Bajaj Allianz Life commemorates its first anniversary of its representative office in Dubai, UAE. With a customer-first approach and a goal to deliver best-in-class services to Dubai’s Non-Resident Indian (NRI) population, Bajaj Allianz Life established its first representative office in Dubai in June 2023. This one-year milestone is significant for the Company as it reaffirms its strong commitment towards UAE as a priority geography.

Bajaj Allianz Life’s stellar reputation as a private life insurer has been built on the back of a strong presence in India. The establishment of its representative office in Dubai has significantly strengthened the Company’s footprint in the GCC region over the last year. The move has enabled Bajaj Allianz Life to provide enhanced service and support to a growing customer base that is interested in investing in long-term financial products like life insurance from India. The Company’s Dubai office has become pivotal for NRIs and has been instrumental in their servicing related needs for their life insurance bought in India.

“Our presence in the UAE has been a remarkable journey,” Rajesh Krishnan, Chief Operations & Customer Experience Officer at Bajaj Allianz Life, said. “We understand that our NRI customers have specific requirements and we have been consistently working to provide them with the right products and a differentiated service architecture. Such focused initiatives, especially over the last few years, have led to encouraging growth in our NRI customer base. This success drives us to continuously improve our offerings and deliver customer delight consistently across all our service touchpoints. We are proud to be a trusted Life Goals enabler for NRIs in the UAE and across the GCC region.”

Bajaj Allianz Life has brought several noteworthy features and services to its NRI customers, including an expanded medical test network across several countries.  This global network enables NRIs to get their pre-policy health check-ups at one of Bajaj Allianz Life’s approved medical test facilities across the globe or even from the comfort of their homes.

Bajaj Allianz Life’s several innovations and digital transformation have provided customers with user-friendly platforms for policy management, claims processing, and customer support. The Company has also simplified its claims processes through digital claims submissions, ensuring quick and efficient claims settlement. Other services that have contributed to growth in the region are the inclusion of auto-payments of policy premiums through credit cards issued by international banks, a dedicated NRI desk, digitized on-boarding processes, and customer support via video calls, self-service through WhatsApp, live chat, and a responsive call centre that caters to different time zones.

“Our first year in the UAE has been a testament of our commitment to customer experience and innovation,” Rajesh said. “The positive response from our NRI customers motivates us to continue enhancing our services and product offerings. Our Dubai office has allowed us to provide seamless policy assistance and support to our customers. We look forward to building on this success and are encouraged to further strengthen our presence in the GCC region.”

As one of the leading life insurance partner for NRIs, Bajaj Allianz Life continues to emphasize the value of opting for Indian life insurance, leveraging cutting-edge technologies, and tailored services for the Indian diaspora in Gulf countries. The company continues to enhance its offerings, ensuring that NRIs receive unparalleled support and comprehensive coverage which can enable them to achieve their life goals.

The official launch of the Dubai Stockbrokers and Investment Services Group (DSIG) comes as the market capitalisation of Arab stock exchanges exceeded US$4.36 trillion at the end of April 2024, according to the Arab Monetary Fund. DSIG is one of the 105 Business Groups that operate under the umbrella of Dubai Chamber of Commerce to help drive greater economic opportunities within the UAE and beyond

Dubai Chamber of Commerce’s stockbrokers and investment services community officially launched Dubai Stockbrokers and Investment Services Groupon May 23, 2024. The launch follows the announcement of the group last year – as part of Dubai Chamber of Commerce’s drive to represent the interests of the emirate’s private sector and ensure companies operating across diverse industries can play a greater role in Dubai’s economic growth.

The Dubai Stockbrokers and Investment Services Group (DSIG) is one of the 105 Business Groups and more than 50 Business Councils that operate under the umbrella of Dubai Chamber of Commerce, one of the three chambers under Dubai Chambers. Sector-specific Business Groups and country-specific Business Councils advance the interests of Dubai’s dynamic business community, empowering companies to explore greater economic opportunities in the UAE and beyond – and play a greater role in the global economy.

Sameera Fernandes, Chief Sustainability Officer and Board Member of Century Financial, has been elected Chairwoman of DSIG while Mostofa Elchiati, Kinly Nassour, Ahmed Al Salami, and Damodhar Mata have been elected DSIG’s Vice-Chairman, Secretary-General, Treasurer, and Director of Membership & Marketing, respectively. The launch of the DSIG, which was attended by Maha Al Gergawi, Vice-President of Business Advocacy at Dubai Chambers and Omar Khan, Head of the Centre for Business Studies and Research at Dubai Chambers, supports the Chamber’s vision to accelerate the economic growth in the emirate by enhancing the role of Business Groups and Business Councils.

Stockbrokers, investment advisors, fund managers, wealth managers and private equity managers play a significant role in the growth of the stock market and the overall economy. Data from the Abu Dhabi and Dubai markets shows that institutional investors had purchased Dh302.7 billion worth of stocks from January to December 2023, compared to total sales of approximately Dh295.8 billion.

The launch of the DSIG comes when the market cap of Arab stock exchanges exceeded US$4.36 trillion at the end of April 2024, according to the Arab Monetary Fund (AMF). The launch saw the presence of industry leaders who felicitated DSIG’s vision of shaping a prosperous financial future through cutting-edge technologies, ethical practices, and global collaboration.

Essa Abdulla Al Ghurair, Chairman, Essa Al Ghurair Investment LLC, lauded the initiation of the group, expressing his expectations of DSIG’s catalytic role in realising the Dubai Economic Agenda (D33) announced by the Dubai Government, saying, “I commend the Dubai Stockbrokers and Investment Services Group’s vision to sustainably impel Dubai’s growth. Dubai’s meteoric rise is attributed to two key values, trust and transparency. By adopting these values, DSIG will be pivotal in doubling the city’s GDP by 2033 under the D33 agenda.”

The UAE has emerged as a key driver of the financial upswing in Arab stock markets, contributing significantly to the collective gains. The UAE added an impressive US$117.5 billion to its market value, reaching a substantial US$990.6 billion by the end of 2023. Both the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) played pivotal roles. ADX contributed US$88.8 billion, soaring to US$803.4 billion. Meanwhile, DFM witnessed a US$28.7 billion increase, elevating its total market value to US$187.2 billion.

DSIG acts as a platform for secured investment. Coupled with innovation and sustainability, the Business Group will not only implement ideas, but also empower people through its educational programmes. Poised to become the leading business group in the Middle East, DSIG is committed to facilitate more cross-border investments and market expansion.

Sameera Fernandes, Chairwoman of DSIG, said, “DSIG has been founded to come up with innovative and sustainable solutions that will bolster Dubai’s growth as a secure global financial capital. Our expansive mission to promote sustainable investment, foster innovation in financial services, and empower a robust investment community, as well as staunchly commit to ethical standards and integrity is strongly driven by our initiatives that promote financial literacy. These initiatives include mentorship programmes, technology and innovation hub, and support for international expansion among others.”

As part of its efforts to continuously engage with the global investment community, DSIG also revealed plans to hold an annual investment summit, where members can network, address prevalent challenges, and brainstorm solutions.

According to a recent Emirates News Agency (WAM) report, institutional investors boosted their acquisition of domestic stocks in 2023 due to diverse investment prospects and the opportunity to engage in the expansion of the UAE’s economy. The report further noted that institutional investors dominated the UAE equity market in 2023, capturing nearly 78 percent of total trading activity.

The Dubai Financial Market witnessed a 12.5 percent surge in the number of investor accounts in 2023 as compared to the previous year, according to WAM. Brokerage firms in the emirate’s financial market opened 57,054 new investor accounts.

In the meantime, the 29 brokerage firms operating in the Dubai Financial Market executed over 3.83 million transactions in 2023, a 32.7 percent increase compared to 2022’s 2.88 million. Foreign and regional institutional investors have led a significant surge in net stock purchases, amounting to Dh7 billion ($1.91 billion) year-to-date in the Abu Dhabi and Dubai markets.

The event also explored the future of investments, highlighting sustainable investment as an inevitable trend in the financial realm. Habiba Al Mar’ashi, Co-founder and Chairperson of Emirates Environmental Group, said, “After delving deep into sustainable investments in 2019, I have discovered many gaps that must be bridged to promote sustainable investment. Pioneers in the field should realise the lack of awareness among institutions and improve their financial literacy.

“This can be achieved through fruitful collaboration among government entities, the private sector, and educational institutions. In fact, the private sector should potentially lead sustainable development, underpinned by financial organisations. To ensure transparency, the right laws and regulations must be imposed and precise measurement tools and metrices must be implemented.”

A leading Fintech company headquartered in Switzerland, CREALOGIX and Tuum, a leading next-generation core banking provider, today announced a strategic partnership aimed at revolutionizing the banking and financing landscape in the GCC region. The alliance will bring together the strengths of both companies to deliver an unparalleled end-to-end banking experience. Customers will benefit from a comprehensive suite of services including accounts, cards, payments, cash financing, microfinancing, and car financing solutions.

The signing took place at SEAMLESS Middle East 2024 event in Dubai World Trade Center. This partnership is particularly timely given the UAE’s recent announcement of its groundbreaking Open Finance Regulation, which leapfrogs the open banking framework in the rest of the region.

“We are thrilled to partner with CREALOGIX,” Miljan Stamenkovic, VP EMEA, Tuum said. “Our shared commitment to secure, open, and composable platforms makes for a seamless integration, and our complementary solutions will empower financial institutions across the GCC to deliver a truly innovative banking experience.”

By combining CREALOGIX’s proven platform capabilities with Tuum’s innovative core banking solution, the partnership will establish a groundbreaking offering for the GCC’s banking and financing sectors. This unique solution will provide institutions with the agility and scalability required to thrive in today’s dynamic financial landscape.

“This partnership is a significant step forward in our mission to provide best-in-class financial technology solutions,” said Khalid Al Ahli ME Executive Director at CREALOGIX. “In the face of rapid technological advancements, financial institutions and fintech companies must embrace innovation to stay ahead of the curve. This partnership empowers institutions to leverage cutting-edge technologies to streamline processes, meet evolving customer demands, and unlock new revenue streams. Tuum’s next-generation core banking platform perfectly complements our offerings, enabling us to create a unique end-to-end solution that will transform the banking experience for customers across the GCC region,” Al Ahli said.