Gulf Business ADGM NOV 2023

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SPECIAL EDITION

P.19 A RISING FORCE: Shining the spotlight on the UAE as a global fintech hub

ABU DHABI FINANCE WEEK 2023

THE FASTEST GROWING INVESTMENT EVENT IN THE WORLD?

P.13 ABU DHABI ECONOMIC FORUM Building bridges in the regional and global financial markets

P.16 ASSET ABU DHABI Exploring shifting investment frontiers and new asset classes

P.24 R.A.C.E TO SUSTAINABILITY The R.A.C.E summit will showcase key actions driving the global net-zero agenda

Strategically located in the capital of the UAE, ADGM is the fastest growing international financial centre in the MENA region. Operating within an international regulatory framework, based on direct application of English Common Law, the financial freezone consisting of Al Maryah and Al Reem islands, with its vibrant, progressive, and inclusive ecosystem, is the ideal platform for both financial and non-financial businesses to thrive.

Discover why ADGM is ranked as one of the top IFCs globally.

CONTENTS

ABU DHABI HAS MADE GREAT STRIDES IN ACHIEVING THE OBJECTIVES OF ITS DIVERSIFICATION STRATEGY, LAYING DOWN A SOLID FOUNDATION TO CONTINUE DEVELOPING A KNOWLEDGEBASED, INFORMATIONDRIVEN ECONOMY.”

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— H.E AHMED JASIM AL ZAABI,

13 ABU DHABI ECONOMIC FORUM

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The invitation-only event will explore topics such as building regional monetary cooperation, regional finance and future economic trends

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chairman of Abu Dhabi Global Market

16 ASSET ABU DHABI

This year’s forum will shed light on topics such as investing in the next decade of technology, investing in cities of the future, and insights derived from the world’s biggest hedge funds

A WEEK TO SHAPE THE FUTURE

The second edition of Abu Dhabi Finance Week will convene industry leaders and experts from around the world to devise strategies and foster innovation in pursuit of a sustainable global economy

3 GB ADFW

28 NOV 2023

DISCOVER INVESTMENT FRONTIERS AT ASSET ABU DHABI

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ABU DHABI FINANCE WEEK

Editor-in-chief Obaid Humaid Al Tayer Managing partner and group editor Ian Fairservice Getty Images

Chief commercial officer Anthony Milne anthony@motivate.ae

Publisher Manish Chopra manish.chopra@motivate.ae

FINTECH ABU DHABI

One of the pillar events of Abu Dhabi Finance Week, the forum will shine the spotlight on key conversations at the intersection of finance and technology

EDITORIAL Group editor Gareth van Zyl Getty Images

Gareth.Vanzyl@motivate.ae

THE R.A.C.E SUSTAINABILITY SUMMIT

Editor Neesha Salian neesha.salian@motivate.ae

Digital editor Marisha Singh marisha.singh@motivate.ae

Hosted along the sidelines of the upcoming COP28, the R.A.C.E summit will seek to find concrete actions that will drive the global net-zero agenda

Senior feature writer Kudakwashe Muzoriwa Kudakwashe.Muzoriwa@motivate.ae

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Senior art director Freddie N. Colinares freddie@motivate.ae

Consulting editor Chris Hughes,- editor-in-chief, ADGM Editorial contributor Austyn Allison

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A GULF BUSINESS INITIATIVE IN PARTNERSHIP WITH ADFW

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5 GB ADFW

COVER STORY

IN THE

THE EYES OF THE WORLD WILL BE ON THE UAE CAPITAL AS ABU DHABI FINANCE WEEK RETURNS TO THE HEART OF THE FALCON ECONOMY WORDS AUSTYN ALLISON

6 GB ADFW

COVER STORY

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ADFW 2023

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he second edition of the annual Abu Dhabi Finance Week (ADFW) kicks off on November 27. The conference is becoming the most influential finance, investment and economic convention in the MENA region, with organisers expecting to welcome more than 10,000 attendees, representing more than 3,500 companies from around the world. With bankers, fund managers, family offices, venture capitalists and other financial industry leaders in attendance, estimates of the value of assets controlled by attendees range from $15tn to almost $25tn.

No matter how much wealth they control, visitors are sure to be struck not only by the calibre of their fellow attendees – and what they are in the UAE capital to talk about – but also the story of Abu Dhabi itself, and the emirate’s recent emergence as a regional and international ‘Capital of Capital’.

8 GB ADFW

At last year’s inaugural ADFW, the chairman of Abu Dhabi Global Market (ADGM), H.E Ahmed Jasim Al Zaabi, welcomed delegates by introducing the concept of the Falcon Economy.

The term refers to a high-growth market that is set to transition from a predominantly emerging economy to one accelerating growth and opportunities driven by oil opportunities and guided by a visionary leadership.

It has been applied to the the oil-rich GCC states, but particularly Saudi Arabia and the UAE. The phrase ‘Falcon Economy’ is a take on the ‘Tiger Economy’, named in turn for the Asian Tigers – Hong Kong, Singapore, Korea and Taiwan – which industrialised and saw rapid economic growth in the second half of the 20th century.

In a paper for ADGM published ahead of last year’s ADFW, prominent UAE economic advisory service Nasser Saidi & Associates wrote: “At a time of a global energy crisis and impending recession, the rising Gulf Falcons are a dynamic, open, Covid-recovered, fast-growing hub. Saudi and the UAE are in a phase of rapid transformation and economic diversification,

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FALCON ECONOMY

reducing their dependence on oil and gas, resulting in less volatile, sustainable growth and development.”

“Today, we look to the falcon as much more than the nation’s strength, its courage and heritage,” Al Zaabi said in his 2022 speech. “We look beyond this for it to become a champion of inspiration for Abu Dhabi’s economy to accelerate our ambitions by exploring untapped potential with strong, agile and excellent vision, soaring to new heights of success.”

There is no shortage of proof points to back up this analogy. Abu Dhabi is home to three of the largest sovereign wealth funds in the world, worth more than $1tn between them. It is situated between traditional eastern and western financial markets, in a time zone that makes it possible to work with more than 70 other countries, and within a four-hour flight of a third of the world’s population.

Abu Dhabi has been named the Best City to Live in the Middle East by the Global Liveability Index 2022, as well as being recognised in Numbeo’s 2022 Safety Index as the safest city in the world for the sixth year running. In last year’s InterNations

COVER STORY ADFW 2023

Expat City Ranking, it placed among the top 10 cities in the world for expats to live and work in.

Diversification is key to the concept of the Falcon Economy, and Abu Dhabi is moving away from its reliance on oil and gas, using the fossil fuel wealth it has amassed to pivot towards industry, technology, finance and information services.

Ahead of the World Investment Forum held in Abu Dhabi last month, Al Zaabi, who is now chairman of the Abu Dhabi Department of Economic Development (ADDED), said: “Abu Dhabi has made great strides in achieving the objectives of its diversification strategy, laying down a solid foundation to continue developing a knowledge-based, information-driven economy. We are fostering and incentivising talents to find solutions to current and future challenges as well as continuously enhancing the business ecosystem to provide investors with opportunities to grow and expand.” All this makes Abu Dhabi an exciting place for people and companies to come and do business.

“Liquidity is drying up in the West, liquidity is drying up in the East. People are coming here, and they are being funded to do all sorts of interesting things by the sovereign wealth funds,” says Chris Hughes, editor-inchief at ADFW. As well as focusing on technology, Abu Dhabi has an eye on industry. The Ministry of Industry and Advanced Technology is the driver behind a ‘Make it in the Emirates’ initiative to encourage manufacturers, investors, innovators and entrepreneurs to set up in the UAE. The National Strategy for Industry and Advanced Technology was launched in 2021 and aims to establish the UAE as a global hub for manufacturing and innovation. By 2031, technical transformation programmes should have been applied to more than 1,000 projects, particularly in ‘Industry 4.0’ sectors such as healthcare, transportation and logistics. Abu Dhabi plans to increase the GDP contribution of the industrial sector to $81bn by 2031.

The UAE has set a target of 44 per cent of its total energy production coming from renewable sources by 2050 and is investing heavily in renewable energy projects, including the world’s largest solar plant in the Al Dhafra region of Abu Dhabi, with capacity of 2 gigawatts

TODAY, WE LOOK TO THE FALCON AS MUCH MORE THAN THE NATION’S STRENGTH, ITS COURAGE AND HERITAGE, WE LOOK BEYOND THIS FOR IT TO BECOME A CHAMPION OF INSPIRATION FOR ABU DHABI’S ECONOMY TO ACCELERATE OUR AMBITIONS BY EXPLORING UNTAPPED POTENTIAL WITH STRONG, AGILE AND EXCELLENT VISION, SOARING TO NEW HEIGHTS OF SUCCESS.”

In 2021, a $1.4bn IPO fund launched to help strengthen the Abu Dhabi Securities Exchange as a leading stock market.

The fund says it will invest in between five and 10 companies each year, with a focus on small and medium-size enterprises (SMEs).

A government focus on the health sector has already proved successful when the coronavirus struck. The UAE’s health sector, including its public and private hospitals, coped with the pandemic better than most around the world. By June 2022, the country was positioned second in the world, after South Korea, in Bloomberg’s Covid Resilience Ranking.

Education is another focus, and the UAE’s national education strategy promotes scientific research and technical skills, as well as encouraging students to enter higher education, foster an innovation mindset and embrace smart education.

While much of Abu Dhabi’s revenue has traditionally come from fossil fuels, it is using this wealth to fund its move away from reliance on oil and gas. The UAE has set a target of 44 per cent of its total energy production coming from renewable sources by 2050 and is investing heavily in renewable energy projects, including the world’s largest solar plant in the Al Dhafra region of Abu Dhabi, with capacity of 2 gigawatts. This is in addition to a 5,000-megawatt solar plant in neighbouring Dubai. As part of its netzero 2050 strategy, the UAE plans to invest $163bn in clean energy projects.

ABU DHABI GLOBAL MARKET

Central to Abu Dhabi’s financial development is Abu Dhabi Global Market (ADGM), an international financial centre and free zone. Founded in 2013, it has been growing exponentially in recent years. In the year to June 2023, the value of assets under management at ADGM grew by 35 per cent. In 2022, Abu Dhabi contributed 62 per cent of the total capital deployed by GCC sovereign investments. More than 100 asset managers operate 128 funds in ADGM, and this number is growing.

In April, high-profile American investor Ray Dalio, the founder of Bridgewater Associates, announced that he would set up a regional branch of his family office in Abu Dhabi. He said: “I have had more than 30 years of meaningful work and meaningful

9 GB ADFW

relationships with the people and leadership in Abu Dhabi, which has led me to like and admire them greatly.

Abu Dhabi is also becoming a hub for many exciting developments in the region, including across the UAE and in Saudi Arabia. For these reasons, I am thrilled to make Abu Dhabi a home for the Dalio Family Office.”

Dalio will be speaking at this year’s ADFW. In May, investment bank Goldman Sachs also announced it would expand its regional base by opening an office in Abu Dhabi. Demand such as this has led to the announcement that ADGM will expand its footprint by a factor of 10, to cover 1,438 hectares.

ADFW’s Hughes says that when he thinks about Abu Dhabi’s growth policies, he likes to compare them with the origins of Silicon Valley. “It partially came from the US space mission back in the 1960s,” he says.

“The US government decided to do this big moonshot project that no one quite understood at the time, to send people to the moon. But 15 or 20 years later, that technological culture had permeated into the growth of Silicon Valley, which created effectively the Fourth Industrial Revolution.”

A similar process is taking place in Abu Dhabi. The investment in cutting-edge finance and technology will trickle down first to enrich the lives of UAE citizens and residents, and then to change the world.

Abu Dhabi has been ahead of the curve for several years, and its innovative nature is being recognised by big players in technology, finance and more. In June, Sam Altman, CEO of OpenAI, the company behind large language model (LLM) chatbot ChatGPT, visited the capital. He said Abu Dhabi “has been talking about AI since before it was cool”. Abu Dhabi was the first place in the world to have an AI minister and an AI university, he pointed out.

In terms of sustainable finance, too, Abu Dhabi is ahead of the rest. In July, ADGM implemented its sustainable finance regulatory framework, comprising the region’s most comprehensive environmental, social and governance disclosure requirements and rules for funds, bonds, portfolios and sukuks, and designed to accelerate the UAE’s journey to net-zero carbon emissions. Last month, Abu Dhabi became home to the world’s first regulated carbon exchange and clearing house.

THE FIRST ADFW BROUGHT TOGETHER 8,200 PARTICIPANTS, INCLUDING MORE THAN 500 GLOBAL DIGNITARIES, 300 REGIONAL AND INTERNATIONAL SPEAKERS, ASSET MANAGEMENT COMPANIES IN CHARGE OF TRILLIONS OF DOLLARS, AND IN EXCESS OF 100 STARTUPS 10 GB ADFW

Yet the capital itself has been quiet about its achievements, even while it has spent recent years growing its credentials as a meaningful player on the stage of global finance. ADFW’s Hughes says Abu Dhabi Finance Week “was our first attempt to create a platform that brought all of the international stakeholders to Abu Dhabi, which brought the stakeholders that are in Abu Dhabi together – all three sovereign funds, the policymakers and all these kinds of people. It puts them under one roof to tell stories not just about Abu Dhabi but about the investment landscape out there, how tech is changing finance, what security looks like, and the macroeconomic picture”.

In the second half of November, the UAE will have the eyes of the world on it for three global events happing back-to-back.

The end-of-season Abu Dhabi Grand Prix takes place on November 26, a day before Abu Dhabi Finance Week kicks off. ADFW is timed to end on the same day that the UAE begins to host COP28, the 28th Conference of the Parties of the United Nations Framework Convention on Climate Change (COP28).

A STELLAR LINE-UP

Last year, the first ADFW brought together 8,200 participants, including more than 500 global dignitaries, 300 regional and international speakers, asset management companies in charge of trillions of dollars, and in excess of 100 startups.

This year’s speaker line-up for ADFW will include regional and international current and former government ministers, heads of sovereign wealth funds, public funds and family offices, asset managers and toplevel bankers. In short, many of the most important people in world finance.

With this calibre of speakers, and the attendees they attract, ADFW effectively has two facets: what happens on the public stage, and the high-level private meetings that happen behind closed doors. There will be a series of invite-only, small, private, high-leadership forums where senior members of some of the biggest financial institutions in the world come together.

There will also be more community-focused presentations and debate on the main stage and within the supporting events, including agenda-setting discussions around technology and sustainability.

While ADFW is far from being a conventional trade show, there are bound to

COVER STORY ADFW 2023

OVERLAPPING WITH COP28, ADFW WILL ADDRESS THE MAJOR CHALLENGES OF CLIMATE CHANGE, AND IN PARTICULAR HOW TO PAY FOR THEIR SOLUTIONS.” be deals done on the sidelines. Deals worth billions of dollars. “If you put the head of one of the world’s biggest hedge funds in a room with the CEO of one of the world’s biggest asset managers, of course if they spend half an hour with each other there’s going to be a major deal coming out of that somewhere,” says Hughes. Chats over coffee have the potential to set world-changing events in motion.

The theme of this year’s ADFW is ‘Investing in the Transition Era’, and Hughes explains that delegates will address three primary aspects to the concept of ‘Transition’. Geopolitical forces are driving macroeconomic shifts as the world becomes less globalised and more ‘multipolar’. For example, global conflicts have led to economic and industrial sanctions; tensions between East and West have meant superpowers are looking around for alternative production bases; and sovereignty and national security concerns currently carry more weight than before, compared with the incentive of raw business efficiency. The second transition axis is technology. Social media and artificial intelligence will both be discussed at ADFW as serious forces shaping the financial world. The third key element of the 'Transition Era' is energy, as the world looks for a way to move from fossil fuels to renewable energy.

ADFW HIGHLIGHTS

Abu Dhabi Finance Week is spread across four days, each with a theme-setting tentpole event. Monday, November 29 is the Abu Dhabi Economic Forum, the most high-profile event of the week. It is day for looking inwards to focus on Abu Dhabi’s economy. The forum examines what sovereign wealth funds are doing, the economic policies that are coming out, the construction boom, talent and other topics that affect Abu Dhabi, the UAE and the GCC. Tuesday is themed around investment management, and is a time for looking outwards, since the majority of sovereign wealth funds work in international markets. Asset Abu Dhabi will convene asset allocators and managers, investment bankers, venture capitalists, private equity investors, family offices and other institutional investors.

Wednesday is a day for finance and technology. Its main event is FinTech Abu Dhabi, which looks at the

There will be plenty of discussion of BLOCKCHAIN and its application to financial markets.

TRILLIONS OF DOLLARS of assets will soon become tokenised through blockchain technologies

intersection of finance and technology. One presentation, for instance, will examine how social media today can affect the stability of banks and financial institutions (as when a flurry of activity on Twitter effectively brought Silicon Valley Bank to its knees).

There will be plenty of discussion of blockchain and its application to financial markets. Trillions of dollars of assets will soon become tokenised through blockchain technologies, and FinTech Abu Dhabi will be an opportunity to look at the opportunities this will offer to investors.

Also on Wednesday, delegates will discuss regulatory aspects such as risk and security, anti-money-laundering measures and preventing financial crime. They can expect to examine payments, e-commerce, startups, entrepreneur funding and the entrepreneurial mindset.

The fourth and final day, Thursday, November 30, begins with a live feed of the opening of COP28, also taking place in the UAE. The day of the R.A.C.E Sustainability Summit is themed for sustainability, with a particular focus on sustainable financing. With the task of tackling climate change estimated to cost the world more than $3.5tn, most of that funding is currently unavailable. The greatest financial challenge in history could also be the most consequential for humanity, and R.A.C.E will attempt to go some way to addressing the problems the world faces.

Last year, ADFW generated more than 50 major announcements from its participants, and no doubt led to billions of dollars of further business deals stemming from the meetings, conversations and ideas-sharing that happened at the event.

ADFW’s spotlight is on finance, but the light cast by that beam spreads far wider than mere money. Abu Dhabi Finance Week sits between one of the year’s sporting highlights, the Grand Prix, and the most important environmental conference in the world.

Overlapping with COP28, ADFW will address the major challenges of climate change, and in particular how to pay for their solutions. It will examine technology too, and Abu Dhabi could not be a more appropriate place to do this. The capital is at the cutting edge of financial technology and sustainable finance and is one of the most progressive cities on earth.

Under the wings of this Falcon Economy, ADFW will examine the impact of finance on humanity while delegates envision and shape the future.

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EVENT

FEATURE

ADFW 2023: ABU DHABI

ECONOMIC FORUM THE ECONOMIC FORUM, AN INVITATION-ONLY EVENT, WILL FEATURE HIGH-LEVEL INTERNATIONAL AND REGIONAL SPEAKERS AND ATTENDEES FROM REGIONAL AND INTERNATIONAL FIRMS

ACCORDING TO ESTIMATES FROM THE ABU DHABI DEPARTMENT OF ECONOMIC DEVELOPMENT, THE EMIRATE’S REAL

GDP IN Q2 OF 2023 REACHED ITS HIGHEST LEVEL AT DHS287BN,

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DRIVEN BY THE GROWTH OF ALL NON-OIL ACTIVITIES

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EVENT

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FEATURE

he invite-only Abu Dhabi Economic Forum is a newly introduced segment of Abu Dhabi Finance Week that will bring together leaders from the world’s most significant finance and investment organisations to discuss Abu Dhabi’s ‘Falcon Economy’, the city’s role as a ‘Capital of Capital’ and its emergence as a global economic and financial hub.

Other key topics that will be covered include building regional monetary cooperation, regional finance, and the future economic trajectory.

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The forum will be held on the opening day of Abu Dhabi Finance Week (ADFW), adjacent to the official ADFW opening ceremony. It is designed to set the context for the week ahead and present a high-level macroeconomic dialogue on investing during this transition era.

It will be a private forum convening the highest level of guests at ADFW, including keynotes and speeches

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THE FORUM WILL BE HELD ON THE OPENING DAY OF ABU DHABI FINANCE WEEK, ADJACENT TO THE OFFICIAL ADFW OPENING CEREMONY. IT IS DESIGNED TO SET THE CONTEXT FOR THE WEEK AHEAD AND PRESENT A HIGH-LEVEL MACROECONOMIC DIALOGUE ON INVESTING DURING THIS TRANSITION ERA THE EVENT’S FIRST INTERVIEW WILL EXPLORE PERSPECTIVES FROM THE LEADERSHIP AT ABU DHABI SOVEREIGN FUND ADQ

by government ministers, heads of sovereign wealth funds, and changemakers from the world of institutional investing such as private equity and hedge funds, asset managers, family offices and banks, as well as other business leaders.

LEADERSHIP PERSPECTIVES

The event’s first interview will explore perspectives from the leadership at Abu Dhabi Sovereign Fund ADQ, unveiling how investment strategies are shifting in an evolving landscape, and where they identify opportunities within the emirate for sustainable transformation, innovation and long-term growth.

This will be followed by an exploration of investing in a time of transformation. With global economies speeding towards technological, monetary and energy transitions of historical proportions, the session gathers leaders to discuss economic consequences and investment opportunities of the ‘Transition Era’.

Next, J.P. Morgan’s chairman and CEO Jamie Dimon will take to the stage. The special guest will share leadership lessons learned during their experience steering the rise of a global institution that has influenced world markets. In this special interview, the forum will ask the

guest about their strategies for thinking ahead, cultivating skills and talent, and what they think of the growing role of Abu Dhabi on the world economic stage.

GOVERNMENT SPEAKERS

The event starts with two addresses from UAE government ministers. With the forum timed to coincide with the pivotal COP28, Dubai, the Minister of Climate Change and Environment, H.E Mariam bint Mohammed Almheiri, will offer her position on the critical role of private finance and capital in achieving sustainability targets. As the Falcon Economy rises, the Minister of Economy, H.E Abdulla bin Tariq Al Marri will share his plans on the economic policies of the UAE and his views on the key components for future growth. International speakers at the forum will include Ray Dalio, the billionaire investor and hedge fund manager, who has served as co-chief investment officer of Bridgewater Associates, the world’s largest hedge fund since 1985. Jenny Johnson, president and CEO of Franklin Templeton and Sir Christopher Hohn, founder of hedge fund, TCI will also speak at the forum.

UK member of parliament Sajid Javid will also address the conversation. Javid served as Home Secretary from 2018 to 2019 and as Chancellor of the Exchequer from 2019 to 2020.

Billionaire Brazilian businessman André Esteves is senior partner and chairman of BTG Pactual, the largest investment bank in South America.

Mohammed Alabbar, the founder of Emaar, the developer behind some of the UAE’s most iconic projects including the Burj Khalifa, the world’s tallest building, will be present. H.E Dr. Abdulrahman Al Hamidy, director general and chairman of the Arab Monetary Fund, from Saudi Arabia will also participate.

The Abu Dhabi Economic Forum will be supported by a series of concurrent events including the eToro Popular Investors Worshop, ADFW Startups Campus with Hub 71, GP x LP Programme with Collab, Private Leadership Round Table, and the Fortune Global Forum 2023.

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FEATURE

EVENT

ADFW 2023: ASSET ABU DHABI THE FORUM’S AGENDA WILL INCLUDE THE PERSPECTIVES OF INSTITUTIONAL CAPITAL AND ASSET ALLOCATORS IN A CHANGING INVESTMENT LANDSCAPE

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SESSION AT THE EVENT

In the opening session, Ruchir Sharma, the chairman of Rockefeller International, will present his analysis of the forces that shape a nation’s future and will unveil the key political, economic, technological and social signals that determine which nations will rise and which will not.

As CEO of $ 1.5tn giant Franklin Templeton, Jenny Johnson has a helicopter view of the factors she considers when navigating modern asset management.

In an on-stage interview, she will opine

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he 2022 edition of Asset Abu Dhabi saw the world’s most significant funds assemble at this prime gathering of investment market leadership, with value-seeking dealmakers from across global markets ready to explore shifting investment frontiers and evolving asset classes.

This year, Asset Abu Dhabi will build on the success of last year’s edition, continuing to shed light on topics such as investing in the next decade of technology, investing in cities of the future, and insights derived from the world’s biggest hedge funds. The agenda will include the perspectives of institutional capital and asset allocators in a changing investment landscape. Held as a public forum on November 28, Asset Abu Dhabi will convene asset allocators and asset managers, investment bankers, venture capitalists, private equity professionals, family offices and other institutional investors.

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IN AN ERA OF RAPIDLY CHANGING PARADIGMS, A PANEL ON THE NEXT DECADE OF GLOBAL GROWTH AIMS TO UNRAVEL THE PLACES AND SPACES THAT LOOK MOST PROMISING. IT WILL EXPLORE THE WORLD OF ASSET MANAGEMENT AND WILL ASK GLOBAL EXPERTS ABOUT EXCITING EMERGING ECONOMIES, RISING INVESTMENT ASSET CLASSES, THE FUTURE OF TECH, REAL ESTATE, HEALTHCARE, AUTOMOTIVE, AND SUSTAINABLE RE-ENGINEERING

on various issues, from the utility of technology to rising asset classes, sustainable investing, and interpreting changing global markets.

Unveiled with fanfare as the theme of ADFW in 2022, The Falcon Economy has since become part of the zeitgeist when commentating on the rise of regional economies on the world stage. Experts at Asset Abu Dhabi will discuss the ambitious government policies causing the surge and the economic data, sophisticated use of innovation, capital deployment, infrastructure, connectivity networks and talent building The Falcon Economy.

Global experts will gather on the stage to debate the theme of ADFW 2023 – ‘Investing in the Transition Era’.

Attendees can expect discussions on how an increasingly connected world is hurtling towards technological, monetary and energy transitions of historical proportions and how these factors will transition the planet into a different economic world.

As head of one of the world’s most successful macro investors, the hedge fund Brevan Howard, Alan Howard will sit down for an exclusive interview, where he will

address his world of managing money and risk, how he assesses broad economic trends, and what asset classes he is watching closely.

As previous cycles have shown us, true innovation often grows out of global economic turbulence. Asset Abu Dhabi will convene several highprofile venture capitalists to ask which innovation segments and markets they are excited about, asking them to offer their views to entrepreneurs developing startups from the region.

In an era of rapidly changing paradigms, a panel on the next decade of global growth aims to unravel the places and spaces that look most promising. It will explore the world of asset management and will ask global experts about exciting emerging economies, rising investment asset classes, the future of tech, real estate, healthcare, automotive, and sustainable re-engineering.

According to the UN, by 2050, two out of every three humans are likely to be living in cities. Real estate represents one of the world’s most valuable investment instruments, and one of the greatest challenges is adapting how we work, live and play with sustainable development and protection. Asset Abu Dhabi will present global experts from across the spectrum of city development to discuss investing in cities of the future.

Developments in healthcare are reaching a golden age, with opportunities to create incredible economic and social impacts. With new technologies like artificial intelligence (AI) accelerating research and development (R&D), the emergence of exciting new scientific research and discoveries, and recent data on how global health

ACCORDING TO THE UN, BY 2050

TWO OUT OF EVERY THREE HUMANS ARE LIKELY TO BE LIVING IN CITIES 17 GB ADFW

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EVENT

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FEATURE

ASSET ABU DHABI WILL ANALYSE WHAT PRIVATE MARKETS WILL LOOK LIKE FIVE YEARS FROM NOW, ASKS WHAT FACTORS LIMITED PARTNERS ARE FACTORING IN ASSESSING MANAGER PARTNERSHIPS, AND HOW GENERAL PARTNERS CAN INNOVATE INTO BETTER MODELS

18 GB ADFW

emergencies can quickly upend every aspect of our lives, a panel discussion will analyse the broad spectrum of healthcare investing.

From the state of play in well-known cryptos to the utility of tokenisation in the creative and institutional spaces, a dedicated session will ask how the field of digital assets is developing to meet market expectations. It will further analyse the evolving promise digital assets are making to global markets.

The private markets industry is expected to grow from $11tn today to $30tn by the end of the next cycle. At the same time, the number of deals is reducing, meaning a fundamental re-assessment of market dynamics is underway. Asset Abu Dhabi will analyse what private markets will look like five years from now, ask what factors limited partners are factoring in assessing manager partnerships, and how general partners can innovate into better models.

Private credit is a rapidly rising market. Best known as a transaction between an investment fund and a corporate borrower, usually small to mid-size companies, private debt is an increasingly attractive alternative to other models such as private equity. A panel discussion will examine why this market growing so rapidly, and the economic consequences for better global liquidity.

$30TN

THE PRIVATE MARKETS INDUSTRY IS EXPECTED TO GROW FROM $11TN TODAY TO $30TN

BY THE END OF THE NEXT CYCLE

EVENT

FEATURE

ADFW 2023

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FINTECH ABU DHABI FINTECH ABU DHABI WILL DELVE INTO TOPICS SUCH AS INVESTING IN THE NEXT HUMAN AGENDA, HOW SOCIAL MEDIA IS RE-WRITING THE BANKING PLAYBOOK AND DIGITAL PAYMENT TRENDS

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FEATURE

EVENT

There will also be supporting events, including Blockchain Abu Dhabi, AI Abu Dhabi and Risk 4.0.

Held as part of Fintech Abu Dhabi, the Blockchain Abu Dhabi forum will showcase a curated agenda around currently relevant topics such as Web 3.0, decentralised finance (DeFi) and its impact on traditional finance, the future of digital assets and the implementation of blockchain across sectors. This will serve as a platform to showcase what’s next in crypto and blockchain innovation.

AI Abu Dhabi will be the launch edition of a special segment focused on artificial intelligence (AI), machine learning and its effect on the future of finance and financial services.

The fourth industrial revolution has opened new opportunities for global financial markets, but what are the risks? The Risk 4.0 forum takes an in-depth look at potential financial crime risks and mitigation strategies.

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EVENT HIGHLIGHTS

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eturning for its seventh edition, Abu Dhabi Global Market’s (ADGM) flagship event and the MENA’s biggest fintech festival, Fintech Abu Dhabi will be one of the pillar events of Abu Dhabi Finance Week (ADFW), spotlighting some of the leading conversations at the intersection of finance and technology.

Bringing together the best companies, innovators and leaders in the world of financial technology, Fintech Abu Dhabi will delve into topics such as investing in the next human agenda, how social media is re-writing the banking playbook, digital payment trends, and the future of digital assets and currencies.

This will be a public forum for fintech founders, innovators, entrepreneurs, venture capitalists, academics and banks.

Delegates at Fintech Abu Dhabi can look forward to the below highlights and more: The opening presentation will ask what matters in tech. What’s going on, what might it mean, and what will happen next? World-renowned tech thought leader Benedict Evans will offer his answers and other powerful insights.

In a dedicated keynote, a representative of Chinese tech giant Huawei will explain how cloud computing is reshaping finance and what innovative designs and approaches can be applied from a technology perspective to the fintech sector in the Middle East and beyond.

A simple principle in business is that customers must love your product, and Fintech Abu Dhabi brings together the founder of a rapid growth unicorn with two globally renowned venture capitalists to discuss the art of great products.

Highly respected finance journalist Dan McCrum lifts the lid on how he investigated and exposed one of the largest corporate frauds in modern history, in a deep dive into the Wirecard scandal.

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How far will e-commerce service our future needs?

Can everything be bought with a simple click? What is the payment machinery that brings your favourite goods to your door almost instantly? Fintech Abu Dhabi sets out to find out from industry leaders and innovators how e-commerce will evolve and what the impact will be on the way we do business, transact and live out our consumer lives.

Social media panics have caused ‘flash crashes’ that bankrupted Silicon Valley Bank (SVB) and made giant banks including Deutsche Bank wobble. In a session on the impact of social media on banking, attendees will get insights on the important lessons that need to be learned about the depth of social media’s impact on finance.

FOCUS ON GLOBAL BANKING SYSTEM

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Fitting in with the ADFW theme of ‘Investing in the Transition Era’, a panel will examine how this era will reflect in the global banking system, from the rise of remote working to the impact of AI. The financial system is a complex transnational machine driven by large industrial vehicles and affecting the lives of billions of people. How do

A SIMPLE PRINCIPLE IN BUSINESS IS THAT CUSTOMERS MUST LOVE YOUR PRODUCT, AND FINTECH ABU DHABI BRINGS TOGETHER THE FOUNDER OF A RAPID GROWTH UNICORN WITH TWO GLOBALLY RENOWNED VENTURE CAPITALISTS TO DISCUSS THE ART OF GREAT PRODUCTS

AI ABU DHABI WILL BE THE LAUNCH EDITION OF A SPECIAL SEGMENT FOCUSED ON ARTIFICIAL INTELLIGENCE, MACHINE LEARNING AND ITS EFFECT ON THE FUTURE OF FINANCE AND FINANCIAL SERVICES

the organisations that drive this industry respond to unprecedented organisational and changes that affect day-to-day operations?

AI is regarded as the most important technological development of our age, with expectations of large-scale disruption and opportunity. As we enter an exponential age brought on by the rise of AI, Fintech Abu Dhabi will ask experts to tell us what the impact will be across global financial markets and product lines.

Attendees can get an advanced preview of an international study on ‘The World of Fintech According to Start-ups’ being done by the Cambridge Centre for Alternative Finance and the World Economic Forum, based on a survey of thousands of SMEs around the globe.

The MENA Fintech Awards will be handed out as part of the agenda.

In partnership with the MENA Fintech Association, the event will honour success, innovation and excellence in the fintech industry across the region.

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EVENT

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FEATURE

ADFW 2023

GLOBAL FINANCIAL REGULATORS SUMMIT 22 GB ADFW

THE INVITE-ONLY EVENT WILL SEE INTERNATIONAL EXPERTS TALK ABOUT HOW TO ENCOURAGE SUSTAINABLE FINANCE, ADDRESS GREENWASHING CHALLENGES AND PROTECT USERS OF FINANCIAL SERVICES WORLDWIDE

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users of financial services worldwide. The dialogue will be particularly critical ahead of COP28 that will take place the following week. The next day, during the R.A.C.E. event at ADGM a public roundtable will take place in order to share initial thoughts on the topics discussed during the summit. Among the speakers at the summit are:

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he Global Financial Regulators Summit is an inviteonly, high-level forum where global regulators from the MENA and European regions, Asia and the US will assemble in a private, closed-door setting to discuss a range of highly consequential issues in the world of finance, such as how to encourage sustainable finance, addressing greenwashing challenges and protecting

EMMANUEL GIVANAKIS Emmanuel Givanakis is the CEO of the Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM), where he oversees the financial services regulatory framework that governs the activities of ADGM and its registered entities.

He joined ADGM in October 2014 as the head of policy and legal, overseeing the establishment of ADGM’s legislative framework, which was a pivotal step in the creation of ADGM as an international financial centre.

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CAROLINE PHAM The honourable Caroline D Pham was sworn in as a CFTC Commissioner in April 2022. She is a recognised leader in financial services compliance and regulatory strategy and policy. Her substantial experience spans key international issues such as prudential regulation and systemic risk, financial markets, fintech and digital assets, ESG, implementation of global regulatory reforms, and addressing the impact of major disruptions like the 2008 financial crisis and the Covid-19 pandemic.

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FEATURE

ADFW 2023: THE R.A.C.E SUSTAINABILITY SUMMIT

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GREEN FINANCE, THE TRANSITION TO NET ZERO AND BRIDGING THE MULTI-TRILLION-DOLLAR CLIMATE FINANCING GAP WILL BE KEY TOPICS DISCUSSED AT THE SUMMIT ON NOVEMBER 30

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THE WORLD NEEDS TO SPEND $3.5TN A YEAR TO FIGHT CLIMATE CHANGE

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THE NET-ZERO AGENDA

pivotal part of Abu Dhabi Finance Week’s agenda, the R.A.C.E Sustainable Finance Forum addresses critical factors such as regulation, awareness, collaboration and ecosystem. Hosted on the opening day of COP28, the R.A.C.E forum will seek to find concrete actions by forward-thinking financial institutions towards driving the net-zero agenda.

Running in parallel with COP28, this year’s edition will be organised in partnership with The Economist Impact, delving into topics such as green finance, the transition to net zero, bridging the multi-trilliondollar climate financing gap and the burgeoning role of youth in sustainability.

It will also feature private roundtables and high-level discussions bringing together government officials, banks, financial institutions, venture capitalists and critical stakeholders from across the sustainability landscape.

SUMMIT HIGHLIGHTS

The day will begin with a live stream of the COP28 opening ceremony, and other highlights will include much of the conversation around the transition to net zero, and the work that must be done to mitigate and adapt to the impact of climate change, focusing on the cost of these efforts. Some studies have attempted to quantify the detrimental financial impacts of climate change, and others on the possible economic benefits of investing in climate solutions.

R.A.C.E will address the role of financial sustainability in financial stability.

At last year’s COP27 in Egypt, multilateral development banks (MDBs) faced strong demand for reform. Mia Motley, Prime Minister of Barbados, has stated that MDBs and the global financial system more broadly “no longer serve the purpose of the 21st century, that they served in the 20th century”, calling for a re-engineering of an ageing global financial architecture more broadly. A panel discussion at R.A.C.E will debate different strategies for reform.

The Kyoto Protocol at COP3 in 1997, created an integrated global trading architecture which enabled governments and private entities to trade carbon credits to offset their emissions. The global carbon market was valued at EUR865bn in 2022, but markets are fragmented, with 73 pricing mechanisms in operation worldwide, that cover only a quarter of global emissions. R.A.C.E will ask a panel of experts how the system can be redesigned to deliver on its promise. Ronald P. O’Hanley, who holds the dual role of chairman and CEO at State Street, will be speaking at the event. State Street is a global financial services and bank holding entity and is the second-oldest continuously operating bank in the US. The world needs to spend $3.5tn a year to fight climate change, according to McKinsey. This has led to climate finance being described as “the greatest capital reallocation in history”. A panel of leaders from private market asset managers will discuss the machinery being engineered to create the pipeline needed to tackle the range of areas that climate affects.

29 NOV 2023

TAKE PART OF MENA'S LARGEST FINTECH FESTIVAL

INNOVATION

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FEATURE

OPPORTUNITIES ABOUND

HAIDER RAFIQUE, CMO OKX, SHARES THE THREE KEYS TO MAKING THE MENA REGION A GLOBAL DIGITAL ASSET POWERHOUSE

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t’s an inflection point for crypto and Web3 adoption in the Middle East and Africa (MENA) region. Talent has poured into the region, driven by technology investment, attractive residency and tax policies, and ease of doing business. Combined with an entrepreneurial spirit, this is the perfect recipe for innovation. I see three key trends for the region moving forward. These include:

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I believe the future of digital commerce is much more than just centralised ecosystems. It is also about decentralisation and using the architecture of Web3 to create a new internet: one with more transparency, control and mobility for all.

In my view, this is how we get to a billion users – not everyone wants to be a trader, and that’s OK. I predict Web3 adoption will grow significantly in the coming two years in MENA, driven by decentralised marketplaces and decentralised autonomous organisations (DAOs) that allow creators, merchants and buyers to more seamlessly interact via the new internet paradigm. At OKX, we’ve explored many ways of engaging users beyond just trading. We’ve embraced AI by allowing OKX Wallet users to create customised AI-generated art and mint an NFT free on the blockchain. This year, we partnered with

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01 WEB3

Tribeca Film Festival to launch the first NFT-based ticketing for the festival.

We even put ‘Accelerating Web3’ on the back wing of the McLaren F1 cars for some races to raise awareness of the possibilities of Web3. As non-trading applications of Web3 grow, the benefits

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“I BELIEVE THE FUTURE OF DIGITAL COMMERCE IS MUCH MORE THAN JUST CENTRALISED ECOSYSTEMS. IT IS ALSO ABOUT DECENTRALISATION AND USING THE ARCHITECTURE OF WEB3 TO CREATE A NEW INTERNET: ONE WITH MORE TRANSPARENCY, CONTROL AND MOBILITY FOR ALL.”

of this technology will start to become more apparent to a wider audience in the UAE and MENA. 02 SELF CUSTODY AND INTEROPERABILITY

The Web3-enabled new internet will empower people to take self-custody of their digital assets (cryptos, NFTs, collectibles and fan tokens). I believe this will usher in a new era of interactions on the internet that was previously unimaginable. Self custody will enable us to use and move valuable assets from one application to another more seamlessly.

We live in a digital world today that is limited due to lack of interoperability, making it difficult for two consumer applications to interact with each other. Imagine a future where people have a digital identity they can take from one application to another without having to sign up each time and take hours to connect accounts and data. Currently, users exist on ‘application islands’.

In the future, Web3 will allow us to switch between applications easily, anytime and at will.

03 REGULATION

I also believe crypto’s next growth phase will be bolstered by regulated markets. Abu Dhabi, and indeed all of UAE, recognises that dialogue is critical to ensuring industry players and regulators can exchange ideas. As a company that’s committed to the UAE, we’ve found events such as the upcoming Abu Dhabi Fintech Week (ADFW) to be indispensable in that regard. In other markets which are rolling out licensing regimes, such as Hong Kong, we’ve found dialogue to be incredibly valuable as well. It’s a proven formula.

This is because progressive regulation provides confidence to market participants, which in turn enables investment in human capital, product development and technology innovation. Crypto was once a niche, cypherpunk movement which eschewed any form of regulation.

Now, many industry leaders – ourselves included – view regulation as not only an inevitability, but integral to the development of healthy, robust and secure global ecosystem. Dialogue between digital finance actors, the public sector and others will only make the transition smoother in MENA. The reputation of crypto has been plagued by bad actors in the past year. Throughout this turmoil, many

public sector leaders, including in the UAE, have doubled down on the industry’s long-term potential. We must not take this faith for granted. Industry leaders must go beyond what is expected of us to earn this trust back and maintain it.

To build trust, many in the industry including OKX have introduced initiatives such as Proof of Reserves over the past year. For OKX, this marks 12 months of progress, during which we published hundreds of thousands of blockchain addresses and developed a way for users to verify our solvency for themselves using open source tools.

We believe every crypto firm should immediately implement this. Momentum around Proof of Reserves as an industry standard has been building this year, with two US Senators recently proposing mandatory PoR in the PROOF Act unveiled in October.

According to one study, the UAE leads countries worldwide in terms of trust in cryptocurrencies (40 per cent of respondents). This could – and should – be even higher if the industry does its part to set standards for transparency.

In sum, the opportunities for crypto to grow in MENA are clear. With crypto slowly emerging from a sideways market, it’s also apparent that ADFW is perfectly timed for industry leaders to discuss emerging trends and next steps for regulators, users and market participants. OKX is looking forward to engaging with those who are shaping the transition to a digital future, and we hope to lend our perspective to what promises to be an exciting and productive week of discussions.

We live in a digital world today that is limited due to lack of interoperability, making it difficult for two consumer applications to interact with each other.

Imagine a future where people have a digital identity they can take from one application to another without having to sign up each time and take hours to connect accounts and data.”

27 GB ADFW

R.A.C.E 30 NOV 2023

GET ON THE PATH TO NET ZERO

LISTING

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SPEAKERS AT ADFW 2023 THE SECOND EDITION OF ABU DHABI FINANCE WEEK HAS AN IMPRESSIVE ROSTER OF REGIONAL AND INTERNATIONAL SPEAKERS FROM ACROSS THE BOARD

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hroughout Abu Dhabi Finance Week you can expect to see thought leaders and changemakers from across the spectrum of business, technology and beyond. Speakers include past and present government ministers,

hedge-fund managers, bankers, technologists and more. Check out the speaker list below, and be sure to check ADFW’s online programme to stay up-to-date on the latest speaker announcements.

and works across several tiers and levels of the business. In the real estate and property markets, Prince Khaled serves as vice-chairman and co-founder of Arada, a UAE-based development company.

H.E AHMED JASIM AL ZAABI Chairman, Abu Dhabi Department of Economic Development and ADGM

Al Zaabi currently holds the chairman’s position at Abu Dhabi Global Market (ADGM). Additionally, he serves as member of the board on numerous ADNOC entities and the Khalifa Fund. In the past, he has served as a board member on numerous banks and financial institutions, such as the Abu Dhabi Exchange, Union National Bank and the Abu Dhabi Retirement Pensions & Benefits Fund.

enterprise, co-founder of Aurora50 and founder of Reset MENA.

H.E ABDULLA BIN TOUQ AL MARRI UAE Minister of Economy

Al Marri has been Minister of Economy of the UAE since 2020. He is chairman of the General Civil Aviation Authority and the UAE International Investors Council.

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H.H SHEIKHA SHAMMA BINT SULTAN BINT KHALIFA AL NAHYAN President and CEO, UICCA

A business leader, social entrepreneur and published author, Sheikha Shamma bint Sultan is president and CEO of the UAE Independent Climate Change Accelerators, founder of the Shamma bint Sultan sustainability initiatives social

H.R.H PRINCE KHALED BIN ALWALEED BIN TALAL AL SAUD Founder and CEO, KBW Ventures

A member of the Saudi Arabian royal family, Prince Khaled is the founder and CEO of KBW Ventures,

HE DR ABDULRAHMAN AL HAMIDY Director general and chairman, Arab Monetary Fund

Before becoming director general and chairman of the Board of Executive

Directors of the Arab Monetary Fund in March 2014, Al Hamidy was vice-governor of the Saudi Arabian Monetary Agency (SAMA) from 2009 to 2013. He has also served as deputy governor for Technical Affairs at SAMA.

HAMAD AL HAMMADI CEO, Energy and Utilities and Sustainable Manufacturing, ADQ

Al Hammadi is CEO, Energy & Utilities and Sustainable Manufacturing at ADQ, he also oversees Healthcare & Life Sciences, and Financial Services clusters. Tasked with a broad mandate, he is responsible for the growth and development of all portfolio companies within the clusters while identifying and driving new investment opportunities.

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FEATURE

LISTING

ALAN HOWARD Founder, Brevan Howard

Alan Howard founded Brevan Howard, one of the world’s leading absolute return firms specialising in global macro investing, in 2002. The firm manages more than $33bn across several strategies. Brevan Howard has been recognised as one of the most successful hedge funds, having generated $28bn in net profits for its investors since inception.

GARY VAYNERCHUK Founder & CEO Vayner Media

HE KHALDOON AL MUBARAK Managing director and group CEO, MUBADALA

30 GB ADFW

Al Mubarak is the managing director and group CEO of Mubadala, the $276bn innovative and disruptive sovereign investment firm with assets in more than 50 countries across six international offices. He has led the company from its inception in 2002 and, through organic growth, acquisitions and mergers, has overseen the continuous generation of sustainable financial returns for Mubadala’s shareholder, the Government of Abu Dhabi. He has been chairman of Manchester City football club since 2008.

RONALD P. O’HANLEY Chairman and CEO, State Street

RAY DALIO Founder, CIO Mentor and member of the Bridgewater Board, Bridgewater Associates

A global macro investor for more than 50 years,

Dalio founded Bridgewater Associates out of his twobedroom apartment in New York City and ran it for most of its 47 years, building it into the largest hedge fund in the world. He remains an investor and mentor at Bridgewater and serves on its board.

innovation, diversity and corporate and social responsibility.

JENNY JOHNSON President and CEO, Franklin Templeton

RUCHIR SHARMA Chairman, Rockefeller International

Johnson is president and CEO of Franklin Templeton. In a career at Franklin Templeton spanning more than 30 years, she has been a key driver in the company’s transformation to what is now one of the most respected global firms focused on investment management, technology,

GARY COHN Vice Chairman, IBM

JAMIE DIMON J.P. Morgan’s Chairman and CEO

PETER ORSZAG Incoming CEO, Lazard

H.E MARIAM BINT MOHAMMED ALMHEIRI UAE Minister of Climate Change & Environment

Almheiri is the UAE’s Minister of Climate Change and Environment. She leads the nation’s efforts to accelerate climate action, safeguard ecosystems, enhance biodiversity and strengthen food security by developing and implementing impactful strategies, policies, and initiatives. A member of the Cop28 UAE Higher Committee, she oversees the national preparations for the 28th Conference of the Parties (Cop28) to the United Nations Framework Convention on Climate Change, to be hosted by the UAE this year.

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serves on its European, UK and Saudi entity boards.

JENNY LEE Founding partner, GGV Capital

MOHAMMED ALARDHI Executive chairman, Investcorp

Alardhi is the executive chairman of Investcorp, leading the firm’s activities across its global office network in New York, London, Switzerland, Riyadh, Bahrain, Abu Dhabi, Doha, Mumbai, Beijing and Singapore.

After becoming executive chairman, Alardhi announced a new growth strategy aiming to more than double the firm’s assets under management (AUM) over the medium term. To date, the firm has increased its assets under management to $50bn.

LAURA M CHA Chairman, Hong Kong Exchanges & Clearing

JEREMY ALLAIRE CEO and founder, Circle

SAJID JAVID Former Chancellor of the Exchequer, Government of UK

Since first being elected to the UK Parliament in 2010, Javid has held six UK Cabinet positions, including chancellor, home secretary and health secretary.

Previously, he worked in investment banking in New York, London, and Singapore. He is member of His Majesty’s Privy Council and a visiting fellow at the University of Oxford.

SIR CHRISTOPHER HOHN Founder, MD and portfolio manager, TCI ATIF A ABDULMALIK CEO and chairman of the Executive Committee, Arcapita

ANDRE ESTEVES Chairman, BTG Pactual

Esteves is chairman of BTG Pactual, which is the top investment bank in Latin America and currently has more than 6,000 employees.

THOMAS INGENLATH CEO, Polestar

BOB STEERS Executive chairman, Cohen & Steers YONI ASSIA Co-founder and CEO, eToro

CLARE WOODMAN CEO and head of EMEA, Morgan Stanley International

Woodman is a member of Morgan Stanley’s Global Operating and Management Committees.

Her responsibilities include being head of EMEA and CEO of Morgan Stanley & Co. International. She is also responsible for Morgan Stanley’s Operations Division globally.

As CEO and co-founder of eToro, the trading and investing platform, Assia has created an investment platform built around social collaboration that today has over 33 million registered users from more than 100 countries.

CAROLINE PHAM Commissioner, CFTC

GARTH RITCHIE Partner, Centricus

HANI KABLAWI Chairman, International, BNY Mellon

Kablawi is head of international at BNY Mellon and is based in London. He is a member of BNY Mellon’s Executive Committee and

HENRY WARD Co-founder and CEO, Carta 31 GB ADFW

FEATURE

LISTING

PETER HUGHES Founder and CEO, Apex

LOH CHIN HUA CEO, Keppel Corporation

MURTAZA HUSSEIN Chief investment officer, Alternatives and M&A, ADQ

MISHAL KANOO Chairman, Kanoo Group ANTOINE FLAMARION Co-founder, Tikehau Capital

AYMAN HARIRI Co-founder and CEO, Vero

HENDRIK DU TOIT CEO, Ninety One

FADI GHANDOUR Executive chairman, Wamda Capital

Ghandour is the executive chairman of Wamda Group, a platform that invests, nurtures and builds entrepreneurship eco-systems across the Middle East and North Africa.

He was also the co-founder of Aramex, one of the leading global logistics companies based in Dubai.

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DREW GOLDMAN Global head of Real Estate, ADIA

Kanoo is one of the most iconic business figures in the Middle East and has a reputation as a futurist and strategist with a strong track record in forecasting economic developments in the region. He currently serves as the chairman of The Kanoo Group, one of the largest, longest running and independent family-owned groups of companies in the Gulf region.

DOUG GREENIG CEO and CIO, Florin Court Capital

MUBASHIR MUKADAM Managing partner and CIO, Blantyre Capital

KONSTANTIN RICHTER CEO and founder, Blockdaemon

ADEEB AHMED Managing director, Lulu Group CASPAR LEE Co-founder, Influencer.com and Creator Ventures

TIM DRAPER Founder, Draper VC

NADINE CHAKAR CEO, Securrency

VOLKAN KURTAS Founder and CIO, Vibrant Capital Partners

CHRISTIAN ANGERMAYER Founder, Apeiron Investment Group

AJAY BHALLA President, Cyber and Intelligence Solutions, Mastercard

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DR HORST SIMON Director, ADIA Lab

ILYA KONDRASHOV CEO, Quantum Light Capital

JON MEDVED CEO and founder, OurCrowd

COURTNEY POWELL COO, 500 Global

SAMIR ASSAF Senior Advisor and chairman, MENA, General Atlantic

RISHI KAPOOR Co-CEO, Investcorp

SHMUEL CHAFETS Executive chairman and founder, Target Global

BRUNO LANVIN President, Smart City Observatory

ARVIND RAMAMURTHY Chief of Market Development, ADGM

DAN MURPHY Correspondent, CNBC International

TED KOENIG Chairman and CEO, Monroe Capital

H.E. RAJA AL MAZROUEI CEO, Etihad Credit Insurance

PROF ALEXANDER LIPTON Global head of Quantitative R&D, ADIA

JAYESH PATEL CEO, WIO MICHEL LOWY Founder and CEO, SC Lowy

SAMIA BOUAZZA Group CEO and managing director, Multiply Group

EMMANUEL GIVANAKIS CEO, ADGM FSRA DMITRY TOKAREV CEO, Copper DANIEL CHAPMAN Founder and CEO, Argentem Creek Partners

TAL BEN-SIMON Chief product officer, eToro

HE HAMID ALZAABI Director general, Executive Office of Anti-Money Laundering and Counter Terrorism Financing

AlZaabi is the founding director general of the Executive Office of Anti-Money Laundering and Counter Terrorism Financing. He is a senior security official with more than 20 years of service in the fight against financial crimes, anti-money laundering and countering the financing of terrorism.

BENEDICT EVANS Independent analyst

AMIRA SAJWANI Managing director, Sales and Development, Damac 33 GB ADFW

FEATURE

LISTING

NATELLA SAFAR Executive director, Registration and Licensing, ADGM

IBRAHIM AJAMI Head of Ventures, Mubadala

Ibrahim Ajami is the head of ventures at Mubadala Capital, the wholly owned asset management subsidiary of Mubadala Investment Company, a $284bn sovereign investor. He is responsible for leading Mubadala Capital’s ventures strategy with a focus on technology and healthcare.

ADAM LADJADJ Founder and chairman, EFOA

MIRIAM KIWAN VP, MENA, Circle

BASIL AL ASKARI Co-founder and CEO, Midchains

ROHIT ARORA CEO andco-founder, Biz2Credit

AJ NELSON President and co-founder, Rain

SACHIN DEV DUGGAL Founder and chief wizard, Builder.AI

JAY CLAYTON Former chairman, SEC

JOHN CUSACK Chairman, Global Coalition to Fight Financial Crime PATRICK TSANG Chairman, Tsangs Group

FAISAL AL HAMMADI Managing partner, Further Ventures

RACHEL PETHER Anchor, Fintech.TV

BRAD LEVY CEO, Symphony

VIKAS PAPRIWAL Senior MD and leader, FTI Consulting MEA

MINA AL-ORAIBI Editor-in-chief, The National

TIM LAND Executive director, Monitoring & Enforcement, ADGM

SRIRAM JAGANMOHAN Chief investment officer, Miras

KONSTANTIN LIMITOVSKIY VP - Asian Infrastructure Investment Bank

SAEED AL AWAR Partner, Rothschild & Co

DAN MCCRUM Author, Money Men

34 GB ADFW

DAVID RUTTER Founder and CEO, R3

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NOOR SWEID Founder and managing partner, Global Ventures

USMAN AHMAD CEO and co-founder, Zodia Markets

WILLIAM PAZOS Co-founder, ACX

RON DANIEL Co-founder and CEO, Liquidity Group

HUDA AL LAWATI Founder and CEO, Aliph Capital

DR ZONGYUAN ZOE LIU MAURICE GREENBERG Fellow for China Studies, Council for Foreign Relations

ADAM FELESKY Co-founder and CEO, Portage

HUSSEIN AL SAYED Anchor, CNBC Arabia

FRANK DAI President, Huawei Cloud Middle East and Central Asia

ABDALLAH ABU-SHEIKH Founder, Astratech

ANITA MO CEO, Hang Seng Indexes Company JAMAL SALEH Director general, UAE Banks Federation

ARUN MEHTA Head of Data Analytics and Artificial Intelligence, FAB

MARTINA FUCHS Business journalist, Martina Fuchs

JACK INGLIS CEO, AIMA

MEROUANE DEBBAH Professor, Khalifa University

MATTHEW CHEN CEO, OneConnect YASMIN ALMOSTEHY Executive director, EFOA JEHANZEB AWAN Founder and CEO, Jawan & Partners

STEPHEN SQUINTO Chief investment officer, JP Morgan Life Sciences

MIKE BELSHE Co-founder and CEO, BitGo ASLI ORBAY-GRAVES Deputy Editor, REDD Intelligence

DAVID LEWIS Managing director, Global Head of AML Advisory, Kroll

JEFF DESJARDINS Founder and editor-in-chief, Visual Capitalist

GREG SHELL Partner, Impact Fund, Goldman Sachs

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FEATURE

LISTING

MATTHEW AMLOT Managing editor, Arabian Business

RONIT GHOSE Head, Global Banks Research, Citi

KAREN YOUNG Senior research scholar, Global Energy Policy, Columbia University

JENNIFER PROSEK Managing partner, Prosek

BARNEY REYNOLDS Partner and global head of Financial Services Industry Group, Shearman & Sterling

VINCE MOLINARI CEO, FintechTV

DR HASANAT DEWAN Managing director and CEO, Integrated Data Intelligence

MARCOS MULLER-HABIG Acting CEO, 42 Abu Dhabi RENSCHE OLIVIER Head of governance, Risk & Compliance, Vistr

DICKON JOHNSTONE Founder and CEO, Themis

BERKAY ONCEL Head of MENAT Investments, SC Lowy BILAL JAFAR Hedge fund correspondent, Dow Jones

DR LEEN KAWAS Managing general partner, Propel Bio

BAS KOOIJMAN CEO, DHF Capital

GABRIELLE INZIRILLO Ecosystem development manager, ADGM

MATTHEW WILDE Senior managing director, Teneo

DAN DONEY Co-founder and CTO, Securrency

BASSEL AL-KHAWAJA Advisory head, Abu Dhabi IPO Fund MOHAMED ALABBAR Founder, Emaar

ANTOINE COLSON CEO, IPEM

36 GB ADFW

Since 1997, Alabbar has been at the forefront of global real estate, leading marquee real-estate development companies such as Emaar Properties (developer of world’s tallest building) and Eagle Hills (an emerging markets real estate developer). He has spearheaded the growth of Emaar Properties, attaining a track record of successfully developing iconic futuristic residential, retail, entertainment, hospitality and leisure assets and transforming the lifestyles of people globally.

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MARIA GONZALEZ SVP, Prosek

ZAFER YOUNIS Founder and CEO, SVVI

DR JAAP KALKMAN Group chief investment officer, ADQ

Kalkman is group chief investment officer at ADQ. He oversees the company’s portfolio, which includes investments and joint ventures, and restructuring efforts spanning key sectors including energy and utilities, food and agriculture, healthcare and life sciences and mobility and logistics.

KIMMO SORAMÄKI Founder and CEO, FNA

JK KHALIL General manager MENA East, Mastercard

CHARLES CASCARILLA CEO and co-founder, Paxos Trust Company

DIEGO LOPEZ Managing director, Global SWF

DR KARIM EL SOLH CEO, Gulf Capital

SALIM ESSAID Journalist, AI Monitor

ABI-GAIL MARSHMAN Senior managing director, head - Financial Crime Consulting MENA, FTI Consulting DAN TAPIERO Founder CEO, 1Roundtable Partners

RAUDA AL DHAHERI Manager - Research and Development, ADGM Academy

El Solh is the co-founder and CEO of Gulf Capital, a leading thematic private equity growth and buyout firm operating across the Middle East, North Africa, GCC and Southeast Asia, investing across several asset classes including private equity, growth capital and real estate.

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FEATURE

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MENA VC OUTLOOK

NAVIGATING CHALLENGES, SEIZING OPPORTUNITIES

HOW LATE-STAGE ROUNDS ARE PERFORMING

WE EXPLORE THE MIDDLE EAST AND NORTH AFRICA’S LATE-STAGE VENTURE FUNDING LANDSCAPE

There is a strong interest from the ecosystem and our clients to understand how more experienced startups are performing and raising their rounds.

Using MAGNiTT’s proprietary data on venture capital investments in emerging geographies, we released an investment report that highlighted various investor trends we spotted in the late-stage venture landscape.

We categorise late-stage as investments made into any rounds after Series A, spanning both disclosed and undisclosed deals from the last 4.5 years. One of the biggest findings was the remarkable 20 per cent annualised growth in late-stage funding since 2018 in MENA, defying the 49 per cent yearon-year decline that was witnessed globally. (See graph on the right)

he MENA region has long been a rising star in the global venture capital landscape. Its diverse markets, entrepreneurial spirit, and a burgeoning tech ecosystem have drawn the attention of investors worldwide. Just this year, as reported by various international publications, the region saw a few notable visits from Silicon Valley investors including Andreessen Horowitz, Tiger Global, and GPs like Jason Calicanis and Brad Gerstner. Over the last five years, the MENA region has continued to flourish, with consecutive years of growth in venture capital.

The first half of this year witnessed the region’s startups raising over $1bn through 193 deals. Our data highlights that over 86 per cent of all these transactions that took place lay in the $0K-$5m bracket. These brackets usually correspond with early-stage rounds in the region. With investor appetite slowly gravitating toward early-stage rounds and specifically, within the $1m-$5m bracket, we wanted to understand how late-stage rounds are faring during this particular market climate.

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Philip Bahoshy, CEO of MAGNiTT

The answer lies in MEGA deals – investments exceeding $100m – that have played a pivotal role in elevating late-stage funding in the region.

Egypt’s Halan, Saudi Arabia’s Nana, and Floward secured over 85 per cent of the total funding deployed in late-stage rounds during H1 2023, positioning MENA at the forefront of venture capital investment.

When we benchmark the characteristics of our late-stage startups to the ones globally, we also witness significant growth in deal sizes. Since 2019, the median deal size in MENA has steadily increased, reaching a record high in 2023 with a 43 per cent compound annual growth rate.

This growth stands in contrast to the global trend, where late-stage deal sizes have plummeted by 45 per cent in Q1 2023, reverting to their 2019 levels. The valuation trends in MENA are equally noteworthy. The average startup valuation from Series A to Series C rounds in the region has grown 23 times between 2019 and 2022. This exponential increase is particularly remarkable when considering that the venture market in MENA is still relatively young. Only 8 per cent of recorded deals from 2019

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FACTORS DRIVING LATE-STAGE FUNDING ACROSS MENA

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FEATURE

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MENA VC OUTLOOK

HALF-YEARLY FUNDING EVOLUTION

MENA INVESTOR BREAKDOWN

for Late-Stage Rounds in MENA Deals (<$100M)

MEGA Deals ($100M+)

–

16 $892M

12

by Percentage share l 2020-H12023 X%

Deal

14

9

8

Y/Y

13 4% $714M

5

9 $643M

$618M

$590M

VCs

Investment Company

Corporate VCs

Others

# of Investors

58

37

74

73

22

19%

25%

26%

24%

24%

12% 5%

1% 14%

3% 14%

6%

21%

$387M

$134M

H2 2019

$71M H1 2020

H2 2020 H1 2021

H2 2021

MENA LATE STAGE FUNDING PREMIUM REPORT

H1 2022

H2 2022

H1 2023

THIS ANALYSIS INCLUDES DISCLOSED, AND UNDISCLOSED DEALS BY PROXY

SOURCE: MAGNiTT

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14%

17%

to 2022 reached Series B or beyond, and a mere 1.3 per cent secured Series C funding. This indicates continued room for growth and expansion in the late-stage startup scene in MENA. However, the region is also facing some uncertainties mirroring the market volatility experienced globally in the venture capital landscape.

One of the most intriguing shifts highlighted in the report is the decline in international investor participation. From 2019 to 2022, investors headquartered outside MENA dominated late-stage VC investments in the region, contributing 57 per cent of the capital deployed. In contrast, H1 2023 saw a dramatic drop, with only 13 per cent of the capital originating from international investors.

This shift has created a void that has been filled by regional investors bridging the gap left by their international counterparts. Nine out of the top 10 investors by transaction volume from 2019 to H1 2023 are headquartered in MENA, demonstrating a commitment to the region’s growth.

Regional funds such as STV, Global Ventures, MEVP, SVC and Mubadala are leading the deal-making efforts. This has been against the backdrop of global players showing increased interest in MENA, driven predominantly by GPs of global funds looking to raise capital from local sovereigns. What we are keen to track is how this interest translates into active participation and investments in the region’s ecosystem versus ‘tourist VC’ activities.

64%

60%

57%

53%

41%

2019

2020

2021

2022

H1 2023

MENA LATE STAGE FUNDING PREMIUM REPORT

THIS ANALYSIS INCLUDES DEALS ONLY

SOURCE: MAGNiTT

THE PLAYERS INVESTING IN LATE-STAGE COMPANIES

THE FIRST HALF OF THE YEAR SAW THE REGION’S STARTUPS RAISE OVER $1BN THROUGH 193 DEALS

The evolution of the late-stage investment landscape in MENA is another interesting takeaway of the report.

Venture capital firms’ participation in late-stage rounds has decreased from 64 per cent in 2019 to 41 per cent this year. Instead, investment companies and corporate VCs have increased their involvement. These entities bring not only financial resources but also industry expertise, customer access, and deep pockets, which can be instrumental in the success of latestage startups.

Our data and the report shine a spotlight on the remarkable dynamism of the region’s venture capital ecosystem. Despite global challenges, MENA continues to grow, driven

by MEGA deals, regional investor participation, and evolving investment landscapes.

As we witness the rise of MENA’s late-stage startups and their increasing valuations, it is important in these uncertain times to drive decisionmaking through data.

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REGULATORY FRAMEWORK

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FEATURE

USHERING IN A NEW ERA

THE ADGM FRAMEWORK IS SET TO REVOLUTIONISE THE INDUSTRY BY PROVIDING A UNIFIED SOLUTION FOR THE NEEDS OF DIGITAL ASSET-RELATED ACTIVITIES AND THE BROADER FOUNDATION LANDSCAPE

BY KUDAKWASHE MUZORIWA

he Registration Authority of Abu Dhabi Global Market (ADGM) ushered in a new era for digital assets with the official release of the financial hub’s Distributed Ledger Technology (DLT) Foundations Regulations.

The new DLT Foundations regime marks a significant milestone in the evolution of digital assets regulatory frameworks, both at regional and international level.

ADGM’s newly implemented legislative structure is designed to provide a comprehensive framework for DLT Foundations and decentralised autonomous organisations (DAOs), enabling them to operate and issue tokens recognising the unique needs of the blockchain industry.

By setting a global benchmark as the region’s first-of-its-kind structure, this regulatory framework is designed to be suitable for blockchain foundations, Web3 entities, DAOs and traditional foundations seeking to enhance their operations through DLT. “The DLT Foundation regulations aim to provide a clear and flexible legal framework for DAO foundations, which are expected to play a key role in the development and innovation of the virtual assets sector in the ADGM and beyond,” explains Soham Panchamiya, an associate at Reed Smith.

The framework is poised to revolutionise the industry by providing a unified solution for the needs of digital asset-related activities and the broader foundations landscape, providing the path toward a more transparent and efficient future.

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By harnessing the potential of technology, ADGM’s DLT Foundations Regime offers an effective means to organise and promote governance whilst recognising the industry’s need for decentralisation.

“While a thorough examination of each DAO and its activities is essential to understand their overall regulatory exposure under applicable ADGM laws and regulations, the introduction of this framework gives hope to finally provide a permanent home for these entities and their communities,” adds Panchamiya.

The regime, whose enactment followed a public consultation, is set to further strengthen ADGM’s position as a global pioneer in the regulations of digital assets.

A CRYPTO HUB

Over the years, the UAE has introduced measures to attract some of the world’s biggest crypto firms by developing

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virtual or digital assets regulation and enabling payments via cryptocurrencies.

Similarly, regulators in the UAE, including Abu Dhabi’s ADGM, Dubai’s Virtual Asset Regulatory Authority (VARA) and the Securities and Commodities Authority (SCA), have expressed greater comfort with digital assets as crypto exchange platforms, including Rain, Binance and Bybit have set up shop in the country.

Bahraini crypto exchange platform Rain obtained a licence from the ADGM to operate a virtual assets brokerage and custody service for UAE-based clients in July. The financial hub also licenced Binance to operate as a broker-dealer in virtual assets.

Other exchanges that received licences to operate regulated trading platforms in the UAE include Kraken, BitOasis, Bybit and Crypto.com. SCA also started receiving licence applications from companies that seek to provide virtual asset services in April.

Cryptocurrency users leverage blockchain, a decentralised ledger system of all transactions across a peer-to-peer network that enables participants to confirm transactions without a need for a central clearing authority.

According to KPMG, unlike the traditional financial systems that use a centralised database with a single point of authority, blockchain technology allows for a distributed database that holds a growing number of records.

DLT’s smart contracts allow for the codification of stakeholders’ rights, obligations and ownership and produce a single source of truth. As a result, the technology eliminates the need for bilateral reconciliation, along with several other inefficiencies encountered in legacy systems.

While the obvious method of disbursement of money using a DLT will be in the form of a cryptocurrency, the technology can also be used to store and operate on information while using non cryptocurrencies to settle payments.

CRYPTOCURRENCY USERS LEVERAGE BLOCKCHAIN, A DECENTRALISED LEDGER SYSTEM OF ALL TRANSACTIONS ACROSS A PEER-TO-PEER NETWORK THAT ENABLES PARTICIPANTS TO CONFIRM TRANSACTIONS WITHOUT A NEED FOR A CENTRAL CLEARING AUTHORITY

THE EVOLUTION OF DLT REGIMES

Globally, the implementation of DLT Foundation regimes has been closely tied to the increasing adoption of digital assets. As digital assets such as cryptocurrencies,

The DLT Foundation regulations aim to provide a clear and flexible legal framework for DAO foundations, which are expected to play a key role in the development and innovation of the virtual assets sector in the ADGM and beyond.”

tokenised securities and gamification have become mainstream, governments and regulatory bodies developing frameworks to oversee and manage these assets.

“In the recent past, DAO frameworks in Wyoming and the Marshall Islands had gained some traction, but those structures were ultimately not as popular given the lack of regulatory clarity in the relevant jurisdictions surrounding the activities of DAOs, particularly more financial servicesfocused investment and staking DAOs,” says Panchamiya.

Governments and regulatory bodies are introducing DLT Foundation regulatory regimes to ensure investor protection, prevent financial crimes, and maintain the stability of the financial services sector.

Last year, Singapore’s central bank, the Monetary Authority of Singapore, launched DLT and tokenised assets pilot projects to transform financial transactions, especially in facilitating safe, efficient and low-cost retail, wholesale and cross-border payments.

The city-state is known for its progressive approach to cryptocurrency and digital assets.

Similarly, Liechtenstein, one of Europe’s smallest countries enacted progressive DLT and cryptocurrency regulations, making it an attractive location for blockchain businesses.

The Liechtenstein Blockchain Act, which took effect on January 1, 2020, enables the tokenisation of all types of assets and rights without the need to circumvent the law while advancing the country’s capacity to host digital tokens legally.

The relationship between DLT regulations and digital asset adoption is evolving, and the regulatory environment needs to strike a balance between innovation and security. DLT Foundation regimes, such as Abu Dhabi’s ensure investor protection, prevent financial crimes, and maintain the stability of financial systems.

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FEATURE

TRANSPARENCY

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OPEN FOR BUSINESS

RIGOROUS SCENARIO PLANNING CAN HELP BUSINESSES ENSURE SUCCESS, BUT TRANSPARENCY IS ALSO ESSENTIAL, SAYS AJINKYA TANPURE, FOUNDER OF CROSSVAL

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n the evolving financial landscape of the Gulf, governments have demonstrated remarkable foresight by diversifying their portfolios and prioritising long-term stability. However, for the region to truly maximise its potential and ensure consistent positive market valuations, businesses must similarly emphasise comprehensive financial planning and transparency at the micro level.

Rigorous scenario planning can serve as the cornerstone of this approach. By continuously analysing potential market shifts and modelling responses to various economic challenges, businesses can stay ahead of the curve. This proactive approach, coupled with dedicated investments in research and development, ensures that businesses remain at the forefront of industry changes.

Technological advancements offer further opportunities for businesses to enhance their financial planning and transparency. Modern financial planning software can help in modelling different financial scenarios, optimising budgets, and even predicting potential cash flow challenges.”

TRANSPARENCY IS KEY

But planning alone isn’t enough. A business’s credibility hinges significantly on its transparency, especially in today’s interconnected global economy. By being open and clear about their operations, financial health, and potential risks, businesses not only attract more investments but also ensure that their market valuations are based on concrete data rather than speculation. This clarity helps prevent rumour-driven market swings and fosters an environment of trust among stakeholders, leading to more stable and accurate valuations.

Additionally, with transparent practices, businesses can be more effectively benchmarked against global standards, ensuring that they are not only competitive but also valued appropriately in the marketplace.

Technological advancements offer further opportunities for businesses to enhance their financial planning and transparency. Modern financial planning software can help in modelling different financial scenarios, optimising budgets, and even predicting potential cash flow challenges. Technologies like blockchain can ensure data integrity, fostering trust among stakeholders, while artificial intelligence can assist in

TECHNOLOGIES SUCH AS BLOCKCHAIN CAN ENSURE DATA INTEGRITY, FOSTERING TRUST AMONG STAKEHOLDERS, WHILE ARTIFICIAL INTELLIGENCE CAN ASSIST IN PREDICTIVE ANALYTICS, ENABLING BUSINESSES TO FORESEE MARKET SHIFTS AND ADJUST THEIR STRATEGIES PROACTIVELY

predictive analytics, enabling businesses to foresee market shifts and adjust their strategies proactively.

Overall, accurate business valuations are paramount. Yet, for many, the process remains tedious, often described as a ‘black box’ – a realm of obscurity and minimal transparency. This opacity doesn’t merely affect individual businesses; it has broader implications. Misunderstood or skewed valuations can lead to misinformed investment decisions, resource misallocations, and even market distortions. Clear, transparent valuations are not just a business necessity; they are foundational for a stable and growing economy.

MACRO-LEVEL EMPHASIS

As the Gulf region continues its upward trajectory on the global stage, its businesses must mirror the macrolevel emphasis on strategic planning and transparency. Such an approach will not only ensure more positive market valuations but also create an environment where stakeholders have unwavering confidence in the region’s economic prospects. Embracing these principles is not just beneficial for businesses; it is essential for the sustained growth and success of the Gulf’s dynamic and promising market.

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FEATURE

EMERGING TECHNOLOGIES

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THE UAE’S RISE AS AN EMERGING TECH HUB

THE UAE’S DIGITAL TRANSFORMATION HAS BEEN DRIVEN BY RAPID STRIDES IN ADVANCED TECHNOLOGIES AND GOVERNMENT SUPPORT he UAE is rapidly emerging as a global leader in emerging technologies. This transformation is being driven by a number of factors, including the UAE’s government-led commitment to innovation, its diverse and dynamic talent pool and its world-class infrastructure.

One of the key drivers of the UAE’s tech boom is its forward-thinking regulatory landscape. The Abu Dhabi Global Market (ADGM), for example, has emerged as a pioneer in regulating emerging technologies such as fintech and Web3. By providing a safe and supportive environment for businesses to operate, ADGM has attracted a number of leading tech companies to the UAE. Another key driver of the UAE’s tech growth is its investment in infrastructure. The Dubai AI and Web3 Campus, for example, is a state-of-the-art facility that provides startups and tech companies

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with access to cutting-edge resources and facilities. The UAE has also been at the forefront of developing smart cities, with Dubai serving as a prime example. These smart cities integrate technology seamlessly into urban planning, creating a connected and efficient living environment.

The UAE’s commitment to innovation is also evident in its digital economy strategy. The UAE Ministry of Economy aims to double the contribution of the digital economy from 9.7 to 19.4 per cent within the next decade.

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This ambitious goal is a testament to the UAE’s government’s belief in the power of technology to transform the economy and society.

The UAE’s tech boom is having a significant impact on the country’s economy. The fintech sector, in particular, is experiencing rapid growth. The UAE fintech market is expected to grow at a compound annual growth rate (CAGR) of more than 10 per cent in the coming years, driven by a number of key trends such as embedded finance, virtual cards, POS financing, crypto and DeFi. The UAE’s rise as an emerging tech hub is also having a positive impact on the country’s society. The tech sector is creating new jobs and opportunities for people from all walks of life. The UAE is also becoming a more attractive destination for top talent from around the world.

The UAE fintech market is expected to grow at a CAGR of more than 10% in the coming years, driven by a number of key trends such as embedded finance, virtual cards, POS financing, crypto and DeFi.”

FINTECH TRENDS IN THE UAE: A LOOK AT THE FUTURE

9.7%

19.4%

Saqr Ereiqat, co-founder, Crypto Oasis

Pic: Supplied

The UAE fintech market is expected to grow at a CAGR of more than 10 per cent in the coming years, driven by a number of key trends: EMBEDDED FINANCE: Embedded finance is the integration of financial services into non-financial products and services. For example, a retailer might offer embedded finance by allowing customers to pay for goods and services in installments. Embedded finance is a win-win for both businesses and consumers. Businesses can use embedded finance to increase customer engagement and loyalty, while consumers can benefit from the convenience of having access to financial services at their fingertips.

VIRTUAL CARDS: Virtual cards are digital versions of traditional credit and debit cards. They offer a number of advantages over traditional cards, such as convenience, security and flexibility. Virtual cards can be used to make online and in-store payments, and they can be linked to a variety of different bank accounts. Virtual cards are expected to become increasingly popular in the UAE in the coming years, as more consumers and businesses look for convenient and secure ways to pay for goods and services.

POS FINANCING: POS financing is a type of financing that allows consumers to purchase goods and services

THE UAE’S COMMITMENT TO INNOVATION IS EVIDENT IN ITS DIGITAL ECONOMY STRATEGY. THE UAE MINISTRY OF ECONOMY AIMS TO DOUBLE THE CONTRIBUTION OF THE DIGITAL ECONOMY WITHIN THE NEXT DECADE

at the point of sale and pay for them in installments. POS financing is a popular option for consumers who want to spread the cost of purchases over a longer period of time. POS financing is expected to grow in popularity in the UAE in the coming years, as more consumers become aware of its benefits.

CRYPTO: The UAE is rapidly becoming a global hub for cryptocurrency.

This is due to its forward-thinking regulation and its supportive ecosystem for crypto businesses. A number of leading crypto companies, such as Binance and Crypto.com, have established offices in the UAE. The growth of the crypto industry in the UAE is expected to boost the fintech sector as a whole.

DEFI AND BLOCKCHAIN: Decentralised finance (DeFi) and blockchain technologies are also gaining traction in the UAE. DeFi is a financial system that is built on blockchain technology and that does not require intermediaries such as banks. Blockchain technology is a distributed ledger system that is secure and tamper-proof.

Overall, the UAE’s rise as an emerging tech hub is a remarkable story of transformation. The UAE government’s commitment to innovation, its diverse and dynamic talent pool, and its world-class infrastructure have created a fertile ground for tech companies and startups to thrive. The UAE is well-positioned to become a global leader in emerging technologies in the years to come.

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FEATURE

ANGEL INVESTORS

SUPERANGELS SUMMIT TO BE HELD IN ABU DHABI THE SUMMIT, WHICH WILL BRING TOGETHER VISIONARIES, INVESTORS AND STARTUPS, WILL TAKE PLACE ON DECEMBER 15 AND 16, AT THE ABU DHABI NATIONAL EXHIBITION CENTRE

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BRINGING TOGETHER LEADERS AND INVESTORS

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Dedicated to celebrating and advancing the art and science of the entrepreneurial world, the event will bring together active and aspiring angel investors, industry leaders and ecosystem enablers from around the world to network, engage and explore opportunities beyond.

“SuperAngels Summit is a powerful platform for investors who are also visionary catalysts to help fresh entrepreneurs realise their potential. We are excited to bring this summit to Abu Dhabi, the UAE capital, the fastestgrowing startup ecosystem in the MENA. Here innovative ideas can outperform success.

A wide variety of exciting opportunities is waiting to take off in this veritable crucible of opportunity. Being a member of this summit is to immerse oneself in the essence of modern enterprise, where those with a skillhe SuperAngels Summit, the world’s first and largest angel based pioneering spirit are called investor conference, is coming to Abu Dhabi in partnership to innovation. with The Private Office of Sheikh Saeed Bin Ahmed “Together, we can create Al Maktoum, the Department of Culture and Tourism the irrevocable future of busiAbu Dhabi, Abu Dhabi Convention and Exhibition ness and investment, setting Bureau, and Emirates Angels. out on a journey where amazThe two-day summit will be held on December 15 and ing opportunities abound, 16, 2023, at the Abu Dhabi National Exhibition Centre and new horizons open up,” (ADNEC), Abu Dhabi. says Ravi K Ranjan, founder Founded by Ravi K Ranjan and presented by Venture of SuperAngels Summit.

Catalysts++, the summit will see participation from well- RAVI K RANJAN, “I believe in the boundless known VC groups, major government entities, and recognised founder, SuperAngels potential of entrepreneurship Summit angel networks both domestically and internationally. to drive positive change. As a

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SPEAKERS AT THE SUMMIT

visionary in this area, my mission is to ignite sparks of innovation and fuel the fires of success in every entrepreneur. Bringing SuperAngels Summit 2023 to Abu Dhabi gives us a tremendous opportunity to engage, explore, and further empower the startup ecosystem in the MENA region,” says Dr Apoorva Ranjan Sharma, co-founder and president, Venture Catalysts++.

SUPPORTING STARTUPS

Khalifa Al Qubaisi, chief commercial officer at Abu ASHNEER GROVER, Dhabi National Exhibition Centre (ADNEC), which founder of BharatPe and a ‘Shark’ at Shark is part of ADNEC Group says, “SuperAngels Summit Tank India is a revolution in angel investing, setting the stage for investors to connect, collaborate and catalyse groundbreaking opportunities. It’s a conference like none other.

It is a reflection of the transformational impact that angel investors have on the world of startups. In the world of angel investing, we are the architects of innovation, the nurturers of dreams and a bridge between visionary entrepreneurs and transformative opportunities.”

“In the SuperAngels Summit, investors become visionaries, and startups find their way,” says Masaood WILLIAM BAO BEAN, Al Masaood, chairman of the Board, Emirates Angels, managing director, “This summit will offer a unique platform where Orbit Ventures seasoned investors, aspiring angels, and innovative startups converge. It’s an opportunity to network with like-minded individuals, gain insights from expert panels and witness the birth of the next big innovations.

“The summit will inspire, educate, and focus on 15-16 Dec, 2023 that attendees ADNEC, Abu Dhabi the future of angel investing ensuring stay at the forefront of the industry trends. This summit will surely be a win for you and your journey as an entrepreneur.”

The summit will have recognised angel investors PAULA TAVANGAR, and entrepreneurial founders participating as ‘super’ co-founder Genesis Ashneer Grover C

Ex-BharatPe

Capital LATAM

William Bao Bean Orbit Startups

Shikhar Dhawan

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CM

Andreas Baand Larsen

MY

ABAAND Holding EduSphere

Shraddha Sharma

Brian Pallas

Cricketer

YourStory Media

Opportunity Network

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Pakiza Alsouse

CMY

NEOM K

Arjun Vaidya V3 Ventures

Sandy Carter Unstoppable Domains

Sanjiv Bikhchandani Opportunity Network

15-16 Dec, 2023

ADNEC, Abu Dhabi

JOIN THE WORLD’S FIRST & LARGEST

ANGEL INVESTOR SUMMIT Register Now

www.superangelssummit.com Ashneer Grover

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Ex-BharatPe

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Pics: Supplied

CM

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Orbit Startups

1000+ ATTENDEES | 400+ FOUNDERS | 300+ ECOSYSTEM ENABLERSShikhar Dhawan Cricketer PITCH BATTLE | PANEL DISCUSSIONS | STARTUP EXPO | FIRESIDE CHATS Shraddha

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William Bao Bean

Andreas Baand Larsen ABAAND Holding EduSphere

Brian Pallas

Sharma

YourStory Media

Opportunity Network

Pakiza Alsouse NEOM

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Arjun Vaidya V3 Ventures

Sanjiv Bikhchandani Opportunity Network

Sandy Carter Unstoppable Domains

PHILIPP CASPERSPABST, senior associate, Dubai Future District Fund

DR APOORVA RANJAN SHARMA, co-founder, Venture Catalyst++

speakers. These include Dana AlJawder, CTO, MAGNiTT; Abe Seksek, CEO, Rainmaking & Startupbootcamp - Mena and Africa; Philipp Caspers-Pabst, senior associate at Dubai Future District Fund; Nancy Najm, co-chair 2022 Female Angels and co-founder and CEO, Cloudhoods; and many more.

STAR-STUDDED EVENT

The UAE is emerging as a robust global centre for entrepreneurship, and its primary startup ecosystem is at the forefront of this growth. To enhance the growth of the startup ecosystem and global prominence of the summit, speakers from around the globe are also participating, adding their expertise and making the event shine on an international scale, gathering Ashneer Grover, the founder of BharatPe, a ‘Shark’ at Shark Tank India and author of best-seller book Doglapan; Felix Lam, director, WYNG43 Social Investment; Christopher Aurand, Open Innovation leader at Thai Union Group PCL; Moshe Hogeg, chairman, Blockchain Research Institute, and many more.

With the line-up of celebrity speakers, SuperAngels Summit has made a milestone move by having 50 global funds grace the event.

Organised to celebrate the essence of angel investing, this summit is uniting top talents from the global startup ecosystem. Moreover, it features compelling pitch battles, insightful keynote panel discussions, engaging fireside chats, and enriching conversations.

You can register for the event at www.superangelssummit.com

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FEATURE

OPEN FINANCE

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THE BEST OF ALL WORLDS

OPEN FINANCE IN THE UAE OFFERS A CONFLUENCE OF TRADITION, INNOVATION AND GLOBALISATION, SAYS MIRNA SLEIMAN, FOUNDER AND CEO OF FINTECH GALAXY

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IN THIS PROGRESSION, THE INTRODUCTION OF NEW REGULATED ENTITIES IS A NOTABLE DEVELOPMENT

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he UAE is standing on the brink of significant transformation in its financial sector, driven by open banking. The country’s open finance narrative, wider in its scope than other regional open banking programmes, is gradually unfolding, showcasing a future of secure financial data-sharing and service initiation while fostering innovation, competition, and consumer centricity.

The UAE is priming these advances, leveraging its robust financial infrastructure and regulatory frameworks. The country’s recent strategy for the banking sector development is promising for open banking. It allows sharing of financial data securely via application programming interfaces (APIs) and encourages the move up to open finance, with broader data-sharing extending beyond banking. This move reflects the UAE’s commitment to aligning its financial sector with global best practices and technological trends, showcasing readiness for a more digital future.

Furthermore, recent amendments to the banking law exhibit Abu Dhabi’s pragmatic approach to crafting a conducive regulatory environment for open banking. While the specifics are yet to be fully unveiled, these adjustments indicate momentum towards global open banking standards.

RIPE WITH POTENTIAL

The UAE is in a catch-up phase concerning open banking regulations, which is an opportunity for the UAE to learn from neighbouring nations to design a robust, consumer-friendly open banking framework that adheres to international standards while catering to the

unique financial landscape of the Emirates. It’s a learning curve ripe with potential. The Financial Infrastructure Transformation (FIT) Programme initiated by the Central Bank of the UAE (CBUAE) unfolds like a meticulously crafted trilogy, each phase adding a new layer to the narrative.

The first phase addresses open banking and insurance, laying the first stones of a digital financial edifice. Entities can propose additional use cases through a centralised platform, fostering innovation from the get-go.

The second phase introduces open embedded finance, expanding beyond traditional banking and hinting at a grand alliance with another regulator.

The third phase is the time for ecosystem, use cases. This is when the ecosystem will broaden, bringing various sectors and stakeholders under a seamless, intertwined financial canopy.

CATCHING UP WITH THE REST

In this progression, the introduction of new regulated entities is a notable development. These new entities, under the oversight of the CBUAE, signify a structured move towards a regulated open finance landscape. The journey towards open banking in the UAE is a harmonious blend of regulatory foresight, digital infrastructure advancements, and a collaborative ethos among financial stakeholders. As the contours of open banking regulations continue to crystallise, the UAE is not merely embracing a global financial trend, but it’s carving a unique niche.

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