DIFC Strengthens Position as MEASA’s Top Financial Hub with Launch of DIFC Funds Centre and Influx of Wealth Firms

The global surge in Artificial Intelligence (AI) investments propelled by the increased demand in rising digital industries, from digital health and future finance to cybersecurity and public services, has ignited a race among businesses to secure specialized talents, sustain the relentless pace of their tech innovations, and their position among the early adopters of AI. Goldman Sachs research has forecasted that global investment into AI could reach $200 billion by 2025, while Bloomberg reported that the generative AI alone could have a $1.3 trillion market value by 2032.

This growth is driven by a widespread acknowledgement amongst global leaders that AI solutions are an increasingly vital tool for driving enhanced productivity and higher growth. As Thomas Pramotedham, CEO of Abu Dhabi-based AI enterprise Presight, recently told the GITEX Tech Waves podcast: “Today you’ll see companies applying AI and AI evolving – in five, ten years’ time, it will get smarter, and when it gets smarter, you’ll get more efficiency and shorter routes to answers for difficult and complex questions. In return, that will be to the betterment of society and the world we live in.”

Such as Presight, over 3,500 of the world’s most prestigious brands investing in AI solutions will converge at the Dubai World Trade Centre, from 14-18 October, for the world’s largest tech and start-up event, GITEX GLOBAL 2024. The powerhouse exhibition and conference will bring together the biggest tech community in the world, from experts, founders, and investors to government leaders and senior executives, to showcase their breakthrough AI technologies, discuss mutual synergies, and forge key collaborations to catalyze future advancements in the industry.

The landmark event will spotlight the opportunities and challenges surrounding the AI global economy, including ethical development, quantum computing, large language models (LLM), policies and regulations, real implications of AI in edtech, health, and finance, and the future of work and employment. The rapid AI emergence still impacts the job market according to recent studies. In 2022, Deloitte estimated that there were only 22,000 AI specialists in the world while, last year, it was predicted that only half of all AI-related jobs could be filled.

UAE’s Bold Steps in Creating the World’s Future AI Economy

Leapfrogging several global markets, the response of the UAE, which has been increasingly successful as a global hub for the AI industry, consists of a robust long-term government agenda to harness the full potential of AI to empower individuals, communities, and organizations. Aligned with the UAE National Strategy for Artificial Intelligence and a clear vision to become the world leader in AI by 2031, the country has invested in integrating AI into public services, energy, tourism, and education.

In Dubai, the leadership has shown profound commitment to making the emirate the world’s fastest, most agile, and future-ready city by launching the Dubai Universal Blueprint for Artificial Intelligence. This highly strategic annual plan aims to accelerate the adoption of AI applications, looking at achieving the targets of the Dubai Economic Agenda D33 by adding AED 100 billion, 27.2 billion dollars, yearly to the emirate’s economy and boosting productivity by 50 per cent through the adoption of digital solutions.

GITEX GLOBAL 2024: A Powerful Platform for AI Experts and Leaders

As the world’s largest tech and start-up event, GITEX GLOBAL is firmly aligned with the widely recognized UAE AI-driven economy, with Dubai as the fastest-growing international hub for AI experts, leaders, academics, and top voices in the industry.

Headliners include the most powerful tech giants driving AI dynamics globally, such as Adobe, Alibaba Cloud, AWS, Builder AI, Dell, G42, Google, HPE, IBM, Meta, Microsoft, Nvidia, Open AI, and Oracle, among many others. Middle East’s premier companies and organizations advancing AI and projecting the region’s native tech to the world, such as Presight, e&, Technology Innovation Institute (TII), and Khazna, will also present their products and innovations at the show.

A premier lineup of international speakers will join the stage for thought-provoking discussions in AI, featuring names such as Isabell Gradert, VP of Central Research and Technology at Airbus (Germany), Michael Spranger, President of Sony AI (Japan), Axel Voss, Member of the European Parliament (Belgium), Stephen Ibaraki, Founder of the UN/ITU AI for Good (Canada), Jong-Soo Choi, CTO of Samsung (South Korea), and Dr Priya Singhal, EVP of Biogen (USA).

Anthony Agoshkov, founder of Marvel Capital, alongside co-founder Ilya Max, announces the launch of Alchemy Family, a private members-only club, exclusively designed for fund managers, HFT firms, hedge funds, and algorithmic traders. The club is redefining networking for the financial services elite by curating deeply immersive experiences that foster both personal and professional growth.

Alchemy Family is a ‘member-by-application-only’ club, offering its select 165 members unparalleled access to founders, C-level executives, and capital allocators through meticulously curated events. Each year, the club hosts its flagship retreat, bringing together 50 of the industry’s most prominent leaders in an extraordinary setting.

The inaugural retreat, Magnum Opus, will take place from November 2-6, 2024, in the Seychelles, offering members the chance to connect on a profound level with peers in a serene, luxurious environment. Anthony Agoshkov, co-founder of Alchemy Family, shared, “Our vision is to create a community where financial leaders can build lasting, meaningful relationships beyond the transactional. The retreats offer an opportunity to form connections that will drive innovation and growth.”

Co-founder Ilya Max said, “At Alchemy Family, we emphasize holistic growth. Our members walk away from these retreats with more than just business contacts – they gain life-changing experiences and connections that foster future success.”

The Alchemy Family experience offers several key highlights designed to elevate both personal and professional growth.

• Exclusive Access: Members enjoy direct access to influential industry figures, fostering opportunities for collaboration that would be challenging to achieve elsewhere.
• Personal and Professional Development: The club is dedicated to personal growth, with members sharing knowledge and experiences that help advance their professional objectives.
• Continuous Learning: Members benefit from an exclusive library of recorded sessions, podcasts, and other high-quality content, ensuring ongoing development regardless of location.

In an industry often dominated by virtual interactions, Alchemy Family stands apart by focusing on face-to-face connections and personal engagement. This year’s retreat will feature renowned figures like award-winning Dubai-based Contemporary and NFT artist Kristel Bechara and emotionally expressive artist Alyssa Adams, further enriching the experience and highlighting the intersection of art, personal growth, and the decentralized future.

Agoshkov’s extensive background in finance serves as the foundation for Alchemy Family’s vision. He began his career as a broker at ICAP and quickly advanced to senior trading roles at both quasi-sovereign and privately owned financial institutions. He co-founded IJSC Fianit, a fully licensed Trad-Fi brokerage in Moscow, which was successfully sold to a major institutional bank in Russia in 2018. Since then, Agoshkov has expanded his focus to multiple business ventures, with a strong emphasis on the emerging crypto asset class.

Alchemy Family’s mission of creating “a space for leaders, by leaders” comes to life through intimate roundtable discussions, mastermind sessions, and luxury experiences, providing a unique platform for connection and collaboration beyond traditional industry boundaries.

The latest ICAEW Economic Insight report for the Middle East, prepared by Oxford Economics, paints a cautiously optimistic outlook for the region. While economic growth in the Middle East is projected at 2.1% in 2024, a significant acceleration to 3.7% is expected in 2025, largely driven by the reversal of oil production cuts by OPEC+.

GCC growth to surge in 2025

The GCC region is poised for a significant rebound, with growth projected to more than double to 4.4% in 2025 as oil production cuts are gradually phased out. The report highlights the resilience of the GCC’s non-energy sectors, which are expected to expand by 4.4% in 2025. Strong domestic momentum, coupled with anticipated interest rate reductions, is expected to fuel consumption and private investment, boosting the region’s overall economic outlook.

2024 growth impacted by oil production cuts

The extension of oil production cuts by OPEC+ has led to a slight downward revision of the GCC’s 2024 growth forecast to 2.1% from 2.2% three months ago. While this reflects the temporary impact on the region’s energy sector, the outlook for 2025 remains optimistic as oil production increases, providing a strong boost to the region’s economies.

Non-energy sectors show resilience

The report underscores the resilience of GCC non-energy sectors, which are projected to grow by 4.2% this year and 4.4% in 2025. Recent PMI readings suggest strong domestic activity, and anticipated interest rate reductions is expected to further bolster consumption and private investment. These sectors, including tourism, trade, and finance, are becoming crucial growth drivers in the region’s economic diversification efforts.

Kuwait faces challenges amid oil cuts

Kuwait’s economy is forecast to grow by only 0.5% due to ongoing oil production cuts but is expected to rebound to 2.5% in 2025-26. The recent discovery of the Al-Nokhatha oil field, with estimated reserves of 3.2 billion barrels, promises higher future oil gains and supports Kuwait’s agenda to expand production output to 4 million barrels per day by 2035.

Oman’s public finances remain resilient

Oman’s economy is projected to achieve a growth rate of 1.5% in 2024, supported by a resilient non-energy sector. Growth is expected to gain further traction, reaching 2.3% in 2025, as oil production restrictions are eased. Oman’s public finances remain robust, with a budget surplus expected despite lower energy revenues. The country’s commitment to fiscal reforms and diversification efforts has been recognized by Moody’s, which recently upgraded Oman’s Ba1 credit rating to positive.

Geopolitical risks remain

The report highlights ongoing geopolitical risks, particularly regional conflicts, which could impact sectors linked to tourism and trade, and adds a layer of uncertainty to the forecast. However, a potential breakthrough in nuclear talks with Iran offers some upside potential for oil production and exports in the medium term.

Inflation outlook

The GCC inflation forecast for 2024 has been lowered to 1.7% but is expected to rise to 2.1% next year. Inflation remains below 2% in all GCC countries except Kuwait and the UAE, where slightly higher rates persist due to housing price pressures.

Hanadi Khalife, Head of Middle East, ICAEW, said: “The report underscores the importance of resilience in navigating global economic and regional geopolitical headwinds. We are confident that the Middle East’s business community, supported by the expertise of the accountancy profession, will continue to demonstrate its ability to innovate and thrive amid these challenges.”

Scott Livermore, ICAEW Economic Advisor, and Chief Economist and Managing Director, Oxford Economics Middle East, said: “The GCC’s proactive and strategic investment in non-oil sectors, alongside the gradual recovery of oil production, is paving the way for robust growth in 2025, projected to more than double to 4.4%. In a global environment of slowing economic growth, the resilience of the GCC stands out. The region’s strong performance across both energy and non-energy sectors—particularly in tourism, trade, and finance—positions it for sustained success in the coming year.”

Despite ongoing challenges, the latest ICAEW Economic Insight report paints a positive picture for the region’s economic prospects in 2025, driven by the reversal of oil production cuts and continued strength in non-energy sectors.

Saudi Arabia has emerged as a regional leader and ranked fourth globally in the UN Digital Services Index. The Kingdom saw a significant leap, climbing 25 positions in the 2024 UN E-Government Development Index (EGDI), placing it among the top countries worldwide. It also ranked second among G20 nations in the index and achieved the 7th spot in the e-participation index. Riyadh secured 3rd place among 193 cities globally.

The Minister of Communications and Information Technology and Chairman of the Board of Directors of the Digital Government Authority, Eng. Abdullah Alswaha, expressed gratitude to Custodian of the Two Holy Mosques King Salman and Crown Prince and Prime Minister Mohammad bin Salman for their unwavering support of the Kingdom’s digital and technical sectors. He credited this remarkable achievement to the Crown Prince’s leadership and emphasized that Saudi Arabia’s digital excellence is a direct result of the Kingdom’s Vision 2030. He added that the Kingdom remains committed to driving innovation and establishing itself as a leader in the global digital economy.

Eng. Ahmed Alsuwaiyan, governor of the Digital Government Authority (DGA), highlighted that Saudi Arabia’s continued advancement in the EGDI reflects the leadership’s dedication to providing top-tier digital government services. He acknowledged the critical role that Saudi Vision 2030 has played in boosting the Kingdom’s position, noting that reforms and investments have strengthened collaboration across government agencies, driven by emerging technologies and digital initiatives.

The DGA’s efforts, in partnership with various government agencies, have been instrumental in Saudi Arabia’s progress. The Kingdom has adopted advanced digital solutions to improve the maturity of its digital government services, launched a series of regulations and guidelines, and nurtured digital transformation talent and leaders.

The UN report recognized Saudi Arabia’s impressive achievements, ranking 6th globally in digital government development. Since the launch of Vision 2030, the Kingdom has made substantial strides, rising 53 places in the Telecommunications Infrastructure Index (TII) and 31 places in the Human Capital Index (HCI). Saudi Arabia also achieved a 67-place leap in the Online Service Index (OSI), securing 4th place globally. Moreover, the Kingdom reached 100 percent maturity in digital government regulations and 100 percent accessibility and data sharing for citizens and businesses. It also advanced 60 positions in e-participation, underscoring its commitment to engaging both individuals and businesses in the digital transformation process.

The E-Government Development Index has been a key international benchmark for over 20 years, published biennially to evaluate government performance. The report highlights the positive impact of structural reforms on productivity, efficiency, and the development of digital governments across UN member states.

As Microsoft Corp. and G42 continue to advance their collaboration, they are announcing two significant initiatives aimed at ensuring AI is used responsibly and benefits the world. This effort builds on the partnership the two organizations announced earlier this year and represents the start of several additional steps that will be revealed in the coming weeks and months.

They are unveiling the establishment of two new centers in Abu Dhabi, both of which will support their collective Responsible AI objectives. The first center co-founded and co-funded by G42 and Microsoft, with backing from the UAE’s Artificial Intelligence and Advanced Technology Council (AIATC), will focus on identifying, developing, and promoting best practices and industry standards for the responsible use of AI in the Middle East and the Global South. The second initiative involves the expansion of Microsoft’s AI for Good Research Lab into Abu Dhabi, designed to support AI projects addressing key societal challenges.

The first center will convene academic researchers and AI practitioners from across the private sector to develop, document, and share emerging Responsible AI best practices. Both G42 and Microsoft are committed to working closely with this centre to bring together individuals and organizations from the Middle East, the Global South, and beyond, fostering collaboration and ongoing progress in this vital field.

Simultaneously, Microsoft’s AI for Good Lab will open a center in Abu Dhabi, its first in the Middle East. This new lab will harness the power of AI to collaborate with nonprofit organizations and partners, addressing key economic and societal challenges across the Middle East and Africa. In close collaboration with the Lab’s existing team in Nairobi, this initiative will prioritize the development of large language models for underrepresented languages, helping bridge the global language divide. It will also focus on advancing food security and strengthening climate resilience by applying AI to high-resolution geospatial data, enhancing disaster preparedness and response capabilities.

The partnership will work alongside the AIATC, which was created in January to develop plans and research programs in collaboration with local and global partners to enhance Abu Dhabi’s status in the fields of artificial intelligence and advanced technology.

The two centers build on the work that Microsoft and G42 are taking together to implement Responsible AI standards and practices. This includes working to ensure that the two companies’ generative AI models and applications are developed, deployed and used safely — a commitment that is at the heart of the Responsible AI policies that Microsoft has developed and implemented, and that G42 is now adopting in connection with our partnership and the commitments made to the U.S. and UAE governments.

Among other things, these policies govern the design and use of AI applications, incorporate digital safety and cybersecurity plans for model training and deployment, and establish “red teaming” processes to harden AI systems against probing, testing and attacks. G42’s adoption of these policies will solidify the UAE’s position as a trusted global AI hub and ensure that Microsoft and G42 AI technologies running on Azure are responsibly shared with our growing joint customer base, globally.

“Today’s steps will add to the important progress Microsoft and G42 are making to broaden access to the responsible, safe, and secure use of artificial intelligence,” said Brad Smith, Vice Chair and President of Microsoft. “We are committed to additional steps with G42 that advance responsible AI use for customers and that strengthen the relationship not only between our two companies, but between our two countries.”

Peng Xiao, Group CEO of G42, said, “By advancing Responsible AI together with Microsoft, we are creating a framework for AI to serve all of humanity. These new centers reflect our shared vision for leveraging technology to solve real-world challenges, positioning Abu Dhabi as a global hub for AI innovation that prioritizes safety, trust and collaboration, especially across the global south.”

Since Microsoft and G42 launched their partnership in April, the two companies have been executing under the commitments of the Intergovernmental Assurance Agreement, with support and oversight by both the U.S. and UAE governments.

As a matter of corporate policy instituted earlier this year, G42 and its affiliates do not conduct business with any entity listed on the U.S. Government Consolidated Screening List. The Microsoft and G42 compliance committee meets quarterly, and the two teams maintain a weekly cadence for progress reviews. G42’s compliance program is designed to be “best in class,” ensuring the highest standards of business practices and security principles.

This partnership presents a strategic opportunity to bring world-class technology to underserved regions such as the global south. G42’s efforts in creating a regulated and monitored environment for deploying U.S.-developed advanced technology systems are essential for meeting international AI demands. Our collaboration aims to bridge the digital divide, address pressing social challenges, and promote democratic norms in cyberspace. We have already announced a $1 billion investment in Kenya leveraging geothermal energy, and are actively exploring other strategic markets.

In addition, the migration of G42’s legacy public cloud infrastructure to Microsoft Azure began in November 2023 and is continuing as planned. This migration is critical for ensuring secure and efficient operations.

Microsoft and G42 believe in the transformative power of AI and cloud technologies, and our partnership is built on a foundation of trust, security, shared values, and a commitment to the highest standards of regulatory compliance. Microsoft and G42 are dedicated to ensuring that our collaboration contributes positively to global technological advancement.

The Abu Dhabi Department of Energy (DoE) has introduced a series of Foresight Reports as part of its proactive strategy to efficiently address the fast-evolving energy landscape. These reports are aligned with the department’s institutional strategy, utilizing foresight practices to anticipate future trends, explore potential scenarios, and analyze their implications.

The primary goal of the reports is to systematically assess possible future scenarios, including technological advancements, policy changes, and market dynamics that could impact the energy sector.

By leveraging this foresight, the DoE aims to make informed decisions that promote innovation, enhance efficiency, and support sustainability. The reports also act as a strategic tool, guiding the department toward its long-term objectives, mitigating risks, and identifying new opportunities.

The department has issued four reports addressing significant and timely topics. The first report, titled The Ammonia Economy – Ammonia-based Fuel and the Use of Ammonia for Energy Storage and Delivery, explores the future potential of the ammonia economy, focusing on its role in hydrogen energy production, global trade, and the transition to sustainable ammonia technologies. The report also identifies future trends for developing the ammonia economy and outlines the goals and steps needed to achieve them.

The second report, titled The Future of Water Sustainability through the Graphene Revolution, explores the future potential of graphene-based technologies in various water-related applications, including desalination, purification, and treatment, while improving the efficiency of these processes. This report provides a framework for identifying future trends to enhance water sustainability and outlines related impacts and potential actions.

The third report, titled The Race to Harness Space Solar Power – New Horizons for Energy, assesses the strategic feasibility of space solar power technology and its alignment with the UAE’s renewable energy goals, alongside its promising vision of achieving a sustainable future free from carbon emissions. The report also serves as a valuable tool for identifying future trends in the development of space solar power technology and outlines the objectives and steps necessary to achieve them.

The fourth report highlights The Future of Enhancing Renewable Energy through Smart Grids and Artificial Intelligence, focusing on the advancement of smart grid technologies in the UAE, their connection to the artificial intelligence revolution, and their applications in energy management. The report identifies future trends for the development of these grids and outlines the goals and steps needed to achieve them.

Dr. Shamma Al Malik, Director of Strategy Development at the DoE, emphasized, “The Foresight Reports aim to inspire the forward-looking visions of our wise leadership and the ambitious aspirations of the UAE government while addressing the challenges facing energy transition, sustainability, water security, and the development of energy efficiency technologies. Through these reports, we strive to build a deep knowledge base and extract precise information that enables us to ensure full readiness to face future challenges.”

She added, “The issuance of these four reports reaffirms the Department of Energy’s commitment to achieving an effective transformation in the energy sector by promoting the use of clean and renewable energy and anticipating the future needs of the industry. These reports will undoubtedly form a fundamental basis for decision-making, further enhancing Abu Dhabi’s leadership position in the global energy transition journey and driving sustainable growth toward a prosperous future.”

She also highlighted the importance of the DoE continuing to collaborate with all partners and stakeholders, leveraging all its capabilities, and delivering advanced solutions and innovations in the field of clean and renewable energy. Furthermore, the department is continuing to develop future plans to accelerate national efforts aimed at realizing the UAE’s strategic initiative for net-zero emissions by 2050.

Saudi Crown Prince Mohammed bin Salman announced a $5bn investment in Egypt by the Public Investment Fund (PIF) during a meeting with Egyptian Prime Minister Mostafa Madbouly in Riyadh on Tuesday.

This announcement forms part of a wider effort to strengthen economic ties between the two nations. Madbouly conveyed greetings from Egyptian President Abdel Fattah Al-Sisi to King Salman bin Abdulaziz and the Crown Prince, praising the strong bond between Cairo and Riyadh.

“We are currently working on finalizing the agreement on the protection of joint investments, which will contribute to increasing investments between the two countries,” Madbouly said. “A significant number of Egyptian investment companies operate in Saudi Arabia, in addition to Saudi investments in Egypt.”

He commended the remarkable progress under Vision 2030 in Saudi Arabia, describing the country’s transformation as unprecedented and highlighting the Crown Prince’s key role in this development, which serves the interests of the Arab nation.

Madbouly also emphasized the importance of leveraging the African Continental Free Trade Area to open up African markets for both Egyptian and Saudi products. He pointed out the potential for cooperation in the automotive sector, noting Saudi Arabia’s substantial progress in the field and Egypt’s incentives for the industry.

“Egyptian products have already established a successful presence in African markets,” Madbouly said. “We believe that through collaboration and understanding between Egypt and Saudi Arabia, and with the support of the Egyptian-Saudi Business Council, a strategic objective can be achieved: establishing a significant presence in the African market within the next three years across specific sectors, with a clear focus on priorities.”

During his visit to Saudi Arabia, Madbouly also met with several key officials, including Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef, to discuss joint cooperation initiatives. The meeting was attended by Egyptian Minister of Finance Ahmed Kojak, Minister of Investment and Foreign Trade Hassan El-Khatib, Egyptian Ambassador to Riyadh Ahmed Farouk, and Saudi Ambassador to Cairo Saleh bin Eid Al-Hussaini.

Alkhorayef emphasized the need to foster industrial integration and expand the trade exchange base between the two countries, noting that Egypt is one of the most significant countries engaged with Saudi Arabia since the launch of its industrial strategy in 2023.

“We are currently identifying areas for collaboration to achieve partnerships between investors from both sides,” Alkhorayef said. “We believe that industrial integration between Egypt and Saudi Arabia will serve as a catalyst for sustainable cooperation between the two nations.”

The visit also explored investment opportunities and addressed challenges faced by Saudi investors in Egypt. Madbouly assured investors that any remaining issues would be resolved within the next two to three months, highlighting efforts made in 2024 to address these concerns.

The Crown Prince further highlighted Saudi Arabia’s implementation of Vision 2030, praising the role of Egyptian workers in the country’s progress. He expressed his desire to visit Egypt soon and meet with President el-Sisi. Additionally, he underscored the importance of the power grid connection between Egypt and Saudi Arabia, expressing his support for renewable energy companies in Egypt.

The Crown Prince announced the PIF’s planned $5bn investment in Egypt as a first step, expressing hope for the first meeting of the joint coordinating council to take place in October after coordination between both sides. He praised the efforts to address Saudi investors’ concerns and stressed the importance of resolving remaining trade disputes, encouraging further Saudi investment in Egypt.

He also spoke about collaborative efforts with Egypt in managing regional crises, including the war in Gaza, the situation in Yemen, and Red Sea security, affirming a shared vision on these issues. The Crown Prince expressed support for Egypt’s efforts to secure a ceasefire in Gaza, emphasizing the roles both countries play in advancing Arab causes.

Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has secured a Provisional (Non-Operational) Approval for a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA). This license allows Bybit to offer virtual asset exchange services to retail, qualified investors, and institutional clients in Dubai, further strengthening its presence in the city, where its global headquarters are located.

This milestone showcases Bybit’s ongoing efforts to achieve full operational approval in Dubai, reflecting its strong commitment to compliance with VARA’s rigorous standards. The licensing process has been thorough and collaborative, showcasing VARA’s dedication to fostering a secure and innovative virtual asset ecosystem. Bybit has engaged in productive dialogue with the regulator to successfully meet the requirements for provisional approval.

Bybit established its international headquarters in Dubai in 2022, and the company recently renewed its partnership with the Dubai Multi Commodities Crypto Centre (DMCC). Bybit transited from changed from a key ecosystem partner to an advisory role with DMCC Crypto Hub, solidifying its position as a leading contributor in Dubai’s thriving crypto and Web3 industry.

Bybit also launched its key sponsorship of the Blockchain for Good Alliance (BGA) at Blockchain Life in April in Dubai, a non-profit organization that collaborates with a network of organizations, projects, and individuals dedicated to leveraging blockchain technology to address global social, environmental, and economic challenges. Besides, Bybit is initiating various industry projects, such as the Crypto Content Creator Campus for KOLs in the crypto industry, set to launch in Dubai this November.

“Dubai’s strategic location, progressive policies, and innovation-driven environment offer unparalleled opportunities for businesses and investors in the cryptocurrency sector,” said Helen Liu, Chief Operating Officer of Bybit. “With its robust regulatory framework and commitment to becoming a blockchain capital, Dubai is the ideal place to advance digital currencies and foster growth in this exciting industry.”

Kuwait’s economic position remains strong, with Fitch Ratings affirming its Long-Term Foreign-Currency Issuer Default Rating (LTFC IDR) at ‘AA-‘ with a Stable Outlook. Despite its solid fiscal foundation and vast sovereign wealth, Kuwait faces ongoing challenges, including heavy dependence on oil revenues, a large public sector, and the need for significant fiscal reforms.

While Kuwait benefits from exceptionally strong external assets, managed primarily by the Kuwait Investment Authority (KIA), the country’s reliance on oil continues to present vulnerabilities. Market observers are particularly focused on Kuwait’s ability to navigate political complexities, implement reforms, and reduce dependence on hydrocarbons. As Kuwait looks to diversify its economy and manage public sector expenditures, the timing and execution of key reforms will be crucial to sustaining long-term growth and maintaining its financial strength in a rapidly changing global environment.

Key Rating Drivers

Fundamental Rating Strengths and Weaknesses: Kuwait’s ‘AA-‘ rating is supported by its exceptionally strong fiscal and external balance sheets. The rating is constrained by weaker governance indicators than peers’, Kuwait’s heavy dependence on oil, its generous welfare system and large public sector that could be challenging to sustain in the long term. Another weakness is the continued absence of both meaningful fiscal adjustments to address structural challenges and legislation to allow debt issuance and improve fiscal financing flexibility.

Exceptionally Strong External Assets: Kuwait’s external balance sheets remain the strongest of all Fitch-rated sovereigns. We forecast Kuwait’s sovereign net foreign assets will rise to 538% of GDP in 2024 and average 553% in 2025-2026, more than 10x the ‘AA’ median. The bulk of the assets are held in the Future Generations Fund managed by the Kuwait Investment Authority (KIA), which also manages the assets of the General Reserve Fund (GRF), the government’s treasury account.

Parliament Suspended, Endling Political Deadlock: The Amir has dissolved parliament and suspended parts of the constitution for no more than four years, during which the country’s democratic process will be reviewed to address its shortcomings. This followed the April 2024 parliamentary election, the fourth since December 2020 and eighth since 2012. Fitch believes this should smooth policymaking, which has been hindered by the long-standing political deadlock between the government and parliament. However, this could affect voice and accountability, and uncertainties over the implementation of critical structural and fiscal reforms weigh on the rating.

Reform Implementation Timeline Uncertain: The newly-appointed government has yet to unveil its four-year policy program. Initial reform plans focus on diversifying oil revenue, improving government efficiency, rationalizing government spending and capping medium-term expenditure at KWD24.5 billion (48% of projected GDP the fiscal year ending March 2025; (FY24)), which is slightly below FY23’s. While parliamentary gridlock is no longer an obstacle, the timeline for implementing key reforms remains uncertain. The government also faces a backlog of laws requiring revision, likely limiting prospects for significant reforms in the near term.

Liquidity Law Assumed; Timeline Uncertain: The government aims to pass a liquidity/debt law (as previous governments have), which is currently under revision, but the implementation timeline is uncertain. The enactment of this law would enable Kuwait to raise new debt, following the expiry of the previous debt law in 2017. Our forecasts assume that a liquidity law will be passed in FY25, although delays are possible. Even without a liquidity law, the government would still be able to meet its financing obligations in the coming years, given the assets at its disposal.

Budget Position to Deteriorate: Under the government’s reporting convention, which excludes KIA’s investment interest income in revenue, and which is not officially disclosed, we expect the budget deficit to widen in FY24. The government plans to rationalize spending in line with its expenditure target, which we anticipate is achievable through modest reductions in non-core expenditures and continued under-spending of the budget. However, significant reform of the generous public employment and welfare spending (81% of total expenditure; 41% of GDP) is unlikely, thereby keeping total expenditure near the target ceiling.

Fitch expect revenue to continue to decline, even as non-oil revenue rises modestly. Oil revenue loss from lower oil prices is partly mitigated by the potential unwinding of OPEC+ oil production quotas from 4Q24. Under the government’s convention, we expect the deficit to widen to 4.4% of GDP in FY24, from 3.1% in FY23, and further to 6.0% in FY25. Including an estimate for investment interest income, we forecast the budget to post lower surpluses of 7.8% of GDP in FY24 (from 7.9% in FY23) and 5.3% in FY25.

Continued Reliant on GRF Financing: Our FY24 forecasts assume that the government will continue to rely on GRF’s assets to cover its budget deficit and meet domestic maturities. Our FY25 forecast assumes that the government will resume borrowing, with about 30% of deficit being financed by debt issuance.

Oil Assumptions: Our forecasts assume Kuwait’s average oil price at USD79.7/bbl for FY24, down 5.1% from FY23, with output declining to 2.42mmbbl/d given OPEC+ constraints. In FY25, we assume Kuwait’s average oil price will fall to USD71/bbl, while crude oil output will rise to 2.51mmbbl/d, as OPEC+ eases constraints. Under this scenario, we anticipate a nearly 4% rise in oil production in FY25 compared with FY24. We estimate Kuwait’s fiscal break-even Brent oil price (including investment income) at USD58-61/bbl in FY24-FY25, with the non-oil primary deficit/non-oil GDP at 70%-76%, significantly worse than regional peers’.

Very Low Government Debt: Gross government debt/GDP remains low, at 3.1% of GDP in FY23. We expect the debt level to remain broadly unchanged in FY24, but assuming the passage of a liquidity law in FY25, along with projected deficits and lower oil prices, we forecast government debt will rise to 4.8% of GDP in FY25 and further in FY26, despite a USD4.5 billion Eurobond maturing in March 2027. Nonetheless, we expect debt levels to remain well below the projected 2025 ‘AA’ median of 50% of GDP.

Regional Conflict Risk; Oil Dependence: Ongoing conflicts in the Middle East and disruptions to Red Sea shipping have had minimal impact on Kuwait, which has large government assets that provide an important buffer to support the economy if tensions were to escalate. However, hydrocarbon dependence weighs on Kuwait’s rating. Kuwait remains heavily dependent on oil revenue, with budget outcomes highly sensitive to oil prices. A USD10/bbl change in our oil price assumption for 2024 would affect the budget balance by about 4% of GDP, all else being equal. A change of 100,000bbl a day of production affects the budget by 1.5% of GDP.

ESG – Governance: Kuwait has an ESG Relevance Score (RS) of ‘5[+]’ respectively for both Political Stability and Rights and for the Rule of Law, Institutional and Regulatory Quality and Control of Corruption. Theses scores reflect the high weight that the World Bank Governance Indicators (WBGI) have in our proprietary Sovereign Rating Model (SRM). Kuwait has a medium WBGI ranking at 53, reflecting low scores for voice and accountability, and middling scores across other governance indicators.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade

-Structural Features/Public Finances: Signs of sustained pressure on GRF liquidity, for example, due to the continued absence of a new liquidity law and of alternative measures to ensure that the government can continue to meet its payment obligations, including but not limited to debt service

-Public and External Finance: Significant deterioration in fiscal and external positions, for example, due to a sustained period of low oil prices or an inability to address structural drains on public finances

Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade

– Structural Features/Public Finances: Strong evidence that Kuwait’s institutions and political system are able to tackle long-term fiscal challenges, for example, through actions to implement a clear deficit reduction plan that is resilient to lower oil prices, as well as adopt a transparent and sustainable government funding strategy.

Sovereign Rating Model (SRM) and Qualitative Overlay (QO)

Fitch‘s proprietary SRM assigns Kuwait a score equivalent to a rating of ‘AA+’ on the LTFC IDR scale.

Fitch’s sovereign rating committee adjusted the output from the SRM to arrive at the LTFC IDR by applying its QO, relative to SRM data and output, as follows:

– Structural Features: -1 notch, to reflect a political context that has prevented meaningful progress in enacting key economic reforms and addressing structural public finance challenges stemming from heavy oil dependence, a generous welfare state and a large public sector, and adopting a transparent and sustainable financing strategy

– Public Finances: -1 notch, to reflect our expectation of continued budget deficits and rising debt over the short- to medium term, due to persistent difficulties of reining in a generous public employment and welfare system that could pose challenges if oil revenues decline for a sustained period of time, even as the large government assets provide an important buffer

Fitch’s SRM is the agency’s proprietary multiple regression rating model that employs 18 variables based on three-year centered averages, including one year of forecasts, to produce a score equivalent to a LTFC IDR. Fitch’s QO is a forward-looking qualitative framework designed to allow for adjustment to the SRM output to assign the LTFC IDR, reflecting factors within our criteria that are not fully quantifiable and/or not fully reflected in the SRM.

Country Ceiling

The Country Ceiling for Kuwait is ‘AA+’, two notches above the LTFC IDR. This reflects strong constraints and incentives, relative to the IDR, against capital or exchange controls being imposed that would prevent or significantly impede the private sector from converting local currency into FC and transferring the proceeds to non-resident creditors to service debt payments.

Fitch’s Country Ceiling Model produced a starting point uplift of two notches above the IDR. Fitch’s rating committee did not apply a qualitative adjustment to the model result.

References for substantially material source cited as key driver of rating

The principal sources of information used in the analysis are described in the Applicable Criteria.

The following limitations were identified and addressed:

KIA’s assets are not officially reported by the government.

Fitch estimates these assets by compounding the government’s transfers into the KIA, using assumptions about returns and asset allocations that are informed by discussions with the KIA. Fitch benchmarks government transfers into the KIA and KIA investment income against the balance of payments.

The data used was deemed sufficient for Fitch’s rating purposes because it expects that the margin of error related to the estimates would not be material to the rating analysis.

ESG Considerations

Kuwait has an ESG Relevance Score of ‘5[+]’ for Political Stability and Rights as WBGI have the highest weight in Fitch’s SRM and are, therefore, highly relevant to the rating and a key rating driver with a high weight. As Kuwait has a percentile rank above 50 for the respective governance indicator, this has a positive impact on the credit profile.

Kuwait has an ESG Relevance Score of ‘5[+]’ for Rule of Law, Institutional & Regulatory Quality and Control of Corruption as WBGI have the highest weight in Fitch’s SRM and are, therefore, highly relevant to the rating and are a key rating driver with a high weight. As Kuwait has a percentile rank above 50 for the respective governance indicators, this has a positive impact on the credit profile.

Kuwait has an ESG Relevance Score of ‘4’ for Human Rights and Political Freedoms as the Voice and Accountability pillar of the WBGI is relevant to the rating and a rating driver. As Kuwait has a percentile rank below 50 for the respective governance indicator, this has a negative impact on the credit profile.

Kuwait has an ESG Relevance Score of ‘4[+]’ for Creditor Rights as willingness to service and repay debt is relevant to the rating and is a rating driver for Kuwait, as for all sovereigns. As Kuwait has a record of 20+ years without a restructuring of public debt and captured in our SRM variable, this has a positive impact on the credit profile.

Except for the matters discussed above, the highest level of ESG credit relevance, if present, is a score of ‘3’. This means ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or to the way in which they are being managed by the entity. Fitch’s ESG Relevance Scores are not inputs in the rating process; they are an observation of the materiality and relevance of ESG factors in the rating decision.

Fils, a trailblazer in ESG-focused financial technology, a pioneering force in ESG-focused financial technology, has announced a partnership with Madkhol, a Saudi-based technology platform specializing in Robo-advisory investment services. The partnership was formalized at the 24 Fintech event, marking a major achievement for both companies and the broader region.

This collaboration enables Madkhol’s users to invest seamlessly in carbon credits and actively reduce their carbon footprint directly through the platform. By integrating Fils’ sustainability technology, Madkhol is raising the bar for capital market fintechs in Saudi Arabia and beyond, offering a unique opportunity for users to incorporate meaningful climate action into their investment portfolios.

Capital markets are vital to advancing economic growth and sustainability efforts. Globally, an estimated $9.2 trillion annually is needed to meet sustainability and climate targets. Achieving these goals will require participation from all industries, with capital markets playing a pivotal role in this transition. In 2020 alone, sustainable investments accounted for over $35 trillion in assets, underscoring their importance in the movement.

Saudi Arabia is at the forefront of this transformation with its Voluntary Carbon Market (VCM) initiative, aimed at establishing one of the region’s largest carbon trading platforms. Led by the Public Investment Fund (PIF) and the Saudi Tadawul Group, this initiative aligns with the Kingdom’s Vision 2030 and is designed to support companies in meeting their net-zero targets by investing in carbon credits. The first auction under the Saudi VCM saw the sale of 1.4 million tons of carbon credits, signaling the sector’s immense growth potential.

The partnership between Fils and Madkhol is in perfect alignment with Saudi Arabia’s VCM goals. By utilizing Fils’ sustainability infrastructure, the collaboration provides users with a transparent, trusted, and reliable way to engage in the carbon credit market, setting a new benchmark for ESG investments in the region.

CEO of Fils, Nameer Khan, commented: “Our partnership with Madkhol comes at a critical time when sustainable finance is becoming a cornerstone of capital markets, and Saudi Arabia’s VCM initiative is setting the stage for the region. Together, we are enabling users to make investments that not only drive returns but also contribute to a sustainable future. This collaboration highlights Fils’ commitment to transparency and trust, essential elements in building a credible and superior solution in the sustainability space.”

He added, “The global challenge of reaching $9.2 trillion annually in climate investments can only be met through the leadership of key industries, and capital markets are at the forefront of this transformation. Fils’ integrity-driven platform ensures that businesses and investors can participate in carbon markets with confidence, helping to foster a more sustainable world.”

Saad bin Atyan, CEO of Madkhol, added: “At Madkhol, we are committed to providing our customers with innovative and responsible investment solutions. Partnering with Fils allows us to take our platform to the next level by integrating carbon credit investments and giving our customers a practical way to offset their emissions. Signing this partnership at 24 Fintech highlights our dedication to pioneering sustainable fintech in Saudi Arabia.”

By utilizing Fils’ comprehensive API-driven sustainability stack, Madkhol customers can now access a variety of carbon credit projects, enabling transparent reporting and ensuring investments align with environmental goals. This seamless integration also supports Saudi Arabia’s Vision 2030 objectives of promoting sustainability and reducing carbon emissions.

Ahson Saeed, Partner – Strategy & Commercials at Fils, commented: “At Fils, we believe that the future of finance is not just about returns, but about responsible, impactful investments. Our partnership with Madkhol is a testament to this vision, bringing together cutting-edge technology and a deep commitment to sustainability. By integrating carbon credit investments into everyday financial decisions, we are empowering investors to take actionable steps towards a greener future. This collaboration marks a new chapter in sustainable finance, aligned with Saudi Arabia’s ambitious climate goals and the broader global movement towards ESG-driven growth.”

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence of the UAE, and Chairman of the Board of Trustees of Dubai Future Foundation (DFF) has approved the launch of the ‘Dubai Research, Development, and Innovation (RDI) Grant Initiative’.

This initiative aims to fund research projects that will drive advancements in Dubai’s key economic sectors. It stems from the Dubai Research and Development Program, which Sheikh Hamdan launched in September 2022. The Dubai Future Foundation will spearhead this initiative, setting a framework for RDI activities in Dubai and defining strategies for managing and investing in RDI projects, initiatives, and legislation.

“Research and development initiatives are central to achieving Dubai’s vision for the future of its key economic sectors. We will spare no effort in supporting research projects that aim to positively impact our journey towards global leadership across all scientific fields. With the launch of this initiative, we aim to make Dubai amongst the most future-ready cities in the world, and the most prepared to harness scientific research to achieve impactful accomplishments,” Sheikh Hamdan said.

The next phase of the initiative will support up to 20 research projects, with a focus on two key RDI Priority Sectors: Cognitive Cities and Health and Life Sciences. These will be explored through Cross-cutting Technologies like Artificial Intelligence (AI) and Robotics Systems. Cognitive Cities research could involve Smart Mobility, Traffic Management, Smart Grids, and PropTech, while Health and Life Sciences may address Precision Medicine, Preventive Genetic Sequencing, Cell-Cultured Foods, and Crop Resilience.

Sheikh Hamdan emphasized that “Dubai will become a destination of choice for regional and international scientists and researchers. To achieve this goal, we must strengthen collaboration and partnerships between the public and private sectors, as well as universities and research institutions.”

The Dubai Future Foundation will work closely with local and international partners, spanning both public and private sectors, as well as academic institutions, to bring eligible projects to life. For more information on the ‘Dubai RDI Grant Initiative’, interested parties are encouraged to visit the Dubai RDI website.

As part of our coverage of the Dubai AI & Web3 Festival, we had the privilege of interviewing Mr. Garen Mehrabian, COO of Public Masterpiece UAE.

Public Masterpiece has been at the forefront of blending art with blockchain technology, transforming how high-value assets like fine art are tokenized and traded in the Web3 ecosystem. At the festival, the company unveiled the $3 million ‘Golden Khmer Flower Of Life,’ another innovated way to integrate blockchain into the art world.

In this interview, Garen shares insights into how Public Masterpiece is navigating the challenges of educating people about blockchain, forming key partnerships, and staying ahead in the rapidly evolving AI and Web3 landscape. We also explore how events like the Dubai AI & Web3 Festival foster collaboration across industries, as Public Masterpiece continues to lead the way in tokenizing Real-World Assets (RWAs) and driving innovation in the art world.

 What motivated your participation in the Dubai AI & Web3 Festival, and how do you see it aligning with your organization’s goals?

Our participation in the Dubai AI & Web3 Festival was driven by our vision to blend art with blockchain technology, especially as we continue to tokenize Real-World Assets (RWAs) through Public Masterpiece. The festival provided an invaluable platform to showcase our innovative approaches, including the unveiling of the $3 million ‘Golden Khmer Flower Of Life.’ This event aligned perfectly with our mission to push the boundaries of how high-value assets, like fine art, can be integrated into the Web3 ecosystem and provide new investment opportunities.

Do you think events like this can foster collaboration between innovators, startups, and established tech companies?

Absolutely. The Dubai AI & Web3 Festival demonstrated how events like this are key to fostering collaboration between innovators, startups, and established tech companies. The diverse ecosystem created an environment where new partnerships were formed, and synergies between art, technology, and finance could flourish. As a premium partner, Public Masterpiece leveraged these interactions to further our mission and gain valuable insights into the latest developments in AI and blockchain.

What are the key challenges your company faces in integrating AI and Web3 solutions, and how do you plan to address them?

One of the main challenges we face is educating people about blockchain technology and bringing more individuals on-chain. Many potential users are unfamiliar with how blockchain works or its benefits in terms of security, transparency, and decentralized ownership. As a company, we are addressing this by providing educational resources and hands-on experiences at events like the Dubai AI & Web3 Festival. We also create content and workshops to help the broader community understand the value of blockchain in tokenizing art and assets, ensuring that our platform is accessible and user-friendly for newcomers. By focusing on education, we aim to bridge the gap and bring more people into the Web3 space.

What strategies are you using to stay ahead of the rapidly evolving AI and Web3 landscape?

Our strategies are centered around innovation, collaboration, and staying at the forefront of technology. By working closely with international artists like Rocketbyz and Romulo Kuranyi, as well as forging partnerships with entities like Golden Silk, we ensure that our product offerings remain cutting-edge. We also focus on integrating Web3 technologies into various industries, from art to fashion, and consistently refine our platform with real-time feedback and research. Events like the Dubai AI & Web3 Festival keep us connected to global trends, allowing us to adapt and evolve quickly.

What impact do you see AI and Web3 technologies having on your company’s growth and long-term strategy?

AI and Web3 technologies are critical to Public Masterpiece’s long-term growth. They enable us to unlock new forms of art ownership and investment, ensuring that we stay ahead in an increasingly digital world. Through Web3, we are decentralizing access to high-value art, making it possible for anyone to invest in masterpieces. AI, on the other hand, can improve how we analyze and curate assets, enhancing the user experience. Over the next few years, these technologies will allow us to expand our marketplace and create more immersive and secure experiences for our community.

What role does your company play in advancing AI governance or standards, either regionally or globally?

While we are primarily focused on the art and asset tokenization space, Public Masterpiece recognizes the importance of contributing to the development of AI and blockchain standards. Our partnerships, such as with Golden Silk and the Cambodian government to implement blockchain certification for historical artifacts, demonstrate our active role in advancing governance frameworks in these areas. By working closely with international regulators and participating in events like the Dubai AI & Web3 Festival, we aim to help shape the global conversation around the responsible use of these technologies.

How has your participation in events like the Dubai AI & Web3 Festival influenced your company’s strategy or approach to innovation?

The Dubai AI & Web3 Festival has had a profound impact on our strategy and approach to innovation. Engaging with leaders in the AI and Web3 spaces has reinforced the need for us to remain agile and open to new technological advancements. The feedback we received from our Metaverse VR experience and the unveiling of the ‘Golden Khmer Flower Of Life’ has encouraged us to pursue more immersive and interactive digital experiences. Our strategy now places a stronger emphasis on integrating these innovations into our core offerings and expanding our presence in the Web3 space.

What key milestones are your company targeting over the next 2-3 years in the AI and Web3 sectors?

In the next 2-3 years, Public Masterpiece is focused on achieving several key milestones. First, we aim to fully launch our gallery in Q1 2025, where we will showcase our tokenized masterpieces. We also plan to deepen our integration with Web3 technologies by expanding the range of tokenized Real-World Assets, including art, fashion, and historical artifacts. Collaborations with artists and brands like Rocketbyz and Golden Silk will be key to our growth. Additionally, we are exploring new ways to enhance the Metaverse VR experience, making art more accessible in the digital space while continuing to grow our marketplace and community.

Samer Zayat’s entrepreneurial journey began at just 18, with a humble investment of $500. Through his perseverance and determination, he overcame the early challenges and built a career defined by resilience and innovation.

From founding Crown Capital Investments to establishing Investium, Zayat has expanded his scope of work across multiple industries, including hospitality, technology, and real estate.

In this interview, Zayat shares insights into the key moments that shaped his path, the lessons learned along the way, and how he continues to push boundaries while planning for the future growth.

You began your entrepreneurial journey at just 18 with a small investment of $500. Can you share more about the challenges and lessons you faced during those early years?

Starting with just $500 at 18 taught me the importance of resourcefulness and resilience. The early challenges included navigating a highly innovative & competitive market with limited capital and building trust with partners and customers. However, these experiences reinforced the values of staying adaptable, thinking creatively, and maintaining a strong work ethic. Each small victory helped build the foundation for future successes, and those early lessons continue to inform my approach to business today. But my biggest learning remains, that staying resilient through setbacks & failures is crucial to one’s entrepreneurial success.

How did CCI transition from its beginnings in Beirut to its expansion in Dubai, and what were the key factors that fueled its rapid growth?

The transition from Beirut to Dubai marked a significant milestone in our journey. Dubai offered a dynamic, globally connected environment that provided the perfect setting to scale our operations. Our rapid growth was driven by a strategic emphasis on achieving swift returns on investment coupled with a commitment in customer service excellence. We leverage these successes to generate further internal investment for our future projects, and crucially, we were focused on building a strong diverse team that shared our vision for growth.

Looking back on your journey from launching Crown Capital Investments to founding Investium, what do you consider the most important and life changing moments or decisions in your career?

One of the most life-changing decisions was to expand our focus beyond single-sector iterations to a diversified investment strategy across multiple sectors. This decision allowed us to leverage our strengths and broaden our impact. Another key moment was our move into the Dubai market, which significantly accelerated our growth and opened new opportunities. The decision to maintain a balance between entrepreneurial spirit and operational discipline has also been foundational in shaping our success.

What motivates you to keep pushing boundaries in the investment world, especially after achieving such remarkable success at a young age?

What drives me is the desire to continuously innovate and create lasting value. Success, to me, is not just about financial achievements but also about making a meaningful impact on the industries we operate in and the communities we serve. I approach each opportunity with a sense of humility, recognizing that there is always more to learn and areas to improve. The ever-evolving nature of the investment world, combined with the potential to explore new opportunities and challenges, keeps me motivated to push boundaries and strive for excellence, while staying grounded in the values that got us here.

Investium has seen exceptional growth over the past years. What strategies and practices do you credit for sustaining this level of growth?

Our sustained growth can be attributed to a few key strategies: a relentless focus on delivering value to our customers, maintaining transparency and trust, and consistently executing on our vision. We’ve also been strategic in identifying growth opportunities, whether through regional expansions, launching new verticals, or enhancing our offerings. Our entrepreneurial spirit, combined with a disciplined approach to investment, has been essential in sustaining our momentum.

Investium has successfully expanded into multiple verticals, including hospitality, technology, and real estate. How do you identify and decide on these new areas for expansion?

Our approach to expansion is guided by a combination of consumer-centricity, strategic foresight, rigorous financial studies and deep understanding of industry trends. We venture into sectors where we can make a significant impact by filling gaps and where there is strong growth potential. Each new vertical is chosen based on how well it aligns with our overall mission and whether it allows us to deliver exceptional value to our customers and contribute to maintaining or enhancing our strong EBITA.

The investor’s confidence and trust are crucial to Investium’s success. How do you maintain strong relationships with your investors?

If we want to highlight investors: Maintaining strong relationships with our investors is a top priority. We do this by ensuring consistent communication, transparency, and delivering on our promises. We make it a point to keep our investors well-informed and involved in our strategic decisions, fostering a sense of partnership and trust. By focusing on their long-term success as much as our own, we’ve been able to build enduring relationships that are foundational to our growth.

If we don’t want to highlight investors: Our success is built on a foundation of transparency, trust, and consistent performance. We prioritize open communication and delivering on our commitments, ensuring that all stakeholders are aligned with our vision and strategy. By fostering a culture of accountability and continuously striving for excellence, we’ve been able to maintain strong relationships and sustain our growth trajectory.

What are your long-term goals for Investium? How do you see the company evolving in the next 5 to 10 years?

In the next 5 to 10 years, our goal is to further solidify Investium‘s position as a leading force in alternative investments, with a strong emphasis on sustainable growth and innovation. We plan to continue expanding our presence in the GCC and emerging markets, while also exploring opportunities in international markets. Our hospitality brands, such as Al Beiruti, Logma, Crown Catering, along with our new additions of Al Beiruti Café and the soon-to-launch Capitale Café, will remain cornerstones of our regional expansion efforts. Additionally, we aim to advance our technology segment with Clapp App and successfully establish our new real estate division. Ultimately, our vision is to create a legacy of excellence that not only drives financial returns but also contributes positively to the industries we operate in and the communities we serve.

During our participation in the Dubai AI & Web3 Festival as media sponsors, we had the opportunity to sit down with Ahmad Gamal, Regional Business Development Manager for Nvidia AI Solutions, to discuss the latest trends and innovations shaping the future of AI and Web3 technologies. Representing Advanced Integration, a company renowned for its expertise in AI solutions, Ahmad shared insights into how the company is helping businesses across the Middle East navigate the rapidly evolving landscape of artificial intelligence.

With strong partnerships with Nvidia, Advanced Integration offers a wide range of solutions for data centers, serving industries like healthcare, retail, and higher education. Based in Dubai, the company is focused on delivering innovative and efficient AI solutions that meet the evolving needs of businesses in the region.

In this interview, Ahmad talks about the role of the Dubai AI & Web3 Festival in bringing together innovators, startups, and established tech companies, and shares insights on how Advanced Integration is tackling the challenges of this industry.

What motivated your participation in the Dubai AI & Web3 Festival, and how do you see it aligning with your organization’s goals? 

Our participation in the Dubai AI & Web3 Festival was driven by the opportunity to showcase our innovative AI solutions alongside cutting-edge technologies from Nvidia. The festival serves as a perfect platform to demonstrate how AI and Web3 technologies are transforming industries and empowering organizations. It aligns with our company’s mission to drive digital transformation through AI, focusing on solutions such as Generative AI, LLMs, and AI-driven infrastructure. Additionally, this event aligns with our goal of contributing to the region’s vision of becoming a global leader in AI and Web3 innovation.

Do you think events like this can foster collaboration between innovators, startups, and established tech companies? 

Absolutely. Events like the Dubai AI & Web3 Festival are critical in fostering collaboration across the tech ecosystem. They create a melting pot of ideas and innovations, bringing together startups with fresh ideas, established tech companies with resources and expertise, and innovators who bridge the gap between vision and execution. Such collaborations are key to pushing the boundaries of AI and Web3, creating synergies that can lead to new business models, technological advancements, and real-world applications.

What are the key challenges your company faces in integrating AI and Web3 solutions, and how do you plan to address them? 

One of the key challenges we face is ensuring the seamless integration of AI and Web3 technologies in a way that adds tangible value to our clients. Many organizations struggle with the scalability of AI and managing the decentralized nature of Web3. To address this, we are focused on creating scalable, secure, and efficient AI-powered solutions that align with existing business processes. Additionally, we are investing in robust infrastructure, particularly through our partnership with Nvidia, to ensure we can handle large-scale AI deployments and data processing while addressing issues around privacy and security in the Web3 ecosystem.

What strategies are you using to stay ahead of the rapidly evolving AI and Web3 landscape? 

Staying ahead requires continuous learning and innovation. We ensure that our team stays at the forefront of technological advancements by partnering with industry leaders like Nvidia, investing in R&D, and actively participating in global tech events such as this festival. We also focus on building a flexible AI and Web3 infrastructure that can easily adapt to emerging technologies. Additionally, we’re adopting a collaborative approach, working closely with other tech companies, startups, and academic institutions to stay agile and informed.

What impact do you see AI and Web3 technologies having on your company’s growth and long-term strategy? 

AI and Web3 are integral to our company’s long-term strategy. We anticipate that these technologies will significantly expand our service offerings, enabling us to enter new markets and industries. AI’s ability to automate processes, analyze massive data sets, and generate insights will drive efficiency and innovation within our organization. Meanwhile, Web3’s decentralized approach promises to enhance data security and transparency for our clients. Over the long term, these technologies will help us scale rapidly and differentiate ourselves in a highly competitive market.

What role does your company play in advancing AI governance or standards, either regionally or globally? 

We believe in responsible AI development and are committed to advancing AI governance both regionally and globally. Our involvement includes adhering to and advocating for ethical AI standards, particularly around data privacy, algorithmic transparency, and bias mitigation. Through our partnerships and participation in industry forums, we contribute to the development of governance frameworks that ensure the ethical and sustainable deployment of AI technologies. Additionally, we collaborate with regulators and stakeholders to promote best practices and build trust in AI-driven solutions.

How has your participation in events like the Dubai AI & Web3 Festival influenced your company’s strategy or approach to innovation? 

Events like the Dubai AI & Web3 Festival provide valuable insights into emerging trends and customer needs, allowing us to fine-tune our innovation strategy. The festival exposes us to diverse perspectives and potential partnerships that help us rethink our approach to AI and Web3. By engaging with other innovators and industry leaders, we gather fresh ideas and solutions that feed into our product development cycle. This continuous feedback loop is essential for us to remain relevant and ahead of the curve in an ever-changing tech landscape.

What are the key milestones your company aims to achieve in the next 2-3 years in the AI and Web3 space?

In the next 2-3 years, our focus is on expanding our AI product offerings, particularly in Generative AI, AI-driven infrastructure, and AI-powered 3D Avatars. We aim to build scalable solutions that cater to industries like healthcare, finance, and smart cities, leveraging AI for better decision-making and operational efficiency. In the Web3 space, we are focusing on integrating blockchain technologies to enhance security and transparency. Our ultimate goal is to position ourselves as a leader in AI and Web3 solutions within the region, contributing to the global ecosystem while fostering innovation locally.