The agreement signed between Abu Dhabi Global Market and the Israel Securities Authority on Wednesday represents the first step of a broader co-operation between the two sides in the FinTech space – a move that will expand market access in both jurisdictions and deepen investment, the head of ADGM's regulatory arm said.
"There is so much more we are seeing not only at the government level, but [also at] the regulatory level," Richard Teng, chief executive of ADGM's Financial Services Regulatory Authority, told The National.
"We are also exploring other areas of growth in terms of working on areas of market infrastructure, liquidity, market access.
"With any new collaboration, as you widen market access, as you broaden market reach for local players internationally, it will only lead to more opportunities and we are seeing new funds that are being set up to co-invest in opportunities [in] both countries and both regions."
Israel has a strong reputation as a FinTech hub. The country is ranked 12th globally in Findexable's 2020 Global FinTech Rankings, with Tel Aviv the top-ranked FinTech hub in the region.
There are currently more than 500 active FinTech companies in Israel with equity investments into the sector more than doubling to $1.88 billion in 2019, according to Amir Yaron, governor of the Bank of Israel.
“The FinTech market in Israel is growing and is oriented primarily to markets in the US, Europe and Asia and is still almost not at all to the Arab market. There is a great potential for a leap forward,” he told the FinTech Abu Dhabi Forum on Wednesday.
“We expect new regional collaborations and initiatives will be a driver for Israeli companies to reach more markets and for foreign companies to reach Israel,” he added.
The substantial market opportunity in the wider Middle East, Africa and South Asia region means there are opportunities for multiple hubs to thrive, Mr Teng said.
"It’s not a zero-sum game. Financial services centres and FinTech hubs are here to support the real economy, to support growth. The more we can do, the more the real economy is growing," he added.
"If you look at Asia-Pacific, people have been playing the Hong Kong-Singapore story to death for decades now, and both have grown tremendously in their own right. And as they are growing, the rest are growing, too. Shanghai, Beijing – the likes of Jakarta, Kuala Lumpur, Bangkok, Seoul – they are all growing at a very fast pace."
The marketplace in the wider region is "extremely dynamic", he said.
"If you look at the Middle East and Africa alone, the number of young adults joining the workforce in the next three decades will surpass the number of young adults joining the Chinese workforce."
Mr Teng stressed the importance of co-operation between FinTech hubs for the industry to thrive.
"I think the competition part has been overplayed. It is more about collaboration because the pie is growing very quickly. We want to make sure the pie continues to grow," he added.
Abu Dhabi's technology sector has had a strong year despite the Covid-19 pandemic, Mr Teng said, attracting a "record" number of regional and global venture capital firms.
"The amount of money invested in FinTech has continued to grow quite rapidly. Despite Covid-19, the total amount invested [in the Middle East, North Africa and South Asia] in the first half of this year has matched the total amount invested in 2019. That momentum will continue," he said.
"If you look at the funding infrastructure, the funding ecosystem ... Mubadala has been big champions in that space, the likes of Softbank have expanded their presence here, Abu Dhabi Investment Office, the Executive Council, Abu Dhabi Holdings (ADQ) … I think all of these are key proponents and key investors. They have set aside funding and have started to invest in both VCs as well as direct investments. That makes for a very vibrant funding ecosystem," he said.
A five-year progress report published by ADGM earlier this month showed 2019 was "a record year" for the financial free zone, Mr Teng said. ADGM issued 2,932 licences over a five-year period and the centre was home to more than $33bn of assets under management at the end of 2019, the report said. It signed 45 agreements with regulators and 32 with FinTech entities from around the world.
"This year, the numbers that we have ... will surpass those of last year. In a Covid environment, it just shows you how much momentum we have. I think very few others in the region can say that this year's figures of growth have surpassed last year's by such a wide margin."
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
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
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.
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.
The specs: 2019 Aston Martin DBS Superleggera
Price, base: Dh1.2 million
Engine: 5.2-litre twin-turbo V12
Transmission: Eight-speed automatic
Power: 725hp @ 6,500pm
Torque: 900Nm @ 1,800rpm
Fuel economy, combined: 12.3L / 100km (estimate)
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.
Killing of Qassem Suleimani
Company Profile
Company name: Fine Diner
Started: March, 2020
Co-founders: Sami Elayan, Saed Elayan and Zaid Azzouka
Based: Dubai
Industry: Technology and food delivery
Initial investment: Dh75,000
Investor: Dtec Startupbootcamp
Future plan: Looking to raise $400,000
Total sales: Over 1,000 deliveries in three months
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
