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The Bloomberg Future of Finance event on Wednesday brought together local and international government and business leaders to discuss the Middle East’s growing influence in global markets, backed by technological advancements, an expanding private sector, and evolving financial sector regulations.
Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, Director General of the Prime Minister’s Office, highlighted the UAE’s rise as a global AI leader alongside the US and China. He outlined the UAE’s focus on applying AI to government services, improving quality of life, and building data centers, leveraging advantages such as abundant energy and political stability. With significant investments in AI projects like genome sequencing, the UAE aims to bridge the gap between the US and China, while driving efficiency through initiatives like the Zero Government Bureaucracy Campaign. During the fireside chat with Bloomberg TV anchor Joumanna Bercetche, he added that responsible AI development and return on investment will remain key priorities for the sector.
Arif Amiri, CEO of Dubai International Financial Centre (DIFC) Authority, highlighted in his opening speech how Dubai’s business-friendly environment continues to attract global talent. Its workforce has doubled to 44,000 since 2020, supported by favorable regulations and strong global appeal. With 60 hedge funds and 44 billion-dollar funds based in DIFC, it ranks among the top 10 hedge fund hubs globally and aims to break into the top five. These achievements align with Dubai’s D33 agenda to become one of the world’s top four financial centers by 2030.
The event featured a range of discussions on key trends shaping the financial sector. A session on wealth and private market investment, led by Sharif Eid of Amwal Capital Partners and Nour Tassabehji of CdR Capital, explored the UAE’s response to rising demand for sophisticated wealth management services, driven by economic growth and an influx of high-net-worth individuals.
Discussions on AI in finance highlighted how digital innovations are transforming the sector, with contributions from HE Raja Al Mazrouei, CEO of Etihad Credit Insurance and Board Member of Zand Bank; Pedro Sousa Cardoso, Chief Digital Officer at Emirates NBD; Paul Kay, Chief Information Officer at Abu Dhabi Investment Council; and Thomas Pramotedham, CEO
of Presight. Investment strategy trends were addressed by Muneera Aldossary of Franklin Templeton and Marwan Haddad of Azimut Group, focusing on sustainable investing and technologies reshaping capital allocation.
The GCC’s competitive talent market was another focus, with insights from Noelle Al-Jaweini of Saudi Exchange, Hedi Ben Mlouka of FIM Partners, Maria Ivanova of Citi UAE, and Michael Lints of Golden Gate Ventures on preparing for future leadership challenges.
The final session, led by Asma Khamis Saeed Mana, Head of Corporate Finance, Securities and Commodities Authority (SCA) and Sallianne Taylor, Head of Government Relations EMEA at Bloomberg, explored how regulatory advancements and innovations in Islamic finance are positioning the UAE as a leading financial hub.
Bloomberg’s inaugural Future of Finance in the Mena region took place at the Waldorf Astoria, DIFC, on Wednesday, November 20 2024.