AN ITP MEDIA GROUP PUBLICATION OCTOBER 2024 • VOL.1 • ISSUE 09 Tickmill’s Joseph Dahrieh, Elie Tarabay and Mohamed Abdelbaki on their unconventional approach to trading ORDINARY OUT OF THE In p a rt n e rs h ip w it h T ic k m il l FME_Oct2024_00_Cover_13387465.indd 124/09/2024 18:12*Subject to complete documentation submission For sole proprietorship only. Terms and Conditions apply. Visit quickapply.rakbank.ae to start the journey! FROM SEED TO SUCCESS FASTER. Open your business account in 72 hours* Access an experienced relationship manager Apply online in 20 minutes Earn up to 1.5% interest No brokers or agents needed Untitled-3 125/09/2024 16:41fi nancemiddleeast.comOctober 2024 | 3 EDITOR’S LETTER As the well-known saying goes, “With great power comes great responsibility”—a phrase many Millennial and Gen Z readers might recognise from Uncle Ben in Spider-Man. With that spirit in mind, we’re thrilled to present GCC’s top banking CEOs of 2024. Our editorial team gathered insights through questionnaires sent to key banking leaders and utilised publicly available sources to select the top executives. CEOs were evaluated based on several criteria: their impact on the region, their countries and the markets they serve; their experience and tenure; company size in terms of revenues, assets and market capitalisation; achievements and performance over the past year and the innovations and strategic initiatives they’ve led. This comprehensive approach ensures our list accurately refl ects the most infl uential and dynamic leaders shaping the GCC banking sector. In our spotlight story, we explore one of my favourite topics—investing in luxury watches. As a watch enthusiast myself, I genuinely enjoyed exploring this subject. We discuss the craftsmanship involved, weigh the pros and cons of investing in luxury watches and ultimately reveal the top 10 best watches to invest in. Our Industry Insight feature, penned by Beatriz Valero, highlights how live music events are boosting tourism spending and driving a cultural transformation in the GCC. If you’re a Swiftie like her, you’re in for a treat! Gracing our cover is the Tickmill leadership team, who shared their perspectives on the key trends driving the forex industry and the strategies that will defi ne success in this ever-evolving space. This edition has truly been one of the most exciting we’ve worked on. With that, I’ll let you dive in. Enjoy the read! Nivetha Dayanand Editor FME_Oct2024_3_Editors letter_13400452.indd 325/09/2024 20:53fi nancemiddleeast.com4 | October 2024 CONTENTS 20 14 24 30 THE SOUND BUSINESS From Beyoncé to Calvin Harris, live music events are boosting tourism spending and driving a cultural transformation in the GCC IN TUNE WITH TIME All you need to know about investing in luxury watches NAVIGATING THE FUTURE OF FOREX Tickmill’s leadership on navigating market volatility and embracing technology to stay ahead in global fi nancial markets 2024 TOP GCC BANKING CEOS Meet the changemakers of the GCC banking sector 14 30 24 20 FME_Oct2024_4-5_Contents_13381180.indd 425/09/2024 20:55fi nancemiddleeast.comOctober 2024 | 5 50 46 52 58 HOW WILL THE UAE TAX GAMING ACTIVITIES? Tax implications on commercial gaming operations in the UAE THE DIGITAL PAY-OFF Network International drives MENA’s cashless shift with innovation and strategic partnerships THE FUTURE OF ISLAMIC FINANCE S&P Global’s Mohamed Damak on ethical investing, risk sharing and more STATS Key developments across the GCC in numbers 52 5850 46 FME_Oct2024_4-5_Contents_13381180.indd 524/09/2024 18:14fi nancemiddleeast.com6 | October 2024 PO Box 500024, Dubai, UAE Tel: +971 4 444 3000 Web: www.itp.com Offices in Abu Dhabi, Dubai, London, Mumbai, Riyadh & Geneva ITP MEDIA GROUP CEO: Ali Akawi Managing Director: Martin Chambers Head of Digital Media: Thomas Shambler EDITORIAL Editor: Nivetha Dayanand Tel: +971 4 444 3887 email: nivetha.dayanand@itp.com Deputy Editor: Beatriz Valero Tel: +971 4 444 3413 email: beatriz.valero@itp.com Commercial Editor: Angitha Pradeep Tel: +971 4 444 3278 email: angitha.pradeep@itp.com ART Art Director: Amjad Ayche Art Editor: Tofi q Memon ADVERTISING Group Commercial Director: Anup Nagpurkar Tel: +971 4 444 3573 email: anup.nagpurkar@itp.com Senior Commercial Manager: Ines Ben Rejeb Tel: +971 4 444 3223 email: ines.benrejeb@itp.com PHOTOGRAPHY Senior Video Editor: Liju Cheruvathur MARKETING Senior Events & Marketing Manager: Eleanor Ashton email: eleanor.ashton@itp.com Events & Marketing Manager: Olivia Keen-Smith Associate Events & Marketing Manager: Kate Galaktionova Events & Marketing Manager: Dmitry Lazarenko Senior Events Manager: Karishma Vithalani Associate Events Manager: Vrinali Nazareth Events Administrative Assistant: Aronn Pureza Events Administrative Assistant: Bobbie Rosario Events Sales Assistant: Joyce Salonga email: events@itp.com PRODUCTION Production Manager: Balasubramanian P DISTRIBUTION Distribution Coordinator: Avinash Pereira Circulation Executive: Rajesh Pillai ITP GROUP CEO: Ali Akawi CFO: Toby Jay Spencer-Davies The publishers regret that they cannot accept liability for error or omissions contained in this publication, however caused. 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FME_Oct2024_6_Flannel_13381178.indd 624/09/2024 18:14THE BEST OF THE CITY UNDER ONE ROOF LISBOA | NEW YORK | BOSTON | CHICAGO | MONTREAL | DUBAI | CAPE TOWN Located in Souk Al Bahar, Downtown Dubai Untitled-20 126/07/2024 11:56NEWS fi nancemiddleeast.com8 | October 2024 Mubadala and Aldar have par tnered to establish a series of joint ventures to own and manage prime residential, commercial, retail and logistics assets across Abu Dhabi, with a combined value exceeding AED 30 billion ($8.16 billion). The partnership, which leverages Mubadala’s land bank and institutional expertise and Aldar’s development and asset management capabilities, will be structured with Aldar holding a 60% stake and Mubadala a 40%. A s par t of t h e par t ner ship, Mubadala and Aldar will create an AED 9 billion ($2.45 billion) retail platform to manage Abu Dhabi’s leading retail destinations. Aldar will contribute to Yas Mall, while Mubadala will add The Galleria Luxury Collection at Abu Dhabi Global Market on Al Maryah Island. This platform aims to drive synergies by unifying retail strategies and attracting new luxury brands to the capital. The two companies plan to form a joint venture to own AED 3 billion ($816.8 million) worth of income-generating real estate assets in Masdar City, a sustainable urban community. The portfolio will include existing commercial and residential properties with over 400,000 square metres of net leasable area (NLA) and an occupancy rate of more than 95%. The joint venture will incorporate 14 assets within the Masdar City Green REIT, all of which hold LEED Gold or Platinum certifi cations and three more properties in the master plan. Two additional assets, totalling 50,000 square metres of NLA, are expected to join the portfolio upon completion. Mubadala’s prime land portfolio will also be utilised to masterplan and develop wellness-focused luxury waterfront MUBADALA, ALDAR DEEPEN TIES WITH AED 30 BILLION JVS communities on two undeveloped islands off the coasts of Saadiyat and Yas Islands. The gross development value of these projects is estimated at AED 13 billion ($3.53 billion). One island, located between Saadiyat Marina and Reem Island with a three-kilometre waterfront, will complement Aldar’s luxury off erings in the Saadiyat Cultural District. The second island will be developed into a premium waterfront villa community, covering 3.7 million square metres between Yas Island and Al Raha. Lastly, Mubadala and Aldar are planning to develop an AED 5 billion ($1.36 billion) Grade A industrial logistics park in Al Falah, with a gross fl oor area of 1.2 million square metres. The park will be strategically located within a two- kilometre radius of Zayed International Airport and will have access to several major highways. Mubadala and Aldar will create an AED 9 billion ($2.45 billion) retail platform that will own Abu Dhabi’s existing premier retail destinations FME_Oct2024_8-13_News + In Focus_13381242.indd 825/09/2024 20:55fi nancemiddleeast.comOctober 2024 | 9 The GCC region is expected to witness a remarkable economic rebound, with grow th in the non-oil sectors predicted to reach 4.4% in 2025. T h e l a te s t I C A E W E co n o m i c Insight report for the Middle East, prepared by Ox ford Economic s, indicates that the Middle East ’s economic grow th is projec ted to reach 2.1% in 2024, a fi gure that is expected to increase to 3.7% in 2025. In comparison, global GDP growth is predicted to reach 2.7% both this year and the next. “We have made only minor changes to our global outlook and expect the recent period of stable global growth to extend into 2025,” stated ICAEW. The report highlights the importance of the growth of the non-oil economy. Sectors including tourism, trade and fi nance are becoming crucial drivers of the GCC’s economic diversifi cation eff orts. These industries are set to experience 4.2% growth this year and 4.4% in 2025. Scott Livermore, ICAEW Economic Advisor, and Chief Economist and Managing Director, Oxford Economics M id dl e Ea s t , said , “ The G CC ’s proactive and strategic investment in non-oil sectors, alongside the gradual recovery of oil production, is paving the way for robust growth in 2025, where the resilience of the GCC stands out.” Hanadi Khalife, Head of Middle East of ICAEW, added, “The report under scores t he imp or t ance of re silience in nav i gat ing global economic and regional geopolitical headwinds. We are confi dent that the Middle East’s business community, GCC NON-OIL ECONOMIES TO GROW 4.4% IN 2025 supported by the expertise of the accountancy profession, will continue to demonstrate its ability to innovate and thrive amid these challenges.” In the UAE, travel and tourism are set to continue to drive economic growth, despite the voluntary oil production cut s agreed by OPEC+ nations. A record-high number of passengers travelled through Dubai’s international airport in H1 2024 and the UAE has successfully attracted many executive nomads and international businesses looking to expand into the Middle East. The report further stressed that recent PMI readings suggest strong domestic activity and interest rate reductions are expected to boost consumption and private investment. ICAEW has lowered its infl ation forecast for the GCC by 0.5 percentage points, expecting it to reach 1.7% in 2024. The tourism, trade and fi nance industries are some of the key sectors driving economic growth across the Gulf NEWS FME_Oct2024_8-13_News + In Focus_13381242.indd 924/09/2024 18:15Next >