Championing Financial Inclusion
Mohammad Al Mortada Al Dandashi, Group Managing Director, Al Ramz, Shares Insights on How the New Trading App Drives Inclusive Investing
Introduction
Introduction
Welcome to this special issue of MEA Business, dedicated to celebrating the MEA Business Achievement Awards. At MEA Business, we are committed to delivering comprehensive business news across the Middle East and Africa. Our mission is to provide a dynamic platform where business leaders can share ideas, engage in meaningful debates, and forge strategic partnerships that will shape the future of the region.
Our goal is to equip business leaders and professionals with the skills and insights they need to thrive in these dynamic regions. By focusing on positive news stories, detailed case studies, and inspiring interviews, we aim to foster a narrative of growth and success.
MEA Business magazine offers clear and concise information through various sections, including up-to-the-minute news, market updates, and exclusive CEO interviews. Our readers benefit from a comprehensive blend of our printed magazine, e-magazine, and social media content, providing coverage on the latest developments in the Middle East and Africa.
Additionally, MEA Business proudly features several sector specials throughout the year, tailored to coincide with major industry exhibitions and events. In line with our commitment to celebrating industry excellence, this issue culminates with a special focus on the MEA Business Technology Awards 2024, recognizing outstanding contributions and innovative breakthroughs across various sectors.
We hope you find this issue both informative and inspiring.
Kenneth Mitchen Publisher, MEA Business
Kenneth Mitchen Publisher, MEA Business
06 DCT Abu Dhabi renews strategic partnership with WebBeds to boost global tourism appeal
Aldar partners with Nikki Beach Global to bring branded waterfront residences to Ras Al Khaimah
NABNI Developments unveils ‘Avenue Residence 7 by NABNI’
Leading British digital logistics company Zencargo launches operations in the UAE to expand in MENA
09 Saudia Celebrates Launch of New Flights from Dammam to Beijing
The Aviation Annual Gala Evening is Back
10 Dubai Department of Economy and Tourism and Hilton sign strategic MoU AVIATION
Aviation and Logistics Leaders Unite for a Night of Excellence
Emirates SkyCargo advances its digital customer experience with CargoAi
Empowering
Hotpack celebrates milestone achievement of reaching 50 retail stores across the MEA
Investors: Mohammad Al Mortada Al Dandashi’s Vision for Financial Inclusion in Digital Trading
Etihad Cargo ramps up cargo capacity for China
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EXECUTIVE DIRECTOR AND PUBLISHER : Kenneth Mitchen
Email: ken.mitchen@mea-finance.com
EXECUTIVE DIRECTOR AND PUBLISHER : Kenneth Mitchen
Email: ken.mitchen@mea-finance.com
DCT Abu Dhabi renews strategic partnership with WebBeds to boost global tourism appeal
Partnership expands to over 30 markets, targeting a 25% year-on-year growth in hotel guests for the 2024-2025 period
The Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi) has renewed its strategic partnership with WebBeds, the premier global marketplace for the travel trade, expanding its scope to over 30 markets and aiming for a 25% year-overyear increase in the number of hotel guests. This expansion will not only focus on Abu Dhabi City but will also extend its reach to Al Ain, highlighting the emirate’s wide spectrum of tourism experiences.
In 2023, the partnership with WebBeds targeted 21 source markets and achieved remarkable success, surpassing targets by reaching 149% of its goal for hotel guests. This success was driven by the collaboration’s joint marketing campaign, which significantly contributed to the increased visibility of Abu Dhabi’s diverse tourism offerings.
Continuing the collaborative effort to enhance Abu Dhabi’s global tourism appeal, for the upcoming year the refreshed partnership will focus on key source markets for Abu Dhabi and Al Ain. For Abu Dhabi, the targeted markets include the UAE, India, China, Thailand, Saudi Arabia, Kuwait, Qatar, Egypt, Turkey, Pakistan, the UK, Germany, Russia, the USA, Brazil, Canada, Bahrain, Jordan, South Africa, Singapore, Spain, Italy, and Australia. Al Ain’s source markets will include Algeria, Australia, Bahrain, Belgium, Canada, China, Egypt, England, France, Germany, Hong Kong, Israel, and several others.
Abdullah Yousuf, Director of International Operations at DCT Abu Dhabi, said: “Our ongoing collaboration with WebBeds reinforces the importance and effectiveness of showcasing our wide variety of hotels, resorts and other
The Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi) has renewed its strategic partnership with WebBeds, the premier global marketplace for the travel trade, expanding its scope to over 30 markets and aiming for a 25% year-over-year increase in the number of hotel guests. Image courtesy: DCT Abu Dhabi
hospitality offerings through a global platform. We are leveraging our combined expertise and driving innovation in the industry and among our stakeholders, while creating memorable experiences for our travellers.”
The expanded partnership will introduce key initiatives such as joint sales engagement, targeted campaigns, and trade initiatives designed to increase the global reach of Abu Dhabi’s offerings. A particular focus will be on promoting not just the capital but also the green city of Al Ain, its World UNESCO Heritage Sites, and the scenic beauty of Al Dhafra, further positioning Abu Dhabi as a destination for all types of travellers.
This collaboration with WebBeds is a key component of Abu Dhabi’s wider
Tourism Strategy 2030, which aims to attract 39.3 million annual visitors by 2030. By leveraging partnerships and global campaigns, Abu Dhabi is working to enhance its tourism infrastructure, broaden its source markets, and create meaningful, memorable experiences for international visitors. The strategy also aims to significantly increase the tourism sector’s contribution to the UAE’s GDP, driving sustained growth, innovation, and long-term success for the emirate’s tourism ecosystem.
By collaborating with WebBeds, Abu Dhabi continues to strengthen its tourism ecosystem, aligning with the emirate’s broader goal of driving sustained growth and achieving long-term success in the global tourism market.
Connecting the airline supply chain
NABNI Developments unveils
‘Avenue Residence 7 by NABNI’
The 12-storey residential building, inspired by Emirati architecture, draws inspiration from traditional Barjeel wind towers and the elegance of the dhow boat. It will offer 166 luxury apartments, state-of-the-art Emirati-inspired amenities, and a serene outdoor Ghaf garden.
NABNI Developments, one of Dubai’s leading Emirati real estate developers known for delivering international standards of excellence, proudly announces its latest residential project in Al Furjan, Avenue Residence 7 by NABNI. Following the successful sales of Avenue Residence 1-6, Avenue Residence 7 is NABNI’s first Emiratiinspired off-plan project in Dubai. Set to be completed in Q1 2027, this new addition to the Avenue Residences collection showcases a unique blend of Emirati heritage and modern design.
NABNI Developments celebrated the launch of the project with an exclusive grand ceremony at the Hilton, Al Habtoor City, Dubai on 29 October 2024. The event was attended by NABNI stakeholders and the senior leadership team, including Abdulrahman Abdulla Alsuwaidi, Co-Founder & Chairman, Badr Abdulla Alsuwaidi, Co-Founder & CEO, and Khalid Abdulrahman Alsuwaidi, Chief Commercial Officer.
The luxurious 12-storey apartment building represents a new chapter in NABNI Developments’ success story. Featuring an Emirati-inspired facade influenced by Barjeel wind towers and the dhow boat, the building will house 166 luxury apartments, comprising 63 one-bedroom, 84 two-bedroom, and 19 three-bedroom units. Every apartment is meticulously designed with sophisticated living spaces and
Khalid Alsuwaidi, Chief Commercial Officer of NABNI Developments. Image courtesy: NABNI Developments
exquisite finishes. Kitchens will come equipped with built-in appliances, and the units will showcase premium fittings that exude luxury and elegance. Residents will also enjoy a wide range of Emirati-inspired amenities, including two pristine outdoor swimming pools, Majlis/Residents lounge, jogging track, a fully equipped fitness studio, a dedicated children’s play area, and a serene outdoor Ghaf garden.
“We are excited to announce the launch of Avenue Residence 7 by NABNI, our newest residential development in Al Furjan. This latest project aligns with NABNI Developments’ strategy to enhance our portfolio of high-quality, luxury residential offerings in prime locations,” said Khalid Alsuwaidi, Chief Commercial Officer of NABNI Developments. He added, “Our latest
project meets the growing demand for family-friendly living spaces while expanding our market reach in Dubai. This project reflects our commitment to local culture, innovation, quality, and sustainability, solidifying NABNI’s position as a leader in the real estate sector.”
Building on its legacy of luxury residences in Al Furjan, Avenue Residence 7 by NABNI integrates modern luxury with influences from UAE’s rich cultural heritage, creating a sophisticated yet welcoming atmosphere. The carefully selected interior finishes and materials, such as travertine and natural stone, reflect the surrounding environment and elevate the essence of opulent living. The building’s layout fosters connectivity and interaction among residents, with outdoor spaces, designed to encourage community engagement.
The residential development will be constructed with a focus on environmental responsibility and energy efficiency, contributing towards a sustainable future. The building utilizes sustainable stone materials that require minimal maintenance, reduce heat and offer high durability, resulting in long-term savings for residents.
Scheduled for completion in Q1 2027, Avenue Residence 7 by NABNI offers a prime location just minutes from the Discovery Gardens metro station in the vibrant Al Furjan community. This prime residential area provides excellent connectivity and easy access to Dubai’s main attractions, schools, retail outlets, mosques, multi-faith places of worship, and more.
NABNI Developments offers an attractive 40% payable during the construction phase and 60% upon completion.
Avenue Residence 7 by NABNI offers a remarkable lifestyle with refined elegance, and exceptional amenities, all inspired by the highest standards of quality and attention to detail.
Saudia Celebrates Launch of New Flights from Dammam to Beijing
In line with its new operational strategy and in collaboration with Dammam Airports Company (DACO)
Saudia, the national flag carrier of Saudi Arabia, has officially launched its inaugural flight from King Fahd International Airport in Dammam to Beijing, the capital of the People’s Republic of China. The new route will operate twice a week in each direction, as part of a connecting flight from King Abdulaziz International Airport in Jeddah.
Saudia celebrated the inaugural flight from Dammam to Beijing with a special ribbon-cutting ceremony in the departure hall. The event was attended by Mr. Wang Qimin, The Consul General of the People’s Republic of China, Engr. Mohammed Al-Hassany, CEO of Dammam Airports Company (DACO), and Mr. Wail Basaffar, the Assistant Vice President of KSA Sales at Saudia.
With this addition, Dammam becomes the third city from which Saudia operates flights to Beijing, following Jeddah and Riyadh. The total weekly seating capacity between the Kingdom and Beijing is approximately 1,310 seats across 4 flights, while the weekly capacity to Guangzhou is 1,966 seats across 6 flights. Saudia has a designated Boeing B787 Dreamliner, known for its high operational efficiency and comfort, offering guests an elevated travel experience.
Eng. Mohammed bin Ali Al-Hassany, CEO of Dammam Airports Company, said: “The launch of flights to Beijing, in partnership with Saudia, reflects our commitment to diversifying the international destinations of King Fahd International Airport to meet travelers’ aspirations and enhance their experience. This initiative is part
of our plan to develop international air traffic, aiming to attract new airlines and increase direct destinations, which will support economic and tourism growth in the Eastern Province.”
He added: “From January to September 2024, King Fahd International Airport achieved a remarkable 16.2% growth in passenger numbers compared to 2023, and I commend the tremendous efforts of our team and partners in making this accomplishment possible.”
Mr. Wail Basaffar, Assistant Vice President of KSA Sales at Saudia, said: “This new route is a testament to Saudia’s innovative and flexible operational model, which leverages our main hub in Jeddah as a cornerstone of our strategic plan. We also utilize other major airports for connecting flights to meet growing demand and cater to all guest segments. Our modern and expanding fleet further enhances the travel experience, ensuring we not only meet but exceed our guests’ expectations.”
Saudia remains dedicated to its role as a key player in promoting international travel and tourism, aligning with its objective to bring the world to the Kingdom. The airline has achieved impressive growth in demand for flights between the Kingdom and China.
Since launching operations to Beijing, Saudia has transported over 84.89 thousand guests on 482 flights. From January to September 2024, the airline carried 78.56 thousand guests between the Kingdom and Guangzhou, reflecting a 19% increase compared to the same period in 2023, with 413 flights representing a 23% rise in capacity.
Dubai Department of Economy and Tourism and Hilton sign strategic MoU
MoU to see Dubai further promoted globally, including more than 195 million Hilton Honors members
Dubai Department of Economy and Tourism (DET) and Hilton have signed a strategic memorandum of understanding (MoU) that will further enhance the destination’s visibility globally and support the hotel group with team member training and service optimisation. This new phase of their ongoing partnership is in line with the goals of the Dubai Economic Agenda, D33, to further consolidate Dubai’s position as a leading global city for business and leisure, underscoring the commitment of DET and Hilton to drive excellence across the tourism sector by creating outstanding experiences for visitors.
Designed to establish a collaborative framework between the entities, the MoU will focus on joint marketing initiatives, including through advertising campaigns and social media, actively promoting Dubai as a premier destination. They will also roll out tourism products that highlight the city’s unique attractions, integrating these experiences into seasonal packages to provide visitors with authentic insights into the city. Furthermore, there will be opportunities to incorporate Dubai experiences into the Hilton Honors loyalty programme, which has more than 195 million members globally.
The MoU was signed at DET’s headquarters by His Excellency Issam Kazim, CEO of the Dubai Corporation for Tourism and Commerce Marketing (DCTCM), part of DET, and Guy Hutchinson, President, Middle East & Africa at Hilton.
His Excellency Issam Kazim, CEO of the Dubai Corporation for Tourism and Commerce Marketing (DCTCM), said: “Hilton has been a key part of Dubai’s tourism growth story over recent decades, contributing to the world-class hospitality offering the city has built a reputation for. As we take our collaborative partnership to the next level, this MoU will allow us to share
The MoU was signed by H.E Issam Kazim, CEO of the Dubai Corporation for Tourism and Commerce Marketing (DCTCM), part of DET, and Guy Hutchinson, President, ME & Africa at Hilton. Image Courtesy: Dubai Department of Economy and Tourism (DET)
our respective expertise and reach, further elevating the destination both in terms of global visibility, and in the quality of services offered in Dubai itself. Our partnership is also in line with the culture of collaboration across the public and private sectors, driven by our city’s visionary leadership under His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, that continues to be at the heart of Dubai’s wider economic success. Through the promotion of Dubai experiences via Hilton Honors and other channels, more potential visitors globally are poised to discover Dubai, while the high standards of service offered through touchpoints in the city, including Hilton hotels, will contribute to increased advocacy and repeat visitation.”
Hilton is a global hospitality leader with a portfolio of 24 world-class brands comprising approximately 8,000 properties and more than 1.2 million rooms in 126 countries and territories. Within Dubai,
Hilton has 24 hotels under nine brands, with Embassy Suites by Hilton Dubai Business Bay and Hilton Garden Inn Dubai Business Bay among the most recent additions to its portfolio in the city.
Guy Hutchinson, President, MEA, Hilton, said: “Dubai continues to solidify its position as a leading global destination and this strategic partnership with the Dubai Department of Economy and Tourism (DET) works to further this vision as we bring more than 105 years of industry expertise towards our shared goal of making the emirate synonymous with hospitality excellence. Hilton has enjoyed a longstanding relationship with DET and we remain committed to supporting Dubai’s remarkable initiatives that pave the way for world-class experiences for visitors from around the world. We also look forward to participating in the Department’s training programmes and workshops, aimed at cultivating the next generation of hospitality professionals.”
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Aviation and Logistics Leaders Unite for a Night of Excellence
Dubai to Host Aviation Annual Gala, Logistics Leaders Gala, and Aviation Innovation Awards on December 12, 2024
Dubai’s Marina will be the stunning venue for three key industry events on December 12, 2024, bringing together leaders in aviation and logistics for an evening of recognition and networking. Hosted aboard a luxury mega yacht docked in front of Pier 7, the Aviation Annual Gala Evening (AAGE) has become a signature event for senior executives in aviation. Now in its ninth year, AAGE will offer a sophisticated platform for industry pioneers to celebrate advancements, explore collaborations, and connect with peers from across the region and beyond.
Adding to the excitement, the Aviation Innovation Awards will honor transformative achievements in aviation technology, sustainability, and operations. With categories celebrating breakthrough projects
and individual excellence, the awards highlight the region’s impact on global aviation and recognize the visionaries shaping its future. The awards ceremony, integrated into the gala, will emphasize the region’s commitment to progress in critical areas like environmental responsibility and digital transformation.
For the first time, the Logistics Leaders Gala Evening will be co-located with AAGE on the same yacht. This exclusive gathering extends the celebration of industry achievements
to the logistics sector, where innovation and efficiency are crucial to global connectivity. By hosting leaders from both aviation and logistics, the evening will foster cross-industry discussions on shared challenges and future collaborations, underscoring the growing interconnectedness of these fields.
This unique blend of celebration and high-level networking makes December 12 a significant date for professionals in aviation and logistics. With live entertainment, fine dining, and an extraordinary waterfront setting, the evening promises to be an inspiring celebration of excellence, showcasing Dubai’s role as a hub for both sectors.
For Enquiries contact: E: info@cme-media / T:. 971 58 518 80 80
Empowering Everyday Investors: Mohammad Al Mortada Al Dandashi’s Vision for Financial Inclusion in Digital Trading
In an exclusive Q&A, Mohammad Al Mortada Al Dandashi, Group Managing Director of Al Ramz Corporation P.J.S.C, discusses the driving vision behind Al Ramz’s innovative Trading Platform. He explains how their commitment to financial inclusion, advanced AI tools, and user-centric design are transforming the trading experience. With a focus on empowering everyday investors and ensuring their security, Al Ramz aims to set new standards for accessible, responsible investing in a rapidly evolving financial landscape.
What inspired Al Ramz to develop a trading platform that emphasizes financial inclusion for regular investors?
At Al Ramz, we see a transformative opportunity to redefine the trading landscape, with a strong commitment to financial inclusion for everyday investors. Leveraging our 25 years of experience as a UAE-based financial leader, we are uniquely positioned to champion this cause and drive meaningful change in the industry. Our strategic review underscored a challenge: while we have a robust customer base, scaling our personal touch without compromising quality required us to reimagine our service model. Digitalization became not just a solution but a catalyst for broader access.
In designing our trading platform, several stark realities came to light, the rise of high-risk CFD platforms, escalating losses among digital investors, events like GameStop, and the emergence of questionable “free trading” models. These highlighted a critical gap: the need for a reliable, investor-centered platform that empowers and protects regular investors.
Mohammad Al Mortada Al Dandashi, Group Managing Director of Al Ramz Corporation P.J.S.C
Our response is rooted in a vision to elevate investor returns as the foundation of our mission. We reject risk-amplifying structures like CFDs and avoid trade aggregators. Instead, we provide powerful tools, including generative AI, to empower informed decision-making and cultivate a collaborative investor community where education and shared insights thrive. Furthermore, we are dedicated to creating a “digital financial mall”—a platform where investors at any experience level can effortlessly access the resources, insights, and market opportunities essential for their success.
and gain clarity on broader financial concepts. Our platform empowers individual investors by helping them construct tailored portfolios aligned with their unique objectives, leveraging advanced quantitative models to enhance decision-making.
This robo-advisory tool essentially democratizes asset management services that traditionally require high minimum investments, aligning with our commitment to financial inclusion. It offers rebalancing features, advanced customization options, and operates at a significantly lower cost while adhering to strict regulatory requirements, including
Al Ramz is committed to redefining the trading landscape with a strong emphasis on financial inclusion, empowering everyday investors by providing a reliable, investor-centered platform that avoids high-risk structures and prioritizes informed decisionmaking through powerful tools and a collaborative community.
How does the integration of AI and Robo Advisory in your platform benefit individual investors compared to traditional advisory services?
Our approach to robo-advisory stands apart from typical offerings, which often act merely as fund or ETF selectors. We’ve crafted a proprietary solution that is both interactive and personalized, enabling users to receive answers to financial questions, explore insights on listed companies,
custody. Notably, it’s the only such tool licensed in the UAE, allowing investment decisions at the security level, rather than just funds or ETFs. This approach enables individual investors to access sophisticated advisory services typically reserved for institutional clients.
What key features in the platform make it easier for new or smaller investors to optimize their portfolios and make strategic decisions?
Our platform is designed to
empower new and smaller investors by providing deep insights into all listed securities, including real-time news, fundamental data, technical analysis, advanced charting tools, and analyst reports. Additionally, a social forum enables users to discuss the market and individual securities, creating a community where ideas and insights are shared. These are typically features reserved for institutional clients, yet we’ve made them accessible to all investors on our platform.
What further sets our platform apart are unique features licensed only to Al Ramz in the region, such as a robo-advisory tool and a copy book feature. These tools complement the wealth of information available, giving users access to resources that are traditionally available only to asset managers or institutional investors. Together, these features ensure that all investors, regardless of their experience level, have the knowledge and support needed to make informed, strategic decisions. How does copy book serve the needs of everyday investors and align to Al Ramz financial inclusion emphasis?
Copy Book is a powerful tool that empowers everyday investors by allowing them to view the portfolios, historical performance, and risk profiles of more experienced investors on our platform. Users have the option to allocate funds to “copy” the trades of these investors, giving them a practical way to engage in strategies typically reserved for asset management, but with more accessibility and transparency.
Aligned with Al Ramz’s commitment to financial inclusion, Copy Book effectively democratizes asset management by making sophisticated investment strategies available at
lower fees. It fosters an environment for freelance asset management while maintaining essential controls, including the disclosure of historical performance, risk profile assessments, and transparent portfolio composition. This feature offers users unique insights into the market, helping them learn from seasoned investors and gain a clearer understanding of capital market dynamics.
How does your platform ensure that all users, regardless of investment size, have access to high-quality financial insights and portfolio management tools?
Our platform is designed to level the playing field for all investors by providing high-quality financial insights and portfolio management tools typically reserved for institutional clients. Key features like the social forum, Copy Book, and robo-advisory enhance both the learning experience and investment decision-making for users of all levels. Through the social forum, our community engages in meaningful discussions, exchanging insights on market trends and specific securities. This shared learning environment fosters a collaborative atmosphere, helping users to build their financial knowledge and confidence.
Additionally, we’ve removed minimum investment barriers, making advanced tools accessible to everyone, regardless of their portfolio size. Features like our roboadvisory offer tailored guidance that adapts to each user’s goals, while the Copy Book allows users to track the strategies of more experienced investors, providing a transparent look into professional-level decisionmaking. These tools ensure that every investor, regardless of experience or capital, has the resources to make
informed and strategic investment choices. Al Ramz is committed to financial inclusion, and this platform is a significant step toward giving all users a comprehensive and empowering investment experience.
What measures does Al Ramz take to maintain user security and data privacy, particularly given the advanced technologies powering the platform?
At Al Ramz, we prioritize user security and data privacy as fundamental pillars of our platform, particularly in the digital age where concerns around data misuse are prevalent. We understand the apprehension that users feel regarding the potential sale or misuse of their personal and trading data, as many platforms increasingly monetize aggregated user information for targeted advertising and other commercial purposes. Our approach is different: we are committed to transparency and protecting user data.
To uphold this commitment, we ensure that every user’s data is handled with
the utmost confidentiality, free from hidden clauses or small print that compromise privacy. Al Ramz does not sell or share any form of client data, and we deploy robust security protocols to safeguard all information within our platform. By securing user data with state-of-the-art technology and adhering to strict data privacy standards, we aim to foster an environment of trust where users can focus on their investment journey with confidence, knowing their personal and financial information is fully protected.How does Al Ramz plan to continue innovating its platform to meet the evolving needs of the average investor?
At Al Ramz, our commitment to continuous innovation is driven by a vision to empower every investor with advanced, accessible tools that adapt to their evolving needs. We are actively enhancing our robo-advisory tool to offer an “active mode” feature, a next-generation solution that acts as a proactive companion for users. When activated, this feature not only provides timely guidance on investment decisions but can also execute transactions on behalf of clients, ensuring they never miss critical opportunities, even when they’re away from the platform.
Looking ahead, we are also broadening the scope of available asset classes and expanding into new markets to create a comprehensive digital financial ecosystem. Our goal is to develop a “digital financial mall”, a platform where investors of all experience levels can seamlessly access the resources, insights, and market opportunities they need to succeed. This forward-thinking approach allows us to stay agile in a rapidly changing financial landscape, ensuring that Al Ramz continues to be a leader in delivering innovative solutions for the modern investor.
Mohammad Al Mortada Al Dandashi, Group Managing Director of Al Ramz Corporation
P.J.S.C
Leveraging AI and Design for a Competitive Edge in Accessibility
Exploring how AI and universal design principles can drive innovation, ensuring inclusivity and accessibility in both digital and physical spaces for a diverse global population.
Optimising Design and AI to Gain a Competitive Edge with Accessibility and Inclusivity
The inaugural Global Stratalogues was held in Dubai in partnership with MEA Business. The overriding theme was the role of AI in augmenting human abilities and improving our living environments, while considering the dual nature of AI as both a tool for empowerment and a source of ethical dilemmas. How can a level playing field be ensured rather than technology deepening existing inequalities?
The panel’s discussions laid the groundwork for future conversations about how AI and technology can be leveraged to create a more inclusive world where accessibility is a right, not a privilege.
Uthman Ali, Global Responsible AI Officer, BP, highlighted how AI can improve the living conditions of people with disabilities and special needs or, as referred to in the UAE, ‘people of determination’. A key concern is algorithmic bias in AI technologies. Digital assistants are impacted by something as simple as poor-quality headsets or a diverse accent, which can lead to misinterpretation. Facial recognition systems often discriminate against people with darker skin tones or disabilities because of inherent biases in training data. To truly achieve accessibility, Uthman argued that AI tools must adapt to the needs of all users, including those in wheelchairs or people with speech impediments.
From left: Andrew Whitworth, PhD, Former Policy Director of Ripple, Anu Jain, CEO, Nexus Cognitive (Led the Watson program at IBM as General Manager of Media & Entertainment), Aaron Mc Daid, Principal, Design Confidence, Uthman Ali, Global Responsible AI Officer, BP, BP, Dr. Marwan Al Zarouni, CEO of AI, Dubai Economy and Tourism, Dr. Rukiya Deetjen Ruiz, Learning Disabilities Expert and Special Olympics UAE organizer, Yahya Jan, President & Design Director, NORR Group (Architect of World’s Tallest Hotel, Ciel Tower), Oscar Wendel, Chairman, Global Stratalogues
The development of AI must prioritise inclusivity from the outset. “The most interesting thing to me,” he said, “is the ethics of brain-computer interfaces (BCIs),” which have the potential to restore communication for people with disabilities, but which also raise deep ethical concerns about control, consent, and privacy.
Brain-Computer Interfaces: A GameChanger or Ethical Minefield?
BCIs such as Elon Musk’s Neuralink offer revolutionary potential for people with locked-in syndromes or disabilities that impair communication. Uthman explained that these devices could allow people to type or speak simply by thinking, a breakthrough
Leaders at Global Stratalogues explore AI and design, paving the way for an inclusive digital and physical world.
The most interesting thing to me,” said Uthman Ali, Global Responsible AI Officer, BP, “is the ethics of brain-computer interfaces (BCIs),” which have the potential to restore communication for people with disabilities, but which also raise deep ethical concerns about control, consent, and privacy.
Department, noted Dubai’s push for inclusivity extends into everyday interactions, from voice-activated elevators to multilingual and accessible staff. This approach illustrates how universal design, when integrated into urban planning, can make a city like Dubai more welcoming to all. “You’ll see even on the airplane, the materials ... entertainment for the blind, content for the hearing impaired,” Dr. Marwan said. Dubai’s inclusive infrastructure extends to voice-activated elevators, Braille signage, and staff trained to assist people with various needs, making the city a model of accessible urban design.
The Unique Opportunity of Giga Projects
Dr. Talal Alharbi, Accessibility Expert for Giga Projects, said in preparation for Expo 2030 and the World Cup 2034, the focus on accessibility is a priority. “Our commitment is to provide seamless accessibility that not only meets but exceeds global standards. We are learning from international best practices to create a memorable experience for everyone, from the moment they leave home to the time they return. With full support from our leadership, we are working tirelessly to ensure that these events set a new benchmark in accessibility.”
About Global Stratalogues:
in accessibility technology. However, this raises profound ethical questions, especially as the line between humans and machines blurs. BCIs could also exacerbate inequalities if they shift from accessibility tools to cognitive enhancers, giving those who can afford them a distinct advantage. The first country to regulate BCIs, Chile, introduced the Neuroprotection Bill, establishing the right to mental
augmentation and free will in the age of brain implants. This legislation aims to safeguard individuals from manipulation or coercion through such devices, a critical issue as technology advances.
AI and Tourism: Making Cities Accessible for All
Dr. Marwan Al Zarouni, CEO of AI for Dubai’s Economy and Tourism
Global Stratalogues fosters industry collaboration and knowledge-sharing by hosting experts from diverse fields to address challenges. By engaging leaders in meaningful conversations to explore innovative technology and design solutions, Global Stratalogues aims to drive progress toward accessibility and equality in urban and digital environments. The next session, which will include dinners, roundtables, and workshops, will take place at the House of Lords in the UK Parliament from January 13 to 15.
From Left: Oscar Wendel (Global Stratalogues), Aaron Mc Daid (Design Confidence), Dr. Talal Alharbi (Accessibility Expert on Giga Projects), Peter Stephenson (Hydrock)
The MEA Finance Leaders in Payments Awards 2024 highlighted the innovations and achievements of the region’s top banking, fintech and financial technology companies
Once again, the MEA Finance Leaders in Payments Awards brought well deserved recognition to the business, organisations and individuals who are boosting regional economies by building the new payments landscape in our region.
The winners of the MEA Finance Leaders in Payments Awards 2024, held on the 12th of September 2024 at the Ritz Carlton Hotel JBR in Dubai, were announced and presented with their awards in a ceremony attended by over 250 leading change makers and senior executives from banking, fintech and payments technology providers.
These highly anticipated, regional payments focused awards recognised key individuals and businesses, and the innovations that are building the
new, smarter and a more inclusive payments ecosystem in the region that will transform economies and positively affect the lives of people and businesses across the region.
Organised by MEA Finance Magazine, this important annual celebration is at the apex for recognition of payments excellence across the region, spotlighting the innovations and stand-out performance of institutions in the banking, fintech and payments technology space.
A higher than ever number of entries than previously received, underwent evaluation by a panel of judges comprised of industry experts in order to match these prestigious awards to deserving winners.
Thirty-four category winners were selected for their achievements in understanding and satisfying the needs of the market, clients and customers.
Here follows the full list of the MEA Finance Banking Leaders in Payments Awards 2024 winners:
Best Payment Gateway - Mastercard
Best Payment Gateway Implementation
- Standard Chartered Bank
Best End-to-End Online Payments
Processing Systems ProviderAmazon Payment Services
Best Real-Time Payments Provider - ACI
Best Real-Time Payments
Implementation- National Bank of Fujairah
Best Digital Overlay Payment Service
Provider - Payit - powered by FAB
Best Payment Technology
Implementation UAE - Mashreq
Best Payment Technology
Implementation KSA - Network
International
Best AI Application in PaymentsStandard Chartered Bank
Best User Experience in Payments
UAE - RAKBANK
Best User Experience in Payments
KSA - DiXio
Best Cross-Border Payments
Technology Provider - TCS BaNCS
Landmark Innovation in Cross-Border Payments Award - Buna
Best Payments as a Service Award - HPS
Best Payments Cyber Security
Provider - Trend Micro
Best Digital Payment Transformation Initiative - Global Software Solutions Group (GSS)
Best Innovation in Payments
Technology - Commercial Bank of Dubai
Best Mobile Payment App
- Beyon Money
Best Open Banking Payments Project
- Mashreq and GBM
Best Payments Inclusivity InitiativeMagnati and e& money
Best Instant Payments Technology
Implementation - Mashreq NEOPAY
Best Instant Payments Technology
Solution - Commercial Bank of Dubai
Best Instant Payments Technology
Implementation Provider - Magnati
Best Digital Collections Platform for Corporate Banking - Mashreq and Mindgate
Best Remittance and Foreign Exchange Service Provider - Al Ansari Exchange
L.L.C.
Best Payment System Implementation
- National Bank of Fujairah
Best Bank Payments PlatformEmirates NBD
Payments Innovation of the Year UAE
- Mashreq NEOPAY
Payments Innovation of the Year KSA
- Saudi Awwal Bank
Overall Best Payments Platform in the Middle East - Network International Payments Technology Executive of the Year in Banking - Thomas Cherian , Chief Information Officer, Commercial Bank of Dubai
Payments Technology Executive of the Year in Financial ServicesMohammad Bitar, Deputy Group CEO, Al Ansari Financial Services PJSC
Digital Payments Leader of the Year - Kartik Taneja , Executive Vice President of Payments and Consumer Lending, Mashreq and Chairman of NEOPAY
Payments Executive of the Year
- Ramana Kumar , Chief Executive Officer, Magnati
MEA Business Technology Achievement Awards 2024 Winners
ME A Business Technolog y Achievement Awards 2024 (Winners)
The winners of the MEA Business Technology Achievement Awards 2024 were recently announced. The awards recognise exceptional excellence in the technology sector. The award winners’ presentattions will take place during GITEX Technology Week from 14-18th October 2024.
The winners of the MEA Business Technology Achievement Awards 2024 were announced. The awards recognise exceptional excellence in the technology sector. The award winners’ presentations took place during GITEX Technology Week on 14-18th October 2024.
Financial
AI
Telecoms
Security
Expanding Horizons: Nutanix’s Strategic Growth and Vision in the MEA Region
MEA Business speaks to Mohammad Abulhouf, VP & GM for EMEA Emerging Markets, about Nutanix’s growth in the Middle East and Africa, new Saudi Arabia office, and goals to support AI-driven transformation across key industries.
Can you provide an overview of Nutanix’s presence and operations in the Middle East and Africa?
Nutanix has extensive operations across the MENA region which include the Middle East, Turkey, and SubSaharan Africa. We have offices in major cities across these markets. We recently appointed Raif Abou Diab to run our Sub-Saharan operations, an extension to his current role managing the South Gulf region.
Could you tell us about your new office in Saudi Arabia? What opportunities does Nutanix see in the Saudi market, and how will this expansion support your goals?
Nutanix just celebrated the inaugural opening of our state of the art offices in Riyadh. This is a testament to our dedication to the Kingdom and the rapid demand for the country to drive digital transformation. Our office has tripled in size with a 70% increase in employees which was needed to support our growing customer base. Part of Vision 2030 emphasizes the need to develop a digital economy, drive sustainable IT practices and enable smart cities. As such, it has placed significant pressure on IT teams to deliver. We are seeing thousands of customers increasingly needing to adapt their infrastructure needs to a simple, scalable, and seamless cloud platform. Whether companies are going cloud-first, or simply wish to transition to the cloud, Nutanix offers
an easy, fast and secure way to make that happen.
What unique challenges do Nutanix customers encounter in the MEA region, and how do you tailor your solutions to meet these needs?
There are several challenges that organizations face in the region, but most often we see the rising demand to move to the cloud fast as part of a broader cloud strategy. Moving to the cloud can be costly and time sensitive and the challenge is to accelerate that process. Moving to the cloud requires a modernization of applications and many times that requires a re-factoring of those applications. Nutanix supports this through our offering NC2 (Nutanix Clusters), which can support customers immediately, with a lift and shift approach. We have partnered with the major hyper-scalers in order to support this shift as well.
It’s important to mention the Broadcom acquisition of VMware, as this is a large challenge being faced by thousands of organizations who are now seeking an alternative. The acquisition posed many challenges such as rising costs and limited distribution channels, and general uncertainty, That has led to customers approaching Nutanix to seek options, and as such, we have built a safe passage for them to migrate to Nutanix with ease.
Could you discuss Nutanix’s approach to forming strategic partnerships within the MEA region
to enhance service offerings?
Nutanix has many friends/alliances in the technology landscape because we believe in the freedom of choice, so that we help customers avoid any vendor lock-in. We have partnered with all OEM/ hardware providers, so you can choose to run Nutanix on anything. Predominately our partnerships in this region are with Cisco, Lenovo, Fujitsu and most recently with Dell. We have also partnered with leading technology vendors such as RedHat in order to power the next-generation of virtualized and cloud-native workloads and Citrix, to deliver seamless and secure hybrid multicloud end-user computing. The list goes on. We have done this to ensure that migrating to Nutanix will not be a burden despite whatever the customer has already committed to in terms of technology.
In our most recent efforts to support companies and their AI journey, we have a whole set of strategic alliances from AI hardware to AI model and operations. These include NVIDIA, Hugging Face, and Data Robot to name a few.
What are Nutanix’s main priorities and goals for the next five years in the MEA region?
Nutanix’s main priority will remain to support digital transformation efforts of enterprises across all the regions we support, irrespective of which stage they are in their digitization
journey. As such we have evolved our missions to support technology trends and customer priorities.
Our first mission was to support customers in modernizing their datacentres. This meant moving away from legacy 3-tier infrastructure and embracing hyper-converged infrastructure. We broke down IT silos and allowed IT operations to perform at the best possible rate, along with reducing the costs associated with the complexity. The second was to take customers to the cloud with seamless operations, as the government mandates are pushing for companies to be in the cloud. We support that mission by providing an easy path to the cloud. We are working with major hyperscalers such as Azure and AWS to support this transition. Now, our current mission is the need to support an AI agenda. We are seeing companies seek infrastructure that can help support their AI applications. With Nutanix we can jumpstart your AI transformation with our platform that delivers control, privacy and security. This includes containerization as you cannot talk about AI without container management. We are seeing several use cases for this and are supporting the challenges that come with it. Whether it be building a private GPT, or requiring GenAI code development, or an AI-assisted document understanding – Nutanix supports these and many other use cases in the AI journey.
At the moment, we’re seeing high demand in sectors such as Financial Services – the early adopters of AI technology, along with Healthcare and the Public Sector. Our end goal is to support the business value of AI applications, helping customers seek and eventually benefit from their investments with AI.
Mohammed Abulhouf, VP & GM for EMEA Emerging Markets
How robotics is shaping the future of business interaction in the UAE
As robotics technology progresses, Roman Ziemian, a serial entrepreneur known for his technological ventures, discusses its transformative impact on the UAE’s business landscape—from enhancing customer engagement to streamlining operations and setting new standards in service, efficiency, and collaboration.
In the UAE, the rapid adoption of technology has already propelled the nation into a position of global influence, particularly when it comes to innovations that enhance business and lifestyle. One such technology making a substantial impact is robotics.
As an entrepreneur with a focus on emerging markets and advanced technology, I’ve witnessed how social and collaborative robotics are quickly becoming an integral part of the UAE’s diverse sectors. From healthcare to retail, hospitality to logistics, robotics is reshaping not just how businesses operate but also how they engage with customers and employees.
While robots in the past were confined to factories, today’s social and collaborative robots are designed to interact and work alongside humans, opening doors to new possibilities in customer service, operations, and accessibility.
Transforming customer engagement in retail and hospitality
Robotics is transforming customerfacing sectors such as retail and hospitality—two industries where the UAE excels. Imagine walking into a hotel lobby in Dubai and being greeted by a social robot capable of checking you in, providing information about local attractions, or even customising services based on your preferences. It may sound futuristic, but it’s happening
Roman Ziemian, Serial Entrepreneur Known for His Technological Ventures
now. Hotels, shopping malls, and entertainment venues across the UAE are beginning to pilot social robots to enhance customer experience and deliver more efficient service.
In a fast-paced environment like
Dubai’s retail sector, robots can assist shoppers by answering queries, directing them to specific departments, or even managing queues—services that ensure a smooth, high-quality experience. By implementing these technologies,
the UAE’s businesses are not just increasing customer satisfaction but also setting a new global standard in luxury, convenience, and personalised service.
Enhancing efficiency in healthcare and government services
The UAE’s healthcare sector has also embraced robotics to enhance patient care and streamline operations. Hospitals and clinics are utilising robotics for everything from patient intake to diagnostics. In government
services, robots are being integrated into customer service centres, providing routine information and directing visitors to the appropriate departments. This not only speeds up service but also reduces wait times, making processes more efficient for residents and tourists alike.
The UAE’s focus on innovation in healthcare is exemplary. Robots assisting healthcare professionals enable doctors and nurses to spend more time with patients, enhancing the
Robotics is transforming customer engagement in retail and hospitality in the UAE, enhancing customer experience and setting new global standards in service.
quality of care. By taking over routine tasks, robotics also reduce burnout among healthcare staff, a significant factor in any high-demand industry.
A collaborative approach to operations
In sectors like logistics and warehousing, collaborative robots, or “cobots,” are transforming workflows by working side-by-side with human employees. The UAE’s major logistics hubs are
increasingly adopting cobots to handle repetitive tasks, allowing human workers to focus on complex, decisionbased roles. Cobots can sort and transport goods, analyse inventory, and perform quality control, ensuring faster, more accurate operations.
This collaborative approach isn’t just about efficiency; it’s about creating a work environment where humans and machines complement each other’s strengths.
Supporting accessibility and inclusivity
Robotics in the UAE also has a profound role in enhancing inclusivity. For instance, robots designed to assist individuals with disabilities are helping to make public spaces, government buildings, and commercial venues more accessible.
Language translation robots, which provide real-time translation services, are also particularly valuable in a multicultural hub like the UAE, where businesses frequently engage with people from diverse backgrounds. This inclusivity is not only a reflection of the UAE’s values but also a driver of customer loyalty and engagement.
Embracing a robotic future in the UAE
For entrepreneurs, the question is not whether to integrate robotics into their business but rather how to do it thoughtfully and strategically. The UAE’s open and forwardthinking environment provides the perfect backdrop for businesses to experiment with robotics while enhancing customer interactions. The integration of robotics into UAE businesses signals a profound shift in how industries engage with customers, manage operations, and ultimately contribute to the national economy.
As someone deeply passionate about technology’s role in shaping the future, I see robotics as not just a tool but a partner in achieving business and societal goals. From enriching customer experience to making workplaces safer and more efficient, robotics in the UAE promises a future where technology and human values work hand-in-hand.
Embracing robotics isn’t just about innovation—it’s about building a sustainable, inclusive future that continues to set global benchmarks in business and beyond.
Moving up a Gear
Fintech has already drastically changed how we bank and conduct payments but with the increasing use of AI, the financial sector is also being rapidly reshaped and enhanced to radically change how we borrow and invest
Fintech firms emerged in the early 2010s, initially disrupting the payments industry.
However, their influence has rapidly spread to all aspects of financial services, challenging even the most traditional banking sectors, such as wealth management.
Traditional banks are under pressure from fintech firms, technology giants and digital-native banks (neobanks). KPMG said that the current competitive landscape has compelled incumbents to modernise their operations, adopt innovative technologies and prioritise customer experience.
The GCC fintech market remains a hotbed of innovation and growth despite a sobering few years in funding and valuation terms. “Despite a challenging
venture capital landscape, fintech remains a top choice for investors in MENA, raising $186 million across 50 deals in the first half of 2024,” according to MAGNiTT, which captures venture capital data said in its H1 2024 MENA FinTech Venture Investment report.
The emergence of generative AI (GenAI) and other disruptive technologies, coupled with the robust demand for innovative financial solutions, presents a fertile ground for the growth of the GCC fintech industry.
GenAI, an offshoot of deep learning technology or traditional artificial intelligence (AI), became a buzzword last year, setting the financial services industry on a path to experimentation while sparking discussions around the promise and future of AI in the industry.
“With the advent of game-changing technologies such as GenAI and with still billions of unbanked and underbanked individuals worldwide, fintech has vast potential,” said Boston Consulting Group (BCG).
GenAI is a game-changer in the banking sector. Given its’s digital-first cost structure and ability to deliver substantial gains in coding, customer support and risk management, its impact in the fintech space is poised to be even more pronounced.
Though the first part of the fintech journey was led by payments, representing 40% of all fintech revenue in 2021, the B2B2X (business-to-business and various intermediaries) approach is ushering in the next phase of growth.
The industry has witnessed a surge in innovative applications powered by AI, such as embedded finance, open banking, buy-now-pay-later (BNPL) and robo-advisory, driven by AI’s ability to process massive datasets, identify patterns and predict future trends.
GCC countries are actively supporting financial technology innovation through regulatory reforms, regulatory sandboxes and infrastructure improvements. They are also nurturing the growth of fintech
startups in special economic zones such as the Bahrain FinTech Bay, the Dubai International Financial Centre (DIFC) and Abu Dhabi’s Hub71.
Open banking
The financial services sector is undergoing a seismic shift fueled by AI, digital innovation and a surge in the adoption of digital financial services.
Open banking is revolutionising financial services, creating new opportunities for innovation and transforming the way businesses and financial institutions interact. By fostering a more open infrastructure, open banking is accelerating modernisation and driving service diversity.
The innovative technology allows fintech firms – with explicit consent – to access individuals’ or companies’ financial data through Application Programming Interfaces (APIs). It is enabling a wide range of innovative services, such as streamlined loan applications, online account openings and flexible payment options.
By leveraging APIs, fintechs, especially in payments, lending and wealth management, have revolutionised traditional financial models, offering innovative financial services to a wider range of individuals and businesses. Over the past five years, fintech firms in the Gulf region have launched and scaled digital solutions, creating value for customers, partners and investors.
PwC said that open banking holds the potential to reshape the financial services landscape and several financial centres in emerging markets, including the GCC region, are making considerable moves in this space.
The notable initiatives that are being implemented in the GCC region include a European-style regulation-driven approach in Bahrain and an Americanstyle market-driven approach in the UAE that the Abu Dhabi Global Market and DIFC are spearheading.
Bahrain was the first GCC state to mandate open banking. The kingdom issued its open banking rules in 2018, followed by a framework with guidelines on data sharing and governance in late 2020.
Saudi Arabia’s market-driven approach has evolved towards a more structured regulatory framework.
Following the issuance of its open banking policy in January 2021, Saudi Central Bank (SAMA) published its full open banking framework in November 2022, with an initial focus on account information services to be followed in the second phase by a focus on payment initiation services.
The central bank introduced an ‘Open Banking Lab’ in December 2022 to speed up the development of open banking in Saudi Arabia. The ‘Lab’ constitutes a
revolutionised how financial services are accessed and utilised.
Embedded finance is revolutionising the fintech world. It leverages innovative technologies such as AI, the cloud and machine learning to connect financial products such as payments, loans and deposits to non-financial platforms ranging from company websites to mobile apps.
The innovative approach makes it easier and cheaper for merchants and brands to offer financial services to their customers.
“AI is evolving into the linchpin of the embedded finance revolution, thanks to
DESPITE A CHALLENGING VENTURE
CAPITAL LANDSCAPE, FINTECH
REMAINS A TOP CHOICE FOR INVESTORS IN MENA, RAISING $186 MILLION ACROSS 50 DEALS IN THE FIRST HALF OF 2024
– MAGNiTT
‘technical testing environment’ to enable established banks and fintech companies the opportunity to ‘develop, test and certify’ open banking services to ensure compatibility with the framework.
The nascent adoption of open banking in Qatar reflects efforts by the central bank and financial institutions.
Qatar Central Bank’s 2023 Fintech Sector Strategy Summary emphasises developing a robust framework facilitating digital transformation.
Open banking, fintechs and AI are converging to revolutionise the financial services industry. The powerful combination is driving innovation, improving customer experiences and creating more inclusive financial solutions.
Embedded finance
From e-commerce platforms offering BNPL to payment service providers integrating lending into their value proposition, embedded finance has
advancements in GenAI, large language models (LLMs) and deep learning,” Arthur D. Little said in a report, adding that GenAI can create personalised offerings, while LLMs can handle customer inquiries, manage data and predict market trends more accurately.
For decades, nonbanks have provided financial services through private-label credit cards at retail chains, supermarkets and airlines. However, McKinsey said what makes the next generation of embedded finance so powerful is the integration of financial products into digital interfaces that users interact with daily.
“Retailers, software companies, online marketplaces, automotive equipment manufacturers and e-commerce platforms are steadily embedding financial products and services into their end-to-end customer journeys,” according to EY.
The seamless integration of financial services into customers’ daily lives has entered a new era.
Analysts expect the embedded finance product portfolio in the GCC region to expand further as customer onboarding, product servicing and realtime risk analytics become increasingly digitised and sophisticated.
Following global trends, fintech firms in the Gulf region are expanding their offerings while prioritising sustainable value creation. Many are shifting from traditional mobile wallets and payment solutions to a broader range of sophisticated financial products that cater to both individual consumers and businesses.
Saudi BNPL provider Tamara, Bahraini microfinance platform Bede, UAE proptech firm Huspy and Saudi consumer Insurtech platform Rasan are examples of GCC fintechs that have entered a new phase of value creation, prioritising sustainable, profitable growth.
The evolution of embedded finance is being fueled by changes in commerce, merchant and consumer behaviour and technology. For nonbank platforms, the innovative approach offers an opportunity to advance the customer experience and create new revenue streams without the overhead of traditional banking operations.
Spreading Payments
Today, consumers in the GCC region demand fast, seamless and personalised experiences similar to those offered by Netflix and global e-commerce giant Amazon. This expectation extends to
WITH THE ADVENT OF GAMECHANGING TECHNOLOGIES SUCH AS GENAI
AND WITH STILL BILLIONS OF UNBANKED AND UNDERBANKED INDIVIDUALS WORLDWIDE, FINTECH HAS VAST POTENTIAL
– Boston Consulting Group
banking, where users seek intuitive and integrated solutions for everyday transactions and BNPL delivers on this demand by providing a streamlined and user-friendly experience.
The Gulf region’s already fast-growing BNPL sector experienced exponential growth at the height of the COVID19 pandemic, fueled by a tech-savvy population, a booming e-commerce sector and the allure of flexible payment options.
“The BNPL industry in the UAE and Saudi Arabia has exploded in popularity. Just two years ago, only one in 10 consumers used the payment service. Today, the figure has doubled, with one in five consumers embracing this flexible payment option,” said consultancy firm Redseer Strategy Consultants.
The growth has spurred significant changes in fintech business models, with local players such as Tabby, Tamara, Cashew and Postpay driving this regional surge.
The competitive landscape is undergoing a shake-up, with companies such as Spotii closing down while Tabby and Tamara have secured significant funding rounds, raising $200 million and $340 million, respectively, at valuations of $1.5 billion and $1 billion in 2023 ahead of their anticipated listing on the Saudi Exchange.
“As consumers increasingly interact with platforms that seamlessly integrate financial services into their daily lives, these services become a familiar and accessible part of the digital experience,” Roland Berger said while noting that regional platforms such as Careem and Noon have successfully integrated payment and lending services, including BNPL, into their customer journeys.
As technology advances and consumer preferences keep changing, BNPL fintechs continue to evolve and strive to keep pace. While the idea of paying in instalments is not new, what’s groundbreaking is how fintech firms are leveraging innovative technologies such as open APIs, the cloud and AI to deliver unprecedented levels of speed, scalability and seamless integration with consumer platforms.
Henceforth, the robust funding for fintech firms in the GCC region will continue to drive innovation, while extensive digital penetration and a technologically savvy population will enable high rates of user uptake. Fintech services will continue to expand as competition and collaboration between incumbents and digital attackers intensifies.
Talking Türkiye
After returning to more conventional economic policies, early signs show that a tight approach to monetary and fiscal policy is working, but if Türkiye is to preserve and make further progress, the authorities must overcome substantial challenges
Türkiye’s President Recep Tayyip Erdogan made an abrupt U-turn in economic policy after his triumph in a national election in May 2023, resulting in aggressive interest rate hikes to rein in inflation expectations, which soared under his years-long unorthodox policy stance.
However, in the March 2024 municipal elections, the country’s electorate sent a clear message to their President: the economy isn’t working for them.
President Erdogan has asked for patience with slower economic growth and
high borrowing costs, promising a reprieve and Governor Fatih Karahan said in July that the central bank’s tight policy stance would continue as the country is “on the verge of a sustained disinflation period.”
The Turkish authorities’ resolve is not misplaced; data backs it. The International Monetary Fund (IMF) said a turnaround in economic policies since mid-2023 tightened Türkiye’s overall policy mix, sharply reducing crisis risks and raising confidence.
“The current account deficit fell to 2.7% of GDP in Q1 2024, market sentiment improved, international reserves increased
by $91 billion since April, international credit agencies upgraded Türkiye’s sovereign risk rating, and CDS spreads have declined nearly 440 basis points since mid-2023,” according to the IMF.
Türkiye’s highly anticipated three-year outlook, which was announced early in September, is expected to provide crucial insights into the government’s commitment to the ongoing economic restructuring.
Meanwhile, the Financial Action Task Force (FATF), an international crime watchdog, removed Türkiye from its “grey list” in June, a vote of confidence to the government in Ankara as the country is in the midst of its economic turnaround efforts.
Türkiye’s banking sector is experiencing a resurgence in 2024, driven by the country’s economic recovery from recent adversities, including last year’s deadly earthquakes and the COVID-19 pandemic. The economic stability has created a favourable environment for the banking sector to thrive.
Fitch Ratings revised its Turkish banking sector outlook to ‘improving’ from ‘neutral’ in June, citing reduced external financing pressures and macro and financial stability risks after the
government adopted more conventional macroeconomic policies after last year’s election.
For Türkiye to preserve and further its progress, the authorities need to overcome substantial challenges related to economic resilience, poverty and inclusion and sustainability, and leading among them is the need to revitalise economic growth after last year’s devastating earthquakes.
Return to economic orthodoxy
Türkiye’s economy is still recovering from the devastating earthquakes that struck the country in February 2023. A joint assessment by the government, the United Nations and the World Bank Group estimates the cost of recovery and reconstruction at $81.5 billion.
However, the government that was sworn in May 2023 to usher in what President Erdogan called “a new period of glory” moved to launch comprehensive policies set to address past macroeconomic imbalances , notably their high inflation.
Since then, Türkiye has been moving to normalising its macroeconomic strategies. The IMF said that, “A return to a more orthodox policy since June 2023 has improved confidence among domestic and international investors, with Türkiye recently receiving its first sovereign rating upgrade from a major ratings agency in over a decade,” said Dilara Sarı, Türkiye spokesperson for EBRD.
Türkiye experienced healthy GDP growth of 4.5% in 2023, pushing the economy past $1 trillion mark for the first time.
“With policies turning appropriately less accommodative, growth is projected at 3.5% in 2024 while inflation is forecast to fall to 46% at end-2024 from 69% at end-2023 as exchange rate pressures ease, but backwards-looking wage increases and expectations remain,” according to the IMF.
However, the growth rate is expected to drop to 3% in 2024 before picking up again in subsequent years on a
THE CURRENT ACCOUNT DEFICIT FELL TO 2.7%
OF
GDP IN
Q1 2024,
MARKET
SENTIMENT IMPROVED, INTERNATIONAL RESERVES INCREASED BY $91 BILLION SINCE APRIL , INTERNATIONAL CREDIT AGENCIES UPGRADED TÜRKIYE’S SOVEREIGN RISK RATING, AND CDS SPREADS HAVE DECLINED NEARLY 440 BASIS POINTS SINCE MID -2023
– The International Monetary Fund
more robust basis.Economists caution that chronic macro and structural issues, such as persistent inflation, lagging productivity growth and high unemployment, require robust fiscal measures and structural reforms to fuel sustainable growth.
Taming inflation
Türkiye has endured some of the world’s highest inflation in recent years. However, a recent policy shift has started to attract foreign investors who had fled when the lira plummeted as the currency’s value stabilises.
The Central Bank of the Republic of Türkiye (CBRT) kept monetary policy ultra-loose until June 2023, when the authorities hiked interest rates from 8.5%, marking a transformation in the country’s economic management.
“Further policy rate increases are needed to reduce inflation durably, accompanied by lower reliance on quantitative measures to increase the role of price signals in money and credit markets, which would help anchor a market-priced yield curve,” said the IMF.
The central bank held interest rates at a high of 50% for the fifth consecutive month in August. CBRT’s Monetary Policy Committee, led by Governor Karahan, reiterated that its policy will remain tight “until a significant and sustained decline in the underlying trend of monthly inflation.”
While the CBRT is expected to maintain its current interest rate policy for most of 2024, economists predict a potential rate-cutting cycle beginning in November as Turkish officials aim to engineer a controlled economic slowdown and cool down inflation further.
Despite the increase in interest rates, the impact on Türkiye’s banking sector thus far seems to be relatively contained. Private banks, in particular, appear to have prepared for higher rates mainly by reducing the asset duration.
The increase in Turkish benchmark interest rates has had a positive impact on banks’ profit margins and is expected to contribute to increased profitability in both 2024 and 2025.
Fitch Ratings upgraded its outlook for the Turkish banking sector from ‘neutral’ to ‘improving’ in June, citing the reduced external financing pressures and decreased macro and financial stability risks that followed the adoption of more conventional macroeconomic policies.
“Since Türkiye’s policy shift, banks have seen reduced risk premiums and improved access to external markets. Issuance gained pace in late 2023 and early 2024, with several banks issuing senior unsecured Tier 2 and additional Tier 1 instruments,” the ratings agency said.
GCC banks operating in Türkiye are expected to benefit from the country’s recent macroeconomic adjustments
and its adoption of more traditional economic policies.
The cooling inflation is expected to mitigate net monetary losses for GCC banks’ Turkish units, while slower lira depreciation should reduce the adverse capital impact from currency translation losses.
Meanwhile, GCC banks have demonstrated robust interest in expanding their operations in key regional markets, particularly Türkiye, which is on the back of an improving economic landscape and promises greater growth opportunities.
“GCC banks’ appetite to expand in Türkiye has increased since the country’s macroeconomic policy shift following last year’s presidential election, which has reduced external financing pressures and macro and financial stability risks,” said Fitch.
Dubai Islamic Bank acquired a 20% stake in Türkiye’s TOM Group of Companies in September 2023. Prior to that, in 2019, Emirates NBD snapped up a majority 99.85% stake in Denizbank for a substantial sum of $2.76 billion.
The easing of macro-prudential regulations in October 2023 is a boon for the Turkish banking sector. The CBRT had previously implemented more than 200 banking regulations in an attempt to bolster the lira during a period of low interest rates. However, many of these regulations have since been repealed, which is expected to ease operating environment pressures.
A RETURN TO A MORE ORTHODOX POLICY SINCE JUNE 2023 HAS IMPROVED CONFIDENCE AMONG DOMESTIC AND INTERNATIONAL INVESTORS, WITH TÜRKIYE RECENTLY RECEIVING ITS FIRST SOVEREIGN RATING UPGRADE FROM A MAJOR RATINGS AGENCY IN OVER A
DECADE
Dilara Sarı, Türkiye spokesperson for EBRD
–
Investible again
Türkiye, has a GDP exceeding $1 trillion and as a major player in the global economy, attracts much foreign investment due to its strategic position linking Asia and Europe. A report by EY shows that foreign direct investment flows into Türkiye grew by 17% in 2023 from the previous year, reaching $10 billion.
While the US, the UK, Germany and the Netherlands are among the country’s major foreign investors, authorities are actively seeking to increase trade and investment ties with the oil-rich Gulf states, such as the UAE and Saudi Arabia.
Türkiye, a historic crossroads, is positioning to become a preferred export corridor to Europe. It hosted transport ministers from Iraq, Qatar and the UAE in August for the so-called Development Road project – a $20 billion trade route that will connect the Arabian Gulf to Europe.
Qatar and the UAE have provided Türkiye with some $20 billion in currency
GCC BANKS’ APPETITE TO EXPAND IN TÜRKIYE HAS INCREASED SINCE THE COUNTRY’S MACROECONOMIC POLICY SHIFT FOLLOWING LAST YEAR’S PRESIDENTIAL ELECTION, WHICH HAS REDUCED EXTERNAL FINANCING PRESSURES AND MACRO AND FINANCIAL STABILITY RISKS
– Fitch Ratings
swap agreements in years while Saudi Arabia deposited $5 billion into Turkish central bank in March 2023.
The UAE and Türkiye solidified their economic relationship with a comprehensive partnership agreement in May 2023, setting a target of doubling bilateral trade to between $40 billion and $45 billion within five years. Trade between the two countries jumped 40% in 2022, according to EY, the fastest rate of growth among the UAE’s top 10 export markets.
The Gulf state also signed several deals estimated to be worth over $50 billion during a visit by President Erdogan to Abu Dhabi in July, including wealth fund ADQ possibly buying as many as $8.5 billion of bonds to fund reconstruction efforts following devastating earthquakes in February.
Early signs indicate that Türkiye’s tight monetary and fiscal policy is working, with the Borsa Istanbul Index returning more than 40% in dollar terms since a turnaround in economic policies last May, making it one of the top-performing stock markets globally. Similarly, foreign investors indicated growing confidence in the country’s economic outlook by placing $6.5 billion into lira bonds in April 2024.
Türkiye has tightened its monetary and fiscal policy since last year to tackle soaring inflation, which dropped to 51.97% in August. Going forward, Fitch said that stricter monetary policies, planned budget cuts and wage adjustments will lead to lower inflation and current account deficits, ultimately helping to maintain better foreign currency reserves.
SITA and AACO advance on collaboration to tackle aviation’s toughest sustainability challenges
Innovative collaboration between technology leader and industry association aims to deliver revolutionary solution for a more sustainable future in air travel
The aviation industry remains at a critical crossroads as it works to reduce its carbon footprint and meet global sustainability targets, all while navigating increasing regulatory pressure. Responsible for around 2% of global carbon emissions, according to the World Economic Forum, and with air travel demand projected to grow by 4.3% annually according to the International Civil Aviation Organization (ICAO), the industry must act swiftly.
In a bold continuation of their longstanding collaboration, SITA, the global leader in air transport technology, and the Arab Air Carriers Organization (AACO) are driving forward SITA Eco Mission, an innovative, data-driven solution that will assist airlines on their journey to become more sustainable
and to demonstrate their efforts. The partnership aims to equip airlines with the tools they need to meet the key challenges in the industry, which include gathering accurate, real-time data on emissions and fuel consumption; reducing operational costs related to CORSIA, EU ETS, ReFuelEU and other sustainability levers; and compliance with complex environmental regulations. More so, the solution will support airlines in moving beyond a tactical, reactive approach, helping with smarter, strategic environmental management across three key airline functions–Compliance, Strategy & Finance and Flight Operations.
David Lavorel, CEO of SITA, commented: “Our ongoing collaboration with AACO is a testament to what can be achieved when industry expertise
David Lavorel, CEO of SITA. Image Courtesy: SITA
meets technological innovation. As we face unprecedented environmental challenges, achieving sustainability in aviation demands more than compliance—it calls for a visionary approach. Together with AACO, we are advancing a solution that tackles these challenges directly, paving the way for a fresh, practical approach to environmental responsibility that moves the industry closer to its goals.”
As the aviation industry adapts to increasingly complex regulations, such as the European Union’s ReFuelEU Aviation mandate and ICAO’s CORSIA, airlines must balance emissions reduction with cost management. The continued partnership between SITA and AACO is focused on delivering the data-driven solution needed to simplify and automate compliance and reporting, streamline data collection and analysis, reduce the costs associated with becoming more environmentally friendly and help airline plan their future operations so that they can meet their cost and emission targets.
Abdul Wahab Teffaha, Secretary General of AACO, added: “ AACO is really proud that cooperating with SITA on addressing the need of the aviation industry to manage the environmental sustainability requirements and be completely transparent to regulators and customers, has delivered the “Eco Mission” solution by SITA in record time. Late last year, we signed with SITA a Memorandum of Understanding to test and undergo a proof of concept for Eco Mission with a number of AACO members. The joint work between AACO members’ teams and SITA’s delivered within a year the solution we are announcing today. Their work is invaluable, not only to AACO airlines, but also to the airlines of the world. This is a step in the right direction in the journey of airlines’ quest to deliver on their environmental sustainability objectives.”
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