporting businesses and customers and bringing in new, innovative solutions that make payments easier and accessible for everyone. We will leverage our capabilities, knowledge, data and our deep understanding of regional market needs to serve our customers and be at the forefront of the future of digital payments. Our vision is to make payments seamless, secure, and scalable – payments should empower businesses, not complicate them.
Al Masaood Automobiles celebrated the Nissan Patrol’s spectacular world premiere in Abu Dhabi in September
Last month, the UAE’s capital city hosted the highly anticipated global premiere of the all-new Nissan Patrol. Under the theme “Nissan Patrol Middle East Odyssey”, this event not only showcased the latest iteration of the iconic SUV but also celebrated its rich heritage and adventurous spirit, set against the backdrop of the majestic desert dunes.
The event was attended by Nissan’s president and CEO Makoto Uchida, along with over 600 key guests, including royals, VIPs, global Nissan executives, partners, and media representatives. The occasion was a testament to the Nissan Patrol’s global appeal, as it was livestreamed to audiences worldwide, ensuring that automotive enthusiasts everywhere could partake in the excitement.
The launch night was nothing short of spectacular, weaving together elements of culture and cutting-edge technology. Guests were captivated by performances that beautifully blended Japanese traditions with Middle Eastern heritage. From evocative Emirati poetry recitals to mesmerising traditional Japanese dance shows, the evening was a vivid tapestry of cultural exchange. Additionally, advanced 3D mapping technology brought the stunning desert landscape to life,
enhancing the Nissan Patrol’s adventurous ethos and creating a visual feast for attendees.
One of the highlights of the evening was the dedicated Heritage Zone, which took guests on a fascinating journey through time. This immersive experience showcased previous generations of the Nissan Patrol, dating back to its inception in 1951, and illustrated the SUV’s evolution into a symbol of power and prestige. This walk-through history emphasised not only the model’s technological advancements but also its enduring legacy and cultural significance in the region.
The Nissan Patrol transcends its status as merely an SUV; it embodies the spirit of Abu Dhabi and the adventurous nature of its people. Dubbed “The Hero of all Terrains”, the Patrol has proven to be a reliable companion, adept in navigating
This event not only showcased the latest iteration of the iconic SUV but also celebrated its rich heritage and adventurous spirit.
both the vast sandy deserts and the bustling city streets. Its strength and resilience have endeared it to many, making it a beloved choice for families and adventurers alike.
Since its introduction, the Nissan Patrol has firmly established itself within the UAE’s cultural and environmental landscape. The model’s stature and robust performance, combined with luxurious comfort, cater to the unique needs of customers, solidifying its place as a family vehicle and a powerful performer for urban and off-road escapades.
The Nissan Patrol has not only dominated its segment but has consistently ranked as the number one SUV in the UAE for several years.
This remarkable achievement underscores its significance in Nissan’s regional reputation and reflects its popularity among Emirati customers, who accounted for nearly 80 per cent of Patrol purchases at Al Masaood Automobiles in 2024 alon e.
Over the past decade, the Nissan Patrol has cultivated a loyal following, evident in the impressive 58 percent increase in sales in Abu Dhabi. This growth is further echoed by rising customer satisfaction rates year-on-year, demonstrating the trust that customers place in both the Nissan brand and Al Masaood Automobiles.
As the Nissan Patrol continues to evolve and innovate, it remains a steadfast symbol of strength, resilience, and adventure a true reflection of the spirit of Abu Dhabi and its people.
COVER STORY OKX
WORDS GARETH VAN ZYL
PHOTOS MARK MATHEW
AS THE FIRST MAJOR GLOBAL CRYPTO EXCHANGE TO SERVE BOTH RETAIL AND INSTITUTIONAL CLIENTS IN THE UAE, OKX, LED BY LONGTIME BLOCKCHAIN PIONEER STAR XU, AIMS TO LEVERAGE DUBAI’S SUPPORTIVE REGULATORY FRAMEWORK AND THRIVING BLOCKCHAIN ECOSYSTEM TO DRIVE FINANCIAL INCLUSION AND FOSTER INNOVATION IN DIGITAL ASSETS
The city is rapidly evolving into a global hub for blockchain technology, and we are here to support and grow with this vibrant ecosystem.”
RIFAD MAHASNEH, GENERAL MANAGER OF OKX MENA
OKX has launched its UAE exchange
One of the world’s leading cryptocurrency exchanges, OKX, has officially launched in Dubai.
This move marks a milestone, positioning OKX as the first major global exchange to serve both retail and institutional clients in the United Arab Emirates by offering 280 cryptocurrencies and 480 trading pairs.
UAE residents who complete the required onboarding steps on the OKX App or website can now access a range of services.
The launch of the exchange was announced at a gala event at the Museum of the Future, Dubai on October 10, 2024.
“Dubai offers a combination of regulatory support and market demand, making it an ideal place for our expansion in the MENA region,” Rifad Mahasneh, general manager of OKX MENA, tells Gulf Business. He further elaborated on Dubai’s alignment with OKX’s vision: “The city is rapidly evolving into a global hub for blockchain technology, and we are here to support and grow with this vibrant ecosystem.”
Thanks to OKX, retail and institutional investors in the Emirates will, for the first time, have access to trading pairs in AED, enabling them to transact in their local currency.
“The AED trading pairs are an important feature for us,” Mahasneh says. “It simplifies access to digital assets for users in the UAE, eliminating the complexities and additional fees often associated with using foreign currencies.”
OKX has also launched several products tailored specifically for the UAE market. These include spot trading, express buy & sell options, and on-chain earning products, catering to both newer users and experienced traders.
The launch in the UAE is another milestone in OKX’s drive to building locally. The company recently launched its exchange in Brazil in late 2023, followed by market entries in Türkiye, Australia and the Netherlands earlier this year.
Financial inclusion is a core goal for OKX, and the launch in Dubai is a step towards
making crypto more accessible to a diverse population. By offering local currency trading, OKX supports residents who may not have previously considered investing in digital assets.
“Dubai’s demographic is diverse, with people from all walks of life looking for innovative ways to secure their financial future,” Mahasneh explains. “By making our platform accessible to more people, we hope to bridge the gap in financial inclusion.”
The platform also offers access to derivatives trading for qualified investors, a service previously unavailable in the region. This feature allows more advanced traders to expand their portfolios and hedge their investments efficiently.
The launch of OKX in Dubai would not have been possible without the city’s supportive regulatory framework. Dubai’s Virtual Assets Regulatory Authority (VARA) has played a pivotal role in fostering a safe and secure environment for crypto businesses, says Mahasneh.
“We were pleased to receive full operational approval from VARA,” says Mahasneh. “Their approach to regulation is thorough yet facilitative, ensuring that innovation can thrive without compromising on safety and security.”
The UAE stands out globally for its forward-thinking regulatory stance on digital assets. Unlike many other jurisdictions, Dubai offers a robust and clear regulatory pathway for companies operating in the blockchain space. For OKX, this translates into a commitment to compliance and transparency, which, in turn, enhances user trust.
As Dubai solidifies its position as a global hub for virtual assets, OKX aims to be at the forefront of this transformation. By launching in Dubai, OKX is not just establishing its presence but actively contributing to the broader adoption of blockchain technology in the UAE.
“We see Dubai as the gateway to the wider Middle East for blockchain and crypto adoption,” Mahasneh says. “We’re partnering with local institutions, startups, and government bodies to create a thriving crypto ecosystem that supports both businesses and individuals.”
We were pleased to receive full operational approval from VARA, their approach to regulation is thorough yet facilitative, ensuring that innovation can thrive without compromising on safety and security.”
The partnerships OKX plans to build are a key part of its strategy. By working with fintech startups and educational institutions, the company hopes to foster innovation and knowledge-sharing. Mahasneh emphasises, “The community here is tech-savvy, and there’s an appetite for new technologies. By collaborating with educational institutions, we aim to provide resources and training to support the next generation of crypto enthusiasts.”
With the volatility and security risks associated with digital assets, OKX is determined to enhance user trust through robust security measures. The platform implements advanced protocols to safeguard user assets and employs transparency initiatives to maintain customer confidence.
“Security and transparency are, without question, our number one priority,” says Mahasneh. “We regularly publish our Proof of Reserves to show that user assets are always safeguarded. This is about more than regulation; it’s about building trust with our users.”
You don’t have to look into the future to see Dubai as a hub for crypto — it already is, in the area surrounding our office alone, there are dozens of firms working in this space, ranging from exchanges to infrastructure providers. The ecosystem is growing daily, and we are proud to be part of that growth.”
OKX is also committed to providing educational initiatives to help users understand crypto trading and blockchain technology. “Education is essential for anyone entering the crypto space,” Mahasneh adds. “We want our users to feel informed and confident in their investments.”
The launch of OKX in Dubai is expected to have a positive economic impact, particularly in job creation and new business opportunities. With the company’s expansion in the UAE, the demand for talent in the crypto space is on the rise.
“We’ve seen a lot of interest from professionals globally wanting to relocate to Dubai because of the opportunities here,” Mahasneh notes. “We’ve hired locally for key functions, such as compliance, legal, and finance, and we’re looking to expand into more innovative areas like software development.”
Dubai’s crypto-friendly environment is proving to be an attractive destination for international talent, creating a ripple effect in the local economy. The presence of major players like OKX is expected to stimulate further growth in the blockchain sector, supporting a wide range of related businesses, including custody, infrastructure, and tokenisation services.
One of OKX’s objectives in Dubai is to create a comprehensive ecosystem that includes not only trading but also infrastructure and support services that are vital for the broader adoption of digital assets. Mahasneh envisions Dubai becoming a global centre for digital assets.
“You don’t have to look into the future to see Dubai as a hub for crypto — it already is,” Mahasneh says. “In the area surrounding our office alone, there are dozens of firms working in this space, ranging from exchanges to infrastructure providers. The ecosystem is growing daily, and we are proud to be part of that growth.”
In addition to its own initiatives, OKX is supporting Dubai’s ongoing crypto development by encouraging other firms in the sector to relocate and set up operations in the city. The idea
is to create a collaborative and competitive environment that pushes the boundaries of what is possible in the blockchain space.
Looking ahead, OKX has ambitious plans for the MENA region. The company aims to deepen its engagement with the local community, enhance customer support, and further localise its offerings by providing services in Arabic. OKX is also keen on expanding its partnerships with both fintech and educational institutions in Dubai.
“We are not just here to do business — we are here to be part of the community,” says Mahasneh. “Our goal is to offer a platform that meets the needs of our users while contributing to Dubai’s vision of becoming a global blockchain leader.”
The company’s emphasis on aligning with both local and global standards underpins its approach. By adhering to strict compliance measures and ensuring a transparent operation, OKX aims to set a benchmark for the industry.
“We have aligned our operations with global best practices while also ensuring compliance with local regulations. It’s about finding that balance between innovation and safety,” Mahasneh explains.
OKX is inviting residents of the UAE to explore the platform, which is available on all major app stores and has Arabic-language support. Mahasneh encourages users to provide feedback, as the company aims to continually improve its offerings to meet local needs.
BY COLLABORATING WITH EDUCATIONAL INSTITUTIONS, WE AIM TO PROVIDE RESOURCES AND TRAINING TO SUPPORT THE NEXT GENERATION OF CRYPTO ENTHUSIASTS
Rifad Mahasneh, the general manager of OKX for the MENA region, brings over a decade of experience in business strategy, management, and public policy across the Middle East and North Africa. His career has been marked by a consistent focus on strategic growth and adapting to evolving market dynamics.
Before joining OKX, Mahasneh served as vice president and general Manager at Rain Financial in the UAE, a prominent regional cryptocurrency exchange. Prior to that, he led Uber’s ride-hailing business across the GCC and Levant regions, gaining insight into managing large-scale operations in complex regulatory environments.
Mahasneh holds a bachelor’s degree from the University of Toronto and an MBA from IE Business School, equipping him with an academic foundation.
We’ve seen a lot of interest from professionals globally wanting to relocate to Dubai because of the opportunities here. We’ve hired locally for key functions, such as compliance, legal, and finance, and we’re looking to expand into more innovative areas like software development.”
“We’re eager to hear from our users,” he says. “Their feedback is vital to helping us shape OKX into the preferred crypto trading platform in the UAE.”
The invitation is extended to both retail investors and institutions, with OKX confident that its services can cater to different needs—from basic spot trading to sophisticated derivatives for advanced traders.
As Mahasneh concludes, “We are excited about what lies ahead — not just for OKX, but for the entire crypto community in Dubai. The future is bright, and we are just getting started.”
WITH 42 ACCOLADES, OUR ANNUAL AWARDS HIGHLIGHTED THE INNOVATIVE SPIRIT, RESILIENCE AND GROWTH OF THE REGION'S BUSINESS COMMUNITY
THE 12TH EDITION OF THE GULF BUSINESS AWARDS, HELD ON SEPTEMBER 24, WAS A VIBRANT CELEBRATION OF INDIVIDUAL AND CORPORATE EXCELLENCE
Ian Fairservice, managing partner and group editor, Motivate Media Group (MMG); Mishal Kanoo, chairman of the Kanoo Group; Bryony Hilless, Australia’s consul - general for Dubai and the Northern Emirates, and special guests Gordon and Pamela Hawthorne mark MMG’s 45th anniversary at the Gulf Business Awards
Gulf countries have demonstrated remarkable economic resilience in the face of global challenges, successfully navigating the impact of a global downturn characterised by sluggish growth and high inflation in major economies like China and the US. Nations such as Saudi Arabia, the UAE, and Qatar have aggressively pursued diversification strategies to reduce their dependence on oil revenues, investing significantly in sectors like infrastructure and tourism. With growth projections of 2.5 per cent in 2024 and 4.7 per cent in 2025, according to the World Bank, this environment of adaptability and innovation was front and centre at the recent Gulf Business Awards.
The 12th annual Gulf Business Awards took place on September 24, at The Ritz-Carlton, Dubai International Financial Centre (DIFC), celebrating regional achievements amidst an atmosphere of camaraderie. This prestigious event highlighted the contributions of businesses and individuals to economic growth, social development and sustainability across the region.
The award winners were selected by a panel of industry experts, including Ian Fairservice, managing partner and group editor, Motivate Media Group (MMG); Gareth van Zyl, group editor of Gulf Business; Helen Barrett, deputy chair of the British Chamber of Commerce Dubai; Robin Joffe, partner and
managing director at Frost & Sullivan; and Mahmoud Bartawi, a well-known entrepreneur. Public votes also contributed to the choice of finalists. Their insights ensured that the awards recognised those truly making a difference in the region’s evolving business landscape.
Adding to the evening’s significance, MMG celebrated an impressive milestone, completing 45 years in the UAE’s media landscape. Since its inception, the group has been at the forefront of the region’s media evolution.
The group has launched numerous influential publications, events, and platforms that have informed and engaged audiences, driving awareness and conversation around critical issues.
As a trailblazer in the industry, MMG has continuously adapted to changing market dynamics, utilising innovation to expand its reach and enhance its offerings.
Fairservice commended the regional business community for their efforts
over the past year. “To our nominees and winners, your impact is extraordinary. Whether or not you take home an award this evening, your contributions have left an indelible mark. Congratulations on your remarkable achievements.”
Fairservice also lauded the contributions of Mishal Kanoo, chairman of the Kanoo Group. Kanoo received the coveted Lifetime Achievement Award for 2024 at the awards.
Kanoo joined a list of other distinguished Lifetime Achievement awardees, including Hussain Sajwani, chairman of the DAMAC Group; Sir Tim Clark, president of Emirates Airline; Isobel Abulhoul OBE, CEO and trustee – Emirates Literature Foundation; Colm McLoughlin, former executive vice chairman and CEO of Dubai Duty Free; Sheikha Lubna bint Khalid Al Qasimi, UAE’s first female minister; the late Easa Saleh Al Gurg; and Sheikh Ahmed bin Saeed Al Maktoum, president of the Dubai Civil Aviation Authority, chairman and CEO of Emirates Group.
A respected figure in the region’s business community, Kanoo dedicated
his award to his team and family, emphasising, “This award is not just mine; it belongs to everyone who has stood by me.”
During his speech, he spoke of the importance of learning from failure.
“Never be afraid to fail, for each setback is a step toward success. What truly matters is how we care for our people along the journey. Focus on making the people around you happy.”
His words resonated with the audience, underscoring the importance of collaboration and support in achieving long-term success.
Following the Lifetime Achievement accolade, 41 other trophies were awarded to business leaders and companies from different sectors ranging from real estate and hospitality to energy and technology.
The evening culminated in the announcement of several key awards, with Alshaya Group being named Gulf Business Company of the Year.
Mark Kirby, head of Hospitality at Emaar Hospitality Group, was honoured as the Gulf Business Leader of the Year.
OUR PARTNERS The award ceremony was hosted by Gulf Business and Motivate Media Group and sponsored by headline sponsors – AIOKA and Century Financial, beverage partners - African and Eastern; vote processing partner – Jacobson; and strategic PR partner, Matrix Public Relations.
Sustainability Company of the Year - Emirates Park Zoo & Resort. Group CEO Dr Walid Shaaban (centre) and team receive the award
Business Leader of the Year: Mark Kirby, head of Emaar Hospitality Group (left)
Marcomms Leader of the Year: Haider Rafique, CMO, OKX, receives the award from Gulf Business Awards judge Helen Barrett
SME of the Year - Prosper International Real Estate. Co-founders and MDs, Akram Kanso (left) and Louai Abou Khzam (far right) receive the award from Gareth van Zyl, Gulf Business group editor
Young Achiever of the Year: Amira Sajwani, managing director of DAMAC Properties, founder and CEO of PRYPCO, founder of Amali Properties
Disruptive Company of the Year - ORO24 Developments.
Managing director, Aaliya Rahman (left) together with founder and chairman, Atif Rahman (right) with the award
Gulf Business Company of the YearAlshaya Group. UAE country manager, Jacqueline Delpippo (far left), and COO Steve Vickerstaff (far right) receive the award from Ian Fairservice (centre)
SPONSOR HEADLINE SPONSOR PR PARTNER
Online Trading Company of the Year - EFG Hermes One. Mohamed Keshk (middle) and Omar Kamel (far right) receive the award from Bryony Hilless, the Australian Consul-General for Dubai and the Northern Emirates (far left)
Finance Advisory Company of the YearAIX Investment Group. Fadi Dabbagh (left), president of the board, accepts the award
Payment Solutions Company of the Year - valU. Head of Financial Planning and Analysis, Karim Riad (left), receives the award from Ashley Jacob of Jacobsons Direct (pictured right)
Banking Company of the Year - ADCB. Fahad Darwish (left), regional Head, and Reem Albanna (middle), deputy chief risk officer, ADCB receive the award
Banking, Finance & Investment Business Leader of the Year: Hana Al Rostamani, group CEO, FAB (Suhail Bin Tarraf, group COO, FAB receives the award )
Investment Leader of the Year: Prateek Suri, chairman and founder, MDR Investments
BEVERAGE PARTNER
Gu lf Business Awards continued its collaboration with Century Financial, to present the third edition of the Golden Frame Awards in 2024. T he awards recognised trailblazers and leaders across the SME sector, awarding winners for innovation, business strategy, product delivery, sustainability and customer service, among other factors. T his year, the Golden Frame Awards were presented to SMEs in the real estate, fintech and eductech sectors.
Tourism Company of the Year - Saudi Red Sea Authority (SRSA). (Melwyn Abrahams receives the award on behalf of SRSA)
Tourism Business Leader of the Year: Mohamed
Transport and Logistics Company of the Year - Emirates. Boutros Boutros, EVP for corporate communications, marketing and brand, (left), receives the award from Robin Harvie of Motivate Books (right)
Business Leader of the
Hospitality Company of the Year - Millennium Hotels and Resorts. William Harley-Fleming, SVP operations for MEA (left) and Konstantinos Michail, CCO (far right) receive the award
Transport and Logistics Business Leader of the YearOthman Aljeda, group CEO, Aramex. (Aramex group CMO Mike Ritch accepts the award on Aljeda’s behalf)
Retail Company of the Year - Alshaya Group. COO Steve Vickerstaff (right) receives the award
Healthcare Leader of the Year: Vivek Kanade, head of Siemens Healthineers MEA (Ayman El Hussein, MD - UAE Siemens Healthineers receives the award on Kanade’s behalf)
Retail Business Leader of the Year: Fahed Ghanim, CEO, Majid Al Futtaim Lifestyle (Rania N Mushtaha, VP Strategy & Growth receives the award from Robin Joffe on Ghanim’s behalf)
Healthcare Company of the Year - Mediclinic Middle East. COO Barry Bedford (left) and Raweya Al Qader, senior director marketing (far right) collect the accolade on behalf of Mediclinic
Energy Business Leader of the Year: Mohamed Al Hammadi, MD and CEO, Emirates Nuclear Energy Corporation. (Hasan Al Zaabi of the International Cooperation department, ENEC receives the award on behalf of All Hammadi)
Energy Company of the Year: GE Vernova. Bernard Dagher, chief strategy & growth officer MEA, GE Vernova receives the award from Manish Chopra, publisher, Gulf Business
Technology Event of the Year - LEAP
The
Tech Leader of the Year - Hatem Dowidar, group CEO, e&. (Fares Hamad Fares, VP Brand and Communications, e&, receives the award)
Infrastructure Innovation -
Al
Majdi El
head of Corporate Communications, ADCB; Khalid Al Mentheri, senior investment naker, ADCB; and Fahad Darwish, regional head, ADCB
Boutros Boutros, EVP CMB & Brand for Emirates, Ian Fairservice and Ahmed Ramdan, founder of Ròya International Hospitality & Leisure Consultants
LIFETIME ACHIEVEMENT AWARD
BANKING, FINANCE & INVESTMENT
ONLINE TRADING COMPANY OF THE YEAR
EFG Hermes ONE
INVESTMENT LEADER OF THE YEAR
Prateek Suri, CEO, MDR Investment
BANKING COMPANY OF THE YEAR ADCB
FINANCE ADVISORY COMPANY OF THE YEAR
AIX Investment Group
BANKING, FINANCE & INVESTMENT BUSINESS LEADER OF THE YEAR
Hana Al Rostamani, Group CEO, FAB
REAL ESTATE & CONSTRUCTION
LIFESTYLE PROJECT OF THE YEAR
Amali Island by Amali Properties
BEST PROJECT DELIVERY OF THE YEAR
TORINO by ORO24 Developments
REAL ESTATE AGENCY OF THE YEAR fäm Properties
DEVELOPER OF THE YEAR
Sobha Realty
PROJECT OF THE YEAR
Samana Barari Views
PROPTECH COMPANY OF THE YEAR
PRYPCO
REAL ESTATE BUSINESS LEADER OF THE YEAR
Rizwan Sajan, Founder and Chairman, Danube Group
TOURISM & HOSPITALITY
TOURISM COMPANY OF THE YEAR
Saudi Red Sea Authority
TOURISM BUSINESS LEADER OF THE YEAR
Mohamed Al Zaabi, Group CEO, Miral Group
SPONSOR
GULF BUSINESS BUSINESS LEADER OF THE YEAR
Mark Kirby, Head of Hospitality,
Hospitality Group
HOSPITALITY COMPANY OF THE YEAR
Millennium Hotels and Resorts
HOSPITALITY BUSINESS LEADER OF THE YEAR
Mark Kirby, Head of Hospitality, Emaar Hospitality Group
RETAIL
RETAIL COMPANY OF THE YEAR Alshaya Group
RETAIL BUSINESS LEADER OF THE YEAR
Fahed Ghanim, CEO, Majid Al Futtaim Lifestyle
TRANSPORT & LOGISTICS
TRANSPORT AND LOGISTICS COMPANY OF THE YEAR
Emirates
TRANSPORT AND LOGISTICS BUSINESS LEADER OF THE YEAR
Othman Aljeda, Group CEO, Aramex HEALTHCARE
HEALTHCARE COMPANY OF THE YEAR
Mediclinic Middle East
HEALTHCARE BUSINESS LEADER OF THE YEAR
Vivek Kanade, Head of Siemens Healthineers Middle East & Africa
ENERGY
ENERGY BUSINESS LEADER OF THE YEAR
Mohamed Al Hammadi, MD and CEO, Emirates Nuclear Energy Corporation
ENERGY COMPANY OF THE YEAR
GE Vernova
TECHNOLOGY
TECHNOLOGY EVENT OF THE YEAR
LEAP 2024
TELECOM INFRASTRUCTURE INNOVATION
stc Bahrain
GULF BUSINESS COMPANY OF THE YEAR Alshaya Group
TECHNOLOGY BUSINESS LEADER OF THE YEAR
Hatem Dowidar, Group CEO, e&
PAYMENT SOLUTIONS COMPANY OF THE YEAR
valU
BUSINESS EXCELLENCE AWARDS
SME OF THE YEAR
Prosper International Real Estate
MARCOMMS LEADER OF THE YEAR
Haider Rafique, CMO, OKX
SUSTAINABILITY COMPANY OF THE YEAR
Emirates Park Zoo & Resort
DISRUPTIVE COMPANY OF THE YEAR ORO24 Developments
YOUNG ACHIEVER OF THE YEAR
Amira Sajwani, Managing Director of DAMAC Properties, Founder & CEO of PRYPCO, Founder of Amali Properties
EDITOR’S CHOICE
YOUNG ENTREPRENEUR OF THE YEAR
Mansi Panchal, Founder & CEO, FounderX
HEALTHCARE EXPERIENCE OF THE YEAR
AEON Regenerative Wellness Centre
CONSUMER RETAILER OF THE YEAR
Grandiose
GOLDEN FRAME AWARDS
SME LEADER OF THE YEAR
Muhammad Noman, Owner, Downtown Reality Real Estate
INNOVATIVE SME OF THE YEAR
Kapil Chugh, Chief Operating Officer, Strategic Wealth Advisors DMCC
DISRUPTIVE SME ENTREPRENEUR OF THE YEAR
Sachin Bharti Gupta, Knowledge Planet UAE
Global technology leader HONOR has marked a significant milestone with the opening of its first flagship experience store in the UAE at Dubai Festival City Mall
The long-awaited HONOR flagship experience store in Dubai is now open, at Festival City Mall.
The new venture is central to HONOR’s ongoing efforts to expand its footprint across the Gulf Cooperation Council (GCC) region, reflecting its alignment with the UAE’s Vision for Digital Transformation.
Laurance Li, country manager of HONOR GCC, emphasised the importance of this launch: “This store is not just a retail space; it is a key milestone in our mission to solidify HONOR’s market presence in the region.
“By creating a dedicated environment where customers can directly engage with our latest innovations, we are reinforcing our commitment to delivering exceptional technology experiences in one of the world’s most dynamic markets.”
Occupying 126 square metres on the mall’s first floor, the store combines sleek design with an immersive shopping experience. Its premium interior, featuring
upgraded 4.0 wall materials and themed product modules, enhances both the visual appeal and the tactile experience for visitors.
The store layout is thoughtfully designed to showcase the best of HONOR’s technological innovations, including flagship models like the HONOR Magic V3 and HONOR MagicPad 2.
Shoppers can explore these innovations through themed displays dedicated to accessories, wearables, and more.
The new flagship store will also provide an array of services, from free screen protectors and personalised laser engraving to complimentary cleaning and
This store is not just a retail space; it is a key milestone in our mission to solidify HONOR’s market presence in the region.”
system upgrades for HONOR devices. These service offerings are designed to deepen customer engagement and foster brand loyalty.
To celebrate the launch, the store kicked off with exclusive promotions, lucky draws, and guest appearances by regional celebrities, making it a true hub of activity and excitement.
The opening of the store underscores HONOR’s broader goal of nurturing a tech-driven ecosystem in the UAE, fostering collaboration with local partners to bolster both innovation and economic growth. It’s a testament to the brand’s commitment to aligning its regional strategy with the UAE’s ambitions to lead in digital transformation and technologydriven progress.
The store is open from 10:00 AM to 11:00 PM on weekdays, and from 10:00 AM to 01:00 AM from Friday to Sunday.
For more details, visit www.honor.com.
With starting prices at Dhs694,000, the project presents an excellent investment opportunity for investors
Samana Developers, an award-winning Dubaibased real estate developer with a growing international portfolio, has unveiled the Dhs220m Samana Park Meadows project in Dubai Land Residence Complex. Ideally situated at the crossroads of E66 Dubai-Al Ain Road and E611 Emirates Road, the new development offers easy access to Dubai’s most sought-after destinations, including city center, key business districts, and popular leisure spots.
221 units across fourteen floors, with a sellable area of 160,461.31 square feet
UAE Golden Visa processing at Samana offices
The project offers resort-style living with private pools for all units
Handover in March 2028
outdoor and indoor swimming pools, kids pool, sun deck, and green spaces, cater to families and individuals seeking a healthy and active lifestyle. Large windows, energy-efficient appliances, smart home technology, and sustainable development features enhance the living experience.
introducing high-quality projects like Samana Park Meadows to the market. Our portfolio features luxurious developments with modern architecture designed to appeal to a wide range of buyers with flexible payment plan of eight years and 0.5 per cent post-handover. As Dubai’s global reputation strengthens, we anticipate even greater demand for properties in the city for years to come.”
Samana Developers offers its investors a hassle-free processing of the UAE Golden Visa directly at their offices. This eliminates the need for investors to visit government departments, saving them time and effort.
The company’s flexible payment plans and high return on investment make Samana Park Meadows particularly attractive to investors from Europe, India, Pakistan, and Saudi Arabia. The project is also ideal for retirees seeking a peaceful and well-connected environment.
With a sellable area of 160,461.31 square feet, Samana Park Meadows offers premium lifestyle and scheduled for handover in March 2028. The project comprises 221 units spread across fourteen floors – studios, one-bedroom and two-bedroom apartments - with all units featuring private pools, resort-style living and high-quality finishes.
Imran Farooq, CEO of Samana Developers, says, “Dubai’s real estate market continues to experience strong demand, outpacing supply. We are committed to meeting this demand by
Samana Park Meadows offers a resortstyle living with modern architecture, private pools, and a prime location. The project’s recreational facilities, including a state-of-the-art gym, outdoor gym,
Scheduled for completion in March 2028, Samana Park Meadows offers a range of amenities, including fitness facilities, landscaped gardens, and social spaces, ensuring a luxurious and comfortable lifestyle. With starting prices at Dhs694,000, the project presents an excellent investment opportunity in Dubai’s thriving real estate market.
Dubai’s real estate market continues to experience strong demand, outpacing supply. We are committed to meeting this demand by introducing high-quality projects like Samana Park Meadows to the market.”
“In the past, we sat back and consumed whatever was in front of us. Today, we interact with creators –posting comments and likes as well as participating in live streams.”
Afreen Razzak, marketing and partnerships manager at SPC
Free Zone
We shine the spotlight on four dynamic entrepreneurs who are making waves in the fields of femtech, fintech, software as a service and children’s products p.60
Saudi Arabia stands on the brink of a remarkable SME boom that could redefine the economic landscape of the MENA region and beyond. We delve deeper into this evolving narrative and explore the unique potential that lies ahead for entrepreneurs
BY LORENZO JOORIS
Saudi Arabia has witnessed major reforms recently in an attempt to diversify away from its oil-based economy. State-owned Aramco, the largest oilco in the world, is valued at around $2tn. Yes, trillion. So, diversifying away from a hydrocarbon economy is by no means a walk in the park.
These government reforms, in line with the country’s Vision 2030, are helping transform the nation into a tech-savvy and vibrant economy that welcomes and
encourages entrepreneurship and competition. And it’s entirely possible that the outcome of Saudi Arabia’s Vision 2030 could be to redraw the economic map of the MENA region, with the potential to reverberate around the developed and developing world.
The strategy has included action to boost the SME sector, with the formation of the
Council of Economic Affairs and Development and the SME Bank, as well as the announcement of economic free zones and reforms to company law. As things stand, SMEs in the kingdom account for over 90 per cent of total enterprises but only about 60 per cent of total employment. What looks increasingly obvious is that Saudi Arabia is taking a few lessons from the UAE’s amazing success story in creating a vibrant SME ecosystem, where more than 350,000 SMEs account for around 40 per
cent of Dubai’s GDP and employ more than 40 per cent of its workforce.
Compare Dubai’s incredible success story, and you’ll see how far Saudi Arabia still has to go. Nevertheless, over the past few years, the Kingdom has seen a steep rise in VC investments. In 2023, nine funds worth almost $2.5bn were established to encourage the growth of startups, and in the previous two years, almost $1bn in VC capital found its way to over 140 startups, representing an over 70 per cent increase in VC funding in the kingdom.
It’s encouraging that, in taking similar steps to UAE’s staggeringly successful path to enterprise freedom, Saudi Arabia is doing everything right. The government is bending over backwards to promote the tech industry, with initiatives like the LEAP conference, supported by the Ministry of Communication and Information Technology, Small and Medium Enterprises (SME) General Authority, as well as the Entrepreneurship World Cup (EWC). The government also organises the Kingdom’s global startup and SME forum, Biban, which aims to bring together Saudi and international entrepreneurs and investors to work together.
It’s true, the startup scene and ecosystem aren’t yet quite as vibrant as Dubai’s, but given the country’s changing economic profile, its emergence as a strong ecosystem for digital entrepreneurship and its young demographic – 15 million digital-native Saudis out of a population of around 35 million will enter a workforce that already has a social-media penetration of a staggering 99 per cent of citizens in the next decade –there is a wealth of opportunities for founders with the right kind of startup.
Cutting-edge tech will certainly feature heavily in Saudi Arabia’s future. The kingdom’s National Strategy for Data & AI lays out incentives for startups, with the ultimate aim of creating a $20bn AI sector by 2030 through private and government investment. Saudi tech fund Alat, with backing from the Public Investment Fund, has committed $100bn in investment to build out Saudi capabilities in the sector. The kingdom has made no secret of wanting to attract AI-driven
SAUDI TECH FUND ALAT, WITH BACKING FROM THE PUBLIC INVESTMENT FUND, HAS COMMITTED
IN INVESTMENT TO BUILD OUT SAUDI CAPABILITIES IN THE SECTOR
“COMPARE DUBAI’S INCREDIBLE SUCCESS STORY, AND YOU’LL SEE HOW FAR SAUDI ARABIA STILL HAS TO GO. NEVERTHELESS, OVER THE PAST FEW YEARS, THE KINGDOM HAS SEEN A STEEP RISE IN VC INVESTMENTS.”
businesses; its tantalising incentives are a bit of a giveaway, in all senses. Innovative government-backed investment funds and state-of-the-art infrastructure investment are heavily targeting an emergent startup ecosystem.
So, what’s possible in the kingdom’s AI sector? Global consultancy PwC believes that it has the potential to contribute $135bn to the economy by 2030 and recognises the huge potential of the finance, healthcare and logistics sectors, all aided and driven by advances in home-grown AI tech.
BIOTECHNOLOGY & BIOSCIENCES
Vision 2030 seeks to compete with the best the world has to offer in cutting-edge innovation in science. An integral part of that vision involves the health sector, which, as a highly complex and expensive field, is one of the first beneficiaries of advances in tech, informatics, and AI. So much so that, although reports vary, the government has set aside a staggering $40bn for AI alone.
What that says to me is that not only is the government taking radical steps to diversify the kingdom’s economy away from oil, but it’s also taking the necessary steps to make Saudi Arabia among the most competitive nations on earth in biosciences, biotech and science.
Demonstrating that determination to diversify into emerging tech and science, the Saudi Genome Program is already up and running, designed to revolutionise healthcare in the kingdom and reduce the occurrence of genetic diseases.
As we’ve seen elsewhere in the world – including Africa – fintech is innovating at break-neck speed. From Saudi Arabia’s perspective, a tech-savvy population with huge numbers of digital natives poised to enter the workforce, fintech is clearly in fertile ground. Add to those ingredients a regulatory regime and financial sandbox that encourage and nurture innovative fintech startups and the formation of important international partnerships in the sector, the potential is huge. And that’s being further encouraged by The Saudi Central Bank’s sandbox for financial innovation and experimentation, as well as Vision 2030’s Alat project.
In fact, I would argue that the circumstances are unique.
It’s been no secret that the kingdom’s sovereign wealth fund (PIF) has been investing heavily in sport around the world and has spent around $5bn in the last three years alone. The country has now hosted more than 80 major sporting events, ranging from the Americas Cup, horse racing and golf to Formula 1, boxing and, of course, football. In 2034, Saudi Arabia is set to host the prestigious FIFA World Cup.
As part of Vision 2030, the kingdom is determined to foster an active population that takes its health and sport seriously. Investment into sports hubs such as the Qiddiya project are focused on improving Saudi citizens’ health and overall wellbeing. A huge amount of cash is going into grassroots sports to encourage citizens to adopt an active lifestyle, and grassroots initiatives aimed at children and pre-adults are carefully crafted to integrate their
THE KINGDOM’S SOVEREIGN WEALTH FUND (PIF) HAS BEEN INVESTING HEAVILY IN SPORT AROUND THE WORLD AND HAS SPENT AROUND $5BN IN THE LAST THREE YEARS ALONE
ever-growing talent and enthusiasm for sport and exercise with the international sports community of the future. As the Saudi Arabia sports minister, Prince Abdulaziz bin Turki Al Faisal, has made very clear, the aim of such investment is to inspire the kingdom’s youth to exercise, open the country up to a broader international community, increase tourism and, ultimately, create more employment.
Saudi Arabia’s history, culture and unique geographical features give it untold potential for global tourism. Indeed, the Saudi Commission for Tourism and National Heritage (SCTH) is ploughing cash into this growing sector. In short, the government aims to turn audi Arabia into a magnet for global tourism.
As a case in point, the Kingdom’s premier heritage site, AlUla – a unique collection of preserved tombs and sandstone outcrops – is the focus of a major initiative to develop its tourism potential under Vision 2030. Incorporating the Nabataean city of Hegra, the ancient kingdoms of Dadanite and Lihyanite, as well as AlUla Old Town, the government is both conserving and transforming the site into a unique tourist experience, whilst underscoring the kingdom’s rich culture and history for a truly international audience.
Such initiatives have gone hand in hand with innovations such as the introduction of tourist visas. Considering these alongside projects like the Red Sea Development, which will eventually have 50 individual resorts dedicated to luxury, sustainability and innovation, it’s clear that these developments and initiatives aimed at international tourism offer huge potential for entrepreneurs. Savvy startups will be able to take advantage of the opportunities the government provides – namely, to reimagine the essence of international tourism by setting a new bar for luxury and sustainability.
GEARING UP FOR A SAUDI SME BONANZA
A young, tech-savvy population combined with the right strategic vision, and the patience and cash to see it through, position Saudi Arabia for extraordinary growth in the SME landscape and ecosystem. Saudi Vision 2030 offers a robust framework to work within as the kingdom takes advantage of the unique features driving the new SME economy.
The future’s bright for entrepreneurs in Saudi Arabia, and savvy startups can reap enormous rewards in any number of fertile and burgeoning sectors. And it won’t be long before Saudi Arabia has caught up with and overtaken other international hubs, such as Dubai, which are now rightfully enjoying the fruits of their labours in the SME ecosystem.
The writer is the CEO of Creative Zone. (FIX)
Offering a delightful blend of sunny Mediterranean living, a dynamic economy, and a welcoming community, combined with attractive residency programmes, excellent schools, and high-quality healthcare, Malta is an ideal place to live, work, study, or retire. This safe and convenient island is becoming a top choice for expatriates and investors alike.
D iscover more in this month’s exclusive supplement, featuring exclusive interviews of Malta’s top leaders across sectors including t ourism, c itizenship and residency by i nvestment, f inance and financial services, t ech and i nnovation, h ealthcare and p harma, e ducation, p roperty i nvestment and e nergy.
The creator economy is not just a passing trend but a fundamental shift in how we consume media and make purchasing decisions, says Afreen Razak
How exactly do we define creators, and what effect are they having on how people make purchasing decisions? This is something every entrepreneur and small business owner needs to understand to ensure they have a fully-rounded marketing strategy. The fact is, around onethird of social media users find new products through influencers. And this trend isn’t reserved for B2C companies –we’re increasingly seeing B2B companies leveraging creators as part of their marketing strategy.
This article will look at how these creators are reshaping consumer habits and
driving a new wave of economic activity. I’ll also show how, in my view, this disruption offers notable opportunities for the entrepreneur and small business owner, and I’ll offer tips on how best to take advantage of this growing area of marketing and advertising to ensure your products or services are finding the desired audience.
The latest research predicts that by 2027 the creator economy could be worth $480bn. So, it looks like its influence is set
to increase. With that in mind, let’s start with some definitions before jumping in with the best approaches.
A creator is someone who uses digital platforms to generate and share content that markets products and services to their audience.
Researchers have struggled to find exact numbers, but the Harvard Business Review concluded that there were around 40 million ‘economically consequential’ creators worldwide, although they noted the number may well be significantly higher. To be deemed consequential in this study, you needed to have more than 1,000 followers and actively post content. This might seem like a low bar, but while the mega-influencers might grab the headlines, it’s these smaller creators who make up most of the creator economy and therefore have significant influence.
The creator economy has given rise to a much more interactive and personalised experience than traditional advertising platforms such as television. In the past, we sat back and consumed whatever was in front of us. Today, we interact with creators – posting comments and likes as well as participating in live streams. This twoway interaction builds a sense of community and loyalty, turning passive consumers into active participants.
The actual type of content and the platform have changed. In contrast to the hard sell of television commercials, creators often share behind-the-scenes content (so rather than a 30-second commercial for make-up, they will give make-up tutorials using particular products) as well as personal stories and live updates to create a more intimate and authentic connection.
This authenticity (or what appears to be authentic but in reality is often highly staged) goes along with the perception that the creator is an expert in a particular field, yet remains relatable to the audience. The final part of the puzzle is entertainment –without this, the content will struggle to find its audience, no matter how instructive it is.
Once that trust has been built, creators can endorse products in a way that feels more credible to the audience than conventional advertising. For their part, brands have recognised this shift, increasingly partnering with creators for influencer marketing campaigns. Any new business owner needs to think about where their current (or future) audience resides online, then look for the key influencers in that area. These collaborations need to be mutually beneficial: creators receive financial support, while your brand gains access to highly engaged and targeted audiences.
By transforming how consumers discover and utilise products, creators have disrupted marketing in the following ways:
They ‘pre-approve’ products: A creator can truly stand out by easing the information overload that consumers often face when searching online. Acting as curators and educators, creators reduce the need for consumers to sift through a maze
of options by highlighting specific products they endorse, thereby streamlining the search process. Entrepreneurs creating niche products should consider this approach central to their marketing plan. They become a one-person ‘customer success’ function: Creators also enhance the value of newly discovered products for the average consumer by demonstrating how to use them to maximum effect. They demystify product complexities, making them more appealing through practical demonstrations and tutorials.
They influence product life cycles: Content creators are not only shaping demand but also significantly speeding up product life cycles. To keep their audiences engaged, creators regularly introduce fresh and distinctive products – so the entrepreneur needs to keep this in mind. While the creator wants relevance (hence they are always looking for the latest products and trends), the business owner needs to ensure they don’t get left behind in terms of product iterations. In short, you need to feed the machine.
For the entrepreneur or small business owner to get ahead, it’s vital to think about whether this creator economy should form part of your marketing and advertising strategy. To that end, I would recommend four strategies to employ:
Find your audiences: As an important first step, you need to research where your potential audiences are located online. Are they active on social, and if so, which platforms?
Cultivate partnerships: Get ahead of the game by establishing collaborations with creators to develop offerings that resonate with niche markets.
Think ‘niche’: Unlike older forms of marketing that aimed for mass appeal, creators usually cater to highly specific interests and communities. Leverage this knowledge when developing new products.
“Once that trust has been built, creators can endorse products in a way that feels more credaible to the audience than conventional advertising.”
Use predictive analytics: To ensure your creator partnerships remain strong, do your own research (and use predictive analytics) to stay ahead of customer trends. This way, you can ensure that you’re giving your creator-partner something they know they can show on their platform and that their audience will like.
As the creator economy continues evolving, its impact on consumer behaviour will likely deepen. The direct, personal connections between creators and their audiences will drive further shifts towards personalised, community-driven consumption. Brands will increasingly need to adapt to this landscape, focusing on authenticity and building genuine relationships with consumers.
The creator economy is not just a passing trend but a fundamental shift in how we consume media and make purchasing decisions. As a consumer yourself, observe how you now choose what you buy and what influences you. That information is part of what you can then use to devise your own creator-partnership strategy for your business. By fostering these vital, authentic connections and catering to niche markets, you can make your marketing efforts more personalised, interactive, and community-driven.
The
writer is the marketing and partnerships manager at SPC Free Zone.
We speak to four dynamic individuals who are making their presence felt in the SaaS, fintech and children’s wear sectors
BY NEESHA SALIAN
What inspired you to start your company?
Our inspiration to start CrossVal stemmed from a personal pain point I experienced after a gruelling night working with spreadsheets at a private equity fund. Recognising the broader issue of inefficiency and spreadsheet fatigue within the finance community, we leveraged my engineering expertise to develop a SaaS (software-asa-service) platform aimed at solving these challenges at scale. Our goal is to reduce the hours spent on mundane tasks, enabling finance professionals to engage in more impactful work.
Could you explain the business model you’ve implemented to address specific gaps in FP&A processes for MENA-based companies?
We initiated our venture with a comprehensive ‘State of Finance MENA’ survey, which highlighted key areas where finance teams struggled. Armed with these insights, we developed our minimum viable product, which quickly garnered our first 100 users. Their feedback was instrumental in refining our platform, enabling us to secure major clients such as CAFU and Unifonic in the UAE and Saudi Arabia. Our business model revolves around a scalable subscription service, accommodating the diverse needs and stages of companies we partner with.
Ajinkya Tanpure, founder and CEO, CrossVal
Our SaaS technology is focused on four main elements. First, we offer seamless integration with existing systems such as accounting platforms, CRMs, and
ERPs, eliminating the need for manual data transfers. Second, our platform enhances financial reporting speed by up to eight times, enabling quicker insights and decisions.
Third, we simplify the budgeting and forecasting processes, making them more intuitive and less time-consuming. Lastly, by centralising and securing all financial data, we ensure that it is easily accessible as opposed to being scattered across various spreadsheets.
How does your platform enable finance professionals to focus more on strategic decision-making?
Our platform revolutionises the role of finance professionals by automating routine spreadsheet tasks, which traditionally consume about 70 per cent of their time. This shift allows teams to invest more energy into strategic decision-making and higher-value activities, significantly impacting the overall strategy and efficiency of their organisations.
With a focus primarily on SMEs, how does your company tailor its solutions to meet the diverse needs of this segment?
Recognising that SMEs are the backbone of the UAE economy, we design our solutions to cater specifically to their unique financial management needs. Our platform offers customised tools that adapt to various business sizes and sectors, ensuring that every SME can optimise its financial processes effectively. A testament to the efficacy of our approach is the success story of one of our clients, a branding firm. Utilising our platform, this firm saw its net profit margin skyrocket from 5 per cent in 2021 to 22 per cent in 2023 – an astounding compound annual growth rate (CAGR) of 87 per cent. Additionally, their gross margin expanded by 30 per cent during the same period, highlighting how our platform can pinpoint and leverage financial efficiencies previously buried in complex data.
“WE’VE SUCCESSFULLY RAISED A $215K PRE-SEED ROUND, WHICH HAS SIGNIFICANTLY PROPELLED OUR GROWTH TRAJECTORY.”
How much have you raised so far and how it has fuelled your growth and expansion plans?
We’ve successfully raised a $215,000 pre-seed round, which has significantly propelled our growth trajectory. We are currently in the process of closing our seed round, which will further enable us to refine our product, scale our revenue, and extend our support to more companies across the region, enhancing their financial planning and analysis functions.
How does your company plan to stay ahead of competitors, especially when addressing regional challenges that
international platforms overlook?
We are dedicated to shaping the future of finance in the Middle East by maintaining a customer-centric approach backed by advanced technology. By automating routine and mundane tasks, we enable these professionals to focus on strategic decisionmaking, thus enhancing both the financial health and strategic capabilities of companies across the region. This commitment extends beyond mere business efficiency – it’s about enriching the roles of finance teams at a human level, providing them the tools and time necessary to drive meaningful contributions to their companies and the broader economy.
What inspired you to start Citron, and how did your own experiences as a mother influence the brand’s initial product offerings?
Citron was entirely inspired by my son in the beginning. Like many parents, we encountered some eating struggles. He was a little fussy and needed a lunchbox for school that would keep food separate and prevent leaks. When I couldn’t find the right product to do this, I decided to make it myself, and that was how Citron came to be. From that moment on, my dream became to provide families with fun, functional, and reliable products that would enhance their everyday lives – a helping hand from one mother to many others.
Can you share the journey from identifying a market need to creating your first product? What challenges did you face in those early stages?
One of the biggest challenges was that I came from a finance and strategy background, which is a very different world from product development. I had the vision, but I didn’t have the knowledge of how to bring it to life. I had to learn a lot of things very quickly, especially about product engineering, design, and, most importantly, safety.
As a business that has expanded to over 48 countries, what does this global reach mean to you personally and to the Citron brand?
I am so proud of the team and how we have grown. I am especially happy that we are able to provide so many children around
the world with access to safe, high-quality products that live up to their promise.
Sustainability is a key aspect of Citron’s product lines. How important is sustainability to your brand, and what steps have you taken to ensure that your products are eco-friendly? Sustainability has always been a key tenet of our mission here at Citron. We want our customers to know that with each launch, we try to make our products, and our processes, as sustainable and ecofriendly as possible. To reduce the amount of plastic we use, many of our products are made from Tritan and stainless steel, and we have removed as much plastic from our packaging as we can. We also developed our bio-based tableware range, and our bags are all made from recycled PET water bottles.
How do you see the role of sustainable products evolving in the children’s market, and what impact do you hope Citron will have in this space?
Consumers want to do more to protect the planet, and so they are looking to buy more sustainable products, especially parents. We have seen this demand grow in the Middle East significantly in recent years, and it is a most welcome trend. We very much hope to continue to represent a drive toward greater sustainability as we invest in helping customers shift away from plastic products to cleaner materials.
Take us behind the scenes and describe the process of developing a Citron product.
It all begins with ideation. We bounce ideas around in a small committee and
“IT ALL BEGINS WITH IDEATION. WE BOUNCE IDEAS AROUND IN A SMALL COMMITTEE AND SELECT THE BEST ONES TO ENTER THE RESEARCH PHASE.”
BY NEXT YEAR, WE HOPE TO HAVE LAUNCHED AT LEAST 20 NEW PRODUCTS
select the best ones to enter the research phase. This is where we work out how to get the best out of the product in terms of functionality, which materials would work best, and how we want it to look. Then, our design team and engineers create the technical requirements, and the factory uses those to create 3D prototypes. Typically, we go through around 20 prototypes for each product until we feel confident enough to send it to our sales team and distributors for their feedback. Once this is done, we take pre-orders, and the item goes into mass production before heading out to shelves via our distribution channels.
What inspires the design and functionality of your products, and how do you ensure they meet the needs of both parents and children?
Ultimately, we are most inspired by children and parents. We know how much is involved in being a parent, and we strive to do what we can to support them by providing products that are reliable, helpful, and that kids actually love to use.
Citron has made an impact not just in the GCC but also internationally. How does your brand support local communities in the regions where your products are sold?
Much of our work in local communities is centered around children’s education. We have always been committed to giving back wherever possible and dedicate a portion of our sales to charity every year. For us, the action is far more important than the publicity.
What are your future goals for Citron? Are there any new markets, product lines, or initiatives that you are particularly excited about?
Whenever we have the opportunity to grow and offer more to our customers, I get excited! By next year, we hope to have launched at least 20 new products for all age groups, and we are investing heavily in our direct-to-consumer business across the region.
What inspired you to start Adaye?
“HAVING ALWAYS BEEN A CONSUMER OF ORGANIC PERIOD CARE, I UNDERSTOOD THE IMPORTANCE OF CHOOSING SAFE, GENTLE PRODUCTS.”
Adaye was born from a personal journey. As someone who has experienced gynecological health challenges such as Polycystic Ovary Syndrome (PCOS) and uterine fibroids – conditions that are highly prevalent in this region – I saw a significant gap in the availability of menstrual care products that truly cater to women’s needs. The statistics are staggering: 18.8 per cent of women in the Gulf Arab states suffer from PCOS, while uterine fibroids and adenomyosis affect over 30 per cent of women in the Middle East. These issues made it clear to me that we need to be more conscious about the products we use during such critical times in our lives.
Having always been a consumer of organic period care, I understood the importance of choosing safe, gentle products. However, I felt there was a lack of brands that women could trust and remain loyal to. I wanted to create a brand that didn’t just offer superior period care but also empowered women to take charge of their gynecological health. Adaye is more than just a product – it’s a community where women feel supported, informed, and in control of their health choices.
How has your journey as a female entrepreneur shaped the business?
I’ve always been passionate about building businesses. Even during my university years, I was actively involved in entrepreneurial ventures. My career trajectory took me through traditional employment, but I found myself in roles where I was launching new brands and overseeing business strategies. These experiences helped me build my entrepreneurial skills, but it wasn’t until I left traditional employment that I truly felt aligned with my passion.
In September 2021, I founded a B2B media company that created branded content for companies in finance and venture capital. While this was a successful venture, I knew I wanted to focus on building a consumer brand in an industry I was deeply passionate about – wellness. This realisation led to the creation of Adaye.
Throughout my professional journey, I’ve never felt discriminated against for being a woman. I believe in the power of merit, and I have never doubted my ability to succeed. I encourage other women to have the same confidence Pic: Supplied
– knowing that they are just as capable as anyone else of achieving their professional goals.
Have you raised any funding for Adaye?
So far, I’ve self-funded Adaye and plan to continue bootstrapping in the early stages. I believe that bootstrapping allows us to build a sustainable business with strong fundamentals. Raising venture capital too early can lead to focusing solely on growth at all costs, often at the expense of profitability and long-term stability.
By bootstrapping, I can ensure that Adaye’s growth is healthy, prioritising the quality of our products and financial health over external pressures to scale quickly.
What makes Adaye’s offering crucial for women’s health in the region?
Adaye provides a range of eco-friendly, organic menstrual products that are free from harmful chemicals and synthetic materials. This is particularly important in a region where gynecological health issues like PCOS, uterine fibroids, and adenomyosis are prevalent.
For instance, in the Gulf Arab states, PCOS affects 18.8 per cent of women – significantly higher than in other regions. Uterine fibroids and adenomyosis are also common, affecting more than 30 per cent of women undergoing hysterectomies. The high obesity rates in the region, with up to 75 per cent of the population being overweight or obese, further increase the risk of these conditions. This underscores the need for safer menstrual care products.
One of the key issues we tackle at Adaye is the lack of transparency in menstrual product manufacturing. Many brands don’t disclose the chemicals in their pads and tampons, which can expose women to harmful substances like volatile organic
compounds (VOCs), phthalates, and parabens. Some studies have even found metals like lead and arsenic in tampons. Adaye’s products prioritise transparency and safety, empowering women to make informed choices.
Can you explain your business model?
Adaye operates primarily on a direct-toconsumer (DTC) model, targeting healthconscious, eco-friendly, digitally native women in the GCC. Our subscription service ensures customers never run out of essential menstrual products, delivering them conveniently on a regular basis. In addition to our DTC model, we also offer
subscription services to schools, workplaces, and wellness centers that aim to create inclusive environments for women. These institutions can provide regular access to eco-friendly period care, ensuring their female members always have what they need.
We’re also expanding into retail, partnering with both online and physical stores in the health, wellness, and beauty sectors, allowing us to reach a broader audience.
What are your future plans for Adaye?
We are currently expanding our product range to include items like hot water bottles and candles to enhance the period experience. Moving forward, we plan to introduce reusable menstrual products and venture into other areas of period management, such as supplements and treatments. However, growth for Adaye goes beyond expanding our product line. We are committed to supporting female communities through educational resources and sponsorships in sports, creating a holistic support system for women’s health.
What inspired you to start the company?
The inspiration for Sav came from understanding the challenges people face in managing their finances. Working across different regions and industries, I noticed that while there were plenty of options for spending and investing, there were very few tools that genuinely helped people in a smart, sustainable, and engaging way. Sav was born out of a desire to fill that gap, especially in the GCC, where financial education and resources for financial management are still evolving.
Our goal was to create more than just another fintech. We wanted to build an ecosystem that empowers users to achieve
financial freedom. The journey started with understanding the specific needs of the regional audience, including existing offerings by banks and financial institutions, spending habits and the reasons for overspending, and the barriers to budgeting. With these insights, we developed Sav as a platform that makes money fun and rewarding.
What were some of the challenges you faced while starting the company?
Starting Sav came with its fair share of challenges. One of the initial hurdles was gaining the trust of users in a market where fintech is still growing. Convincing people to set aside money for their goals on a digital platform required significant effort. Some users initially set aside as little as Dhs10 to check on the veracity of the app, but now we have more than 10 times the average top up value. To rekindle the hope that there could be an app that genuinely cared about users’ control over their money was another hurdle to cross. Building a robust tech infrastructure that could scale with our ambitions also required overcoming technical and logistical challenges.
What needs are you meeting in the market?
Sav is making money management easy and enjoyable by integrating lifestyle in it. We know that budgeting and managing finances can sometimes feel like a chore, so we’ve built features that make it easy to manage your finances without thinking
too much about it. Smart features such as the Salary Sorter can automatically allocate your paycheck into different goals, ensuring that you pay yourself first and build towards what matters to you from the very beginning. Our ‘Round-Up’ rule also helps by setting aside your spare change every time you spend, which accumulates faster than you’d expect. We also recently launched an exciting new product, Sav ‘MyMoney’. Available now on the Sav app, ‘MyMoney’ helps UAE residents track, analyse and gain deeper insights into their cash flow by consolidating users’ spending data from all their connected bank accounts, and presenting it on one beautiful dashboard. Users can also look up transactions by merchants or categories.
The idea is to provide users a single view of their net worth so that they’re able to take informed financial decisions.
What is your business model?
Sav operates on a freemium model, where the basic features of the app are available for free, allowing users to set up budget, create goals, track and analyse their money and to shop from their favorite brands. We also offer Sav Pro, an advanced version of Sav available at a subscription that unlocks exclusive benefits to help you manage money smarter with cashback on bill payments, spends and online purchases.
With Sav Pro, users get additional features such as a pro-level budgeting, smart analytics, personalised tips and exclusive perks, including one free coffee every day, buy one, get one free offers at over 200 restaurants and discounts on travel, entertainment, utilities and dining.
What makes Sav stand out against its competitors?
What sets Sav apart is our deep understanding of the regional market and our commitment to user-centric design.
Our app integrates smart algorithms that personalise money, ensuring that users not only meet their goals but also learn better financial habits along the way. Additionally, our local insights and partnerships allow us to offer unique products tailored to the needs of our users.
How can customers reap the best benefits through the Sav app?
Customers can maximise the benefits of the Sav app by fully engaging with its features. Setting clear, actionable goals is the first step. Sav is the ultimate tool for money management because it brings everything you need into one easy-to-use app. Our mission is to help everyone live beyond the next paycheck, implementing AI effectively to help our users feel less stressed about their money. And the Sav App was designed to be comprehensive and intuitive, making tasks like spending and budgeting feel seamless.
Sav also offers ‘the coolest prepaid card in town’ that offers all of the convenience of a credit card, but without the debt, credit, and stress. The Sav card is accepted by over 80 million merchants worldwide. It can be topped up by 17 UAE banks, and is available free of cost. Users can manage their card from the Sav app.
For those looking to plan towards bigger goals, save now, buy later (SNBL) allows users to gradually set aside money for dream purchases, with contributions from brands to sweeten the deal. SNBL encourages individuals to adopt goal-based strategies, harking back to a time when planning for high-value purchases was a common practice. By integrating this approach, consumers regain control over their financial decisions and align their expenditures with their values and aspirations.
Tell us about the tech used.
Sav is built on a modern, scalable tech stack that allows us to offer a seamless experience to our users. We leverage machine learning algorithms to provide personalised insights and automate processes. Our app is designed with security as a top priority, utilising encryption and other advanced security measures to protect user data.
THE SAV CARD IS ACCEPTED BY OVER 80 MILLION MERCHANTS WORLDWIDE. IT CAN BE TOPPED UP BY 17 UAE BANKS, AND IS AVAILABLE FREE OF COST. USERS CAN MANAGE THEIR CARD FROM THE SAV APP
We believe that AI can analyse and understand users and their financial needs better now than ever. And hence, we leverage AI to guide users towards their financial destinations. In Sav ‘MyMoney’ for example, we leverage Google’s Gemini AI to provide near-perfect categorisation and intelligent insights. Gemini AI’s multimodal capabilities allow it to generate and process text and images seamlessly. This ensures that when you link your accounts and transactions, Sav provides precise insights into your spending habits, making it easier to track and manage your finances.
You achieved the approval for a Category 4 licence. Shed more light on how is that effective for your business? Securing the in-principle approval for a
Category 4 licence is a significant milestone for Sav. It allows us to offer a bouquet of financial products to our ever-growing customer base. It also reflects our commitment to operating within a regulated framework, ensuring that our users can trust us with their financial goals. Currently, Sav’s platform allows users to seamlessly manage their finances alongside a rewarding prepaid card.
Our long-term vision for Sav is to become the ultimate money app in the region empowering millions of users to achieve financial goals. Now, we want to expand our offerings to a full suite that caters to the diverse needs of our users. We are also exploring opportunities to expand into new markets and continue to innovate with technology to offer the best possible experience. Ultimately, we aim to be a trusted partner for our users on their financial journey, helping them understand money, protecting and growing wealth and optimising debt.
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