
GCC and Western expats to drive demand for car rentals in UAE during Eid
SelfDrive Mobility, a leading mobility tech company specialising in car rental and subscription services across the Middle East, anticipates a significant surge in demand as GCC nationals and Western expats make up a major share of inbound travelers to the UAE.
With projections indicating that over 75% of visitors will be from the GCC and more than 35% will be Western expats, SelfDrive is poised to achieve more than 30% growth in the coming months.
The UAE remains a top destination for business and leisure travelers, with a growing number of visitors seeking flexible, hassle-free mobility solutions. SelfDrive's advanced car rental platform offers a seamless booking experience with a wide range of vehicles, including economy, luxury, and electric cars, catering to the evolving needs of travelers.
'This surge in inbound traffic, especially from the GCC and Western markets, reflects a strong demand for convenient and tech-driven mobility solutions. With our digital-first approach and an extensive fleet, we are well-positioned to cater to the needs of short-term visitors and long-term residents alike,' said Soham Shah, CEO and Founder of SelfDrive Mobility.
The platform's ability to offer multi-currency transactions, paperless rentals, and doorstep delivery has made it a preferred choice for regional and international travelers. As the UAE continues to witness a boom in tourism, business activities, and major global events, SelfDrive remains at the forefront of providing innovative and customer-centric mobility solutions.
SelfDrive Mobility, established in 2017 in the UAE, has rapidly grown into a leading car rental and subscription platform, offering smart mobility solutions with maximum flexibility. With operations across UAE, Oman, Qatar, Bahrain, Kuwait, KSA, UK, Ireland, and Turkey, Selfdrive Mobility has served over 1.5 million customers from 95 different nationalities. The platform provides access to more than 100 car models from 50+ renowned brands directly from dealerships.

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Khaleej Times
17 hours ago
- Khaleej Times
SelfDrive Mobility accelerates growth with flexible monthly subscriptions
SelfDrive Mobility, a leading mobility tech company, has announced the exclusive launch of the all-new Geely Cityray, now available through flexible monthly subscriptions via the SelfDrive app. Soham Shah, CEO and Founder of SelfDrive Mobility, commented on the launch, stating, 'The Geely Cityray was just introduced in the UAE, and we're excited to offer it on SelfDrive even before it enters the traditional rental fleet market. This reflects our commitment to delivering brand-new models to our users through a platform built on convenience, flexibility, and digital innovation.' Available exclusively through the SelfDrive app, this launch reinforces the company's all-digital subscription model, which offers seamless vehicle access, instant booking, paperless onboarding, and complete transparency in pricing. The app-based model appeals strongly to Gen Z and millennial users who prioritize mobile-first experiences and flexible service options. The launch also marks another milestone in SelfDrive's ongoing collaboration with Geely's regional dealership partner. Priced from Dh1,699 per month, the Geely Cityray subscription will be offered on an all-inclusive basis. This includes insurance, routine service and maintenance, 24/7 roadside assistance, and optional doorstep delivery across the UAE. Customers can subscribe without long-term commitments or hidden costs, with the ability to start driving within just two hours of booking. SelfDrive Mobility, established in 2017 in the UAE, has rapidly grown into a leading mobility tech company, offering smart mobility solutions with maximum flexibility. With operations across the UAE, Oman, Qatar, Bahrain, Kuwait, KSA, UK, Ireland, and Turkey, SelfDrive Mobility has served more than 1.5 million customers from 95 different nationalities. The platform provides unique access to more than 100 car models from 50+ renowned brands directly from dealerships, ensuring a perfect match for every customer's needs.


Arabian Post
2 days ago
- Arabian Post
Afreximbank downgrade dispute raises questions on loan categorisation
African Union's African Peer Review Mechanism has challenged Fitch Ratings' downgrade of the African Export‑Import Bank, arguing the move rests on a misinterpretation of its sovereign loan portfolio. On 4 June, Fitch lowered Afreximbank's long‑term foreign‑currency issuer rating from BBB to BBB‑—a notch above junk—with a negative outlook. The agency attributed the downgrade to elevated credit risk, citing an estimated non‑performing loan ratio of 7.1 %, primarily due to sovereign exposures to Ghana, South Sudan and Zambia classified as NPLs. The APRM asserts that Fitch's classification is flawed and inconsistent with Afreximbank's own disclosure of an NPL ratio of 2.44 % as of end‑March. The AU‑established body emphasises the bank's status as a multilateral lender created under a 1993 treaty, which binds member governments—including Ghana and Zambia—as signatories, shareholders and founding members. APRM contends such loans are grounded in intergovernmental cooperation rather than standard commercial terms, so treating them as NPLs misrepresents their nature. Fitch defended its methodology, stating that its supranational rating decisions adhere to globally consistent and publicly available criteria, and highlighting that their analysis clearly identified rating drivers and sensitivities. The agency maintains sovereign exposures showing delayed repayments meet its threshold for classification as non‑performing, irrespective of legal structures or treaties. In that sense, the downgrade aligns with accepted analytical standards. ADVERTISEMENT APRM's critique zeroes in on that threshold. It argues that sovereign repayment negotiations are routine diplomatic engagements, not signs of default. It remains concerned that Fitch's decision conflates financial dialogue with credit impairment. The body has formally called on Fitch, Afreximbank and other African institutions to convene technical consultations and reassess the rating, emphasising the importance of contextually intelligent credit assessments. Beyond the immediate dispute, this episode resonates with a broader continental debate over the relevance and fairness of global credit‑rating frameworks applied to African multilaterals. Africa's longstanding concerns that Western rating methodologies fail to grasp local realities and may unfairly inflate borrowing costs have sparked momentum for alternative mechanisms. Among these, an Africa‑led credit‑rating agency is under development, envisaged to begin operations by September 2025, aimed at providing sovereign ratings that reflect regional economic and institutional contexts. Central to the debate is Afreximbank's evolving lending strategy. Under outgoing president Benedict Okey Oramah, the Cairo‑based lender has aggressively expanded its footprint, increasingly financing private sector projects across the continent and taking calculated sovereign exposure. Supporting growth in under‑served markets like Zimbabwe and Nigeria, the bank grew its asset base from around US$7 billion in 2015 to approximately US$40 billion in 2024, with deposits rising to US$37 billion. That growth has attracted scrutiny. Fitch has highlighted what it sees as elevated concentration of corporate and sovereign risk, pointing to an NPL ratio that exceeds its internal threshold. Observers note that up to 92 % of Afreximbank's lending is directed at commercial businesses, and certain sovereign loans carry interest rates as high as 6.875 % over benchmark rates—much higher than traditional development finance institutions. Proponents of the APRM's position, including lead credit‑ratings expert Misheck Mutize, argue that supplementary indicators such as capital adequacy, collateral density and profitability should carry mitigating weight. Mutize points to a strong equity ratio of 19 %, risk‑weighted capital at 21 %, internal capital generation through profits, and loan collateral cover for 84 % of the portfolio. These factors, he suggests, are downplayed in the rating downgrade despite being explicitly acknowledged in Fitch's own analytic framework. He warns that over‑reliance on contested NPL figures can breach the methodology's balance principles. ADVERTISEMENT Not everyone supports APRM's framing. Analysts note that countries like Zambia officially halted repayments to Afreximbank in 2021, and South Sudan failed to honour its obligations, prompting legal recourse in London. Zambia's treasury has openly stated its debt will be restructured. Against this backdrop, Fitch's interpretation that certain sovereign debt has become non‑performing appears defensible under global standards. This dispute underscores a tension: Afreximbank's assertive growth strategy has boosted its developmental reach and institutional clout, yet it must reconcile that dynamism with risk and transparency expectations imposed by global credit agencies. With Oramah set to step down later this month, the new president will face a pivotal choice: maintain aggressive expansion as the bank charts an independent path, or recalibrate operations to conform more closely with multilateral development bank norms—a course change that could preserve borrowing benefits but limit growth prerogatives. Beyond institutional implications, the outcome has broader financial consequences. A downgrade to BBB‑ tightens Afreximbank's borrowing costs, heightens the risk premium for countries swayed by its lending, and complicates its mission to finance intra‑continental trade. That may squeeze African exporters and traders relying on the bank's funding. Policy stakeholders are paying attention. The APRM's call for dialogue and transparency signals a pushback against the perceived hold of Western agencies over African financial destiny. Meanwhile, the African Development Bank is developing a Continental Financial Stability Mechanism that may borrow under a regional rating—another step towards financial sovereignty.


Fintech News ME
2 days ago
- Fintech News ME
Global Islamic Finance Grows 14.9%, Reaches US$3.9 Trillion in Total Assets
In 2024, the global Islamic financial services industry continued to expand, growing by 14.9% year-on-year (YoY) to reach US$3.88 trillion in total assets, according to a new report by the Islamic Financial Services Board (IFSB). Growth was observed across all major sectors, including Islamic banking, Islamic insurance, and sukuk, which are Islamic financial certificates, similar to bonds in Western finance, highlighting deepening market participation, and expanding geographic reach, especially in non-traditional markets. In 2024, total assets in Islamic banking grew by 17.05%, marking a significant increase. The segment remained the cornerstone of the industry, accounting for 71.6% of Islamic finance assets. Although assets remained concentrated in mature, systemically significant jurisdictions, there were signs of growing momentum in emerging markets, particularly in Africa and Central Asia. The Islamic capital markets also delivered strong gains, driven primarily by a surge in sukuk issuance. Global sukuk issuances rose by a remarkable 25.6% to reach US$230.4 billion, making it the fastest-growing segment in 2024. Sukuk outstanding accounted for 23.3% of total Islamic finance assets, further reflecting favorable financing conditions and growing demand from both sovereign and corporate issuers Within the Islamic capital markets still, the Islamic funds industry also recorded growth, with total assets under management (AUM) increasing by 9.2% to US$193.6 billion. This increase was largely supported by robust performance in global equity markets, and marked a recovery following a decline in 2023. Islamic insurance, referred to as takaful, recorded asset growth of 16.9% and an increase of 15.4% in gross written contributions. Despite the significant increase, the industry continued to account for a small portion of the market, accounting for 1.4% of the global Islamic finance assets. The report highlights that while traditional markets continue to dominate Islamic finance, the industry is steadily expanding into non-traditional regions. As of the end-of-year 2024, the Gulf Cooperation Council (GCC) region accounted for the largest share of global Islamic finance assets at 53.1%. This was followed by East Asia and the Pacific (EAP) with 21.9%, driven by Malaysia and Indonesia's well-established Islamic finance ecosystems. The Middle East and North Africa (MENA, excluding GCC) contributed 16.9%, while other regions such as Europe and Central Asia (ECA), South Asia (SA), and Sub-Saharan Africa (SSA) held relatively small shares, but represent emerging growth frontiers. The rise of Islamic fintech In addition to traditional growth drivers, fintech is another trend that's driving structural shifts within the Islamic finance, offering new avenues for growth, efficiency, and financial inclusion. For example, digital financing platforms, including Islamic equity crowdfunding and peer-to-peer (P2P) lending, are emerging as important sources of financing, particularly for small and medium-sized enterprises (SMEs) and underserved market segments. Cryptocurrency-related activity is also growing in popularity within the Islamic finance landscape covering trading, investments, and tokenization. Examples include Rain and CoinMENA, two crypto exchanges licensed by the Central Bank of Bahrain which offer crypto trading and custodial services that meet Islamic standards. Artificial intelligence (AI) is also gaining ground in Islamic finance, with institutions increasingly deploying the technology. An IFSB survey as part of the report highlighted identity verification (67%), chatbots and virtual assistance (56%), and digital footprint analysis (44%), as the most common uses of AI among Islamic banks. Despite benefits including improved operational efficiencies, customer experiences, and new business opportunities, technology also introduces new risks. Digital financing platforms and crypto-related solutions, for example, require close attention to issues of investor protection, sufficient transparency and disclosure, and appropriate Sharia governance frameworks. Finally, the adoption of AI introduces a unique set of risks. One particular concern is the potential lack of interpretative judgment in AI systems when applied to complex Sharia rulings and jurisprudential differences across jurisdictions. 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Economies including China, the Middle East, and Africa are expected to offer the greatest opportunities over the next two to three years.