Abu Dhabi stands at the forefront of the MENA region’s economic growth, boasting a 9.3% growth rate in 2022. Looking ahead, the emirate’s ambitious roadmap, the Abu Dhabi Economic Vision 2030, charts a course for economic transformation. A key goal of the roadmap is to substantially reduce reliance on hydrocarbons, with a target of achieving 64% of GDP from non-hydrocarbons sectors by 2030. Th
Insurance companies worldwide have been preparing for the most significant change in global accounting standards in almost two decades. On January 1, 2023 the International Financial Reporting Standard (IFRS) 17 came into effect. Replacing the previous standard, IFRS 4, which was issued in 2004, IFRS 17 aims to standardise insurance accounting globally through a uniform approach in order to improve…
The GCC saw a rise in initial public offerings (IPOs) in 2022 despite volatility in secondary markets, surpassing the previous year’s record high. The total number of IPOs in the region increased from 20 in 2021 to 48 in 2022, marking a 140% rise, and proceeds from GCC issuers increased by 211% from $7.5bn to almost $23bn over the same period. The growing number of successful IPOs in the region…
As GCC countries look to harness new forms of financial technology (fintech), expand services and improve financial inclusion, governments are embracing decentralised finance (DeFi) and attracting cryptocurrency companies. DeFi – peer-to-peer financial services with no central authority or intermediary involved in trading, lending and investing – is seen by GCC countries as an opportunity to diversify…
Abu Dhabi’s insurance sector has benefited from strong growth in the UAE’s overall economy following a recovery from the Covid-19 pandemic, a trend that has been enhanced by a competitive market and a tech-savvy, financially literate consumer base. Gross written premium (GWP) and underwriting income increased across the board in the UAE in 2022, with GWP surpassing levels observed prior to the…
Abu Dhabi plays a leading role in regional capital markets development, both as a driving force for the development of sustainable and virtual asset regulatory frameworks, and as a centre of equity listings and merger and acquisition (M&A) activity. The Abu Dhabi Economic Vision 2030 seeks to diversify the economy away from fossil fuels, ensuring a plentiful supply of formerly government-owned…
As part of the UAE’s globally connected economy, Abu Dhabi’s banking sector has benefitted from the country’s robust growth in both its oil and non-oil sectors. The emirate’s lenders are well capitalised, and experiencing solid credit growth and profitability. They have also embraced technological innovation and financial technology (fintech) – as has the Central Bank of the UAE (CBUAE) –…
Interview:Maryam Buti Al Suwaidi In what ways is innovation helping to streamline business operations in capital markets? MARYAM BUTI AL SUWAIDI: The financial sector is experiencing rapid growth, and financial services firms are adopting flexible business models. As the regulator of capital markets in the UAE, the SCA closely monitors challenges and risks. The emergence of new products, services…
Interview:Khaled Mohamed Balama To what extent can the regulatory landscape help banks benefit from disruptive technologies? KHALED MOHAMED BALAMA: The regulatory landscape in the UAE is under continuous review to ensure that it develops in line with the changes seen in financial technology. As such, we are constantly updating regulations to enable the responsible use of emerging technologies,…
Abu Dhabi’s insurance sector has been boosted by post-Covid-19 pandemic recovery and a competitive landscape. Gross written premium and underwriting income continue to rise, particularly for health and medical coverage. Digitalisation, competition and potential market consolidation are expected to shape the sector’s future, and Abu Dhabi-based providers stand well positioned to benefit from ongoing…
