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FinTech Funding Continues to Surge as Second Edition of Dubai FinTech Summit Commences

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FinTech Funding Continues to Surge as Second Edition of Dubai FinTech Summit Commences
  • Dubai FinTech Summit to take place 6 – 7 May at Madinat Jumeirah.
  • 2nd edition of the summit will bring together over 8,000 decision-makers, over 300 thought leaders across five stages and more than 200 exhibitors showcasing cutting-edge technologies.
  • FinTech landscape is booming with over 800 FinTech start-ups worth USD 15.5bn.

Dubai, 24 April 2024: For the second consecutive year, Dubai will remain in the spotlight as it hosts the second edition of Dubai FinTech Summit, under the patronage of His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance of the UAE and President of DIFC, which is set to take place on 6-7 May at Madinat Jumeirah.

Organised by Dubai International Financial Centre (DIFC), the leading global financial hub in the Middle East, Africa and South Asia (MEASA) region, the Summit will bring together 8,000 decision-makers, over 300 thought leaders and more than 200 exhibitors to discuss the latest innovations and challenges and showcase cutting-edge technologies. 

The global FinTech sector is rapidly growing and is predicted to be valued at USD 608bn globally by 2029, according to Mordor Intelligence, a market intelligence and advisory firm. Bucking the downward global market trend, the MENA FinTech market is expected to register a CAGR of over eight per cent during the period 2024 to 2029. 

Dubai FinTech Summit will offer a platform for start-ups, investors and industry leaders to connect and capitalise on the growing FinTech market in the region and beyond. The MENA region’s FinTech start-up and venture capital landscape is booming, with over 800 FinTech start-ups worth USD15.5 bn, according to data by dealroom.co. Reflecting the ongoing transformation in the financial sector driven by Innovation, Inclusion, and Impact, the key themes this year will be Finance Renaissance, Ecofinance and Impact, Investment Vanguard, Regulatory Frameworks, Global Financial Dynamics and FinTech 2.0.

Mohammad Alblooshi, CEO at DIFC Innovation Hub, said: “Nearly 60 per cent of all FinTech companies in the GCC are currently based in Dubai. With the industry growing at an unprecedented rate, it is crucial for stakeholders to gather and discuss the challenges and opportunities that lie ahead. The Dubai FinTech Summit will bring together the most prominent figures in the industry, with an agenda that is aimed at driving innovation, inclusivity, and growth for all.”

With an impressive line-up of distinguished local and international speakers, the Dubai FinTech Summit will host a series of panel discussions and fireside chats. More than 20 governors of financial institutions will attend the summit this year, amongst them, H.E. Essa Kazim, Governor, DIFC, UAE; H.E. Fahad M. Alturki, Ph.D. Director General Chairman of the Board, Arab Monetary Fund, H.E. Dr. György H Matolcsy, Governor, Magyar Nemzeti Bank, The Central Bank of Hungary; will participate in discussions during the two-day event. Nic Dreckman, CEO of Bank Julius Baer & Co.; Yie-Hsin Hung, President & CEO of State Street Global Advisors, along with many other global industry leaders will also be participating in the various sessions planned for the Summit. Notable local speakers include H.E. Abdullah bin Touq Al Marri, Cabinet Member & UAE Minister of Economy; H.E. Helal Saeed Al Marri, Director General, Department of Economy and Tourism, Dubai; H.E. Salem Humaid Al Marri, Director General, Mohammed Bin Rashid Space Centre, UAE; and H.E. Faisal Belhoul, Vice Chairman of the Dubai Chamber, Chairman of J&F Holding.

A key highlight of the Dubai FinTech Summit will be the Grand Finale of the FinTech World Cup (FWC). The champions of the FinTech World Cup will be announced on Day 2 of the summit with the winners securing an investment of up to USD 1 million. The competition is a growth-enabling initiative by DFS designed to encourage cross-border collaboration and stellar innovation, pivotal to transforming the global FinTech sector.

In line with the D33 Agenda to position Dubai as the top four global financial hub by 2033, the 2nd edition of the Dubai FinTech Summit is designed to encourage cross-border collaboration and innovation, pivotal to transforming the global FinTech sector. It presents a unique opportunity to explore emerging FinTech trends and their potential to drive financial progress in the MEASA region.

The inaugural Dubai FinTech Summit attracted over 5,000 C-suite leaders from over 90 countries including north of 1,000 investors and more than 150 speakers. Over 20 Memorandum of Understandings were signed with global financial leaders during the Summit.

The 2nd edition of the Dubai FinTech Summit is supported by:

Founding Partner & Co-Host – VISA

Founding Partner & Premium Banking Partner – Emirates NBD

Founding Partner & Powered by – Etisalat and, Dyna.Ai

Founding Partner & Strategic Banking Partner – Commercial Bank of Dubai

Powered by – Etisalat and, Dyna.Ai

Lead Sponsor – Finvasia

Country Pavilion Partner – invest SEOUL

Diamond Sponsor – Mashreq

Strategic Venue Partner  – SC Ventures

Platinum Sponsors – Ripple, Deloitte, Pay10, Nasdaq, Mastercard, Bitpanda

END

About Dubai FinTech Summit

Dubai FinTech Summit is an annual mega event organised by the Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa and South Asia (MEASA) region. The 2nd edition of the Dubai FinTech Summit will bring together over 8,000+ global industry leaders, 1,500+ investors and policy makers, signalling increased appetite for growth opportunities in the region. 

Dubai FinTech Summit signals new wave of financial innovation, opportunity, transformation, and growth for the international financial services sector.  As a rising FinTech hub, Dubai is also spearheading the evolution of the financial services industry, with investments in FinTech projected to grow by 17.2 per cent CAGR to USD949 bn from 2022 to 2030. The summit aligns with the Dubai Economic Agenda D33’s strategic goal of propelling Dubai into the ranks of the top four global financial hubs by 2033.

The expanded programme of Dubai FinTech Summit is set to exceed expectations by delving into key tracks, including the future of FinTech, embedded and Open Finance, climate finance, Web3 and digital assets. The summit stands as a thought leadership-driven platform, addressing industry challenges head-on and championing innovation.

To register for the event, visit www.dubaifintechsummit.com.

Visitors can purchase tickets for the Dubai FinTech Summit 2024.

For further enquiries, please contact: 

Shadi Dawi

Director of PR & Strategic Partnerships

Trescon Global

Mobile: +971 55 498 4989

shadi@tresconglobal.com 

ARY MILLIGOLD DAILY

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Emirates arranges Autism Familiarisation Flight and Travel Rehearsal for 30 families

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Emirates arranges Autism Familiarisation Flight and Travel Rehearsal for 30 families

Dubai, UAE, 25 April 2024: Furthering Dubai’s commitment to accessible travel and to raise awareness of autism, Emirates invited 30 UAE families with neurodiverse children to have a real check in experience and familiarisation flight on the 24 April, in Terminal 3 Dubai International Airport (DXB). The initiative was designed to help the children practice and alleviate anxieties before travelling, as well as providing a unique opportunity for Emirates to collaborate with key partners, and garner insights for improving accessible travel.

Emirates hosted Her Excellency Hessa BuHumaid, Director General of the Community Development Authority of Dubai, as well as 30 neurodiverse children aged between 8 and 12 years old from Dubai Autism Centre, Safe Centre for Autism, Rashid Centre for People of Determination and the New England Centre Children Clinic to attend the flight, including their caregivers. Emirates also invited a neurodiverse child with Angelman Syndrome to join the experience, a condition which can cause delayed development, problems with speech and balance, intellectual disability and seizures. The group were joined by Adil Al Ghaith – SVP Emirates Commercial Operations in the Gulf, Middle East & Central Asia, and Mostafa Karam – SVP – Emirates Customer Affairs & Service Audit.

The group used the Autism Friendly Route through Dubai International Airport which includes access to priority lanes for check-in, passport control, security and boarding. Specially trained Emirates check in staff and cabin crew were on hand to support throughout the journey. EK2605 departed DXB at 11:20am and landed again at 12:20pm, giving children a real-life experience of a flight including inflight service, announcements from the cabin crew and Captain, and the sounds and sights of a real take-off and landing.

According to a study by the International Board of Credentialing and Continuing Education Standards (IBCCES) only 13% of families with neurodiverse children surveyed take family vacations because they cite the experience of the airport and flight as too stressful and triggering for the children’s sensory sensitivities. However, 93% of families surveyed said they would take more trips if there were more autism-certified options available and support in place. The aim of the Emirates travel rehearsal initiative is to help customers with autism and sensory disorders and their families to prepare for travel, through a guided tour of the airport and aircraft cabin environment, as well as providing comprehensive training and understanding of neurodiversity to all Emirates team members. More Emirates initiatives are planned in the future, with a view to supporting neurodiverse needs and Dubai’s commitment to People of Determination.

At the event, members of IBCCES were tasked to provide insights and notes on the inflight experience for neurodiverse customers. Emirates and IBCCES are working together to develop an official Autism-friendly inflight certification, which could be eventually used by other airlines. This certification will complement Emirates’ recent achievements, where all Dubai Check In facilities – Emirates City Check-In & Travel Store in DIFC, Emirates Cruise Check In – Port Rashid, Emirates Cruise Check In – Dubai Harbour and Emirates City Check-In Ajman and Emirates’ dedicated hub in Terminal 3 DXB were awarded the Certified Autism Center™ Designation. This also builds on the recent recognition of Dubai International Airport as the first international airport to earn the designation from IBCCES, as well as aligning with the Department of Economy and Tourism’s vision of becoming the first Certified Autism Destination™ in the Middle East.

By working together – Emirates, Dubai’s Department of Economy and Tourism, and Dubai Airports in collaboration with the General Directorate of Residency and Foreign Affairs, Dubai Police and Dubai Customs, are making travel more inclusive and accessible for all, reflecting Dubai’s commitment to becoming a leading destination for travellers with diverse needs and aligning with Dubai’s Social Agenda 33, under the theme ‘Family: The Foundation of Our Nation’.

Emirates and partners support neurodivergent passengers and People of Determination in many ways:

Emirates Employee Training

More than 29,000 cabin crew and ground staff globally have completed Emirates ‘Introduction to Autism and Hidden Disabilities’ training. The online course was first launched in 2022 and covers a range of topics from the UAE National Policy for People of Determination, recognising autism, practical tips on how to assist passengers with hidden disabilities, responding with empathy, and information on the official support systems to help passengers in the airport.

Before Travel

Information in advance

Emirates supports passengers with hidden disabilities by providing as much information in advance as possible, so that families can plan, rehearse, and be reassured about their upcoming travel. Passengers can check the Accessible Travel page on Emirates.com for information and contact their Emirates local office with queries. 

Free Seat Selection and Bulkhead Seat for autistic passengers and companions

Passengers who declare a hidden disability will be facilitated as much as possible in the complimentary selection of suitable seats, for example the bulkhead seats at the front and middle of the aircraft for both the autistic passenger and their companion. This can be requested via Emirates local office.

Book with ‘DPNA code’ for extra support

A DPNA is an airline industry code for special service request (SSR) for a ‘passenger with intellectual or developmental disability.’ The DPNA code can be applied to a booking made in person, via telephone or travel agent and is applied once the hidden disability is declared, so that the passenger will be supported throughout their journey with assistance from trained staff. 

Study the ‘Autism Friendly Guide’ to Dubai International Airport

Emirates has collaborated with Dubai International Airport on a comprehensive pre-travel planning tool for passengers with hidden disabilities. The Autism Friendly Guide to Dubai International Airport provides a step-by-step explanation and images of every part of the journey through the airport to boarding, and details what services are available.

Pre-order meals

Some passengers may need a special meal onboard if they have a sensory sensitivity. This can be ordered a minimum of 24 hours in advance on www.Emirates.com or on the Emirates app. There are options to order gluten free meals, bland meals, vegetarian and diabetic meals. For Kids Meals, families who are travelling with an autistic passenger may contact the Emirates local office with their request in advance.

Pre plan what to watch on ice via Emirates app

Download the Emirates app, and before a flight passengers can spend time planning and pre-selecting their favourite movies, TV shows or music playlists. Once the passenger has boarded, their personally curated playlist can be synced immediately to ice, saving time and enabling them to settle into the flight quicker with the comfort of their familiar content.

Arrival to airport

Complimentary parking for 2 hours

People of Determination receive complimentary parking in all terminals in Dubai International Airport for 2 hours. People of Determination taxis can also be booked via Dubai Taxi on their toll-free number 80088088.

Collect the Hidden Disabilities Sunflower Lanyard

The Hidden Disabilities Sunflower is a globally recognised symbol for hidden disabilities. Emirates and Dubai International Airport staff with Sunflower pins are easily identifiable and specially trained to assist travellers with hidden disabilities. Passengers are encouraged to declare their hidden disability to these staff and collect a Sunflower Lanyard to wear, allowing for support throughout the airport journey. The sunflower lanyard can be collected from the information desk in Departures, Terminal 3 and from easily identifiable collection points in Terminals 1 and 2.

Autism Friendly Route

The Autism Friendly Route through Dubai International Airport ensures that People of Determination journey through the airport with a dedicated route. It includes access to priority lanes for check-in, passport control, security and boarding; and can be availed when wearing the sunflower lanyard. Specially trained staff equipped to support People of Determination will be easily identifiable wearing sunflower pins, allowing for increased visibility, communication and support throughout the airport journey.

Priority boarding or board last if preferred

People who have declared their hidden disabilities to Emirates staff will be facilitated in boarding the aircraft first if they choose, or last if this more convenient.

Emirates Inflight Experience

Families with children are seated together

Emirates makes every effort to seat families with children together, and passengers who have declared their hidden disability will be seated beside their companion or guardian.

Noise cancelling earphones

Passengers with an aural sensory need in First and Business Class will have access to noise‑cancelling headphones to block out ambient cabin sounds.

Light Sensitivity

If the customer, child or family member informs Emirates cabin crew about a light sensitivity, cabin crew can turn off the passenger’s individual light, close the window blind after take-off, and explain that the cabin lights will be dimmed as soon as the meal services are completed. 

Get busy with puzzles in Fly with Me magazine

Young children onboard who need a screen break or distraction can request a copy of the Emirates ‘Fly with Me’ activity pack, with its own pack of non-toxic colouring pencils, featuring kid-friendly world maps, puzzles, drawing tutorials, colouring pages, educational activities about Dubai and protecting the environment. 

Choose preferred entertainment on ice

Passengers enjoying an Emirates flight can pass the time in a world class entertainment library with more than 6,500 channels of on demand entertainment, over 1,900 movies and 1,500 hours of TV, as well as music, podcasts and audiobooks across 40 languages. Ice also has up to 100 video games, which can be played by two players in different seats if the game is a multiplayer game.

DP World Foundation delivers AED19 million charity projects in 10 countries in Ramadan

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DP World Foundation delivers AED19 million charity projects in 10 countries in Ramadan

DUBAI, 25th April, 2024 (WAM) — DP World Foundation has expended over AED19 million on charity projects during the holy month of Ramadan this year in 10 countries. This was announced at the Dubai International Humanitarian Aid and Development (DIHAD) Exhibition, held under the auspices of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai.

The philanthropic arm of DP World reported that the campaign’s outcomes were warmly received by beneficiaries in the UAE and nine other countries in Africa and Asia. Nasser Abdulla Al Neyadi, Vice Chairman of the Board of Directors of DP World Foundation said: “We are planning more campaigns to bolster DP World Foundation’s presence and amplify its charitable impact in the upcoming year”.

Al Neyadi elaborated that a total of AED9.22 million (US$2.51 million) had been allocated for projects in the 10 countries. The largest contribution, totaling AED10 million (US$2.72 million), was allocated to the “Mother’s Endowment” campaign launched by the Mohammed bin Rashid Al Maktoum Global Initiatives. This initiative aims to honor mothers by establishing an AED1 billion endowment fund to support the education of millions worldwide.

Locally in the UAE, DP World Foundation collaborated with partners such as Al Ihsan Charity Association and the Dubai Charity Association to launch the Ramadan Amaan 10 campaign, distributing 500,000 Iftar boxes across the UAE with the help of 18,000 volunteers.

In 2023, DPWF gave an AED10 million contribution to the “1 Billion Meals Endowment” campaign launched by His Highness Sheikh Mohammed, to establish the largest Ramadan sustainable food aid endowment fund, in addition to contributing to other charity projects.

DIHAD 2024 convened key decision-makers from leading NGOs, UN agencies, charity organisations, government bodies, and private sector providers to address the needs of people and countries affected by crises, disasters, and natural calamities. Al Neyadi expressed satisfaction with the significant progress made since the foundation’s inception in April 2022. He underlined DPWF’s focus on supporting health, education, and food-related causes at local, regional, and international levels, in alignment with the UAE’s Fifty-Year Charter for sustainable growth in humanitarian work.

DP World Foundation’s Director General, Latifa AlQemzi, revealed plans for expanding its reach and impact in the upcoming years. She cited the positive outcomes of previous campaigns as motivating factors for this decision.

AlQemzi added: “We are currently planning an exciting array of international and local initiatives and campaigns for 2025, aiming to encapsulate the true essence of Ramadan and promote community spirit, generosity, and giving.” AlQemzi presented at DIHAD 2024’s Humanitarian Diplomacy and Climate Change session, introducing the DPWF’s impactful work and mission.

DP World Foundation remains committed to promoting social responsibility and providing support to those in need, regardless of nationality, race, or religion. Its upcoming initiatives will address various social issues such as poverty, hunger, and education through collaborations with local and international partners.

Hamdan bin Mohammed inaugurates landmark Dubai Reef sustainability initiative with launch of pilot modules

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Hamdan bin Mohammed inaugurates landmark Dubai Reef sustainability initiative with launch of pilot modules

DUBAI, 25th April, 2024 (WAM) — His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, has inaugurated the landmark Dubai Reef project with the launch of the pilot reef modules.
A sustainable initiative by Dubai Can, Dubai Reef is the world’s largest marine reef development project and marks a pioneering step in Dubai’s efforts to promote ecological sustainability. Working around a plan to deploy 20,000 purpose-built reef modules of various sizes over a four-year period, Dubai Reef marks a significant endeavour for the city that will span a staggering 600 square kilometres across Dubai’s waters. The meticulously crafted design of the reef units will see them exceed 400,000 cubic metres in volume.
In line with the directives of H.H. Sheikh Hamdan and The Executive Council of Dubai, the Dubai Reef project is a city-wide collaboration uniting key partners to support the wider strategic goals and ambitions of Dubai and the UAE, including the Dubai Economic Agenda (D33), the UAE’s Green Agenda – 2030, and the UAE Net Zero 2050 strategy.
Sheikh Hamdan said: “The landmark Dubai Reef initiative is a testament to the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai. Reef ecosystems are unique life sources and vital components in the protection of marine life. Dubai Can’s Dubai Reef project will inject vitality into our coastal waters and contribute to global conservation efforts. The project’s significant long-term environmental and socio-economic impacts will serve Dubai’s commitment to ensuring a sustainable future for generations to come.”
With an initial proof of concept championed by Ahmed Mohammed bin Thani and contractors HaejooX in 2021, the first modules have now been activated as part of the Dubai Reef pilot project. Working alongside the Dubai Department of Economy and Tourism (DET), the newly formed Dubai Environment and Climate Change Authority (DECCA) will be a critical partner in ensuring successful project delivery. As Director General of DECCA, His Excellency Bin Thani will continue to play a key role in supporting the Dubai Reef project and further strengthen the emirate’s advocacy in the realm of environmental protection and climate action. DP World; Dubai Chambers; Nakheel; the Ports, Customs and Free Zone Corporation; and Emirates join DET as strategic partners in the Dubai Reef project.
Helal Saeed Almarri, Director General of DET, said: “Aligned with the visionary leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and guided by the directives of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, the Dubai Reef project showcases the emirate’s enduring commitment to sustainability and environmental conservation. This collaboration between public and private sector entities will see each partner bring their expertise to drive Dubai’s sustainable future and contribute towards achieving the ambitious goals set forth in the D33 Agenda.”
Ahmed Mohammed bin Thani, Director General of DECCA, said: “The Dubai Reef project will provide diverse environments to attract and stimulate fish and marine life. In 2021, we partnered with leading reef developer HaejooX to launch a two-year proof of concept, analysing the effectiveness of purpose-built reefs in Dubai. The study used advanced technologies and utilised a three-dimensional scanning system to understand the quantities and types of fish present. Preliminary data showed an abundant expansion in marine life.”
The Dubai Reef initiative is a strategic investment set to leave a lasting legacy in terms of protecting marine life and environmental sustainability. The project’s key drivers include enhancing biodiversity, safeguarding Dubai’s coastal and marine habitats, supporting fish populations, and increasing ecosystem resilience. The project will also encourage environmental stewardship, strengthen socio-economic prosperity and ecotourism, and preserve Dubai’s marine heritage.
The project has won over renowned investor Ray Dalio who is involved in various philanthropic initiatives and takes a keen interest in ocean exploration and conservation. “I love this audacious Dubai Reef project because it will be a remarkable contribution to the world’s understanding of the benefits of ocean restoration and as well make the Dubai environment healthier and provide an incredible recreation park. Once again, Dubai is pursuing an ambitiously great project, this time under the visionary guidance of His Highness Sheikh Hamdan. It is an amazing project in an amazing place under amazing leadership,” he said.

Bayanat, Yahsat shareholders approve merger to create SPACE42

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Bayanat, Yahsat shareholders approve merger to create SPACE42

ABU DHABI, 25th April, 2024 (WAM) — Bayanat AI PLC (ADX: BAYANAT), a leading AI-powered geospatial solutions provider, and Al Yah Satellite Communications Company P.J.S.C. (ADX: YAHSAT), the UAE’s flagship satellite solutions provider, announced today that their shareholders have approved the proposed merger of the two Abu Dhabi-headquartered entities. The merger will create SPACE42, a global AI-powered space technology champion based in the Middle East North Africa (MENA) region with global reach.

The merger was initially proposed by the respective Boards of Directors on 18 December 2023, and is expected to become effective by mid-2024. The new entity will consolidate Bayanat’s advanced Geospatial Artificial Intelligence (AI) capabilities with Yahsat’s advanced Satellite communications capabilities to create new space-based services that will have a significant positive impact on societies and economies. SPACE42 will provide an expanded scope of service offerings and vertical integration opportunities, enabling it to offer a differentiated value proposition, utilize economies of scale and improve profitability across the value chain.

Commenting on this significant milestone, Mansoor Al Mansoori, Chairman Designate of SPACE42, said: “The creation of SPACE42 exemplifies the forward-thinking vision of the UAE’s wise leadership, which emphasizes on innovation as a key driver of advancement and sustainable development. By combining two of the country’s leading space titans, the UAE continues to make major strides on a global scale to push the boundaries of this sector, foster economic growth, develop world-class talent, and advance scientific exploration. Building upon its enormous capabilities, the new entity is poised to play a significant role in realizing the ambitious objectives outlined by the National Space Strategy 2030 and the National Strategy for Artificial Intelligence 2031. SPACE42 will cultivate an AI-powered ecosystem that will further transform the sectors. Undoubtedly, the wider space community will benefit from the UAE’s space advancements.”

Karim Sabbagh, Managing Director Designate of SPACE42, said: “Bayanat and Yahsat have laid strong foundations for SPACE42 to build upon with enormous potential to disrupt the space-tech industry. With the combined expertise of both businesses, SPACE42 brings a unique offering to the market, merging satellite communications, geospatial intelligence and AI to pioneer innovative solutions. The merger marks a significant step for shareholders and underscores our commitment to advance the UAE’s position as a global AI-powered SpaceTech leader.”

SPACE42 has significant potential for growth, both regionally and globally, and is poised to become one of the world’s most valuable publicly listed space companies. With a combined revenue of AED 2.8 billion and net income of AED 639 million based on the recent 2023 financial results, SPACE42 is well positioned to bring increased value to all stakeholders with the potential for significant synergies. Its strengthened financial position will be supported by a Financial Framework that will prioritize investments in sustained business growth and expansion, while ensuring robust profitability and attractive returns to shareholders.​

Leveraging the strengths of Bayanat and Yahsat will create a global champion providing AI-powered geospatial and mobility solutions, Earth Observation, satellite communications, IoT, and business intelligence to expand our services to UAE Government anchor customers and seize commercial opportunities across regional and international markets.

The merger is subject to further regulatory approvals in the UAE and internationally. Both companies will continue to operate independently until the merger is effective.

Inaugural future mobility event DRIFTx kicks off in Abu Dhabi

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Inaugural future mobility event DRIFTx kicks off in Abu Dhabi

ABU DHABI, 25th April, 2024 (WAM) — Abu Dhabi’s inaugural DRIFTx, an international platform and exhibition for smart, autonomous, and sustainable urban mobility applications across air, land, and sea, kicked off today at Yas Marina Circuit. The event gathered 80 international mobility experts and innovators and 75 global exhibitors igniting discussions on the latest trends and showcasing innovations and breakthroughs in transportation and sustainable mobility.
The event is held in collaboration with the Department of Municipalities and Transport (DMT), the Abu Dhabi Investment Office (ADIO), Abu Dhabi’s Smart and Autonomous Vehicle Industry (SAVI) cluster, Bayanat, and key local and international strategic partners.
Abu Dhabi’s strategic initiatives in transforming urban mobility and infrastructure were showcased at the event, in a fireside chat between H.E. Mohamed Ali Al Shorafa, Chairman, Department of Municipalities and Transport, and Hasan Ahmed Al Hosani, Managing Director, Bayanat, discussing the role of public-private partnerships in driving innovation and implementation, challenges and successes in integrating traditional transport with new mobility solutions and future goals and projections for Abu Dhabi’s urban mobility landscape.
H.E. Mohamed Ali Al Shorafa, Chairman, Department of Municipalities and Transport, said: “Abu Dhabi has all the right components to take the future of mobility to the next level. We have a forward-looking government, agile and aligned stakeholders from both the public and private sectors, and we have some of the best infrastructure in the world. That’s why we’re continuously partnering with the world’s most exciting innovators across mobility who are attracted to the Abu Dhabi’s leading proposition. This is an exciting time, throughout DRIFTx, you’ll get a glimpse of mobility products that will become operational in the immediate future.”
A talk on the Emirate’s Smart and Autonomous Vehicle Industry (SAVI) cluster was led by Nayef Shahin, Director of Innovation and Knowledge at ADIO. The cluster looks to position Abu Dhabi as a leading smart and autonomous vehicles hub, making significant contributions across air, land and sea mobility applications, with plans towards contributing AED 44 billion to Abu Dhabi’s GDP and creating between 35,000 to 40,000 jobs by 2045.
Nayef Shahin spoke about the importance of ensuring the right elements are in place to attract the world’s best innovators into the SAVI ecosystem: “At SAVI we have prioritised research and development, we have the capabilities to test products and we’re now developing manufacturing capabilities. We’re also collaborating with all necessary private and public stakeholders to ensure our innovative solutions have real-world impact. As a result of this, we believe that flying taxis will be operational in Abu Dhabi in the near future.”
Convening global leaders in air mobility, JoeBen Bevirt, CEO, Joby Aviation, Adam Goldstein, CEO, Archer Aviation and Aqeel Ahmed Al Zarouni, Assistant Director General, Aviation Safety Affairs discussed the latest advancements in drone technology, eVTOL aircrafts, and the opportunities and challenges for integrating them into within existing urban infrastructure in addition to the current regulatory landscape governing urban air mobility. This was followed by an insightful conversation with Abdulla Mohammed Alashram, Group CEO, 7X, Nicolas Petrovic, CEO, Etihad Rail Mobility, Dr. Noura Al Dhaheri, CEO – Digital Cluster – AD Ports Group Maqta Gateway, Mohamed Al Dhaheri, CEO, Technology Holding Company, and Svilen Rangelov, CEO of Dronamics on the evolving landscape of last-mile delivery, highlighting the role of drones, autonomous vehicles, and AI in optimizing logistics.
Adam Goldstein, CEO and Founder of Archer Aviation, said: “At DRIFTx you have an opportunity to glimpse into the future, which is incredibly fascinating. Abu Dhabi offers a unique opportunity, there is an exciting energy here, and at Archer we’re collaborating with partners leveraging the support of the Emirate’s enabling ecosystem.”
A first of its kind global event, DRIFTx is showcasing a never-before-seen display of flying taxis, driverless cars, and autonomous boats, and other one-of-a-kind experiences for its 3000+ attendees. The participants are made up of representatives from the global mobility ecosystem, including multi-national organizations, governments, investors, academia, regulatory bodies, the global start-up community, and civil society.
Joby Aviation signed a multilateral MOU with the Department of Municipalities and Transport – Abu Dhabi (DMT), the Abu Dhabi Department of Economic Development (DED) and the Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi) to support and scale Joby air taxi services in the UAE.
ADIO has also singed a framework agreement with Archer Aviation to accelerate Archer’s planned commercial air taxi operations in the UAE, slated to launch as soon as next year. Furthermore, ADIO announced its collaboration with electric seaglider pioneer, Regent to support and attract investment for seaglider development and manufacturing at the Smart and Autonomous Vehicle Industry (SAVI) cluster.
The event’s 20 local and international partners have a significant stake in the future of mobility, and seek to generate lasting breakthroughs globally. The diverse entities each bring their own unique innovations, expertise, and cutting-edge technology to DRIFTx. The Abu Dhabi Department of Municipalities and Transport (DMT) is the event’s hosting partner while Bayanat is an anchor partner.
Bayanat is showcasing a range of groundbreaking technologies including TXAI, Robo Minibuses, Airwolf eVTOL hoverbike demo model, and advanced drones. As part of its dedicated pavilion, Bayanat will host leading smart mobility providers from around the world, fostering collaboration and exchange of ideas to advance the future of urban mobility.
Joining as ecosystem partners are the Abu Dhabi Investment Office (ADIO) who seek to reinforce the UAE’s emergence as a global capital for advanced urban mobility through SAVI, Abu Dhabi’s Smart & Autonomous Vehicle Industry Cluster – who is also represented as an ecosystem partner.
The event also featured innovative displays and demos by strategic partners at DRIFTx which include: The Abu Dhabi Chamber, Joby, Emirates Driving Company, 7X, Multi Level Group, Archer, Abu Dhabi Ports, Etihad Rail, EDGE, Plug and Play, Startupbootcamp, United Arab Emirates University (UAEU), Abu Dhabi SME Hub, CharIn and LabCardi.
Commenting on the partnership, H.E. Ahmed Khalifa Al Qubaisi, CEO of the Abu Dhabi Chamber of Commerce and Industry, said: “The sponsorship of the Chamber, in conjunction with our strategic collaboration with DRIFTx, is aimed at bolstering the business sector in Abu Dhabi, given its significant role in promoting growth and prosperity across various commercial and industrial sectors, including smart and sustainable transportation sector, as well as the advanced technologies and artificial intelligence sectors.”
Al Qubaisi further commented: “DRIFTx opens up a world of potentials for entrepreneurs and local businesses to invest, collaborate, share knowledge, and discover the most recent systems, solutions, and technologies in the realm of smart and sustainable transportation. This will bolster the relentless endeavors of the Emirate of Abu Dhabi to drive forward its status as a global hub for sustainable transport. The event also strengthens initiatives from both the government and private sectors to embrace smart, eco-friendly transportation and foster an innovative ecosystem.”
Across the two days, attendees will experience live demonstrations across air mobility, including: the Drone Champions League Big Drone and Wings Logistics demonstrated Hub intra city passenger taxi, and a short-range light cargo drone which performed flying demonstrations within the event space.
Space Falcon performed live demonstrations from its autonomous surveillance and monitoring drones that have a docking station solution. Across land mobility, A2Z demonstrated their remote-control system, while WeRide showcased their autonomous vehicles and Fugro demonstrated the Blue Shadow.

‘TRENDS’ presents research paper on advancing circular economy at World Sustainability Summit

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‘TRENDS’ presents research paper on advancing circular economy at World Sustainability Summit

ABU DHABI, 26th April, 2024 (WAM) — TRENDS Research and Advisory has actively engaged in the World Sustainability Summit 2024, which was hosted by the SEE Sustainability Institute at its headquarters in Sustainable City, Dubai, from 25th to 26th April.

Mouza Almarzooqi, Head of Economic Studies at TRENDS, represented the Centre and unveiled the findings of a research paper titled “Technology: Enhancing the Circular Economy and Global Sustainable Growth—Lessons Benefited in Developing Countries”. Her presentation was a highlight of a pivotal session focused on “Circular Economy Innovations.”

The event, known as the “World Sustainability Summit 2024,” serves as a global forum for industry experts, scholars, and researchers to convene, share insights, and discuss sustainability-related topics. It spotlights innovative initiatives addressing circular economy challenges and strategies for building smart, resilient cities and communities.

Almarzooqi said technology plays an essential role in advancing the circular economy. While the concept entails maximising resource efficiency for economic growth, Almarzooqi highlighted the necessity of integrating modern technology to transition effectively to this model. Her research paper delves into this intersection, examining global case studies to understand how technology can optimise various aspects of the circular economy.

Further, Almarzooqi outlined the research methodology, which involved analysing successful international transitions to a circular economy. The paper concludes by identifying several pivotal roles for technology in fostering sustainability and economic prosperity. These include advocating for government regulations that strike a balance to support circular economy practices and urging corporations to align profitability objectives with commitments to human capital and environmental objectives for sustainable development.

She highlighted the need for multifaceted actions and diverse strategies to accelerate adopting and shifting to circular economic models in developing countries. This transition is crucial for bolstering their resilience to crises and achieving sustainable development objectives. The research underscores the importance of leveraging technology’s positive aspects while mitigating its costs. Key measures include enhancing environmental and corporate governance indicators.

Almarzooqi emphasised the study’s recommendation to focus efforts on various fronts, such as concessional financing, investments in education and training, regional integration, and the development of environmental and corporate governance metrics. These indicators encompass assessments for both public sector entities and local governments.

She remarked that the research study concluded the necessity of establishing advanced models of production efficiency to foster supply chain development. This ensures more effective utilisation of technology to bolster circular economy growth while curbing waste generation through technology adoption tailored to various production modes. Additionally, it underscores the importance of motivating national companies to lead in technological innovation within the circular economy.

Almarzooqi elaborated that the successful integration of technology to support the circular economy hinges on strengthening the ties between circular economy sectors and national economies. Furthermore, she emphasised the imperative of a balanced approach in selecting technological innovations, prioritising those aimed at reducing greenhouse gas emissions and promoting sustainable economic development.

FinTech Funding Continues to Surge as Second Edition of Dubai FinTech Summit Commences

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FinTech Funding Continues to Surge as Second Edition of Dubai FinTech Summit Commences

Dubai, 24 April 2024: For the second consecutive year, Dubai will remain in the spotlight as it hosts the second edition of Dubai FinTech Summit, under the patronage of His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance of the UAE and President of DIFC, which is set to take place on 6-7 May at Madinat Jumeirah.

Organised by Dubai International Financial Centre (DIFC), the leading global financial hub in the Middle East, Africa and South Asia (MEASA) region, the Summit will bring together 8,000 decision-makers, over 300 thought leaders and more than 200 exhibitors to discuss the latest innovations and challenges and showcase cutting-edge technologies.

The global FinTech sector is rapidly growing and is predicted to be valued at USD 608bn globally by 2029, according to Mordor Intelligence, a market intelligence and advisory firm. Bucking the downward global market trend, the MENA FinTech market is expected to register a CAGR of over eight per cent during the period 2024 to 2029.

Dubai FinTech Summit will offer a platform for start-ups, investors and industry leaders to connect and capitalise on the growing FinTech market in the region and beyond. The MENA region’s FinTech start-up and venture capital landscape is booming, with over 800 FinTech start-ups worth USD15.5 bn, according to data by dealroom.co. Reflecting the ongoing transformation in the financial sector driven by Innovation, Inclusion, and Impact, the key themes this year will be Finance Renaissance, Ecofinance and Impact, Investment Vanguard, Regulatory Frameworks, Global Financial Dynamics and FinTech 2.0.

Mohammad Alblooshi, CEO at DIFC Innovation Hub, said: “Nearly 60 per cent of all FinTech companies in the GCC are currently based in Dubai. With the industry growing at an unprecedented rate, it is crucial for stakeholders to gather and discuss the challenges and opportunities that lie ahead. The Dubai FinTech Summit will bring together the most prominent figures in the industry, with an agenda that is aimed at driving innovation, inclusivity, and growth for all.”

With an impressive line-up of distinguished local and international speakers, the Dubai FinTech Summit will host a series of panel discussions and fireside chats. More than 20 governors of financial institutions will attend the summit this year, amongst them, H.E. Essa Kazim, Governor, DIFC, UAE; H.E. Dr. Philmnisi, Governor, Central Bank of Eswatini; H.E. Cheaserey, Governor National Bank of Cambodia; H.E. Martin Galstyan, Governor, Central Bank of Armenia; H.E. John Rwangombwa, Governor, National Bank of Rwanda; H.E. Prof. Edward Scicluna, Governor, Central Bank of Malta will participate in discussions during the two-day event. Adena T. Friedman, Chair & CEO of Nasdaq Inc; Nic Dreckman, CEO of Bank Julius Baer & Co.; Yie-Hsin Hung, President & CEO of State Street global advisors and Jim Demare, President global markets at Bank of America, along with many other global industry leaders will also be participating in the various sessions planned for the Summit. Notable local speakers include H.E. Abdullah bin Touq Al Marri, Cabinet Member & UAE Minister of Economy; H.E. Helal Saeed Al Marri, Director General, Department of Economy and Tourism, Dubai; H.E. Salem Humaid Al Marri, Director General, Mohammed Bin Rashid Space Centre, UAE; and H.E. Faisal Belhoul, Vice Chairman of the Dubai Chamber, Chairman of J&F Holding.

A key highlight of the Dubai FinTech Summit will be the Grand Finale of the FinTech World Cup (FWC). The champions of the FinTech World Cup will be announced on Day 2 of the summit with the winners securing an investment of up to USD 1 million. The competition is a growth-enabling initiative by DFS designed to encourage cross-border collaboration and stellar innovation, pivotal to transforming the global FinTech sector.

In line with the D33 Agenda to position Dubai as the top four global financial hub by 2033, the 2nd edition of the Dubai FinTech Summit is designed to encourage cross-border collaboration and innovation, pivotal to transforming the global FinTech sector. It presents a unique opportunity to explore emerging FinTech trends and their potential to drive financial progress in the MEASA region.

The inaugural Dubai FinTech Summit attracted over 5,000 C-suite leaders from over 90 countries including north of 1,000 investors and more than 150 speakers. Over 20 Memorandum of Understandings were signed with global financial leaders during the Summit.

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About Dubai FinTech Summit

Dubai FinTech Summit is an annual mega event organised by the Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa and South Asia (MEASA) region. The 2nd edition of the Dubai FinTech Summit will bring together over 8,000+ global industry leaders, 1,500+ investors and policy makers, signalling increased appetite for growth opportunities in the region.

Dubai FinTech Summit signals new wave of financial innovation, opportunity, transformation, and growth for the international financial services sector.  As a rising FinTech hub, Dubai is also spearheading the evolution of the financial services industry, with investments in FinTech projected to grow by 17.2 per cent CAGR to USD949 bn from 2022 to 2030. The summit aligns with the Dubai Economic Agenda D33’s strategic goal of propelling Dubai into the ranks of the top four global financial hubs by 2033.

The expanded programme of Dubai FinTech Summit is set to exceed expectations by delving into key tracks, including the future of FinTech, embedded and Open Finance, climate finance, Web3 and digital assets. The summit stands as a thought leadership-driven platform, addressing industry challenges head-on and championing innovation.

To register for the event, visit www.dubaifintechsummit.com.

Visitors can purchase tickets for the Dubai FinTech Summit 2024, with early bird prices ending soon.

For further enquiries, please contact:

Samia Ahmad
Assistant Manager, Marketing

DIFC Innovation Hub
samia.ahmad@difc.com  
Tel:: +9714 362 2657

Shadi Dawi

Director of PR & Strategic Partnerships

Trescon Global

Mobile: +971 55 498 4989

shadi@tresconglobal.com

UAE, Oman establish investment partnerships worth AED129 billion to deepen multi-sectoral cooperation

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UAE, Oman establish investment partnerships worth AED129 billion to deepen multi-sectoral cooperation
  • ABU DHABI, 23rd April, 2024 (WAM) — A UAE-Oman Business Forum took place today, which saw the announcement of multiple agreements worth AED129 billion. The event was held on the sidelines of the visit of His Majesty Sultan Haitham bin Tariq, Sultan of Oman, to the UAE.
  • Present at the forum were H.H. Sheikh Hamed bin Zayed Al Nahyan; Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure; Mohamed Hassan Al Suwaidi, Minister of Investment; Ahmed Ali Al Sayegh, Minister of State; Ammar Al Kharusi, CEO of Invest Oman; Sheikh Bader Al Hinai, Media and Communications Chief at Oman Investment Authority (OIA); Abdulaziz Al Shidhani, Managing Director of Hydrom; and a number of officials and business leaders from both countries.
  • The agreements span renewable energy; green metals; railway connectivity; and investments in digital infrastructure and technology, in line with the agreements signed between the UAE’s Ministry of Investment and Oman’s Ministry of Commerce and Industry and Investment Promotion. These included:
  • 1- An industrial and energy megaproject valued at AED117 billion, encompassing renewable energy initiatives, including wind such as solar and wind projects, alongside green metals production facilities. The signatories included Abu Dhabi National Energy Company (TAQA); Abu Dhabi Future Energy Company (Masdar); Emirates Global Aluminium (EGA); Emirates Steel Arkan (ESA); OQ Alternative Energy; and the Oman Electricity Transmission Company.
  • 2- An AED660 million shareholder agreement to launch a technology-focused fund, signed by ADQ and OIA.
  • 3- An agreement on a UAE-Oman railway connectivity project, valued at AED11 billion.
  • 4- An investment cooperation agreement covering multiple sectors including digital infrastructure, food security, energy, transport and other areas of mutual interest. The agreement was signed by the UAE’s Ministry of Investment and Oman’s Ministry of Commerce and Industry and Investment Promotion.
  • 5- A partnership agreement between Etihad Rail, Mubadala and Oman’s Asyad Group with a total investment value of AED3 billion.
  • 6- A framework agreement to form a UAE-Oman alliance focused on enhancing bilateral economic and trade relations.
  • Mohamed Hassan Al Suwaidi, Minister of Investment of the UAE, said, “The UAE and Oman have strong historical relations that are founded on shared values, goals and principles. The agreements represent a major milestone in our bilateral ties, as they pave the way for us to leverage our collective strength to realise our shared vision of advancement and prosperity.
  • “The UAE distinguishes itself as one of the foremost nations globally in terms of investment and trade with the Sultanate of Oman, with non-oil trade volumes reaching approximately AED51 billion in 2023. The agreements signed today will serve to bolster relations across key sectors and foster socio-economic benefits, contributing towards a stable and prosperous future for both countries.”
  • The UAE-Oman business forum was held to reaffirm the strong commitment of both countries to investment partnerships valued at around AED129 billion, and represents a major stride towards economic cooperation to drive growth and development through strategic investments between the two countries.
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