The governments of the UAE and UK aim to strengthen their co-operation in FinTech, as they look to attract and increase the pool of talent to complement significant investments being made in the sector that is driving transformation across industries.
Several clusters for entrepreneurship can be found in both countries – backed by programmes such as those from Abu Dhabi Global Market and London’s Startupbootcamp – which are ready to provide assistance to aspiring people and companies that want to make their mark in the opportunities presented by FinTech, a growing industry complementing today's digital shift.
“We have the facilities for entrepreneurs and founders to come together and have access to capital. But it's no good building businesses unless you have a pipeline of qualified people to take on these big roles in the FinTech community,” said Matthew Hurn, chief financial officer for disruptive investments at Mubadala Investment Company, at the FinTech Abu Dhabi Festival on Wednesday.
The UAE and UK acknowledge the mutual benefit that arises from enhancing trade relations. The UAE is a key market for Britain's expanding trade ambitions, with the latter aiming to cement a trade deal with the wider GCC region. London plans to export £1 trillion ($1.34tn) worth of goods and services a year by 2030 – a significant increase from the £600 billion exported in 2020 – with the UAE and wider GCC a vital part of that target.
This year, Abu Dhabi's Mubadala committed ₤800 million to UK life sciences. In September, it signed an agreement with the UK Office for Investment to significantly expand the UAE-UK Sovereign Investment Partnership, a framework for investment announced in March, committing ₤10bn to invest in technology, infrastructure and energy transition over the next five years.
Last month, the governments of both nations agreed on a new action plan to strengthen their economic ties across a wide range of vital and future sectors, including clean energy, research and development, innovation, infrastructure, tourism, food security, new technologies, artificial intelligence, space and the Fourth Industrial Revolution.
Northern Ireland's FinTech community is also capturing the attention of the UAE and the acceleration of its home-grown company Regtick into the Emirates' market is the kind of success Andrew Jenkins, FinTech envoy for the UK and the panel's moderator, hopes for a number of businesses.
“The development of talent will be crucial” and can strengthen the bridge between the UAE and UK's FinTech ambitions, said Dominic Perks, chief executive of Hambro Perks, an investment firm focused on the private sector.
FinTech investments result in other tangible economic benefits, including job creation and promoting inclusion in the financial sector, according to Lord Edward Udny-Lister, chairman of the UAE-UK Business Council.
“This isn't just about making banks more efficient or profitable. We have so many people who are unbanked; for them, mobile phones are a safer and cheaper method, and will let them buy into the system”, he said.
With FinTech, “you can bring in large numbers of people who are just being missed by the system”, such as those in the wider parts of Africa and Asia, he added.
There are almost 91,000 employees working in the UK FinTech industry this year – up almost a fifth from 2017's 76,500 employees. The number is expected to grow almost 16 per cent to hit 105,000 by 2030, data from Statista shows.
A recent report from financial IT solutions provider Sepa Cyber Technologies said there are about one billion unbanked or underbanked adults globally. Consultancy EY estimates that broader access to banking products could boost gross domestic product by up to 14 per cent in large emerging countries such as India, and by up to 30 per cent in frontier economies such as Kenya.
Banks are realising this and they are investing more into improving their digital channels. While they may have different approaches, the ultimate goal is to capture a share of and serve the underserved population, Mr Udny-Lister said.
Priorities for investment from a UK point of view are in new technologies and new areas. For the UAE, that just makes financial sense. It's a partnership that goes beyond money and two countries – it's between people working closer together, looking to support each other
Lord Edward Udny-Lister,
chairman of the UAE-UK Business Council
“We find most banks are on different digital journeys, which definitely moves them out of their comfort zones because they have to be part of that operating model and tweak their systems,” said Rola Abu Manneh, chief executive of Standard Chartered UAE.
“As you're investing in your digital channels, with FinTech moving fast, you need to keep innovating to keep up.”
Mr Hurn said that Mubadala is also strengthening its focus on the “very strong” areas of the buy-now-pay-later model, mobile advisory and blockchain. Both Mr Hurn and Mr Perks agreed that insurance technology is another area to look out for, the latter describing it as a high-value opportunity.
“Priorities for investment from a UK point of view are in new technologies and new areas. For the UAE, that just makes financial sense,” Mr Udny-Lister said.
“It's a partnership that goes beyond money and two countries – it's between people working closer together, looking to support each other.”
COMPANY PROFILE
Name: Rain Management
Year started: 2017
Based: Bahrain
Employees: 100-120
Amount raised: $2.5m from BitMex Ventures and Blockwater. Another $6m raised from MEVP, Coinbase, Vision Ventures, CMT, Jimco and DIFC Fintech Fund
THE APPRENTICE
Director: Ali Abbasi
Starring: Sebastian Stan, Maria Bakalova, Jeremy Strong
Rating: 3/5
Western Region Asia Cup T20 Qualifier
Sun Feb 23 – Thu Feb 27, Al Amerat, Oman
The two finalists advance to the Asia qualifier in Malaysia in August
Group A
Bahrain, Maldives, Oman, Qatar
Group B
UAE, Iran, Kuwait, Saudi Arabia
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Cricket World Cup League Two
Teams
Oman, UAE, Namibia
Al Amerat, Muscat
Results
Oman beat UAE by five wickets
UAE beat Namibia by eight runs
Namibia beat Oman by 52 runs
UAE beat Namibia by eight wickets
Fixtures
Saturday January 11 - UAE v Oman
Sunday January 12 – Oman v Namibia
Favourite things
Luxury: Enjoys window shopping for high-end bags and jewellery
Discount: She works in luxury retail, but is careful about spending, waits for sales, festivals and only buys on discount
University: The only person in her family to go to college, Jiang secured a bachelor’s degree in business management in China
Masters: Studying part-time for a master’s degree in international business marketing in Dubai
Vacation: Heads back home to see family in China
Community work: Member of the Chinese Business Women’s Association of the UAE to encourage other women entrepreneurs
ONCE UPON A TIME IN GAZA
Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi
Directors: Tarzan and Arab Nasser
Rating: 4.5/5
COMPANY%20PROFILE
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Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
'Saand Ki Aankh'
Produced by: Reliance Entertainment with Chalk and Cheese Films
Director: Tushar Hiranandani
Cast: Taapsee Pannu, Bhumi Pednekar, Prakash Jha, Vineet Singh
Rating: 3.5/5 stars
COMPANY%20PROFILE
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The biog
Name: Shamsa Hassan Safar
Nationality: Emirati
Education: Degree in emergency medical services at Higher Colleges of Technology
Favourite book: Between two hearts- Arabic novels
Favourite music: Mohammed Abdu and modern Arabic songs
Favourite way to spend time off: Family visits and spending time with friends
Who is Mohammed Al Halbousi?
The new speaker of Iraq’s parliament Mohammed Al Halbousi is the youngest person ever to serve in the role.
The 37-year-old was born in Al Garmah in Anbar and studied civil engineering in Baghdad before going into business. His development company Al Hadeed undertook reconstruction contracts rebuilding parts of Fallujah’s infrastructure.
He entered parliament in 2014 and served as a member of the human rights and finance committees until 2017. In August last year he was appointed governor of Anbar, a role in which he has struggled to secure funding to provide services in the war-damaged province and to secure the withdrawal of Shia militias. He relinquished the post when he was sworn in as a member of parliament on September 3.
He is a member of the Al Hal Sunni-based political party and the Sunni-led Coalition of Iraqi Forces, which is Iraq’s largest Sunni alliance with 37 seats from the May 12 election.
He maintains good relations with former Prime Minister Nouri Al Maliki’s State of Law Coaliton, Hadi Al Amiri’s Badr Organisation and Iranian officials.
Results
4pm: Maiden (Dirt) Dh165,000 1,600m
Winner: Moshaher, Pat Dobbs (jockey), Doug Watson (trainer).
4.35pm: Handicap (D) Dh165,000 2,200m
Winner: Heraldic, Richard Mullen, Satish Seemar.
5.10pm: Maiden (Turf) Dh165,000 1,600m
Winner: Rua Augusta, Harry Bentley, Ahmad bin Harmash.
5.45pm: Handicap (D) Dh190,000 1,200m
Winner: Private’s Cove, Mickael Barzalona, Sandeep Jadhav.
6.20pm: Handicap (T) Dh190,000 1,600m
Winner: Azmaam, Jim Crowley, Musabah Al Muhairi.
6.55pm: Handicap (D) Dh190,000 1,400m
Winner: Bochart, Richard Mullen, Satish Seemar.
7.30pm: Handicap (T) Dh190,000 2,000m
Winner: Rio Tigre, Mickael Barzalona, Sandeep Jadhav.
UAE currency: the story behind the money in your pockets
Company%20profile
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PREMIER LEAGUE FIXTURES
Saturday (UAE kick-off times)
Watford v Leicester City (3.30pm)
Brighton v Arsenal (6pm)
West Ham v Wolves (8.30pm)
Bournemouth v Crystal Palace (10.45pm)
Sunday
Newcastle United v Sheffield United (5pm)
Aston Villa v Chelsea (7.15pm)
Everton v Liverpool (10pm)
Monday
Manchester City v Burnley (11pm)
Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
Changing visa rules
For decades the UAE has granted two and three year visas to foreign workers, tied to their current employer. Now that's changing.
Last year, the UAE cabinet also approved providing 10-year visas to foreigners with investments in the UAE of at least Dh10 million, if non-real estate assets account for at least 60 per cent of the total. Investors can bring their spouses and children into the country.
It also approved five-year residency to owners of UAE real estate worth at least 5 million dirhams.
The government also said that leading academics, medical doctors, scientists, engineers and star students would be eligible for similar long-term visas, without the need for financial investments in the country.
The first batch - 20 finalists for the Mohammed bin Rashid Medal for Scientific Distinction.- were awarded in January and more are expected to follow.
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
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Company%C2%A0profile
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How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
Company%20Profile
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