The inaugural UK-Saudi FinTech Week, a public-private partnership taking place this week, is a concrete example of the UK’s commitment to Saudi Arabia as a strategic partner in its Vision 2030 implementation, and a further step in the journey to create a proposed UK-Saudi Tech Hub.
The high-profile event showcases the potential for a platform that could mobilise sources of capital and expertise to enable SME development and private sector growth in the kingdom.
FinTech has been a recurring theme in Saudi Arabia’s ambitious Vision 2030 agenda from the start, when its details were announced in April 2016 by Crown Prince Mohammed bin Salman.
Since then, the kingdom has revealed its clear objective and strategic goal to become the Middle East’s premier financial centre and FinTech hub, and to transform its economy from being a traditional oil-based structure.
The Future Investment Initiative that began in 2017 has become the most high-profile annual event on the kingdom’s business calendar and placed FinTech at the centre of its agenda.
Private sector companies are already tapping into various opportunities and acknowledging the need to move with the emergence of FinTech, which is affecting business models and perpetuating the rise of the tech-savvy consumer.
For example, during the 2019 FII conference, Riyad Bank announced it had invested 100 million Saudi riyals (Dh97.8m/$26.7m) into its own FinTech start-up investment programme to hasten the release of new financial products across the kingdom.
The bank’s chief executive, Tariq Al Sadhan, who was given the mandate to take the company into a digital future, said: “We are locally aligning ourselves with Vision 2030. There’s no doubt that digital banking is the future.”
The events of 2020 have increased the perceived urgency of Saudi Arabia’s economic transformation. When I attended the G20 Domestic Capital Markets Development Summit in Riyadh on January 30, the year had got off to a good start and Saudi Arabia was looking forward to using its leadership of the group to advocate stronger capital markets and an enabling ecosystem for financial inclusion.
Fully aware that capital markets are the ultimate democratiser in terms of access to capital, Saudi officials were keen to build upon a successful year for the kingdom, which saw foreign cash injection into the Saudi capital market reach 76 billion riyals in 2019, with more than 800 licences for foreign investment being granted.
Addressing delegates from across the public and private sectors, Mohammed El-Kuwaiz, chairman of the Saudi Capital Markets Authority, summarised the kingdom’s hopes for its G20 presidency in a simple yet powerful message: the strengthening of capital markets and the development of local currency debt and bond markets is one of the kingdom’s key priorities during its presidency as part of its commitment to global economic prosperity.
Fast forward five months and the Covid-19 pandemic and oil price collapse have provided a sense of urgency to the kingdom’s digital transformation.
It is in this context that a tech-led collaboration between Saudi Arabia and the UK has been brought to the top of the stakeholders’ agenda.
The kingdom faces a unique opportunity to support its emerging FinTech scene by becoming a leading partner to some of the UK’s most successful FinTech companies and by adopting a homegrown version of some of Britain’s most effective FinTech initiatives.
Indeed, the UK is a recognised global FinTech leader with over 1,600 companies operating in the space and more than $3.5bn (Dh12.9bn) invested in the sector in 2019 alone. Meanwhile, Saudi Arabia is the giant dormant FinTech superpower waiting to be awakened.
One of the central pillars of the Saudi-UK tech collaboration is the leveraging of the UK’s experience in regulating its own FinTech industry in a way that it protects consumers and investors while enabling innovation.
In a welcome move, Saudi Arabia recently stepped up the regulatory transformation of its FinTech industry. In early 2019, the Saudi Arabian Monetary Authority began designing a Regulatory Sandbox to encourage innovative FinTech businesses to leverage existing or new technology and try out new products within a controlled framework.
Lendo, a Riyadh FinTech start-up that runs a peer-to-peer lending platform for SMEs, was one of Sama’s first permitted FinTech companies. Lendo’s chief executive Osama Alraee indicated that the company’s vision was to enable SMEs to fully focus on their growth in line with Vision 2030 objectives, while giving lenders access to new market segments that can provide higher returns.
Initiatives such as the UK-Saudi FinTech Week and the proposed UK-Saudi Tech Hub help provide an umbrella organisation for a collaboration between the two countries’ private and public sector participants by helping to grow the Saudi economy and connecting its start-ups to global markets.
Yet, the experience of other bilateral tech hubs around the world shows that in order to be successful, it does need to receive high-level commitment from private and public sector bodies in both countries.
Organisations such as Saudi Arabia’s Ministry of Investment are well-placed to ensure the UK-Saudi technology collaboration becomes a success, while organisations such as the FII Institute would be welcome supporters by helping to creating a platform to discover the tech trends that are guiding the future of finance and set a roadmap for future innovation beyond the crisis.
Roxana Mohammadian-Molina is chief strategy officer and board member at London-based FinTech company Blend Network
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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'Panga'
Directed by Ashwiny Iyer Tiwari
Starring Kangana Ranaut, Richa Chadha, Jassie Gill, Yagya Bhasin, Neena Gupta
Rating: 3.5/5
Results:
CSIL 2-star 145cm One Round with Jump-Off
1. Alice Debany Clero (USA) on Amareusa S 38.83 seconds
2. Anikka Sande (NOR) For Cash 2 39.09
3. Georgia Tame (GBR) Cash Up 39.42
4. Nadia Taryam (UAE) Askaria 3 39.63
5. Miriam Schneider (GER) Fidelius G 47.74
ARABIAN GULF LEAGUE FIXTURES
Thursday, September 21
Al Dahfra v Sharjah (kick-off 5.35pm)
Al Wasl v Emirates (8.30pm)
Friday, September 22
Dibba v Al Jazira (5.25pm)
Al Nasr v Al Wahda (8.30pm)
Saturday, September 23
Hatta v Al Ain (5.25pm)
Ajman v Shabab Al Ahli (8.30pm)
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
8 traditional Jamaican dishes to try at Kingston 21
- Trench Town Rock: Jamaican-style curry goat served in a pastry basket with a carrot and potato garnish
- Rock Steady Jerk Chicken: chicken marinated for 24 hours and slow-cooked on the grill
- Mento Oxtail: flavoured oxtail stewed for five hours with herbs
- Ackee and salt fish: the national dish of Jamaica makes for a hearty breakfast
- Jamaican porridge: another breakfast favourite, can be made with peanut, cornmeal, banana and plantain
- Jamaican beef patty: a pastry with ground beef filling
- Hellshire Pon di Beach: Fresh fish with pickles
- Out of Many: traditional sweet potato pudding
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Kalra's feat
- Becomes fifth batsman to score century in U19 final
- Becomes second Indian to score century in U19 final after Unmukt Chand in 2012
- Scored 122 in youth Test on tour of England
- Bought by Delhi Daredevils for base price of two million Indian rupees (Dh115,000) in 2018 IPL auction
Temple numbers
Expected completion: 2022
Height: 24 meters
Ground floor banquet hall: 370 square metres to accommodate about 750 people
Ground floor multipurpose hall: 92 square metres for up to 200 people
First floor main Prayer Hall: 465 square metres to hold 1,500 people at a time
First floor terrace areas: 2,30 square metres
Temple will be spread over 6,900 square metres
Structure includes two basements, ground and first floor
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What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
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