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Gitex 2023: Abu Dhabi Introduces New Centers for Metaverse Advancement and Start-up Support

The MBZUAI Metaverse Center and MBZUAI Incubation and Entrepreneurship Center aim to foster emerging technology potential.

The Mohamed bin Zayed University of Artificial Intelligence has revealed two novel establishments geared towards propelling metaverse exploration and encouraging entrepreneurship within the start-up community.

The MMC is positioned to innovate solutions that enhance user experiences and make the creation of sustainable digital environments more accessible. Researchers will exhibit progress in generating AI-powered 3D avatar content.

The MIEC is designed to empower start-ups to innovate and embrace AI within various industries. It will offer courses in entrepreneurship, acquaint startups with the local market, and provide funding prospects.

Timothy Baldwin, acting provost of the Mohamed bin Zayed University of Artificial Intelligence (MBZUAI), expressed, “The launch of these centers underscores our university’s commitment to lead in AI research and national priorities.”

“Our commitment is to cultivate a thriving AI ecosystem that strengthens industry partnerships and sets the stage for pioneering start-ups fueled by our university’s research foundations.”

The metaverse, founded on Web3, represents a virtual realm where avatars interact, potentially revolutionizing work and business operations.

By 2035, metaverse technologies have the potential to contribute $16.7 billion to the UAE’s economy, according to a recent study by Meta Platforms, the parent company of Facebook.

Sectors expected to benefit significantly from metaverse adoption include tourism, retail, property, and gaming.

Concurrently, the start-up ecosystem is expanding as companies tackle the challenges of devising solutions in an increasingly digital world, particularly in sectors such as retail, services, and commerce.

Start-ups play a pivotal role in the digital economy, and the UAE government has launched numerous initiatives to nurture their growth, recognizing technology as a catalyst for economic expansion and inclusivity.

Abu Dhabi’s tech push has drawn support from global giants like Google, Meta Platforms, and Microsoft, who operate accelerators in the region.

Start-ups globally generate a value of approximately $3 trillion, nearly matching the GDP of a G7 economy, as per Startup Genome, an advisory firm.

These launches of the MMC and MIEC follow the establishment of two new departments and four graduate programs at MBZUAI, aimed at meeting the growing global demand for robotics and computer science.

These programs aspire to further enhance the UAE’s broader AI ecosystem and solidify its position as an international hub for AI research and innovation.

Publish Date: Oct 17, 2023

Source:

https://www.thenationalnews.com/business/technology/2023/10/17/gitex-new-abu-dhabi-centres-to-support-metaverse-and-start-up-development/

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Gitex Global 2023: World’s Largest Tech Expo, 6,000+ Innovators

Gitex Global, the world’s largest tech and startup exhibition, is set to be even bigger in 2023. With over 6,000 companies participating from around the world, it marks a 40% expansion compared to the previous edition. This year’s Gitex Global, themed “The Year to Imagine AI in Everything,” will take place from October 16 to 20 at the Dubai World Trade Centre, along with Expand North Star at Dubai Harbour, featuring more than 1,800 companies showcasing their latest innovations.

Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Application, highlighted Gitex’s significance as a global event where leading minds gather to shape the future of technology. He emphasized that in the age of rapid technological advancement, secure and open borders between countries are essential, and Gitex plays a pivotal role in facilitating this collaboration.

Gitex is not just about showcasing technology; it’s about enabling technology for the benefit of all. Over 50 countries will present their innovations, with the potential to become tech “decacorns” valued at $10 billion or more. The event will also address important topics, emphasizing that technology should benefit not only developed nations but also developing countries.

Trixie LohMirmand, Executive Vice President of Dubai World Trade Centre, noted that the show’s 40% growth was made possible by adding tents at DWTC and Dubai Harbour. With participation from over 250 governments in the region, Gitex will focus on Web 3.0 gaming, digital cities, AI, and cybersecurity. It will feature more than 6,000 companies and over 180,000 attendees from 80+ countries. The event boasts 1,500 speakers from over 100 countries, offering a wealth of content.

Publish Date: 10 Oct 2023, 2:35 PM

Source:

https://www.khaleejtimes.com/business/tech/gitex-global-worlds-largest-technology-startup-exhibition-gets-bigger-in-2023

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ADGM’s assets under management have surged by 35% in the first half of the year

The Abu Dhabi Global Market has experienced a remarkable 35% growth in assets under management during the first half of 2023, solidifying its status as the fastest-growing financial hub in the region.

A total of 102 asset managers, including investment firms and hedge funds overseeing 128 funds, established their presence in the capital’s financial center over the six-month period.

In the six months leading up to June, 46 international and regional companies received in-principle approval to operate within the ADGM. This represents a staggering 119% increase compared to the same period last year, and these companies are poised to become fully operational soon, according to ADGM’s statement on Thursday.

Ahmed Al Zaabi, chairman of the Abu Dhabi Department of Economic Development and ADGM, commented, “The significant presence of major global players choosing Abu Dhabi as their business base signifies a major transformation that supports the growth and diversification of the falcon economy. We are thrilled to witness ADGM’s growth, further reinforcing our position as the fastest-growing international financial center in the region.”

Abu Dhabi’s economy has continued to thrive, implementing various programs to attract global market participants and leverage its entrepreneurial infrastructure and business-friendly regulations.

In the first quarter of the year, the non-oil economy of the UAE capital grew by 6.1% annually, with the sector’s gross domestic product reaching its highest level in nine years, driven by a strong diversification effort, according to Statistics Centre Abu Dhabi.

In May’s Annual Investment Conference, Mr. Al Zaabi announced that the emirate’s GDP exceeded Dh1.1 trillion ($299.5 billion) in 2022, marking a substantial 9.3% growth over 2021, with the non-oil sector accounting for half of this figure. Abu Dhabi aims to boost its non-oil exports by 143% to Dh178.8 billion by 2031.

Meanwhile, AUMs (Assets Under Management) in the GCC are expected to surpass the global average, reaching approximately $500 billion in onshore assets by 2026, up from $400 billion at the end of 2022, as per a report by PwC unit Strategy& published last month.

Alan Howard, founder of fund management firm Brevan Howard, managing over $30 billion of assets globally, remarked, “Abu Dhabi and ADGM offer a transparent and business-friendly environment to the banking, FinTech, and investment management industries. It is an important global hub with tremendous potential.”

Notable global firms that have chosen ADGM as their base in 2023 include the Asian Infrastructure Investment Bank (AIIB), Apollo, Ardian, Blackstone, Fidera, Fifth Wall, Goldman Sachs, Ray Dalio’s family investment office, SBI Capital, Tikehau Capital, and Vibrant Capital.

Earlier this year, the AIIB, a $100 billion multilateral development bank headquartered in Beijing, signed an agreement to open its first overseas office in the ADGM, set to open on September 19.

ADGM is also a preferred destination for local and regional firms, including Abu Dhabi holding company ADQ, Abu Dhabi artificial intelligence company G42, Chimera, Gulf Capital, OneIM, and Investcorp.

Rajeev Misra, chief executive of OneIM, stated, “Abu Dhabi has become an international hub for investors, employers, and employees alike. [It] enables us to pursue many of the exciting opportunities we see in this region and to propel the firm into the next stage of its journey.”

During the first half of 2023, the ADGM’s Financial Services Regulatory Authority began implementing its sustainable finance regulatory framework, encompassing the region’s most comprehensive environmental, social, and governance disclosure requirements.

Additionally, ADGM introduced a regulatory framework for funds, discretionary managed portfolios, bonds, and sukuks aimed at accelerating the UAE’s transition to net-zero greenhouse gas emissions.

This complements ADGM’s existing regulation of carbon offsets, facilitating the establishment of the AirCarbon Exchange, the world’s first regulated carbon offsets exchange and clearing house within ADGM.

Another significant development was the tenfold expansion of ADGM’s geographic area, extending its jurisdiction to include Al Reem Island, in addition to the existing Al Maryah Island. This positioning makes ADGM one of the largest financial districts globally, covering an area of 14.38 million square meters.

Publish Date: 14 Sep 2023

Source: https://www.thenationalnews.com/business/economy/2023/09/14/adgms-assets-under-management-up-35-in-first-half-as-it-attracts-more-businesses/

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The wealth of UAE is projected to reach $1.3 trillion by the year 2027, says report.

In 2022, equities and investment funds remained the primary asset class in the UAE, comprising 58 percent of total personal wealth, according to a report.

A new report anticipates robust financial growth in the UAE, with a projected Compound Annual Growth Rate (CAGR) of 5.5 percent in new wealth.

The Boston Consulting Group’s (BCG) ‘Global Wealth Report 2023: Resetting the Course’ predicts that the nation’s wealth will increase from $1 trillion to $1.3 trillion between 2022 and 2027.

Equities and investment funds continued to dominate the UAE’s asset landscape in 2022, making up 58 percent of total personal wealth.

However, bonds are expected to experience the fastest growth, with a CAGR of 8.4 percent from 2022 to 2027, while life insurance and pensions are projected to become the third-largest asset class by 2027.

“This remarkable growth reflects the compelling value proposition the country has developed for high-net-worth individuals (HNWIs),” noted Mohammad Khan, Managing Director and Partner at BCG, highlighting the UAE’s financial progress.

UAE Ultra-High Net Worth individuals contributed over $100 million in 2022

The report also highlighted the significant contribution of Ultra-High Net Worth (UHNW) individuals, valued at over $100 million, who represented approximately 25 percent of the UAE’s financial wealth in 2022. This trend is expected to continue through 2027.

Meanwhile, individuals with wealth ranging from $1 million to $20 million held 32 percent of the UAE’s wealth in 2022, and this is projected to increase to 34 percent by 2027.

“Not only do they drive innovation and investment in the region, but they also underpin its sustained growth,” emphasized Lukasz Rey, Managing Director and Partner at BCG, underscoring the role of HNWIs in the UAE’s economic success.

The report also revealed that the UAE’s real assets and liabilities grew by an annual rate of 7.5 percent from 2017 to 2022, reaching $1.9 trillion. These assets are expected to grow by 6.9 percent per year, reaching $2.6 trillion by 2027.

This balanced growth indicates a nation with confidence in taking calculated risks, which could potentially enhance overall economic growth.

The report also offers insights into wealth management, outlining eight initiatives to achieve sustainable profitability in the sector.

These initiatives include scalable client acquisition, private-market offerings, a focus on fixed-income products, and the integration of generative artificial intelligence (GenAI) in financial advice.

On the cost side, strategies encompass end-to-end (E2E) process reviews, informed outsourcing decisions, utilization of third-party technology, and simplification of products and services to streamline operations and meet diverse client needs.

“To ensure long-term profitability in wealth management, strategic adoption of initiatives such as scalable client acquisition, unique private-market offerings, and the integration of GenAI in financial advice can revolutionize revenue generation,” added Khan.

Publish Date: 12 Sep 2023

Source: https://www.arabianbusiness.com/money/wealth/uae-wealth-to-hit-1-3-trillion-by-2027-says-new-report

Dubai: The issuance of Golden Visas in the first half of 2023

Dubai has experienced a substantial surge of 52 percent in the issuance of Golden Visas during the first half of this year, in comparison to the same period in the previous year.

As reported by the General Directorate of Residency and Foreigners Affairs (GDRFA) – Dubai, the Emirate has witnessed a significant 63 percent increase in the issuance of residency visas this year, along with a notable 21 percent growth in tourism.

These developments coincide with the announcement by the GDRFA regarding an upcoming global conference focused on the future of port policies. Dubai will play host to this conference, which aims to delve into the future of travel and provide a platform for the exchange of ideas and experiences among international experts in the realm of border port management.

Publish Date: Tue 12 Sep 2023

Source: https://www.khaleejtimes.com/uae/dubai-over-50-increase-in-golden-visas-issued-in-first-half-of-2023

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UAE Ends Visa Ban for Nigeria, Flight Services to Resume: Official Announcement

The President of the UAE, Sheikh Mohamed, held a meeting with Nigeria’s President, Bola Ahmed Tinubu.

In a statement released by Nigerian government officials, it was announced that the UAE has officially lifted its visa ban on travelers from Nigeria.

President Sheikh Mohamed bin Zayed Al Nahyan met with Bola Ahmed Tinubu, President of the Federal Republic of Nigeria, who was on a working visit to the UAE.

Following the visit, President Tinubu issued a statement declaring an “immediate cessation of the visa ban imposed on Nigerian travelers.”

UAE Rescinds Travel Restrictions for Nigeria

President Tinubu also confirmed that both Etihad and Emirates airlines would resume their flight operations to and from Nigeria.

President Tinubu announced five key agreements resulting from diplomatic talks:

  • The immediate lifting of the visa ban on Nigerian travelers to the UAE
  • The resumption of flights to and from Nigeria
  • An agreed-upon framework for investments totaling billions of dollars in Nigeria’s economy
  • The establishment of a joint foreign exchange liquidity program
  • A commitment to normalize relations between the two nations

Chief Ajuri Ngelale, special advisor to the President of Nigeria, stated, “President Bola Ahmed Tinubu and President of the United Arab Emirates, Mohamed bin Zayed Al Nahyan, have finalized a historic agreement in Abu Dhabi on Monday, resulting in the immediate lifting of the visa ban on Nigerian travelers.

“Furthermore, as per the terms negotiated by both Heads of State, Etihad Airlines and Emirates Airlines will promptly resume their flight schedules to and from Nigeria, with no immediate financial burden on the Nigerian government.”

During their meeting at Qasr Al Shati in Abu Dhabi, Sheikh Mohamed congratulated Tinubu on assuming the presidency earlier that year, expressing his wishes for success in leading Nigeria towards progress and prosperity.

Sheikh Mohamed expressed hope for strengthened ties between the UAE and Nigeria to benefit both nations and explored opportunities for further collaboration in areas like economic development, energy, and climate action.

The two leaders also discussed regional and international developments, including the upcoming COP28 climate conference in the UAE, emphasizing the importance of international cooperation in addressing global challenges, including climate change.

Sheikh Mohamed reiterated the UAE’s commitment to nurturing relationships with countries sharing similar aspirations for stability, sustainable growth, and prosperity.

He underscored the UAE’s particular focus on its relationship with Nigeria within its strategic vision for African continent relations.

President Tinubu expressed his delight at visiting the UAE and affirmed Nigeria’s eagerness to enhance bilateral cooperation in support of sustainable development and progress in both nations.

Publish Date: 12 Sep 2023

Source: https://www.arabianbusiness.com/politics-economics/uae-lifts-nigeria-visa-ban-flights-to-resume-report

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