International Business Magazine - Issue 19

Welcome

Managing Director Shashank M Co-Founder & CEO Shankar VS Chief Editor Madhusmitha V Patil Editor Ujal Nair Assistant Editors Medhaj Nair, Tamanna Shaikh, Amith Raj Head of Production Shank Mendez Head of Research Sara Watson

.......Note From

EDITORIAL

Incubating and Promoting Entrepreneurship in the Middle East International Business Magazine has been discovering and appreciating some of the best-performing business entities from across the globe since 2018. We have seen some of the best banks, fastest-growing fintech companies, innovative insurance companies, path-breaking technology companies and rapidly growing real estate brands from Asia, Middle East, Europe and Africa. More than a learning experience, these 5 years have helped us recognize the authenticity of several networks that we have cultivated across the global corporate sector.

Head of Media Sales Charles Grey

Interestingly, this special edition magazine comes at a time when the Geopolitical

Media Sales Manager Chris Young

influencing trade in the region. We believe, as business news and information

Advertising contact chris@intlbm.com

happening in this region to keep the economy rolling. We are playing our role in

Content Managers: Daniel Edwards, Sumana Shankar, Ana Watson

situation in the Middle East is heavily stressed and several political opinions are distributors, we need to continue highlighting the positive business developments promoting economic progress and highlighting pioneering entrepreneurs who have showcased major breakthroughs in their respective sectors.

At the top of the list comes Reportage Properties, a leading property developer from

Business Development Leo Morgan, Alisha Taylor, Jane Sanders, James Smith, Jason Brown, David Johnson, Stella Grace, John Davis, Nancy Miller, Alex Milo

the UAE. They have been delivering high-end residential properties and are known

Graphic Designer Chandan R

Bank from Kuwait. This bank has been consistently making inroads to some major

Video Editor Nelson Caitan Account Manager Agnes Wong Registered Adddress: Sharjah Media City (Shams), Al Messaned City, Al Bataeh, Sharjah, United Arab Emirates, P.O. Box: 515000 Office Address: Suite No 502, Al Tawhidi 1 Building, Floor 5, Khalid Bin Al Waleed Road, Bur Dubai, Dubai, UAE. Email: info@intlbm.com Phone: +971 55 686 6713

to keep to their schedule. They have won the Most Trusted Property Developer title because of their stern commitment and dedication even during difficult times.

Another name worth remembering is Warba Bank, the winner of Most Sustainable green investments and sustainable projects in the GCC region. IMG Worlds of Adventure, our winner for Best Amusement Park in the UAE, impressed us for more than two obvious reasons - the whole grandeur of their entertainment facilities and the overall experience for family visitors.

At International Business Magazine Awards 2023, we are proud to introduce our winners and honour them with our highest accolades on a global stage. This is our way of keeping the entrepreneurial spirits high, at all circumstances.

See you all on November 4 in Dubai

Be sure to check out our website at

www.intlbm.com

Connect with us on Twitter: @ibmag_magazine, Facebook:@intlbm and Instagram: @intlbm

LinkedIn: @international-business-magazine

CONTENT

‘We stand out for our strong focus on sustainability and cutting-edge design’

Islam Ahmed Suleiman Reportage Properties - CEO

cover story

08

16 Venturing beyond the

18 The rise of ECN trading

48 From Public

24 Trading Human

32 World Class

52 Saudi Arabia’s

36 A Fascinating look

44 Going Beyond

57 How to trust

Arabian Lands into a World of Innovation

Emotions for AI Efficiency

into Saudi Arabia’s

Real Estate and Hospitality Industry

in the UAE

Hospitality for Hajj Pilgrims

Profits: Recognizing

Commercial Banking’s Commitment to the best CSR initiative

Parks to Pleasure Gardens to Modern Day Theme Parks – A Thrill Ride

Journey towards Financial Inclusion and Solidarity

anyone in a USD 6 Trillion Forex Business?

UAE conquers MENA in Logistics with Investment Activities In the 2018 Logistics Performance Index published by the World Bank, UAE was rated eleventh. Since then, the logistics industry has experienced a major expansion. The goods and logistics market was worth USD 19.65 billion in 2020, and it is anticipated to be worth USD 31.41 billion by 2026. The growth of e-commerce and the expansion of global trade have increased the demand for investment in this sector. Additionally, the UAE was placed third globally for trade in transport services and fifth globally for important competitive maritime hubs in The Bunker Supply Index.

To support the growth, a number of programmes were introduced, including World Logistics Passport, Dubai’s Silk Road Strategy, and UAE Maritime Cluster. The UAE ports handled over 15 million TEUs during 2020, while there were over 25,000 port calls in the UAE in the same year. In the UAE and Guinea, the Abu Dhabi Ports Group was in charge of around 11 ports and terminals. A recent agreement that plans to construct a new terminal in Khalifa Port with an initial capacity of 1.8 million TEUs was inked in September 2021 between AD Ports Group and CMA CGM Group.

UAE’s cavalier in logistics Through innovation and partnerships, AD Ports has grown

improved worldwide connectivity and increased the

over the years into a recognised leader in commerce,

variety of maritime, logistics, and port solutions, is one

industrialization, and economic diversification. Through

such recent development.

five clusters—digital, economic cities & free zones, logistics, maritime, & ports—AD Ports connect worldwide

This constant evolution and accomplishment brought

trade partners and maritime routes. Established in 2006,

laurels for AD Ports while International Business

it has come a long way, with its shares being listed on

Magazine added another accolade by awarding them

the Abu Dhabi Securities Exchange (ADX) main market.

with Preferred Choice for Shareholder Investments UAE

AD Ports continues to expand its global footprint through

2023. The pledge to ensure sustained success will aid the

collaborations with industry-titans & investments that

company’s shareholders in the long run.

add value to them. The acquisition of Noatum, which

A way forward UAE’s approach to attracting foreign investment and

investment and a demand for robust infrastructure, the

fostering partnerships has played a vital role in its

UAE’s logistics industry is well-positioned to keep its top

logistics success. By providing a business-friendly

spot on the world stage with a dedication to long-term

environment and favourable regulations, UAE has

success and constant growth.

enticed both domestic/international companies to establish themselves in the country. Through strategic

06

Logistics

Navigating the Financial Derivative Market in the UAE The Abu Dhabi Stock Exchange (ADX) has had a huge influence on trading platforms with the introduction of derivative market trading in the Gulf in late 2021. This new addition gives the investors increased leverage, greater opportunities, market exposure, and hedge capabilities in the long run. This initiative by the bourses is part of a larger trend in the trading industry to broaden their product offerings and give total assistance to traders while bringing new things to an already crowded trading environment.

Derivative Markets Driving the Economy According to estimates released in November 2022, the

year, attracting an increasing number of investors to try

ADX derivative market increased in value to 1 billion AED

their luck in this volatile market. Various organizations

within the first year of operation. During that time, a large

are stepping forward to participate in the most recent

number of contracts were exchanged. This introduction

derivative markets. One such firm, CPT Markets, has

was part of ADX’s effort to position its goods and services

created quite an impression in the trading scene. Apart

in line with those of its worldwide competitors. The market

from being a brokerage business, the CPT markets have

attracted 1718 investors in the first year of its inception,

gone a long way to indulge in the forex and contract for

and this figure more than quadrupled the following

difference (CFD) markets.

Substantial investments in derivative markets: According to a study provided by the banks for

with multiple platforms such as Coin Payments, Triple A

international settlement, the second half of 2021 saw

and Letknow Pay, offering comprehensive solutions, and

the largest investments, with a total of 12.4 trillion USD

promoting a seamless trade. With regards to the level

invested by all significant corporations. Over-the-

of commitment and dedication shown by CPT markets,

counter derivative markers gained significant relevance

they were awarded the Leading Provider of International

in this regard in 2014. CPT markets, a Belize based

Financial Derivative UAE 2023 by the International

brokerage, being a top investor, enjoyed huge profits.

Business Magazine.

Additionally,

CPT Markets has recently collaborated

The bottom line: Because, the derivative markets are expanding at such

like CPT markets are taking maximum measures to

a rapid rate, stockholders and other shareholders are

protect their clients from the highly volatile, rapidly

having a great time thanks to the sophisticated feature

changing nature of derivative trading.

that allows hedgers to lock in asset values. Companies

Finance

07

‘We stand out for our strong focus on sustainability and cutting-edge design’ Islam Ahmed Suleiman Reportage Properties - CEO

The UAE Real Estate market is poised to reach USD 0.69

free zone areas, 100% ownership of foreign companies for

trillion in size by the end of this year. With expert analysis

onshore companies and new reporting requirements for

predicting a CAGR of more than 8 percent till 2027, the

real estate transactions and such other benefits; UAE is

UAE market is one of the fastest growing in the world. The

the top choice for global investments in the MENA region.

biggest factor attributed to this cause is the fact that UAE has one of the lowest acquisition costs and proven high

The Government of the UAE has taken several initiatives

returns.

to ensure a steady growth of the real estate market.

Several initiatives have been undertaken by the Dubai

With a stable economy, Dubai has exhibited remarkable

Land Department (DLD) to promote transparency,

growth after the COVID-19 pandemic. Under the visionary

protect the rights of investors and developers. The ‘Dubai

and committed leadership of His Highness Sheikh

Plan 2021’ initiative has led to the development of world-

Mohammed Bin Rashid Al Maktoum, Vice President and

class transportation networks and infrastructures. The

Prime Minister of the United Arab Emirates and Ruler of

entire plan largely focuses on boosting the real estate

Dubai, The International Monetary Fund (IMF) forecasts

sector. The Dubai Municipality has implemented green

that the United Arab Emirates will grow by 3.4 percent

building codes for constructing buildings with green

in 2023 and by 4 percent in 2024. The Construction

roofs, solar panels and high-efficiency lighting to reduce

and Real Estate industry leads the trajectory in the UAE.

carbon emissions. With a large emphasis on solar and

When it comes to investments in the UAE, Abu Dhabi

nuclear energy, the ‘Dubai Clean Energy Strategy 2050’

and Dubai stands out as the beacon of opportunities for

seeks to set a goal to produce 75 percent of the city’s

the real estate market in the Middle East. With tax-free

energy from clean sources by 2050.

investments, visa reforms like the golden visa program,

08

Real Estate

Fertile Lands for Real Estate Many private property developers in the UAE have

sales events, which stands at a total value of Dhs2.3

benefitted from the above-mentioned initiatives for

billion. In the same year, Reportage Properties delivered

the real estate sector. With over 20 years of experience,

some of the biggest real estate projects in Abu Dhabi

Reportage Properties is one of the largest private

and Dubai, such as, the ‘Al Rana Lofts 1’ in Al Raha Beach

developers in the UAE. The company portfolio includes

area in Abu Dhabi, ‘Oasis Residence 1’ in Masdar City

more than 29 projects with 23 of them situated in the UAE.

and the first phase of the ‘Rukan Lofts 1’ in Dubailand.

It has provided over 11 thousand housing units across Abu

Their commitment and dedication towards their project

Dhabi, Dubai and currently, even in Egypt and Turkey.

schedule have earned Reportage Properties the title of Most Trusted Real Estate Developers UAE 2023 from

In the year 2022, Reportage Properties has reported

International Business Magazine.

record sales achievement while organizing 11 special

The Visionary on a Mission Islam Ahmed Suleiman, CEO of Reportage Properties,

Turkiye. This mega project spans over an area of 48,000

said that the company’s performance during the year

square metres, providing 232 townhouses. Suleiman

2022 was outstanding with many achievements. The

explained that the success of their projects outside of

company launched ‘Verdana’, a 305-unit townhouse

the UAE showcases the stability of their business model

project in Dubai, located within the Dubai Investments

and strong financial position. Reportage Properties

Park. Suleiman has also launched the ‘Plaza’ project in

first showcased their abilities outside the UAE with

Masdar City and the ‘Perla Prime’ project on Yas Island,

‘Montenapoleone’ in Mostakbal City in New Cairo, Egypt

which includes 190 housing units. This is in addition to

in 2021. It is being developed in partnership with Al-Ahly

‘Perla Waves’ which adds 115 new housing units.

Sabbour Company, a leader in real estate development in Egypt. This project includes 5,500 housing units and is

2022 also saw the launch of the second project outside

on track to be delivered in 2025.

the UAE, the ‘Sylvana’ in the Bahcesehir district of Istanbul,

Real Estate

09

Building Trust in UAE and Beyond

Q&A

The list of Reportage Properties projects in Dubai includes

In an exclusive interaction with Islam Ahmed Suleiman,

the Alexis Tower on Sheikh Zayed Road in the Downtown

CEO of Reportage Properties, we understand the strategy

Jebel Ali area in Dubai, which provides 378 luxury housing

and the mindset behind the success of one of the biggest

units, and the ‘Rukan’ tower in the ‘Dubailand’ area, which

property developers in the Middle East region.

is being developed in cooperation with ‘Continental Investments’ providing about 488 housing units, ‘Rukan

Can you tell us about the mission and vision of Reportage

Lofts 1’, which includes about 349 residential villas, and

Properties?

‘Rukan Lofts 2’, which provides about 755 villas, Bianca

CEO: Reportage Properties is committed to delivering

which provides 653 towhouse units, and the recently

quality real estate solutions. Our mission is to create

launched ‘Reportage Village’ a townhouse community

distinctive, sustainable, and well-integrated communities

that provides 1,767

units in addition to the ‘Verdana’

that enhance the lives of our residents. Our vision is to be

community, located within the Dubai Investments Park,

a leader in the real estate industry, known for innovation,

and provides 305 town house units with a wide number

reliability, and excellence in every project we undertake.

of apartments.

What sets Reportage Properties apart from other real In Abu Dhabi, ‘Reportage Properties’ completed the ‘Al

estate developers in the market?

Raha Lofts 1’, which provides 164 housing units, and ‘Al

CEO: What sets us apart is our unwavering commitment

Raha Lofts 2’, which adds 110 housing units, within the Al

to quality and innovation. We take a holistic approach

Raha Beach area.

to our projects, considering not just the structures we build, but also the surrounding environment and the

In Masdar City, Abu Dhabi, the ‘Oasis Residence 1’ is

communities needs. Our strong focus on sustainability

being developed to provide 612 apartments, and the

and cutting-edge design ensures our developments

‘Oasis Residence 2’ includes about 304 housing units.

stand out. Moreover, we pride ourselves on transparent

‘The Gate’ also adds 463 apartments, in addition to the

communication and strong customer relationships, which

‘Plaza’ in Masdar City in Abu Dhabi. The project consists

foster trust and confidence among our stakeholders.

of 348 housing units. The ‘Leonardo Residence’, which was delivered about 3 years ago, also included 177

How does Reportage Properties address sustainability

apartments in Masdar City.

and environmental concerns in its developments?

CEO: Sustainability is a core principle in all our projects.

On Al Maryah Island, Reportage is proceeding with the

We

employ

environmentally

friendly

construction

‘Al Maryah Vista’ project, which will provide 786 housing

practices, utilize energy-efficient technologies, and

units, in addition to ‘Al Maryah Vista 2’, which will include

incorporate green spaces and landscaping in our

588 new housing units. On Yas Island, the ‘Diva’ is being

designs. Our developments are often built to minimize

developed to provide 736 residential units. The Perla

their environmental impact, and we make conscious

Prime includes 190 housing units, in addition to ‘Perla

efforts to reduce water and energy consumption. We also

Waves’, adding 115 new housing units.

prioritize the use of renewable and recyclable materials whenever possible. All of this aligns with our commitment

In

Egypt,

Reportage

Properties

launched

the

‘Montenapoleone’ project, which will include 5,500

to creating communities that are both environmentally responsible and pleasant to live in.

housing units, with the first phase providing 1,309

10

apartments and townhouses. The company recently

Looking ahead, what are the key areas of growth and

launched the ‘Sylvana’ project in Turkiye, which provides

expansion for Reportage Properties in the coming

232 townhouses.

years?

Real Estate

CEO: We have an exciting roadmap for the future. We plan

sustainability. In the long term, our goal is to become

to expand our portfolio of developments, focusing on

a global leader in real estate development, delivering

new regions and markets that offer growth opportunities.

exceptional projects that not only meet the needs

Additionally, we are exploring innovative technologies

of today’s residents but also contribute to a more

and construction methods to enhance efficiency and

sustainable and prosperous future.

Real Estate

11

‘Balance

between fast-paced growth and responsible urban planning is vital’:

H.E. Dr Sania A Ansari of Ansari Group Ltd

International Business Magazine has been putting the spotlight on some of the biggest business personalities from across the globe since 2018. It has always been the mission of the online news portal to highlight the most influential and the most reputed business personalities in our online magazine and web pages.

This year, we had shortlisted several interesting names for the award title Most Inspiring Woman in Entrepreneurship, UAE 2023. Without any second thoughts, our jury members from several industries across the globe unanimously elected our winner for this year’s title to Her Excellency Dr Sania A Ansari, Chairperson for the Ansari Group Ltd. Incorporated in Canada, Pakistan and the UAE, Ansari Group is a holding company and a global boutique consulting firm that provides clients with elite strategy for business expansion and globalisation, business consulting, fundraising and venture capital services.

Hailing from one of the oldest and the most revered families in Islam, the ‘Ansari’ family from Medina, Saudi Arabia, Her Excellency is involved in several humanitarian efforts with many NGOs for human rights, women, youth and refugees. She is also the Chairperson for the Ansari Foundation, Director of Women Empowerment Global.

Dr. Ansari is also the Senior Consultancy Advisor for Cornerstone Holdings which currently manage US$710

H.E. Dr Sania A Ansari

Chairperson for the Ansari Group Ltd.

12

Business

Billion worth of infrastructure projects around the world.

Through our exclusive interaction we learn more about this inspiring business woman from the Middle East.

1. What is the role of Ansari Group in UN Habitat SDG Cities?

The objective of the UN Habitat SDG Cities initiative

Established local and national performance monitoring

is to harness the potential of cities to advance the

and certification: Setting criteria for excellence in

achievement of the Sustainable Development Goals

projects, processes, and initiatives, guiding cities in their

(SDGs). This program aims to collaborate with cities,

role as SDG drivers.

various levels of government, communities, the business sector, and development partners to create a seamless

Each of these outcomes has a range of specific

flow of data, evidence-based policy, governance

initiatives

capacity,

Habitat’s comparative advantage lies in its global focal

urban

planning,

financing,

and

impact

investments to expedite SDG progress in urban areas.

associated

with

its

implementation.

UN

point role for sustainable urban development, enabling it to coordinate the UN system in creating shared city

The expected outcomes of this Flagship Programme

monitoring tools and Urban SDG indicators. UNHabitat’s

are:

core strengths in urban and housing policy, urban

S t r e n g t h e n e d c a p a c i t i e s o f c i t i e s : This involves

planning, municipal financing, and urban legislation

generating reliable & comparable evidence to identify

make it well-suited for this role. The agency also

strategic actions for expediting urban SDG achievement.

leverages platforms like the World Urban Forum and the Capital Advisory Platform to support urban development

Reinforced value chain: Ensuring a strong connection

and investment opportunities.

between knowledge, policies, planning, financing, and implementation to achieve effective impact.

Ansari Group is collaborating with and consulting UN Habitat to launch the SDG Cities Initiative in 1000 cities

Strategic urban SDG investments: Focusing on reviewing

by 2030 through our network and to impact 1 billion lives.

the potential and bankability of planned interventions

Ansari Group also introduces the governmental and

and identifying investment opportunities to support SDG

private sector projects to the City Investment Facility

targets.

which is part of the SDG cities initiative and facilitates funding for these projects.

2. What are your thoughts on the rapid infrastructure development in new cities across the globe?

Rapid

infrastructure

development

is

a

global

In addition to public sector initiatives, private investments

phenomenon that is transforming the landscape of

play a significant role in financing and implementing

new cities worldwide. This dynamic process involves

these

the rapid construction and expansion of critical urban

have become a prominent model for achieving rapid

infrastructure, driven by the need to accommodate

infrastructure development, ensuring a more efficient

growing populations, stimulate economic growth, and

allocation of resources and expertise.

projects.

Public-private

partnerships

(PPPs)

improve overall quality of life. New cities are emerging as hubs of innovation & investment, and infrastructure

However, it’s crucial to address sustainability and

development is central to their success.

environmental

considerations

while

fostering

this

development. Striking a balance between fast-paced This transformation encompasses various aspects,

growth and responsible urban planning is vital to

including the construction of transportation networks,

create livable, resilient, and inclusive cities. As new

housing,

educational

cities continue to rise across the globe, the pace of

institutions, and more. These developments are often

infrastructure development will remain a defining

guided by sustainable and smart city principles,

characteristic of the 21st century urban landscape, with

emphasizing eco-friendly practices, efficient resource

far-reaching implications for economies, societies, and

management, & cutting-edge technology integration.

the environment.

utilities,

healthcare

facilities,

Business

13

3. How have several Women Empowerment initiatives inspired you towards Equality across industries?

Numerous Women Empowerment initiatives have been

Mentorship

and

Sponsorship

Programs:

Various

inspirational in advancing gender equality across various

mentorship

and

sponsorship

initiatives

connect

industries. These initiatives demonstrate a commitment

experienced professionals with women seeking to

to breaking down barriers, fostering inclusivity, and

advance in their careers, helping them navigate the

promoting women’s participation and leadership in

complexities of their respective industries.

traditionally male-dominated sectors. Some of these initiatives have left a significant impact include:

These initiatives, among others, have played a vital role in promoting women’s empowerment and fostering

HeForShe:

HeForShe, launched by UN Women,

greater gender equality across industries. They have

encourages men to stand in solidarity with women to

provided opportunities, broken down stereotypes, and

create a more equal world. It underscores the importance

empowered women to take on leadership roles, making

of engaging men as allies in the fight for gender equality

a positive and lasting impact on the professional world.

across all industries.

Women in Tech & STEM Initiatives: Numerous programs aim to close the gender gap in technology and sciencerelated fields, such as Girls Who Code, Women Who Code, and initiatives by tech companies like Google’s Women Techmakers. These initiatives provide education, mentorship, and networking opportunities.

Lean In Circles: Inspired by Sheryl Sandberg’s book “Lean In,” these circles provide a supportive network for women in the workplace. They focus on encouraging women to pursue leadership roles and support one another.

Women on Boards Initiatives: These initiatives strive to increase women’s representation on corporate boards, emphasizing diversity in corporate leadership roles. Legal mandates and public pressure have pushed companies to make changes.

Diversity and Inclusion Programs: Many organizations have implemented diversity and inclusion programs to address gender bias and promote a more inclusive and equitable work environment.

Global Women’s Empowerment Programs: International organizations and NGOs like UN Women, CARE, and Women’s World Banking work to uplift women’s status globally by addressing economic, social, and political inequalities.

14

Business

4. As one of the most influential businesswomen in the GCC region, what are the three sacred learnings that you could share with your fellow entrepreneurs across the globe?

As a woman entrepreneur, there are several key learnings

Open your mind & heart to Learning: The business

I can share with fellow entrepreneurs, regardless of their

landscape is constantly evolving. To stay competitive

gender. Here are three sacred pieces of advice:

and innovative, you must commit to lifelong learning.

Invest in your own education and skill development.

Resilience is Your Greatest Asset: Entrepreneurship is a

Stay informed about industry trends and emerging

rollercoaster journey filled with highs and lows. It’s crucial

technologies. Be open to new ideas and approaches,

to develop a strong sense of resilience. Expect setbacks,

and don’t hesitate to adapt and embrace change.

learn from failures, and keep moving forward. Your ability to adapt, pivot, and persist in the face of challenges is

These learnings transcend gender and are applicable

what will ultimately drive your success.

to entrepreneurs around the world. They underscore the importance of perseverance, support, and continuous

Create a vision for your personal and Professional life:

growth in the entrepreneurial journey.

It’s imperative to have a 5 years compelling vision and plan. Once you achieve a goal, revise your vision and amply it by increasing the bar higher each time so you may achieve the greatest heights in life.

Business

15

Venturing beyond the Arabian Lands into a World of Innovation

The venture capital market in Saudi Arabia has witnessed significant growth and transformation in recent years. This burgeoning sector plays a crucial role in supporting innovation, entrepreneurship, and economic diversification in the Kingdom. Here’s an introduction to the venture capital market in Saudi Arabia: Economic Diversification: Saudi Arabia, recognizing the

and private venture capital firms. These entities actively

need to reduce its dependence on oil revenue, has been

invest in a variety of sectors, including technology,

actively promoting a knowledge-based and innovation-

healthcare, logistics, and more.

driven economy. Venture capital is a key component of this diversification strategy.

International Collaboration: Saudi Arabia is increasingly looking to collaborate with international venture capital

Government Initiatives: The Saudi Arabian government

firms and investors, both to bring in external expertise

has introduced several initiatives to stimulate the growth

and to provide opportunities for local startups to expand

of the venture capital market. One such initiative is the

globally.

establishment of the Saudi Venture Capital Company (SVC), which aims to provide funding and support to

Regulatory Framework: The regulatory environment

startups and small and medium-sized enterprises

for venture capital has improved, with changes aimed

(SMEs).

at facilitating investment and protecting the rights of investors and startups. These regulatory changes have

Market Size and Growth: The venture capital market in

contributed to increased investor confidence.

Saudi Arabia has grown significantly, with an increasing number of startups & entrepreneurs seeking investment.

Challenges and Opportunities: While the venture capital

The size of investment rounds has also seen substantial

market in Saudi Arabia is growing, it still faces challenges

growth, reflecting a maturing ecosystem.

such as access to talent, market validation, and international competition. However, these challenges

Entrepreneurial Ecosystem: Saudi Arabia has fostered a

also present opportunities for investors and startups to

dynamic ecosystem that supports entrepreneurship and

pioneer innovative solutions.

innovation. This includes incubators, accelerators, and entrepreneurship-focused events and competitions,

Focus on Innovation: The Kingdom’s venture capital

which provide startups with mentorship, resources, and

market places a strong emphasis on fostering innovation.

networking opportunities.

Startups in areas such as fintech, artificial intelligence, renewable energy, and e-commerce have gained

Investor Landscape: The investor landscape is diverse, including government-led funds, corporate investors,

16

Investment

particular attention from investors.

One such top-performing venture capital firm from

portfolio companies. The fund has onboarded several

Saudi Arabia is Prosperity7 Ventures. It is a diversified

experienced minds from across the globe. It identifies

growth fund of Aramco Ventures, a subsidiary of Aramco,

and supports investments in early-stage enterprises

the world’s leading integrated energy and chemicals

and innovative tech startups from all across the world.

company. It invests globally, with a long-term view

Their investments also include blockchain, financial

in breakthrough technologies and transformational

and industrial technologies, healthcare and education

business models. The company was recently honoured,

solutions. Prosperity7 Ventures currently operates from

Best Venture Capital Firm in Saudi Arabia 2023 by

Dhahran, Riyadh, Beijing, Shanghai, New York and San

International Business Magazine. This is one of the few

Francisco. Some of their highlight investments in Fintech

venture capital firms in Saudi Arabia with a risk appetite

companies include Jeeves, Fenbeitong and Taulia. From

to pursue and support innovative startups with long-

the cloud and computing sector, the fund has invested in

term investment horizons.

some of the most promising tech companies like Wasabi, Stream Native, SignalWire, Zilliz and more. Prosperity7

Recently, Prosperity7 invested in Cequence Security,

has also shown interests in Medtech and Biotech with

a US-based Unified API Protection (UAP) Solutions

investments in companies like Insilico Medicine, Fourier

finder. Prosperity7 was also in the news recently for its

Intelligence, Noah Medical and more.

investment in an intelligent global payment & treasury management platform, Sunrate.

In summary, the venture capital market in Saudi Arabia is rapidly evolving, driven by government support, a

Through Saudi Aramco’s vast network of resources,

growing entrepreneurial ecosystem, and a diverse range

Prosperity7 Ventures has the capacity to represent

of investors. This market is instrumental in the country’s

unparalleled opportunities for scalability and impact.

transition toward a more diversified and knowledge-

The Venture fund has been playing a key role in

based economy, and it presents significant opportunities

establishing stronger foundations for Saudi Aramco’s

for both investors and innovative startups.

Investment

17

The rise of ECN trading in the UAE

UAE’s financial market has witnessed a surge in ECN

The modern-day ECN functions through an advanced

trading in recent years. Electronic Communication

trading platform that connects traders, brokers, and

Network (ECN) trading was introduced in the late 1970s

liquidity providers. When a trader submits an order, it

by the Reuters group called Instinet. It was initially

is instantly matched with the best available price in

organised for small brokerage and transactions between

the ECN network. This efficient order-matching process

institutions. Electronic trading started in the 1970s, but

ensures faster trade execution and allows traders to

significant development occurred in the 1990s and

access deeper liquidity.

2000s. This caused quite a revolution in forex trading.

Market analysis: According to several reports, the UAE was distinguished

They offer three different types of ECN accounts:

as the only market with growth projections amongst

regular ECN, narrow ECN, and zero ECN, with a minimum

those surveyed in the leverage trading industry in 2023.

deposit of $10. PrimeX Brokers is run by a team of

Despite the UAE market not being the largest, it has shown

seasoned individuals with years of expertise in the

positive growth over the past 12 months. The number of

industry. Inculcating this depth of information and

forex and CFD traders has increased by 9% to 49,000.

skills and eagerness to stay ahead of the curve has

One such firm that has been growing rapidly is PrimeX

led International Business Magazines to felicitate the

Brokers. Although it is a relatively new firm, it has swiftly

firm as the Most Trusted ECN Broker UAE 2023 award,

established itself as a major player in the forex and CFD

which not only demonstrates dedication but also great

markets ever since it began operations in 2022.

adherence in the trading community.

To summarise: Electronic Communication Network (ECN) trading has

the potential challenges and risks associated with ECN

undoubtedly transformed the trading landscape in

trading and take steps to mitigate them. By selecting

the UAE. Its multiple advantages, including increased

a reputable ECN broker, such as PrimeX Brokers, who

transparency, reduced costs, access to deeper liquidity,

employs effective risk management strategies, the

and faster trade execution, have made it an attractive

traders can take full advantage of the booming ECN

option for traders seeking more control over their

trading environment.

trading activities. However, it is essential to understand

18

Trading

The UAE Data Center Market:

A Global Trend

Data centre companies can also be referred to as colocation companies, and these companies build and operate data centres, providing a highly secure space with redundant power, cooling, and network infrastructure for those who find it more affordable and/or more reliable than operating their own data centres. Due to digital transformation, the UAE is witnessing a huge expansion of data centres. It is estimated that the UAE Data Center Market is set to grow at a CAGR of 18.4 percent in terms of revenue generation over the period of 2021-2026. The UAE government’s smart city initiatives, including the adoption of 5G, Internet of Things (IoT), and Artificial intelligence (AI) are driving the demand for data centres.

The UAE data centre market is one of the most prominent markets in the Middle East region. The market has several driving factors, such as significant digitalisation growth, strong fibre connectivity, growing technology adoption, and more. The size of the market is calculated mainly in terms of IT infrastructure, electrical and mechanical infrastructure, general construction, and other such factors. Numerous local and international data centre operators are present in the UAE data centre market today. One such provider is Gulf Data Hub (GDH).

Expanding the UAE Data Center Market: The Rise of Secure Colocation Massive investments are being made to expand the

and guaranteeing total Service Level Agreement (SLA)

global need for sophisticated data storage. Renowned

compliance.

for the development of the Dubai Silicon Oasis data centre, GDH has set forth to conquer and become the

A significant step in their effort to penetrate the regional

next pioneer in this field. In recent development, GDH is

digital market is their recent cooperation with Etisalat to

set to build a KAUST data centre that will meet a variety

acquire the whole capacity of their Tier III data centre.

of data storage needs while retaining the adaptability

With the development of augmented reality, driverless

to host numerous potential research parks and external

vehicles, artificial intelligence, and gaming platforms,

partners.

GDH is constructing numerous centres to meet the demand.

Since Gulf Data Hub’s operations began in 2012, they’ve continuously innovated and sought out ways to reduce

Recognising the dedication to rapid and sustainable

the dangers of downtime while boosting efficiency.

growth, Gulf Data Hub was recognised by International

By maintaining neutrality, Gulf Data Hub aspires to

Business Magazine as the Best Data Center Provider

establish itself as a premier carrier- and vendor-neutral

UAE 2023. This accomplishment demonstrates GDH’s

data centre that will draw a wider clientele in the UAE

commitment to improving its ability to offer its clients

region. The business is known in the region for offering

top-notch services.

solutions that are specifically created for its end users

In a nutshell The growing demand for cloud services in the UAE is

Furthermore, new entrants in the data centre hub are

increasing due to huge investments in data centres.

making progress and introducing advanced features,

As UAE is observing a major revolution, the need of the

which in turn is contributing to the region’s growth.

hour is to fulfil this ever-growing demand in the market.

IT

19

Saudi Real Estate: A Global Transformation and Opportunity Since the introduction of the Vision 2030 plan, Saudi

estate rental sector in the Kingdom of Saudi Arabia and

Arabia has made significant efforts to diversify its

protecting the rights of the parties to the rental process,

economy and reduce its reliance on money derived

by offering a set of electronic solutions while keeping

from oil and gas. The Kingdom is supporting every

the business perspective in mind. Other programmes

aspect of the economy, particularly real estate. Thanks

include Sakan Jamaie, Disused Lands, Mullak, and many

to multibillion-dollar projects connected with the Vision

others.

2030 plan, Saudi Arabia’s real estate industry is predicted to undergo a historic increase. During the forecast period

The recent delivery of 30k residential units around the

(2023-2028), the increase is expected to rise from USD

Kingdom highlights NHC’s goal of offering contemporary

64.43 billion in 2023 to USD 94.19 billion in 2028, at a CAGR

lodging all over the area. The company’s crucial role

of 7.89%.

in enabling the private sector through cooperation is reflected in the most recent launch of “Sadayem”

Housing is one of the major goals under the Kingdom’s

Suburb. Through the promotion of integrated

Vision 2030. The Kingdom aims to transform the housing

residential communities, this strategy aids in raising the

sector and increase investment in housing to meet

homeownership rate among families.

the goals of Vision 2030 in a variety of ways, including by fostering economic growth, creating sustainable

International Business Magazine

job opportunities, and increasing the private sector’s

exceptional feats and honoured them with two eminent

contribution.

titles: Leading Real Estate Development Company

identified

these

Saudi Arabia 2023 and Best Residential Services and With the increase in demand for new properties along

Solutions Provider Saudi Arabia 2023. NHC continues to

with the growth in commercial activities, major real estate

progress by empowering the private sector to develop

companies are putting a foot forward to contribute to this

the real estate market and improve the professionalism

initiative. One such development institution is National

of the services provided in it.

Housing Company (NHC).

Giving the VISION life

Thinking beyond KSA will have significant stability and prosperity as long

20

Aligning with the goals of Vision 2030, NHC has made a

as the real estate sector continues to flourish. It will prove

transformation in the Sakani Programme that offers a

to be a strong investment opportunity due to its robust

variety of housing solutions. Along with offering housing

growth in the economy, strong tax environment, and

and finance options that satisfy people’s needs, the

open legal system. Investors can navigate the market

programme seeks to enhance the first-time homebuyer

with confidence because of KSA’s dedication to top-

experience. NHC introduced Ejar, an integrated electronic

notch infrastructure and safety standards, as well as its

network focused on organising and developing the real

varied property portfolio.

Real Estate

*International Business Magazine Awards 2022

FOREX. INDICES. COMMODITIES.

www.gomarkets.com

Trading CFDs carries significant risks and is not suitable for everyone. You should ensure you fully understand the risks involved and seek independent advice if necessary. Before you make any decision in relation to a financial product you should obtain and review our Target Market Determination, Product Disclosure Statement, Financial Services Guide and other CFD legal documents.

Bridging the Financial Oasis: Exploring Kuwait’s Retail Banking Sector The banking sector of Kuwait has contributed crucially to the national as well as international financial affairs. From retail and corporate banking to Islamic finance, these institutions have been a catalyst in carving the path of success for Kuwait’s financial economy. Today, Kuwait’s retail banking sector is growing steadily and supporting the nation’s financial stability and economic progress. With the ever-increasing number of fintech startups in Kuwait, the retail banking industry has been playing an important role in boosting the Middle Eastern economy.

Warriors of the fintech battle-ground: In the GCC region, while UAE’s commercial banks top the

the overall banking experience by prioritizing customers’

list with total assets of USD 775.2 billion, Kuwait is gaining

needs and investing in banking solutions. They have been

on them with USD 320 billion worth of assets. In 2020, there

providing exceptional banking and financial services in

were roughly around 28 financial technology startups in

Egypt, Kuwait, and UAE. It has also been named one of the

Kuwait. Reports from a major financial evaluator reveal

safest banks in the Middle East as a result of its rigorous

that Kuwait leads the global financial center index with

efforts to provide a wide variety of financial services. The

a score of 620, within the Middle East and Africa region.

Al Ahli Bank of Kuwait also operates via its subsidiary ABK

Kuwait also has tapped the Islamic banking sector in not

Capital which provides multidimensional services in the

just the Middle Eastern region but globally as well. As per

financial arena such as asset management, portfolio

the latest reports, the Islamic banks grew by 8.8 percent

management, wealth management and investment,

as compared to the conventional banks which grew only

net banking, and consultation services for the Kuwait,

0.5 percent at the same point of time.

Gulf, and Middle Eastern markets. Their banking services include personal and corporate banking, trade and

Even though the numbers are strong enough for an

finance, and treasury solutions within the Islamic

industry, we should give due consideration for some

framework. Considering these meritorious achievements

of the top performers. One of the largest lenders in the

and the bank’s incessant efforts to move towards a

country, Al Ahli Bank of Kuwait has shown huge growth

growth curve, the International Business Magazine

in terms of net profit in the beginning of the fiscal year

felicitated the Al Ahli Bank of Kuwait as the Best Retail

2023, One of the main reasons for the bank’s success is its

Bank Kuwait 2023.

commitment for customer satisfaction. It has enhanced

22

Banking

Summing up: In a nutshell, retail banking is a critical foundation for economic growth. Its vast network and digital services allow people and small businesses to access financial services conveniently. The use of block-chain technology has aided in the enhancement of banking operations by providing consumers with real-time remittances. Kuwait’s banks are ready to continue their outstanding development arc, backed by healthy balance sheets and possibilities for expansion both locally and throughout the region.

Banking

23

Trading Human Emotions for AI Efficiency Since

the

commission

of

the

first

electronic

are located in Asia. A majority of these bourses prefer

communication network, ECN, in 1969, computerized

automated trading, a technology that uses computer

exchanges have proved very potent for the trading

algorithms to generate and execute trades in financial

market. When NASDAQ, the world’s first electronic stock

markets automatically. It is preferred by individual

market, began operations in 1971, the system included

traders, hedge funds and investment banks. It is applied

about 2,150 securities with a significantly reduced cost.

to stocks, bonds, futures, currencies and several other financial instruments. Due to its wide usage of computer

In 2023, in the massive Asia-Pacific region, the Shanghai

algorithms, it is widely popularised as Algorithmic

Stock Exchange is one of the largest domestic market

trading. It also goes by the name of black-box trading,

capitalizations with over USD 7 trillion. Today, five of the

automated trading, or algo trading.

world’s ten most significant stock exchange operators

24

AI

Money Matters

has taken several initiatives towards advancements in

In Algorithmic Trading (AT), computer algorithms are

Academy of Finance, the benefits of algorithmic trading

designed and programmed to analyze market data and

include the acquisition of the ability to perform back-

identify trading opportunities. The global algorithmic

testing, diagnose trading algorithms, achievement of

trading market size was valued at USD 2.03 billion in 2022

higher trading accuracy, consistency and efficiency and

and is projected to grow from USD 2.19 billion in 2023 to

a reduction in the impact of human biases in trading.

USD 3.56 billion by 2030 at a CAGR of 7.2 percent.

The same report also cites that almost 11 percent of all

trading technology. According to a report by Hong Kong

cash equity trades between the period of August 2018 Since 1970, this type of trading has evolved from basic

and July 2020 is attributed to AT/HFT. Hong Kong, being

rules-based systems to computer-based market data

a hub for all things digital has seen the birth of several

analysis and identification in 1980. It later let to the

education platforms and software development firms

widespread adoption of electronic trading platforms

intended exclusively for Algorithmic trading. One such

in 1990 and finally the development of more complex

firm is Forex Forest Limited.

and sophisticated algorithms in the 2000s. Further abundance in network data and processing power made it possible for traders to analyze market data in real-

Sharing the key to success

time and identify trading opportunities more effectively.

Founded in 2017, Forex Forest focuses on automated

Today, we have High-Frequency Trading (HFT) that

program trading education and program software

incorporates advanced computer programs to analyze

development and is one of the few companies in Asia

market data and multiple trades across the globe in a

that specializes in developing enterprise-level AI trading

matter of milliseconds or nanoseconds.

programs and teaching automated program trading.

The popularity of algorithmic trading has further

The trading program developed by Forex Forest supports

boosted the widespread adoption of a new system

more than 4,000 brokers worldwide and is suitable for

called API-based automated trading. These Application

forex, indices, Gold, silver, cryptocurrencies and other

Programming Interfaces (APIs) connect to a trading

trading commodities. Their courses are ISO 9001 certified

platform to execute trades automatically.

and their faculties have a cumulative experience of over 10 years. They have their own GEMSFX teaching system

Asian Age

that integrates course and tool resources.

As per reports, algorithmic trading accounts for around 70 percent of equities in the US, 60 percent in Europe

In a recent report, investors using the Forex Forest AI algo

and about 45 percent in the Asia-Pacific region. While

trading program reported heavy profits. The advanced AI

the rest of the region is very conservative and cautious,

investment trading technology is said to deliver returns

Japan and Hong Kong is way ahead in adopting new

of around 2,300 percent in just 40 weeks. The high-end

technology. This is also the reason why Hong Kong Stock

AI algorithmic trading technology was recently awarded

Exchange (HKE) is one of the largest markets in Asia with over 2,500 listed companies and a market capitalisation

Best Algorithmic Trading Fintech Company Global 2023 at the International Business Magazine Awards 2023

of HKD 47 trillion. The Hong Kong Monetary Authority

AI

25

Exploring the Benefits of a Queue Management System Gone were the days when you used to go to a shop, store, medical or educational institution, and offices, make the

purchase or do the required tasks within minutes and make a swift exit. In recent times, long queues have become

the norm of the day as there is a severe mismatch between the customer service department (counters or service executives) and the customers in purchase outlets and other facility centres.

However, companies such as SEDCO have balanced this mismatch by designing the Smart Queue Management System. This system, designed as per the needs of various business enterprises such as healthcare, real estate, educational institutions, hotels, and asset management, can streamline the long customer queues and ensure their waiting time is reduced. If needed, customers can even pre-schedule appointments to get a good experience.

In recent times, every business sector that tends to have long queues for their services has taken note of the long queue challenges, the reason being:

More than 50 percent of customers who need to wait long queues, may shift their loyalty to a new brand.

They may get the opinion that the concerned business owner is not interested in customer service and may never visit the establishment again.

This revelation has led to many businesses opting for the smart queue management system.

Innovation has become the order of the day. Investors and business conglomerates are ready to invest millions in a first-time entrepreneur who has a new business idea that can serve the target audience and generate billion-dollar revenue. So, for companies such as SEDCO, having a track record of more than a quarter of a century, they need to imbibe the recent technologies to its SEDCO queuing solution and keep updating the features as per the requirements of any industry.

Important features include: Boosting the productivity of employees Controlling the queues and providing cross-selling opportunities Chat option to interact with the manager in case of an emergency Customer feedback system to identify operation inefficiencies Inclusion of features such as mobile queuing, ticketing kiosks etc This year, SEDCO’s popular QMS won the prestigious Leading Queue Management Solutions Provider UAE 2023 Award

from International Business Magazine, a befitting reward to the company’s software with state-of-the-art features that can be tailored to meet the requirements of various industries.

SEDCO group has introduced a new organisational structure to realize, identify opportunities and build momentum towards achieving its revenue targets. This change has led to the shifting of job profiles and new appointments in the group, to improve organisational agility and implement positive & quick decisions.

26

Technology

Championing the cause of CSR in Kuwait’s Real Estate Economy Kuwait’s Real Estate Market Scenario in 2022 and

2035. While community remained at the heart of URC, it

Economic Outlook in Q1 2023

played a pivotal role in the company’s CSR initiatives,

The economy of Kuwait is on an upward trend in 2023

Kuwait’s heritage, as well as empowering the youth of

but the growth is rather slow compared to 2022. This is

Kuwait.

because of production cuts by OPEC, lower valuations, rising interest rates, and fears of a global recession

focusing on youth and education, the community, and

URC – A CSR Champion

that could lead to low oil GDP. The real estate market of Kuwait too echoed the market sentiments. The market

Along with its own development, URC understands the

has recovered from the pandemic, but overall sales

significance of its responsibilities to the country and the

have declined by 2.8% for the Jan – Sep 2022 period

society in which it operates. It is committed to using its

comparatively for the same period the previous year.

resources to promote community contributions in the

Real estate sales decline was more prominent in the

areas of healthcare, education, women’s empowerment,

private housing sector where sales declined by 34.6%

environmental conservation, health awareness, and the

in Jan-Sep 2022 when compared to the same period

environment. The company has implemented numerous

the previous year. Overall, the housing segment has

initiatives and projects among various segments of

weakened leading to a decline in year-on-year sales

society to become an active and engaging partner in

across all segments, and is expected to maintain the

the development of Kuwait.

status quo in 2023.

Persistence And Determination Makes One a Winner

In such a market scenario, United Real Estate Company, a leading real estate developer in Kuwait and the MENA region announced an increase in net profit in Q1 2023.

Breaking Down URC’s Success Story The company’s comprehensive and varied CSR program, rather than its profitability, had a lasting impact on the people of Kuwait and earned it the Best CSR Company in Kuwait 2023 - Real Estate Sector award from International Business Magazine. Corporate Social Responsibility is an integral part of URC’s values and corporate culture and is in line with the New Kuwait Vision

The company strives to provide its employees with a work environment that empowers them and feel valued, respected, and embraced. It provides them with resources to enhance their expertise and skills while supporting their voluntary efforts at the community level.

URC has also contributed to sustainable housing development

in

Kuwait

by

enhancing

housing

projects and innovating modern housing solutions, thus supporting the local economy. Dealing with the community’s

aspirations,

meeting

its

needs,

and

serving its interests are the fundamental aspects of the company’s approach. Thus, the company has succeeded in elevating the concept of social responsibility to a new level that is more innovative and sustainable to serve and develop social and institutional initiatives.

Real Estate

27

Corporate Governance: Building strong foundations for Success

The Sturdiness of an institute’s foundations are greatly

integrity, and goodwill and establishing a connection

influenced by its corporate governance. The importance

between them and the community as well as investors,

of developing a strong corporate culture with ideals

play a crucial role in an organisation.

of honesty, effective performance, and sustainable business has been underlined. A business house gets a

Asia is quickly becoming the greatest market in the globe.

significant competitive advantage with the assurance

Asia now accounts for more than half of all listed firms

that the management is in sync with the needs of its

worldwide. The size of this transformation is changing

resources and the stakeholders.

the characteristics of the global financial market, which is also integrating more. Thailand, where publicly traded

Corporate governance, to put it simply, is the structure

corporations (PLCs) have developed around the Public

that establishes business connections between a

Limited Corporations Act, the Securities and Exchange

company’s shareholders, management groups, the

Act, and the Civil and Commercial Code, has seen

Board of Directors, and all other significant stakeholders.

significant developments. These laws have given the

Creating

systems,

Thai capital market its solid foundations, institutional

performance assessment, and corporate disclosure are

structures, regulatory framework, and enforcement

all key components of corporate governance. Pointing

guidelines.

action

plans,

internal

control

customers in the direction of the company’s vision,

Unveiling Thailand’s Resilient Market in Asia Thailand has made major reforms that have improved

expected to act in a way that upholds integrity, morality,

corporate governance, according to a recent analysis

ethics, and awareness of the company’s reputation.

that examined the country’s corporate governance

Recently, the company announced a guidelines policy

structure.

Thailand’s

for employees in accordance with the Four Noble Truths

corporate governance changes have improved investor

and Four Sublime States of Mind. The company wants to

confidence, protected investors’ rights, particularly those

achieve stable, sustainable, and elegant growth goals.

of minority shareholders, boosted board professionalism,

All the policies and guidelines are defined, thus ensuring

and encouraged high levels of corporate transparency.

the clear working of the organisation.

According

to

the

research,

A notable example of top-tier progression in corporate governance is TPI Polene Public Company Ltd. The

International Business Magazine has awarded them the

relationship with their employees.

Thailand 2023 in recognition of their model behaviour.

company’s concrete vision is what cements the

coveted title of Best Corporate Governance Company Taking this into account as a crucial component of their

According to TPI Polene’s code of conduct, the board of

performance, TPI Polene Public continues to examine,

directors, management, and employees at all levels are

update, and implement change within the company.

Inference Effective implementation and enforcement of good

in corporate enterprises, the business environment must

governance practices is crucial, ideally through self-

be maintained and run in a way that fosters investor

regulation and the voluntary acceptance of an ethical

confidence.

code of company conduct. In order to encourage both

economic expansion will be enabled by this.

local and foreign investors to make sufficient investments

28

Corporate

Rapid

capital

generation

and

steady

Kuwait’s Path to Prosperity: Unveiling the Power of Sustainable Banking Kuwait

is

making

the

entrepreneurship while luring businesses that adhere to

areas of economic diversification and environmental

sustainable business practices. Sustainable banking is

protection. The Kuwaiti government has aggressively

a key component of Kuwait’s sustainable development

promoted programmes that are in line with national and

policy. Financial institutions contribute significantly

international sustainability trends because it recognises

to sustainable growth by supporting and sponsoring

the significance of sustainable development. The New

projects and efforts that uphold the environment. Kuwait

Kuwait Vision 2035 is the driving force behind Kuwait’s

seeks to strike a balance between economic growth,

agenda for sustainable development. In order to build

resource preservation, and climate change mitigation

a prosperous society, this comprehensive development

through sustainable banking practices. It offers a wide

plan places a strong emphasis on environmental

range of advantages to the environment and society

sustainability, infrastructural development, sustainable

at large. Sustainable banks encourage the switch to

banking,

New

cleaner and more sustainable energy sources by funding

Kuwait Vision 2035 intends to transform Kuwait into a

renewable energy projects. These initiatives support

vibrant commercial and financial hub. To achieve this,

energy independence and security while also lowering

the government wants to stimulate innovation and

greenhouse gas emissions.

and

notable

economic

advancements

diversification.

in

The

Charting a greener course Kuwait

has

shown

its

dedication

to

sustainable

inform the attendees of the potential of green Sukuk as a

banking through a number of ongoing projects. The

cutting-edge Islamic financial instrument that supports

Kuwaiti government has put in place laws and policies

the Sustainable Development Goals (SDGs) and the idea

that encourage sustainable banking practices and

of impact investing.

push financial institutions to integrate social and environmental

factors

into

their

daily

operations.

IsDB’s launch of a Green Sukuk worth EUR 1 billion for green

The government has also launched initiatives and

finance in its member nations, reached a new milestone

programmes with water management and energy

thanks to Warba, one of the joint lead managers and

efficiency in focus. By investing in sophisticated water

joint bookrunners.

treatment technologies and supporting energy-efficient practices, Kuwait wants to protect precious natural

Warba Bank also played an important role in financing

resources and lessen its ecological footprint. To support

ADNOC’s USD 2.2 bln water project, which consisted of

this initiative, one of the leading banks in Kuwait, Warba

a centralised seawater treatment, thus adding to its

Bank conducted the Islamic Finance Impact Investing

sustainable initiatives.

and Green Sukuk Training Program in collaboration with

30

UNDP. The objective of the program was to build the

Recognising these efforts towards sustainability and

capacity of Islamic financiers, bankers, and regulators

a

in Kuwait to seize new investment opportunities in the

bestowed Warba Bank with the prestigious title of Most

sustainable development area. Additionally, it aimed to

Sustainable Bank Kuwait 2023. Warba Bank will further

Banking

better

future,

International Business Magazine

contribute and diversify its reach across the region,

contribute to reducing greenhouse gas emissions but

adding to Kuwait’s vision for the future. The Kuwaiti

also enhance energy security and mitigate the impact

government has initiated renewable energy projects,

of volatile oil prices on the economy.

harnessing the power of solar and wind energy to diversify the country’s energy mix. These projects not only

Banking with the future Kuwait’s path to prosperity lies in its unwavering

a prosperous, diverse, and environmentally conscious

commitment to sustainable development and the

future. Through sustainable banking practices, the

power of sustainable banking. By aligning with global

country can drive the transition to a greener economy

sustainability initiatives and embracing the principles of

while simultaneously fostering social and economic

the New Kuwait Vision 2035, Kuwait is poised to create

prosperity.

Banking

31

World Class Hospitality for Hajj Pilgrims There are nearly 2500 religions around the globe, of

The Hajj tourism industry is a complete package where

which some have attained global prominence. Tourism

visitors not only go to the Kaaba to offer prayers, but

and religion have always shared a close bond since the

they also visit different holy sites in the same city. With

early ages. Many religions consider an architecture in a

the COVID restrictions, the Saudi government as well as

certain place as a holy place of worship. So, travelling

reputed pilgrim service providers such as Al Bait Guests

to a religious place as per a religion is considered a

Pilgrim services are leaving no stone unturned to deal

pilgrimage. Going to Mecca is regarded as a must for

with any emergency that may arise anytime, anywhere

Muslims in around 160 countries because the journey is

in the pilgrimage. Al Bait is one of the first companies

considered as a sacred pilgrimage. Every Muslim must

to get licensed by the Kingdom of Saudi Arabia to offer

make this holy journey for the following three reasons:

services to Hajj pilgrims from other nations.

•

Renewal of their faith

Al Bait Guests Pilgrim Services receives requests

•

Develop a close relationship with the Creator.

and tourists from all over the globe. So, their team

•

Attain forgiveness for their sins.

understands the importance of updating themselves in every department, ranging from tourism to legal

The Hajj Holy Pilgrimage brings millions of Muslims to

laws pertaining to the country to policy laws regarding

Saudi Arabia every year. With the COVID restrictions

permits and technologies.

lifted, this pilgrimage tourism market reached a market revenue of more than USD 150 billion in 2022 and is slated

The company’s pilgrimage package and travel trips are

to reach USD 350 billion by 2032. The tourism industry is a

built around transparency. The best part is that their

huge source of income for many industries, ranging from

company guidelines align with Hajj initiatives of Islamic

transport, gifts, hotels, logistics, and travel.

Nations and even other countries.

Since they have decades of experience in Hajj tourism, the company offers: •

Guidance in pilgrimage procedures such as arrangement of travel tickets, reservation tickets, getting permits as per the hour, proper scheduling of fees, payments, guidance to do the rituals and solving doubts regarding health insurance.

•

They are well-equipped to provide assistance/reception services at airports so that the visitor can complete the pilgrimage and return home safely as per their plan. They have various fool-proof travel services where a visitor can be received from the airport, provided accommodation, hospitality, other services, and a proper plan to visit the holy places (two Holy Mosques, Hira Cave, Mount Uhud, and the city of Madina).

32

Hospitality

•

They have an experienced Motawifs team (name for Saudi religious tour guides) who can speak multiple languages to guide the pilgrim regarding the rituals and procedures (the opportunity to be present during sermons and prayers at the proper time and place). To give the best services, Al Bait Guests Pilgrim Services has established field offices at all prime locations along the route.

Al

Bait

Guests

signed

many

Memorandums

of

The Kingdom of Saudi Arabia has several plans to

Understanding with global companies. The major

diversify its tourism sector apart from Hajj pilgrimage.

focus is to ensure a proper organizational and service

However, Hajj tourism will always be a vital factor in the

infrastructure that will have the capability to offer world

country’s travel sector as well as revenue generation.

class hospitality services for Umrah and Hajj pilgrims.

Every employee at Al Bait Guests Pilgrim Service considers serving the Hajj Pilgrims as act of honour.

In recognition of its pioneering work and outstanding services, Al Bait Guests Pilgrim Services has received the prestigious Best Religious Tourism & Hospitality Services in Saudi Arabia 2023 award from International Business Magazine.

Since being established as the Tawafi Foundation for Pilgrims of South Asian Countries in 1983, the company is gearing up to achieve the Kingdom of Saudi Arabia’s Vision of 2030. The aim is to increase the quality of services for every Hajj pilgrim as per recent technological needs.

Hospitality

33

Revolutionising the Energy Renewables Industry With natural resources such as petroleum, coal,

continents. The major challenge is to coordinate with

and water depleting due to the increase in human

people of different languages, cultures, government

population, humans are left with no alternative but

policies, permits, and regulations, whether they are

to source for renewable energy resources. The most

investors, developers, or entrepreneurs. Orisun Invest’s

common are tides, waves, wind, thermal energy, sunlight,

main vision is to create a transparent, innovative, and

rain, and biomass which are available at any place on

professional environment where everyone wishing to

Mother Earth. The mentioned resources can replenish

make a contribution feels safe and secure in negotiations

themselves compared to the normal ones, which, once

as well as in transactions.

used, face depletion.

The industry is still unorganized, which is why Orisun The global renewable energy market in 2020 was valued

Invest launched an online platform in 2022. With a solid

at more than 800 trillion USD and is slated to grow at a

5 -ye ar plan , th e y o ffe r two s o lu tio n s : the first is

staggering rate of 8.4% CAGR till 2030. When it comes to

co-development, and the second is the sale as well as

the wind energy and solar energy markets, the market

the acquisition of assets. They also offer a complete list

size was valued at more than 80 billion and 186 billion in

of services ranging from origination, structuring, ready-

2022, respectively.

to-build, greenfield, operating plants, and working on development stage projects.

Countries such as China, the US, the UK, and even the European Union are supporting wind renewable energy

The team at Orisun Invest has generated more than

reforms by either boosting investment or implementing

630 MW in nearly eight countries and has succeeded

them in five-year plans. With a shortage of renewable

in establishing business partnerships with leading

energy lurking around the corner, global countries are

companies such as Total Eren, Greening the Islands,

left with no option but to accelerate renewable energy

and Total Energies. Their efforts have been recognised

projects as soon as possible.

in the industry, and they have won the Best Emerging Markets M&A Consulting Company UAE 2023 Awards

The global renewable energy market is spread across

from International Business Magazine.

The team at Orisun Invest does multi-tasks, such as •

Structuring a project

•

Selling renewable energy assets by searching for investors

•

Acquiring assets on a global scale

•

Act as the perfect conduit between investors, project developers, and entrepreneurs.

It is well known that renewable energy sources are becoming the main reason for the reduction of emissions from combustible fuels in Europe and other countries. With the demand for renewable energy products being huge, there is no doubt that Orisun Invest is sure to make a positive impact on the business landscape.

Energy

35

A Fascinating look into Saudi Arabia’s Real Estate and Hospitality Industry

36

Saudi Arabia, the largest country in the Middle East, is

imposed limitations on mobility and other operations.

not only rich in oil but also has a booming real estate

According to a recent analysis, due to its exponential

and hospitality sector. The market suffered quite a

expansion, the Saudi Arabian real estate industry, which

disruption because of the COVID-19 pandemic and had

was valued at 7.69 billion dollars in 2017, is projected to

a cascading impact on the real estate sector due to the

reach 13.26 billion dollars by the end of 2023.

Real Estate

Vision 2030: The Saudi Arabian government, to fuel its economic

and education. With this ambitious long-term plan, the

development and sustainable growth, has introduced

country has been undergoing rapid transformation,

the Vision 2030 plan, which anticipates reducing its

making it an attractive destination for investors and

dependence on oil, diversifying its economy, and boosting

tourists alike.

other sectors such as tourism, health, infrastructure,

Market trends: The country has seen a huge surge in the commercial

These lucrative figures reflect the kingdom’s commitment

and industrial real estate development, especially in

towards development and economic diversification. It is

cities like Riyadh and Jeddah. The ease of doing business

also evident that huge opportunities are available in the

and government support have brought numerous

real estate and hospitality sectors as well. Consequently,

multinational companies to establish their presence in

companies are eager to harness this golden opportunity

the kingdom. According to the World Bank, the Saudi

and are making continuous efforts to rise. Notably,

Arabian GDP saw 8.6% growth in the 3rd quarter of 2022 and is projected to grow by 2.3% in 2023. This promising

Alandalus Property Company, a Saudi joint stock company, has emerged as one of the leaders in the

growth is attributed to the flourishing real estate sector

field of retail and hospitality industries throughout the

in Saudi Arabia. In recent reports, Saudi’s property

Kingdom of Saudi Arabia. Their activities revolve mainly

management market was valued at USD 8.59 billion in

around the retail, shopping, and entertainment sectors

2021, with projected growth at a CAGR of 7.02% in the

with the newly inaugurated Alandalus Square, which

2023–2027 fiscal year, achieving a market value of USD

consists of hotel, commercial, and residential projects. It

13.26 billion by 2027.

started its IPO on the Saudi stock exchange in 2015 with 30% of the company shares, and today, it has a capital

As the Saudi government is shifting its focus towards

of more than USD 240 million. Taking into account these

developing the non-oil sectors as well, it has taken various

achievements and Alandulus Property’s resilient efforts to

initiatives as part of Vision 2030 and has allocated USD 110 billion for the growth of the hospitality sector and to ramp up its overall tourism goals for the country. With all the dedicated efforts, the kingdom’s hotel industry is experiencing steady growth in the key performance indicators. According to the latest report, Saudi Arabia’s

dominate its industry, International Business Magazine crowned Alandalus Property with two prominent titles:

Best Real Estate Company in Saudi Arabia 2023 and Leading Hospitality Industry in Saudi Arabia 2023 (Real Estate Sector).

hotel segment is projected to generate USD 2.51 billion in revenue by the end of 2023 and is expected to reach USD 3.02 billion by 2027.

Real Estate

37

An Insurance Oasis in a Desert of Economic Uncertainty and Financial Crisis GCC Insurance Market Scenario:

into three types: general insurance, life insurance, and

After enjoying a surge in sales in the immediate post-

insurance companies and one reinsurer in Oman. Among

pandemic world, insurance companies worldwide are returning to the pre-pandemic time profit levels in 2023.

Like most other sectors, the insurance sector is also experiencing major upheavals in the post-pandemic era. Health emergencies, economic shifts, and climate goals are the major driving forces behind the upheavals the insurance industry is facing today. However, the GCC countries are relentlessly working towards infrastructure development, diversification, and digitization of the insurance sector which holds a bright prospect for the

these, Liva Insurance is one company that stands out due to its consistent overall performance in the past 12 months. The company has stood the test of time in the post-pandemic period, successfully clearing most hurdles thrown at it in that duration.

An oasis in the desert Liva Insurance is a leading multi-line insurance company providing Travel, Life, Health, Motor, Home, and various

players in the region.

business insurance in the GCC region. Having been in

Since the pandemic, a heightened awareness of

customers to date. The company has recorded and

insurance in the ever-increasing population has also created a spike in demand for both life and non-life insurance. Consequently, the GCC insurance industry is predicted to grow at a rate of 3.2% from USD 26.5 billion in

the region for over 80 years, it has served over 1.5 million sustained profits for the past 11 years.

With an expertise spanning three decades, Liva Insurance has gained recognition as Oman’s most trusted insurer

2021 to 31.1 billion in 2026, as per a recent report.

brand. Innovative projects have been implemented by

Omani Insurance Market Overview:

as an AI-guided chatbot that uses automated responses

The Omani insurance industry has seen significant growth due to a strong economy, with premiums increasing by 11.9% in H1 2023 compared to last year. According to the CMA, the Gross Written Premium increased by 12.2% to OMR 545.5 million in 2022, with the highest revenue from health insurance products. The total assets of insurance

38

health and family insurance. Currently, there are 21

the company to enhance the customer experience; such to collect documents, and guides customers in policy purchases and claims registrations. The company has also enhanced the services available on its website that allow customers to transfer their policy online and a ‘One Step Policy Renewal’ portal.

Liva Insurance went public in 2017. The company’s

companies in Oman are valued at 1.197 billion.

share price reached a new high in November 2022 after

The Oman insurance companies are mainly categorized

Insurance Company) announcement of purchasing

Insurance

the Muscat-based NLGIC (National Life and General

47.5% minority shares in Liva. Recognizing Liva’s financial performance, a wide range of insurance products, and its commitment to providing its customers with a seamless

and hassle-free experience, International Business

Magazine has honoured it with the Leading Insurance Provider Oman 2023.

Insurance

39

Analysing the Framework of Commercial Banking in Sierra Leone Sierra Leone, a country located on the West African

guidance to national and international organizations. He

coast, has been making significant strides in recent

joined Rokel Commercial Bank in July 2017, & since then

years towards economic development and stability. One

he has completely transformed the banking landscape

of the critical drivers of this progress has been the role

in the country with his expertise and great policy-making

played by commercial banking institutions. The financial

intellect. Over the course of three years, the profits of

sector in Sierra Leone operates on a short-term basis

RCBank experienced a substantial surge, effectively

on both its lending and investments. Commercial banks

transforming any potential losses into notable gains. In

dominated the financial sector of Sierra Leone with total

this regard, the RCBank was awarded several accolades

assets, being somewhere around 7000 billion.

due to his excellence. Recently International Business Magazine reconizing the achievements and outstanding

Pioneer of the Sierra Leonean banking community:

contribution, felicitated the Rokel Commercial Bank as the Most Trusted Commercial Bank of Sierra Leone and

In Sierra Leone’s economic landscape, certain enterprises

Dr. Walton Ekundayo Gilpin as the Commercial Banking

are emerging as trailblazers, shaping the trajectory of the

CEO of the Year Awards 2023.

nation’s financial institutions. One of them is the Rokel Commercial Bank, which has made some significant

To Summarize:

contributions to the banking and financial sectors in Sierra Leone. They offer retail banking, e-banking, cash

While commercial banking plays a crucial role in Sierra

management and other financial services to create

Leone’s economic development, challenges such as

long-lasting and satisfying relationships with customers,

inadequate infrastructure, regulatory constraints, and

employees, shareholders, and the communities in which

cyber-security threats must be addressed. Emphasis

the bank operates. They handle the majority of the Sierra

on the development of the banking sector, coupled with

Leone’s financial transactions, making it being one of the

proper regulation, can contribute significantly to the

top lenders in the country.

overall economic development. Furthermore, banks need to continue fostering financial literacy and education to

Rokel Commercial Bank’s successful banking journey

ensure that individuals and businesses make informed

can be attributed to Dr. Walton Ekundayo Gilpin, CEO

financial decisions. Country’s major lenders Rokel

of Rokel Commercial Bank. He is a financial specialist

commercial bank is also putting their best foot forward

with over 30 years of financial expertise and experience

to support the financial sector of the country.

in managing busy business houses and formulating policies. He has been felicitated with several national and international award, including the highest national awards in Sierra Leone, Commander of the Order of the Rokel. His expertise has been used for financial research analysis,

40

training

Banking

module

creation,

and

technical

Revolutionary Rethinking: UAE’s Trailblazing Islamic Financial Services The growth of the Islamic finance industry has been one

exploring opportunities across sectors, empowering

of the most notable features of the economic success

businesses, and ensuring the highest levels of satisfaction

story in the GCC over the past 20 years. The World Bank

for all stakeholders, including shareholders, customers,

estimates that there are around USD 2 trillion worth

employees, strategic partners and the community.

of financial assets that are compliant with Shariah, including assets from the banking, capital markets, and

Aafaq has developed a wide range of corporate finance

insurance industries. Islamic finance has developed over

packages that offer amazing value and significant

time, going from providing a small number of services to

flexibility in order to assist businesses of all shapes

becoming a fully integrated system. Emerging markets

and sizes. In addition to these products, Aafaq has

have been at the vanguard of this expansion, particularly

also introduced innovative services such as Labour

countries with Muslim majorities. The modernization of

Guarantees, Wages Protection System, Smart Payment

Islamic finance has also been significantly influenced by

Tools and Top-up services. The company takes pride in

technological breakthroughs.

having strong and decisive partnerships with various reputed institutions and government organisations in

Islamic financial institutions are offering their services

the UAE.

through digital channels, making it more convenient for their clients. Although some traditional consumers

Aafaq’s

still

digital

sustainable and innovative investment growth in the

revolution is still reshaping the sector. Customers now

UAE market. With the aim of enhancing the standards

have simple access to their accounts through online

of service provided to the citizens of the Emirate of

and mobile banking, which also enables smooth

Dubai, Aafaq Islamic Finance inked an agreement with

transactions.

the Mohammed Bin Rashid Housing Establishment.

favour

brick-and-mortar

Additionally,

banking,

payment

the

systems

have

this

with

Rasmala

revolutionary

feat,

showcases

its

International

developed to meet the needs of tech-savvy customers,

Recognising

guaranteeing accessibility and convenience. Islamic

Business Magazine awarded Aafaq the honourable title

financial institutions have also become interested in

of Most Innovative Islamic Financial Services Provider

the emergence of digital currencies and the blockchain

UAE 2023. This recognition supports Aafaq Islamic

technology that underpins them. These organisations

Finance’s goal to create cutting-edge products and

are investigating how they might benefit from these

establish itself as the preferred source of digital Islamic

improvements and adapt to the shifting environment.

financing in the UAE.

Vanguards of Innovation in the UAE’s Financial

Unlocking the Future

Services Landscape

Technology improvements have a big impact on how

Enhanced accessibility is crucial for the continued growth

Islamic banking develops as it continues to expand and

of Islamic finance, especially in developing markets. By

gain popularity. Islamic financial institutions may provide

embracing technological developments, Islamic finance

a wide range of services, increase accessibility, and

can overcome barriers and reach a wider customer base.

meet the needs of their target customers thanks to the

Mobile banking and online services have the potential to

integration of technology. The Islamic finance sector has

connect with individuals who may not have easy access

the potential to dominate the global financial landscape

to physical banking infrastructure. Furthermore, industry

by embracing innovation and working with fintech.

titan, Aafaq Islamic Finance is playing a crucial role in

42

partnership

Finance

Making Online Trading Easier with Innovative Trading Platform Globalisation

and

technological

innovations

have

increase of 7.2% in CAGR in the next five years. As per

brought significant revolutions to every business and

recent industry trends and updates, the main reason

industry sector. When it comes to online trading, the time

for propulsion in online trading is a reduction in trading

has moved from exchanging mutual funds, ETFs, gold

costs, transparency in operations, 24 x 5 trading support

bonds, and stocks to exchanging daily commodities

given by companies, increased liquidity, a vast number

such as coffee and even oil. In short, the online trading

of trading options in CFDs, stocks, and automation

process, which was thought to be complicated a decade

conversion system for currency exchange. Recent

ago, has simplified with very few clicks.

online

trading

platforms

encourage

participation

from even small investors, medium-sized businesses, Online trading on a global scale was estimated to be

conglomerates, and banks, with easy accessibility from

worth more than 750 billion in 2022. As per experts, the

any part of the globe.

market can reach nearly 1140 billion in 2028, with an Axi has given the best options to its loyalists and new customers in terms of new services and technologies. Some points to be noted are: •

Every individual will have different requirements and knowledge. After becoming a trader, Axi assigns a relationship manager and personalised trading account as per their needs. This is to ensure that the newbies get to know every tool and resource to make the most of their investment.

•

A multilingual client support team is made available through various options, including online chat, social media, and community forums.

•

Axi has implemented the best cybersecurity procedures (the ISO 27001 framework) and practices (data encryption and internal audits), as well as fast processing times, to satisfy traders from any part of the globe.

•

Traders can trade on more than eleven cryptocurrencies on the Axi Trading platform.

•

They have followed the norms of the industry, such as low trading costs, zero brokerage fees, and commissions.

The Company’s efforts to provide the best services

This year, they have won two awards – Most Innovative

to the community that loves online trading in various

Trading Technology Platform United Kingdom 2023 and

categories such as cryptocurrency, forex, shares, IPOs,

Best MT4 Provider United Kingdom 2023.

indices, and commodities have not gone unnoticed.

Trading

43

Going Beyond Profits: Recognizing Commercial Banking’s Commitment to the best CSR initiative

With its rich history and strategic location at the

Türkiye’s banking industry is well-established and

crossroads of Europe and Asia, Türkiye has emerged

essential to the nation’s financial system. The industry

as a significant player in the global economy. The

provides a wide range of financial services thanks to the

financial(commercial)

nation

mix of private and state-owned banks, as well as foreign

is dynamic and ever-changing, influenced by both

banks operating in the nation. Turkish banks have shown

domestic policy and international economic trends. The

tenacity in the face of economic difficulties, promoting

capital market in Türkiye is thriving and offers chances

stability and expansion.

environment

of

the

for both domestic and foreign investors. The capital market is a desirable location for investors seeking

Redefining banking excellence

greater returns due to its growing potential and variety of investment alternatives.

Commercial banks make up the majority (about 91 percent) of the Turkish financial sector. Over the past ten

44

Over the past few decades, Türkiye’s economy has

years, Türkiye’s banking industry has grown quickly and

grown significantly, which has helped to create a stable

taken up a sizable portion of the economy. Since state-

financial environment. The Turkish government has put

owned banks own more than 40 percent of the total

in place a number of efforts to stabilise the economy and

assets in the banking sector, Türkiye’s banking industry is

strengthen the banking system. Reforms to tax laws, the

typified by significant state involvement. The level of state

building of new infrastructure, and investment incentives

involvement has risen recently from below 30 percent

are some of these initiatives. The government’s dedication

in 2016, when the sector’s growth over the previous four

to fostering a welcoming business climate has increased

years was mostly propelled by the expansion of the

investor confidence and sparked the nation’s economy.

balance sheets of state-owned banks.

Banking

Commercial banks are making it their mission to help

responsible

lending

practices,

environmental

the middle class, which is the foundation of the country’s

sustainability, and community development.

economy, as well as numerous small companies, craftspeople, and artists. Halkbank, the first and

Halkbank has implemented a number of programmes

most trusted bank in Türkiye, has specialised service

to support SMEs, which has helped to lessen regional

departments that cater to the demands of specific

development inequalities. In order to raise the rate of

market sectors. Tradesmen Banking is a dedicated

literacy in our society and eliminate regional differences

division that Halkbank has launched to respond to the

in the literacy rate, the bank has been offering education

needs and desires of tradespeople and artisans and

to the illiterate population. It is also playing a significant

provide more effective, diversified, and prompt options

role by participating in projects for the disabled and

for action.

fostering social cohesion. Their assistance in promoting the nation’s tourism industry, culture, and sports is

Along with its other services, the bank also assists in

noteworthy.

the provision of financial consulting, which includes a number of initiatives, including the Female Entrepreneur

They received the honourable accolade of Best CSR

Training Programme, Energy Efficiency Training and

Initiative Company Türkiye 2023 from International

Consultancy, SME Public Academy Online Training, Jobs

Business Magazine as a result of their admirable

Security and others.

achievements.

Halkbank

keeps

revolutionising

the

market by incorporating social and environmental International Business Magazine awarded Halkbank

factors into all aspects of business. They are making

the distinctions of Most Trusted Commercial Banking

investments in environmental sustainability, community

Company Türkiye 2023 and Best Comprehensive

development, and ethical lending practices. Beyond

Financial Products and Services Provider Türkiye 2023

enhancing their reputations, these programmes have

in recognition of their excellence.

positive effects on people, businesses, society and the environment as a whole.

Bridging the Gap: The Inspiring CSR Initiatives of Commercial Banking

Going Above and beyond

To improve society and the environment, financial

The financial landscape of Türkiye is a vibrant and

institutions are adopting the idea of Corporate Social

evolving space, offering numerous opportunities for

Responsibility (CSR). Commercial banks are essential

investors and businesses. With a strong banking sector,

players in the global economy because they operate

dynamic capital markets, and a focus on fintech

as intermediaries for people and companies looking

innovations, Türkiye is well-positioned to navigate the

for financial services. Their function goes beyond what

challenges and leverage its potential for sustainable

is typically done in banking, though. Commercial banks

economic growth. By addressing the existing challenges

are becoming more and more aware of their capacity

and implementing strategic reforms, Türkiye can further

to influence positive change through CSR programmes.

strengthen its financial landscape and become a

These programmes cover a range of topics, including

regional financial hub.

Banking

45

CSR initiatives: A Commitment to Sustainable Impacts Corporate Social Responsibility (CSR) has emerged as a

access to financial services, allowing people to engage

critical component of businesses throughout the world,

in the formal economy through mobile banking, digital

emphasizing the necessity of giving back to society and

wallets, and streamlined account procedures.

the environment. Companies are exercising sustainable business practices to go beyond their agenda of profit-

The Export Import Bank of Thailand (EXIM Thailand)

making.

has left no stone unturned in the pursuit of creating a socially responsible image. Their CSR policy consists of

By adhering to the CSR principles, the bank will be able to

a long list of social welfare activities such as promoting

be a good corporate citizen under its vision, purpose, and

good governance, respecting the rights of all the

corporate governance structure.

stakeholders, exhibiting fairness towards supporting the public and social and environmental organisations,

The banks of Thailand indulge in corporate social

and undermining actions that are unacceptable in

responsibility

their

public or corporate settings. In its line of operations, Exim

commitment to the country’s development beyond

Thailand has been coming up with several initiatives

economic success. These banks are helping to shape

and collaborations to boost its CSR activities. Thailand

Thailand’s future by investing in education, healthcare,

is extremely prone to natural disasters that wreak

environmental protection, and financial inclusion. They

havoc on its GDP due to their impact on businesses. To

offer a good example for other industries as responsible

help in this situation, EXIM Thailand has thus developed

corporate citizens, emphasising the significance of social

‘EXIM Green Start Credit’ to provide entrepreneurs and

responsibility in the achievement of commercial goals.

businesses with a credit line, thus helping minimise

Thai banks are not only changing lives but also making

the financial impact. Recently, EXIM Thailand provided

substantial contributions to the country’s prosperity,

credit facilities to BCPG to promote renewable energy

producing a society that is not just economically strong

projects in Japan. The Bank aims to promote and

but also socially and ecologically concerned.

enable Thai entrepreneurs with the potential to expand

activities

to

demonstrate

Promoting a financially inclusive society

their investment in energy security and sustainable development towards the goal of carbon neutrality and the reduction of carbon emissions to net zero for the

Although access to financial services is a fundamental

global community. Acknowledging their relentless efforts

right, millions of individuals throughout the world are

and their dedicated focus to emerge as a sustainable

unbanked or underbanked. Thai banks are aggressively

bank with their multiple CSR endeavours, International

promoting financial inclusion by providing basic banking

Business Magazine has crowned the firm as the Best

services to underserved populations. These banks are

Bank for Corporate and Social Responsibility (CSR)

tearing down barriers and ensuring that everyone has

Thailand 2023.

Banking

47

From Public Parks to Pleasure Gardens to Modern Day Theme Parks – A Thrill Ride

The history of amusement theme parks Mass entertainment has a long and fascinating history,

These pleasure grounds disappeared around the mid-

from ancient Rome’s gladiator fights and Mayan

19th century without any recognized reasons or causes.

ballgames to medieval Europe’s religious fairs and carnivals. Theme parks have evolved over the centuries,

During the advanced industrial age, working-class

starting in Europe between the 16th and 19th centuries,

people sought entertainment at beaches, waterfront

with entertainment centered around carnivals and

areas, and the countryside, leading to the emergence of

fairs. Gradually, the religious fairs based on seasonal

theme parks in the late 1800s. Theme parks introduced

festivals transformed into public parks that later evolved

new rides with the advent of electricity. In the early 20th

into pleasure grounds, which were the major centers of

century, the number of amusement parks with a variety

amusement in the US and Europe during the 18th century.

of rides and water parks rose in the US and Europe.

Overview of Amusement Parks in the UAE The Middle East is home to some of the wealthiest

options for all age groups and amusement parks are one

countries in the world, and the UAE, the eighth wealthiest

such attraction for family tourists.

country in the world, is one of them. The city is a major

48

tourist destination for travellers around the globe and

Dubai is home to more than 20 amusement parks, each

has spent billions of dollars building some of the world’s

unique in its own way. However, one of the must-sees in

greatest engineering marvels. Dubai offers entertainment

Dubai is IMG Worlds of Adventure.

Tourism

The Star Entertainer among Dubai’s Myriad Amusement Parks IMG Worlds of Adventure is Dubai’s largest indoor

destination with a capacity to welcome over 20,000

theme and amusement park and is listed as one of

guests a day. It is home to adrenaline-pumping roller

the biggest in the world. Owned by the IMG Group, IMG

coasters, bespoke experiences, and exciting attractions

Worlds of Adventure is an exciting, mega-themed

based on popular characters. Additionally, it features

entertainment destination offering six adventure zones

world-firsts, original-themed retail stores, and exclusive

in one spot. At over 1.5 million square feet, it is Dubai’s

dining venues.

largest temperature-controlled indoor entertainment

Inside the UAE’s Largest Indoor Theme Park The park is divided into six zones, each with its unique

All the IMG Worlds of Adventure Rides combine high-end,

theme

zones

cutting-edge technology, AV, sound, and graphics to

representing Marvel and Cartoon Network, as well as four

give you the best realistic touch. Located in the City of

original concept zones, namely IMG Boulevard, IMG Kids

Arabia, along Sheikh Mohammed Bin Zayed Road, it is a

Zone, Lost Valley – Dinosaur Adventure, and Haunted

must-visit international destination, bringing the best of

Hotel. There are numerous rides and attractions at the

family entertainment to Dubai’s growing leisure industry.

park inspired by beloved superheroes and cartoon

Marvel IMG World Rides is an epic adventure that will

characters such as Avengers Battle of Ultron, Hulk Epsilon

leave you spellbound and in awe. Travellers visiting this

Base 3D, Spider Man Doc Ock’s Revenge, Avengers Flight

theme park in Dubai are sure to have an amazing time.

of the Quinjets, Velociraptor, Predator, Adventure Fortress,

IMG Worlds of Adventures has cemented its place in

and many more. Velociraptor is one of the most sought-

Dubai’s top amusement theme parks with its state-of-

after rides at IMG. Another major attraction of this indoor

the-art rides and wholesome family entertainment. This

theme park is the Thor Thunder Spin, which rotates the

feat of IMG Worlds of Adventures caught the attention

seat in a full 360-degree, and the 4D technology and

of UAE-based International Business Magazine which

Dolby sounds make you feel like you are one of the

has felicitated it with the honour of the Best Amusement

Marvel characters. Lazy Town is another attraction at IMG

Park UAE 2023.

to

explore.

Visitors

can

enjoy

two

Worlds that is best suited for families.

Tourism

49

Egypt’s Emergence as MENA’s Leading Digital Banking Frontier The Egyptian Economy has evolved many folds with

When it comes to digitizing and taking the road towards

Digital Banking and Financial Inclusion at the core helm

Egypt’s cashless economy under the goals of ‘Egypt DTS

of Egypt’s Vision 2030 strategy. Thanks to a booming,

Vision 2030’, Abu Dhabi Commercial Bank (ADCB) Egypt

transformed digital shift and revision in the economic

emerges as one of the core performers.

reforms since the early 2016s, Egypt is on the verge of becoming the second major digital banking hub post

ADCB Egypt: – A Trailblazing Journey & Success Story

UAE in the coming years.

Abu Dhabi Commercial Bank is the third largest UAE Egyptian pioneer Central Bank Of Egypt (CBE) and 39

Banking pioneer and fifth in the entire Gulf banking

other Banks with more than 3.5K branches have been

arena. From its humble beginnings in early 2020 with the

lauded by the World Bank, World Economic Forum (WEF),

acquisition of UNB, the Banking pioneer has emerged as

and International Monetary Fund (IMF) as the fastest

one of the leading Digital Banking pioneers in the region

emerging digital banking hub across MENA.

and globally.

Egypt’s Digital Finance Landscape & Roadmap Ahead

ADCB Egypt has partnered with Instapay Network and Temenos Open AI platforms offering its clients ease of

Egypt’s Digital Finance Transformation has achieved

linking their bank accounts across other banks in Egypt

remarkable strides in recent years with its Core Banking

or across borders.

Players and modern revised government reforms like: – The Bank has also launched the Erada Package as part Shift Towards Cashless Economy: – The Egyptian

of its commitment towards sustainability and Financial

banking sector is investing heavily in innovative digitized

Inclusion offering a huge range of financial, and non-

banking and services offering retail clients, Small and

financial services including instant issuance of medical

Medium

cards, and favorable loan access for the differently abled.

Enterprises

(SMEs),

Entrepreneurs,

young

tech-savvy populous instant core updates on financial products, services, and a cashless economy.

Considering these meritorious accomplishments and its continuous efforts for a digitized Egypt through cashless

Surge In Financial Inclusion: – Egypt has been a clear

economic drive, and financial inclusion, ADCB has been

winner in terms of financial inclusion with a three-fold

awarded Most Innovative Digital Bank Egypt 2023, Best

surge in the number of bank account creations, ATM

Internet Banking Egypt 2023 and Best New Bank Egypt

utilization, a 300 percent surge in Digital Payments,

2023 by International Business Magazine.

and Insurance portfolios representing almost 2.6 Mln registered Accounts.

50

Banking

Emerging Asian Markets: Creating an Ocean of Possibilities for Investors A Very Brief History of Forex and Commodity Trading

markets. They welcome foreign investors and charge extremely affordable commission rates. These brokers

Forex is one of the largest and most liquid markets, with

assist traders and investors in taking advantage of

daily transaction volume valued at approximately 7.5

profitable opportunities on Asian stock exchanges.

trillion USD. Commodity trading, the buying and selling of raw materials, is as old as human civilization and is

A Financial Broker That Makes a Difference

monitored and regulated by exchanges in every country.

Axiory Global is a leading brokerage firm that was Asia, an emerging market, is home to two of the biggest

established in Belize, in Central America, twelve years

economies, India and China, and several other rapidly

ago. Since its inception, Axiory has devoted all of its efforts

developing economies in the Eastern and Southeast

to serving institutional traders. Some of these initiatives

region. For this reason, compared to the developed

include better CFD margin and profit calculations,

markets dominated by a few countries, Asia has remained

access to online CFDs and exchange products, obtaining

a hot favourite of investors and businesses across all

a regulatory license from the FSC, offering extended

industries and sectors. This is due to the enormous

customer support, introducing new products like Instant

diversity and equally huge opportunities offered by the

Deposits, and eliminating fees for higher payments

region in terms of economic growth.

made in USD. Axiory introduced the cTrader platform in 2018. In the same year, they also introduced a brand-

Given the considerable risk typically connected with

new IB interface and added payouts to CFD indices. 2019

stocks and trading, Asians are more oriented toward real

saw the company increase leverage for commodities

estate and precious metals for wealth accumulation

like crude oil and introduced the MT4 plugin. In 2020,

than it was towards the stock market, including online

Axiory launched stock CFDs on MT4 and introduced

trading. However, over the past ten years, Asia has seen a

Vietnamese support. Not only this, they also launched the

steady increase in the number of stock market investors

industry-first oil indices, added support in multiple new

thanks to the growing knowledge of international

languages, cut their commission by 40%, and showed

financial markets and the technological instruments at

their commitment to society through COVID relief work.

our disposal. Today, Southeast Asia has become a major

They also received 4 global awards in 2020. In 2021,

financial hub.

Axiory launched the MT5 platform and lowered minimum deposit levels. They also received 6 global awards during

The Ever-Growing Financial World of the Asian Economy

this year. Continuing their award-winning spree, Axiory Global Limited received the prestigious title of Best MT4

Many financial institutions and brokerage businesses

& MT5 Trading Platform East Asia 2023 from UAE-

have decided to expand their presence in Asia due to

based International Business Magazine, validating

the region’s significant economic expansion, which is

their continuing commitment towards customer service,

supported by international investments. Most of these

education and satisfaction.

brokers offer outstanding services to institutional and retail investors and access to various fascinating stock

Investment

51

Saudi Arabia’s Journey towards Financial Inclusion and Solidarity

In Saudi Arabia, the idea of Islamic insurance, known as

Empowering Communities with the right operator

takaful, is becoming increasingly popular. Saudi Arabia,

In Saudi Arabia’s market, a number of well-known

the biggest economy in the Middle East, is rapidly growing

Takaful operators have had a significant impact. One

its financial industry, which includes the expansion of

such business is Aljazira Takaful, which provides a

Takaful services. Based on Islamic concepts, Takaful

broad range of Takaful goods and services to meet

encourages

risk sharing among participants and

the demands of various clients. Its characteristics are

ensures protection and collaboration for all. The ideas of

a reflection of the nation’s economic development and

solidarity, cooperation, and social welfare contained in

demographic changes. The demand for Takaful products

Shariah law serve as the foundation for takaful. Takaful

across numerous sectors, including auto, health, and

operates by creating a participants’ pool, to which,

property insurance, is being driven by factors including

policyholder contributions are added to provide financial

beneficial government regulations, rising consumer

protection against future losses. A Takaful operator who

awareness, and the rise of Islamic banking and finance.

monitors the fund’s investments and claims processing

Aljazira is bringing about change in this industry with

is in charge of this pool.

its fresh revolution and customer-focused strategy.

Recent events demonstrate its outstanding advances in

Saudi Arabia has experienced tremendous growth in

insurance and Islamic finance. It has become a viable

takaful in recent years, thanks to the nation’s dedication to

and moral operator by tackling regulatory complexity

Islamic banking. Local and foreign firms have been drawn

and ensuring qualified human resources. In recognition

to the Takaful market by the government’s initiatives and

of their numerous contributions, International Business

support for the development of Islamic banking and

Magazine awarded them the Best Takaful Operator

insurance. The Saudi Arabian Monetary Authority (SAMA)

Saudi Arabia 2023.

is in charge of Saudi Arabia’s regulatory framework.

Regarding operations, capital needs, and governance

Embracing Transparency and Trust

structures, Takaful firms are subject to SAMA’s norms

In Saudi Arabia, takaful has become a practical and

and guidelines. The regulatory structure makes sure that

moral substitute for traditional insurance methods.

Takaful business owners follow Sharia laws and practise

Takaful is positioned for significant growth in the nation

openness in all of their activities. The supervision provided

thanks to strong government backing, a legal framework,

by SAMA helps to increase consumer trust in the Takaful

and rising market demand. Takaful will be essential in

sector, supporting its expansion and viability.

determining the direction of the Saudi insurance sector’s financial future as it develops and faces new difficulties.

52

Insurance

The Emerging Leader in Modular Construction Industry UAE 2023 The UAE’s construction industry is vital to its economy, with tourism contributing 9-10% to the GDP. The country is investing heavily in infrastructure and commercial construction to reduce its reliance on oil and become a leading tourist destination. This investment will solidify the UAE’s leadership in global construction industry growth.

However, the construction industry also faces some challenges namely ‘affordability’ and ‘sustainability’. One form of construction that promises to address these challenges and shows promising growth in the next few years is ‘modular construction’.

Modular or Off-site Construction: Definition, Advantages and a Brief History Modular construction or off-site construction is a modern offsite building process that improves workflow and reduces costs, waste, and site disturbances. It requires less labour and time, and Modular Pod Fabrication streamlines the process for efficiency and risk reduction.

Modular construction has existed for centuries, with prefabricated homes dating back to the 1830s. They became popular during the California Gold Rush and were later used for postwar housing demands. Today, prefabrication and modularization are cost-effective methods used in residential and commercial buildings, including hotels, apartments, offices, hospitals, and schools.

Modular Construction Market Size in the UAE and Driving Factors Behind its Growth The modular construction industry in the UAE, which is

growth are the high population density in the urban areas

the 5th largest economy in the Middle East, is expected to

that is driving the demand for homes versus a shortage

grow at a CAGR of 8.0% globally to reach approximately

of homes and the increased cost of conventional

USD 278 billion by 2030. The driving factors behind this

construction.

An Overview of the UAE’s Manufactured Homes Industry There are many international and a few local players

Pods are among the custom-made products offered to

in the UAE prefabricated homes market who are

consumers. This strong foundation has enabled DuPod

continuously striving to improve their products to meet

to achieve efficiency and scale, resulting in its position as

the market’s evolving needs, hence, making it highly

a leading provider in the industry.

competitive. One such company that leads the off-site

construction market in the UAE is DuPod, a platform

DuPod, a subsidiary of AMANA group of Companies, along

for modular construction, offering a diverse ecosystem

with another subsidiary DuBox, provides off-site products

of plug-and-play solutions that provide consistent

such as Bathroom, Kitchen, Retail, Food and Beverage

results. DuPod uses end-to-end integration of design,

Pods, and multi-story buildings. DuPod uses advanced

manufacturing process, and supply chain to streamline

3D BIM tech for off-site construction. Its design-focused

product life cycles through technology.

program ensures quality checkpoints and procedures are in place early on. Their factory-controlled environment

DuPod’s commitment to research and development,

allows for consistent and meticulous craftsmanship,

technology infrastructure, and engineering expertise

eliminating common defects in traditional construction.

has propelled them to the forefront of modular solutions

Recognising DuPod’s exceptional commitment to quality

across all market segments. Their versatile range

and technology, and its constant efforts to deliver the

of modular offerings, including Bathroom, Kitchen, and Room Pods, provides a tailored solution for all construction stakeholders. Retail, F&B, and Cloud Kitchen

54

Construction

best to its customers, International Business Magazine has bestowed it with the award of Leading Revolution in Construction Industry UAE 2023.

Egyptian Banks power the Nation’s Modern Economy The Egyptian banking industry is the second-biggest

The growth of the Egyptian banking sector has been

after South Africa in the African continent. In 2021, Egypt

quite exponential. As per reports, From 2014 to 2022, the

recorded a GDP of around USD 403 billion, following

number of ATMs grew more than 3 times and Credit

Nigeria and South Africa. With around 36 banks operating

Card holders doubled. The same report states that the

in the country, the World Bank has appreciated the

number of points of sale increased by more than 50,000

resilience and stability of the Egyptian Banking sector.

from December 2014 to December 2022, in addition

As per reports, the banking sector amounted to EGP 9.2

to more than 700,000 private electronic points of sale

trillion in March 2023, compared to EGP 1.4 trillion in March

owned by companies that facilitate electronic payment

2014. This is based on the fact that the sector has a low

services. With over 4.5K branches across the nation, the

ratio of loans to deposits, ample liquidity, and a high

Egyptian banking sector could grow at a rapid rate in the

deposit growth rate.

near future.

The Egyptian banking sector is basking in positive

Suez Canal Bank is one such top performer in the

approvals from several international agencies for its

Egyptian banking sector. Winner of Fastest Growing

initiatives towards the financing of small and micro

Corporate Banking Egypt 2023. Established in 1978, it is

enterprises and measures taken towards the overall

one of the oldest banks in the Egyptian private sector. It

improvement of its lending system. Most Egyptian

largely caters retail, corporate and investment banking

banks are securing themselves today for any untoward

services.

economic calamities in the future through a stable financing structure, large protective liquidity, strong

Suez Canal Bank recently reported a rise in its YoY net

profitability, and flexible loan performance. Egypt has

profit for the month of June 2023. This growth in profit is

withstood some of the worst economic crises through

supported by an increase in net income from returns,

stringent financial regulations from the centre and

fees and commissions. The bank has significantly

internal capital generation.

improved its financial position from 2022, which is equally supported by an increase in deposits in 2023.

Banking

55

How to trust anyone in a USD 6 Trillion Forex Business?

Valued at around USD 8 billion in 2021, the foreign

Today, DeltaFx is a member of The Financial Commission

exchange services market is expected to grow at a CAGR

that protects its client’s interests. DeltaFx enables access

of 8.2 percent to reach USD 15.78 billion by 2029. Being

to a wide variety of trading symbols, trading accounts,

the world’s largest financial market, its daily trading

leverages and even the option to switch brokers without

volumes exceed USD 6 trillion. With several overlapping

commission. It also comes with an option for free VPS

international time zones, it is a market that is open 24

for special customers for better trading. With more than

hours a day, 5 days a week.

2,000 instruments on MetaTrader 4 and more than 1,500 cryptocurrencies on MetaTrader 5, DeltaFx is one of

As per reports, considering 39 different currencies from

the few brokers in the world that ensures non-slippage

2001 to 2022, the daily turnover of the global foreign

trading services. Having won multiple titles across the

exchange market is around USD 7500 billion. The US

world for its trading experiences and several services, a

currency and the Euro currency are the top performing

major chunk of credit goes to its team.

currencies with the daily transaction volume for USD being 3 times higher than that of EUR.

Omid Asefi, the CEO of DeltaFx, has ensured a reliable 24/7 customer support system. He has played a major

With the market being unregulated, it is essential to

role in designing and executing the broker copy trading

invest with a partner whom you can trust. This is where

system with a new approach. Under his leadership,

the need for a trustworthy, well-experienced broker

DeltaFx has expanded rapidly across the Middle East.

comes in. A forex broker should be regulated under the

It has even contracted with new suppliers, therefore

ambit of its country of origin. One should also consider a

providing an ECN account with minimum spreads on the

broker’s leverage and margin, commissions and spread,

market. This year, Omid Asefi and his team undertook

initial deposit requirements and the mode of withdrawals

the task of upgrading the customer cabin for enhanced

available. Being a volatile market, it is also essential to

usability and improved the online dashboard on their

understand the currency pairs offered to expand the

platform to enable improved Business Intelligence (BI).

opportunities available in the market. This becomes

With a new license from Metacod, the introduction of

even more beneficial when the broker’s trading platform

loyalty programs for special broker customers and the

comes with its own tools for technical analysis.

news bulletin feature for its customers, the popularity and reliability of DeltaFx as a broker is set to rise in the

DeltaFx is one such reliable brokerage firm that has

coming years as well. International Business Magazine,

been delivering professional trading services across the

in appreciation of all the efforts and contributions from

Middle East region since 2004. This multi-award-winning

Omid Asefi and his team, has bestowed the title of the

brokerage firm is regulated by several independent firms

Most Influential

to ensure the highest level of transparency for its clients.

2023.

Financial Figure in the Middle East

Forex

57

A Journey through the Jewel of Middle East

The sparkling gem of the Middle East, United Arab

best weekend plan for many. The travel and tourism

Emirates (UAE) maybe the most well-known tourist

industry contributed AED 159.1 billion (USD 43.3 billion) or

destination in the area, but the country as a whole has a

12.1 percent of the UAE’s GDP in total. It is anticipated to

lot to offer. The United Arab Emirates is a true traveller’s

increase by 4.9 percent annually to AED 264.5 billion (USD

paradise and a growing tourism hub, offering everything

72 billion), or 12.4 percent of GDP, in 2027.

from immaculate beaches to futuristic skyscrapers and from old traditions to contemporary luxury. The vast

The need for investment is particularly essential given

deserts of the UAE offer thrilling adventures for those

that the government has launched new programmes

seeking an adrenaline rush. With its long stretches of

to promote travel and tourism. More than AED 20 billion

pristine coastline, the UAE is a beach lover’s paradise.

in investments were made in the travel and tourism

Whether you prefer the bustling shores of Dubai or the

industry, making up 7 percent of all investments. It is

untouched beauty of Fujairah, there is a beach for every

anticipated to increase by 11 percent annually over the

taste. Escaping the bustling cities and discovering the

following ten years, reaching around more than AED 70

hidden gems of the UAE’s mountains and oases is the

billion in 2027, representing 11.2 percent of all investments.

Arabian Splendour: Unearthing a Traveler’s Paradise The United Arab Emirates’ economy heavily depends

create a wealth of unforgettable memories. It is in charge

on tourism, which has both domestic and foreign

of overseeing a number of locations. On Yas Island and in

components. It is a successful destination among

Abu Dhabi, it is constructing substantial land banks that

the Gulf nations and has enjoyed the status of the

will house lively communities with year-round leisure

leading tourist nation of the GCC (middle east). Several

and entertainment activities.

institutions are stepping forward to support the sector and are promoting change. The expansion of multiple

The addition of Saadiyat Island and Yas Island is

organisations is also aided by the need to strengthen

expected to change the city’s geographic centre and

their historical and cultural foundations.

the lifestyles of both locals and visitors. The Yas Marina Circuit and the Abu Dhabi Grand Prix are located on Yas

58

In the UAE, Miral Destinations has become the industry

Island. Acknowledging these revolutions, International

pioneer for marketing travel. Through the power of

Business Magazine crowned Miral Destinations with the

shared experiences, they bring people together and

title – Best Destinations Promoter UAE 2023.

Tourism

Trailblazer of UAE’s Booming Real Estate Market The UAE’s real estate market is as diverse as the country

property management services to investors, allowing

itself. From the iconic skyscrapers of Dubai to the culturally

them to make informed decisions by helping them find

rich neighbourhoods of Abu Dhabi, UAE offers a plethora

suitable investment opportunities with high ROI and cash

of options to potential investors. Residential properties,

flow by analysing market trends and dynamics in the

commercial spaces, and luxurious villas dot the skyline,

real estate market.

catering to a wide array of tastes and preferences.

Despite the disruptions caused by the pandemic, the

Companies like Dar Al Yaqut, a real estate portal in

economy recovered quickly, due to the booming real

Dubai, has been putting continuous efforts into providing

estate market, increasing tourism, and inflows of foreign

the best property management solutions. Established

cash in the country.

in 2021 as an expansion of Janata General Contracting to tap Dubai’s real estate market, the company is led

The real estate market is a crucial driver of the UAE

by Mohhamed Moinuddinn Abdul Salam, who is the

economy, as the sector contributes to 5.5% of the country’s

founder and the present CEO. He started his career as a

GDP. The market analysis of the real estate sector reveals

board member of NCC Bank (Bangladesh). Later on he

that the sector is poised to grow at a CAGR of 3% between

joined the Janata General Contracting UAE and finally

2023 and 2028, resulting in a market volume of USD 0.80

started his real estate venture with Dar Al Yaqut in 2021.

trillion by 2028. Additionally, the residential real estate

The company went on to establish its name in the over

market is projected to reach an absolute market value

saturated market and emerged as one of the best real

of 0.69 trillion this year. This modest increase in prices

estate properties in the Middle East, providing property

is attributed to emerging businesses and increased

management and long-term financial investment in the

tourism in the country.

real estate sector.

Like any thriving economy, the UAE’s real estate sector is

The firm reached new heights and attained several

not immune to economic fluctuations. Global economic

accolades under the guidance of Mohhamed Moinuddinn

challenges,

changing

Abdul Salam. A trained commercial airline pilot, he

market dynamics can lead to volatility. However, these

recently added another feather to his cap after being

challenges also present opportunities for savvy investors

named the Best Emerging CEO in Real Estate Industry

who understand market intricacies and invest wisely

UAE 2023 by International Business Magazine.

geopolitical

tensions,

and

during downturns. Various real estate portals provide

Real Estate

59