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Dubai: A Global Trading and Smart Manufacturing Hub Despite Global Challenges

Dubai is one of the world’s fastest-growing economies, and despite global challenges, it’s well on its way to becoming a global center for finance, trade, and advanced manufacturing. The government officials say they aim to double the size of Dubai’s economy over the next decade.

Dubai has invested heavily in its infrastructure, including top-notch ports and last-mile logistics capabilities. Its strategic location at the crossroads of Europe, Asia, and Africa provides excellent opportunities for businesses to expand globally, according to Dubai Chambers chairman Abdulaziz Al Ghurair.

Mr. Al Ghurair pointed out, “Despite global challenges, Dubai is still the world’s fastest-growing economy. Our unrivaled connectivity makes Dubai one of the world’s leading hubs for trade and logistics.”

Dubai is also rapidly growing as a financial center and continues to attract investors. Greenfield projects in the emirate alone have brought in $5.7 billion in foreign direct investment during the first half of this year.

As the commercial, tourism, financial, and trading center of the Middle East, Dubai is following an ambitious D33 roadmap that aims to place it among the world’s top cities in terms of economic strength by 2033.

This economic plan includes 100 transformative projects with an economic target of Dh32 trillion ($8.7 trillion). This includes doubling foreign trade to Dh25 trillion over the next decade and increasing foreign direct investment in Dubai’s economy to $177 billion over the next 10 years through digital transformation, adding Dh100 billion annually.

Helal Al Marri, director general of Dubai’s Department of Economy and Tourism, explained, “When looking at D33, the first thing to understand is global trends, to look at what we’re seeing here in Dubai in the context of what’s happening in the world. We’ve seen great momentum across many industry sectors, including new industries, technology, high tech, and digitalization. Growth has come from entrepreneurship and government initiatives, as well as large multinationals setting up technology bases here.”

Growing the manufacturing sector is a key part of Dubai’s economic development plan. However, Dubai is focusing on smart manufacturing that relies on robotics and automation, as opposed to heavy manufacturing that has environmental drawbacks.

Dubai’s economy has been booming due to strong trade and tourism, with a 2.8% annual growth to Dh111.3 billion ($30.3 billion) in the first quarter, as of official data released in August. It is projected to grow by 3.5% in 2023, following a 4.4% expansion last year, according to Emirates NBD.

In September, business activity in Dubai’s non-oil private sector economy remained robust, with the highest sales growth in more than four years, reflecting improved demand.

Minister of Economy Abdulla bin Touq highlighted how Dubai’s economic ambitions are in line with the UAE’s wider growth plans, aimed at building a knowledge-based, greener, and more sustainable economy. He mentioned that government measures have improved the resilience of the UAE’s economy despite challenges such as inflation, monetary policy uncertainty, and slowing global economic growth.

Mr. bin Touq added that the UAE’s economy grew by 3.7% annually in the first half of the year, primarily due to strong non-oil sector growth, aligned with diversification goals.

On Wednesday, Dubai also launched a Dh500 million venture capital fund aimed at further promoting the development of technology businesses in the emirate.

Oraseya Capital, the new venture capital arm of Dubai Integrated Economic Zones, will invest in start-ups from pre-seed to series B stages to help them grow in Dubai and beyond, following Dubai’s D33 agenda, according to DIEZ executive chairman Mohammed Al Zarooni.

The economic development agenda aims to support 30 private sector companies in achieving unicorn status, which means a valuation of more than $1 billion.

Mr. Al Ghurair concluded, “Dubai offers a dynamic and supportive environment for entrepreneurs, a multicultural and high-skilled talent pool, and helps start-ups attract the funding they need.”

Publish Date: Tue 31 Oct 2023

Source:

https://www.thenationalnews.com/business/economy/2023/11/01/dubai-set-to-become-trading-and-smart-manufacturing-centre-despite-global-challenges/

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UAE: The World’s Second Most Economically Stable Country!

The United Arab Emirates (UAE) has achieved the world’s second-highest economic stability ranking, supported by factors like entrepreneurial opportunities, easy access to capital, a skilled labor force, adaptability, competitiveness, and strong international trade, as indicated in a recent study. According to findings from the US News & World Reports, the UAE also boasts a per capita gross domestic product (GDP) comparable to top Western European nations and holds the title of the most competitive economy in the Arab world.

With a total GDP of $508 billion (equivalent to Dh1.86 trillion) and a per capita income of $87,729, the UAE is the second-largest economy in the Gulf Cooperation Council (GCC) region. The country has set an ambitious target of reaching Dh3 trillion by 2030 through innovative economic diversification strategies, which include embracing the Fourth Industrial Revolution, leveraging advanced technologies to enhance research capabilities, fostering future industries, and promoting foreign direct investments.

Moreover, the UAE boasts some of the world’s largest sovereign wealth funds, including the Abu Dhabi Investment Authority, Mubadala, Investment Corporation of Dubai, Dubai World, ADQ, and others. These entities collectively hold trillions of dirhams in assets, providing a robust financial cushion against global economic volatility.

According to the US News & World Reports, Switzerland holds the top spot as the most economically stable country, with the UAE following closely behind. Other economically stable nations on the list include Canada, Germany, Japan, Sweden, Australia, Netherlands, Norway, and Denmark.

Publish Date: Tue 31 Oct 2023

Source:

https://www.khaleejtimes.com/business/economy/uae-rated-worlds-second-most-economically-stable-country

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What prompts crypto-friendly Dubai to issue 25,000 business licenses, marking a substantial 60% increase compared to the preceding year?

In the past year, Dubai and the UAE have embraced cryptocurrencies proactively and strategically. Notably, SBID now offers a quick and seamless service for the sale of Bitcoin in Dubai, making it an instant option for clients.

Furthermore, the UAE has been diligently working towards establishing a regulatory framework to attract global investors. Initiatives like the Dubai Metaverse Strategy have given Dubai the reputation of being a crypto-friendly tourist destination.

A significant indicator of this cryptocurrency boom is the substantial increase in the issuance of new business licenses in Dubai during the first quarter of 2022. The number nearly reached 25,000, marking a substantial 60% increase compared to the previous year. The Dubai Department of Economy and Tourism attributes this growth to Dubai’s robust economic fundamentals, resilience, and sustainability.

The State of Bitcoin in Dubai

Dubai has emerged as a thriving hub for cryptocurrency and blockchain technology in the Gulf region. The city’s government actively promotes the adoption of these technologies and has introduced various initiatives to support their growth.

These efforts have attracted numerous cryptocurrency and blockchain companies to Dubai, solidifying its position in the global cryptocurrency market. SBID, in particular, plays a vital role by providing cryptocurrency solutions and facilitating the sale of Bitcoin in Dubai.

The process of selling Bitcoin in Dubai through SBID is straightforward, and it’s important to note that buying and selling Bitcoin and other cryptocurrencies is entirely legal in Dubai. SBID further simplifies the process, allowing visitors to their office to exchange Bitcoin for cash within minutes.

Moreover, SBID extends this convenience to tourists, enabling them to sell Bitcoin in their offices. Tourists can exchange their BTC for cash in various fiat currencies, including AED (dirham), US dollars, EURO, and more.

SBID’s mission is to eliminate unnecessary hurdles associated with selling BTC in Dubai, enhancing the cryptocurrency experience for everyone. In their Dubai office, they offer access to over 1,000 cryptocurrencies, including popular options like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Cardano (ADA), and stablecoins like USDT (Tether).

Key Reasons for Dubai’s Crypto-Friendly Environment

Dubai’s crypto-friendly stance can be attributed to several key factors:

1. Government Support: The Dubai government actively promotes blockchain and cryptocurrency technology. It has initiated projects exploring the applications of blockchain in various sectors such as finance, real estate, and transportation. Regulations have been established in the Dubai International Financial Center (DIFC) to create a secure environment for cryptocurrency and blockchain.

2. Tax Benefits: Dubai operates as a tax-free zone, meaning there are no personal or corporate income taxes. This tax advantage is highly appealing to cryptocurrency businesses, allowing them to thrive in a tax-free environment.

3. Cutting-Edge Infrastructure: Dubai has made substantial investments in advanced infrastructure, including blockchain, AI, and IoT technologies. This tech-savvy environment allows cryptocurrency companies to leverage the latest innovations for their products and services.

4. Strategic Location: Dubai’s strategic location between Europe, Asia, and Africa positions it as an ideal global expansion hub. This advantageous location simplifies operations for cryptocurrency businesses, facilitating market access and expanding their customer base.

Dubai’s government support, tax-free status, advanced infrastructure, and strategic location collectively make it an attractive destination for cryptocurrency ventures.

How to Buy Bitcoin in the UAE: A Step-by-Step Guide

Purchasing Bitcoin in Dubai and across the UAE is a straightforward process. It begins by selecting a cryptocurrency exchange, signing up and creating an account, and depositing the funds required to acquire the desired cryptocurrency.

Bitcoin is available on virtually every exchange, and other popular cryptocurrencies are typically accessible on major exchanges. For those looking to hold Bitcoin long-term, transferring it from the exchange to a Bitcoin wallet or a more secure storage method, such as a hardware wallet, is advisable to ensure the security of your cryptocurrency holdings.

1. Sign Up or Log In to Your Account:

– Start by registering for an account on your chosen exchange, providing the necessary details.

– Upon completing the registration process, log in to your account.

– During the login, you will receive an email confirming your login details.

– For added security, enable Two-Factor Authentication and choose a strong password.

– Treat your account as you would a bank account holding your funds.

– After logging in, you will arrive at the Wallet Dashboard or simply Wallet, depending on your exchange.

2. Transfer Funds from Your Bank:

– To fund your spot trading account, connect to your online banking account and initiate the financial transfer.

– Ensure that the transferred amount matches the specified amount.

– Verify the following details:

– Your account information.

– Your bank details in your exchange app.

– The exchange’s bank details in your online bank account.

– Alternatively, you can use P2P for deposits and withdrawals. Once confirmed, the exchange app may notify you that your order is in progress. Your orders will appear in the pending orders table, and you will receive an email regarding the pending fund transfer. Funds should be transferred from your bank account within minutes to a day, and you will receive a confirmation email.

3. Begin Trading:

With your account established, it’s time to purchase your chosen cryptocurrency, such as Bitcoin. Trading and buying cryptocurrency in the UAE is straightforward, but it’s crucial to understand the risks associated with cryptocurrency trading.

Crypto Exchanges in Dubai and the UAE

Dubai and the UAE offer a plethora of crypto exchanges to choose from, catering to investors of various backgrounds. Some of the notable options include:

Binance: Your Comprehensive Crypto Trading Platform in the UAE

Binance stands strong in the dynamic crypto landscape of the UAE, offering a user-friendly interface while also providing advanced features. It covers an extensive array of cryptocurrencies, including popular options like Bitcoin, Ethereum, Binance Coin, and emerging tokens.

Key Features:

– Versatile Trading Tools: Binance offers a range of trading tools, including Futures and Margin trading, suitable for both beginners and experienced traders.

– Real-Time Analytics: Stay informed with real-time market analytics to make well-informed trading decisions.

– Risk Management: Binance provides advanced risk management settings such as Stop Loss and OCO (One Cancels the Other) orders to safeguard your investments.

– Staking and Savings: Explore Binance’s staking and savings programs if you’re interested in generating passive income.

– Fees: Binance offers competitive trading fees starting at 0.1%.

– Supported Cryptocurrencies: You can trade over 350 cryptocurrencies on the platform, providing numerous investment options.

– Regulation & Licensing: Binance adheres to local regulations within the UAE, ensuring compliance with local laws.

– AED Deposit Methods: You can deposit AED through various methods, including bank transfers, credit/debit cards, and more.

Whether you’re a novice or an experienced trader, Binance offers a comprehensive and user-friendly platform tailored to the needs of UAE investors.

eToro: Your Premier Crypto Trading Platform in the UAE

eToro is a top-notch cryptocurrency trading platform in the United Arab Emirates, catering to beginners and experienced investors with its powerful yet user-friendly interface. It specializes in a wide range of assets, including popular cryptocurrencies like Bitcoin, Ethereum, and Cardano.

Key Features:

– Social Trading: eToro is renowned for its award-winning social trading features, including Copy Trading, which allows you to follow

and emulate the strategies of successful traders.

– Virtual Account: New traders can sharpen their skills using the Virtual Account, which provides AED 100K demo funds for practice.

– Market Insights: Stay informed with real-time market insights and access custom risk management tools like Stop Loss and Take Profit settings.

– Asset Variety: eToro offers diverse assets, including 70+ cryptocurrencies, 3000+ stocks, ETFs, commodities, and more.

– Regulation: The platform is fully licensed by reputable authorities like the Financial Conduct Authority (FCA), ASIC, CySEC, and other Tier-1 regulators, ensuring a secure trading environment.

– AED Deposits: Funding your account with Dirhams (AED) is seamless, with multiple payment options such as local bank transfers, debit cards, and more. Plus, eToro charges zero deposit fees for USD and offers competitive spreads.

– Fees:

– Zero trading commissions

– A fee added to the spread of 1%

Whether you’re a cryptocurrency enthusiast or a diversified investor, eToro provides a comprehensive and reliable platform for your trading needs in the UAE.

OKX: Your Comprehensive Crypto Exchange in the UAE

In the United Arab Emirates, OKX has built a strong reputation as a versatile cryptocurrency exchange that goes beyond basic trading. It’s a one-stop platform that offers spot, margin, futures, and options trading. What sets OKX apart are its unique features, including an NFT marketplace and tools to manage your DeFi portfolio. It has also garnered support from renowned personalities like Pep Guardiola.

Key Features:

– All-in-One Platform: OKX provides a full suite of trading options, making it a versatile choice for crypto enthusiasts. You can trade spots, margins, futures, and options all together.

– NFT Marketplace: OKX stands out with its NFT marketplace, allowing users to explore the exciting world of non-fungible tokens.

– DeFi Portfolio Management: Manage your decentralized finance (DeFi) investments efficiently within the platform.

– Low Fees: OKX prides itself on low fees, including no deposit or withdrawal fees, 0% maker fees, and competitive 0.2% taker fees.

– Supported Cryptos: With over 300 supported cryptocurrencies, including Bitcoin, Ethereum, Solana, and various tokens, you have many investment options.

– Regulation: OKX operates under the Dubai Virtual Assets Regulatory Authority (VARA) governance, ensuring compliance with local regulations.

– Payment Options: The platform offers diverse payment options, including local bank transfers, debit and credit cards, and digital payment methods like Skrill, Wise, and FasterPay.

Whether you’re a seasoned trader or new to the crypto world, OKX provides a comprehensive and user-friendly platform tailored to the needs of UAE investors.

Uphold: Your Trusted Crypto Platform for Transparency and Security

Uphold is a global leader worth considering for UAE residents who prioritize transparency and security in cryptocurrency trading. This versatile multi-asset trading platform operates in more than 150 countries, including the UAE, and sets itself apart with its audited proof of reserves, ensuring high transparency.

Key Features:

– Transparency: Uphold is recognized for its transparency, thanks to audited proof of reserves, making it one of the most trustworthy crypto exchanges worldwide.

– Versatile Usage: Uphold offers a range of features for easy and secure crypto trading. You can stake cryptocurrencies, use a dedicated crypto card, and explore hundreds of tokens for various purposes.

– Convenient Trading Tools: The platform provides trading tools that allow you to schedule regular transactions and place limit orders without locking up your funds, enhancing convenience and flexibility.

– Fees:

– Withdrawals and deposits are typically free.

– Card deposits incur a 2.49% fee.

– Trading fees range from 0.8% to 1.2%.

– Supported Cryptocurrencies: Uphold supports over 250 cryptocurrencies, including both mainstream and unique tokens.

– Regulation & Licensing: Uphold operates under the regulation of FinCEN and holds licenses to operate in the UAE, ensuring compliance with regulatory standards.

– AED Deposit Methods: You can deposit AED using various methods, including credit/debit cards, Google Pay, and Apple Pay.

Whether you’re a seasoned trader or new to crypto, Uphold offers a secure and transparent platform tailored to the needs of UAE investors.

Is Peer-to-Peer (P2P) Bitcoin Trading Common in Dubai?

Peer-to-peer (P2P) cryptocurrency exchanges enable direct Bitcoin trading between users, bypassing centralized or decentralized exchanges. On P2P platforms, you can view a seller’s list of available assets and make your selection. Buyers and sellers agree on the cryptocurrency’s price before completing the transaction.

While P2P exchanges are prevalent in countries with strict cryptocurrency exchange regulations, Dubai follows a different trend. Major Dubai exchanges often offer both P2P and standard trading options, providing users with flexibility. Some exchanges supporting P2P trading in Dubai include Binance, Paxful, OKX, Bybit, and KuCoin.

Crypto-Friendly Banks in the UAE

Understanding how banks in Dubai and the UAE view cryptocurrencies and crypto users is essential. Fortunately, the UAE welcomes crypto entrepreneurs, and several crypto-friendly banks permit crypto businesses to open and use fiat accounts.

For instance, First Abu Dhabi Bank (FAB) doesn’t have policies restricting customers from buying and selling crypto. While it doesn’t offer crypto trading, you can link an FAB account to a crypto exchange to facilitate Bitcoin purchases. Additionally, FAB has plans to explore Web3 and digital assets for its users in the future.

Conclusion

The United Arab Emirates, with a focus on Dubai, has emerged as a progressive and crypto-friendly environment. The government’s support for blockchain technology and cryptocurrencies, well-regulated exchanges, and the availability of peer-to-peer trading options make it a conducive space for crypto enthusiasts and investors.

The straightforward process of buying Bitcoin through exchanges or peer-to-peer platforms provides accessibility to a wide range of users. Furthermore, crypto-friendly banks like First Abu Dhabi Bank (FAB) demonstrate the growing acceptance of cryptocurrencies within the UAE’s financial landscape.

Dubai’s strategic location, robust infrastructure, and innovative initiatives position it as a global cryptocurrency and blockchain technology hub. As the crypto industry continues to evolve, the UAE remains at the forefront, welcoming businesses and individuals into this dynamic and promising sector.

Frequently Asked Questions

Are cryptocurrencies legal in the UAE?

Yes, cryptocurrencies are legal in the UAE, with the government actively supporting their adoption and use.

What are peer-to-peer (P2P) exchanges?

P2P exchanges facilitate direct cryptocurrency trading between users, allowing them to buy and sell assets directly from each other, often at agreed-upon prices.

Which crypto-friendly banks operate in the UAE?

Banks like First Abu Dhabi Bank (FAB) in the UAE are crypto-friendly and permit customers to link their accounts to crypto exchanges for Bitcoin purchases.

Publish Date: October 21, 2023

Source:

https://www.cryptopolitan.com/why-crypto-friendly-dubai-gains-25000/

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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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