The Ministry of Investment of the UAE and the Ministry of Information, Communications and the Digital Economy of the Republic of Kenya have signed an Investment Memorandum establishing a framework for investment cooperation in the field of digitalization and technology.In addition to exploring investments in digital infrastructure and artificial intelligence (AI) services in Kenya, the cooperation may include the development of data centre projects with a total capacity of up to 1,000 megawatts. In the field of AI, the technical and investment potential of developing Large Language Models will be assessed.The Investment Memorandum was signed by His Excellency Mohamed Hassan Alsuwaidi, Minister of Investment of the UAE, and His Excellency Eliud Owalo, Cabinet Secretary at the Ministry of Information, Communications and the Digital Economy in Kenya.Kenya has witnessed significant growth in its digital economy, primarily driven by the ICT sector, which has outperformed all other sectors, expanding by 23 percent annually during the last decade. As the largest economy in East Africa, Kenya is also becoming a preferred investment destination for data centre providers, with the growing demand for cloud services prompted by improved business conditions and new market entrants, as well as the migration of many businesses to digital solutions. There are currently several operational data centres in the country, and the local data centre market is expected to witness a compound annual growth rate of 11.22 percent between 2023 and 2028.The Memorandum focuses on facilitating strong and effective relationships between public and private sector organisations in the two countries to enable cooperation in digital infrastructure projects. It additionally proposes the implementation of incentives to support pertinent initiatives.The “digital corridor” concept is integral to this Memorandum, representing an interconnected network infrastructure enabling secure data exchange, hosting, processing, and transmission between the UAE and Kenya.His Excellency Mohamed Hassan Alsuwaidi, Minister of Investment of the UAE, said: “A closer partnership between our two nations harbours remarkable opportunities in numerous fields that can contribute to the continued strengthening and advancement of our economies. Through targeted investments in digital infrastructure and artificial intelligence, this Investment Memorandum is set to accelerate the development of a sector that has the potential to become a growth driver for other industries, setting out a vision for the future defined by prosperity and progress.”His Excellency Eliud Owalo, said: “Collaboration between Kenya and the UAE goes beyond strategy; it is poised to strengthen the bonds between our two nations. With the potential to bridge the digital divide in Africa, expedite technological innovation, and foster a sustainable future for the ICT industry, this partnership will pave the way for a more inclusive and interconnected digital world.”The Memorandum was signed on the heels of the UAE and Kenya finalising a Comprehensive Economic Partnership Agreement (CEPA), marking a milestone as the first CEPA between the two countries, deepening investment ties and boosting bilateral non-oil trade, which reached USD 3.1 billion in 2023, up 26.4 percent on 2022.

In a LinkedIn announcement today, Sarah Thomas bids farewell to her consultancy role with the corporate marketing & communications team at Abdul Latif Jameel. With a sense of gratitude and accomplishment, she expressed her profound enjoyment of every moment spent collaborating with the team.Thomas commended the team, lauding them as some of the warmest and brightest individuals she's had the privilege to work with. During her tenure, she delved deep into Abdul Latif Jameel's unwavering dedication to decarbonization and the imperative pursuit of achieving net-zero emissions.As a passionate marketing and communications leader boasting over 16 years of expertise across various sectors including health & wellness, education, fintech, family office, retail, and agency, Thomas emphasized her commitment to crafting unforgettable brand experiences, driving revenue growth, and spearheading dynamic marketing innovations.In her farewell address, Thomas extended her heartfelt appreciation to key figures including Paul Stokes, Lindsay Johnston, Moones Ben Romdhane, Bashar Al Khatib, and Abir Ben Bechir for their invaluable support and collaboration throughout her journey with Abdul Latif Jameel.

Alteryx, Inc., a leader in AI for enterprise analytics, released findings from independent research revealing the workforce side effects of AI. As business leaders and recruiters across the UAE prepare for an AI-infused labour market transition, many existing roles will evolve and become obsolete, reshaping the skill stack of the future workforce at an accelerated pace. However, the research titled Defining the Enterprise of the Future highlights a disconnect between the skills and traits currently prioritised during the hiring process and the attributes needed to reap AI’s greatest benefits.New roles emerge as organisations prepare for the futureWhile AI may already impact the current workforce, it's critical to stay ahead, develop new skills and prepare for this ever-changing business landscape.60% anticipate the emergence of the Chief AI Officer role will be critical to a more holistic approach to AI strategy that collaborates with business units from IT and compliance to HR and People teams. For context, just over 400 globally have CAIO in their LinkedIn job titles.Software engineers (37%), who develop and create systems, AI applications engineers (32%), responsible for designing and developing AI-powered models, and AI research scientists (31%), who drive innovation through the research and development of AI systems are three of the most urgent hiring priorities cited by business leaders.Comparatively fewer said that they are urgently hiring AI whisperers (23%) and prompt engineers (17%) tasked with communicating with and guiding AI systems. However, the labour market is set to shift again, as 61% expect these roles to be necessary as GenAI transitions from exploration to widescale rollout.The future brings a new look to data and IT teamsAs teams look to the future, the findings provide a snapshot of which roles are set to become obsolete, emerging roles to gravitate toward, and skills required for the evolving era of AI-infused intelligence.Single-language software development (26%), Repetitive coding (24%), database administration (23%), and AI/ML development (19%) are among the technical skill sets that will become obsolete.51% say that their organisation currently operates in a very siloed way, but 48% believe that data teams of the future will need to be decentralised to ensure data is available to teams who need it across the business.65% believe that over the next three years, the advanced tech talent landscape will be characterised by a talent surplus, and 71% say that there will be a surplus of general tech talent through the increasing accessibility and user-friendliness of generative AI technology.Shifting priorities for the tech labour marketWhile the overall consensus is that humanity's importance increases in an AI world as humans will do what AI cannot, findings demonstrate a disconnect in skill focus. Despite the well-documented AI skills gap, where demand has far outstripped supply, many businesses still prioritise recruiting for roles with highly sought-after technical skills.There’s growing recognition for soft skills in collaborating with and questioning the outputs of intelligent systems, so are leaders focused on the wrong recruitment priorities?Only 33% cite building human capacity and preparing for a labour market transition are important considerations for an AI world.While 73% of respondents say it is more important for their employees to be multi-skilled than specialising in a specific area, upskilling priorities still favour hard skills over soft skills.Expertise in AI, software, data analysis and mining, and financial analysis and planning all ranked ahead of the most in-demand soft skills, including data literacy, strategic thinking, digital literacy, and team leadership.60% cite creativity as the top skill humans will supply in a working world shaped by AI, followed by critical thinking (46%), emotion (42%), and morality (39%). Yet only 19% counted critical thinking and 27% counted creativity in the top three in-demand skills.“The rapid rise of AI requires business leaders to build and shape the future workforce now to thrive or risk lagging behind in a future transformed by a seismic shift in the skills needed for the era of intelligence,” said Libby Duane-Adams, Chief Advocacy Officer at Alteryx. “Not all employees need to become data scientists. It’s about championing cultures of creative problem-solving, learning to look at business problems through an analytic lens, and collaborating across all levels to empower employees to use data in everyday roles. Only through continuous investments in data literacy, upskilling and training opportunities will businesses create the professional trajectories where everyone can “speak data” and exploit AI applications for trusted, ethical outcomes.”

Monroe Capital LLC (“Monroe”) today announced it has expanded its platform to the Middle East with the appointment of Waleed Noor as Managing Director and Head of Middle East Distribution. Monroe is in the process of opening an office in Abu Dhabi. Mr. Noor will be based in Abu Dhabi and be responsible for representing Monroe throughout the region.Prior to Monroe, Mr. Noor was a Managing Director, Head of Structured Solutions Sales (MEA Region) at Commerzbank AG, where he was responsible for sales and distribution of credit solutions, secured funding, origination and distribution of Emerging and Developed Market credit risk. Mr. Noor has more than 15 years of experience in alternative investments and fixed income. Prior to Commerzbank AG, he was a Director, Cross Asset Sales (MENA Region) at Credit Agricole CIB where he was responsible for institutional sales of investment products and hedging solutions. He also held positions at Goldman Sachs (MENA Region), Credit Agricole CIB (MENA Region), and Banque Saudi Fransi in Riyadh. Mr. Noor earned his M.A., Risk Management with Honours from Nottingham University Business School, UK, and his B.A. in Finance with Honours from Durham University, UK.“We are very excited to add Waleed to the Monroe Capital team. We look forward to our continued strategic growth and expansion in the Middle East,” said Ted Koenig, Chairman and CEO of Monroe Capital. “Over the last few years, we have seen more interest and appreciation of the Monroe platform and the private credit asset class from Middle East investors. We have a tremendous opportunity to expand our footprint in this region.”

As Mother's Day approaches, GoDaddy, the largest services platform for entrepreneurs, is shining a spotlight on the remarkable resilience and achievements of women and mother entrepreneurs – mompreneurs, in the Kingdom. Through its commitment to providing essential tools and support, GoDaddy aims to empower mothers in business to succeed in the ever-evolving online landscape.Recent data from GoDaddy's 2024 Global Entrepreneurship Survey reveals a surge in mompreneurs in Saudi Arabia, with 69% of entrepreneurs many of whom proudly carry the title of Mompreneurs, reporting that they have embraced the entrepreneurial journey, with a further overwhelming 98% attesting that "life is better after becoming an entrepreneur."Selina Bieber, Vice President for International Markets at GoDaddy, expressed, "Mothers bring their own unique perspective and skill set to entrepreneurship. By focusing on harnessing digital tools, GoDaddy aims to equip mompreneurs with tools resources for their online journey.” She added, “While GoDaddy celebrates the resilience and accomplishments of mompreneurs, we want to help ensure they have the resources to flourish and empower them to grow their businesses successfully."In addition, according to GoDaddy's 2024 Global Entrepreneurship Survey, 59% of respondents identified marketing their business online as one of the biggest obstacles during their early entrepreneurial journey, reflecting challenges faced by entrepreneurs in the Kingdom. Here are five tips to help you take your business online as a mompreneur:Elevate Your Online Presence with a Domain Name:Invest in a distinctive and memorable domain name for your business. Utilize services like GoDaddy’s domain services to secure a personalized web address. Owning your digital space is important for brand recognition and business credibility.Be the Face of Your Brand on Social Media:Take charge of your online presence by actively engaging with your audience on social media platforms. Share your journey, celebrate achievements, and showcase the human side of your business.Build Your Website with User-Friendly Tools:Empower yourself by creating and managing your website using user-friendly tools. Explore platforms like GoDaddy’s website builder to easily design and update your site, showcasing your products and services, without the need for extensive technical knowledge.Support and Collaborate with Fellow Mompreneurs:Foster a sense of community by connecting with and supporting other mompreneurs. Collaborate on projects, share insights, and cross-promote each other's businesses.Professionalize Your Communication with Custom Email:Elevate your business communication by setting up a professional, custom email address through services like GoDaddy’s personalized email. A personalized email enhances your professional image and your brand's credibility.Harness the Power of AI for Content Creation:Embrace the efficiency of AI-powered content creation using tools like GoDaddy's AI prompt library. Generate engaging and relevant content for your website, social media, and marketing materials by leveraging artificial intelligence tools to help streamline content creation processes.On this Mother's Day, GoDaddy reaffirms its commitment to supporting women entrepreneurs, providing essential tools, expert guidance, and unwavering support to help them achieve their business milestones and turn their visions into reality.

Wizz Air Abu Dhabi, the ultra-low-fare national airline of the UAE, is celebrating Ramadan with an unmissable promotion on selected routes for travel lovers looking to discover must-see destinations. The flash promotion is applicable for bookings made on 20 March, with travel dates to destinations, including vibrant cities and natural paradises across its ever-expanding network, available until 30 June 2024*.The selected routes are now available on wizzair.com and the WIZZ mobile app, both accessible in Arabic. With Wizz Air, ultra-low-fares are just a few clicks away!The second largest airline in Abu Dhabi is allowing travellers to book a well-deserved vacation to discover hidden gems, savour delicious dishes from nearby spots and explore the history of charming neighbourhoods. The exciting promotion during the busy travel period offers travellers affordable, hassle-free travel opportunities and incredible value for money.Johan Eidhagen, Managing Director of Wizz Air Abu Dhabi, said: “As the flagbearer for ultra-low-cost travel in the region, we are delighted to celebrate the holy month of Ramadan with an extraordinary promotion that enables an exhilarating adventure for all ages. We are committed to spontaneous travel during the busy travel period and beyond as we continue to foster connectivity and create unmissable travel experiences. We strongly encourage all adventurous travellers to secure their bookings early to enjoy the lowest fares to a plethora of incredible destinations. We look forward to welcoming you on board our aircraft soon.”Passengers can book tickets with confidence, thanks to WIZZ Flex. With WIZZ Flex, passengers can change their flight up to three hours before departure without any fee and receive 100% of the fare immediately reimbursed in airline credit.Strategically located in the UAE, Wizz Air Abu Dhabi provides ultra-low-fares and efficient travel options to Alexandria (Egypt), Almaty (Kazakhstan), Amman (Jordan), Ankara (Turkey), Aqaba (Jordan), Athens (Greece), Baku (Azerbaijan), Belgrade (Serbia), Bishkek (Kyrgyzstan), Cairo (Egypt) and Dammam (Saudi Arabia). As well as routes to Kuwait City (Kuwait), Kutaisi (Georgia), Larnaca (Cyprus), Male (Maldives), Madinah (Saudi Arabia), Muscat (Oman), Nur Sultan (Kazakhstan), Salalah (Oman), Santorini (Greece), Samarkand (Uzbekistan), Sarajevo (Bosnia), Sohag (Egypt), Tashkent (Uzbekistan), Turkistan (Kazakhstan), Tirana (Albania) and Yerevan (Armenia) among others.*One-way price, including administration fee. One carry-on bag (max: 40x30x20cm) is included. Trolley bag and each piece of checked-in baggage is subject to additional fees. The price applies only to bookings made on wizzair.com and the WIZZ mobile app. Number of seats at indicated prices are limited.

Eid al Fitr in the UAE this year is expected to witness a jump in outbound air traffic compared to last year's Eid, says Wego, the largest online travel marketplace in the MENA, in its top travel trends for Ramadan 2024 in the UAE.Wego has observed nearly a four-fold increase in flight searches from the UAE for travel during Eid 2024 compared to Eid 2023.Holiday season is just around the corner, and Wego has noted a spike in demand for flight and hotel reservations from the UAE in the lead up to the festive season.According to Wego data, international flight bookings from the UAE for travel in February have surpassed the numbers during the same period last year by 70.1%.The consecutive occurrence of Ramadan, Eid al Fitr, and spring break in 2024 is anticipated to encourage the same YoY leap in bookings for trips scheduled in the coming months.As we enter the holy month of Ramadan, Wego data showed that airfares to some destinations may get even more expensive this year.The average airfare to the Philippines, a favored destination for UAE travelers, is now AED 1,331.93, compared to AED 895.56 in 2023.Meanwhile, YoY average prices for flights to the UK and Germany have risen by 23.88% and 60.42% respectively.Wego anticipates that ticket prices for popular destinations will continue to climb, especially with more families potentially planning getaways during the holidays.Amidst a bustling month teeming with significant events like the Gulfood trade show, Dubai Duty Free tennis championships among others, Dubai has observed an uptick in hotel occupancy rates in February 2024, with bookings on Wego surpassing last year’s figures by 23.2%. Concurrently, the average Dubai hotel room rates have experienced a YoY surge of 20.3%.Dubai hotel occupancy and daily rates may still move in an upward trajectory through the next few months, as Wego’s data indicates that demands for staycations among UAE residents also typically grow during Ramadan weekends and Eid al Fitr holiday.Wego forecasts an even heightened interest later as more UAE travelers finalize their travel arrangements in the weeks or days leading up to the celebration.Based on Wego's data, India, Egypt, Saudi Arabia, and Jordan are the most sought-after destinations for travel between March to April 2024. The list of countries may hint at homecoming trips for UAE’s huge expat communities looking to capitalize on the lengthy holidays.

Abu Dhabi: SBI Capital Markets Limited (SBICAPS), a wholly owned subsidiary and investment banking arm of State Bank of India (SBI) on Monday announced the opening of its first overseas branch office in Abu Dhabi Global Market (ADGM), an international financial centre and free zone located on Al Maryah Island in UAE’s capital, Abu Dhabi.Dinesh Khara, Chairman, State Bank of India (SBI), inaugurated the SBICAPS ADGM Branch Office in the presence of H. E. Sunjay Sudhir, India’s Ambassador to the UAE and Mr. Hamad Sayah Al Mazrouei, CEO- Registration Authority, ADGM. SBICAPS ADGM branch has received a Category 4 license from the Financial Services Regulatory Authority. The operations will be led by Mr. Vishal Gupta, Senior Executive Officer, SBICAPS ADGM Branch Office. “India and Middle East have forged an exceptional partnership, driven by mutual trust, shared values, and a common vision for economic growth. Our bilateral trade has witnessed an unprecedented expansion, reaching new heights. The State Bank of India, a leading bank in India and a key player in the international banking arena, remains committed to providing seamless financial services to Indian and Emirati businesses. We have established a strong presence in the UAE through our branches, ensuring that businesses have easy access to banking services and tailored financial solutions. To further strengthen our economic ties, we must focus on diversifying our trade basket and exploring new avenues of collaboration. In line with this, the ADGM Branch office of our investment banking subsidiary, will act as a credible bridge between growth-oriented investors operating in and from UAE, having patient capital and seeking bankable investment opportunities in India and elsewhere.” said Shri Dinesh Khara, Chairman, State Bank of India (SBI).The opening of SBICAPS ADGM branch office coincided with the UAE-India Economic Summit: Fostering Synergies– Uniting the Falcon and Tiger Economies. This high-profile event was jointly hosted by SBICAPS and ADGM and attended by Industry Captains from India and UAE. The Summit focused on forging a vibrant and enduring economic alliance along with identifying common growth opportunities for both economies. “We are witnessing a lot of interest from investors including domestic and international corporates, trusts, financial institutions, specific purpose funds, governments and government linked entities, and professionally run family offices, across jurisdictions and geographies for credible investment opportunities in India. Our ADGM office will act as a one-stop-solution centre and help in the ease of doing business for clients from India and UAE. We also plan to expand our team as business grows and that will enable us to have a significant presence in UAE,” said Amitava Chatterjee, Managing Director & CEO, SBICAPS.

ManageEngine, the enterprise IT management division of Zoho Corporation, today announced results from its IT at work: 2022 and beyond study. This newly released data, involving IT decision makers (ITDMs) and business decision makers (BDMs), examines the democratisation of IT and the ability of IT teams to influence business decisions in large and enterprise-sized organisations in the UAE.According to the study, there is increased collaboration between IT and other teams within organisations, which may have contributed to non-IT employees possessing more knowledge about IT now than they did before 2020. IT structures within organisations are being increasingly decentralised, and non-IT departments now enjoy autonomy when it comes to technology decisions.However, any concerns over the role of IT teams being diminished are dispelled as the study found that they are pivotal in building tomorrow's enterprises. Around 76% of ITDMs expect IT to play a greater role in setting the organisation’s overall strategy in the next 5 years. This is 11% higher than the global average.The success of the IT team in playing its role has a significant bearing on the organisation’s success, with over 91% of all respondents pointing to a direct correlation between both. Furthermore, IT professionals are increasingly expected to be innovators, with more than nine in ten (91%) respondents agreeing that IT is more responsible for business innovation than ever before."Professionals are keen to gain new perspectives from industry peers in order to stay updated and advance in their career. Through this study, we hope to facilitate the sharing of knowledge among stakeholders in the UAE. These insights also help ManageEngine in its constant endeavour of evolving as a comprehensive and effective IT management platform," said Rajesh Ganesan, president at ManageEngine.Key findings from the study1. Increased collaboration leading to tech autonomy for non-IT teams.The vast majority (90%) of respondents report that collaboration between IT teams and other departments has increased during the past two years.More than four-fifths (84%) of respondents agree that non-IT employees in their organisation are more knowledgeable about IT now than they were before 2020.Around 44% of organisations have already decentralised their IT structure, with another 49% currently attempting to do so.Nearly all (98%) BDMs say their department has autonomy when it comes to making technology decisions. This autonomy relates to not only purchasing software (64%), and devices (47%), but also to hiring tech talent (62%).2. Leveraging AI and machine learning (ML) against cyberattacks.Around 91% of all respondents say AI and ML technologies will play a significant role in strengthening their organisation's IT security framework.Nearly all (95%) BDMs say that their organisation has invested in AI and ML technologies and are doing so for more than one use case, on average. A notable proportion of BDMs report that they are using AI to prevent cyberattacks (52%).IT and security teams are held responsible when it comes to defending against cyberattacks. Around 73% of decision makers (both ITDMs and BDMs) say it is the responsibility of IT and security teams to protect organisations.3. Development of skills and talent retention.Two-fifths (41%) of ITDMs in the UAE say they are actively looking for a new job, while pretty much the same number (45%) say they feel less loyal to their current employers than than they were two years ago.When it comes to what ITDMs want from their role in the next five years, these were cited as most important: the potential to learn new skills (55%), the ability to step into a more senior role (49%), and the ability to guide change within the organisation (48%).Around half of ITDMs say that they would be driven away from their organisation if their pay did not at least stay current with inflation (54%), if there were no potential for advancement/promotion (52%), or a flexible work model (50%), or any of several other existing benefits cited, were taken away.ManageEngine commissioned independent market research agency Vanson Bourne to survey 200 decision-makers across IT and other key business functions from a range of private-sector organisations in the UAE. Visit ManageEngine's website for access to the IT at work: 2022 and beyond report at https://mnge.it/uae-itsurvey

Dubai, UAE: Arthur D. Little (ADL) has published a new Viewpoint, “Pursuing Excellence in Corporate Banking” exploring challenges and opportunities that illustrate the lasting and even increasing importance of the corporate segment for banks in the United Arab Emirates (UAE). The Viewpoint reviews the impacts of recent disruptions and expected, and explores options for banks to strengthen and grow their corporate and investment banking (CIB) business.CIB in the UAE represents close to $635 Bn. assets and $15 Bn. revenue. CIB assets are around 5 times the ones of retail banking. According to the report, regional banks however focus their external communication primarily on the consumer segment, whether it is fintech, strategy, digital transformation, products, or applications. Further, corporate banking is often perceived as a specialist area and, as a result, innovation is frequently thought to be focused in the retail banking sector. The report outlines an increasingly competitive, fast-evolving, and complex environment for CIB businesses, which includes a variety of challenges caused by structural trends, COVID-19, and the war in Ukraine.ADL Viewpoint calls for the primary focus to return to corporate banking for a few important reasons – an inflationary storm is ahead and CIB will be critically exposed to it and CIB is heavily impacted by environmental, social, and governance (ESG) efforts. While the retail segment is more competitive, CIB still benefits from several growth drivers. Clients are facing increasingly complex issues that require new solutions from banks. In addition, the SME segment remains underpenetrated. The potential of digital optimization remains mostly untapped as well, and sizable innovation opportunities exist in the space of blockchain and cryptocurrencies.Philippe DeBacker, Managing Partner and Global Head of Financial Services, Arthur D. Little, said:“The region offers a positive and transformational environment for corporate and investment banking, which accounts for about 70% of assets in the GCC amid high hopes for the economy and enormous private and public sector spending. As highlighted in the Viewpoint, banks should anticipate further sector consolidation due to shrinking margins and high regulatory requirements. To accelerate their journey to becoming banks of the future, banks need to redesign their business models to maximize revenue per customer, protect capital and ensure risk resilience by optimizing the use of financial technology.”Stephane Ulcakar, Associate Director and Head of Corporate and Government Financial Services, Arthur D. Little, said:“ The digital transformation trend has caused widespread disintermediation and the need for scale across industries. As a result, banks must transform in much the same way that car manufacturers — and many other industries — did during the 20th century. This means moving away from an integrated model and outsourcing most value steps except a few strategic ones, such as design, assembly, and control. In response to these disruptive forces, however, banks have an unprecedented chance to broaden their business, reduce costs, and become more reactive. However, as was true with car manufacturing, this can lead to additional challenges.”Developing a Sustainable Business Model According to the report, there are four common imperatives for banks to be aware of:Banks must rebalance their portfolios based on diversification, return, and risk targets, and monitor those at client level. They must also anticipate balance sheet cleanup, impact on tier-one capital, develop treasury and liquidity management capabilitiesBanks must maximize revenue per customer by spotting all opportunities for (re)activation and retention, cross/upselling, and pricing realization. They must also consider variable rates and facility nonusage penalties to reflect the upward rate trends.Banks should engage clients beyond credit, with distressed M&As, debt capital market (DCM), or ESG transformation financing. They must be ready to increase their nonperforming loan and restructuring management. Sectorial specialization will be required to properly assess needs and risk level.Banks should work on simplifying their organizations, their products and the activities they carry out. Reducing their share of fixed costs requires the use of digital tools to optimize, automatize, and/or outsource part of the value chain, either to suppliers or to shared utilities.At the same time, successful CIB strategies must leverage the bank’s core assets and capabilities to create a differentiated and viable positioning.Anticipating a new paradign for CIB in the GCCThe digital transformation trend has caused widespread disintermediation and the need for scale across industries. In response to these disruptive forces, however, banks have an unprecedented chance to broaden their business, reduce costs, and become more reactive.As explored in the Viewpoint, with the strong hindsight of local regulators, the multiplication of banking accelerators for start-ups, and the rapid development of the fintech ecosystem, it is clear that the UAE CIB sector is poised to quickly integrate these new trends and successfully adapt them to the specifics of the local markets.

DUBAI, UAE — Checkout.com releases the second phase of its Digital Transformation in MENA 2022 report. Following the launch of part one last month – which included insights from 15,000 consumers in the region – the next chapter interviews businesses and their leaders at the forefront of the rapidly growing digital economy.Remo Giovanni Abbondandolo, VP of Commercial, MENA at Checkout.com said, “If our nearly ten years in the region have taught us one thing, it is that it’s impossible to underestimate the potential, drive and dynamism which exists in this diverse and rapidly changing region. It will be increasingly important on the global stage.”Retail sector rides the digital waveData from the report shows that 91% of consumers across MENA bought products online in the past year, with fashion and clothing making up 46% of all online purchases in the region. 1 in 5 consumers across MENA purchase retail products online more frequently than last year, with 33% shopping more frequently for fashion and clothing online. This points to a rapidly developing digital ecosystem that allows government agencies, established companies and start-ups to flourish, observed Paul Carey, Executive Vice President of Cards & Payments, Al-Futtaim Group. “This is particularly evident in payments, where governments have set up regulatory sandbox infrastructure and made it easier for businesses in the region with more flexible visa options and commercial licensing,” he added.Food & beverage overcome historical resistance to digital  While the pandemic forced consumers to stay away from their favourite eateries, it opened MENA’s appetite for home delivery services. Checkout.com’s data shows that in 2022, local consumers are ordering meals online more frequently than ever. Over half (53%) of MENA consumers purchased food online in the past year, with 42% of MENA consumers saying they are buying food online more frequently this year than in 2021.The online food ordering sector has numerous moving parts that need to come together in each transaction, from the restaurants to drivers and aggregators to payment providers. Close collaboration is therefore vital for the many stakeholders, noted Ramzi Alqrainy, Chief Technology Officer at The Chefz, a leading Saudi-based food delivery app. “Collaboration allows us to innovate effectively and to reach and serve society in its most inclusive sense. These days, one provider doesn’t need to manage all aspects of a consumer experience from A to Z. We all need to work together. This is the death of ownership,” said Alqrainy.Travel and entertainment: navigating digital in the experience economy While a drop in travel and live entertainment sales was inevitable in 2020, the survey shows that the sector is regaining its momentum and is making its presence in the digital economy felt as it continues to grow.According to Checkout.com’s findings, 20% of consumers in MENA purchased entertainment services online in the past year, with 14% reporting purchasing them more frequently now than in 2021. Moreover, 32% shopped for travel services online in the past year, with 21% of consumers reporting buying them more often now than in 2021Alexandre Morin, Director of Payments - Risk and Fintech, Wego, the region’s biggest travel marketplace, said: “MENA has become a priority market for many of the world’s tourism boards as it’s a reliable source of long-stay visitors with excellent spending power.”The relentless growth of fintechThe survey shows that remittance apps remain the most widely utilised form of fintech in MENA, but as other products increase, so does adoption. The report found that 82% of consumers in MENA use some form of fintech app in 2022, up from 76% in 2021. Innovation has been underpinned by solutions such as Visa’s Account Funding Transactions (AFTs) which pull funds from an account and for use on a pre-paid card, top up a wallet, or fund a person-to-person (P2P) money transfer. “The secure, reliable, and fast movement of digital money between individuals, businesses and governments is the engine powering today’s global economy”, said Dr. Saeeda Jaffar, Senior Vice President and Group Country Manager for GCC, Visa.Meanwhile, half of the consumers in markets such as KSA and UAE used Buy-Now-Pay-Later (BNPL) options this year and as many as 67% across MENA indicated they may use it in 2023. In crypto, 55% of 18–35-year-olds in UAE and KSA would like to be able to pay for goods and services in crypto or stablecoins in the next 12 months. “Previously, retailers viewed BNPL as just another payment method and often compared BNPL services to other payment providers, resulting in downward pressure on rates. However, we see retailers increasingly focusing on overall growth, including marketing, customer experience and product maturity. As a result, we see a win-win, sustainable partnership model.,” said Sargun Bawa, VP of Growth at Tamara, the homegrown BNPL platform.