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Dubai Stockbrokers and Investment Services Group emerges under Dubai Chamber of Commerce’s’ Business Groups

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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.”

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Financial

MultiBank Group and Khabib Nurmagomedov Launch an Exclusive Worldwide Multi-Billion-Dollar Joint Venture to Build the World’s First Regulated Tokenized Sports Ecosystem

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Multibank Group, the financial derivatives institution, has entered into an exclusive worldwide multi-billion-dollar joint venture with global sports icon and undefeated UFC champion Khabib Nurmagomedov (29-0) to create a first-of-its-kind regulated ecosystem connecting global finance, sports and technology.

The partnership will culminate in the creation of a multi-billion-dollar joint venture, MultiBank Khabib LLC, uniting two global powerhouses: MultiBank Group, a leader in regulated financial excellence, and Khabib Nurmagomedov, undefeated in the octagon and whose influence extends far beyond sport. The company will operate from MultiBank Group’s headquarters in Dubai, building a worldwide network of high-end sports ventures and real-world digital assets. This structure fulfills the vision of MultiBank Group Founder and Chairman, Naser Taher, for an exclusive global joint venture, granting MultiBank exclusive rights to develop and promote projects under the Khabib Nurmagomedov brand name, including the development of 30 state of the art Khabib gyms, Gameplan and Eagle FC brands.

The entire venture is backed by MultiBank Group’s regulated digital ecosystem and powered by its cornerstone $MBG Token being the driving force behind its expanding portfolio of real-world-asset (RWA) technologies and initiatives.

 Naser Taher, Founder and Chairman of MultiBank Group, stated: “From the UAE, we are shaping a new blueprint for the business of sport through the regulated tokenization of real-world sports assets (RWSA). Together with Khabib Nurmagomedov, and powered by our ecosystem token, $MBG, we are uniting finance and athletics into a single transparent, technology-driven ecosystem — one built on trust, innovation, and the strength of the MultiBank framework. This initiative proudly aligns with the UAE’s vision of becoming a global hub for digital asset innovation and world-class sports.

Khabib Nurmagomedov added: “This partnership with MultiBank Group is built on shared values of strength, respect, and discipline. Together with Multibank, we are building real global opportunities that go beyond sport, empowering athletes, and fans through a regulated and innovative digital ecosystem. This is only the beginning.”

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Edenred UAE strengthens market leadership with financially inclusive payroll solutions, C3Pay serving 2.5 million users

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Edenred, a leading digital platform for services and specific purpose payments and the undisputed market leader in salary processing and financial inclusion for the underbanked in the UAE, continues to reinforce its leading position in payroll card solutions, value-added financial services, and compliance-first innovation under the leadership of newly appointed Managing Director Claudio Di Zanni.

As the first company authorised by the Central Bank of the UAE to process WPS salaries, Edenred UAE has long positioned financial inclusion as the foundation of its offer in UAE — ensuring that access to financial services isn’t an added benefit, but a guaranteed outcome of getting paid. 

Trusted by both large enterprises and a growing base of SMEs, the backbone of the UAE economy, Edenred UAE now serves more than 15,000 corporate clients, 2.5 million cardholders, and partners with over 10 banks and 20 financial institutions. Demand has been strong in sectors such as manufacturing, construction, and facility management—where reliability and seamless execution are critical.

Edenred UAE salary cards, C3Pay, powered by RAKBANK and part of the Mastercard network, can be used globally. A key driver of Edenred’s adoption success is its unmatched expertise in on-site training at worker accommodations, which helps large enterprises efficiently onboard thousands of employees. This ensures that workers understand how to activate their cards, utilise app features, and engage with key financial tools.

Claudio Di Zanni, Managing Director, Edenred Middle East, said: “Edenred UAE has set the benchmark for payroll and financial access in the region with digital innovative solutions, great ambitions and internationally committed teams. Our ambition now is to extend that lead by deepening trust with our clients, scaling services that matter to end users, and ensuring full compliance in a fast-evolving regulatory landscape. With unmatched reach, an expanding client base, and a proven model for financial inclusion, we are ready to shape the next phase of the region’s salary card ecosystem — developing its full potential and contributing to giving workers who were previously excluded from the financial system a secure, transparent, and dignified way to manage their money.

Edenred UAE remains the reference in payroll solutions, as it continues to scale high-impact services, deepen banking partnerships, and reinforce its role as the benchmark for secure, compliant, and ethical financial access in the UAE and beyond. With a sharpened focus on innovation and strengthened leadership, it is entering a new chapter of platform excellence as the backbone of financial access for the UAE’s workforce.

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Dhruva urges UAE firms to focus on data sovereignty in e-Invoicing transition

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The 2026 mandate is an opportunity for businesses to align compliance with stronger data governance standards

With the UAE’s mandatory eInvoicing framework set to launch in 2026, Dhruva urges taxpayers to move beyond data residency considerations and focus on the critical issue of data sovereignty when selecting accredited service providers (ASPs). When adopting any cloud solution, it’s crucial to take the UAE National Cloud Security Policy into consideration, which provides a comprehensive checklist for cloud customers. This policy details necessary arrangements with cloud service providers, outlines contract requirements and sets cloud security requirements and enforcement measures.Dhruva is a leading tax advisory firm specializing in VAT, corporate tax, transfer pricing, and international taxation in the Middle East.

The eInvoicing rollout, based on the OpenPeppol five-corner model, will route all business-to-business (B2B) and business-to-government (B2G) invoices through ASPs that validate, exchange, and report tax-relevant data directly to the Federal Tax Authority (FTA). This shift makes the question of where data lives and who ultimately controls it – a matter of legal, operational, and financial consequence.

Commenting on the development, Nimish Goel, Partner and Head of GCC, Dhruva Consultants, said: “Businesses cannot afford to mix data residency with sovereignty. Hosting tax data within UAE data centres is necessary, but it does not, by itself, guarantee compliance or protection. True sovereignty means that encryption keys, administrative controls, and audit logs remain fully under UAE jurisdiction and cannot be accessed by foreign authorities. For taxpayers, this distinction is not technical—it is a fundamental risk-management decision.”

Dhruva highlights that this distinction is becoming urgent for three reasons. First, the UAE has enacted a robust Federal Data Protection Law (PDPL) and sector-specific rules that demand explicit safeguards on cross-border data flows. Second, with eInvoicing deadlines approaching, taxpayers must evaluate how each provider’s hosting model aligns with UAE data hosting requirements, sovereignty and National Cloud Security Policy laws. Finally, the operational reality is that migrating data and applications between clouds is not seamless. Factors such as data gravity, proprietary platforms, and audit trail integrity make switching providers slow, risky, and expensive.

“E-invoicing will not only redefine how businesses transact with government authorities, but also how they safeguard their most sensitive tax and financial records,” Goel added. “Companies need to recognise that the choice of ASP is a long-term strategic decision. The location of the cloud operator, the jurisdiction under which they fall, and the location of their control plane and encryption keys all impact compliance and data security far more than the physical location of the server rack.”

Dhruva advises taxpayers to approach ASP selection with a structured due-diligence process aligned with the policy for cloud customers in the UAE. This policy covers key domains such as governance, data location and sovereignty, interoperability, security incident and access management, data confidentiality, architecture and infrastructure companies should ensure that all storage, backups, and logs are held within UAE borders, that operational control and key management remain in UAE jurisdiction, and that providers comply with the UAE’s Peppol interoperability standard. Audit logs should be immutable, recovery sites must be located in the country, and exit strategies need to be documented and tested, with transparency on egress costs.

“Taxpayers cannot treat this as a simple IT procurement,” Goel emphasized. “It is a compliance and sovereignty choice that will determine their risk exposure for years to come. The time to ask these questions is now—before companies find themselves locked into providers that may not meet their future regulatory and operational needs.”

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