Financial
DIFC Publishes Regional Outlook for Banking and Capital Markets

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.

Financial
CFI Celebrated Women’s Month with Exclusive Suhoor Event

CFI Financial Group was honored to host last week a special Suhoor event in Dubai to celebrate Women’s Month and honor the incredible achievements of women in business and entrepreneurship. The exclusive event, which took place on March 13th, brought together a distinguished group of successful businesswomen, entrepreneurs, and media professionals for an inspiring evening designed to empower and connect women in the professional world.
The event featured a keynote by Carol Glynn, a renowned finance coach and chartered accountant, known for inspiring attendees to pursue sustainable careers and entrepreneurial efforts confidently. Glynn shared essential insights on empowering women to manage financial futures and advancing careers.
In addition to the keynote address, attendees were treated to a unique experience, as an illustrator designed personalized Ramadan keepsakes for each guest, adding a thoughtful and personal touch to the evening while celebrating the spirit of generosity during the holy month of Ramadan.
CFI remains committed to empowering women year-round by providing opportunities to grow, learn, and connect within their professional fields. This ongoing support helps women build sustainable careers and establish valuable networks, highlighting CFI’s dedication to fostering women’s advancement in business.
“We were thrilled to host this Suhoor event for Women’s Month and are proud to have fostered a space for learning and empowerment,” said Zarrin Baig, CFI’s Group Head of HR. “CFI is committed to financial literacy as a crucial tool for empowering women. We are grateful to our distinguished attendees for enriching our mission with their valuable insights, furthering our commitment to support women in their personal and professional growth, and building a more equitable future.”
The event was a resounding success, providing an evening of meaningful conversations, networking, and empowerment, reflecting CFI’s commitment to fostering an inclusive and supportive community for women.
Financial
RemotePass and Wafeq Partner to Automate Payroll and Accounting for UAE & KSA Businesses

RemotePass and Wafeq have partnered to fully automate payroll accounting for businesses in the UAE and KSA. This integration seamlessly syncs payroll and financial data from RemotePass to Wafeq’s accounting system in real-time, eliminating manual entry, reducing errors, and ensuring compliance.
The two-way native integration eliminates manual entry ensuring accurate, efficient payroll reconciliation for businesses in the UAE and KSA on both platforms, resulting in an 80% reduction in payroll and expenses processing time.
“We’re excited to partner with Wafeq; our integration enables businesses in the region to put payroll processing and financial data synchronization on autopilot, allowing them to focus on growing their business,” said Kamal Reggad, CEO of RemotePass.
A Shared Vision for Scaling Businesses
RemotePass and Wafeq provide localized platforms tailored for businesses in the Middle East, serving many shared clients and addressing the unique challenges faced by companies in the UAE and KSA.
Key Benefits of the Integration:
- Seamless integration – Payroll data from RemotePass is automatically reflected and categorized in Wafeq’s accounting platform providing real-time financial visibility and improved accuracy
- Error-Free Financial Records – Manual reconciliation and categorization errors are eliminated, ensuring payroll accuracy in financial reports.
- Time-Saving Automation – Finance teams no longer need to manually input payroll data, reducing administrative work.
Empowering Businesses with Financial Automation
By integrating two leading regional SaaS solutions, companies in the UAE and KSA can now better manage payroll and financial records with greater efficiency. This collaboration is a significant step toward simplifying payroll accounting and helping businesses scale with confidence.
“At Wafeq, we are committed to empowering businesses with seamless financial automation. Our partnership with RemotePass allows companies in the UAE and KSA to streamline payroll accounting effortlessly, reducing errors and saving valuable time. This integration is a game-changer for finance teams looking to enhance efficiency while staying fully compliant with local regulations.” said Maher Aoun, VP of Sales and Business Development, Wafeq.
Financial
Empowering Women in Finance: Charu Chanana’s Journey from Inspiration to Leadership at Saxo Bank

From being inspired by her father’s financial acumen to becoming the Chief Investment Strategist at Saxo Bank, Charu Chanana shares her journey of expertise, and advocacy for finance, which has traditionally been a male-dominated industry.
Read the full interview in the upcoming edition of Financial Integrator, featuring insights from leading women shaping the future of finance.
Charu:
My interest in finance was sparked at a young age, thanks to my father, who had a strong background in accounting and finance. Growing up in a family that valued financial discipline and planning, I was always curious about how money worked – both in personal finance and also on a larger economic scale.
However, I also saw a contrast within my extended family, where many were not as financially savvy. This gave me an early glimpse into how a lack of financial literacy – especially among women – limited their ability to make the choices they want and still secure their future. Witnessing these challenges firsthand fueled my passion for making finance more accessible and empowering others to take control of their financial well-being.
One of the most rewarding experiences has been seeing the tangible impact of my work – whether it’s helping investors navigate uncertain markets, guiding women to start their investment journeys, or breaking down complex financial concepts into actionable insights. Every time someone tells me, “Because of your insights, I made my first investment” or “I feel more confident about my financial future,” it reinforces why I chose this path.
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