What’s Killing Productivity? Some Think It’s the Banks
Bank lending in the U.K. is going to property rather than innovative businesses
4 min
LONDON—The birthplace of the industrial revolution is in dire need of innovation. Standing in the way: Britain’s mortgage-laden banks.
The U.K.—inventor of the factory system, steam engine and passenger rail—is at the forefront of a 21st-century global productivity slowdown. Growth in U.K. productivity, or output per hour worked, has halved since the financial crisis, leading some policy makers to call this era Britain’s lost decade. Among the world’s seven largest developed economies, only Italy has fared worse.
The causes are hotly debated, and include an ageing population, tighter regulation and the U.K.’s departure from the European Union. But a factor that has gained special attention: the way U.K. banks have tilted lending to the booming housing market.
Bank lending for projects that boost economic output, such as machinery and software, has stagnated. Research and regulators say the two trends are linked: As real-estate prices soared, banks shifted more capital toward housing, viewed as less risky because the loans were backed by tangible assets with rising values.
“The banking system is increasingly becoming a brake on the economy,” said Jonathan Haskel, a member of the Bank of England’s Monetary Policy Committee.
The U.K. is an extreme example of what’s happened in big economies around the world for the better part of this century. Central banks cut interest rates in the 2010s through early 2022 to make it cheaper for businesses to borrow and invest. But while debt rose sharply, most of it went toward real estate.
The world’s total assets—including those held by households, businesses and banks—more than tripled from 2000 to 2020, according to a report from the McKinsey Global Institute, a research group. Two-thirds are stored in real estate; only a fifth are in productivity-boosting assets such as factories, equipment and infrastructure, McKinsey said. “The historic link between the growth of net worth and the growth of GDP no longer holds,” the report said.
Among the world’s 10 biggest economies, the U.K. is tied with France for having the lowest share of net worth in assets that boost economic growth. Meanwhile, the U.K.’s home values and mortgage debt have exploded.
U.K. banks added £400 billion, equivalent to about $500 billion, to home lending in the decade through this February, Bank of England data show. Debt extended to businesses grew by only one-tenth of that amount.
The U.K.’s big banks “pulled back in the financial crisis and never really came back” in terms of business lending, said Richard Davies, a former regional head for Barclays’s U.K. business banking operations who now leads Allica Bank, a London startup that lends to small and midsize businesses. “The big banks are obsessed with residential mortgages.”
The obsession with mortgages leaves some businesses feeling sidelined.
Geometric Manufacturing, based in Tewkesbury, England, makes defence and cybersecurity products. Several years ago the firm asked a U.K. bank for a loan to design and manufacture a robotic arm to load its machines, an investment that would allow the factory to produce more with fewer workers, Managing Director Paul Wenham said.
Despite the option for a government guarantee through a U.K. program to help small businesses, the bank declined to participate, Wenham said. The company eventually received a small loan from a London-based startup lender. The loan came with a high interest rate and was smaller than what the company had sought.
His inability to get a bigger loan delayed the project by years, Wenham said. “We could have been reaping the rewards and benefits so much sooner,” Wenham said.
Dozens of startup lenders have stepped in to fill the void created by the retrenchment of big banks. They provided about half of all new loans to small and midsize businesses last year, government figures show. But they charge high interest rates on business loans, said Mike Conroy, director of commercial finance at UK Finance, the banking industry’s main trade group.
Conroy said the biggest factor behind weak business investment is a lack of demand, not supply. Many entrepreneurs are reluctant to take on debt, or simply don’t aspire to grow, he said. “The U.K. has many small businesses making a great contribution to the U.K. economy and local communities, even though they don’t aspire to be the next Microsoft or Google,” Conroy said.
Research in the U.S. and Australia shows that banks respond to rising home values by shifting capital away from businesses. U.S. banks located in areas with robust housing markets in the early 2000s bubble boosted mortgage lending while cutting business lending, according to a 2018 research paper in the Review of Financial Studies.
In the U.K., rules put in place after the financial crisis force banks to hold higher levels of capital for business loans, which are deemed riskier, than for mortgages.
Matt Hammerstein, CEO of Barclays’s U.K. operations, said banks have increasingly required all borrowers—whether homeowners or businesses—to put up physical assets that the lenders could sell if the borrowers fail to repay. Many business owners refuse to put up their assets, such as homes, as collateral and thus don’t win approval for loans, he said.
“What banks have done over time in order to be able to underpin their risk appetite is to expect entrepreneurs to put more of their own equity at risk,” Hammerstein said. “If you’re lending to a small business, particularly one that has intangible assets, you’re going to want some collateral.”
Default rates among established small and midsize businesses is low—about one in 50 will default in a given year, said Davies of Allica Bank. But determining each company’s risk—and thus what interest rate to charge and how much capital to hold—is less accurate and more time-consuming for big banks, which have instead shifted resources to mortgages.
In 2018, Jurga Zilinskiene wanted financing to develop software to expand her London-based language-translation business, Guildhawk. The 40-employee company translates documents for companies around the globe.
She asked a big U.K. bank for a seven-figure loan; they lent her a fraction of that, citing her lack of tangible assets that could back the loan if she defaulted. Many of her assets are intangible, such as intellectual property.
She worries that banks are too focused on making a quick profit rather than supporting the long-term health of the economy. “How can I compete with global enterprises in the United States, China?” she asks.
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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
Saudi Aramco is diversifying its investment portfolio in China, focusing on energy and chemical feedstock security and downstream projects. The company has also acquired a 10% stake in Rongsheng Petrochemical, a major petrochemical producer and consumer.
2 min
Saudi Aramco is looking to identify additional investment opportunities in China as part of its key global strategy, according to President and CEO Amin H Nasser.
Nasser, who was speaking at the China Development Forum in Beijing, the Saudi energy giant was “actively supporting energy and chemical feedstock security by investing in multiple downstream projects” in China.
“China is among our key investment destinations. Our investments are currently in Fujian, Liaoning, Zhejiang and Tianjin. I emphasize ‘currently’ because we are continuing to identify additional opportunities, which include energy and chemicals, as well as technology,” Nasser added.
In November, Aramco and Sinopec Corp started construction on $9.82 billion refinery and petrochemical complex in southeast China’s Fujian province, which marked the Saudi firm’s second major refining and petrochemical joint venture in the Asian country.
Aramco acquired a 10% stake in Rongsheng Petrochemical for approximately $3.6 billion in 2023.
The Aramco head referred to China as the “world’s largest consumer and producer of petrochemicals, accounting for nearly half of global demand, and it is becoming a major hub for the entire chemicals industry value chain, which will be critical to industries of the future”.
Saudi, which is the world’s top oil exporter, lowered its crude oil prices for Asian buyers in April for the first time in three months.
During his address, Nasser said that oil and gas remain “critical” to China’s economic growth equation. “That said, our expectation is that, over time, oil demand here will shift from light transport toward petrochemicals due to a rising need for plastics, synthetic fibers, and other high-end materials. A reliable supply of these materials will be essential to China’s high-quality critical growth industries – including wind and solar energy, automotive, aerospace, and construction,” he added.
The Aramco chief’s announcement comes weeks after the company posted a 12% decline in full-year 2024 net profit to 398.42 billion riyals ($106 billion), due to lower prices and sales impacting revenues. Consequently, the company is set to pay lower dividends in 2025.
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
ADGM has partnered with Chainlink, a leading onchain finance platform, to support innovative projects and ensure regulatory compliance. The partnership aims to maximize the utility of tokenized assets and facilitate global liquidity.
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ADGM, the leading International Financial Centre (IFC) of the UAE’s capital, has signed a Memorandum of Understanding (MoU) with Chainlink, the standard for onchain finance, marking a major step in advancing compliant tokenization frameworks. This alliance will support innovative projects under ADGM’s Registration Authority by leveraging Chainlink’s technical expertise, industry insights, and a suite of advanced services to maximize the utility of tokenized assets while ensuring regulatory compliance.
Chainlink’s market-leading services, including blockchain interoperability and verifiable data solutions, are facilitating liquidity across global markets, enabling over USD19 trillion in transaction value. Trusted by major financial market institutions, this alliance with Chainlink aligns with ADGM’s vision to drive innovation, enhance connectivity, and establish a global approach to regulating the blockchain ecosystem.
Hamad Sayah Al Mazrouei, CEO of ADGM Registration Authority said, “This strategic alliance is a significant step in further solidifying ADGM’s leadership in enabling blockchain innovation and enhancing alignment in the regulatory approach globally. By collaborating with Chainlink, we are aiming to set a global benchmark that spearheads transparency, security, and trust across the blockchain space.
Under the MoU, ADGM and Chainlink will foster a dialogue on regulatory matters in blockchain, AI, and other emerging technologies. The agreement also outlines a series of events and workshops aimed at educating the UAE ecosystem on key topics related to blockchain and AI, such as tokenization, cross-chain interoperability, proof of reserves, and emerging blockchain standards.
Angie Walker, Global Head of Banking and Capital Markets at Chainlink Labs and Senior Executive Officer at Chainlink Labs Abu Dhabi said, “ADGM has developed a robust environment where tokenization projects can thrive. Our alliance will elevate the blockchain ecosystem in the UAE, driving greater innovation and adoption. We are excited to see projects under the purview of ADGM Registration Authority adopt the Chainlink standard, enabling seamless compliance, enhanced connectivity across markets, and highly secure on-chain services.”
This alliance strengthens ADGM’s position as a global hub for technology-driven innovation. By building on the world’s first DLT Foundations Regulations, ADGM has set new principles for blockchain adoption, enabling decentralized projects to scale within a regulated, interoperable, and secure ecosystem.
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.
Crypto markets experienced a positive week following the Federal Reserve’s decision to maintain interest rates and forecast two rate cuts in 2025. Bitcoin surged to $87,470, indicating optimism. The US PCE Personal Consumption Expenditures data is expected to boost Bitcoin and other crypto assets.
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The crypto markets have posted their second consecutive positive week following the Federal Reserve’s latest meeting, which left interest rates unchanged and maintained its forecast for two rate cuts in 2025. Bitcoin surged to $87,470, its highest level since March 7th, as positive sentiment rippled through the market.
The Federal Reserve’s decision to reduce the pace of balance sheet shrinkage starting next month, despite ongoing uncertainty surrounding tariffs, has contributed to this bullish movement in crypto assets. Bitcoin’s recent rally suggests that the market may have already seen the bottom at $76,600 and could be on the cusp of a new upward trend.
“Bitcoin’s performance is reflecting the optimism surrounding the Fed’s stance and a broader recovery in the market,” said Simon Peters, crypto market analyst at eToro. “If this momentum continues, supported by upcoming inflation data, we may see further upward movement in Bitcoin and other major crypto assets.”
This week, attention will turn to the release of the US PCE Personal Consumption Expenditures data, with expectations that it could provide an additional boost to Bitcoin and wider crypto assets, particularly after earlier CPI data came in lower than forecast.
Market Movers
- XRP experienced a sharp price increase following the announcement by Ripple CEO Brad Garlinghouse that the SEC’s case against Ripple had officially concluded. The token spiked 11% on the news, moving up by 26 cents.
- $ORCA, the native token of Solana-based decentralized exchange Orca, surged by 280% after being listed on South Korea’s Upbit exchange. The price shot up from $1.50 to $6 in just a few hours before pulling back slightly.
Eric Trump Joins Metaplanet’s Advisory Board
In a strategic move to further accelerate Bitcoin adoption in Japan, Japanese company Metaplanet has appointed Eric Trump to its newly formed Strategic Board of Advisors. This announcement led to a 17% surge in Metaplanet’s share price, reinforcing the company’s position as a global leader in the Bitcoin economy. Metaplanet currently holds around 3,200 Bitcoin, valued at approximately $269 million.
Ripple CEO Predicts XRP ETF Approval by Year-End
In a conversation with Bloomberg, Ripple CEO Brad Garlinghouse expressed optimism regarding the approval of a spot XRP ETF by the end of 2025. Following the resolution of Ripple’s legal case with the SEC, Garlinghouse highlighted shifting attitudes within US financial institutions towards crypto, particularly in the areas of asset custody and digital payments.
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.
Egypt’s General Authority for Investment and Free Zones (GAFI) and Mashreq Bank Egypt have signed a memorandum of understanding to boost investment cooperation and promote Egypt’s growing business opportunities. The MoU aims to showcase Egypt’s diversified economy, strategic location, large consumer market, and major national projects.
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Egypt’s General Authority for Investment and Free Zones (GAFI) and Mashreq Bank Egypt have signed a memorandum of understanding (MoU) to enhance cooperation in the field of investment and promote Egypt’s growing business opportunities.
The MoU was signed on Saturday by Hossam Heiba, CEO of GAFI, and Amr El-Bahei, CEO of Mashreq Bank Egypt.
Under the agreement, Mashreq Bank Egypt will showcase the growing business opportunities in Egypt to its Egyptian and international clients, highlighting the country’s diversified economy, strategic location, large consumer market, and major national projects launched over the past decade.
The bank’s role will focus on facilitating communication between GAFI and its clients interested in investing and expanding in Egypt, as well as organizing meetings between GAFI representatives and the bank’s international clients interested in investing in Egypt.
GAFI will provide Mashreq Bank Egypt with information on investment opportunities in Egypt, targeted sectors according to the Egyptian government’s plan, and updates on the legislative and procedural developments in the investment environment.
“GAFI is keen to cooperate with Mashreq Bank Egypt to attract new investors to the Egyptian market through the bank’s local and international network, which serves investors and individuals in key global financial centers, especially the United Arab Emirates, which is currently the top investing country in Egypt,” said Hossam Heiba, CEO of GAFI. “The MoU signed today is a major step in the path of cooperation between the two countries.”
Heiba stressed the government’s belief in the importance of the private sector’s role in stimulating and promoting investment across various sectors. He stated that coordinating efforts between the public and private sectors will contribute to improving the business environment and making it more sustainable, adding that innovative investment visions always come from the private sector. GAFI’s role is to communicate with other investment-related institutions to implement these visions in line with the state’s development priorities.
“Mashreq Bank’s international network, present in global financial centers such as the United Arab Emirates, the Gulf Cooperation Council countries, the United States, the United Kingdom, India, and Hong Kong, which are important trade routes with Egypt and key sources of foreign investment, will enable the bank to showcase the positive image of the investment environment in Egypt,” said Amr El-Bahei, CEO of Mashreq Bank Egypt.
He added that Mashreq Bank plays a strong role in responding to foreign investors’ inquiries about key investment opportunities in the Egyptian market, highlighting the importance of cooperation with GAFI to create an attractive and integrated view of the Egyptian investment environment and to provide the bank’s clients with all the necessary data, information, and sector studies to enable them to invest and expand in the Egyptian market.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
The World Retail Banking Report 2025 by Capgemini Research Institute reveals a gap in catering to digital-native, urban clients aged 18-45. 73% are motivated by exclusive experiences, rewards, and cashback offers, but 74% are dissatisfied with their card experience. The report also highlights challenges in attracting and retaining customers, recommending a culture reset and modernizing digital contact centers for a superior customer experience.
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The Capgemini Research Institute’s World Retail Banking Report 2025, published today, reveals a critical shortcoming in how retail banks appeal to the demands of digital-native, urban clients between the ages of 18-45. According to the report, while 73% of these credit card customers are motivated primarily by access to exclusive experiences, rewards and cashback offers, three-quarters (74%) are currently indifferent or outright dissatisfied with their card experience.
Cardholders seek personalized experiences, but banks struggle to differentiate
The banking landscape is undergoing significant disruption driven by the rise of contactless and remote payment options. Seamless and instant account-to-account (A2A) payments are at the forefront of this shift, with payment executives suggesting they could offset 15-25% of future card transaction volume growth.
Today, cards are a full-fledged financial companion and often the only physical piece of the bank that consumers carry. In the report, most industry executives (88%) across the globe rank an expanding reward ecosystem as the most effective way of boosting customer engagement and essential for delighting customers.
However, the research shows that not all rewards programs are translating into satisfied and loyal customers. Only 26% of cardholders are currently satisfied with their cards, 50% are indifferent, and 24% are outright dissatisfied. These results indicate that customer loyalty to their bank is likely to be low, and 74% of card customers are therefore a flight risk, with retail banks struggling to differentiate, despite access to extensive and robust data sources.
Banks’ marketing teams cite intense competition from new-age banks and other card providers (83%), ineffective messaging and value propositions (72%), insufficient customer insights (66%) and a complicated application process (34%) as their biggest challenges.
“At a time where convenience and personalization dictate customer expectations, our research highlights the fragile state of cardholder satisfaction. Appealing to experience-driven urban consumers requires a culture reset that prioritizes customer centricity at every stage of the card journey – from awareness to onboarding to rewards,” said Gareth Wilson, Global Banking Industry Leader at Capgemini. “Contact centers represent the front line of engagement, shaping brand perceptions, yet they remain the industry’s Achilles’ heel. Banks have an opportunity to transform contact centers into intelligent engagement-focused hubs that “wow” customers.”
Cumbersome processes lead to friction across the onboarding journey
Banks are missing out on a significant portion of potential customers, and revenue, simply because the onboarding process fails to meet expectations. Globally, nearly half (47%) of prospective customers, who have selected their card of choice, abandon the application process midway through due to a poor experience.
Meanwhile, only 3% of banks’ marketing teams consider the customer onboarding process to be seamless. In the Americas, this figure is 6%, while in APAC it is 2%, and in Europe it is 1%. Some of the most considerable challenges they face include:
- 75% of customers often submit incomplete documentation, causing significant delays
- 75% face delays in verifying customer identity
- 61% are overwhelmed by the sheer volume of applications they receive due to the lack of automation
Currently, less than a third (29%) of the data collection process during onboarding is fully automated using AI or generative AI (gen AI) technology. The potential for AI/gen AI to alleviate these challenges is enormous with 41% of executives planning to prioritize digital onboarding and application processes.
Intelligent contact centers can set the foundation for loyalty
In the realm of customer service, contact centers are critical to shaping a brand’s perception. However, the report finds only 24% of customers enjoy a satisfactory experience during interactions. Many urban, digital-first, card seekers cite long wait times, inconsistent communication and a disconnect between digital channels and branch representatives as the source of their frustration.
Delivering a superior customer experience across all touchpoints and channels is essential for retail banks to serve the customer efficiently. This is substantiated by a majority (86 percent) of banking executives indicating plans to prioritize omnichannel experiences to boost client engagement over the next 12 months.
By modernizing digital contact centers, banks can redefine their impact and handle high volumes of customer interactions, the report concludes, through:
- Proactive outreach: 43% of customers contact agents to report lost or stolen cards, presenting an opportunity to use customer data to anticipate needs and deliver timely, relevant outreach.
- Real-time resolutions: 48% of customers seek help with card activation. Banks must be equipped with AI-driven self-service options to enable seamless updates and faster issue resolution across all channels.
- Sentiment-driven support: 65% of customers engage agents to dispute transactions. AI-powered sentiment analysis can interpret tone and intent to address dissatisfaction proactively and offer empathetic, tailored resolutions.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
The UAE’s banking sector is predicted to lead regional resilience in 2025 due to non-oil economic momentum, infrastructure investments, and digital transformation. The sector is expected to expand by 4.2%, bolstering its role as a hub for financial innovation and cross-border investment. The country’s economic diversification, including manufacturing, renewable energy, tourism, and fintech, is contributing to a robust corporate lending pipeline. The UAE’s open banking frameworks are also boosting fintech partnerships.
3 min
The UAE’s banking sector is poised to lead regional resilience in 2025, bolstered by thriving non-oil economic momentum, record-breaking infrastructure investments, and strategic digital transformation.
As the GCC projects 3.5 per cent GDP growth this year, the UAE stands out with non-oil sectors forecast to expand by 4.2 per cent, outpacing regional peers and consolidating its role as a hub for financial innovation and cross-border investment, according to the EY GCC Banking Sector Outlook 2024.
The UAE Central Bank reports a 12 per cent year-on-year increase in credit facilities to businesses in Q4 2024, with small and medium enterprises (SMEs) securing 18 per cent more loans than in 2023.
The EY report noted that banks in the UAE are anticipated to maintain robust growth in their lending activities, bolstered by relaxed monetary policies and a favorable economic environment. Further, growth in deposits consistently outpaced lending, supported by corporate and retail segments. Asset quality will remain strong, as the banks capitalized on high profits to provision for legacy loans. Credit demand and reduced borrowing costs are expected to boost credit growth during 2025.
“As we go into the first quarter of 2025, the GCC banking industry should remain strong due to considerable capital cushions, healthy asset quality indicators and adequate profitability. Furthermore, resilient economies, the region’s economic diversification efforts and enabling policies will support higher consumption and investment, further boosting the sector’s performance,” said Mayur Pau, EY Mena financial services leader.
With digital adoption rates at 92 per cent and green financing initiatives accelerating, the UAE’s banks are not just regional leaders — they’re setting global benchmarks, analysts said.
Banks saw deposits surge by 9.0 per cent in 2024, outpacing the GCC average of 6.5 per cent, according to Central Bank data. This liquidity cushion, combined with a non-performing loan (NPL) ratio of just 4.1 per cent (below the GCC’s 4.8 per cent), underscores sector stability. Analysts attribute this to aggressive provisioning during 2023’s high-profit cycle, with UAE lenders allocating 25 per cent more capital to buffer against legacy risks than regional peers.
Lower borrowing costs are further stimulating demand. Following the US Federal Reserve’s 50 bps rate cut in late 2024, UAE banks reduced lending rates by 35–40 bps, sparking a 15 per cent quarterly spike in mortgage applications and a 20 per cent rise in corporate credit lines. Emirates NBD and First Abu Dhabi Bank (FAB), which hold 45 per cent of UAE banking assets, reported net profit jumps of 22 per cent and 18 per cent, respectively, in 2024, fueled by fee income from wealth management and IPO underwriting.
The UAE’s $50 billion infrastructure pipeline for Expo City Dubai, rail network expansions, and solar megaprojects like Al Dhafra’s 2 GW plant is reshaping lending portfolios. Project financing accounted for 34 per cent of UAE bank loan books in 2024, up from 28 per cent in 2023. Green financing is also surging, with sustainable loans hitting $11 billion in 2024—a 200 per cent increase from 2022—as banks align with the UAE Net Zero 2050 Strategy.
With 80 per cent of UAE customers now using digital banking weekly, lenders are investing heavily in AI and blockchain. Emirates Islamic Bank’s AI-driven wealth platform saw a 300 per cent user increase in 2024, while Mashreq’s neo-bank launch in Saudi Arabia underscores UAE fintech’s regional ambitions. The Central Bank’s Digital Dirham pilot, involving 23 financial institutions, positions the UAE as a CBDC frontrunner.
Regulatory reforms are amplifying competitiveness. The UAE’s adoption of open banking frameworks in 2023 spurred a 40 per cent rise in fintech partnerships, with API-driven services generating $650 million in new revenue for banks last year.
Despite optimism, rising geopolitical risks and global inflation fluctuations pose challenges. However, UAE banks’ foreign assets, which grew to $210 billion in 2024 (+15 per cent YoY), provide a buffer. Pau emphasizes agility: “Banks must embed GenAI into risk models and double down on sustainability reporting to retain investor confidence.”
With Dubai’s DIFC fintech ecosystem now hosting more than 1200 companies and Abu Dhabi Global Market’s (ADGM) assets under management recording 245 per cent surge in 2024, the UAE is primed to dominate GCC banking’s next chapter—transcending oil, embracing innovation, and financing tomorrow’s economies.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
EFG Holding, based in Egypt, reported a 66% revenue increase to $481.7 million in 2024, primarily due to strong growth across its investment banking, commercial banking, and non-banking financial institutions verticals. Operating expenses increased by 57%, while net operating profit soared 84%.
2 min
Egypt-based EFG Holding has reported a 66% year-on-year revenue increase to a record $481.7 million (EGP 24.4 billion) for 2024, driven by strong growth across its three verticals: investment banking (EFG Hermes), commercial banking (Bank NXT), and non-banking financial institutions (EFG Finance), per a Wednesday statement.
Full-year performance
This revenue growth was driven by higher revenue contributions from its investment banking vertical EFG Hermes, its commercial banking business Bank NXT, and its non-banking financial institutions (NBFI) vertical EFG Finance, according to the statement.
Operating expenses rose 57% to $306 million (EGP 15.5 billion) due to higher employee and other costs. Net operating profit surged 84% to $175.7 million (EGP 8.9 billion), while net profit after tax and minority interest grew 71% to $84.9 million (EGP 4.3 billion), boosted by profitability across all verticals.
Business performance
EFG Hermes’ revenues climbed 81% to $290.1 million (EGP 14.7 billion), fueled by unrealized investment gains, forex gains, and a 95% rise in sell-side revenues to $146.3 million (EGP 7.4 billion).
Investment banking revenues soared 220% to $47.4 million (EGP 2.4 billion), and brokerage revenues grew 65% to $100.8 million (EGP 5.1 billion), driven by strong MENA market performance. Its net profit rose 63% to $49.4 million (EGP 2.5 billion).
EFG Finance’s revenues increased 60% to $94.8 million (EGP 4.8 billion), led by Valu and Tanmeyah. Valu’s revenues rose 66% to $37.5 million (EGP 1.9 billion), supported by fees, loans, and securitization gains.
Tanmeyah’s revenues grew 50% to $37.5 million (EGP 1.9 billion) due to higher net interest income. Leasing revenues at EFG Corp-Solutions jumped 117% to $15.5 million (EGP 787 million). EFG Finance’s net profit more than doubled, up 134% to $16.1 million (EGP 815 million).
Bank NXT’s revenues rose 37% to $98.8 million (EGP 5 billion), driven by a 54% increase in net interest income to $77 million (EGP 3.9 billion). Its net profit grew 54% to $35.5 million (EGP 1.8 billion).
“The continued expansion of our Investment Bank in the GCC, alongside the positive momentum of Valu, Bank NXT, and Tanmeyah, reflects the strength of our strategy and adaptability,” said Karim Awad, Group CEO of EFG Holding.
“These developments reinforce our focus on delivering long-term profitability, generating value for our shareholders, and supporting our clients and communities,” he added.
EFG Holding’s total assets reached $3.7 billion (EGP 186.9 billion) by December 2024.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Oxford Business Group (OBG) and UAE Banks Federation (UBF) have partnered to produce The Report: Abu Dhabi 2025, a comprehensive analysis of Abu Dhabi’s banking sector. The report will provide insights into the emirate’s financial landscape and investment opportunities. UBF will contribute expertise and analysis, assessing Abu Dhabi’s financial strength, regulatory environment, and digital transformation efforts. The report will highlight the resilience and innovation driving the banking sector and the investment prospects emerging across the broader financial landscape. The report will also explore opportunities from Abu Dhabi’s economic diversification strategies, digitalization initiatives, and investment climate.
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The role of Abu Dhabi’s banking sector in strengthening the emirate’s global economic position will be explored in depth in The Report: Abu Dhabi 2025, following a Memorandum of Understanding (MoU) signed between Oxford Business Group (OBG) and the UAE Banks Federation (UBF). The collaboration aims to provide key insights into Abu Dhabi’s evolving financial landscape and the investment opportunities it presents to local and international stakeholders.
Under the agreement, UBF will contribute expertise and analysis, ensuring The Report: Abu Dhabi 2025 offers a comprehensive overview of the latest developments in the banking and financial services sector. The publication will assess Abu Dhabi’s financial strength, regulatory environment, and digital transformation efforts, highlighting the emirate’s attractiveness as a financial hub.
Commenting on the partnership, Jamal Saleh, Director General at UBF said:
“Our collaboration with Oxford Business Group aligns with our commitment to strengthening Abu Dhabi’s position as a leading financial center. The report will showcase the resilience and innovation driving the banking sector, as well as the investment prospects emerging across the broader financial landscape.”
Ananda Sheela Bas, OBG’s Country Director for Abu Dhabi, highlighted the importance of UBF’s role in shaping the report’s analysis:
“The UAE Banks Federation is a key player in the financial ecosystem, and its insights will be invaluable in delivering a data-driven assessment of Abu Dhabi’s banking sector. Through this partnership, we will provide business leaders and investors with in-depth intelligence on the emirate’s economic trajectory, reinforcing its appeal as a global investment destination.”
The Report: Abu Dhabi 2025 will examine the key factors shaping the emirate’s economic growth, with a particular focus on the banking and financial services industry. The publication will also explore opportunities arising from Abu Dhabi’s economic diversification strategies, digitalization initiatives, and investment climate.
The report is part of OBG’s long-standing commitment to providing high-quality economic analysis across emerging markets. It will feature exclusive interviews with leading figures from the public and private sectors, offering stakeholders a comprehensive resource on Abu Dhabi’s economic outlook.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Rubrik has partnered with Deloitte to offer advanced data security and management solutions, combining Rubrik’s Zero Trust Data Security platform with Deloitte’s cybersecurity expertise. The alliance aims to protect data assets, enhance business continuity, and combat external threats.
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As the threat landscape continuously evolves, the call for robust data security solutions has never been more urgent. Today, Rubrik, a leading cyber security company, is proud to announce a strategic alliance with Deloitte.
Together, the companies will collaborate to deliver advanced data security and management solutions, designed to help organizations to safeguard their data assets, helping business continuity and cyber resilience. “Our alliance with Rubrik reinforces our commitment to providing advanced data security, and risk management technologies and services,” said Mike Kosonog, Partner, Deloitte & Touche LLP and Lead Alliance Partner for Rubrik.
“In a constantly evolving landscape, organizations can be impacted by external threats, such as cyberattacks, data breaches, and natural disasters. Together, we can aid our clients in achieving enterprise resilience by providing integrated cyber solutions that enable enterprise-wide data management and protection across their digital environments, ultimately driving operational performance.”
Alliance That Aims to Revolutionize Data Security
As cyber threats continue to evolve, the Rubrik-Deloitte alliance aims to establish broad data protection and management standards. By fusing Rubrik’s Zero Trust Data Security™ platform with Deloitte’s extensive technical knowledge in cybersecurity, risk management, and digital transformation, the alliance will offer solutions designed to help clients safeguard their data and enhance operational performance.
“In our unwavering commitment to securing the world’s data, we recognize the importance of aligning with trusted collaborators, including those with a broad cross-section of the largest corporations and government agencies,” said Bipul Sinha, CEO, Chairman, and Co-founder of Rubrik. “Resilience must be a collective effort. With Deloitte’s deep knowledge of risk management and our technologies, our goal is to assist organizations in proactively identifying,
assessing, and mitigating potential threats while minimizing downtime.”
The Rubrik and Deloitte alliance aims to deliver integrated solutions that help clients streamline data management processes, providing efficient data backup and recovery. Furthermore, by harnessing the power of cloud technologies and advanced analytics, the alliance will assist organizations on their digital transformation journeys, driving innovation and operational excellence.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Gold has reached an all-time high due to the Federal Reserve’s interest rate cuts and geopolitical and economic challenges. The Trump administration’s policies have slowed growth and increased inflation, making non-yielding gold a hedge against global uncertainties.
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Gold rose to an all-time high on Thursday as the Federal Reserve hinted at two possible interest rate cuts this year, bolstering bullion’s appeal amid ongoing geopolitical and economic woes.
Spot gold was up 0.1% at $3,049.89 an ounce as of 0210 GMT. Bullion reached an all-time high of $3,055.96 earlier in the session.
U.S. gold futures gained 0.6% to $3,058.40.
Gold is driven by “a lot of uncertain market situations, geopolitical tensions, weaker U.S. dollar, and expectations that interest rates will be cut later,” said Dick Poon, general manager at Heraeus Metals Hong Kong Ltd.
The Fed held its benchmark overnight rate steady in the 4.25%-4.50% range on Wednesday. Policymakers expect the central bank to deliver two quarter-percentage-point rate cuts by the end of 2025.
The Trump administration’s initial policies, including extensive import tariffs, appear to have tilted the U.S. economy towards slower growth and at least temporarily higher inflation, Federal Reserve Chair, Jerome Powell said.
Trump’s tariffs, which have flared trade tensions, are widely thought to be inflationary and detrimental to economic growth.
The tariff uncertainty, the possibility of rate cuts and the resumption of tensions in the Middle East have contributed to gold’s record rally, prompting bullion to notch 16 record highs so far in 2025, four of them above the $3,000 milestone.
The Israeli military resumed ground operations in central and southern Gaza as airstrikes killed at least 48 Palestinians, local health workers said.
Non-yielding gold is considered a hedge against global uncertainties, and thrives in a low interest rate environment.
“Given the very good performance in gold through Q1, I think a correction is not out of the question,” said Nicholas Frappell, global head of institutional markets at ABC Refinery.
“However so far corrections have been relatively short-lived and well bid…$3,090~$3,100 may see some resistance.”
Spot silver was steady at $33.81 an ounce, platinum inched up 0.1% to $994.05, and palladium edged up 0.1% to $957.42
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Accenture and the Commercial Bank of Dubai are partnering to train employees in data and AI fields, aiming to equip the bank’s workforce for digital transformation. Udacity, part of Accenture, will offer a comprehensive digital upskilling program, focusing on data management, analytics, and AI.
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Accenture (NYSE: ACN) has joined forces with the Commercial Bank of Dubai (CBD) to train the bank’s employees in the fields of data and AI. As the first bank in the UAE to launch an enterprise-wide data literacy program, CBD is setting a new standard by enabling its employees to achieve certifications in both Data and AI.
With the financial services industry navigating an era of unprecedented digital transformation, the ‘CBD AI and Data for the Future’ program will equip the bank’s workforce with the crucial skills needed to stay ahead of the curve.
This collaboration is designed to empower CBD’s employees by harnessing the full potential of innovative technologies, thereby enabling them to meet and exceed the evolving expectations of their customers. Through this initiative, Udacity, part of Accenture, brings their combined expertise to the forefront, offering a comprehensive and future-ready digital upskilling program that underscores the importance of data and AI in driving the bank’s digital evolution.
This program will leverage the power of data management, analytics, and AI to ensure enhancing customer experience and operational resilience as part of CBD’s strategic transformation goals. Participants will also undergo thorough hands-on training to strengthen job readiness to maximize engagement and learning outcomes. Udacity is also incorporating premium services such as expert-led, interactive sessions focused on mastering complex concepts, tech talks offering insights on emerging trends and applications in data and AI and personalized Q&A sessions, courtesy of its 1,400+ mentors.
Max Di Gregorio, Managing Director at Accenture in the Middle East, said: “We are happy to offer this innovative program that helps improve learning outcomes. As banking is quickly moving to digital, businesses that are building their digital core can improve their operations, increase revenue quickly, and improve the services they provide to their customers. This creates real value on a fast and large scale. CBD’s investment in making its employees digitally savvy gives it a big advantage.”
Ali Imran, Chief Operating Officer at CBD, said: “Through this first-of-its-kind initiative, CBD is enabling workplace modernization, fostering a culture of innovation, and setting a GCC-wide benchmark in data and AI upskilling. This program demonstrates our commitment to delivering value-driven banking that empowers both our customers and the broader UAE community, ultimately providing the Bank with a sharper competitive edge by ensuring our employees are future-ready.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
NielsenIQ’s report on the Middle East’s FMCG and Tech and Durable sectors shows strong growth in 2024, particularly in the KSA and UAE. Traditional retail channels in KSA saw 1.7% growth, while UAE saw almost 10% growth. E-commerce growth for FMCG was 46% in KSA and 29% in UAE, with online channels contributing over 25% of total revenues.
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NielsenIQ, the world’s leading consumer intelligence company, has announced a recap of the FMCG and Tech and Durable (T&D) sector under State of the Nation 2024 revealing insights on GCC shoppers as 2024 was a year that proved that the Middle East continues to be a hub for growth, populated by a resilient people with the willingness to push on amid global tensions and economic uncertain.
2024 was marked by significant challenges in the Middle East. Global tensions, economic uncertainty, and extreme weather all contributed to this year’s events. Economic growth in both regions remained robust, and the inflation rate in KSA is still controlled. At the same time, the UAE is broad-based and driven by intense activity in the tourism, construction, and financial services sectors.
The KSA market is exhibiting flat performance in the first half of the year, following a high base from last year, while the UAE is experiencing consumption-led growth. Consumers and suppliers alike did not let that get in the way of driving businesses and economies forward. In both markets, consumers prefer to complete their purchases through the established organized retail channel; however, they are becoming more trusting of alternative channels in their search for better deals.
The traditional retail channel, consisting of small, independent outlets, contributes a quarter of revenues generated in KSA and has grown by 1.7%. The same channel has grown by almost 10% in the UAE. This highlights once again that one size does not fit all!
E-com growth for FMCG is at 46% for KSA and 29% for UAE. This gives consumers more choices in terms of shopping destinations and allows suppliers to improve the distribution of their products. In the T&D space, a similar dynamic is emerging, where the online channel consistently contributes more than 25% of total revenues across the UAE and KSA, achieving growth figures that surpass those of the brick-and-mortar stores.
A breakdown of the FMCG and T&D sectors
In 2024, the FMCG market saw significant changes in the number of products hitting the shelves. This is particularly true for the UAE, where an additional 1090 SKUs were launched. That is, 90 different SKUs were launched every month for a year. The T&D industry saw suppliers launching 493 new brands in Saudi Arabia and 457 new brands in the UAE. The constant desire to launch new brands leads to new product offerings, and the T&D space is bursting with all sorts of products to meet the consumer’s every demand.
The FMCG industry realized gains of 2.4% in Saudi Arabia (KSA), while the United Arab Emirates (UAE) observed the market gaining 5.5% in revenues compared to 2023. The growth realized is driven through snacking (+6% KSA / +6% UAE), Beverages (+5% KSA / +7% UAE) and Dairy Products (+3% KSA / +6% UAE).
The T&D sector reflects a more modest appetite for spending as revenue growth in KSA remains relatively flat at 0.7%, driven by the performance of Smartphones (+2%), PTV (-3%), and Mobile Computing (+5%). In contrast, the UAE enjoyed a relatively stronger performance in 2024, adding 3.4% to annual revenues. This is driven by a flagship-led smartphone market (+5%) and a dynamic mobile computing market (+5%), while
PTV revenues contracted by 3% as less-established brands flood the market with entry-level offerings.
Consumers in the Middle East continue to seek out value for money when making a purchase, which extends far beyond just the product but instead to where you are purchasing the product.
Brand preference
Regarding the T&D sector, Premium Brands generated more than 40% of revenue in Saudi Arabia and more than 55% in the UAE, fastest growing across 3 segments. However, it is important to also pay close attention to the subtle nuances of value brands. This is evident as we observe a new-found focus on entry-level brands from both suppliers and consumers, who have realized more than 10% gains year on year across both markets. This indicates that while consumers of T&D products are parting ways with their hard-earned incomes for premium goods, they are constantly considering finding similar value from a more economical offering.
Andrey Dvoychenkov, NielsenIQ APP Cluster Leader, comments: “Our recent State of the Nation highlights how the FMCG and T&D sectors in the Middle East evolved throughout 2024, with consumers spending their money with purpose as investments. They are willing to pay more for quality while they don’t give up choosing value for money on certain essential needs. Looking ahead to 2025, a breakout product could emerge, but success will demand bold innovation, strategic agility, and a deep understanding of shifting consumer behaviors.”
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 EY GCC Banking Sector Outlook 2024 predicts strong capital levels for GCC banks in 2025, backed by Qatar’s gas production expansion, Saudi Arabia’s economic transformation projects, and Bahrain and UAE’s non-oil growth.
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According to the EY GCC Banking Sector Outlook 2024 report, GCC banks will continue to benefit from strong capital levels, supporting their overall performance in 2025. The expansion of gas production in Qatar, implementation of economic transformation projects in the Kingdom of Saudi Arabia (KSA), and non-oil economic growth in Bahrain and the United Arab Emirates (UAE) will underpin the resilience of GCC banks this year. In addition, the Brent crude price is expected to stay above US$74 per barrel for 2025-27, which will help uphold banking sector resilience.
Credit growth in most GCC countries is broadly based on a strong project pipeline, with aggregate contract awards driven by infrastructure development, especially in KSA and the UAE. The positive trajectory is expected to continue in the near future. This outlook is supported by rising lending volumes, increased fee income, stable margins and effective cost management. As the cost of lending turns more favorable, GCC countries might expand their investments globally.
Mayur Pau, EY MENA Financial Services Leader, says: “As we go into the first quarter of 2025, the GCC banking industry should remain strong due to considerable capital cushions, healthy asset quality indicators and adequate profitability. Furthermore, resilient economies, the region’s economic diversification efforts and enabling policies will support higher consumption and investment, further boosting the sector’s performance. The upcoming financial year looks to be a transformative period, with advancements in technology, shifts in consumer behavior and regulatory changes shaping the future of banking.”
Non-oil growth remains a bright spot
GDP growth in the GCC is projected at 3.5% in 2025. Interest rate cuts, together with further investment and structural reform initiatives, will mean non-oil growth of over 3.4% in the region’s two largest economies – KSA and the UAE. As per the International Monetary Fund (IMF), the current account surplus is expected to be 8.2% of the GDP in 2025. On the fiscal front, a surplus of 3.9% of the GDP is forecast for 2025.
Global oil demand is forecasted to increase by 1.6 mbpd to 104.5 mbpd in 2025, reflecting the end of the post-COVID-19 pandemic release of pent-up demand, challenging global economic conditions and clean energy technology deployment. Non-OPEC+ producers are likely to account for the bulk of the increase if OPEC+ voluntary cuts remain in place. High oil prices – with the average for 2024 estimated at US$81 per barrel – and favorable economic growth have supported the GCC banks’ healthy finances.
GDP growth in the GCC is forecast to rebound to 3.5% in 2024, up from 1.4%, as oil production gradually increases, providing a boost to the region’s economies. Hydrocarbon growth is likely to be 3.3%, while non-hydrocarbon sectors are forecast to grow at 3.4%, supported by strong domestic investment momentum.
Banking sector growth fueled by resilient economic conditions
In November 2024, the US Federal Reserve reduced interest rates by 50 bps. GCC economies have begun following the Fed’s lead, which, along with domestic policies, has helped lower inflation from the high rates seen in 2022. During 2024, major central banks entered their cycle of monetary policy easing to support growth, as inflationary pressures have waned. This year, banks will pursue higher yields, as rate cuts tend to be reflected in their books with delayed effects.
GCC banks have shown sustained growth in credit facilities during 2024, supported by economic transformation plans, robust project pipeline, healthy demand and resilient economic conditions. The banks are well-capitalized with strong asset quality indicator and are likely to uphold this strong performance trajectory throughout 2025.
Banks in the UAE are anticipated to maintain robust growth in their lending activities, bolstered by relaxed monetary policies and a favorable economic environment. Further, growth in deposits consistently outpaced lending, supported by corporate and retail segments. Asset quality will remain strong, as the banks capitalized on high profits to provision for legacy loans. Credit demand and reduced borrowing costs are expected to boost credit growth during 2025.
KSA banks reported healthy credit growth in 2024, backed by a broad-based loan growth, especially in the private sector. This was primarily due to various project developments in line with Vision 2030. The country’s planned megaprojects will play a role in creating enormous business and lending opportunities for banks this year.
Banks in Qatar exhibit sufficient profitability and robust capital strength, with both Tier 1 and capital adequacy ratio (CAR) surpassing the mandated regulatory thresholds. Domestic funding avenues are predicted to adequately finance credit expansion this year with the completion of major infrastructure projects and increased liquefied natural gas (LNG) production.
In Oman, the robust growth in the lending sector aligns with the nation’s expanding non-oil economic activities and the steady progress of Oman Vision 2040 initiatives, which aim to diversify the economy. The credit environment is expected to remain conducive, supporting lending growth in the near term.
Bahrain is poised for robust economic growth, with the completion of refinery upgrades and a pick-up in the private sector supporting greater private investment. Backed by cheaper borrowing costs, credit growth is projected to further edge up this year, giving a boost to consumers and corporates.
Kuwait’s banking sector has enjoyed high profitability, supported by slow rate cuts and stronger lending growth. The industry is anticipated to sustain its stability, underpinned by substantial capital reserves and a formidable net external position, with foreign assets accounting for 30.4% of total local bank assets at the end of December 2024.
Mayur adds: “To fortify their profitability and improve cost optimization in the current landscape, GCC banks should consider how to best to navigate a new normal that not only addresses regulatory fragmentation and national interests, but fully harnesses the power of technology and its multiple scopes such as digitization, generative AI (GenAI), open banking and APIs, and the digital currency revolution – all while committing to a sustainable future. This will ensure they remain competitive and agile to better counteract the pressure of contracting margins.”
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Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Sydney’s prestige market is looking up, here’s three of the best on the market right now.
Sahm Capital joins the Arab Federation of Capital Markets (AFCM), reinforcing regional growth. With CMA licenses and a 1M+ user trading app, it expands into investment banking and fund management.
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Sahm Capital is excited to announce its official membership in the Arab Federation of Capital Markets (AFCM), further solidifying its commitment to the growth and development of the Arab capital markets.
Founded in 1978, AFCM aims to enhance the efficiency and transparency of capital markets across the Arab region, including the GCC, Levant, and Arab African countries. With oversight of 18 exchanges and 8 Clearing Houses, AFCM works to harmonize regulations, promote market development, and adopt new technologies to advance securities trading in the region.
A Strong Partnership for Growth
This membership presents an exciting opportunity for Sahm Capital to collaborate with other market leaders, share expertise, and develop stronger investment strategies that will contribute to the continued growth of Arab capital markets. Sahm Capital is committed to playing a pivotal role in strengthening the MENA financial landscape and expanding its access to regional and international investors.
Sahm Capital’s Growth and Future Vision
Founded in 2022 and fully licensed by the Capital Market Authority (CMA) of Saudi Arabia, with license number [license no. 22251-25], Sahm Capital has rapidly grown into a leading player in the region. In October 2023, the company received licenses for Dealing, Advising, and Custody services, followed by the launch of the Sahm trading app in December 2023. The app, a first-of-its-kind platform, has already surpassed 1 million users, positioning it as one of the fastest-growing trading platforms in the region.
In addition to its brokerage licenses, Sahm Capital secured Managing and Arranging licenses from the CMA in October 2024, positioning the company to offer a wide range of financial services, such as investment banking, managing investments and operating funds.
After three years of deepening its roots in Saudi Arabia, Sahm Capital is now ready to expand its reach across the Arab world. With a focus on delivering high-quality financial services, Sahm aims to help investors realize their full potential in an opportunity-rich capital market.
Sahm Capital’s Chairman of the Board, Steven Chou, shared his thoughts on the significance of this achievement: “Joining the Arab Federation of Capital Markets is an important milestone for us as we continue to build upon our success in Saudi Arabia and extend our presence across the wider Arab world. We look forward to working closely with AFCM to drive innovation and development in the region’s capital markets.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
The UAE Federal Tax Authority has extended a grace period for taxpayers who haven’t updated their tax records, allowing submissions until March 2025 without administrative fines, and mandates notification within 20 days.
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Taxpayers who have not yet updated their tax records are being reminded by the Federal Tax Authority (FTA) to take advantage of the extended grace period, which permits submissions until the end of March 2025 without subjecting them to administrative fines.
The Cabinet decision on the Executive Regulations of the Federal Decree-Law on Tax Procedures mandates that registrants use the authorized form and procedure to notify the FTA of any changes to their data within 20 working days.
Penalties could be imposed for noncompliance within this time limit.
UAE tax authority waives penalties for record updates before March 2025 deadline
According to the FTA, the information that needs to be updated includes the type of legal entity, partnership agreements for unincorporated partnerships, articles of association or comparable documents, business name and address, email address, trade license activities, business nature, and any address from which the registrant conducts business.
A grace period from January 1, 2024 to March 31, 2025, during which registrants can amend their records without incurring administrative fines, was implemented by the Cabinet last year in an effort to promote compliance.
As per the FTA, “administrative penalties that were previously imposed during the grace period due to failure to update the registrants’ information within 20 working days will be waived and reimbursed.”
In addition to providing additional facilities to streamline tax procedures across business sectors and improve a more effective contribution to the expansion of the national economy, the Authority emphasized that the goal of this decision is to “continue supporting taxpayers and encourage them to comply with tax procedures and legislation.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Self-tracking has moved beyond professional athletes and data geeks.
