From banking to financial services, to logistics and aviation, the business world has recently turned its focus on ‘ecosystems’, and how to build and maintain them. But, beyond a buzzword, what really is an ecosystem in the business context? What would such an environment look like for FinTech, and how can Abu Dhabi nurture such an environment to solidify its position as global hub for the nascent sector?
To understand this better, it might help to go back to basic principles. After all, an ecosystem is a well-understood and researched concept in its original context of biological science. Essentially, to the scientists, an ecosystem is a highly interconnected, closed system in which life can thrive. Further, scientists have identified the five key enablers an ecosystem must contain to survive: energy, minerals, water, oxygen, and living things.
But what are the components that a FinTech ecosystem needs to survive? It may help to look at what FinTech is, and look at the five key enablers Abu Dhabi has supported to build an environment conducive to FinTech innovations and innovators.
FinTech – Financial Technology – is the adoption of new technology and innovation to transform the financial services sector and its products. Meanwhile RegTech – a subset of FinTech – looks at how technology can streamline regulatory and compliance aspects.
In place of energy – the force that starts everything and keeps it going – I would say the equivalent in our FinTech ecosystem is ambition: the desire to grow the sector, and the will to make the decisions that allow it to flourish. In Abu Dhabi’s context, this is derived from the policies of the government, both federal and local, and the strategic vision of the leadership. This ambition is crystallised in the FinTech Abu Dhabi Festival. The annual event, attracting 5,000 delegates, provides FinTechs, venture capitalists and the wider investment community with a valuable opportunity to network, converse and innovate.
Then there are the ’minerals’. Here I would say that’s the technical stuff – the solid regulatory and legislative framework, the rules and regulations that are the foundation of a strong, high-growth business environment. In this field, Abu Dhabi really shines, with Abu Dhabi Global Market, the emirate’s international financial centre, being the jewel. Since its inception five years ago, ADGM has made supporting FinTech firms and adopting FinTech initiatives one of its core priorities.
A prime example of these efforts is ADGM’s regulatory sandbox, a first for the Mena region, and the world’s first digital version. The programme attracts international, regional and local participants to innovate and create progressive solutions under the supervision of ADGM.
When looking at water, we are looking at the essential business services needed to thrive. Banks, accountants, lawyers, auditors, even office space fall into this category. Again, ADGM has worked hard on offering a ‘one stop shop’ for FinTech start-ups, where they can operate under special licences and utilise the services of both ADGM entities and a host of global service providers able to operate under ADGM jurisdiction. This complements Abu Dhabi’s advanced business environment, which is home to some of the region’s best-known banks and regional headquarters of multinational financial service companies.
Oxygen can only be money – or, to be more accurate – investment, and here’s another area where Abu Dhabi is at an advantage. The emirate and ADGM are home to a series of investment initiatives aimed at supporting the region’s start-up ecosystem. Foremost of these initiatives is the homegrown Hub71 accelerator programme, supported by Mubadala, Microsoft, Softbank, Abu Dhabi Investment Office, and situated in ADGM. In addition to this, Mubadala has recently launched Abu Dhabi Catalyst Partners, a $1 billion fund that is based in ADGM and aimed at positively impacting the emirate’s financial ecosystem through sustainable returns.
Finally, we have the living things: both the FinTech firms themselves and, more literally, the real-live people working throughout the ecosystem, the talent behind the ideas and the employees across all sectors that bring FinTech to life. For firms, it’s the ambition, regulatory framework, services and investment together that allow them to thrive. For people, it’s a high-quality lifestyle, excellent working environment, low taxation and a host of intangible benefits.
A big difference between our environment and its natural counterpart, though, is that our FinTech ecosystem is open, while the natural one is ‘closed’. This means that, in our system, each component doesn’t just work to build a thriving FinTech sector, but adds knowledge, value and capacity to our wider business community, in Abu Dhabi, the UAE, the wider Middle East and, ultimately, across the globe.
Juma Al Hameli is senior executive director of strategy and business development at ADGM.
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
All about the Sevens
Cape Town Sevens on Saturday and Sunday: Pools A – South Africa, Kenya, France, Russia; B – New Zealand, Australia, Spain, United States; C – England, Scotland, Argentina, Uganda; D – Fiji, Samoa, Canada, Wales
HSBC World Sevens Series standing after first leg in Dubai 1 South Africa; 2 New Zealand; 3 England; 4 Fiji; 5 Australia; 6 Samoa; 7 Kenya; 8 Scotland; 9 France; 10 Spain; 11 Argentina; 12 Canada; 13 Wales; 14 Uganda; 15 United States; 16 Russia
Emergency phone numbers in the UAE
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
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
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
EMIRATES'S%20REVISED%20A350%20DEPLOYMENT%20SCHEDULE
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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
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
TUESDAY'S ORDER OF PLAY
Centre Court
Starting at 2pm:
Elina Svitolina (UKR) [3] v Jennifer Brady (USA)
Anastasia Pavlyuchenkova (RUS) v Belinda Bencic (SUI [4]
Not before 7pm:
Sofia Kenin (USA) [5] v Elena Rybakina (KAZ)
Maria Sakkari (GRE) v Aryna Sabalenka (BLR) [7]
Court One
Starting at midday:
Karolina Muchova (CZE) v Katerina Siniakova (CZE)
Kristina Mladenovic (FRA) v Aliaksandra Sasnovich (BLR)
Veronika Kudermetova (RUS) v Dayana Yastermska (UKR)
Petra Martic (CRO) [8] v Su-Wei Hsieh (TPE)
Sorana Cirstea (ROU) v Anett Kontaveit (EST)
Naga
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Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
more from Janine di Giovanni
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
SPAIN SQUAD
Goalkeepers Simon (Athletic Bilbao), De Gea (Manchester United), Sanchez (Brighton)
Defenders Gaya (Valencia), Alba (Barcelona), P Torres (Villarreal), Laporte (Manchester City), Garcia (Manchester City), D Llorente (Leeds), Azpilicueta (Chelsea)
Midfielders Busquets (Barcelona), Rodri (Manchester City), Pedri (Barcelona), Thiago (Liverpool), Koke (Atletico Madrid), Ruiz (Napoli), M Llorente (Atletico Madrid)
Forwards: Olmo (RB Leipzig), Oyarzabal (Real Sociedad), Morata (Juventus), Moreno (Villarreal), F Torres (Manchester City), Traore (Wolves), Sarabia (PSG)
