< Previous10 Vol. 25/08, 16 – 31 July 2024 S EPTEM B ER 2024 FILM Beetlejuice Beetlejuice PODCAST Unchained We haven’t been this thrilled for a sequel in a very, very long time. So much so, we’re almost tempted to say his name three times. Yes, the mischie- vous poltergeist is back, with Winona Ryder and Michael Keaton reprising their iconic roles as Lydia and the ever-rascally Beetlejuice. And here’s the kicker – Jenna Ortega, the reigning queen of all things eerie, stars as Astrid, Lydia’s daughter. Astrid stumbles upon the mysterious miniature town in the attic, and well, the chaos that ensues has our inner teenager positively squealing with delight. If you’re keen to crack the code on crypto and blockchain, Unchained is the podcast you’ll want to plug into. Hosted by Laura Shin, this series serves up an all-access pass into the fast-paced world of digi- tal currencies. Shin dives deep with industry heavyweights, decod- ing the latest trends, cutting-edge tech, and the bigger economic picture behind it all. New episodes of Unchained premiere every Tuesday Beetlejuice Beetlejuice premieres across cinemas in the UAE on 5th September 10 Vol. 25/10, September 2024 Get ready to chuckle at billionaires with Beetlejuice, and get wiser ABE_2510_10-11_On our radar_13352300.indd 1028/08/2024 18:50arabianbusiness.com 11 Mark your calendars for 12th Septem- ber – Billionaire Island is docking on Netflix. The Norwegian dramedy follows two families, who battle it out (rather hostilely) to become the biggest salmon producer in the world. Expect drama, power plays, to learn about the fish farming industry, and a house more luxurious than a Bond villain’s lair. BOOKS What They Don’t Teach You at Harvard Business School by Mark H. McCormack TV Billionaire Island The latest entertainment adding culture and amusement to our lives Picture this: You’ve just graduated from the most prestigious busi- ness school in the world, but somehow no one ever mentioned the practical stuff – like the art of negotiation or how to read people. McCormack’s guide pulls back the curtain on the unspoken rules of success that go beyond the classroom, offering nuggets of wisdom from his own experiences in the world of sports management. Consider it your ultimate business playbook. Price: AED66, Kinokuniya UAE Billionaire Island premieres on Netflix on the 12th of September arabianbusiness.com11 stranded on an island, relive your youth with the ultimate business playbook ABE_2510_10-11_On our radar_13352300.indd 1128/08/2024 18:5012 Vol. 25/10, September 2024 Finance How the UAE’s new law is redefining global financial security WORDS BY KATE-LYNNE WOLMARANS FINANCE THE FUTURE T he United Arab Emirates has taken a decisive step in strengthening its financial defences with the introduc- tion of a new Federal Decree-Law aimed at enhancing the countr y’s approach to anti-money laundering (AML) and combating the financing of terrorism (CFT). This isn’t just another regulation – it’s a move that reflects the UAE’s commitment to safeguarding its economic future and ensuring its position as a global finan- cial powerhouse. Just six months after being removed from the Financial Action Task Force (FATF) grey list, the UAE is making it clear – it’s seri- ous about maintaining a strong, resil- ient financial system. “These amendments are in line with the UAE’s ongoing efforts to develop its legislative and legal system, aiming to further strengthen the coun- try’s legal framework in support of the authorities’ efforts to combat financial crimes,” says Lily Eid, Money Laun- der ing Repor ting Officer at BSA Ahmad Bin Hezeem & Associates. The need for financial education and strong legal frameworks In the world of money, knowledge is power. The UAE understands that in order to stay ahead of the game, you need to not only have the right tools but also the right education. This new law is a prime example of financial education at the highest level. It’s about understanding the risks that come with money launder- ing and terrorism financing, and knowing how to create a system that not only addresses these issues but also prevents them from happening in the first place. 12 Vol. 25/10, September 2024 ABE_2510_12-15_Finance_Fortifiying The Future_13366302.indd 1228/08/2024 17:45arabianbusiness.com13 Finance This newly established body, formed by a Cabinet decision, will play a central role in the UAE’s strategy for combating financial crimes arabianbusiness.com13 ABE_2510_12-15_Finance_Fortifiying The Future_13366302.indd 1328/08/2024 17:4514 Vol. 25/10, September 2024 Finance The UAE’s removal from the FATF grey list was a significant achievement, but it was just the beginning. To truly protect its economy, the UAE needs to continuously evolve its legal frame- work. This law is a critical part of that evolution, ensuring that the country’s financial system remains robust and aligned with international standards. The power of strategic committees At the core of this new legislation is the creation of strateg ic committees designed to lead the UAE’s efforts in combating financial cr imes. The National Committee for Anti-Money Launder ing and Combating the Financing of Terrorism and Illegal Organisations, along with the Supreme Committee for the Oversight of the National Strategy for AML and CFT, are not just bureaucratic bodies – they are the strategic brains behind the operation. tional standards. In other words, they’re the ones making sure that the system works – and works well. A General Secretariat has also been established to support these committees, led by a Secretary-General who plays a key role in ensuring that strategies and decisions are executed effectively. “This newly established body, formed by a Cabinet decision, will play a central role in the UAE’s strategy for combating financial crimes. It is respon- sible for developing and implementing comprehensive AML and CFT strate- gies, ensuring that all relevant entities in the UAE align with both national and international standards,” Eid explains. Why coordination is key to financial success One of the most important lessons in financial education is the power of coor- dination. Whether you’re building a business or protecting a nation’s econ- By setting clear mandates and providing oversight, these committees will ensure that FIs, DNFBPs, and other key players work together seamlessly These committees are tasked with developing and implementing compre- hensive AML and CFT strategies. They ensure that all relevant entities in the UAE, from Financial Institutions (FIs) to Designated Non-Financial Busi- nesses and Professions (DNFBPs), are aligned with both national and interna- The UAE’s new Federal Decree-Law is more than just a legislation – it’s an investment in the country’s financial future ABE_2510_12-15_Finance_Fortifiying The Future_13366302.indd 1428/08/2024 17:45arabianbusiness.com15 Finance omy, success comes from working together. This new law places a strong emphasis on coordination between all key players in the financial sector. It’s not just about having rules; it’s about making sure everyone is playing by them – and playing as a team. The law sets clear mandates that require FIs, DNFBPs, and other critical entities to collaborate effectively. By improving information sharing and streamlining reporting processes, this legislation ensures that everyone is on the same page when it comes to AML and CFT efforts. This kind of coordination is essential for maintaining a strong financial system that can withstand external threats. “By setting clear mandates and providing oversight, these committees will ensure that FIs, DNFBPs, and other key players work together seamlessly. They will also improve information shar- ing, simplify reporting processes, and promote consistent implementation of AML and CFT strategies across all sectors,” says Eid. Aligning with international standards Financial independence isn’t just about having money – it’s about having control over your money. For a country like the UAE, that means being in control of its financial destiny by aligning with inter- national standards. This new law is a significant step in that direction, ensur- ing that the UAE’s financial system is not only compliant, but also competitive on the global stage. The law mandates the oversight of the development of the Mutual Evalua- tion Report, which assesses the UAE’s compliance with international stand- ards. This alignment is crucial for main- taining the country’s reputation as a safe and reliable financial centre. It also posi- tions the UAE as a leader in the global fight against financial crimes, a move that enhances both its financial security and its international standing. “By proactively amending its laws to address emerging threats and align with international best practices, the UAE underscores its commitment to main- taining a robust and adaptive legal framework,” Eid points out. The benefits of a strong legal framework So, what does all this mean for the future of the UAE? It means a stronger, more resilient financial system that can stand up to the challenges of the global economy. By creating these committees and enhancing coordina- tion, the UAE is building a financial fortress that not only protects its own interests but also contributes to global financial stability. For financial institutions and DNFBPs, this law is a wake-up call. It’s a reminder that compliance isn’t just about following rules – it’s about under- standing the bigger picture and playing a role in securing the nation’s financial future. Yes, there will be more stringent oversight and increased reporting obli- gations, but these are necessary steps to ensure long-term financial health. “Financial institutions and DNFBPs should closely monitor the implemen- tation of this new law and prepare to adjust their compliance programmes accordingly. The establishment of these new committees may lead to more strin- gent oversight and potentially increased reporting obligations,” says Eid. Building a strong financial future The UAE’s new Federal Decree-Law is more than just a piece of legislation – it’s an investment in the country’s financial future. By enhancing its legal framework and aligning with international stand- ards, the UAE is taking control of its financial destiny. In the world of money, those who are proactive and well-prepared are the ones who succeed. The UAE is showing that it’s not just playing defence – it’s playing to win. And with this new law, it’s well on its way to securing a prosperous and financially independent future. The new Federal Decree-Law aims to enhance the UAE’s approach to anti-money laundering and combating the financing of terrorism ABE_2510_12-15_Finance_Fortifiying The Future_13366302.indd 1528/08/2024 17:4516 Vol. 25/10, September 2024 Real Estate ABE_2510_16-19_AI real estate_13356102.indd 1628/08/2024 17:39arabianbusiness.com 17 Real Estate The AI impact BY ALI SAJWANI, MANAGING DIRECTOR OF OPERATIONS AND TECHNOLOGY AT DAMAC PROPERTIES The adoption of artificial intelligence in the UAE’s property sector has been rapid – and it’s just the tip of the iceberg Anyone who knows me or reads my blog, won’t be surprised to learn that I’m extremely excited by the advances we are witnessing in the field of artificial intelligence (AI). While tech experts have been conquering new frontiers in this space for decades, many breakthroughs have taken place away from the public eye – often hint- ing at what might become possible for a mass audience in the future. However, since OpenAI launched ChatGPT in November 2022, it’s fair to say there has been a proliferation of applications, many of which are now available to anyone with a smartphone and an internet connection. The adoption of AI has been rapid, to say the least. On an individual level, bespoke tools are acting as virtual assis- tants, helping users manage their diaries, set appointments and send reminders. Other platforms are being leveraged to write, edit and even gener- ate written and multimedia content, improving productivity, quality and clarity. In the corporate sphere, chat- bots are helping to deliver more stream- lined customer experiences, while Ali Sajwani, Managing Director of Opera- tions and Technology at DAMAC Properties analytics software is enabling organisa- tions to gain deeper insights into current trends. And this is just the tip of the iceberg. Make no mistake, these technologies are transforming how we live, work and create across every conceivable sector. The property industry is already utilising aspects of more traditional, analytical AI to enhance future fore- casting within both local and global ABE_2510_16-19_AI real estate_13356102.indd 1728/08/2024 17:3918 Vol. 25/10, September 2024 Real Estate markets. This technology provides valu- able insights for potential investors and can be used to for m the basis of targeted real estate searches. However, if we add newer generative AI tools into the mix, the potential to improve our sector’s outcomes skyrockets. As its name suggests, generative AI is capable of creating content. For example, it can draft property specifi- cations based on a set of images and produce targeted marketing materials using data for specific client lists. These AI could be used to rapidly sort and filter thousands of potential investment opportunities, selecting those that best match a particular buyer’s profile and filter thousands of potential invest- ment opportunities, selecting those that best match a particular buyer’s profile. Of course, this is just one of count- less iterative processes in the real estate space that could be automated. With the more onerous tasks taken care of, realtors could increase their caseloads without compromising the customer experience, helping to pair more buyers with their ideal properties. I believe the UAE real estate sector is particularly well placed to benefit types of applications could shorten the period between a property becoming available and being promoted as an investment opportunity, benefiting buyers and sellers alike. Aside from AI’s generative capabili- ties, the latest tools have the potential to take on much of the ‘heavy lifting’ currently carried out by human realtors, allowing them to focus on other busi- ness-critical tasks such as building and maintaining client relationships. For instance, AI could be used to rapidly sort ABE_2510_16-19_AI real estate_13356102.indd 1828/08/2024 17:39arabianbusiness.com 19 Real Estate By streamlining processes for buyers, sellers and real estate professionals alike, this technology will benefit not only our sector, but also the UAE’s economy as a whole us to pay greater attention to the more creative and intangible aspects of our roles. AI offers an oppor tunity to enhance existing best practices, enabling forward-thinking companies and practitioners to increase the quality and scope of their provision. Ultimately, I believe AI has the potential to revolutionise the Emirates’ property industry, helping to improve the customer experience, increase revenues and drive further efficiencies. By stream- lining processes for buyers, sellers and real estate professionals alike, this tech- nology will benefit not only our sector, but also the UAE’s economy as a whole. With sustained investment, robust regulation and a healthy dose of Emirati spirit, I believe everyone stands to win. The property industry is already utilising aspects of more traditional, analytical AI to enhance future forecasting within both local and global markets from AI due to the inter national makeup of its customer base. Individ- uals investing in our property market – particularly in the luxury segment – hail from all over the planet, meaning they are not always able to attend view- ings or design consultations in person. The latest AI tools can be used to help clients visualise their future living spaces, allowing them to vir tually furnish and decorate prospective prop- erties at the click of a button. Remote, AI-powered ‘try before you buy’ func- tionality could help overseas buyers find their perfect homes, regardless of their physical locations. On a broader level, our nation is a globally recognised trailblazer when it comes to the adoption of advanced technologies. Time and time again, our leaders have shown a willingness to embrace new innovations and invest in their development, and AI has been no exception. Not only was the UAE the first country to appoint an AI minister, but it also launched its ambitious AI strategy some seven years ago. Our gover nment’s pioneer ing spirit has afforded companies like DAMAC Properties and other real estate organisations the confidence to focus on the development and imple- mentation of AI, encourag ing pr ivate-sector investment in this rapidly evolving and innovative sector. So, with appropriate regulations, I see no reason why this technology will not continue to reshape our nation’s prop- erty market for the better. I’m an unapologetic advocate of AI. However, I do understand that people have legitimate apprehensions about its long-term impact, and potential job losses represent a chief concern. While I fully expect AI to remove the necessity for human involvement in certain iter- ative tasks, that doesn’t necessarily mean these tools have the capacity to replace humans. Like many others, I see AI as being supplementar y to human talent. Personally, I think it would be helpful to stop framing this technology as a threat to people’s livelihoods and instead focus on its ability to empower ABE_2510_16-19_AI real estate_13356102.indd 1928/08/2024 17:39Next >