Organised by the UAE Ministry of Economy and Tourism in collaboration with The Bench as part of Future Hospitality Summit (FHS) World 2025, the event brought together senior government officials, investors, and industry leaders to chart investment priorities and explore opportunities across tourism, infrastructure, aviation, and digital innovation.

On the sidelines of the event, a ministerial roundtable led by Abdulla bin Touq Al Marri, UAE Minister of Economy and Tourism, witnessed the presence of ministers from over 20 African nations. The meeting concluded with a joint ministerial statement outlining plans to boost collaboration in various tourism sectors.

“Today, the UAE and Africa stand at a pivotal moment in developing a resilient and sustainable tourism sector. This milestone is marked by the launch of a new investment mapping featuring diverse tourism projects in aviation, logistics, infrastructure, and the digital sector, with an estimated total value of approximately USD 6 billion and the potential to generate 70,000 job opportunities across Africa,” said Al Marri.

The official added, “Africa is home to a wealth of rich and diverse tourism assets – from coastal resorts and pristine beaches to cultural, heritage, and historical landmarks. These unique features present vast opportunities for the UAE business community and serve as a vital gateway for investment and expansion across various tourism activities. We are committed to fully leveraging this platform to transform ideas into tangible and sustainable tourism projects and partnerships that will help shape the future of economic development across the African continent.”

The ministerial statement also talked about shared goals such as improving tourism infrastructure, expanding air connectivity, and advancing green, inclusive growth through partnerships and SME support.

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Even with its increasing popularity, a lot of investors still think it’s complicated or restrictive. Some people think it only matters to Muslim investors, while others think its performance is inferior to that of traditional markets.

The truth is different. Asset-backed strategies have flourished in industries like real estate, logistics, healthcare, and technology, which have experienced significant growth under Sharia principles and are therefore appealing to a far wider range of investors.

Sharia finance focuses on structure rather than limitations. Since global markets are dealing with uncertainty, the emphasis on openness, moral investing, and risk sharing makes it particularly pertinent today.

Competitive Asset Class

The idea that Sharia finance is a conservative, sluggish industry is out of date. These days, sharia-compliant investments are dynamic and span a variety of asset classes, including exchange-traded funds, stocks, sukuk, and real estate investment trusts.

Their competitiveness is more significant. In the last ten years, Sharia-compliant stocks in the United Arab Emirates (UAE) have produced returns that are on par with, and occasionally better than, those of traditional indices.

The Sharia Index of the Dubai Financial Market (DFM) is one example. During financial downturns, it has outperformed general market trends by avoiding highly leveraged companies, providing investors with a degree of protection against crises that frequently result from excessive debt.

The Islamic bond substitute known as sukuk has also gained popularity, offering yields comparable to those of conventional bonds while taking advantage of the UAE’s sound economic policies and state-sponsored infrastructure initiatives. Because they are asset-backed, Sukuk are protected from the increase in interest rates that can affect traditional bonds.

Expats And Sharia Investments

The idea that Islamic finance is only available to Muslim investors is among the most pervasive misconceptions about it. Nothing could be further from the truth than that. Anyone searching for moral, interest-free financial products can make sharia-compliant investments, and the United Arab Emirates, which is home to one of the biggest expat communities worldwide, provides a flourishing environment for these kinds of opportunities.

A wide variety of Sharia-compliant investment options are available to foreigners living in the United Arab Emirates, such as equity portfolios, real estate funds, and exchange-traded funds (ETFs) listed on prominent exchanges such as DFM and Nasdaq Dubai.

In contrast to certain nations where nationality or residency status restricts access to Islamic financial products, the regulatory framework in the UAE facilitates seamless participation. Additionally, investors can confirm compliance by using financial apps that search for compliant stocks, investing in mutual funds that adhere to Sharia law, or seeking certification from reputable Sharia boards.

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According to the Emirates News Agency, the recently unveiled dirham symbol, which has two horizontal lines that stand for financial stability, is modelled after the English letter ‘D’.

The UAE flag, which represents tenacity and pride in the country, is also referenced in the design. This emblem will promote the UAE’s currency in foreign markets by acting as a worldwide representation of the dirham.

The FX Global Code was adopted by the UAE concurrently with the symbol’s introduction, making the CBUAE the first Arab central bank to join this significant framework.

The UAE’s dedication to honesty and openness in financial transactions is further strengthened by this action, which is part of the FX Global Code, which is well known for encouraging ethical standards and best practices in the foreign exchange market.

As a key component of the Financial Infrastructure Transformation Programme, which was started in 2023, the CBUAE is promoting the issuance and circulation of the digital dirham in addition to the physical dirham symbol.

The digital dirham will have a circular design that incorporates the colours of the UAE flag, reinforcing the country’s modernity and sense of pride in the ever-changing financial landscape.

“We are proud to unveil today the new symbol for the UAE’s national currency and the design of the digital dirham wallet. The digital dirham, built on blockchain technology, is expected to enhance financial stability, improve inclusion, increase resilience, and help combat financial crime,” Khaled Mohamed Balama, governor of the CBUAE, who expressed his excitement for these revolutionary steps, said.

He also underlined how the digital dirham will spur innovation in the financial industry by making it possible to develop new digital goods and services, cut costs, and increase access to global markets.

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The Swiss banks’ report noted that the total wealth of UAE billionaires increased by 39.5% to USD 138.7 billion in the Middle East and Africa, and there will be 18 billionaires in total by 2024.

In addition to a 17% increase in the wealth of billionaires worldwide, the wealth of billionaires in EMEA has also increased by 17%, reaching USD 3.07 trillion, and the number of billionaires has increased from 70 to 728.

Benjamin Cavalli, Head of Strategic Clients at UBS Global Wealth Management, claims that over USD 400 billion worth of billionaires have left the country in the last four years, with the MEA region drawing the largest amount of billionaire capital.

“Over the past year, the total number of billionaires had risen to 2,682 from 2,544 a year earlier, and their worth to USD 14 trillion from USD 12 trillion. With the billionaire population now ageing, they are looking beyond their borders as their families grow. Our study has shown that ease of legal structures, which supports a transfer of wealth, coupled with healthcare and education, have benefited countries such as the UAE, US and Switzerland, which have seen an influx of billionaires over the past decade,” Cavalli said, as reported by Zawya.

According to UBS data, 176 billionaires have relocated since 2020, indicating that they are doing so more frequently. The expansion of private family offices in the United Arab Emirates is another indication of this wealth transfer. Last December, Egyptian tycoon Nassef Sawiris relocated his family office to Abu Dhabi.

Subsequently, numerous reports claimed that Nigerian billionaire Aliko Dangote, the richest man in Africa, was establishing a family office in Dubai.

“We are seeing sophisticated family offices in Asia and Europe looking to set up in the UAE for greater growth opportunities. There is quite a natural and dynamic creation of wealth in the country in numerous different areas and this key for investors who are looking beyond their turf where they initially created wealth. Innovation is an absolute key, and the UAE is at the centre of this,” Cavalli concluded.

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Hassaan Waheed, the Deputy Ambassador of the Republic of Maldives to the United Arab Emirates (UAE), attended the flight’s inaugural ceremony along with representatives and directors from Air Arabia and the Sharjah Airport Authority (SAA).

Using Airbus A320 aircraft, Air Arabia will schedule daily flights between Sharjah Airport and Velana International Airport in Malé, Maldives.

“Sharjah Airport continues to expand its presence on the international travel map, and we are committed to adding new direct destinations for airlines operating through the airport. The launch of the first direct flights from Sharjah to the Maldives is another milestone added to the previous destinations announced by Air Arabia this year. This reaffirms our deep commitment to expanding our international network and providing passengers with a unique travel experience and outstanding services,” Ali Salim Al Midfa, Chairman of Sharjah Airport Authority said.

Sharjah Airport is working harder to provide the greatest services for passengers flying directly to the Maldives because it is one of the most popular tourist destinations in the world, Al Midfa continued.

He pointed out that this new route also emphasises Sharjah Airport’s contribution to the region’s aviation industry, developing tourism and economic relations between the Maldives and the United Arab Emirates, and creating new opportunities for trade and economic collaboration between the two nations.

“The inaugural flight to the Maldives represents an exciting new chapter in our network expansion. We are excited to offer our customers direct access to this tropical paradise. With the addition of this new route, we reaffirm our commitment to provide affordable and value-driven air travel while offering more options to explore new destinations around the world,” Adel Al Ali, Group Chief Executive Officer of Air Arabia commented.

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The Microsoft cloud will boost economic growth in addition to creating jobs; over the next four years, the UAE economy is expected to add 152,530 new jobs.

Both directly within Microsoft’s operations and indirectly through its network of partners and cloud-using clients, these jobs will be generated.

The snapshot also showed that over 41,800 new skilled IT jobs will be added by the Microsoft ecosystem to the UAE economy over the same period, supporting the Gulf country’s transition from a technology consumer to a true innovation hub where technology is produced and exported globally.

A study sponsored by Microsoft and titled “Microsoft Cloud Dividend Snapshot” for the UAE was released at Gitex Global 2024. It emphasises the vital role that Microsoft’s cloud services and partner ecosystem are playing in advancing the digital economy, promoting innovation, and creating jobs in the UAE.

Microsoft’s dedication to fostering local business growth and advancing the United Arab Emirates’ aspirations to become a global technology hub was also underscored by the study.

To support local economies with services and products, Microsoft and its partner ecosystem will invest about USD 51 billion in the UAE’s data centre regions over the next four years. Businesses will grow as a result of this investment, especially those trying to use AI and the cloud to maintain their competitiveness in the ever-digital business world.

Naim Yazbeck, General Manager of Microsoft UAE, said, “As organisations across the UAE and the region seek to leverage the latest advancements in Artificial Intelligence, the cloud remains the foundation upon which these innovations are built. At Microsoft, we are committed to providing highly secure, trusted, enterprise-grade cloud services that are critical for organisations accelerating their AI transformation journey. Our investment in local data centres, our partner ecosystem, and the broader digital economy reflects our ongoing dedication to empowering government institutions and businesses to innovate, drive economic growth, and create sustainable jobs for the future.”

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To comply with Federal Decree-Law Number 47 of 2022 on the Taxation of Corporations and Businesses and its amendments, the FTA released Decision Number 7 of 2024 on the deadline postponement to file a tax return and settle the corporate tax payable for certain tax periods.

“We are deeply committed to taking proactive measures that benefit taxpayers. Recognising the potential challenges faced by businesses with a first corporate tax period shorter than a year, we have postponed the deadline by which certain taxpayers must file their tax return and settle their corporate tax payable, to assist taxpayers in meeting their corporate tax obligations, especially for new businesses throughout their first tax periods,” Khaled Ali Al Bustani, Director-General of the FTA said, as reported by Zawya.

“Our goal is to encourage timely and accurate tax filings by offering a reasonable timeframe for taxpayers to fulfil their obligations, thereby alleviating undue pressure and potential administrative penalties. This decision reflects our ongoing commitment to fostering a supportive and equitable tax environment in the UAE that encourages timely compliance while minimising tax burdens,” the top official added.

According to the FTA’s decision, taxable individuals having a short tax period that ends on or before February 29, 2024, have until that date to file their corporate tax return (e.g. those with expiration dates of December 31, 2023, January 31, 2024, or February 29, 2024) are moved to December 31, 2024, and the corporate tax payable for these tax periods may now also be settled with the FTA by December 31, 2024.

The decision is intended for “Taxable Persons” who were incorporated, established, or recognised on or after June 1, 2023, and whose first tax period was shorter than the customary 12-month period and whose financial year ended on or before February 29, 2024.

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This new directive from the Ministry of Economy will go into effect when the current board terms end and will support the Gulf country’s objective of improving its competitiveness in the global market.

This programme demonstrates the leadership’s commitment to achieving sustainable development objectives and empowering women.

The ministerial resolution expands upon a similar mandate that was introduced for public joint-stock companies in 2021 and governs the governance and operations of private joint-stock companies. This previous action has improved institutional performance and economic outcomes, which has produced favourable results.

According to a recent announcement from the United Nations’ Development Programme, the UAE has significantly improved from 49th in 2015 and 11th in 2022 to 7th place in the 2024 Gender Inequality Index.

At the 68th meeting of the Commission on the Status of Women in New York, this declaration was made. The Gulf nation established the Gender Equality Council in 2015 as a federal organisation with the responsibility of creating and carrying out the gender equality programme.

The council’s goal is to eliminate gender disparities in all governmental domains and establish the United Arab Emirates as a global leader in equality. With 50% of posts in the Federal National Council held by women, the UAE also leads the globe in women’s parliamentary representation.

The UAE government portal also states that women are disproportionately represented in the labour market, in specialised professions, and in emerging fields.

Under the direction of the UAE’s leadership, the nation is dedicated to boosting women’s contributions in a variety of fields, especially economic development, according to Minister of Economy Abdullah bin Touq Al-Marri.

“The decision will reinforce the UAE’s vision to enhance gender balance, empowering women in the business sector and increasing their presence in leadership and decision-making roles,” he was quoted as saying by the UAE’s official news agency.

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There is a noticeable difference between the GCC countries, even though the outlook for regional economic growth is still favourable overall. With 82% and 74% of respondents expressing robust positive sentiment, respectively, Saudi Arabia and the UAE are reported to have strong confidence.

As a result of their cautious outlooks for the future of the regional and global economies, Oman (53%) and Kuwait (54%) are taking a more cautious approach. The main causes of the divergence within the GCC are the disparities in national strategies and the evaluations made by international rating agencies.

Saudi Arabia and the UAE profit from upbeat growth projections from international organisations like the International Monetary Fund, which demonstrate the potency of their economic diversification plans.

According to the survey, which is based on the opinions of 500 senior leaders in the GCC’s public and private sectors, geopolitical instability is still a major worry. Merely 26% of decision-makers stated that their companies are ready for a spike in geopolitical unrest.

The UAE stands out among the GCC nations, with 54% of respondents indicating a high level of readiness, despite the majority of the countries admitting to being ill-prepared for geopolitical instability.

Another significant issue is cybersecurity, which is cited by 25% of respondents as the biggest threat to growth.

Though opinions on the effects of national vision programmes differ throughout the Gulf Cooperation Council (GCC), the majority of Saudi Arabia and UAE respondents (over 90%) were extremely pleased with the effects of Vision 2030 and UAE Vision 2031 on their organisations.

According to the Teneo survey, most Gulf decision-makers are optimistic about the region’s long-term prospects and believe it will establish itself as a significant hub for international business within the next 25 years.

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There is still no progress in the negotiations between the European Union and the Gulf Cooperation Council, an Arab bloc comprising Saudi Arabia and the United Arab Emirates.

Reuters stated in March 2024 that the UAE, frustrated by this, has subtly urged the EU to begin negotiations on a trade agreement apart from the GCC talks.

“We initiated the discussion, through both the GCC as well as bilaterally, and we’re getting the support from many of the EU members,” Minister of State for Foreign Trade, Thani bin Ahmed Al Zeyoudi said in an interview, as reported by the media agency.

Although he expressed optimism that the talks would be bilateral, he stated that both bilateral EU-UAE and EU-GCC discussions would be of “added value.”

The UAE, a powerful and wealthy Middle Eastern nation, has long pushed for increased EU participation in the Gulf area.

In 1990, trade negotiations between the EU and the energy-rich GCC began. If successful, these negotiations would have improved access for European Union companies to what is currently the EU’s sixth-largest export market. However, in 2008, the discussions were formally put on hold.

A more comprehensive agreement with the GCC might allow EU member states to accept investments from Gulf sovereign wealth funds, significant cross-sector investors with a long-term perspective.

However, the GCC hasn’t made many trading agreements. It began talks with Britain in 2022 and concluded an agreement with South Korea in 2023, sixteen years after they began.

Due to its strong ties to Moscow, Abu Dhabi has come under pressure from the United States, the European Union, and other Western allies to demonstrate that it is taking tough measures against companies that are trying to evade sanctions related to Russia.

According to Al Zeyoudi, the United Arab Emirates hopes to finalise a free trade zone agreement with Belarus and Russia’s Eurasian Economic Union before the year is out.

According to the minister, that won’t stop the UAE from trying to forge closer ties with the EU.

“We’re going to be always open and keen in expanding the relationship with anyone,” Al Zeyoudi said.

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