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Fintech world’s best minds converge at inaugural Dubai Summit

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Dubai is set to host the first-ever Dubai Fintech Summit on May 8 and 9 under the patronage of Sheikh Maktoum bin Mohammed Al Maktoum, First Deputy Ruler of Dubai, and Deputy Prime Minister and Minister of Finance of the UAE.

The event will take place at Madinat Jumeirah and will bring together over 5,000 global Fintech C-suite executives and technology experts to discuss the latest innovations and challenges in the sector.

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The Summit will feature a lineup of distinguished speakers from both local and international arenas. Notable speakers include Abdulla bin Touq Al Marri, UAE Minister of Economy, and chief executives Bill Winters, Brad Garlinghouse, Piyush Gupta, Jenny Johnson and Brian Armstrong from Standard Chartered, Ripple, DBS Bank Singapore, Franklin Templeton and Coinbase respectively, among others.

Mohammad AlBlooshi

Mohammad Alblooshi, head of organisers DIFC Innovation Hub and Fintech Hive, underscored the importance of the summit. “Nearly 60% of all Fintech companies in the GCC are currently based in the city. With the industry growing at an unprecedented rate, it is crucial for stakeholders to gather and discuss the challenges and opportunities that lie ahead. The Dubai Fintech Summit promises to bring together the most prominent figures in the industry, with an agenda that will captivate and inspire audiences worldwide.”

The global Fintech sector is rapidly growing and is predicted to be valued at $305 billion globally by 2025, according to Research and Markets, an intelligence and market analysis firm.

In the Middle East, Africa and South Asia (MEASA) region, the industry is expected to double in value from $135.9 billion in 2021 to $266.9 billion in 2027, according to a 2022 report by DIFC Fintech Hive.

The DFS will offer a unique platform for startups, investors, and industry leaders to connect and capitalise on the growing Fintech market in the region and beyond. The DFS will feature a series of panel discussions, fireside chats, and over 100 Fintech exhibitors.

There are over 800 Fintech startups worth $15.5 billion in the MEASA region alone, according to data by dealroom.co. Dubai alone is home to over 20% of the world’s Fintech businesses, according to a report by Mordor Intelligence.

Mastercard’s 2022 Digital Payments Index report reveals that digital payments are gaining traction in the MENA region. More than 85% of respondents reported using at least one emerging payment method in the past 12 months, indicating a shift away from cash-based transactions. Among MENA countries, the UAE stands out as being ready to embrace a cashless society. According to the event’s co-host sponsor Visa, 52% of UAE consumers are already cashless or plan to be by 2024.

The DFS will offer attendees a platform to participate in discussions and exchange ideas on emerging trends, regulatory frameworks, and future possibilities.

The event will feature discussions on a range of topics, including ‘Building the Economies of the Future’, ‘Crypto and the Evolving Regulatory Framework’, ‘The World of Finance: Where are the Women?’, and ‘Building a Resilient and Sustainable Financial Sector in the Age of Disruption’. Participants will have the opportunity to gain valuable insights on these critical issues from industry leaders and experts.

Journalist for 25 years with leading publications in India and UAE such as The National, Mumbai Mirror, DNA, Indian Express and former Sports Editor of eIndia.com. Now managing editor of Headline.ae, part of MEMc (https://www.memc.co)

Announcements

UAE braces for heavy rain, thunderstorms across the Emirates this weekend

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The weather will be extremely unstable from Friday evening to Sunday noon with varying amounts of rain, lightning, thunder, and occasional hailstorms.The Ministry of Interior and the National Emergency, Crisis and Disaster Management Authority (NCEMA) have called on the public to exercise caution and abide by safety requirements.

People are advised to avoid valleys, mountains and areas prone to flooding. Legal action will be taken against those who break the rules or put themselves or others in danger.Authorities added that roads leading to wadis and mountains will be closed until the weather conditions improve, while the decision to shift to remote learning is up to the emergency and crisis management teams in the affected emirates.

In order to review the readiness levels of various entities, a series of meetings were held by the Joint Assessment Team for Weather and Tropical Situations, headed by the NCEMA.

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Announcements

UAE fuel prices announced for March 2024

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The Fuel Prices Monitoring Committee has given the green light for an increase in gasoline and diesel prices for March 2024. The approved hike ranges between 15 and 16 fils per liter for gasoline and 17 fils for diesel, compared to February 2024 prices.

Fuel distribution companies have promptly announced the new prices, effective from Friday, March 1, 2024. The updated pricing includes a 5% value-added tax.

Specifically, the price per liter of super gasoline “98” is set to rise by 15 fils, reaching 3.03 dirhams in March, up from 2.88 dirhams in February. Special gasoline “95” will see an increase of 16 fils, from 2.76 dirhams to 2.92 dirhams, while E-Plus 91 gasoline will climb by 16 fils, reaching 2.85 dirhams from 2.69 dirhams. Additionally, the price of diesel will experience a 17 fils per liter hike, escalating from 2.99 dirhams in February to 3.16 dirhams in March.

This decision follows three consecutive monthly reductions in gasoline and diesel prices approved by the committee for January 2024. The reduction ranged between 13 and 14 fils for gasoline and 19 fils for diesel per liter compared to December 2023 prices.

Notably, the Ministry of Energy’s approved fuel price standards are subject to monthly adjustments based on the global average oil price, incorporating distribution companies’ operating costs.

New fuel prices are:

-Super 98 petrol will cost Dh3.03 a litre, compared to Dh2.88 in February.

-Special 95 petrol will cost Dh2.92 per litre, compared to Dh2.76 last month.

-E-Plus 91 petrol will cost Dh2.85 a litre, compared to Dh2.69 a litre in February.

-Diesel will be charged at Dh3.16 a litre compared to Dh2.99 last month.

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Event

DP World ILT20 Season 2: UAE’s top five performers

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The recently concluded DP World ILT20 Season 2 captured the attention of fans worldwide with its enthralling displays of athleticism and competitive cricket. However, beyond the fierce battles between international giants, this tournament provided a mega platform to unearth the burgeoning talent of UAE’s own cricketers.

Here are the top five performers from UAE for the season:

1.Muhammad Waseem

The opening batter from the United Arab Emirates was the fourth highest run-getter this edition, with 321 runs in 12 matches at an impressive strike rate of 148. Providing an impetus at the top with his aggressive stroke play, Waseem’s exploits were crucial to the MI Emirates stellar campaign. The MI Emirates were the first team to secure their place in the play offs and subsequently went on to win the championship.

Waseem’s stand out knock of the season came against the Abu Dhabi Knight Riders, where he struck an unbeaten 89 to ensure the MI Emirates would coast home with eight wickets in hand.

Waseem’s tournament exploits earned him the Blue Belt which came with a cash purse of $15,000 for being the most outstanding UAE player, second time in a row.

2.Alishan Sharafu

The top order batter for Abu Dhabi Knight Riders had a good season compiling 220 runs in the 11 innings he batted in, at a strike rate of 120. While his contributions played a significant role in his team’s qualification to the play-offs, his match winning knock of 82 not out from 47 deliveries against the Desert Vipers while chasing 155 was the fourth highest individual score in the tournament and also his best performance.

3.Muhammad Jawadullah

Returning to his second season with the Sharjah Warriors, the left arm pacer was one of the leading wicket takers for the Sharjah Warriors this season with 10 wickets in 8 matches. Although the team had a forgettable season finishing in last place, the 24-year-old was consistent with his lines and lengths. His best performance of the tournament was against the Abu Dhabi Knight Riders where he picked up 3 wickets for only 5 runs with an economy rate of 2.5 runs per over.

4.Zuhaib Zubair

The Gulf Giants’ Zuhaib Zubair was one of the best bowlers from the UAE this season.  In eight matches, the leg-spinner picked up 11 wickets with his leg breaks at an average of 16. He also logged some of the best figures of the tournament when he finished with 4/22 to power the Giants to a mammoth 79 run victory against the Sharjah Warriors.

5.Muhammad Rohid

The 21-year-old left arm quick from the MI Emirates impressed one and all with his bowling, picking up nine wickets in the 16 overs he’s bowled in the tournament. While he may not have been among the top wicket takers of the tournament, his bowling showed a lot of promise. His best performance came against the Desert Vipers where he picked three for 21 in three overs, accounting for the wickets of Alex Hales, Adam Hose and Azam Khan.

Special mention

Though UAE’s U19 captain Aayan Afzal Khan does not figure in the top 5 list, thanks to Muhammad Rohid pipping Aayan for the fifth spot, the 18-year-old left-arm spinner from the Gulf Giants is worthy of a mention for his fantastic bowling spells. He picked up six wickets in the seven innings he bowled including a spell of two wickets for eight runs in his three overs against the Dubai Capitals that helped his team defend a score of 126, winning the game by 19 runs.

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