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DIFC Publishes Regional Outlook for Banking and Capital Markets

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DIFC Dubai finance

Dubai International Financial Centre (DIFC) has published a ‘Regional Outlook for Banking and Capital Markets’ report in partnership with LSEG Data & Analytics.

The report focuses on how regional IPO growth is expected to come in three phases. Firstly, the continued privatisation of state-related entities, followed by listings by family-owned companies, and lastly, FinTech and tech-enabled start-ups.

Additionally, the report considers the profile of investors based in the region, especially Dubai, which has attracted a rising number of wealthy individuals and families who are seeking to capitalise on investment opportunities.

Commenting on the report’s findings, Arif Amiri, Chief Executive Officer, DIFC Authority, said: “Driven by the surge in IPOs, capital markets across the MENA region have experienced remarkable expansion, driven by reforms aimed at enhancing market infrastructure and fostering greater foreign and regional investment inflows. With its strategic initiatives and robust regulatory framework, DIFC plays a pivotal role in driving innovation and stimulating growth within the financial sector. Dubai’s IPO boom underscores the city’s status as a thriving hub for capital markets, and DIFC’s role in enabling this acceleration through the firms that drive capital markets and provide advisory services for IPOs will continue to contribute to the dynamic evolution of global finance.”

Multifactor IPO Growth

Following two years of moderate IPO activity, 2024 shows signs of a rebound supported by the postponement of several 2023 deals in anticipation of more favourable market conditions. Based on data published by EY, 51 IPOs took place in 2022, raising USD 22bn, including a mix of both family businesses and the public sector.

The privatisation of state-related entities is leading to greater economic diversification, private sector development and sovereign liquidity creation. As of March 2024, Dubai had followed through on six out of the ten government entities it plans to take public, including Parkin, which was 165 times covered and attracted USD 71bn in orders – a new record for the emirate.

Another recent example includes the November 2023 listing of Dubai Taxi Co., a unit of Dubai’s Roads and Transport Authority (RTA), which raised USD 315mn and was 130 times oversubscribed, while Saudi Arabia’s wider plans to privatise USD 55bn in assets by 2025 reinforce the increasing regional trend towards privatisation.

From the private sector, the listing of family-owned companies is helping to drive business growth, succession planning and enhanced governance and transparency. For example, Al Ansari Financial Services, one of the UAE’s largest remittance and foreign currency exchange companies, owned by a local family group raised USD 210mn from its 2023 IPO, while Spinney’s (Spinneys 1961 Holding PLC), which was incorporated in DIFC to list its shares on DFM, thereby benefiting from its extensive laws, regulations, and stability, listed in April 2024.

Spurred on by the momentum of other, highly anticipated listings, such as Lulu’s forthcoming IPO, there is now an ever-growing list of demonstrable incentives for other family businesses to follow suit. A third wave of IPOs is expected through FinTech, and tech-enabled start-up exits, helping to stimulate new industries with high-growth potential, while creating strong demand from investors and viable exit options for VC investors.  

Dubai as a Capital Markets Hub

Through increased IPO activity, banks, investment banks, brokerage firms and law firms within DIFC’s ecosystem also benefitted significantly from the privatisation of state enterprises, with fees for MENA deals alone exceeding USD 1.2bn and proceeds from MENA equity and equity-related deals exceeding USD 13bn in 2023.

The report also highlights how the region’s capital markets are becoming more mature, driven in Dubai by DIFC’s robust regulatory framework and commitment to innovation. DIFC is also home to more than 230 investment banks, all of which are stimulating capital markets.

Deepening of Dubai’s capital markets and market reforms, aligned with best practice have helped create greater opportunities for investors in different themes of the economy. As outlined in the report by John Wilkinson, Head of Emerging Markets Equity Capital Markets and Managing Director, Goldman Sachs, DIFC is driving this growth as an attractive jurisdiction for incorporation, through its business-friendly approach towards the rule of law, and how the Centre has grown as a venue for global investors.

A Magnet for Investors

The region is home to a vast range of potential investors. Notably, these include family businesses, and wealthy individuals who are represented by the influx of wealth of asset management firms.

According to recent data, the UAE attracted a record-breaking number of High-Net-Worth Individuals (HNWIs) in 2022, which continued into 2023 and beyond. Currently, there are an estimated 109,900 resident HNWIs, including 298 centi-millionaires and 20 billionaires, prompting DIFC’s estimated 370 asset managers to strengthen their presence in the emirate.

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ADIB’s Retail Banking Chief Discusses Market Leadership and Product Innovation Strategy

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arab-hands-holding-credit-card-phone for ADIB

Exclusive Interview with Amit Malhotra, Group Head of Retail Banking, ADIB

Amit Malhotra ADIB
Amit Malhotra, Group Head of Retail Banking, ADIB
  1. You launched the remittance service “Remit!” this month in collaboration with Visa. Why might this service contribute to the expansion of your business? How have customers responded to it? And is it limited to the UAE market, which is seeing a growing influx of migrant labour?

The launch of “Remit!” with Visa represents an important milestone for ADIB, expanding our product portfolio and meeting the evolving needs of customers who increasingly require secure, rapid, and cost-effective remittance solutions. It also reflects the bank’s unwavering commitment to innovation, customer-centricity, and financial inclusion.

The UAE, with its large and growing expat population, provides a strong foundation for such services, and remittances remain a critical financial lifeline for many residents. ADIB’s new service leverages the power of Visa’s global network to deliver fast, reliable, and transparent cross-border transfers. This offering not only reinforces ADIB’s position as a leader in digital banking solutions but also addresses the evolving needs of a diverse customer base in one of the world’s largest remittance markets. With a large and ever-growing expatriate population, the demand for secure, rapid, and cost-effective remittance solutions is essential and

the launch of “Remit!” with Visa Direct is a strategic response to the UAE’s unique market dynamics. Visa Direct, known for its real-time payment capabilities, empowers ADIB customers to send funds internationally with unprecedented ease and speed. Transfers that once took days can now be completed within hours—This “remittance at your fingertips” approach transforms the user experience, removing traditional barriers and complexities that have long characterized cross-border payments.

Early feedback has been highly encouraging. Customers value the seamless integration with Visa’s global network, which allows transfers to be completed within hours rather than days. They also appreciate the user-friendly app interface, responsive customer support, and the added confidence of Visa’s robust security protocols. These features have proven particularly reassuring for first-time remittance users.

At present, “Remit!” is tailored for the UAE market. However, given the scale of Visa’s infrastructure, the platform is designed with future scalability in mind, creating potential for expansion into other markets with similar demand.

  1. What is the volume of investments the bank has injected into new products since the beginning of the year, and what are your expectations for the fourth quarter?

ADIB has consistently invested in new products throughout the year as part of its broader commitment to innovation and growth solidifying its reputation as a market leader in Islamic banking. While specific figures are not disclosed, our strategy prioritizes supporting emerging opportunities and diversifying our product offerings. These include fractional sukuk This innovative product allows a wider range of customers to participate in sukuk investments by lowering the minimum investment threshold, making Islamic finance more accessible and flexible.

Looking to the fourth quarter, we expect momentum to remain strong, with a focus on solutions that address evolving customer needs and position ADIB for sustained long-term growth. The Exceed Rewards Program provides customers with enhanced opportunities to earn and redeem points across a variety of partners and platforms. This program is tailored to deepen customer engagement and loyalty while offering tangible value. Enhanced ATM and CDM Machines: Investment in upgraded ATM and Cash Deposit Machines (CDMs) has modernized branch and self-service banking. These machines now offer improved reliability, increased security, and expanded functionality, catering to evolving customer expectations for convenience and efficiency. In response to the growing demand for digital banking, ADIB has rolled out more than 30 new digital services. These encompass everything from account management and mobile payments to advanced analytics and customer support, ensuring that clients have access to seamless, secure, and personalized banking experiences.

 Looking to the fourth quarter, we expect momentum to remain strong, with a focus on solutions that address evolving customer needs and position ADIB for sustained long-term growth.

  1. Do you intend to launch a new product before the end of the current year?

Innovation remains a central focus for ADIB, and this year has already seen the successful launch of market-first offerings, including the pioneering Smart Sukuk platform. Our strong pipeline of new initiatives reflects this momentum.

While details cannot be shared at this stage, we are actively developing a range of products designed to set new benchmarks in Islamic finance and digital banking. As the year progresses, we expect to announce further launches that demonstrate our commitment to delivering value-driven, Sharia-compliant solutions.

  1. How many fractional sukuks are currently available on the bank’s platform launched this year, and what is their total size?

ADIB’s Smart Sukuk platform currently offers around 70 sukuk listings, representing a diverse and high-quality suite of Sharia-compliant fixed-income securities. These listings provide retail investors with access to opportunities that were previously reserved for institutional players.

The platform’s fractional model has lowered the minimum investment threshold from USD 200,000 to just USD 1,000, significantly broadening access and participation. Each sukuk varies by issuer, maturity, yield, and asset structure, enabling investors to build well-diversified portfolios in line with their financial objectives.

  1. What are your financial performance expectations for the bank this year, in terms of growth of profit and returns?

Building on strong momentum in the first half of the year, we expect continued momentum. This performance will be underpinned by solid demand in customer finance, particularly in retail, where ADIB now holds the leading market share in personal and home finance.

Our strategy also emphasizes diversification, with a clear focus on growing non-funded income and fee-based revenues to ensure greater stability and sustainability. With our strong market position and resilient operating model, we are confident in our ability to deliver superior returns and long-term value for all stakeholders.

  1. Does the bank have any new expansion plans in existing markets or plans to enter new markets next year?

Our near-term focus is on deepening our presence in core markets where ADIB already enjoys a strong footprint, such as the UAE and Egypt. The priority is to strengthen relationships with existing customers by enhancing cross-sell opportunities, upgrading digital platforms, and expanding advisory and support services.

By tailoring solutions and offering integrated product bundles, we aim to deliver more value and build lasting relationships. This approach ensures that growth is sustainable, while leveraging ADIB’s strong brand reputation in markets where we already have scale and expertise.

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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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