Qatar's central bank governor meets Elon Musk in Doha
The meeting was held on the sidelines of U.S. President Donald Trump's visit to Qatar. (Reporting by Menna Alaa and Hatem Maher; editing by Mark Heinrich)
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The National
14 minutes ago
- The National
India's Kotak International receives investment management licence from UAE regulator
Kotak International, the global investment management unit of India's third-largest private bank Kotak Mahindra, has received a licence to conduct investment activities in the UAE, allowing it to tap into the country's substantial Indian expat community. The company, which had more than $6 billion in assets under management at the end of June, said it is the first Indian asset manager to receive such a licence from the UAE's Securities and Commodities Authority. The licence will not only allow Mumbai-based Kotak International to launch UAE-domiciled funds for retail investors, but will also help in boosting the investment fund industry in the Arab world's second-largest economy, it said in a statement on Monday. Kotak is planning to launch funds similar to its undertakings for collective investment in transferable securities (Ucits) domiciled in India and Luxembourg, with subscriptions expected to open for investors in the UAE later this year, it added. Tapping into the UAE's growing investment scene is complemented by India's economic momentum and investor interest in diversifying their portfolios, Kotak International president Shyam Kumar said. 'India's economic momentum continues to attract global interest and through this licence ... UAE retail investors [will be able to] access India-focused investment strategies − enabling them to participate in one of the world's dynamic and resilient markets," he added. The UAE and India have maintained strong economic relations for decades, with mutual co-operation in several key sectors, including investments and finance. The relationship between the countries was further boosted by the signing of a Comprehensive Economic Partnership Agreement, one of dozens the Emirates has forged to strengthen its own economy and benefit from the investment potential of other countries. Indians currently comprise the UAE's largest expat community, with more than 3.5 million residents in the country. Obtaining a licence will help Kotak International convert part of that community into a significant client pool, in addition to supporting revenue streams and global expansion, said Faisal Hasan, chief investment officer of Dubai-based financial services firm Al Mal Capital. "This strengthens their [assets under management] base with more stable diaspora flows, enhances brand credibility and helps diversify their distribution in the UAE and the Gulf at large," he told The National. "It enhances trust and credibility among investors, especially retail Indian expatriates who may be cautious about cross-border investments." The move also shows that UAE regulators are willing to accommodate cross-border financial products, as long as they meet transparency and compliance standards, he added. "There is also scope to market to Indian family offices and HNWIs [high net worth individuals] in the UAE who already have emotional and business ties to India ... this suggests a friendlier environment for foreign investment firms that want to access the UAE market," Mr Hasan said. Kotak International's entry also further cements the UAE's status as a "strong and strategic hub" for financial activity, said Osama Al Saifi, managing director for the Middle East and North Africa Dubai-based financial services firm Traze. "For financial groups with little or no presence in the UAE, it demonstrates opportunities for growth, diversification and cross-border investment, encouraging them to consider entering the market," he told The National. Kotak International, founded in 1994, offers management, advisory and investment solutions seeking exposure to Indian markets, and has offices in Abu Dhabi, Dubai, London, Mauritius, New York and Singapore. The company has also received regulatory approval in Mauritius, Singapore, the US and the UK to conduct investment activities and services.
Zawya
14 minutes ago
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Upcoming MEFMA White Paper maps the growth and transformation of Saudi Arabia's FM industry
Dubai, UAE: The Middle East Facility Management Association (MEFMA), in collaboration with global research and consulting firm Frost & Sullivan, is set to unveil a new comprehensive white paper that offers deep insight into the current and future outlook of Saudi Arabia's Facility Management (FM) sector. The launch comes as the Kingdom accelerates its Vision 2030 transformation, highlighting FM's growing role in shaping sustainable, world-class infrastructure and services. The white paper will launch during an exclusive online webinar on August 20, and will offer policymakers, developers, and FM professionals early insight into the trends, innovations, and disruptions shaping the future of the industry across Saudi Arabia. Highlights include: Saudi FM market expected to grow to USD 52.5 billion by 2029 from USD 39.4 billion in 2024 at a CAGR of 5.9% USD 54 billion allocated for education in 2025 to improve infrastructure, develop relevant curriculums training teachers, and support for research and innovation USD 2.1 trillion construction pipeline from giga and mega projects including NEOM, Red Sea, Qiddiya, AlUla, Diriyah Gate, Amaala, Al Widyan, and Jabal Omar, set to transform tourism, hospitality, residential, commercial, entertainment, utilities, and other sectors in line with Saudi Vision 2030 Expo 2030 expected to significantly boost FM demand. Launch of King Salman International Airport in 2030, targeting up to 120 million passengers, set to drive significant FM demand in KSA across operations, maintenance, and specialized service contracts. Healthcare and education are the leading end-user segments, accounting for nearly 60% of outsourced FM demand Healthcare boom fueled by rising hospital infrastructure needs, with demand projected for over 44,000 new industrial jobs and thousands of additional hospital beds by 2035 Increase for outsourced FM services has grown to 37% in 2024 valued at USD 14.3 billion Jamal Lootah, President of MEFMA, said: 'This white paper marks a critical milestone in the development of Saudi Arabia's facilities management industry, which is playing an increasingly vital role in the success of the Kingdom's ambitious transformation. As FM becomes more integrated into national infrastructure, sustainability, and service delivery goals, access to accurate, forward-looking insights is essential. This publication reinforces MEFMA's commitment to providing knowledge-driven content that enables smarter decision-making, promotes sustainable best practices, and aligns closely with the priorities of Vision 2030. Our aim is to empower both public and private sector stakeholders with the strategic foresight needed to plan for long-term impact.' Eng. Mohannad AlMadhi, MEFMA Board member (KSA) said: 'Saudi Arabia's facilities management sector stands at the heart of the Kingdom's transformation, underpinning the success of mega projects, urban development, and quality-of-life initiatives. As demand grows in scale and complexity, with all the upcoming PIF led projects, operational excellence is becoming a national imperative. This white paper captures the realities on the ground and charts a path forward that equips industry players with the insights needed to innovate, adapt, and build a world-class FM ecosystem that reflects the ambitions of Vision 2030.' This report is part of MEFMA's mission to elevate the facilities management industry through professional education, research, and regional engagement, and is one of several in-depth studies paving the way for MEFMA CONFEX 2025, the region's flagship FM conference later this year in the UAE. About MEFMA The Middle East Facility Management Association (MEFMA) is a non-profit professional association dedicated to advancing the facility management industry across the Middle East. MEFMA supports professionals and organizations through accredited training programs, industry events, and knowledge-sharing initiatives. The association is committed to promoting sustainability, enhancing performance standards, and fostering collaboration to position the region as a global leader in facility management.
Zawya
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VT Markets secures SCA license to strengthen its commitment to regulatory excellence
DUBAI, UAE /PRNewswire/ -- VT Markets is proud to announce the successful acquisition of its Securities and Commodities Authority (SCA) Category 5 license for its Dubai branch under license number 20200000299, which permits the regulated activities of introduction and promotion within the UAE. This marks a significant step forward in establishing VT Markets (Pty) LTD - Dubai Branch, referred to as VT Markets Dubai, as a trusted financial services player in the region. The Securities and Commodities Authority (SCA) is the federal financial regulatory agency in the United Arab Emirates, ensuring transparency, market integrity, and investor protection in the country's financial markets. This license empowers VT Markets to introduce and promote secure, transparent, and high-quality services to clients in the UAE, further solidifying its position as a trusted leader in the global trading industry, "The acquisition of the SCA Category 5 license reflects our commitment to the highest standards of regulatory compliance. This achievement not only enhances our ability to operate in a secure, transparent, and compliant manner, but it also reinforces our position as a trusted financial services provider in a rapidly evolving market. As we continue to prioritize the integrity of our operations, this milestone strengthens our ability to offer our clients introductions to regulated and licensed financial institutions that will offer them a safe and reliable trading environment in this dynamic region," shared Ahmed Ismail Iman, Head of Compliance, VT Markets Dubai. The SCA license is a crucial part of VT Markets' ongoing expansion efforts and plans to continue strengthening its presence and adding more licenses to its portfolio. As part of its vision, VT Markets plans to continue broadening its reach by securing additional licenses in strategic regions, ensuring its ability to offer regulated and compliant services worldwide. About VT Markets VT Markets (operating through its related or affiliated entities under the VT Markets brand umbrella) is a regulated multi-asset broker with a presence in over 160 countries as of today. It has earned numerous international accolades including Best Online Trading and Fastest Growing Broker. In line with its mission to make trading accessible to all, VT Markets offers comprehensive access to over 1,000 financial instruments and clients benefit from a seamless trading experience via its award-winning mobile application.
