Emmanuel Macron-President of France

Unlocking development: Smaller enterprises and technology start-ups receive credit, funding and support services

  According to Abu Dhabi’s Khalifa Fund for Enterprise Development (KFED), small and medium-sized enterprises (SMEs) account for 94% of all companies in the UAE and provide jobs for 90% of the nation’s workforce. Statistics Centre – Abu Dhabi (SCAD) has established emirate-specific definitions for this important segment of the economy, by which small companies are classed as having five to 19 employees, and medium-sized businesses as employing between 20 and 49 people. Encouraging the growth of these businesses has long been a strategic ambition

Read more >
Daniel Asare-Kyei-CEO-Esoko; Curtis Vanderpuije-CEO-ExpressPay; and Daniel Marfo-General Manager-Zipline Ghana

Right environment: Legislation to facilitate larger volumes of foreign capital

  UAE-wide efforts to boost the country’s stock of foreign direct investment (FDI) have seen considerable success in recent times. According to the “World Investment Report 2019” by the UN Conference on Trade and Development, the country ranked first among Arab countries in its FDI capture in 2018 and accounted for roughly 22% of total FDI inflows to the wider MENA region. The UAE Ministry of Economy ascribes the country’s performance to factors such as supportive legislation, a strong geostrategic location, expansive logistics infrastructure and related services, diversified free zones, and an open and multicultural society. These underlying fundamentals put the emirate and the UAE

Read more >
Éric N’guessan-Managing Partner-EY Côte d’Ivoire

Future assets: Regulatory moves are bolstering the emirate’s position as a regional leader in distributed ledger technology

  Abu Dhabi’s international financial centre and free zone, the Abu Dhabi Global Market (ADGM), has sought to establish itself as a global pioneer in the development of distributed ledger technology (DLT). In June 2018 the emirate issued a comprehensive regulatory framework for virtual asset activities in ADGM, and followed it up with further detailed guidance on the regulation of stable coins and digital securities in May and September 2019, respectively. Under its regulatory framework, crypto-asset businesses such as exchanges, brokers and custodians of cryptocurrencies

Read more >
Daniel Asare-Kyei-CEO-Esoko; Curtis Vanderpuije-CEO-ExpressPay; and Daniel Marfo-General Manager-Zipline Ghana

Compliant capital: Private sector entities in Abu Dhabi use Islamic bonds to raise funds on local and international markets

  The global sukuk (Islamic bond) market entered 2020 on the back of a strong year. Total worldwide issuance reached $162bn in 2019, up from $129bn the year before, according to credit ratings agency Standard & Poor’s (S&P). While the global market volatility introduced by the spread of Covid-19 in early 2020 has undeniably engendered greater uncertainty, the segment has strong growth potential; at the start of 2020 S&P forecast worldwide sukuk issuance would rise by 5% to reach $160bn-170bn by year’s end. In the

Read more >
Azzan Al Busaidi-CEO-Public Authority for Investment Promotion and Export Development (Ithraa)

Cluster of activity: With expansion of its petrochemicals complex, Ruwais is set to become a global centre for downstream industry

  The town of Ruwais is located around 240 km west of Abu Dhabi City and is poised to experience rapid growth as Abu Dhabi National Oil Company (ADNOC) plans to inject some Dh165bn ($44.9bn) into its downstream industry, an investment that represents more than 40% of the company’s capital expenditure budget. ADNOC is aiming to ultimately transform Ruwais into the world’s largest integrated refinery and petrochemicals complex. Imminent Transformation The effects of further development of downstream energy infrastructure are expected to reverberate throughout the

Read more >
Daouda Coulibaly-Managing Director-Société Ivoirienne de Banque

New prospects: Abu Dhabi National Oil Company concludes two bidding rounds in its first-ever competitive exploration tenders

  Oil and gas exploration in Abu Dhabi entered a new phase since 2018 as energy companies from North America, Europe and Asia competed in two rounds of bidding for licences to drill and develop onshore and offshore concessions. The use of competitive bidding rounds constitutes a new strategy for Abu Dhabi National Oil Company (ADNOC), as well as a new opportunity for firms participating in the tendering process. Under the new block licensing model, winning bidders are offered an exploration block for a participation

Read more >
Hisham Ezz El Arab-Chairman-Commercial International Bank

Next generation: The Oil & Gas 4.0 programme aims to utilise new technology and attract skilled graduates

  While the emirate continues to look for ways to increase the value of its onshore and offshore deposits, Abu Dhabi National Oil Company (ADNOC) is also reassessing its role in a changing global economy. The idea that some parts of the world are already experiencing a Fourth Industrial Revolution (4IR), in which artificial intelligence (AI), blockchain and big data will transform and enhance the business environment, inspired ADNOC to develop a new strategy through which to bring the industry in line with the digital

Read more >
Saleh bin Nasser Al Jasser-Director-General-Saudi Arabian Airlines

Nuclear vision: The UAE’s first nuclear energy plant is to begin operations in 2020

  Abu Dhabi’s energy sector is poised for transformation in 2020 with the anticipated commissioning of the first nuclear energy plant in the Arab world. The Barakah Nuclear Energy Plant consists of four 1400-MW nuclear reactors and is located in the Al Dhafra Region of the emirate. Upon completion, the four units of the Barakah plant will generate up to 25% of the UAE’s electricity by safely producing 5600 MW of zero-emission electricity at a constant rate. The Ministry of Energy and Industry has set ambitious targets for the UAE in its Energy Strategy 2050. The goals of the strategy are for the UAE to

Read more >

Strategic benefit: Investing in unconventional natural gas resources to reduce reliance on imports and boost industrial development

  Although much of Abu Dhabi’s wealth may have been built on the sales of its crude oil and refined products, Abu Dhabi National Oil Company (ADNOC) is placing a growing emphasis on the emirate’s reserves of natural gas, some of which are sour or ultra-sour. ADNOC Sour Gas plans to increase production capacity to 1.45bn standard cu feet (scf) per day by 2022. In order to meet this goal, in November 2018 the company announced the launch of an integrated gas strategy to direct

Read more >
George Richani-CEO-Al Ahli Bank of Kuwait

Aim for the stars: The local space exploration industry continues to expand, with a major mission planned for 2020

  In September 2019 Hazzaa Al Mansoori, born in Al Wathba in Abu Dhabi, became the first Arab to visit the International Space Station (ISS) in an eight-day mission accompanied by two fellow crew members from Russia and the US. Al Mansoori’s successful journey captured the emirate’s imagination and helped raise the global profile of the UAE’s space programme. The sector also received a boost thanks to recent technological advancements and investment from the government, which aims to use this emerging industry to develop the

Read more >