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Emirates NBD Group signs UAE Climate-Responsible Companies Pledge supporting UAE’s Net Zero 2050 Initiative

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Emirates NBD has signed the UAE Climate-Responsible Companies Pledge initiated by the UAE Ministry of Climate Change and Environment.

As a part of its ongoing commitment to achieving net-zero goals, Emirates NBD Group is among the seventh cohort of 15 signatories in the UAE to sign the pledge and commit to implement carbon emission reduction goals and follow more sustainable methods in managing their operations, according to a timeline compatible with the UAE’s national path to climate neutrality by 2050. The pledge was made in the presence of Her Excellency Mariam bint Mohammed Almheiri, Minister of Climate Change and Environment at the launch of the 11th National Dialogue for Climate Ambition organised by the Ministry under the slogan ‘Accelerating the Shift; Decarbonizing Ground Mobility’ in collaboration with Emirates Driving Company.

The initiative coincides with the UAE’s Year of Sustainability as the Emirate of Dubai prepares to host the Conference of the Parties (COP28) meetings this year.

The pledge commitments include organisations stepping up their collective efforts to combat climate change by measuring and reporting their greenhouse gas (GHG) emissions in a transparent manner, developing ambitious science-based plans to reduce their carbon footprint, and sharing these plans with the UAE government to contribute to achieving the national net-zero target by 2050. Moreover, signatories pledge to factor in climate change mitigation and adaptation as core values and principles of their businesses and operational models, and adopt an all-inclusive approach that engages youth, women, and vulnerable segments of society in developing their net-zero plans.

Vijay Bains, Group Chief Sustainability Officer and Group Head of ESG at Emirates NBD, said: “We are honoured to be a part of the UAE Climate-Responsible Companies Pledge and thank the UAE Ministry of Climate Change and Environment for the opportunity to support this initiative. As a leading local banking group, sustainability is embedded into our culture, operations and strategy and supports all strategic decision-making at the Group. The signing of the pledge further solidifies our commitment to supporting the UAE’s decarbonization efforts and is closely aligned with the Group’s sustainability framework.”

He added: “As the UAE prepares for COP28 this year, we look forward to innovative collaborations with other private sector companies and government entities in our effort to mitigate climate change.”

Aligned to its commitment to gender equality and diversity, the Group also joined the UAE Gender Balance Pledge to accelerate the achievement of the UN Sustainable Development Goal 5 (achieve gender equality and empower all women and girls) in June 2023. As a pledge member, the banking group shall work closely with the UAE Gender Balance Council to align with UAE’s vision to achieve the 17 UN SDGs specifically goal number 5 which aims at achieving gender equality and empowering women.

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DUBAI’S RISE TO FINANCIAL DOMINANCE POWERED BY TRUST, TAX AND TIMING

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Professional headshot of a businessman in dark suit and white shirt against gray background

Attributed by: Nicholas Wright, Head of Institutional Sales, Saxo Bank

Dubai’s winning combination of UK-inspired regulation, investor-friendly tax policies, and a strategic time-zone advantage is propelling the city to the forefront of global wealth destinations, attracting a wave of new millionaires from traditional centres like London.

Its evolution from a regional trading outpost to a global financial centre has been one of the defining economic success stories of the past two decades. Once viewed primarily as a gateway to the Gulf, the city is now positioning itself as a trusted bridge between East and West, a place where capital, talent, and innovation converge.

This transformation is intentional, driven by a powerful combination of regulatory trust, tax advantages, and a strategic location. These combined “push-and-pull” forces are attracting a fresh wave of global investment and high-net-worth migration, solidifying Dubai’s role in the world’s financial architecture.

 Building Global Confidence: Regulation that Mirrors London

A critical pillar of Dubai’s ascent has been the credibility of its regulatory ecosystem, anchored by the Dubai Financial Services Authority (DFSA). The DFSA’s adoption of a UK-style, principles-based framework has created a familiar and trusted environment for international investors, particularly those from established markets such as London, Zurich, and Hong Kong.

By aligning with global standards set by IOSCO and Basel, the DFSA has helped ensure that Dubai’s financial regulations meet the expectations of international institutions. Importantly, the city’s common-law legal framework, applied through the DIFC Courts, offers predictability and transparency, qualities that distinguish Dubai from many emerging markets.

Aligning with internationally recognised best practices attracts global firms that value strong governance and reassures private investors that Dubai’s rapid growth is built on solid foundations. In doing so, it turns the city’s financial free zones, particularly DIFC, into a natural extension of the world’s major financial capitals.

Global Tax Shifts and the Migration of Wealth

While regulation provides the foundation of trust, global tax realignments are now accelerating Dubai’s growth. Across Europe and the UK, tightening fiscal regimes and increased scrutiny of offshore structures are prompting many high-net-worth individuals (HNWIs) and family offices to reassess their base of operations.

The UK’s reform of the long-standing Non-Domiciled (“Non-Dom”) tax regime, combined with higher tax rates and stricter reporting obligations, has diminished London’s appeal as a haven for global wealth. Resulting in a clear outflow of capital, the UK is forecast to lose around 16,500 millionaires in 2025, according to Henley & Partners, the largest net outflow recorded by any country in over a decade.

In contrast, Dubai has emerged as one of the world’s leading destinations for mobile wealth. Over the past decade, the number of millionaires residing in the city has doubled. According to The Rise of Dubai study, the emirate is home to 86,000 millionaires, 251 centi-millionaires, and 23 billionaires, as of June 2025.

This shift represents a classic case of push and pull: mature markets are tightening, while dynamic jurisdictions like Dubai combine transparency with competitiveness. The UAE’s own fiscal evolution,  including the introduction of a federal corporate tax aligned with OECD standards, has enhanced credibility while preserving the hallmark advantages of no personal income tax and a stable, predictable business environment.

At the same time, Dubai’s establishment of family wealth centres, along with trust and foundation structures in the DIFC, is attracting international family offices that value both strong global compliance and flexible local regulations. The DIFC now accommodates over 120 family offices and more than 800 family-related entities, together managing an estimated US$1.2 trillion in assets.

 Dubai’s Enduring Wealth Base and Private Banking Strength

Long before it became a magnet for global capital, Dubai was already a regional hub for private banking, buoyed by decades of oil wealth and the emergence of HNW and UHNW individuals across the Gulf. Historically, much of that wealth was parked offshore in jurisdictions such as Switzerland and London.

Today, that wealth is increasingly being repatriated and managed locally, as the DIFC and DFSA frameworks give investors confidence that their capital is governed under international standards. Making this city a magnet for new millionaires, surpassing other global hubs in attracting mobile wealth.

 Population Growth and the Rise of the Mass Affluent

Dubai’s population surged past 4 million residents in 2025, up from around 1.9 million in 2011. This rapid demographic expansion, fueled by a strong influx of capital, added more than 223,000 new residents in just one year, marking the fastest growth rate in the city’s history.

A significant portion of this growth is concentrated within the affluent and mass-affluent segments, creating strong potential for the next generation of digital and hybrid wealth managers. As professionals, entrepreneurs, and global citizens increasingly choose Dubai as their base, the city’s financial ecosystem is expanding beyond traditional private banking into scalable, tech-enabled wealth management platforms.

The Next Chapter: Sustaining Momentum

As Dubai’s profile grows, so too does the need to maintain the balance between openness and oversight. The DFSA has already demonstrated its adaptability, from developing frameworks for digital assets and fintech innovation to integrating ESG principles into its supervisory approach.

Such responsiveness will be vital as global finance enters a new era shaped by digitalisation, sustainability, and shifting investor expectations. If Dubai can continue to combine rigorous regulation with pragmatic innovation, it will not only retain its current momentum but also strengthen its claim as the most trusted financial hub between London and Singapore.

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Rent Instalments Dubai: How Slices Reshape Tenant Loyalty

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Omar Abu Innab

By Omar Abu Innab, CEO & Co-founder

In Dubai, the handover of a rent cheque often feels like a financial earthquake. For many tenants, it is the single largest outgoing of the year — one that empties savings accounts, spikes anxiety, and disrupts liquidity overnight. Traditional rent structures, whether annual lump sums or quarterly payments, may suit landlords, but they rarely reflect the way people actually earn and spend money. Salaries arrive monthly, bills are spread weekly, and life’s surprises never wait for cheque dates.

This mismatch does more than strain finances. It creates uncertainty and detachment. Tenants under pressure from upfront costs are less likely to renew, more likely to negotiate aggressively, and often hesitant to see their rental as a long-term home.

The Slice Effect: A Shift in Behaviour

Break the rent into twelve manageable instalments, however, and the entire psychology changes. Rent instalments in Dubai don’t just ease cash flow; they reframe how tenants view their homes. Instead of confronting a yearly burden, rent becomes a predictable routine woven into monthly salary cycles, much like utilities or car payments.

This subtle shift encourages tenants to stay longer. Not because they are tied down, but because they no longer face the stress of large financial shocks. Rent is reframed from a hurdle into a lifestyle expense, creating loyalty that landlords value. Lower turnover means fewer vacant periods, steadier income, and stronger landlord-tenant relationships.

Rent Now, Pay Later: A Quiet Revolution

Dubai’s rental market, once dominated by cheque culture, is transforming. Platforms like Keyper have introduced Rent Now, Pay Later (RNPL), enabling tenants to pay monthly while landlords continue receiving rent on their preferred schedule — even upfront.

The dual benefits are striking. Tenants enjoy breathing space and improved cash flow. Landlords retain financial security and stability. Automation bridges the gap, ensuring seamless transactions. Beyond convenience, RNPL creates ripple effects: tenants channel savings into investments or lifestyle upgrades, landlords attract stronger demand, and properties offering RNPL gain a competitive edge in the market.

Trust Through Proptech

Scepticism around flexible payments is natural. Landlords often worry about defaults or unreliable tenants. Proptech innovation addresses this head-on. By embedding tenant screening, open banking, and digital KYC processes, platforms ensure that only qualified tenants gain access to instalment options.

This screening provides landlords with confidence while giving tenants a frictionless, subscription-style experience. The outcome is a healthier rental ecosystem where both sides trust the process. Properties listed with RNPL attract interest faster, lease quicker, and enjoy higher renewal rates.

More Than Money: Cultural Change in Renting

Flexible rent payments are not only about financial management — they represent a cultural shift. Tenants paying monthly are more likely to personalise their homes, join neighbourhood communities, and think long-term. They do not just occupy apartments; they build lives in them.

In a global city like Dubai, where talent continually arrives from abroad, this cultural stickiness is invaluable. By reducing churn and fostering belonging, RNPL aligns Dubai with international leasing standards. For professionals moving from cities like London or New York, monthly rent instalments feel familiar, making Dubai more competitive as a destination.

Why Instalments Mean Belonging

The shift from lump sums to instalments does more than spread payments. It changes perceptions. Tenants breathe easier when the mountain of rent is broken into smaller hills. They stay longer, invest emotionally in their homes, and engage with their communities. For landlords, this means steadier returns. For the city, it enhances financial well-being and strengthens community ties.

Cheque culture once defined Dubai’s property landscape. Today, rent instalments in Dubai — powered by RNPL — are writing a new narrative. Flexible payments bring stability, foster loyalty, and encourage tenants not just to rent, but to settle in.

Read our previous post on Ryan Acquires Dhruva Stake Expanding Middle East Presence

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US based Ryan and Dhruva Form Strategic Joint Venture to Expand Global Tax Services Footprint

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Ryan and Dhruva Form Strategic Joint Venture

Dhruva, a premier tax advisory firm with deep expertise across the Middle East, India, and Asia, today announced a strategic investment by Ryan, a leading global tax services and software provider. This partnership marks a significant step in Ryan’s expansion into the Middle East, India, and Asia, enhancing its ability to serve clients in high-growth markets while reinforcing its global capabilities.

As part of the transaction, US based Ryan will acquire a majority stake in Dhruva, creating a joint venture in India, Ryan’s senior leadership will join the Board of Dhruva, Partners of Dhruva will acquire equity in Ryan, ensuring long-term alignment, and Dinesh Kanabar, CEO of Dhruva Advisors, will take on the role of Vice Chairman at Ryan.­

Founded in 2014 by Dinesh Kanabar, Dhruva has rapidly grown into one of the most respected tax advisory firms in India and the UAE. With 38 partners and senior leaders, supported by over 500 professionals across 11 offices in the Middle East, India, and Singapore, Dhruva advises leading businesses across industries such as aerospace, automotive, chemicals, finance, healthcare, technology, and real estate.

“Joining Ryan is a major milestone in Dhruva’s global growth journey as this partnership extends our global reach,” said Dinesh Kanabar, Chairman and CEO of Dhruva. “My leadership team and I chose to partner with Ryan because we believe it provides the strongest platform for our clients and team members for continued success. I am encouraged by the alignment of our respective leadership teams to meet the growing needs of our multinational clients and look forward to driving that growth in my new role as Vice Chairman at Ryan.”

“This partnership with Ryan is a defining moment for Dhruva. For the Middle East, this partnership is more than just scale – it’s about combining global expertise and regional insights. Together we are not only expanding scale but also shaping the future of tax advisory in the Middle East,” said Nimish Goel, Partner and Head of Middle East at Dhruva.

“We are excited to enter into this strategic partnership with Dhruva, which gives us a client-facing presence in the Middle East for the first time. The combination of our two firms will provide clients with unrivalled service in one of the fastest-growing markets for tax advisory services in the world,” said Tom Shave, President, Europe & Asia Pacific, Ryan.

Dhruva’s services span corporate tax and regulatory advisory, M&A tax structuring, indirect tax, transfer pricing, and cross-border trade compliance.

This move builds upon Ryan’s longstanding presence in India, where the firm has operated for over two decades with a primary office in Hyderabad, while marking its first client-facing entry into the Middle East. Together, Ryan and Dhruva will now expand across the Middle East and Asia with offices in Dubai, Abu Dhabi, Riyadh, and Singapore.

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