UAE Banking Sector Reaches a New Milestone in Capital and Reserves
A Historic Growth Reflecting Resilience and Key Role in National Economic Stability
A Historic Growth Reflecting Resilience and Key Role in National Economic Stability
The UAE banking sector has reached a historic financial threshold, surpassing AED500 billion in total capital and reserves as of July 2024. This remarkable achievement marks a significant step in the sector’s expansion, underscoring its fundamental role in the UAE’s economic framework.
Data from the Central Bank of the UAE (CBUAE) highlights a 10.5% year-on-year increase in capital and reserves, rising from AED454.9 billion in July 2023 to AED502.6 billion in July 2024. Additionally, the sector saw growth of AED13.3 billion during the first seven months of 2024, reflecting a consistent upward trajectory since the end of 2023, when the total stood at AED489.3 billion.
The capital strength of national banks is a major factor in this growth, as they hold 86.3% of the total capital and reserves, reaching AED433.7 billion in July 2024. This is a 10.4% increase compared to the previous year. Foreign banks, too, contributed significantly, holding 13.7% of the total with AED68.9 billion and experiencing an 11.1% growth year-on-year.
Excluding subordinated borrowings and deposits, these figures, inclusive of current-year profits, highlight the core strength of the UAE banking sector. The sector’s resilience not only strengthens the national economy but also positions it as a pivotal player in regional financial stability. This milestone serves as a testament to the sector’s capacity to support sustainable economic progress within the UAE.
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
TASARU will provide capital investment, Bahri will manage shipping with its extensive maritime logistics experience and local market expertise, and Mosolf Group will offer technical know-how from its European automotive logistics operations.
TASARU Mobility Investments, a prominent investment entity wholly owned by the Public Investment Fund (“PIF”) of Saudi Arabia, has launched a strategic joint venture (“JV”) in collaboration with Bahri, the National Shipping Company of Saudi Arabia, and MOSOLF Group, a leading European provider of automotive logistics and technology solutions. This joint venture aims to deliver comprehensive and innovative logistics solutions tailored to meet the needs of the automotive and mobility sectors in Saudi Arabia. It embodies the concept of sustainable logistics innovation by leveraging advanced technologies and developing infrastructure that supports the transformation of the automotive and mobility landscape.
The JV will leverage the strength of all three partners to deliver integrated, world-class logistics solutions for the automotive and mobility sectors in Saudi Arabia. These services include shipping, transportation, electric vehicle handling, inspection, and customs clearance. The initiative aims to meet market demand, address industry challenges, and ensure the efficiency and seamlessness of logistics operations.
TASARU’s primary role in this strategic investment involves providing essential capital, facilitating access to the local market, and strengthening the ability of automotive companies to efficiently manage their operations within the Kingdom while effectively meeting market demand.
Michael Mueller, Chief Executive Officer of TASARU, stated, “At TASARU, we have a profound understanding of the evolving market needs. This partnership represents a strategic investment to address increasing demand in the automotive and mobility sectors. This joint venture is one of many initiatives that signify a critical step toward enhancing the Kingdom’s global competitiveness and driving sustainable logistics innovation in the automotive and mobility sectors. We are committed to addressing market challenges, ensuring our services align seamlessly with Saudi Arabia’s Vision 2030 objectives, and contributing to the growth of the Kingdom’s automotive and mobility landscape.”
Leveraging its extensive expertise in maritime transportation and logistics, Bahri Logistics will play a pivotal role in overseeing the shipping and operational aspects of the joint venture. Its contributions will be critical to ensuring the efficient transportation and handling of both imported and locally manufactured vehicles, thereby strengthening the Kingdom’s logistics capabilities and advancing its transportation infrastructure. As a global leader in maritime operations, Bahri operates across five key business units—Oil, Chemicals, Logistics, Dry Bulk, and Ship Management. Bahri Logistics, in particular, specializes in the transport of project cargo, heavy equipment, and essential goods for key sectors such as defense, construction, and manufacturing. Through its strategic partnerships with leading international companies, Bahri’s global reach will be instrumental in expanding the joint venture’s impact and enhancing its operational scope.
Eng. Soror Basalom, President of Bahri Integrated Logistics, commented on the venture, stating, “This collaboration with Mosolf Group’s technical expertise and TASARU’s investment prowess brings together to Bahri Integrated Logistics a robust Automotive logistics infrastructure and solutions, which is integral to our transformation into a Multi Vertical logistics leader. This joint venture not only boosts our operational capabilities but also enhances the efficiency of vehicle import and export operations and supports the growth of the local manufacturing infrastructure.”
Building on its position as a leading Germany-based automotive logistics provider, Mosolf Group will leverage its extensive experience managing large-scale operations across Europe. Specializing in comprehensive solutions for international OEMs, car rental companies, and the automotive trade, Mosolf operates 41 technical and logistical centers across Europe and handles over 3 million vehicles annually, making it one of the top players in the European automotive logistics market. By drawing on this vast expertise, Mosolf will bring advanced technical knowledge, logistical support, and industry best practices to the joint venture. These contributions will play a critical role in optimizing logistics processes for both imported and domestically manufactured vehicles. Additionally, this partnership will support the Kingdom’s Vision 2030 goals by promoting sustainable innovation, enhancing local manufacturing infrastructure, and fostering economic diversification in the automotive and mobility sectors.
Dr. Jörg Mosolf, Chief Executive Officer of Mosolf Group added, “Our experience in managing the transport of three million vehicles annually across more than 41 technical and logistics centers in Europe positions us uniquely to bring best practices and advanced logistics solutions to this venture. We are committed to enhancing the operational success of Saudi Arabia’s automotive sector by implementing efficient logistics processes for both imported and locally manufactured vehicles.”
The JV’s operations address the fragmented automotive logistics landscape in KSA by offering end-to-end solutions that support key Vision 2030 objectives. fostering industrial growth and enhancing infrastructure to support local manufacturing and vehicle import/export through the development of critical logistics infrastructure. Partnering with international leaders like Mosolf attracts foreign investment, facilitates knowledge transfer, and boosts confidence in Saudi Arabia’s automotive sector. The JV will also create high-value jobs, advancing local employment and skills in logistics and operations. In addition to its focus on providing logistics and advanced technologies, which aligns with Vision 2030’s sustainability and innovation goals.
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
By moving to Finastra’s next-generation solution, the bank will benefit from a holistic offering that will streamline its operations, lower total cost of ownership, and offer enhanced functionality to its customers in Qatar.
Finastra, a global provider of financial software applications and marketplaces, announced it has been selected by Al Rayan Bank, one of the largest Islamic banks in Qatar with international presence, to implement a new, fully-fledged Islamic core banking solution. By moving to Finastra’s next-generation solution, the bank will benefit from a holistic offering that will streamline its operations, lower total cost of ownership, and offer enhanced functionality to its customers in Qatar.
“We are undergoing a technology transformation journey to ensure that we continue to offer robust, digital Sharia-compliant services that meet our customers’ needs when and where required,” said Hamad Al Kubaisi, Group Chief HR Officer at Al Rayan Bank. “The next step in this journey is to upgrade our banking core with a solution that provides us with the necessary agility, rich functionality and advanced technology to keep pace with our customers’ needs.”
Stuart Rennie, Group Operating Officer at Al Rayan Bank added, “After an extensive selection process, we decided to extend our longstanding partnership with Finastra due to its robust and future-proof solution, and the trust we have in their team. By migrating to Finastra’s next-generation core banking solution, we look forward to providing our customers with a streamlined, fully integrated offering and seamless user journeys.”
Finastra Essence is a core banking solution that combines deep functionality and advanced technology to increase enterprise agility, reduce costs and improve operational efficiency. Powered by an open, microservices architecture, the solution’s rich, broad and deep banking functionality enables institutions to rapidly deploy market-leading products and services. It caters for both conventional banking and the specific needs that Islamic Financial Institutions (IFIs) have when offering Sharia-compliant products and services.
“Finastra has been a close strategic partner with Al Rayan Bank for more than 16 years, which demonstrates our commitment to the bank’s growth and success,” said Siobhan Byron, EVP, Universal Banking at Finastra. “A key part of our customer-centric offering is being agile when it comes to how we work and deliver our solutions. This ensures banks like Al Rayan Bank can reimagine banking by delivering financial services that align with their customers’ expectations and values.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Interior designer Thomas Hamel on where it goes wrong in so many homes.
The initiative aims to help organizations create new business opportunities and improve customer experiences
Accenture is collaborating with Google Cloud to accelerate the adoption of cloud solutions and generative AI capabilities within the Kingdom of Saudi Arabia in order to address local data, operational and software sovereignty needs. The initiative aims to help organizations create new business opportunities and improve customer experiences by establishing a modern digital core and scaling generative AI agents to enhance operational efficiency and enterprise intelligence.
According to a recent report by the Saudi Data and Artificial Intelligence Authority in collaboration with Accenture, the adoption of generative AI has the potential to increase Saudi Arabia’s gross domestic product by four percent. To address this unique opportunity, Accenture will collaborate with Google Cloud to advance AI initiatives locally.
Building on their global collaboration, Accenture and Google Cloud will extend their joint Generative AI Center of Excellence (CoE) to Saudi Arabia to provide organizations with cutting-edge industry solutions, products and assets, including generative AI agents. This expansion can help rapidly transform ideas into tangible value by combining the latest Google Cloud technologies with Accenture’s industry-tested solutions and services with significant generative AI projects in production. Experts from both companies will work closely with clients to identify transformative use cases and rapidly develop and scale them in production for strategic advancements. The collaboration will help enable organizations to harness the power of generative AI while maintaining data security and compliance through Google’s Dammam cloud region.
“Being ready for continuous reinvention hinges on a modern digital core to rapidly seize every opportunity. We’re expanding our joint Accenture and Google Cloud Generative AI CoE to bring new capabilities to the region and transform how Saudi organizations can reinvent products, services and experiences,” said Dr. Majid Altuwaijri, Kingdom of Saudi Arabia chair and country managing director at Accenture. “Our partnership with Google Cloud aims to help clients in Saudi Arabia accelerate business outcomes in new ways. We are unique because our strategy brings together key stakeholders to pioneer digital sovereignty and to develop systems that are not only secure and compliant but also resilient and future ready.”
“Organizations need the combination of leading technology and services expertise to successfully deploy generative AI,” said Bader Almadi, country manager of Kingdom of Saudi Arabia at Google Cloud. “With Google Cloud’s advanced capabilities and Accenture’s industry expertise, customers will have access to the resources needed to plan, deploy and optimize generative AI projects.”
The collaboration arrives at a decisive moment for organizations across diverse industries seeking to expedite their digital journeys and derive the value of sovereign cloud and generative AI across their enterprise. For example, the General Organization for Social Insurance (GOSI) has a powerful mission to provide innovative social insurance products and services to all participants and their families in Saudi Arabia.
Driven by their core values of innovation and excellence, GOSI recently applied the power of generative AI capabilities to rapidly design and prototype a scalable, secure AI environment built on cloud technology. This initiative has enabled GOSI’s developers, data scientists, and researchers to experiment hands-on with the latest AI models, tools, and technologies, extending the value of AI and sovereign cloud through tangible outcomes.
In addition to advancing the impact of scaling generative AI, Accenture and Google Cloud are committed to fostering local talent and skills. Their local collaboration will include training programs, hackathons and hands-on labs to experiment and equip professionals with the necessary skills to capitalize on the potential of cloud and generative AI effectively. This focus on skilling and talent development is crucial for driving sustainable growth and innovation in Saudi Arabia. For example, local clients and citizens can now tap into Accenture’s technology training and learning services through Accenture LearnVantage for tailored upskilling programs; specialized, predesigned technology academies; ecosystem certification services; and managed services for a client’s own learning capabilities.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Following the devastation of recent flooding, experts are urging government intervention to drive the cessation of building in areas at risk.
New pathway will equip UAE national and expatriate talent with globally recognized qualifications, industry experience and employment opportunities, strengthening corporate governance and advancing UAE’s knowledge-based economy
The Institute of Chartered Accountants in England and Wales (ICAEW) and the UAE Internal Auditors Association (UAE IAA) have signed a Memorandum of Understanding (MOU) to launch an integrated qualification program, designed to fast-track professionals into finance and internal audit careers.
With a strong focus on talent development and upskilling, the partnership will offer a joint qualification pathway for talent, combining the globally recognized ICAEW Business and Finance Professional (BFP) qualification with the UAE IAA HASAAD® program, a training initiative focused on internal audit excellence among UAE graduates. This initiative directly supports the UAE’s National Employment Strategy 2031 to build a knowledge-based economy, ensuring a pipeline of skilled finance and audit professionals that are workforce-ready and positioned for career success in key economic sectors.
Under this partnership, the UAE IAA is now an approved Partner in Learning (PiL) for the delivery of ICAEW’s Certificate in Finance, Accounting and Business (ICAEW CFAB) modules. These form part of the ICAEW BFP qualification, providing aspiring finance and audit professionals with a globally respected qualification and enhanced career progression opportunities. Participants will also complete the HASAAD® program, gaining specialized knowledge in internal auditing and bridging the gap between education and professional practice.
Beyond technical qualifications, the program places a strong emphasis on employability and workplace readiness. It incorporates neuro-linguistic programming (NLP) techniques to build essential workplace skills. Participants will also benefit from guaranteed internships, with options for work-based placements or virtual internships designed by the UAE IAA. These internships count towards the 12-month BFP work experience requirement, ensuring graduates enter the workforce job-ready. Upon completion, participants are provided direct access to employment opportunities.
The program is designed to be flexible and accessible, allowing participants to study part-time while completing school or opt for a full-time three-year pathway that includes a minimum of 12 months of structured internship experience.
Commenting on the partnership, Hanadi Khalife, Head of Middle East, ICAEW, said: “A strong finance and audit workforce is essential to the UAE’s long-term economic resilience. By integrating ICAEW’s globally recognized CFAB and BFP qualifications with the HASAAD® program, we are equipping professionals with the expertise and hands-on experience needed to drive financial integrity and corporate governance across the region.”
H.E. Abdulqader Obaid Ali, Chairman of the Board, UAE IAA, added: “Strengthening internal audit and finance capabilities is essential for advancing corporate transparency and economic growth. Our collaboration with ICAEW establishes a clear pathway for professionals to gain internationally recognized qualifications and real-world industry exposure. By aligning education with industry needs, we are actively shaping a highly skilled workforce that will strengthen the UAE’s competitive edge in the global economy.”
This partnership represents a significant step forward in professional education and workforce development in the UAE. The ICAEW and UAE IAA remain committed to equipping the next generation of finance and internal audit professionals with the skills and expertise needed to support the UAE’s ambitions as a global financial hub.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
53% of UAE retail investors see real estate and construction stocks as the most promising local investment opportunity
UAE retail investors are optimistic about their home market, with four in five (80%) expecting growth from the UAE stock market in 2025, according to a new survey by trading and investing platform eToro.
This sentiment underscores trust in the UAE’s economy, with real estate and construction (53%) seen as the most promising local investment sectors by UAE retail investors, closely followed by technology and telecoms (43%) and banking and financial services (42%).
The survey also highlights that local investors have significant exposure to UAE stock exchanges, with 46% stating they hold stocks listed on the Dubai Financial Market (DFM), 29% on the Abu Dhabi Securities Exchange (ADX), and 13% are invested in both.
George Naddaf, Managing Director MENA at eToro, said: “As the UAE continues to advance its financial infrastructure and attract more foreign investments, the country’s economic outlook remains highly promising. With the government’s commitment to economic diversification and ongoing capital market development, UAE-based investors are well positioned to capitalize on their increasingly sophisticated local investment landscape.”
When looking beyond the domestic stock market and considering global investment opportunities in the first quarter of the year, UAE retail investors are focusing on financial services (79%), technology (72%), and communications (70%) as key growth areas.
AI is seen as a key catalyst for growth, with 81% of UAE retail investors expecting to see the stock price of AI-driven listed companies increase in 2025, reinforcing a strong belief in innovation-led opportunities worldwide. Similarly, among asset classes, cryptoassets stand out as a major focus, with four in five (81%) planning to invest in cryptoassets in the first quarter, followed by commodities (78%), alternative investments like real estate and private equity (77%) and domestic equities (75%).
“AI and cryptoassets dominated 2024 and continued to drive market momentum in the first month of 2025. UAE retail investors’ sustained enthusiasm for crypto, even before its record-breaking performance surpassing $109,000, underlines their ability to identify emerging trends and capitalize on them,” explained George Naddaf. “However, portfolio diversification remains key to navigating market cycles and mitigating risk. By complementing local exposure with global assets investors can build resilience against volatility while capturing growth from broader economic trends.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
As part of the agreement, Oxagon will lease DataVolt the land for the development of the facility and provide the sustainable data center operator with infrastructure support.
NEOM, the sustainable region taking shape in northwest Saudi Arabia, and DataVolt, a Saudi-based international developer, investor and operator of data centers, signed a landmark agreement, marking a significant step toward realizing the Kingdom’s vision for a sustainable, data-driven economy.
The development will take a phased approach, with phase one funded by an initial investment of USD 5 billion expected to be operational by 2028. Aligning with Oxagon’s ambition, the 1.5-gigawatt factory will integrate a wide range of computing densities and energy-efficient architectures to address the global challenges posed by traditional data centers.
According to the International Energy Agency (IEA), data centers currently consume between 1 to 1.3 percent of global electricity demand. With the advancements of generative AI, power consumption is expected to grow exponentially over the next decade. The energy-intensive nature of data centers and the cumulative impact of associated carbon emissions necessitate a rapid need for transition to clean sustainable solutions.
Commenting on the landmark announcement, Vishal Wanchoo, CEO of Oxagon, said: “The Kingdom is at the forefront of the global energy transition. At Oxagon, we are accelerating a renewable energy industrial ecosystem that is set to power businesses with green energy and technology solutions. The agreement with DataVolt highlights the potential impact of the sustainable infrastructure Oxagon offers its tenants and sets the foundations for the first green-AI workload to come on-stream in KSA along with the necessary computing power for regional and global impact.”
Rajit Nanda, CEO of DataVolt, added: “This agreement with NEOM and Oxagon underscores our unwavering commitment to support the Kingdom’s vision of becoming a regional digital and AI hub. The Kingdom’s strategic location, coupled with its abundant green energy resources, aligns perfectly with DataVolt’s mission in providing state-of-the-art sustainable data centers. This project marks a significant milestone in advancing the Kingdom’s leadership as a digital powerhouse in the region.”
As part of the agreement, Oxagon will lease DataVolt the land for the development of the facility and provide the sustainable data center operator with infrastructure support. The ambition is for the facility to be entirely powered by renewable energy, providing a fully integrated, end-to-end data center solution. The project will utilize advanced cooling technologies and is designed to operate at net zero, addressing the global challenges of power availability and the carbon footprint posed by data centers.
Oxagon’s strategic location on the Red Sea coast, combined with access to sub-sea cables providing fiber connectivity, alongside cost-competitive renewable energy, green hydrogen, and a rapidly expanding industrial ecosystem, makes it the ideal location for DataVolt to develop a large-scale green AI factory.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
The newly introduced digital commercial banking solutions from OAB provide businesses with seamless, real-time access to their financial transactions, enabling them to process payments, authorize transactions and manage payroll efficiently.
As part of its ongoing efforts to lead the banking sector, Oman Arab Bank (OAB) unveiled a new suite of banking e-services for small and medium enterprises (SMEs), corporate clients and government entities. The launch took place at a special event hosted by the bank under the patronage of H.E. Dr. Said bin Mohammed bin Ahmed Al-Saqri, Minister of Economy, with the presence of more than 800 bank clients and high-profile guests.
The newly introduced digital commercial banking solutions from OAB provide businesses with seamless, real-time access to their financial transactions, enabling them to process payments, authorize transactions and manage payroll efficiently. The new e-services include:
By leveraging these advanced technologies, OAB empowers businesses with greater financial control, operational efficiency and a future-ready digital banking experience.
Speaking about the bank’s vision for innovation in banking solutions, Sulaiman Hamed Al Harthi, CEO of Oman Arab Bank, stated, “In light of the rapid technological developments in banking, Oman Arab Bank continues its diligent efforts to adopt and localize the latest technologies, exploring the best digital solutions and utilizing them. Its focus is serving the nation and supporting its development journey, setting an example of excellence and leadership in the banking sector. From this perspective, we have been eager to provide innovative banking services that cater to the needs of various sectors, beginning with micro-enterprises and progressing to small and medium-sized enterprises, which form the backbone of the national economy and are an essential part of the vital resources in advancing this generous nation and extending to large companies and public and private institutions that play a role in driving development.”
Meanwhile, Sulaiman Ali Al Hinai, Chief Wholesale Banking Officer, commented, “These solutions have been meticulously designed following comprehensive studies to offer you the highest levels of security, flexibility and ease in managing your businesses, thereby enhancing your capacity to grow and evolve in a world facing shifts in needs and accelerating challenges. The launch of these solutions reaffirms our continued leadership in digital commercial banking services, where we do not merely keep pace with trends but consistently strive to be at the forefront of innovation, elevating the standards in delivering this type of service and becoming the model to emulate and the reference point to acknowledge.”
OAB is recognized for its strong commitment to leading the banking sector through ongoing investment in cutting-edge technology and efforts to meet and exceed customer expectations.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Despite a slight dip from November’s $5.95 billion (EGP 295.6 billion), the sector remains in surplus, marking a significant turnaround from the deficit recorded earlier in 2024.
Egypt’s banking sector continued to strengthen its financial position as net foreign assets (NFA) recorded a surplus of $5.224 billion (EGP 265.898 billion) in December 2024, according to data from the Central Bank of Egypt (CBE). Despite a slight dip from November’s $5.95 billion (EGP 295.6 billion), the sector remains in surplus, marking a significant turnaround from the deficit recorded earlier in 2024.
The latest figures show that total foreign assets across both the CBE and commercial banks rose to EGP 3.506 trillion in December, up from EGP 3.325 trillion the previous month. Simultaneously, foreign liabilities saw a reduction, declining from EGP 3.029 trillion to EGP 3.240 trillion.
This marks a continuation of Egypt’s improving financial health, with net foreign assets first returning to positive in May 2024 after overcoming a significant deficit of EGP 174.385 billion in April.
The banking sector also experienced a substantial increase in local liquidity, which reached EGP 11.636 trillion by December 2024—up from EGP 8.877 trillion at the same time the previous year. The money supply (M1) saw a jump to EGP 2.803 trillion from EGP 2.370 trillion, reflecting increased economic activity and consumer spending. Currency circulating outside the banking system also rose, reaching EGP 1.121 trillion from EGP 1.068 trillion.
Non-governmental deposits in local currency followed a strong upward trend, reaching EGP 7.555 trillion by the end of December 2024, up from EGP 6.247 trillion a year earlier. Demand deposits rose to EGP 1.682 trillion, with the private business sector holding the largest share at EGP 922.387 billion, followed by the household sector at EGP 642.666 billion.
Meanwhile, time deposits and savings certificates in local currency climbed to EGP 5.873 trillion, reflecting growing investor confidence in Egypt’s banking system.
Egypt’s foreign currency deposits also witnessed a remarkable increase, totaling EGP 2.959 trillion by December 2024, compared to EGP 1.561 trillion in December 2023. Demand deposits in foreign currencies stood at EGP 701.434 billion, while time deposits and savings certificates reached EGP 2.258 trillion.
The household sector continued to play a major role in this growth, holding EGP 1.583 trillion in foreign currency time deposits and savings certificates. The private business sector accounted for EGP 537.940 billion, while the public business sector held EGP 136.462 billion.
With steady improvements in net foreign assets and robust growth in both local and foreign currency deposits, Egypt’s banking sector is on a solid trajectory. The combination of increased liquidity, a surplus in foreign assets, and growing confidence in the financial system highlights the sector’s resilience amid broader economic developments.
These trends indicate a more stable financial outlook for the country as policymakers continue efforts to strengthen the banking system and sustain economic growth in the years ahead.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Alliance will focus on providing advanced AI and automation technologies to enhance efficiency for enterprises building out their operations in the region
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Designed and managed by the Bank’s Treasury team, this initiative provides a flexible and diversified source of liquidity
Burgan Bank announced the establishment of a strategic USD 500 million Certificates of Deposit (CDs) program in Kuwait, rated ‘F1’ by Fitch Ratings, which is equivalent of “A”. This short-term debt instrument, spearheaded by the Bank’s Treasury team, serves as a strategic mechanism for the bank to maintain a diversified source of liquidity, optimize the balance sheet and allow for sufficient access to funding.
The program has been established in coordination with Mizuho, as the Lead Arranger, whereas MUFG Bank, the Industrial and Commercial Bank of China (ICBC), the Korea Development Bank (KDB), the Development Bank of Singapore (DBS), and Standard Chartered Bank (SCB) act as a Dealers.
CDs are short term debt instruments with maturities up to one year. They are primarily popular with Asian investors and can be priced at fixed, floating or zero coupon (at a discount).
Mr. Tony Daher, Group Chief Executive Officer at Burgan Bank, commented “We are proud to introduce our new CD program and are pleased with the positive reception it has received. This program reinforces our commitment to achieving the strategy aimed at growth in both the local and regional markets. This program demonstrates our commitment to growth and strengthens our leading position in the domestic and regional markets.”
Mr. Daher added: “In addition to strengthening our relationships in the global financial and investment markets, the inclusion of CD program to Burgan Bank’s portfolio enables the bank to attract new segments of investors in the global market and enhances the bank’s risk profile and resilience against market fluctuations.”
Mr. Abdullah Marafie, General Manager of Treasury and Financial Institutions at Burgan Bank, added: “The launch of CD program aligns with the group’s policies that aim to diversifying the sources of funding, which enhances liquidity stability and protects the bank from any financial shocks. This program will contribute to the bank’s adherence to Basel III ratios including Liquidity Coverage Ratio (LCR), Loan to Deposit Ratio (LDR), and Net Stable Funding Ratio (NSFR).”
Mr. Marafie added: “The program has been carefully designed to expand Burgan Bank’s presence in the region, particularly in Asian markets where short-term debt instruments are in high demand. Building relationships with foreign investors also helps to open broader horizons for securing long term financing. In line with our commitment to meeting market needs, this program was developed based on comprehensive studies and research to ensure that our products align with our position as a trusted financial partner.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
The report provides a comprehensive analysis of Qatar’s investment landscape, enhances transparency, and offers access to data on the venture capital industry
Qatar Development Bank has released the fifth edition of its annual Venture Investment Report 2024, in collaboration with MAGNiTT Research. The publication is part of QDB’s ongoing commitment to supporting Qatar’s investment sector and strengthening its foundations. The report provides a comprehensive analysis of Qatar’s investment landscape, enhances transparency, and offers access to data on the venture capital industry including the activities of investment funds that foster entrepreneurship and bolster the contribution of the private sector to Qatar’s economic growth.
Commenting on the report’s significance, Mr. Abdulrahman bin Hesham Al-Sowaidi, CEO of QDB, said Qatar Development Bank remains at the forefront of enabling venture capital investments in Qatar, marking a nine-year journey of support for the industry. “As we review the data presented in this report, we recognize the important role we play in empowering Qatar’s entrepreneurship ecosystem. We are proud of the sector’s growth, particularly with the increasing participation of private and international investors, who now account for more than 50% of total investments. We also emphasize the importance of solid future planning and pursue our efforts to attract investors to tap innovative projects, which would boost venture capital investments in Qatar, especially in key clusters aligned with the Third National Development Strategy 2024-2030.”
“Our goal at this stage is to expand the base of investors and funds in Qatar. To this end, we have launched several pioneering regional initiatives, including the Startup Qatar Investment Program under the umbrella of Startup Qatar, a platform unveiled by the Investment Promotion Agency (Invest Qatar) last year, the Arab Entrepreneurs Investment Program, and the Partial Guarantee program, all aimed at boosting investment and supporting the private sector,” Mr. Al Emadi explained.
Philip Bahoshy, CEO and Founder of MAGNiTT, said his organization was pleased to publish its annual report in collaboration with Qatar Development Bank. “Over the past year, Qatar has seen remarkable growth, with notable events such as the Web Summit and the launch of the new fund of funds. Additionally, the emergence of several venture capital funds in the country has fostered positive momentum, with transactions increasing by 24% year-on-year.”
This year’s report underscores Qatar’s growing role as an attractive investment hub in the Middle East and North Africa, with the number of venture capital deals in the country increasing by 24% year-on-year in 2024. The total value of deals reached QAR 115 million, marking a significant 135% increase in direct investment despite a slowdown in venture capital investments across the region and challenges in the broader investment landscape. Qatar bucked the trend, ranking fourth in the MENA with 5% of the region’s total deals in 2024. QDB’s investment arm also ranked fourth in the region among the most active investors in terms of the number of deals, affirming Qatar’s leadership in the investment sector and solidifying its position as a hub for innovation. Additionally, Qatar ranked sixth for venture funding in the region in 2024, four times its share in 2023.
The report also underscores fintech as the leading sector in Qatar, accounting for 29% of deals in 2024, an increase of 12% from 2023, highlighting the success of initiatives driven by QDB’s Qatar FinTech Hub. QDB remains dedicated to strengthening the venture investment landscape by collaborating with partners in Qatar and the region through the Qatar FinTech Hub, fostering investments, attracting innovative startups to establish their businesses locally, and developing products that enhance private sector participation in venture capital.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
The UAE DMTT is closely aligned with the GloBE Model Rules issued by the Organization for Economic Co-operation and Development (OECD).
The Ministry of Finance has announced the issuance of Cabinet Decision No. 142 of 2024 on the introduction of the Top-up Tax for Multinational Enterprises, providing further details on the UAE Domestic Minimum Top-up Tax (UAE DMTT). This follows the announcement made by the Ministry on December 9, 2024.
The UAE DMTT is closely aligned with the GloBE Model Rules issued by the Organization for Economic Co-operation and Development (OECD). The UAE DMTT will apply to Entities that are members of Multinational Enterprises (MNEs) operating in the UAE with annual global revenues of €750 million or more in the Consolidated Financial Statements of the Ultimate Parent Entity in at least two out of the four financial years immediately preceding the financial year in which the UAE DMTT applies.
The UAE DMTT provides relief through a Substance-based Income Exclusion, a carve out which reduces net Pillar Two income subject to the UAE DMTT to determine the Excess Profit for the purposes of computing the UAE DMTT, by an amount calculated based on payroll and the carrying value of tangible assets.
Aligned with the GloBE Model Rules, the UAE DMTT also allows for an exclusion where an Entity meets the relevant de minimis exclusion criteria, under which the UAE DMTT for an Entity will be considered zero, provided that certain criteria are met.
To bolster the UAE’s competitiveness as a leading investment hub, the UAE DMTT has been structured to exclude Investment Entities, as defined under these rules.
As part of a transitional measure and to create a tax environment conducive to economic growth, no UAE DMTT will be levied during the initial phase of an MNE Group’s international activity, provided that none of the ownership interests of the Entities located in the UAE are held by a parent entity subject to a Qualified Income Inclusion Rule in another Jurisdiction.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Alexandre de Betak and his wife are focusing on their most personal project yet.
The campaign achieved remarkable success in promoting innovative tourism concepts that enhance diversity in the sector, in line with the national vision to develop an integrated tourism ecosystem based on global best practices.
The Ministry of Economy announced the conclusion of the fifth edition of the ‘World’s Coolest Winter’ campaign, which ran for six weeks from December 16, 2024, under the theme ‘Green Tourism’. The campaign was launched in collaboration between the Ministry of Economy, the National Agricultural Center, and local tourism authorities from across the UAE.
The campaign achieved remarkable success in promoting innovative tourism concepts that enhance diversity in the sector, in line with the national vision to develop an integrated tourism ecosystem based on global best practices. By encouraging green tourism, agritourism, and sustainable ecotourism, it contributed to fostering a dynamic tourism market, attracting investments and driving the sector’s growth.
H.E. Abdulla bin Touq Al Marri, Minister of Economy and Chairman of the Emirates Tourism Council, emphasized that the fifth edition of the ‘World’s Coolest Winter’ campaign, under the theme ‘Green Tourism,’ successfully unlocked new opportunities by promoting the UAE’s diverse destinations and unique experiences across all seven emirates. The campaign effectively spotlighted the country’s ecotourism attractions, lush landscapes, winter retreats, agritourism, nature reserves, and breathtaking scenery, attracting both local and international visitors. It also played a pivotal role in enhancing the UAE’s appeal as an FDI destination, driving the development of high-value tourism projects in line with the UAE Tourism Strategy 2031.
H.E. added: “The success of this campaign reinforces the UAE’s long-term vision for tourism development by strengthening its global tourism competitiveness through diversified offerings and championing sustainability through ecotourism endeavors. Additionally, the campaign aligns with the ‘Plant the Emirates’ national program, which aims to promote sustainable agriculture as an integral part of our community culture.”
H.E. Bin Touq stated: “The fifth edition of the ‘World’s Coolest Winter’ campaign has achieved remarkable success across all seven emirates. During its course, hotel establishment revenues soared to approximately AED 1.9 billion, reflecting an impressive 86.9 per cent growth compared to that of the fourth edition. Additionally, the total number of hotel guests exceeded 4.4 million, marking a substantial 62 per cent growth, while hotel occupancy rates reached 74 per cent.”
H.E. continued: “This edition alone reached 224.7 million people globally, taking the campaign’s total global reach across all five editions to over 1.2 billion people. This milestone further strengthens the UAE’s position as a leading world-class tourism destination. Moreover, the campaign fostered deeper collaboration between tourism authorities and key industry stakeholders, amplifying diverse tourism experiences, pioneering projects, and unique attractions across the emirates. These efforts not only reinforce the UAE’s competitiveness on the global tourism map but also lay a strong foundation for the long-term sustainability and growth of the national tourism sector, solidifying the country’s unified tourism identity on the global stage.”
The fifth edition of the “World’s Coolest Winter” campaign highlighted the vast diversity and major assets of green tourism across the UAE’s emirates and regions. It promoted the competitiveness and appeal of natural, environmental, and agricultural destinations, boosting tourism activity among UAE citizens and residents while enhancing continuous growth in international tourist inflows. To that end, the campaign disseminated various media and marketing materials through different media outlets and social media channels, showcasing the unique experiences offered by UAE’s green tourism, and featuring diverse natural environments – from mountains and beaches to desert landscapes, scenic views, reserves, and innovative farms – along with their distinctive tourism activities.
Moreover, the campaign spotlighted numerous innovative agricultural projects, particularly those initiated by young Emirati entrepreneurs who succeeded in growing plants and trees previously considered unsuitable to UAE’s environment. Additionally, it showcased major agricultural projects supported by government entities or invested in by national institutions, utilizing advanced agricultural technology to establish sustainable farming practices. These include wheat cultivation, vertical farming, hydroponics, alongside the adoption of sustainability and conservation techniques in agriculture.
Besides, the latest edition of the campaign showcased the UAE’s prominent natural landmarks and biodiversity-rich areas, including nature reserves, islands, mountain and desert environments, and beaches, highlighting their attractive tourism activities and unique experiences. It demonstrated the UAE’s significant focus on increasing green spaces and promoting sustainable agriculture as an integrated community culture, alongside government initiatives and achievements in environmental protection and sustainability.
The UAE’s civil aviation sector recorded an unprecedented performance in 2024, with passenger traffic rising 10 per cent to 147.8 million passengers, up from 134 million in 2023, strengthening the country’s position as a leading global aviation destination.
Tourism sector also continues to demonstrate impressive growth, with hotel establishment revenues reaching AED 37.1 billion during January-October 2024, up 4 per cent compared to 2023. Hotel occupancy rates averaged 78 per cent over the first ten months of the year, a 2.7 per cent growth over the same period in 2023. Total hotel guests across the seven emirates reached about 24.9 million during January-October 2024, growing 9.5 per cent compared to 2023. Meanwhile, the total number of hotel establishments reached 1,246 by the end of October.
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The collaboration introduces a seamless payment option for GoodsMart clients, offering unmatched flexibility and convenience for managing their day-to-day household purchases.
Valu, MENA’s leading universal financial technology powerhouse, announces its partnership with GoodsMart, the innovative household shopping service. This collaboration introduces a seamless payment option for GoodsMart clients, offering unmatched flexibility and convenience for managing their day-to-day household purchases.
Through this partnership, GoodsMart clients can now enjoy paying for their essential household purchases with flexible payment plans for the first time, making their shopping experience highly accessible and hassle-free. Clients can select from various payment plans for up to 60 months, tailored to meet their financial needs, and easily activate their chosen plan through the GoodsMart app.
Motaz Lotfy, Senior Director of Business Development and Partnerships at Valu, commented, “We are excited to join forces with GoodsMart to offer our innovative payment solutions to their clients. For Valu, this partnership underscores our mission to empower consumers with financial accessibility and simplify their day-to-day purchases. With GoodsMart’s impressive reach and our flexible payment plans, we will provide clients with essential household items without financial stress. By integrating Valu, GoodsMart sets a new standard in the market for convenience in household shopping.”
GoodsMart provides an innovative service model that offers a wide range of household essentials, from groceries to pharmacy items and fresh goods, with no minimum order requirement. Orders are delivered directly to clients’ homes in secure GoodsMart boxes before 6:00 AM, offering unparalleled convenience. GoodsMart currently serves both gated and ungated areas in 6th of October, Sheikh Zayed, New Cairo, Al-Rehab, Madinaty, and Al-Shorouk, with plans to continue expanding to new communities.
Amr Fawzi, Founder and CEO of GoodsMart, added, “At GoodsMart, our mission has always been to simplify the lives of our clients by offering unmatched convenience and reliability. Our partnership with Valu underscores our commitment to providing convenience. By integrating flexible payment options into our platform, we’re not only enhancing the clients’ shopping experience but also empowering our clients to manage their household needs stress-free. This partnership highlights our commitment to innovation and maintaining the highest standard in service delivery.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
This growth solidifies the UAE’s position as a major player in global air transport, reinforcing its role as a central hub for international trade, tourism, and investment.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
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