UAE Asset Management Sector Grows by 83%, Total Portfolio Value Hits AED 35 Billion

The UAE asset management sector is experiencing substantial growth, with a notable 83% increase in the number of licensed companies and a rise in total portfolio value to AED 35 billion ($9.5 billion).

The Securities and Commodities Authority (SCA) reported this surge, attributing it to ongoing efforts to enhance the sector and align it with international best practices. This aligns with the UAE’s goal of establishing itself as a leading global hub for asset management.

As of this year, the number of licensed asset management companies has risen to 33, up from 18 in January 2023. This increase reflects the sector’s accelerated growth and the growing interest in setting up local investment funds and expanding their capital.

The SCA projects continued growth for the sector, with expectations that the number of local investment funds will reach 58. The authority has received 25 new applications to establish investment funds, which is anticipated to boost investment in the UAE’s financial markets.

Overall, these developments highlight the UAE’s advancing position in the global asset management landscape.

Dubai Named the Top City for Remote Work in the World

Dubai and Abu Dhabi have been ranked as the top cities in the world for long-term remote workers, according to the latest Savills Executive Nomad Index. Dubai retains its leading position for the second consecutive year, while Abu Dhabi has moved up to second place from fourth.

The index, part of Savills’ Impacts program, evaluates 25 destinations based on factors like digital nomad visa availability, climate, quality of life, and residential markets. Dubai stands out for its exceptional air connectivity, with Dubai International Airport being the busiest in the world for international passenger traffic. The expansion of Al Maktoum airport is expected to make it the largest globally once completed.

Savills’ Andrew Cummings highlighted Dubai and Abu Dhabi’s appeal due to their modern infrastructure and high quality of life, which support both personal and professional growth. The cities are recognized for their vibrant business environments, offering ample networking and growth opportunities.

Other top cities in the index include Málaga, Miami, Lisbon, Barcelona, and Palma, all known for their beachside access. The index also notes that executive nomads—who are often older and travel with families—value safety, healthcare, and educational facilities, leading to a rise in prime rents in many top locations.

New additions to the 2024 index include Palermo, Cape Town, Grenada, Bali, and San José, Costa Rica. Palermo is noted for its affordability compared to other Italian cities, while Cape Town benefits from South Africa’s new Digital Nomad Visa program.

 
 

Stuart Isted: Leading Crypto.com’s Expansion in the Middle East and Africa

Stuart Isted is a key figure in the cryptocurrency landscape, serving as the Managing Director for Crypto.com in the Middle East and Africa. With a mission to accelerate the world’s transition to cryptocurrency, Isted has been pivotal in driving the company’s growth and influence in these regions. His role involves overseeing all operations, strategic initiatives, and business development efforts, focusing on expanding Crypto.com’s presence and fostering cryptocurrency adoption through innovative solutions and strategic partnerships.

Under Isted’s leadership, Crypto.com has launched numerous initiatives aimed at engaging consumers, businesses, and regulatory bodies across the Middle East and Africa. He has been instrumental in forming partnerships with financial institutions, fintech startups, and other key stakeholders, ensuring that Crypto.com’s offerings are tailored to meet local needs and regulatory requirements. These efforts have included initiatives such as webinars, workshops, and collaborations with educational institutions to increase the accessibility and understanding of cryptocurrencies.

Navigating the diverse regulatory landscapes and economic conditions of the Middle East and Africa presents both challenges and opportunities. Isted’s strategic vision involves advocating for clear and supportive regulatory frameworks that encourage innovation while protecting consumers. This approach ensures that Crypto.com can operate effectively within the varying regulatory environments across these regions.

Looking ahead, Stuart Isted remains committed to driving the future growth of Crypto.com in the Middle East and Africa. His forward-thinking leadership ensures that the company continues to innovate and expand its services, contributing to greater financial inclusion and the widespread adoption of cryptocurrencies. Through his efforts, Isted is helping to pave the way for a more inclusive and innovative financial future, in alignment with Crypto.com’s mission to accelerate the world’s transition to cryptocurrency.

 

Stuart Isted’s role as the Managing Director of Crypto.com for the Middle East and Africa is crucial in shaping the cryptocurrency landscape in these regions. Through his leadership and strategic initiatives, Isted is making significant strides in fostering a more inclusive and innovative financial future, positioning Crypto.com as a leader in the global fintech industry

Spotlight on Nameer Khan: Pioneering Fintech Growth in the MENA Region

As the fintech landscape in the MENA region continues its impressive expansion, Nameer Khan stands out as a key figure driving this dynamic growth. His role in shaping the fintech sector is anchored in his vision to empower the industry through advocacy, education, and collaboration. Since establishing the MENA Fintech Association (MFTA) in 2018, Khan has been instrumental in fostering a supportive environment for fintech innovations, working closely with Abu Dhabi Global Market (ADGM), Dubai International Financial Centre (DIFC), and regional central banks.

Khan’s background is as diverse as his current roles. An entrepreneur with a deep passion for technology and finance, he has built a reputation as a forward-thinking leader in the fintech space. Before launching MFTA, Khan gained extensive experience in various financial sectors, which laid the groundwork for his current endeavors. His strategic vision and understanding of market dynamics have been crucial in positioning MFTA as a leading global fintech body.

In addition to his leadership with MFTA, Khan is the founder and CEO of Fils, a prominent sustainability-focused fintech that is making significant strides in promoting green financial solutions. His work with Fils aligns with his broader mission of leveraging fintech for positive social and environmental impact. This commitment to sustainability is a driving force behind his career and a key component of his vision for the industry.

 

The fintech landscape in the MENA region, with over 700 fintechs, is thriving, particularly in the UAE and Saudi Arabia. These countries are leading the way, driven by economic diversification and ambitious development plans. The UAE’s Financial Infrastructure Transformation Programme (FIT) and Saudi Arabia’s Vision 2030 are pivotal in accelerating digital transformation and economic growth.

Khan notes that the region’s strengths include a large, young population and high smartphone penetration, creating a fertile ground for fintech startups. The UAE, in particular, has become a fintech hub due to its business-friendly environment and supportive initiatives like the Dubai Future District Fund and Abu Dhabi’s entrepreneurial policies.

However, challenges persist, primarily due to regulatory inconsistencies across the region. Despite this, significant progress is being made. Recent agreements between the UAE’s Central Bank, DIFC, and ADGM, along with clearer guidelines from the Saudi Arabian Monetary Authority, reflect a growing commitment to a unified regulatory framework that supports fintech innovation.

For Khan, the drive to make a positive impact is what fuels his work. He is motivated by the desire to leave a lasting legacy and improve the world, whether through his professional endeavors or personal life. This passion for making a difference is what keeps him engaged and inspired every day.

Nameer Khan’s unwavering commitment to fintech innovation and industry growth underscores his pivotal role in shaping the future of the MENA region’s financial technology sector. His leadership and vision continue to set new standards in the industry, positioning him as a leading force in the region’s fintech evolution.

Tam Khan: Championing TKMMAFIT, Social Knockout, Food and Beverage, and Influential Collaborations

Tam Khan is a multifaceted entrepreneur and influencer who has significantly impacted Dubai’s sports, entertainment, and business landscapes. Beyond his well-known ventures in fitness and MMA, Khan has made remarkable strides with TKMMAFIT, Social Knockout, his food and beverage ventures, and his close work with high-profile figures like Andrew Tate

TKMMAFIT: A Premier Fitness and MMA Destination

Tam Khan is the founder of TKMMAFIT, a premier fitness and mixed martial arts (MMA) facility located in Dubai. TKMMAFIT offers state-of-the-art training programs and facilities for individuals of all skill levels, from beginners to professional fighters. Under Khan’s leadership, the gym has become a hub for fitness enthusiasts and MMA practitioners, providing a comprehensive range of classes, personal training sessions, and wellness services.

TKMMAFIT stands out not only for its cutting-edge equipment and expert trainers but also for its community-focused approach. Khan’s vision for the gym goes beyond physical fitness; he aims to foster a supportive and empowering environment where members can achieve their personal and athletic goals.

TKMMAFIT is the number one choice for celebrities, famous UFC fighters, WWE superstars, and more. Notable visitors include Khamzat Chimaev, Andrew Tate, Logan Paul, Tyson Fury, and Leon Edwards, among others. Their presence underscores the gym’s reputation as a top-tier training facility.

Social Knockout: Revolutionizing Combat Sports

Social Knockout is one of Tam Khan’s most high-profile initiatives, merging the worlds of social media influencers and combat sports. As the mastermind behind this groundbreaking event, Khan has created a platform where influencers and celebrities step into the ring, drawing massive audiences and generating widespread media coverage.

Recent events have highlighted the dramatic nature of Social Knockout. One notable moment occurred when a brawl erupted in the ring involving Darren Till, his opponent, and their teams. The altercation required intervention from security and led to the event being temporarily halted. This incident was widely covered by mainstream media and social media, showcasing the intense nature of the spectacle.

The event has featured a range of prominent figures from the influencer world, including Mo Vlogs, Abdu Rozik, Adam Saleh, and Slim Albaher. These participants bring their substantial followings to the arena, contributing to the event’s success and its impact on both mainstream and social media.

 

Food and Beverage: Charcoal Garden Restaurant

Tam Khan’s venture into the food and beverage industry includes Charcoal Garden Restaurant, a shisha lounge located in Media City, right under the gym at Shatah Tower. Charcoal Garden is not only a place to enjoy premium shisha but also a destination for delicious dining.The restaurant offers a diverse menu featuring dishes such as the TK Burger, mixed grill, marinated grilled chicken, and bao crispy chicken. These offerings highlight the restaurant’s focus on high-quality ingredients and flavorful preparations, providing a satisfying dining experience.

Charcoal Garden Restaurant has rapidly become a central hub for sports enthusiasts and social gatherings in Dubai. The venue is renowned for its vibrant atmosphere, offering a premium setting to watch live sports events, including football, UFC, and boxing matches. This dynamic environment, paired with its excellent food and shisha offerings, makes Charcoal Garden a popular destination for both casual visitors and regulars. Its social ambiance and consistent visitor base reflect its success as a go-to spot for enjoying thrilling sports action while socializing in a lively and upscale setting

Close Work with Andrew Tate

Tam Khan has worked closely with Andrew Tate on numerous events, creating viral content together and engaging in various business ventures. Their collaboration includes hosting events, producing content, and exploring business opportunities, significantly amplifying their influence. One notable collaboration was the Meisters Club event, where they combined their networks and resources to create a memorable experience, showcasing their ability to blend luxury with entertainment.

Tam was also the person to announce Andrew’s decision to convert to Islam during his stay in Dubai

Khan and Tate’s partnership extends to various other ventures, including business initiatives and content creation, further solidifying their presence in the social and business scenes. Their combined efforts have captured the attention of diverse demographics, enhancing their brands and engaging followers in new and exciting ways.

 

TK Business: Facilitating Seamless Business Setups in Dubai

 

Tam Khan’s TK Business venture is a multifaceted enterprise based in Dubai that provides comprehensive services to support business setups in the region. Leveraging Tam Khan’s extensive network and local expertise, TK Business assists clients with company formation, legal and financial consulting, and strategic planning. The venture is tailored to help entrepreneurs and businesses navigate the complexities of establishing operations in Dubai, ensuring a smooth and efficient process. Through TK Business, Tam Khan has established a significant presence in the business community, offering invaluable resources for growth and success.

The Road Ahead

Tam Khan’s future plans reflect his ongoing commitment to innovation and excellence across his ventures. At TKMMAFIT, he continues to enhance the facility with new additions, including the recent introduction of an acai chill spot designed for post-training relaxation.

In the realm of Social Knockout, Khan is already gearing up for Social Knockout 4, aiming to build on the success and spectacle of previous events. Rumors suggest potential collaborations with Andrew Tate, which could add even more excitement and star power to the upcoming event.

Charcoal Garden Restaurant, too, is set to expand its offerings with an ever-evolving menu. The restaurant is continually updating its culinary selections to keep pace with evolving tastes and maintain its reputation as a premier dining destination.

As Tam Khan advances with these projects, his impact on Dubai’s fitness, sports, and dining scenes is poised to grow, reflecting his unwavering drive to innovate and elevate his brand.

President Sheikh Mohamed says safety and security are the bedrock of UAE society

On Sunday, President Sheikh Mohamed bin Zayed Al Nahyan urged residents of all nationalities in the UAE to uphold the nation’s values of “peaceful coexistence and understanding.”

In a message posted on X, Sheikh Mohamed emphasized that “security and safety are the bedrock of our society” and highlighted the role of the UAE’s diverse population in the country’s development.

“More than 200 nationalities live side by side in the UAE, all contributing to the ongoing development of our nation,” he stated. “Security and safety are the bedrock of our society, and we encourage everyone who calls the UAE home to uphold these principles of peaceful coexistence and understanding.”

In a previous Union Day address marking 52 years of the UAE’s formation, Sheikh Mohamed underscored the importance of unity in driving national progress. He said, “The people of the UAE are central to our efforts to advance. It is through devotion and selflessness towards the nation that true accomplishments are realized. Unity and loyalty, established by the late Sheikh Zayed and his brothers, form the foundation of our success and will continue to guide us in the future, God willing.”

Abu Dhabi Property Market Sees Robust Growth in H1 2024

 

Emirates SkyCargo has placed an order for five Boeing 777 freighters, scheduled for delivery in FY 2025/26.

Emirates SkyCargo, the cargo division of the world’s largest international airline, has announced a major acquisition, securing five additional Boeing 777 freighters. The new aircraft, valued at $1 billion, are set to be delivered between 2025 and 2026, expanding the airline’s total order book to 315 wide-body aircraft.

The airline’s performance in the first quarter of the 2024-25 fiscal year has been remarkable, with load factors and tonnages consistently surpassing 2019 levels. The introduction of these new freighters will increase available main deck cargo capacity by 30%, enhancing the airline’s ability to serve key markets and meet growing global demand.

His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates Airline and Group, commented, “The exponential growth in demand for our premium services is further supported by Dubai’s Economic Agenda, which aims to double foreign trade and solidify the city’s status as a leading global trading hub. This investment in Boeing 777 freighters is a key component of our strategic growth plan and will help us better meet customer needs.”

Sheikh Ahmed also noted that the next phase of their strategy will involve a comprehensive evaluation of future freighter fleet options, ensuring they are well-positioned to address market changes and reinforce Emirates SkyCargo’s role in global trade.

Stephanie Pope, President and CEO of Boeing Commercial Airplanes, expressed her appreciation, stating, “We are honored that Emirates SkyCargo, known for its operational excellence and innovation, has chosen the Boeing 777 Freighter to expand its global network. We value Emirates’ continued trust in our widebody family and are committed to supporting their strategic growth.”

As Emirates SkyCargo integrates the new freighters into its fleet, it will also phase out older models, underscoring its commitment to maintaining one of the youngest and most efficient fleets in the industry. Alongside the ten Boeing 777 freighters on order, the airline is converting ten 777-300ERs into freighters, bringing its freighter fleet to 17 aircraft by the end of 2025. This diverse fleet, which includes 777s, 777-Fs, 747Fs, A350s, and A380s, will continue to ensure rapid, reliable, and efficient cargo transport worldwide, providing customers with greater flexibility

Air Kerala Set to Launch Domestic Operations by Early Next Year, Eyes UAE Expansion by 2026

Dubai businessman Afi Ahmed, who is leading the development of Air Kerala, has announced that the new Indian airline aims to launch domestic operations in the first quarter of next year, with plans to expand internationally by 2026.

Key Developments and Future Plans

NOC Secured: The airline, backed by Zettfly Aviation, has secured an initial no-objection certificate (NOC) from India’s Civil Aviation Ministry, a significant milestone in its journey. “The first step is the NOC, it’s one of the biggest tasks and that task is now covered,” said Afi Ahmed, chairman of Zettfly Aviation.

Technical Preparations: Over the next six to eight months, the focus will shift to technical preparations, including finalizing flight details and contracts with engineering companies.

Fleet and Funding: Air Kerala plans to start operations with three ATR 72-600 aircraft, eventually growing its fleet to 20 aircraft for international routes. The company is considering both leasing and purchasing options for the aircraft. Initial funding requirements are estimated to be between ₹60 crore and ₹100 crore ($7.1 million to $11.9 million), with expansion costs projected to reach ₹250 crore to ₹300 crore.

Background and Revival

Origins and Challenges: The concept of Air Kerala was first introduced by the Kerala state government in 2005, and the airline was registered as a subsidiary of Cochin International Airport in 2006. Despite initial enthusiasm, the project faced multiple delays and was shelved by successive governments.

Revival Efforts: Afi Ahmed, founder of Dubai tourism agency Smart Travels, purchased the domain name airkerala.com for Dh1 million ($270,000) last year, reigniting plans for the airline.

Market Potential

Growing Aviation Sector: India’s aviation sector is on an upward trajectory, with domestic traffic expected to grow by 6% to 8% annually, reaching up to 164 million passengers by March 2025. International traffic is projected to grow at a faster rate of 9% to 11%, reaching up to 78 million passengers during the same period.

Target Market: Initially, Air Kerala will serve cities within Kerala and other parts of India that lack sufficient connectivity. The airline’s ultra-low-cost model and commitment to punctuality are expected to be its main selling points.

Strategic Partnerships and Funding

Public-Private Partnerships: The company is open to forming public-private partnerships with the Kerala state government and is also seeking collaboration with expatriates and external investors to accelerate its expansion plans.

Expatriate Support: With a significant Malayali diaspora, particularly in the Gulf region, Air Kerala is confident in gaining substantial support for its international routes.

Future Outlook

Operational Challenges: Ahmed anticipates that the airline will operate at a loss for the first two years, with profitability expected in the third and fourth years of operations.

Market Strategy: The airline is focused on maintaining ultra-low costs to remain competitive. Ahmed stated that the airline is not limited to specific destinations within the UAE and will consider opportunities in various cities, including Fujairah, to optimize its market presence.

As Air Kerala prepares to launch, it promises to bring new connectivity options and competitive pricing to the Indian aviation market, with a clear focus on serving both domestic and international travelers efficiently.

 
 
4o

Dubai to develop the world’s largest car market

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, has instructed the development of the ‘Dubai Car Market’, intended to be the largest and most advanced facility of its kind globally. This initiative aims to cement Dubai’s status as a leading city in the rapidly expanding automotive trade sector.

Under the oversight of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, and witnessed by His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance, Dubai Municipality and DP World have formalized a partnership agreement. This agreement will see DP World undertake the construction and management of the ‘Dubai Car Market’, which will span an extensive 20 million square feet. DP World plans to utilize its extensive logistical expertise and global network, encompassing over 430 business units across 86 countries, to ensure the market’s success.

Sheikh Mohammed bin Rashid emphasized, “Today, we have entrusted DP World with the development of the ‘Dubai Car Market’, expanding the current market eightfold to create a 20 million square feet facility that will be the largest and most advanced car market globally. The ‘Dubai Car Market’ will be connected with 77 ports managed by DP World around the globe, enhancing its capacity and doubling its current sales of AED6.8 billion.”

He added, “The new market will become a global hub that offers commercial services, logistics, and financing solutions for this vital sector. It will also be a premier destination for major conferences and specialized events for car enthusiasts. Dubai will continue to develop new projects as part of its vision to be one of the largest economic and commercial centers in the world.”

This strategic project aligns with Dubai’s Economic Agenda D33, aimed at doubling the size of the emirate’s economy and transforming it into one of the world’s top three urban economies by 2033. The agreement between Dubai Municipality and DP World’s Economic Zones Sector aims to enhance Dubai’s position as a global innovation and trade center for the automotive sector. DP World will leverage its extensive experience in developing and operating integrated economic zones to provide a range of services, including advanced systems for businesses and investors, comprehensive logistical solutions, e-commerce, trade finance, and asset development.

Dawood Al Hajri, Director-General of Dubai Municipality, commented, “Signing the partnership agreement with DP World represents a major step towards realizing Dubai’s vision for developing the largest and most advanced car market in the world. We aim to provide the best services that meet the needs of investors and traders, enhancing Dubai’s position as a premier global investment destination in the automotive sector.”

He added, “This project aims to enhance infrastructure and develop integrated services that contribute to supporting the local economy and achieving sustainable growth. Establishing the ‘Dubai Car Market’ will attract foreign investments and strengthen Dubai’s position as a global innovation and trade center.”

Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World, expressed his pride in collaborating with Dubai Municipality on this ambitious project. He emphasized DP World’s commitment to leveraging its services and expertise in managing economic zones to establish Dubai as a leading destination in the automotive trade sector. Bin Sulayem assured, “We are committed to providing services and infrastructure that keep pace with global developments and meet investors’ expectations. This project is vital to enhancing the local economy and achieving sustainable growth. We will provide all resources to ensure its success.”

Expansion of the market area from 2.8 million square feet to 20 million square feet aims to make it eight times its current size. The market will serve as a comprehensive global center offering advanced and innovative automotive services. Current sales and operations, valued at AED6.8 billion, are expected to double with significant infrastructure and service expansions. The new market will offer innovative government and banking services and will be connected to global markets through DP World’s network, enhancing access and trade.

The market will also host major automotive events and conferences, making it a preferred destination for car enthusiasts and investors. It will include areas for exhibitions and events that bring together experts and global companies in the automotive field, as well as recreational, cultural, and commercial zones.

This project contributes towards achieving the goals of the Dubai Economic Agenda D33 to enhance innovation and trade, reflecting the emirate’s commitment to providing top-tier infrastructure and services to support the local and global economy.