Patrick Sullivan

📈 During the Annual Investment Meeting(#AIM) Congress 2024 in #Abu Dhabi, it was announced that the UAE is poised to hit a record $30 billion in foreign direct investment (#FDI) inflows in 2024, compared to $24 billion in 2022 and $27 billion in 2023. 📈 As per #UNCTAD, the #UAE saw the second-highest increase in new foreign investment projects after the #US, which came in first place. 🍃 The #UAE's investment #strategy has yielded impressive results, with over $2.5 trillion worth of #assets outside of 90 countries. The country's #GDP has also seen significant growth, reaching $500 #billion, with projections to hit $1 #trillion by 2031. These achievements position the UAE as a key player on the global stage, highlighted by significant investment agreements such as the $35 billion deal with Egypt for the development of #Ras_Al_Hekma. 👇 Resources and more details: - Khaleej Times: https://lnkd.in/dE5WPEmn - Emirates News Agency (WAM): https://lnkd.in/dThynx6F

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In a recent report entitled “The state of GCC banking: An exceptional operating environment,” we delve into the remarkable performance of Gulf Cooperation Council (GCC) banks in 2023 and highlight their strong position in 2024. We analyze the evolving banking landscape in the Middle East, situate it in the context of global trends, and draw insights to inform banking executives’ strategies. Read the full report to gain a deeper understanding of the opportunities offered by the regional financial sector and discover detailed priorities designed to enable CEOs to build institutional resilience in a context of accelerating technological change and rising global risks. Link to the report in the first comment below 👇

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In a recent report entitled “The state of GCC banking: An exceptional operating environment,” we delve into the remarkable performance of Gulf Cooperation Council (GCC) banks in 2023 and highlight their strong position in 2024. We analyze the evolving banking landscape in the Middle East, situate it in the context of global trends, and draw insights to inform banking executives’ strategies. Read the full report to gain a deeper understanding of the opportunities offered by the regional financial sector and discover detailed priorities designed to enable CEOs to build institutional resilience in a context of accelerating technological change and rising global risks. Link to the report in the first comment below 👇

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In a recent report entitled “The state of GCC banking: An exceptional operating environment,” we delve into the remarkable performance of Gulf Cooperation Council (GCC) banks in 2023 and highlight their strong position in 2024. We analyze the evolving banking landscape in the Middle East, situate it in the context of global trends, and draw insights to inform banking executives’ strategies. Read the full report to gain a deeper understanding of the opportunities offered by the regional financial sector and discover detailed priorities designed to enable CEOs to build institutional resilience in a context of accelerating technological change and rising global risks. Link to the report in the first comment below 👇

Saudi Arabia’s Capital Market Authority has approved its largest regulatory overhaul to date for the sukuk and debt instruments market, marking a significant step in the country’s financial sector development. These changes will take effect as soon as they are published and are designed to attract a wider range of issuers and foster deeper investment in the market. The reforms aim to strengthen Saudi Arabia’s regulatory framework for debt instruments, creating a more dynamic and accessible market. Notably, the amendments allow the Kingdom’s development funds, sovereign wealth funds, and development banks to issue debt instruments through exempt offerings, subject to specific conditions. This flexibility will enable these institutions to better align their financing strategies with Saudi Arabia’s broader development goals.

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See our latest views on the developments in Islamic banking regulations in Saudi Arabia, including better transparency and reporting requirements, greater standardisation and sharia governance, and increased consumer confidence in the products’ sharia-compliance.

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Bahrain plans to introduce a comprehensive fiscal strategy designed to diversify and grow revenues while stabilising public finances. Parliament’s financial and economic affairs committee chairman MP Ahmed Al Salloom, who is also Strategic Thinking Bloc president, told the GDN in an exclusive interview that ‘the fiscal strategy is expected to target multiple areas’. “Efforts will likely focus on reducing dependence on oil revenues by promoting non-oil sectors such as tourism, financial services, manufacturing and technology,” explained Mr Al Salloom, after Bahrain’s government provided MPs with details of the ambitious plan. Read more: https://lnkd.in/dWm2AagE

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The Kingdom’s goal of diversifying the economy and reducing its reliance on oil has led to an exciting expansion of its Public-Private Partnership program. The National Centre for Privatisation & PPP has already launched over 200 projects across multiple sectors, including healthcare, education, water, transport, and infrastructure, while over 300 additional projects are under review. Since 2017, more than 60 PPP contracts have been awarded, targeting large-scale infrastructure and smaller initiatives such as hospital upgrades and school construction. The initiative is reshaping how public services and infrastructure projects are financed and delivered, offering more opportunities for private sector involvement. Historically, Saudi Arabia focused PPP efforts primarily on sectors like power and water; however, the ongoing expansion covers a broader spectrum of industries. The government’s strategy intends to enhance efficiency, reduce public spending, and bring in expertise from the private sector. A major component of the PPP approach is the integration of these projects into the Kingdom’s larger economic transformation plans, which include strengthening non-oil revenues and positioning Saudi Arabia as a regional logistics and industrial hub. Specific landmark PPP projects include developments in the healthcare sector, such as new hospitals, as well as major infrastructure upgrades like roads and airports. Saudi Arabia’s focus on PPP is part of its broader effort to attract global investment and drive long-term sustainability for its infrastructure. Additionally, the Kingdom is promoting regulatory frameworks to streamline the process of public-private collaboration, guaranteeing that international and local companies can effectively participate in these projects. #strategy #innovation #effectiveteamwork #positiveworkplaceculture #bestpractices

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The Saudi capital is set to witness the partial official launch of the Riyadh Metro on Wednesday, November 27, as reported by Al Eqtisadiah daily. This significant development marks the beginning of the first phase, which will see operations on three lines. The subsequent phase, scheduled for mid-December, will involve the opening of the remaining three lines. The Riyadh Metro stands out as the world’s longest driverless metro system, with a primary goal of offering an alternative mode of transportation to reduce dependency on vehicles. This initiative aligns with Riyadh's ambition to evolve into a prominent trade and business hub, supporting the Kingdom's economic diversification objectives. In a move towards sustainability, solar panels have been strategically installed at stations and depots, contributing to the generation of 20% of the energy required for crucial electrical systems. This eco-friendly feature underscores the project's commitment to environmental responsibility and energy efficiency, reflecting a broader initiative to promote sustainable practices within the transportation sector.

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Dive into the Middle East Youth Outlook 2024! Our survey amplifies the voices of young people from the region, showcasing their commitment to clean water, quality education, good health, and innovation. 🔗 https://pwc.to/4dI3Szl

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And here’s this mornings segment on those q1 growth figures. The non-oil sectors now account for more than three-quarters of the UAE economy, after adjusting for inflation.

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St. Petersburg Conference 2024 the 27th edition of the Petersburg International Economic Forum 2024 concluded last June 8,in which witnessed the participation of the Kingdom of Bahrain. 133 countries, political,economic and media figures from all over the world,high-level government officials and representatives of international companies from 130 countries. More than 17,000 people also participated in the forum. It provides multiple opportunities to exchange views and studied paths to achieve the main economic and political goals set by Russia and global markets, & to discuss the main issues of social & economic development and other fields,in addition to many important events,festivals and exhibitions. the participation of His Excellency the Minister of Industry and Trade as a representative of the Kingdom of Bahrain comes after the qualitative developments in Bahraini-Russian relations, which were greatly strengthened during the official visit of His Majesty King Hamad recently,which resulted in many important agreements in multiple fields that would increase Bahraini-Russian investments. The transition to a multipolar model of the global economy,& the necessity of shifting from a unipolar global economic system to a multipolar model, reflecting the emergence of new economic powers such as China, India, and Russia. They stressed to achieve balance and stability in the global economic system. The forum also discussed financial culture as a driver of economic development, the role of enhancing citizens’ financial culture as a means of stimulating economic growth and sustainable development, and the importance of financial education programs in enabling individuals to make important financial decisions and more stable economies. The forum focused on digital commerce and banking services, as the conference touched on the rapid developments in the fields of e-commerce and digital banking services, and ways to enhance these sectors and remove regulatory and technical obstacles to make the most of them. Among the most important issues that were focused on, was global food security, in light of the increasing challenges related to global food security, as the conference devoted important sessions to discuss ways to address this vital issue.The need to strengthen international cooperation in the field of food production and distribution was emphasized. St. Petersburg 2024 conference came out with important recommendations emphasizing the necessity of restructuring the global economic system with the new geopolitical and economic changes on the international scene. Will the world witness in the coming the transition to a multipolar economic model as an inevitable result and political necessity of what the world is witnessing? Crushing conflicts and crises taking place in the world, especially the Palestinian issue and the Israeli aggression against the Gaza Strip and its exposure of the ugly face of the USA and the official Western world.

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Our new trading app. has been launched, a great milestone in our strategy path..Al Ramz is writing a new chapter in its future story

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Royal Commission for Riyadh City | الهيئة الملكية لمدينة الرياض needs to adopt new policies to compete with #Singapore and #Dubai: 1. Develop World-Class Infrastructure: Improve transportation and implement smart city initiatives. Ministry of Municipalities and Housing Majed Al Hogail 2. Diversify the Economy: Establish #Riyadh as a financial and tech hub. KAFD | كافد SDAIA | سدايا 3. Enhance Tourism: Focus on cultural tourism, luxury shopping, and high-end hospitality. Ministry of Tourism of Saudi Arabia 4. Improve Business Environment: Simplify regulations, offer incentives, and invest in education. Ministry of Investment Ministry of Commerce - Saudi Arabia 5. Host Global Events: Organize international conferences, exhibitions, and entertainment events. General Entertainment Authority - GEA Turki Alalshikh 6. Promote Sustainability: Expand green spaces and adopt sustainable development practices. Ministry of Energy 7. Strengthen Cultural and Diplomatic Ties: Build global partnerships and promote cultural exchanges. Ministry of Foreign Affairs, Saudi Arabia 8. Promote Riyadh’s Safety and Modernity: Ensure security, launch global marketing campaigns, and rebrand the city. Ministry of Tourism of Saudi Arabia Singapore is Surging Tourism Sector with Visa Free Travel for 175 Countries Including USA, UK, Japan, Gulf and Schengen Nations https://lnkd.in/d5Y_zDiz

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Now live: Weekly Insights 27 Sep 2024: Debt-to-GDP levels have risen in most MENA nations. GCC US debt holdings have risen

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When leaders embed customer-centricity into the core of their strategic vision, every decision and initiative aligns with delivering exceptional value to the customer. Ledi Lapaj, Director of Customer Experience Bank al Etihad, shared crucial insights on the customer-centricity of an organization. To learn about her tips on CX in the banking sector, check out the full episode here:- https://lnkd.in/d5EnkufH #customerexperience #cx #customercentricity #cxlesson #cxinsights

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The Qatar Central Bank, Qatar Financial Centre (QFC) Authority, and Qatar Financial Centre Regulatory Authority (QFCRA) have launched now in September 2024 the QFC Digital Assets Framework 2024, a comprehensive regime for the creation and regulation of #digitalassets. As part of the Third Financial Sector Strategic Plan, this framework establishes the legal and regulatory foundations for #digitalassets, covering #tokenization, property rights, custody, transfer, exchange, and the legal recognition of #smartcontracts. It aims to ensure a secure, transparent ecosystem aligned with international standards. Companies can now apply for licenses to operate as #token service providers under this framework. Among others, the framework includes Investment Token Rules (https://lnkd.in/dS8g9Yfq), Investment Token - Miscellaneous Amendments - Rules (https://lnkd.in/dKcXqmuJ), Digital Asset Regulations (https://lnkd.in/de2tNMEk) and Companies Regulations (https://lnkd.in/dB3ZVnWH). 👇 Link: https://lnkd.in/dH62ACKV #ailaw #machinelearning #deeplearning #artificialera #web3 #web4 #web5 #fintech #digitalera #digitaltransformation #generativeAI #trustworthyAI #explainableAI #aiethics #artificialintelligence #explainableAI #responsibleAI #foundationmodels #GPAI #GAI #LLMs #NLPs #GenAI #frontierAI #narrowAI #AGI #ethicalAI #adversarialAI

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The banking sector is playing a crucial role in facilitating the UAE’s shift towards a greener future – both directly and as a catalyst of sustainable finance, say KPMG Lower Gulf and Emirates NBD.

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