Latest news with #Dh8
Khaleej Times
20-05-2025
- Business
- Khaleej Times
Powering a cashless economy through fintech revolution
In a world rapidly shifting toward digitisation, the UAE has emerged as a regional — and global — trailblazer in the race to build a cashless economy. With an ambitious vision anchored in innovation, the country is redefining the future of finance, commerce, and customer experience. Leading this transformation is Dubai's strategic push to eliminate cash dependency, paving the way for a smarter, faster, and more secure financial ecosystem. At the heart of this evolution is the Dubai Cashless Strategy, a bold initiative launched by Digital Dubai with the goal of ensuring that 90% of all transactions are digital by 2026. This move aligns with Dubai's wider ambition to become one of the top digital cities in the world. By accelerating digital payments and financial innovation, the strategy is expected to inject more than Dh8 billion ($2.17 billion) into the economy annually. AI and machine learning technologies are being integrated into payment systems to enable real-time fraud detection, personalized financial services, and smarter decision-making across financial touchpoints. A Progressive Yet Balanced Ecosystem 'The UAE's digital payment ecosystem in 2025 is both highly progressive and uniquely balanced,' says Hennie Du Plessis, Senior Vice President – Financial Institutions, Middle East & Africa at IDEMIA. Citing findings from IDEMIA Secure Transactions' 2024 global survey on consumer payment trends, he notes that over 50% of UAE residents now regularly opt for cashless transactions. Interestingly, 67% still carry two or more physical cards — an insight that underscores the duality of consumer behaviour in the region. 'This tells us that while the digital infrastructure is accelerating rapidly, consumer trust in physical cards remains deeply rooted,' Du Plessis explains. 'The dual preference reflects a mature ecosystem that seamlessly integrates both digital innovation and physical reliability.' This coexistence of digital and traditional payment methods signals a nuanced and sophisticated market, where consumers are empowered with choice and confidence, and businesses are equipped to meet evolving expectations. At the heart of this transformation lies robust government policy. The UAE's leadership has played an instrumental role in driving the nation towards a cashless economy through strategic frameworks and future-focused initiatives. 'Government policy has been a driving force,' affirms Du Plessis. 'Programmes like the UAE Central Bank's Financial Infrastructure Transformation (FIT) strategy and broader smart government initiatives are setting a foundation for secure, real-time digital transactions.' The FIT programme, in particular, is designed to enhance interoperability, boost financial inclusion, and create an environment conducive to fintech innovation. These efforts ensure that regulatory frameworks evolve in tandem with technological advancements, allowing both consumers and financial institutions to adopt digital solutions with confidence. Key Milestones According to Du Plessis, the nation has already achieved several significant milestones that reflect its digital maturity. 'Key milestones include the rise in contactless payments, mainstream adoption of digital wallets, and the launch of innovative smart cards with state-of-the-art designs — like metal and illuminated cards — and functionalities such as biometric payment options,' he says. Biometric technology, in particular, is emerging as a key enabler of secure, frictionless payments. ' Biometric payments readiness is especially high, with 98% of UAE consumers open to using at least one biometric method to pay, and 69% expressing specific interest in fingerprint-based transactions,' Du Plessis adds. Looking ahead, the next wave of innovation will focus on enhancing payment accessibility and experience. Du Plessis outlines the future roadmap: 'The next steps lie in expanding wearable payment technologies and blockchain-based platforms, while ensuring inclusive access across all age and income segments.' As the market matures, specific innovations within the digital payment space are gaining strong traction. QR code payments and Buy Now, Pay Later (BNPL) services are witnessing rapid adoption, especially in dynamic sectors like e-commerce, food & beverage, and urban mobility. 'The UAE consumers are increasingly opting for frictionless checkouts and contactless retail experiences,' Du Plessis observes. 'This is being enabled through wallet integration, tokenisation, and one-click transactions offered by solutions like Tap To Pay.' An Ecosystem Built on Collaboration Unlike fragmented global markets where banks and fintechs often operate in silos, the UAE has created an environment of strategic cooperation. According to Du Plessis, this synergy is driving the nation's fintech revolution. 'In contrast to more fragmented markets, the UAE's ecosystem is uniquely collaborative,' says Du Plessis. 'Fintechs here benefit from regulatory sandboxes, investor access, and a supportive public sector.' This collaborative environment is compelling traditional banks to modernise and innovate at pace. 'Traditional banks are responding by launching digital-first services, while neobanks and tech players are pushing the boundaries of seamless UX,' he adds. The result is a dynamic, healthy competition where innovation is accelerated — but not at the expense of consumer trust. Security as the Cornerstone of Innovation As digital payments become the norm, security has emerged as the foundation upon which user trust is built. In the UAE, where 84% of residents identify online fraud as a primary concern, financial institutions are doubling down on safeguarding every transaction. 'Security is front and center in every payment conversation,' Du Plessis notes. 'Technologies such as chip-level encryption, tokenization, and biometric authentication are now widely adopted to safeguard transactions end to end.' These advanced security layers not only protect against present-day cyber threats but also ensure that user-facing innovation — like seamless mobile payments or biometric card transactions — is meaningful and reliable. The industry's next major frontier in security lies in anticipating and mitigating the threat of quantum computing. As the potential for cryptographic vulnerabilities grows, financial institutions must adopt next-generation security standards to stay ahead. 'With quantum computing advancing, the threat of cryptographic vulnerabilities is no longer theoretical,' Du Plessis warns. 'This is driving a global shift toward post-quantum cryptographic standards and the deployment of next-generation secure chipsets embedded in cards, devices, and payment terminals.' These emerging technologies are designed to resist future quantum attacks and preserve the integrity of financial transactions well into the future. The UAE, with its progressive policies and appetite for innovation, is in a strong position to lead this transformation. 'We expect post-quantum-ready encryption to become a defining benchmark for compliance, trust, and operational resilience — not only for financial institutions, but across the broader payments and digital identity ecosystem. The future of secure payments will depend on the industry's ability to stay ahead of emerging threats by investing in resilient technologies that ensure transactions remain safe, trusted, and future-ready,' Du Plessis adds. While the UAE is clearly embracing digital payments at an unprecedented scale, the future may not completely eliminate cash. Instead, it will shift to a smart-payment-first economy where cash is relegated to niche or legacy use cases. 'The UAE is clearly on a trajectory toward a predominantly cashless economy, but not necessarily a cash-free one,' says Du Plessis. 'Cash might be reserved for specific use cases, while most transactions will be driven by digital channels — powered by smart cards, wearables, mobile wallets, and embedded payment technologies.' Interestingly, despite the rise of digital wallets and contactless solutions, physical payment cards are expected to maintain — and even increase their relevance. 'Physical payment cards will still play a central role, particularly among premium segments where tangibility and brand experience continue to matter,' Du Plessis adds. Shaping the Future of Financial Intelligence The role of AI and machine learning in banking and payments will evolve from operational support to strategic enablers of hyper-personalisation and proactive security. According to Du Plessis, these technologies will 'drive hyper-personalized banking, fraud detection, and predictive risk analysis.' Consumers can expect AI to not only offer tailored financial products based on real-time behaviors and preferences but also act as a frontline defense against increasingly sophisticated fraud threats. 'Blockchain will streamline everything from real-time cross-border payments to digital identity verification,' Du Plessis explains. Tokenised assets are gaining traction as consumers and businesses look for faster, more transparent ways to manage and transfer value. IDEMIA, for instance, is leading the charge with secure hardware wallets like which empower users to manage crypto assets with enhanced security and user control. As the UAE looks ahead, the convergence of AI, blockchain, and advanced payment infrastructure is setting the stage for a resilient financial ecosystem built on intelligence, speed, and trust. 'These technologies will define a new era of secure, intelligent financial infrastructure in the UAE,' Du Plessis affirms.
Al Etihad
19-05-2025
- Business
- Al Etihad
EGA, Sunstone sign joint development agreement to progress anode manufacturing project in Abu Dhabi
19 May 2025 19:31 ABU DHABI (WAM) Emirates Global Aluminium (EGA) and Sunstone, an independent pre-baked anode producer from China, today signed a Joint Development Agreement at the Make it in the Emirates (MIITE) to progress the development of an anode manufacturing plant in Abu agreement was signed by Abdulnasser Bin Kalban, Chief Executive Officer of EGA, and Lang Guanghui, Chairman of are required in the smelting of aluminium. EGA produces some 1.35 million tonnes of anodes every year at its own plants in Jebel Ali and Al Taweelah, and the remainder of the company's needs are currently new anode manufacturing facility in Khalifa Economic Zone Abu Dhabi would have a capacity of 300 thousand tonnes of anodes per year, replacing most of EGA's imports and potentially making the UAE only the second country in the world after China to export anodes the mandate to attract and enable high-impact investments in Abu Dhabi, Abu Dhabi Investment Office (ADIO) has played an important role to enable Sunstone's entry into the Abu Dhabi market, which includes Sunstone benefiting from ADIO's energy and land support programs, which are key initiatives in Abu Dhabi's industrial Bin Kalban, Chief Executive Officer of EGA, said, 'This project will enable EGA to further increase our contribution to Make it in the Emirates, by localising the manufacture of a key raw material for our process here in the UAE as well as potentially supplying other aluminium smelters in the region and beyond."In our supply chain, EGA already spends more than Dh8 billion each year on goods and services locally, which is around 40% of our total global spend. Our goal is to progressively increase that proportion, to further spur the development of UAE industry.'Lang Guanghui, Chairman of Sunstone, said, 'The UAE's 'Make it in the Emirates' initiative, combined with the support from Abu Dhabi government partners, has created an ideal environment for industrial growth. Establishing Sunstone's first plant outside China in partnership with EGA marks a pivotal milestone in our global expansion. We are confident that this collaboration can set a new benchmark for excellence in anode manufacturing. Together, we are poised to deliver long-term value to the UAE's industrial ecosystem and the global aluminium industry.'Mohammad Ali Al Kamali, Chief Trade and Industry Officer at ADIO, said, 'Sunstone's new Abu Dhabi facility, marking the company's first expansion outside of China, reflects the strength of our industrial ecosystem and the Emirate's ability to attract global leaders across critical supply chains. Through ADIO's comprehensive efforts, we are proud to enable partnerships that create new domestic supply, deepen local capabilities, drive innovation and advance Abu Dhabi's position as a global hub for industrial excellence.'EGA and Sunstone have already completed a feasibility study for the project, which the two companies intend to develop in a joint venture with Sunstone owning a 55% shareholding and EGA a 45% shareholding. Construction of the new anode manufacturing facility is expected to begin during 2026, with first production reached as early as 2028.
Al Etihad
19-05-2025
- Automotive
- Al Etihad
Abu Dhabi Investment Office launches Automotive Programme
19 May 2025 18:55 ABU DHABI (WAM)The Abu Dhabi Investment Office (ADIO) on Monday announced the launch of a major economic programme targeting the establishment of an end-to-end automotive by multi-billion-dirham investments from global industry leaders, the programme aims to transform Abu Dhabi into the region's foremost hub for smart automotive manufacturing and assembly, R&D, restoration, auctions and luxury during the Make it in the Emirates Forum 2025 (MIITE), the automotive programme is projected to contribute Dh100 billion to Abu Dhabi's GDP by 2045, attract over Dh8 billion in FDI and create 7,000 high-skilled inclusion of advanced R&D and engineering centres, as well as participation from Tier 1 and 2 suppliers and premium OEMs, ensures that the entire value chain, from design and manufacturing to aftersales, generates sustained economic impact and long-term industrial competitiveness. In addition to manufacturing, the holistic ecosystem will encompass activations, annual product launches, motorsport and industry events, luxury car restoration and premium vehicle development will also be a cornerstone of the automotive programme. In collaboration with top universities, ADIO has created the region's first Automotive AI Curriculum, focused on product design. The programme combines advanced research, AI, training and international placements, further embedding local talent in the global mobility value Al-Olama, Director General of ADIO, said, 'Backed by automotive OEMs, our automotive programme is a defining step in Abu Dhabi's evolution as a global economic powerhouse, reinforcing our strength in advanced manufacturing, future mobility and design excellence. It reflects Abu Dhabi's long-term vision to build not just competitive sectors, but entire ecosystems that shape global standards and unlock innovation. It signals that the emirate is not just a destination for investment, but a global, export-driven hub where talent, technology and bold ambition converge.'Mohammad Ali Al Kamali, Chief Industry and Trade Officer at ADIO, added, 'With the launch of the automotive programme, we are moving beyond assembly to create an end-to-end manufacturing and innovation ecosystem, where global OEMs, specialist automotive suppliers and emerging technology players can co-locate, collaborate and scale from Abu Dhabi. "This is how we industrialise opportunity: by combining strategic infrastructure, future-focused talent and global partnerships to make Abu Dhabi a centre of gravity for automotive production and smart mobility systems.'More than ten commercial and investment agreements were announced as part of the automotive programme during the MIITE Forum, marking the first full demonstration of Abu Dhabi's automotive programme in motion. Leading automotive manufacturers, including Genesis and ROX Motors, confirmed new manufacturing agreements with W Motors in Abu Dhabi, establishing the emirate as a production hub for regional and international AIH Group, one of the world's largest automotive assembly providers, is now embedded in the local manufacturing landscape as the technical lead for high-volume vehicle anchor projects are complemented by a robust network of local supply chain partnerships that enhance each stage of automotive production. This includes lightweight materials through Borouge, battery systems by Enercap, and aluminium components through Automotive Precision Technology (APT), establishing a full-spectrum vehicle manufacturing ecosystem. Together, these investments mark a pivotal step in shaping Abu Dhabi's automotive future, one that blends advanced manufacturing with cutting-edge design, sustainable mobility and global reach. By anchoring world-class talent, technology and supply chains in the emirate, the automotive programme sets a new standard for industrial excellence in the region and beyond.
Al Etihad
12-05-2025
- Business
- Al Etihad
EGA named Sector Partner for Advanced Infrastructure at ‘Make it in the Emirates'
12 May 2025 17:56 ABU DHABI (WAM)Emirates Global Aluminium (EGA) has been confirmed as the Sector Partner—Advanced Infrastructure—by ADNEC Group, at the fourth edition of Make it in the upcoming edition will provide a leading platform to spotlight the latest advancements in industry, strengthen collaboration, and showcase investment opportunities—further cementing Abu Dhabi's role as a global centre for industrial innovation, strategic partnerships, and Director and Group CEO of ADNEC Group, Humaid Matar Al Dhaheri, said, 'Hosting Make it in the Emirates reflects ADNEC Group's ongoing commitment to supporting national priorities through our venues and platforms. As a space designed to enable collaboration and growth, ADNEC Centre Abu Dhabi brings together key stakeholders across sectors to help advance the UAE's industrial agenda. The presence of sector partners like EGA adds valuable perspective to the dialogue and reinforces the importance of strong industrial foundations in building a resilient, competitive economy.'Chief Executive Officer of Emirates Global Aluminium, Abdulnasser Bin Kalban, said, 'EGA is the heart of the UAE aluminium sector, one of the UAE's most important economic sectors. Our metal is the largest UAE export outside oil and gas. Our metal goes into UAE-made products from car parts to construction materials. Aluminium is just one part of our contribution."At EGA, we are focused on further localising our supply chain. Every year, we spend some 40% of our global procurement spend here in the UAE – for 2024, that was more than Dh8 billion spent on locally-sourced services and goods. EGA and the aluminium sector account for around 1.3% of the UAE GDP and support over 52,400 jobs across the country. At EGA, we are proud to Make it in the Emirates.'Make it in the Emirates gathers senior executives, industry leaders, policymakers, leading manufacturers, investors, and innovators from the UAE and beyond. The expanded fourth edition sets the stage for the future of manufacturing and long-term sustainable industrial it in the Emirates 2025 is hosted by the Ministry of Industry and Advanced Technology, organised by ADNEC Group, and held in strategic partnership with the Ministry of Culture, the Abu Dhabi Investment Office, and event serves as a global platform for investment, collaboration, and place at ADNEC Centre Abu Dhabi from May 19 to 22, 2025, the event will host over 700 exhibitors and welcome 30,000 visitors across 68,000 square meters of exhibition space, spanning 12 key industrial the Sector Partner for Advanced Infrastructure, Emirates Global Aluminium (EGA)—one of the world's biggest aluminium producers and the UAE's largest industrial company outside oil and gas—plays a crucial role in bolstering domestic manufacturing and driving industrial nearly 50 years, EGA has been a pioneer of the UAE's industrial sector, helping position the nation as the world's fifth-largest aluminium producer and exporting to over 50 integrated global operations—from bauxite mining to alumina refining, smelting, and recycling—reflect Make it in the Emirates' focus on sustainability and aluminium sector supports over 52,000 jobs, with EGA's metal fuelling industries like construction, automotive, aerospace, electronics, and packaging. Around 10% of EGA's metal is sold locally to firms manufacturing for domestic and global markets.
Gulf News
05-05-2025
- Business
- Gulf News
Gold sees sudden Dh8 price spike after weekly loss: Here's why
Dubai: Gold prices bounced back on Monday, climbing more than 2% after two straight weeks of losses, as investors turned cautious ahead of a key US interest rate decision and reacted to ongoing uncertainty around global trade. Globally, spot gold rose to around $3,316 an ounce, clawing back most of last week's 2.4% drop. In the UAE, prices rose by Dh8 a gram by Monday evening, with a gram of 22K selling at Dh369.50 (and Dh399 for 24K). Why sudden move? The sudden move comes as markets await the US Federal Reserve's upcoming decision on interest rates, expected on Wednesday. Although the Fed is likely to hold rates steady, investors are closely watching for any signals about future rate cuts or changes in economic outlook. The recent recovery in gold follows a sharp rally earlier this year, when prices surged 26% to a record high above $3,500 an ounce in April. That run-up was driven largely by fears over global economic stability, rising geopolitical tensions, and strong demand from central banks and Chinese investors. Monday's spike was also supported by a dip in the US dollar. A weaker dollar tends to make gold more attractive to international buyers, since the metal is priced in dollars. The Bloomberg Dollar Spot Index fell by 0.4%, adding to gold's appeal. Adding to the uncertainty were recent comments from US President Joe Biden, who said there are no immediate plans to hold talks with Chinese President Xi Jinping. Trade tensions between the US and China have weighed on global markets in recent weeks, and gold often benefits in such risk-off environments as a "safe-haven" asset. Although the US economy continues to show strength — with surprisingly strong job data reported last week — this only complicates the picture for rate decisions. Some, including former US President Donald Trump, argue that rates should be cut regardless, but analysts believe the Fed may hold steady due to a still-firm labor market. Next steps?
