Dubai FinTech Summit 2024: A Grand Opening at Madinat Jumeirah
The Dubai FinTech Summit kicked off on Monday at Madinat Jumeirah, featuring a lineup of key industry leaders and innovators.
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The Dubai FinTech Summit kicked off today at Madinat Jumeirah under the patronage of H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance. Organized by the Dubai International Financial Centre (DIFC), this significant event is attracting more than 8,000 decision-makers, over 300 thought leaders, and 200 exhibitors to delve into the latest innovations and challenges within the FinTech sector.
During the opening ceremony, DIFC Governor Essa Kazim highlighted the dynamic growth of the financial hub, noting that over 1,000 fintech and innovation firms are registered with DIFC. These companies have collectively raised a remarkable $3.3 billion in venture capital funding globally.
The rapid increase in company registrations, up 31% from the previous year, underscores Dubai’s commitment to becoming a global powerhouse for business and innovation. This aligns with the goals of the Dubai Economic Agenda D33, which aims to double the size of the city’s economy over the next decade and elevate its status as one of the world’s top three cities for business and investment.
The DIFC’s remarkable growth is evidenced by a net profit of $203 million in 2023, up 45% year-over-year, and a 23% increase in combined revenue to $352 million.
The global FinTech market is poised for substantial growth, with projections estimating its value to reach $608 billion by 2029, according to Mordor Intelligence. The MENA region, in particular, is witnessing a surge in FinTech start-ups and venture capital, boasting over 800 start-ups valued at approximately $15.5 billion. And the Dubai FinTech Summit serves as a pivotal platform for start-ups, investors, and industry leaders to forge connections and capitalize on the expanding FinTech market in the region and globally.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Preparations have begun on the transformative UAE to Oman Hafeet Rail network, revealing significant construction details during a site visit.
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The $3bn Hafeet Rail project between the UAE and Oman will feature 60 bridges and a 2.5km tunnel, making it an “architectural and engineering marvel,” according to CEO Ahmed Al Musawa Al Hashemi.
Hafeet Rail has announced that preparatory work is moving full speed ahead for constructing the transformative railway link between the UAE and Oman. This announcement was made during a site visit attended by key officials, members of the Asyad and Hafeet Rail executive management teams, project contractors, and consultants.
Key Highlights
During the visit, attendees were introduced to the main components of the project, including passenger, repair, and shipping stations, as well as major bridges and tunnel sites.
The Hafeet Rail project is set to play a very important role in enhancing local and regional trade, unlocking new opportunities in the infrastructure, transportation, and logistics sectors, and fostering economic diversification. It will also strengthen bilateral relations between the UAE and Oman.
The project will involve constructing 60 bridges, some reaching heights of up to 34 meters, and tunnels extending 2.5 kilometres. The Hafeet Rail team showcased the latest rail technologies and innovative engineering and architectural solutions designed to navigate the challenging geographical terrain and weather conditions while maintaining high standards of efficiency and safety.
The rail network will boost various industrial sectors and economic activities and significantly impact the tourism industry by facilitating easier and faster travel between the two countries.
Ahmed Al Bulushi, Asyad Group Chief Executive Asset, noted that the project’s rapid progress reflects the commitment of the UAE and Oman to developing and realizing the project’s multifaceted benefits.
Investment and Future Impact
Al Bulushi added that investments in developing local capabilities and expertise in rail-related disciplines over recent years have enabled the project to reach the implementation phase successfully under the leadership of highly efficient and professional national talent.
Hafeet Rail’s CEO Ahmed Al Musawa Al Hashemi emphasized, “The commencement of preparatory works for construction is a testament to the robust synergy between all parties involved in both nations, achieving this milestone in record time. We are confidently laying down the right tracks thanks to the shareholders of Hafeet Rail and the expertise of local companies in Oman and the UAE, alongside international partners.”
During the site visit, the visitors explored some of the key preparatory sites, including Wadi Al Jizi, where a 700-meter-long bridge towering 34 meters will be constructed. This ambitious project is envisioned as an architectural and engineering marvel in a complex geographical landscape.
Future phases will require more collaboration, with a continued focus on quality, safety, and environmental considerations in line with the international industry best practices.
The Hafeet Rail project represents the first-of-its-kind railway network linking two Gulf nations, marking a significant shift in regional goods transportation. This efficient and reliable transportation option will reduce dependence on slower and less sustainable road transport.
Hafeet Rail promises a 40% reduction in shipping costs and a 50% in transit times compared to traditional land transportation methods, as it will be connecting five major ports and several industrial and free zones in both countries.
This shift will reduce reliance on road transport by cars and trucks and promote more sustainable shipping practices. The establishment of the railway network will also create significant opportunities for SMEs in construction, engineering, and logistics support, acting as a catalyst for economic growth and innovation within the domestic economy.
By linking major ports, the Hafeet Rail project will enable local SMEs to import, export, and distribute their products more effectively, enhancing their market reach and global competitiveness.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
