• UAE-based technology and Investment Group AstraTech, has acquired fintech platform PayBy for an undisclosed sum.
• Founded in 2019 by Sean Wang, PayBy offers point-of-sale (POS) solutions for more than 1000 retail businesses based in the UAE. It currently has two million active users on its app.
• PayBy claims to have processed $160 million worth of transactions during May 2022.

Press release

PayBy — one of UAE’s largest and most innovative fintech companies, has been acquired by Astra Tech(‘Astra’), a UAE-born technology development and investment group. This acquisition follows the company’s recent acquisition of Rizek, a platform for on-demand personal and home services.

Currently raising USD 500 million in investment, the PayBy acquisition signals a major strategic move for Astra towards its ambition of creating an ‘ultra platform’ – a revolutionary, interconnected digital ecosystem that’s expected to address the growing problem of super app fatigue.

Spearheaded by Astra Founder and CEO, serial entrepreneur Abdallah Abu Sheikh, PayBy’s acquisition brings sophisticated proprietary payment technologies and financial services to Astra’s ultra platform to enable a seamless and cashless payment solution for consumers, merchants and businesses.

PayBy has grown considerably in the last 2 years with more than 2 million users and thousands of active merchants. As of May 2022, over AED 600 million worth of transactions were carried out.

Commenting on the acquisition Abu Sheikh said, “PayBy has been instrumental in pioneering financial inclusion in the UAE and is considered a key player in the cashless ecosystem.

As we integrate PayBy’s technologies, solutions and teams into Astra's ultra platform, our speed and ability to supercharge our services with industry-leading payments and money transfer solutions has accelerated immensely.”

Astra plans to acquire, repurpose, and bring together already established and sector-leading leading platforms to create an ultra platform to revolutionize how people live their lives by helping them save significant time when completing essential everyday tasks, including payments, transfers and transactions.

Additionally, Astra’s platform aims to deliver better value to the suppliers and partners of personal and home services by removing the burden of unfavorable commission structures.

Abdallah Abu Sheikh added, “With this acquisition, we’re getting closer than ever to realizing our vision and are excited to have the PayBy team join us. The integration of PayBy’s products with Astra’s ultra platform will allow us to synthesize and grow the ecosystem at a breakneck speed.

It will also help in delivering a compelling user experience and a sustainable commission structure for our merchants and businesses, something that a lot of super apps of today struggle with.”

source: Wamda

Dubai-based start-up YAP, which operates a digital banking app, has raised $41 million to fund its expansion in the Middle East, Africa and South Asia.

The new investment came from Saudi Arabia's Aljazira Capital alongside other investors including Abu Dawood Group, Astra Group and Audacia Capital, the company said in a statement on Monday.

The fintech firm launched last year a digital banking platform, which now has more than 130,000 users.

The app provides a complete view of a consumer's spending analytics and ways to transfer money, pay bills and make purchases. Users are not required to maintain a minimum balance in their account.

The start-up intends to complete its Series A funding by the end of the year and use the new capital to support its expansion and growth in Saudi Arabia, Egypt, Pakistan and Ghana.

It said it has partnered with Bank AlJazira to launch its consumer and business platforms in Saudi Arabia and received regulatory approval in Pakistan and Ghana to offer similar services. It also plans to launch in Egypt soon.

source: Zawya

Mashreq, the Dubai lender controlled by the Al Ghurair family, has invested $10 million in UAE-based FinTech start-up Cashew, becoming the latest to tap into a rapidly expanding ‘buy now, pay later' (BNPL) sector.

Founded in 2020, Cashew offers its services in the UAE and Saudi Arabia — the Arab world’s largest economies — through an app and a web-based platform.

As part of the investment, Cashew’s payment platform will be integrated as an option on the acquiring network of Neopay, the payments subsidiary of Mashreq. The lender will also support the start-up to launch in Egypt — the Arab world’s most populous economy — in the last quarter of this year.

In March, Mashreq carved out its payments arm into its new division Neopay, in an effort to help businesses handle credit and debit card payments amid a pandemic-fuelled e-commerce boom.

“Our partnership with Cashew will lead the way for the future of financial services in the region,” Mashreq’s group chief executive Ahmed Abdelaal said.

“We will leverage the full network of Mashreq merchants and consumers to provide our ecosystem with the most ubiquitous and flexible BNPL options in the market,” Mr Abdelaal said.

Mashreq's investment is part of a larger funding round that involves other investors as well, Cashew said, without disclosing further details. Since its inception, the FinTech start-up has raised nearly $10m.

BNPL platforms allow consumers to make purchases without paying the full amount upfront, avoiding the use of credit cards and hefty interest charges. Merchants are still protected through credit risk checks, late fees and blocks on customers who have defaulted.

Consumers can choose to split payments into instalments or simply delay them by weeks to months without any hidden fees, while merchants are paid in full upfront.

The BNPL concept is gaining in popularity across the world and has been disrupting the payments industry, buoyed by consumers' fragile personal finances amid the pandemic-induced economic headwinds.

By 2025, the industry is expected to grow 10 to 15 times its current volume, topping $1 trillion in annual gross merchandise volume by some estimates, according to a report by New York data research consultancy CB Insights.

Nearly $4 billion was invested in BNPL companies last year — up from $1.7bn in 2020, according to Crunchbase.

In the Middle East, platforms such as Dubai-based BNPL start-up Tabby raised $50m last year while Saudi Arabia's Tamara raised a record $110m in a Series A round.

In September, Abu Dhabi Islamic Bank, the emirate’s biggest Sharia-compliant lender, partnered with Dubai-based digital payments provider Spotii to launch a virtual BNPL prepaid card in the UAE.

“Mashreq is one of the most respected banking brands in the region, so they will bring our customers many benefits as we continue to grow our service offerings … this partnership will give consumers the largest merchant network to shop at, larger ticket size and the ability to pay over longer terms,” said Cashew co-founder and chief executive Ammar Afif.

“We can only accomplish these goals for our customers by partnering with respected financial institutions like Mashreq that understand and want to be a part of the growing BNPL segment,” he added.

Under the partnership, Cashew and Mashreq will offer new products to the market including longer tenure and higher ticket size BNPL options for consumers, the companies said in a joint statement.

They also plan to introduce point-of-sales lending options in the region later this year. It will allow consumers to opt for BNPL but with larger tenures such as six or 12 months.

The UAE's BNPL volumes are expected to jump 71 per cent on an annual basis this year, Mashreq’s senior executive vice president and group head of retail banking Fernando Morillo said.

“This is yet another prime example of the partnerships we can forge with innovative FinTech operators, who share our mission to deliver a safe and seamless payment experience for our customers.

“We eagerly await the roll-out of further services as we continue to empower our customers with more choice and convenience in the UAE and in the future, across Egypt,” said Mr Morillo.

Established in 1967, Mashreq, like its peers in the Middle East, is pivoting towards digital banking and is reducing the number of physical branches to cater to a young, tech-savvy demographic that typically opts to complete its transactions online.

Source: The National News

UAE-based fintech Spades, has raised $2.5 million in investment from European angel investors, including Thibaud Elzière, Eduardo Ronzano and Yan Hascoet, Othmane Bouhlal and Omar Benmoussa.

Founded in 2021 by Mehdi Chraibi, Adnan Haque and Sameer Poonja, ​​Spades is a dine-in payment service for restaurants where customers can pay their bills at the table with no need for app downloads, registrations or setup fees.

The new investment will fuel Spades’ expansion in the UAE and other GCC countries.

Press release:

There’s no denying that the Middle East is growing fast and its restaurant scene is growing even faster. Dining in the UAE means exploring one of the most diverse, vibrant, and delicious food destinations on the planet. Restaurants are increasingly turning to Spades to keep up with dynamic demand while providing a seamless checkout experience for dine-in customers to pay their bills.

Spades was founded by Mehdi Chraibi, Adnan Haque, and Sameer Poonja after successful careers building digital products used by millions of users at VISA, Emirates Airline, Oracle, Millicom, and Rocket Internet. The team is backed by executives with leadership roles at global Payment Service Providers (Adyen, VISA & MasterCard), Cloud Kitchens, and multiple Hospitality Houses in the Middle East.

Their oversubscribed angel round of $2.5M also included prominent European business angels, such as Thibaud Elzière (Founder, Fotolia & eFounders), Eduardo Ronzano (Founder, KelDoc & Managing Partner, Secret Fund), and Yan Hascoet, Othmane Bouhlal, Omar Benmoussa - the Founders of Chauffeur Privé - Kapten (acquired by Free Now), which was closed with early investments from global & regional VCs such as Nordstar and Impact46.

The fintech payment startup has already signed over 150 restaurants in its first 12 weeks and launched with major brands in UAE such as NOLA, Couqley, Alaca, and The Sum of Us. The company is growing fast and recruiting multiple roles across the board this year to cope with its expansion in the GCC and beyond.

How it works:

Spades allows guests to easily pay their bill by scanning a code or tapping to pay, without any downloads or registration, translating into shorter wait times. Trustworthy, and reliable, the platform provides the fastest and most secure payment solution that integrates seamlessly into all major POS systems, making refunds and reconciliation just a click away.

Partner restaurants have already reported doubling their staff tips, turning tables faster, saving trees, and improving guest service. With a solution that caters to both restaurants and customers, Spades is set to revolutionize F&B in the region with just a quick scan and a couple of taps!

Customer journey:

A simple tap to pay or QR code scan allows diners to conveniently and securely clear bills at partner restaurants. The solution also allows diners to split the total bill with friends and add their own tip individually for staff, while paying using their method of choice.

Customers can receive a digital receipt for their records and also review their experience. Through its partnerships, the platform integrates seamlessly with all major POS systems making transactions, refunds, and reconciliation just a click away.

Human-centric approach:

While other like-minded rival technologies create a disconnect between customers and restaurants, Spades has a human-centric approach to challenge the status quo by increasing engagement throughout. The actual order is still placed in person with the wait staff which has been designed to ensure customers continue to get a chance to interact with their server and seek the right dine-in experience, an issue widely encountered by other online ordering platforms.

The automated end-to-end payment integration with any Point of Sale removes all manual errors and simplifies daily reconciliation. By bringing payment to the table, customers can now choose traditional forms of payment or use Spades directly from their phone.

Co-founder of Spades, Adnan Haque said, “With Spades, we have created a seamless payment portal that is fast, secure, and convenient. Our goal is to give back time to customers and restaurants, and create a perfect "phy-gital" harmony that helps achieve an exceptional dine-in experience.”

Investment Associate at Impact46, Saud Alsahaf said, "F&B is an important industry in the local market, and Spades is offering a powerful digital solution to improve the experience for all stakeholders in the value chain. We look forward to making Spades the standard for restaurant payment."

Co-founder and Managing Director of NOLA Social House & Eatery, Alex Economides said, “Since starting with Spades we’ve noticed our staff having more time to engage with guests at the end of their dine-in visit.

Rather than running around at peak hours printing bills and collecting payments. Exceptional service has always been one of the WOW factors at Nola, so with Spades’ efficient and convenient payment method we see a perfect fit.”

source: Wamda

Dubai's main share index followed suit, advancing 0.74% to 3541.6 points following 5,251 transactions worth $141.68mln

Abu Dhabi and Dubai twin bourses rallied for the second consecutive session, as investor sentiments continued to improve, driven by optimistic economic outlook.

The two markets gained a combined AED22bn during the first week of Ramadan, with Abu Dhabi Securities Exchange (ADX) breaking the 10,000 pts barrier for the first time amidst increased demand for IHC's Apex National Investment, which drew AED10.1 bn in transactions.

Dubai's main share index followed suit, advancing 0.74 pct to 3541.6 pts following 5,251 transactions worth AED520.5 million.

Retail sales are all set to pick up during the Holy Month of Ramadan, as resident across the UAE increasingly turn to online channels to stock up on essentials as well as gifts for their family and friends ahead of the Eid break.

Experts have identified several retail trends that will accelerate during the period leading up to the holiday such as shopping online for groceries, trying out new brands, and shopping for gift items.

Richard Nicoll, chief strategy and capability officer at Liquid Retail, noted that with 60 per cent of online shoppers planning to increase their spending across all sectors this Ramadan, it is essential for retailers to understand that consumers don’t just spend more during Ramadan; they spend differently.

“The holy month brings with it flexible working hours and the chance to get together with friends and family, leaving consumers with increased time and the need to shop,” he said. “This season is a unique time for brands to innovate and tap into this opportunity by offering shoppers cost effective and convenient deals such as buy-one get one free offers, discounted prices on bulk items and shopping vouchers which will not only drive sales and engagement this month, but encourage greater brand loyalty in the long-term.”

According to a recent survey by YouGov, 53 per cent of shoppers said they spend more, 40 per cent search for offers, and 49 per cent of consumers prefer discounts during Ramadan. YouGov's latest survey on UAE respondents’ Ramadan behaviour also revealed that 30 per cent are planning to shop online more this Ramadan, while 61 per cent are planning to shop for groceries in-store this Ramadan.

Nicoll added that grocery e-commerce is now well established, and in many cases, the preferred way to buy. “The new-found convenience and experience of grocery e-commerce aligned to the deals being offered on much-loved Ramadan favorite brands is likely to mean this is the most successful Ramadan for e-commerce platforms who are pouring marketing dollars into persuading shoppers to shop online – Noon Ramadan delivered being one example.”

“We’d expect to see marketers going with the power of shopper behavior and continuing to chase an uplift in Ramadan sales online,” he added. “To satisfy the needs of today’s customers and attract more this Ramadan, brands need to create to a holistic omni-channel retail strategy which covers all offline and online touch points and ensures a seamless shopping experience, anywhere, any time.”

Facebook IQ, Meta’s insights and research division, in partnership with YouGov, also unveiled the findings of a study conducted during Ramadan 2021, which showed that around 64 per cent of shoppers across the UAE get excited about trying new brands and products from abroad. In addition, 55 per cent of shoppers are more likely to purchase from abroad during Ramadan and Eid if adverts are about these key moments.

Fares Akkad, regional director for the Mena region at Meta, said: “Gifting and shopping is a big part of the Ramadan moment. The change in everyday habits leaves shoppers more open than usual to discovering new brands and products. This creates a unique opportunity for businesses to reach cross-border shoppers looking to discover products they’ll love – and Meta technologies can help build those connections.”

The research showed that people shop across borders for a variety of reasons, including to find a higher quality product, a product with a better price point, or a product that is unavailable locally. Roughly a third of people shop from overseas retailers as well, while more than 70 per cent make “unexpected discoveries” during Ramadan.

Buying from overseas during Ramadan, 62 per cent of UAE shoppers feel it is important to see content in their local language, while 27 per cent of shoppers agree that they find content creators most influential during Ramadan and Eid al-Fitr as they help them discover new content and accounts that they might like.

Research conducted by AdColony, together with GlobalWebIndex, also offered several insights on user behavior during Ramadan. While the time spent on smartphones is increasing day by day, 44 per cent of respondents spend 1-3 hours online on their smartphones. The most preferred time to play mobile games and to shop online is during fasting through the day between 12pm to 6pm at 33 per cent and 30 per cent respectively.

The research found that 77 per cent of participants will use their smartphones while shopping for Ramadan, while 67 per cent of them say that they will shop within the application. In addition, 47 per cent of respondents state that they will do shopping after Iftar time. When analysing industry-specific data, 45 per cent of users in the UAE will visit stores for their Ramadan grocery shopping, while 46 per cent of them will shop online and use home delivery.

The undeniable access to mobile advertising continues to stand out as the most important factor in consumers’ buying tendencies, with 66 per cent of the respondents stating that they had previously made Ramadan shopping with their smartphones directly via mobile ads; and 84 per cent stating that they would consider purchasing a product or service if the product served with the advertisement appeals to them.

“One of the most important things a brand must champion to succeed is relevance – and that goes for Ramadan too,” said Nicoll. “Brands should prioritise getting to know their target audience and which items hold cultural value to them so that they can streamline their efforts to provide impactful retail experiences and cut through the promotional noise.”

.siurce: khaleejtimes

Sectors will have to brace for constant changes to remain afloat as evolving trends give rise to new opportunities

Businesses in the UAE are all set for welcoming 2022, equipped to strive forward as new trends unfold. Thankfully, the robust digital adoption in the nation has ensured that the work will continue and remain uninterrupted. The new 4 1/2-day work week — Monday to Friday — starting from January 2022 will help the businesses to align with global markets and will help boost productivity. The tech-enabled industries will have to gear up as demand will only accelerate from key sectors, making it more competitive for existing players. Some of the sectors that will continue to evolve in 2022 are eCommerce, qcommerce, edtech, healtech, fintech, proptech, entertainment, cryptocurrency just to name a few.

The UAE is looked upon as a global role model to handle pandemic in 2020 and 2021 with business sentiment soaring to peak and industries applauding the visionary policies and strategies to not only combat pandemic impact but also ensure that the economy remains competitive enough to boost businesses.

Some of the milestones of 2021, include approval of the Dh290 billion federal budget for five years until 2026 and launch of the industrial strategy “Operation 300bn” to empower and expand the industrial sector. Further, the launch of ‘Projects of the 50’ will establish a new phase of internal and external growth of the state in various economic sectors which should make the Central Bank of the UAE (CBUAE) target of overall real gross domestic product (GDP) of 4.2 per cent in 2022 against 2.1 per cent in 2021 achievable. The mega-event Expo2020 Dubai has been a game-changer and catalysed business opportunities for the UAE and participating nations.

Bharat Bhatia, chairman, and CEO of Conares, said: “The challenges that we faced in the past are simply opportunities to learn, so we can build towards a better future. The economy is getting back to pre-pandemic levels and there is greater opportunity for growth in the construction sector in the UAE. Despite the many ups and downs, we have a lot to look forward to in 2022 as we move forward with hope in our hearts and a smile on our faces.”

Sustainability will continue to dominate in 2022 as businesses will strive to build sustainable growth making resilience a strong code of conduct for individuals and businesses. Businesses will have to brace for constant changes and continue to innovate to remain afloat as the evolving trends give rise to new opportunities too.

Healthcare

Dr Azad Moopen, founder chairman and managing director, Aster DM Healthcare, said: “As per The World Health Organisation, almost half of the world lacks access to essential health services and over 100 million are pushed into poverty due to out-of-pocket health expenses. This stark reality was brought to the forefront during the pandemic very strongly with public healthcare systems across the world collapsing to manage and cater to increasing demands. More than ever the need to make quality healthcare affordable and accessible on time has been felt strongly.”

While it is important to increase healthcare spending as a percentage of GDP by the developing countries, the key to the penetration is digitisation. This will make at least primary healthcare available even in the remotest corners of the world through the ubiquitous mobile phones.

Dr Moopen added: “As we step into 2022, with renewed vigour to deliver our caring mission with a global vision to serve the world with quality healthcare that is affordable and accessible, we at Aster DM Healthcare remain at the forefront of adopting digital technology. We hope this will help us to enable access to millions to our services in a cost-effective way. As a blessing in disguise, Covid-19 has played the role of a catalyst in pushing the sector to innovate and come up with need-of-the-hour solutions.”

Sustainability

Sustainability will be foregrounded in all facets of life in the UAE in 2022. If anything, the pandemic was a supply-chain lesson, which reinforced the need to pursue sustainability on all fronts, particularly in food and water.

Chandra Dake, executive chairman and group CEO of Dake Group, said: “In the new year, as the great reset pans out, we will witness greater activity around Agtech, low-input farming, and decarbonisation in the agriculture sector. I’m glad to be entering the new year with so much to look forward to. All credit goes to leaders, whose proactive measures, crisis response, and science-based targets made today’s upbeat sentiment possible. I speak for all residents and business persons in the UAE when I say that we are grateful for the rulers’ ceaseless work in handling the pandemic. I wish everyone in the UAE a happy new year, and sincerely hope that personal sustainability features in their resolutions as it does in mine.”

Similarly, Dr Mostafa Al Guezeri, managing director, Hitachi Energy, said: “Our goal in 2022 is to advance the world’s energy system to be more sustainable, flexible, and secure. As the pioneering technology leader, we collaborate with customers and partners to enable a sustainable energy future for generations to come. Since the pandemic prompted changes in the energy market through supply line disruptions and inflationary trends, we intend to differentiate that in this competitive sector with burgeoning growth in areas such as electric transportation, renewable energy, and smart infrastructure.

E-commerce

Dubai has ranked as the fastest-growing e-commerce market in the Middle East and North Africa thanks to a very advanced technological infrastructure and the growing number of tech-savvy consumers. Dubai Customs expects e-commerce sales to rise 23 per cent to $27 billion (Dh100 billion), in 2022.

Real estate

The year 2022 will see greater market-driven developments, increased proptech adoption, and retrofitting activities, informs Sanjeevv Bhatia, chairman of SB Group and CEO of Netix Global BV.

“The UAE’s 4.5-day workweek will come into effect on January 1, 2022. So, we are about to witness a paradigm shift from day one. For a global company like the SB Group, this change is consequential — our teams can reduce operational latency and manage time zone differences effectively, adding to overall productivity. This move is one among the many that the UAE leadership has made to enhance the nation’s competitiveness. More power to them as they pursue greater causes in 2022. Real estate, in particular, continues to be the sector generating maximum initiatives and favourable policies from the government,” added Bhatia.

The UAE economy is likely to see an upward movement in 2022. History says that the country that hosts the Expo sees a steady growth in the months to follow. “Around 93 per cent of the UAE’s population is vaccinated, which makes the country a safer place and people are looking forward to visiting the country. This will give a major boost to the economy fuelled by the growth in tourism and investment as the country’s culture is a perfect mix of East and West. All this is majorly due to the exemplary initiatives by the UAE Government,” said Anis Sajan, vice-chairman, Danube Group.

“The UAE has seen quite a few changes like ease in doing business, golden visa for select residents and the recent one being the change in the working week to get in sync with the rest of the world.”

Imran Farooq, Group chief executive officer, Samana Group, said: “The year 2021 was very different and challenging. It would not be wrong to say that it changed the dynamics of the entire world and impacted the entire humanity, created ripple effects on every section of society, the industry, the economy, and the way we work and look at things.”

Cryptocurrency

The Central Bank of the United Arab Emirates (CBUAE) announced in July 2021 a roadmap to integrate a Central Bank Digital Currency (CBDC) into the country’s financial, investment, and trading ecosystem. This followed years of research, analysis, and idea-sharing by the CBUAE and some of the key entities in the UAE’s Crypto ecosystem and forms part of the country’s 2023-2026 strategy to promote digital transformation. Evidently, Crypto has been evaluated as an innovative and important asset class in improving the efficiency and effectiveness of the financial, investment, and trading landscape.

Arshad Khan co-founder and CEO of Arabian Bourse, said: “I see the UAE economy strengthening further in the next year. Several initiatives taken by the government in 2021 will add to improving the economic parameters. Expo 2020 and initiatives in the areas of blockchain and cryptocurrencies, in particular, will add significant strength to the overall growth.”

Jolivette Dela Cruz, Managing Director of Chef Signature

Year 2021 was a challenging year for everyone due to the Covid-19 situation. For me as Entrepreneur, I’ve been through a lot with our businesses. Moreover, before the year ends – the Emirate open us with other opportunities. One is opening the first Franchise of OFF THE HOOK in Sharjah. We have given the chance to be part of the team to operate and to manage OTH Sharjah. My other two businesses are back on track, start moving forward and quietly recovering.

There are Government measures in place to support and to boost this recovery for businesses like stimulus package, the discount offered during license renewal or new licensing and more. There are changes in UAE legislations which are aligned with the international best practices which improve the ease of doing business in UAE. Herewith UAE become appealing with the entrepreneurs .

I believe UAE economic will strongly recover from pandemic in 2022 and surely will be back with it’s pre-pandemic stage. UAE good governance, best practices in handling the pandemic situation and changes in doing business will boost the Emirate’s Economy in 2022. One indicator I have seen is the positive impact of the Expo 2020 with different sectors of business.

Abdul Jebbar PB, Group Managing Director, Hotpack Global

2021 was a challenging year for everyone. The disruption of the global supply chain was difficult to deal with for everyone and the new year is going to bring new challenges with it as well. However, it will also bring new opportunities, so I hope that everyone is able to reflect on the past with humility and move forward in hope of a better future.

Naren Vijay, Executive Vice President – EMEA, Lumenore

The new year is a cause for celebration because it’s always exciting to think about what new innovations and opportunities the next year is going to bring. What makes the new year special is that it serves as a reminder that things will keep changing and that it is up to you to make the most of the opportunities that these changes present.

Abdulla Nalapad, MD Nalapad Investments

The year 2021 was a welcome return to normal for children, parents and teachers. We should all be proud to have shown such resilience in these trying times and understand that we are capable of achieving anything if we want it. We hope to keep that momentum going through to 2022 and not slow down, no matter what life throws at us next.

Mohammed Mahabub Alam, Chairman of Tokyosat Group and Mahabub Perfumes, Dubai

The year 2021 has been a year of recovery, while 2022 will be a year of growth for all of us. The Expo 2020 has helped the overall UAE economy and we are witnessing the benefits of it through increased tourist traffic, higher spending in the retail sector and increased investment in real estate. Dubai International Airport once again has become the world’s busiest airport that shows the increase in passenger movement, thanks to the visionary leadership of the country.

Shahinoor Shah, Director of E-First Global, Dubai, UAE

The year 2021 was a learning period for all of us in the UAE as we all were in growth mode and to adapt to the changes quickly and diversify with changing demands in the market.The 2022 will be a year of growth for the UAE economy, much better than what we have seen last couple of years. The Government of the UAE has opened the doors to so many new opportunities for all over the world.”

Shabbir Merchant, Chairman, Champion Group

The UAE economy is all set to grow in the coming year. Most industries that were impacted during peak Covid times have revived and are getting back on track. Companies are hiring and scaling up their resources to be able cater to growing market demand.Additionally the oil price gains and sustained demand will work to UAE’s economy advantage. I am confident that the economy will grow further by bold initiatives and policies by the UAE government.

2021 in UAE was unprecedented where we witnessed the launch of the world’s greatest show - Expo2020. We were privileged to work on projects at Expo, launched new solutions, invested in the latest machinery, and scaled up resources to gain new clients. More importantly, the pandemic was curbed which helped the overall healthcare scenario in UAE and brought back everyone’s confidence.

Ahmed Shaikhani, President, Pakistan Business Council, Dubai.

2021 was a challenging year but we have witnessed how the UAE and its leadership had showdown with it, overcame and managed the Covid-19 crises so well that the country, especially Dubai, has become a role model in the world in handling such situations. Dubai has done a great by organizing the vaccination drive and sanitizing the entire city.

Covid-19 temporarily affected the Expo plans but did not stop it. Dubai delayed it for a reason - to manage the vaccination drive first. And when the Expo was launched, it went with a big bang and is now an extremely successful event among all international events. Till mid December 2021, Expo 2020 Dubai visit numbers climbed to more than 6.3 million and it is boosting the visitors by a range of entertainment and country pavilion activities.

The new Covid-19 variant is impacting again but I am pretty sure the UAE will overcome it as the country has the experience of handling such crises.

Looking at the success of Expo and revival of Dubai real estate and other industries, I can say with conviction that the year 2022 will be a promising year for every business.

We at Pakistan Business Council always supported the initiatives of the local government and followed the new guidelines from the rulers. Pakistan Business Council works hand in hand with local authorities and ministries, especially Dubai Chamber, for supporting the bilateral trade between Pakistan and the UAE, which has started showing up the results. I, on behalf of Pakistan Business Council, wish a very happy New Year and even greater successes to the UAE and expatriates living here.

source: Zaway

The size of the consumer digital economy in the Middle East and North Africa (Mena) Mena region is estimated to more than double from around $40-45 billion (Dh147-165 billion) in 2020 to $100 billion (Dh367 billion) by 2023, according to a new report released by consulting firm RedSeer.

The study found that the UAE and Saudi Arabia will continue to be the pillar of the digital economy in Mena, contributing around 70 per cent of the total digital economy.

Today, over 90 per cent of customers in UAE and Saudi Arabia say they bought a retail product online, higher than even some of the more developed markets where digital adoption is around 70 per cent.

The market will see growth both through consumer adoption and a higher frequency of purchases.

“Over the last decade, we have seen significant adoption of online services amongst Mena consumers. More than 60 per cent of consumers are now choosing experiential factors such as service quality, delivery speed and product description in their decision-making. As the digital economy is becoming mainstream, players will have to provide a better experience in addition to discounts to win in the digital economy race,” said Sandeep Ganediwalla, managing partner at RedSeer Consulting.

The study found that the Mena region is seeing one of the most equitable growth in the world. “A strong online omnichannel player ecosystem has successfully gained consumer trust.

On the other hand, supportive policies in UAE enable the ecosystem to attract the right talent and retain it,” said the report.

source: khaleej times

The Golden Visa system offers long-term residency to people belonging to certain groups. Who is eligible and how does one apply?

In 2019, the United Arab Emirates (UAE) implemented a new system for long-term residence visas, thereby enabling foreigners to live, work and study in the UAE without the need of a national sponsor and with 100 per cent ownership of their business.

The 2019 amendment was brought about in a bid to attract new foreign residents, particularly to the emirate of Dubai, following the economic upheaval caused by the coronavirus pandemic.

So, what does the Golden Visa offer?
The Golden Visa system essentially offers long-term residency (5 and 10 years) to people belonging to the following groups: investors, entrepreneurs, individuals with outstanding talents the likes of researchers, medical professionals and those within the scientific and knowledge fields, and remarkable students.

The main benefit of the visa will be security as through the issuance of the Golden Visa, the UAE government has made it clear that they are committed to providing expatriates, investors and essentially everyone looking to make the UAE their home an extra reason to feel secure about their future.

How does one apply for the visa?
Interested individuals, who would like to apply for the Golden Visa, may do so through the website of the Federal Authority for Identity and Citizenship — ICA (the eChannel for residency and citizenship), or the General Directorate of Residency and Foreigners Affairs (GDRFA) which works under the ministry. While ICA offers only online channels, GDRFA offers both online and offline channels.

The process is quite straightforward with candidates required to submit the necessary documents and be willing to relocate to the UAE in accordance with their business venture.

For the 5-year visa, the norms are largely similar for investors with the only difference being the amount of investment required is set at AED 5 million.

Exceptional high school and university students are eligible for a 5-year residency visa in the UAE. High school students who rank top in the country (a minimum grade of 95 per cent) and students from certain universities with a GPA of 3.75 or higher upon graduation.

In addition to the aforementioned, foreign nationals who are looking to set up their business in the UAE may also apply for permanent residency (5 years) through the Golden Business Visa scheme.

What are the conditions for people with specialised talents?
People in the aforementioned specialised talent group must fulfil certain criteria to be eligible to apply for residency.

While scientists must be accredited by the Emirates Scientists Council or holders of the Mohammed Bin Rashid Medal for Scientific Excellence, creative individuals in culture and art must be accredited by the Ministry of Culture and Knowledge Development.

Besides these, exceptional talents must be documented by patents or scientific research published in a world-class journal.

Doctors and specialists must meet at least two of the following conditions: a PhD degree from one of the top 500 universities in the world, an award or certificates of appreciation in the field of the applicant’s work, contribution to a major scientific research in the respective field of work, published articles or scientific books in distinguished publications in the respective field of work, membership in an organisation related to the field, a PhD degree, in addition to 10 years of professional experience in his field or specialisation in areas of priority to the UAE.

What are the other programmes that have been introduced to bring in foreign residents?
The UAE has also approved an amendment to its residency laws allowing foreign university students to bring their families with them to the UAE, as long as they can afford suitable accommodation and have the financial means to support them.

In October 2020, Dubai also launched a unique residency programme which permitted overseas working professionals, who were working from home, to live in the UAE while continuing to serve their employers in their home country.

In September that year, the Dubai government also launched a five-year renewable Retirement Visa for foreigners aged 55 and over to live in the emirate. The programme, called Retire in Dubai, is open to all retirees as long as they earn a monthly income of at least $5,500, have savings of $275,000, or own a property in Dubai worth $550,000.