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Hi Dubai
15-04-2025
- Business
- Hi Dubai
Best Online Payment Gateways in UAE 2025: Ecommerce Businesses
If you're running an e-commerce business in the UAE, having the right payment gateway can make or break your customer experience. Shoppers expect smooth, secure and flexible payment options, and if your checkout process is clunky or limited, you're likely losing sales. With the online market here growing fast in 2025, there's no room for friction at the final step. This guide breaks down the top online payment gateways in the UAE right now. Whether you're just getting started or looking to upgrade, these platforms offer solid features, reliable support and the kind of payment flexibility that helps you stay competitive. Growth of UAE's Digital Economy The UAE's digital economy is growing at an impressive rate, driven by rapid technological advancements, government initiatives and a strong focus on innovation. As the region's e-commerce and fintech sectors boom, businesses are increasingly embracing digital solutions to stay competitive. The government's Vision 2021 and the recent UAE Digital Economy Strategy aim to diversify the economy and place the country at the forefront of digital innovation. The rise of e-commerce in the UAE has been a major catalyst for this growth. With a high internet penetration rate and tech-savvy consumers, more people are turning to online shopping, creating huge opportunities for businesses. The growth of digital payments is also a significant part of this shift. More people are opting for seamless, secure and convenient online transactions, which has prompted businesses to adopt advanced payment gateway solutions to meet this demand. As the UAE continues to build its digital infrastructure and expand the reach of its e-commerce ecosystem, the digital economy is expected to play a crucial role in the nation's future growth. With the increasing number of startups and global companies setting up shop in the UAE, the future of its digital economy looks promising, providing even more opportunities for businesses and consumers alike. Best Online Payment Gateways in the UAE In the dynamic landscape of e-commerce in the UAE, selecting the right online payment gateway is crucial for business success. As of 2025, several payment gateways stand out for their features, security and adaptability to the UAE market. Here's an overview of some of the top options: Amazon Payment Services Amazon Payment Services (APS) is one of the most trusted online payment gateways in the UAE, especially popular with startups and growing ecommerce brands. It used to be called Payfort before Amazon took over in late 2020. Since then, it's built a solid reputation for being secure, efficient, and easy to integrate with online stores. APS is great at handling both local and international payments and supports over 100 currencies, so it's ideal if your customers are spread across different regions. It also connects with local payment methods and digital wallets, which is a big plus in markets like the UAE. Their fraud protection is powered by machine learning, helping reduce risk while keeping things smooth for your customers. Plus, the pricing is straightforward, with no setup fees and the option to scale as your business grows. Key Features: Accepts global payments with local transaction fees. Supports 100+ currencies and popular digital wallets. Machine-learning fraud prevention. Tokenized card storage for returning customers. Flexible installment options for buyers. No setup or integration fees. Simple pricing with a custom plan option for high-volume businesses. Best for: Ecommerce platforms, startups and growing businesses in the UAE looking for a reliable, secure and scalable payment solution with strong local support. CashU CashU is one of the earliest online payment solutions to come out of the UAE and has since built a solid presence across the Middle East and even parts of Europe. Known for its strong focus on security, CashU gives both businesses and customers peace of mind during transactions. It's designed to reduce payment risks and prevent fraud, making it a trusted option for e-commerce platforms. Setting it up does involve an initial fee and a refundable deposit, plus a yearly charge based on your total sales. But the maintenance cost is minimal, and it's one of the most affordable in the market. With several integration options, including standard, premier, and API, it offers enough flexibility for businesses to choose how they want to handle payments. CashU also supports MasterCard's virtual credit card service, which adds another layer of convenience and reach. Key Features: Strong fraud protection and secure transactions. Low yearly maintenance cost at $1. Sales-based annual fee. Supports MasterCard virtual credit cards. Multiple integration options: standard, premier and API. Best for: E-commerce stores, digital product sellers and businesses targeting customers in the Middle East who want a secure and trusted online payment method. CCAvenue CCAvenue is one of the most trusted payment gateways used across the UAE, especially by businesses looking for solid security, flexible pricing and smooth integration. Originally launched in India, it's grown into a go-to option for UAE merchants who want a dependable way to handle online transactions. What makes it stand out is how easily it fits with popular e-commerce platforms and the different checkout options it offers, from hosted billing pages to direct integration. While the monthly fee for the popular plan sits at AED 200, there's no setup cost, and you get 24/7 customer support and strong anti-fraud protection. It's also designed to scale with your business, whether you're just starting out or managing high-volume sales. CCAvenue is all about making payments simple and secure, so you can focus on growing your store without worrying about tech headaches. Key Features: No setup fee for standard plans. AED 200 monthly maintenance (for the popular plan). Transparent per-transaction and card charges. Free 24/7 customer support. Strong fraud detection tools. Works with major e-commerce platforms. Multiple checkout options: hosted billing page, iframe and direct payments. Supports credit/debit cards, net banking and invoice payments. Best For: E-commerce businesses, subscription-based services, online retailers and companies selling high-ticket items that need secure and customizable payment solutions. Checkout is a solid option for businesses in the UAE that want reliable, fast, and secure online payments. It's a global payment gateway with strong roots in the UK, but it's made a name for itself locally by offering smooth integration, helpful analytics and flexibility that works well with how people shop in this region. The setup is straightforward, and it supports a range of platforms like WooCommerce, Shopify, Magento and Prestashop. What makes Checkout stand out is how adaptable it is. It scales with your business, whether you're just starting or growing fast. The pricing is transparent too, with models that suit different business types and risk levels. If you're a charity, it even offers free payment processing. For tech-savvy teams, there are flexible integration options, while non-tech users can still get up and running easily. Key Features: Flexible integration (iFrame, widget, or full API). Transparent pricing with no hidden fees. Advanced fraud prevention tools. Real-time analytics and reporting. Supports multiple currencies and payment methods. Works with major e-commerce platforms. Best For: Growing e-commerce brands, large-scale retailers, international businesses and tech-driven startups looking for custom solutions. 2Checkout 2Checkout is a flexible and globally trusted payment gateway that's a solid pick for UAE businesses looking to reach international customers. It supports payments in 15 languages and 87 currencies, which makes it ideal for selling to people around the world. With no setup or monthly fees, it's a budget-friendly option, especially for small businesses or startups. It works smoothly with major e-commerce platforms and tools like FreshBooks, so integration is simple. Customers can pay using various methods like Visa, MasterCard, PayPal, Apple Pay and more. You can add it to your website using either API or iFrame, depending on how hands-on you want to get. Plus, it offers different pricing plans based on your sales model, whether you're doing one-time purchases, subscriptions or digital products. Overall, it's a no-fuss, reliable solution if you want to scale your online business without dealing with complicated setup or high costs. Key Features: No setup or monthly maintenance fees. Supports 87 currencies and 15 languages. Works in 196 countries. Multiple payment methods (Visa, MasterCard, PayPal, Apple Pay, etc.). Integrates with platforms like FreshBooks. Two integration options: API and iFrame. Pricing plans: 2SELL: 3.5% + $0.35 per sale 2SUBSCRIBE: 4.5% + $0.45 per sale 2MONETIZE: 6.0% + $0.60 per sale Best for: E-commerce stores, digital product sellers and subscription-based businesses targeting international customers from the UAE. Cybersource Cybersource is a reliable online payment gateway backed by Visa, making it a trusted name for secure digital transactions. It's been around since 1994 and operates in more than 190 countries. In the UAE, it's a go-to option for businesses that want solid fraud protection and a smooth checkout experience. Cybersource supports multiple payment methods including Apple Pay, Google Pay and Alipay, making it flexible for both local and international customers. What sets it apart is its strong focus on security and scalability, which is ideal for businesses looking to grow without compromising on safety. It also handles cross-channel payments, so businesses can manage online, in-app, and in-store payments through one platform. With simple integrations and tools to detect fraud before it becomes a problem, Cybersource makes online payments more efficient and secure. Key Features: Cross-channel payment support (web, mobile, in-store). Real-time fraud detection and alerts. Address verification tools. Tokenization and secure customer account protection. Works with Apple Pay, Google Pay, Alipay and more. Easy integration with websites and mobile apps. Best For: Large retailers, enterprise-level e-commerce stores and growing businesses that need strong fraud protection and global reach. Noon Payments Noon Payments is quickly gaining ground as a reliable payment gateway in the UAE and across the MENA region. Built with e-commerce in mind, it focuses on making online transactions simple, secure and fast. What sets Noon apart is how easily it blends into the shopping experience, offering flexible payment methods that suit a wide range of customer preferences. From credit and debit cards to cash-on-delivery, it covers all the bases. For businesses, Noon Payments is easy to plug into websites and apps thanks to its API and plugin support. That means you don't need to jump through hoops to get it working. On top of that, its clean and user-friendly interface makes the whole process smoother for everyone. It's a solid choice for retailers who want to offer a seamless checkout and build trust with their customers. Key Features: Multiple payment methods including cards and cash-on-delivery. Easy integration through APIs and plugins. Clean, user-friendly interface. Supports mobile and online platforms. Installment payment options available. Best For: Online retailers, e-commerce platforms and mobile-first businesses looking for a fast and flexible checkout solution in the UAE and wider MENA region. PayPal PayPal is one of the most recognized names in online payments, and for good reason. It's user-friendly, widely supported and packed with features that make it a go-to choice for e-commerce businesses in the UAE and beyond. With PayPal, you can accept payments through credit and debit cards, bank transfers or directly from PayPal balances. It's known for smooth integration with popular platforms like Shopify, WooCommerce and Magento, which makes setup quick and straightforward. One of its biggest strengths is trust; both buyers and sellers rely on PayPal's strong security measures and buyer protection. It also works well across devices and apps, so customers can pay however they prefer. For businesses selling locally or internationally, PayPal brings global reach, solid fraud protection and flexible tools that scale with growth. Key Features: Accepts major credit and debit cards, PayPal balance and bank transfers. One Touch checkout for fast, secure payments. Built-in fraud prevention and buyer protection. Simple integration with top e-commerce platforms. Mobile-friendly and app-compatible. Global coverage in over 200 countries. Best For: Small to mid-sized e-commerce businesses, freelancers and international sellers looking for a trusted, easy-to-use payment solution. PayTabs PayTabs is one of the UAE's most trusted online payment gateways, known for fast setup, strong fraud protection, and flexible integration options. Launched in 2014, it's built to help businesses accept payments smoothly while keeping transactions secure. You can get started with PayTabs in less than a day, and it works well with platforms like Shopify, WooCommerce, Magento, OpenCart, Prestashop and CS-Cart. It also offers smart invoicing tools and supports a wide range of local and international payment methods like Visa, MasterCard, American Express, Mada, and STCPay. PayTabs gives you multiple integration options depending on your technical setup, including hosted payment pages, e-commerce plugins, and direct APIs. With several pricing plans to choose from, it's a solid fit for both new and growing e-commerce businesses in the UAE. Key Features: Fast setup, live in under 24 hours. Fraud detection and prevention tools. Smart invoicing system. Works with major e-commerce platforms. Accepts local and international cards and wallets. Multiple integration options: hosted, plugin, API. Best for: Small to medium e-commerce stores, startups and regional businesses looking for a secure, flexible and easy-to-integrate payment solution. Telr Telr is a widely trusted payment gateway that's built for flexibility and ease of use. Headquartered in Dubai and operating across more than 120 countries, it's a go-to choice for businesses in the UAE that want reliable online payments without complications. Getting started is simple: no setup fees, just sign up directly on their site. It integrates smoothly with popular platforms like Shopify, Woocommerce, OpenCart, Prestashop and Magento, so store owners can get going fast without needing a full dev team. Telr also supports a variety of payment methods including Visa, MasterCard, American Express, Indian net banking and SADAD for Saudi customers. Depending on your business size, Telr offers flexible plans with predictable pricing. For developers and larger businesses, the gateway can be fully integrated with custom design and PCI DSS compliance. It's built to scale and serve all kinds of shops, from startups to established brands. Key Features: No setup fee and simple online registration. Wide platform support: Shopify, Woocommerce, OpenCart, Magento, Prestashop. Multiple payment methods: Visa, MasterCard, Amex, Net Banking (India), SADAD (Saudi Arabia). Three integration options: hosted page, iFrame, or full API. Tiered pricing plans based on business size. Best For: Small to mid-sized e-commerce businesses in the UAE looking for an easy setup, local support and flexible payment integration. XPay by XStak XPay by XStak is built for e-commerce businesses that want a fast, secure, and flexible way to handle online payments. It's PCI DSS compliant, which means it meets top-tier security standards, and it gives you multiple ways to accept payments with ease. You can embed a direct payment page on your website to keep the checkout experience smooth and user-friendly, which helps reduce cart abandonment. For developers, the XPay Fusion API makes it simple to add payment features directly into your site or app. Need to send quick payment requests? The Payment Links API lets you share links through SMS, email, or social media. On top of that, XPay brings advanced tools like one-tap wallets, BIN-based discounts, COD payment options, analytics, and automated emails. It's easy to set up, integrates well with major platforms like Shopify, and supports a wide range of payment methods to keep your customers happy and your operations running smoothly. Key Features: One-tap wallet for quick, secure payments. BIN discounts for personalized transaction savings. Federated links for easier COD payments. Smart analytics to track trends and behaviors. Automated emails to boost engagement and reduce drop-offs. Settlement reconciliation for accurate financial tracking. Real-time onboarding within hours. Multiple payment options including cards, wallets and BNPL. Best For: E-commerce stores using platforms like Shopify, businesses with high COD volume, brands looking for fast setup and flexible payment tools and companies focused on improving checkout experience and customer retention. Also Read: The Rise of Fintech in Dubai: What Entrepreneurs Need to Know What makes Dubai the ultimate destination for fintech startups, and how can entrepreneurs tap into its potential? Explore the rise of fintech in Dubai and insights on how to navigate this exciting, fast-growing sector. Top Transformative Trends in Digital Payments Across the MENA Region Businesses in the MENA region are adapting to a fast-paced environment where digital payments are becoming increasingly important due to rising online retail sales and technological advancements in payment processes. UAE's First Digital Payment Platform for Tenants and Landlords Introduced In a significant boost to digital payments in the UAE, Direct Debit System, the UAE's first paperless direct debit marketplace, has partnered with Keyper. Buy-Now-Pay-Later Apps: Convenience or Financial Trap? The rise of buy-now-pay-later (BNPL) apps has revolutionized consumer spending, allowing individuals to make purchases and pay in instalments. Top 5 Financing Options for Your Business in the UAE In this guide, we've shortlisted some of the top financing options for your business in UAE. Read on to find out all the details about each options.
Yahoo
02-04-2025
- Business
- Yahoo
UAE Commercial Construction Industry Report 2025: Market to Grow at a CAGR of 4.7% During 2024-2030 to Reach $56.49 Billion
UAE Commercial Construction Market Dublin, April 02, 2025 (GLOBE NEWSWIRE) -- The "UAE Commercial Construction Market, By Region, Competition, Forecast and Opportunities, 2020-2030F" report has been added to UAE Commercial Construction Market was valued at USD 42.5 billion in 2024 and is projected to reach USD 56.49 billion by 2030, reflecting robust growth with a compound annual growth rate (CAGR) of 4.7% The market has witnessed significant expansion, driven by the UAE's strategic positioning as a global business hub and its continuous infrastructure development. Key factors such as rapid urbanization, a growing population, and increasing demand for modern office spaces, retail outlets, and mixed-use developments have contributed to this growth. Dubai and Abu Dhabi, the country's primary commercial centers, continue to see large-scale construction projects in response to economic diversification, tourism growth, and the UAE's Vision 2021 goals. Major events like Expo 2020 Dubai have further intensified demand for commercial infrastructure. Government investments in public sector projects, including transportation networks, business parks, and commercial buildings, have played a vital role in shaping the the UAE's favorable business environment, which includes policies that encourage foreign investments, has accelerated the development of commercial real estate. The growing demand for advanced facilities and sustainable designs has led to an increased focus on smart buildings, energy-efficient solutions, and environmentally conscious construction practices. As key sectors like retail, hospitality, and business services continue to grow, the UAE Commercial Construction Market is well-positioned for sustained expansion, presenting lucrative opportunities for developers, contractors, and investors Market DriversUrbanization and population growth are major factors driving the demand for commercial construction in the UAE. As one of the fastest-growing nations in the region, the UAE has experienced rapid urbanization, particularly in major cities like Dubai and Abu Dhabi, resulting in increased demand for commercial infrastructure. The nation's population has steadily grown, both from natural expansion and an influx of expatriates attracted by job opportunities, thereby boosting the need for office spaces, retail outlets, and hospitality services.A large proportion of the population now resides in urban centers, where commercial properties such as malls, business hubs, and mixed-use developments are essential to meet the needs of the expanding consumer base and workforce. The government's focus on enhancing urban infrastructure and creating sustainable cities further supports this growth. Key projects like the development of Dubai Creek Harbour and other planned communities are expected to drive additional construction activities, offering integrated spaces catering to both residential and commercial needs. As urban density continues to rise, the demand for commercial spaces that offer convenience, modern amenities, and sustainability will remain strong. Urbanization remains a fundamental driver shaping the type and scale of commercial real estate projects across the UAE. As of 2023, approximately 86% of the UAE population resides in urban areas, primarily in cities like Dubai, Abu Dhabi, and Market ChallengesA significant challenge facing the UAE Commercial Construction Market is the rise in construction costs, driven by inflation, increasing material prices, and labor shortages. Over recent years, the cost of raw materials such as steel, cement, and aluminum has steadily increased due to global supply chain disruptions, high demand, and geopolitical factors, directly affecting construction budgets. This has made it increasingly difficult for developers and contractors to maintain profitability without compromising on quality. Additionally, labor constraints, especially for skilled workers, have pushed wages influx of large-scale development projects in cities like Dubai and Abu Dhabi, spurred by both public and private investments, has intensified competition for resources, further driving up construction costs. These rising costs can lead to project delays and impact the feasibility of some commercial real estate developments. Developers may be forced to scale back plans or explore more efficient construction processes to maintain margins, which could affect the quality of final projects. Therefore, managing and controlling construction costs is a significant challenge for industry stakeholders and could also result in delays in meeting market demand for commercial Market TrendsSustainability and environmental responsibility are becoming key trends in the UAE Commercial Construction Market. With growing global awareness about climate change and environmental degradation, there has been a notable shift toward sustainable construction practices. The UAE government has integrated sustainability into its development strategy, encouraging the adoption of green building standards such as Estidama and LEED certification. These initiatives promote energy efficiency, reduced carbon footprints, and the use of eco-friendly materials in commercial a result, developers are increasingly investing in energy-efficient technologies like solar panels, LED lighting, water-saving systems, and recyclable construction materials. Moreover, the demand for net-zero buildings, which minimize environmental impact by producing as much energy as they consume, is on the rise. This trend aligns with the UAE's broader Vision 2030, which prioritizes sustainable urban growth and the diversification of the economy away from fossil businesses and consumers increasingly demanding eco-friendly solutions, the market for sustainable commercial buildings is expanding rapidly. Incentives such as tax rebates and regulatory support for sustainable construction are also encouraging developers and investors to adopt green practices. As the trend toward sustainability continues to gain momentum, it will remain a prominent feature in the UAE commercial construction market in the years ahead. Dubai alone is expected to see a population increase of 2-3% annually, with projections suggesting the city will exceed 4 million residents by 2025. Key Attributes: Report Attribute Details No. of Pages 81 Forecast Period 2024 - 2030 Estimated Market Value (USD) in 2024 $42.5 Billion Forecasted Market Value (USD) by 2030 $56.49 Billion Compound Annual Growth Rate 4.7% Regions Covered United Arab Emirates Competitive Landscape and Company Profiles Kabbani Construction Group Almabani General Contractors AlKifah Contracting Company Nesma & Partners Contracting Company Ltd. AL-AYUNI Company Construction & Planning Co. Ltd. Contracting & Construction Enterprises Ltd. Binladen Group Global Holding Company Al-Rashid Trading & Contracting Co. Umm Al Qura for Development & Construction Company Construction Type: New Construction Renovation Repair & Maintenance Sector: Healthcare & Medical Facilities Educational Institutions Hospitality Retail Outlets Corporate Offices Others End-User: Private Public Region: Abu Dhabi Dubai Sharjah Ajman Umm Al Quwain Ras Al Khaimah Fujairah For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment UAE Commercial Construction Market CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900Sign in to access your portfolio
Khaleej Times
03-03-2025
- Business
- Khaleej Times
UAE economy shows no signs of slowdown as non-oil sectors continue to thrive
The UAE's economy will post robust growth in 2025, driven by consistent policies, diversification efforts and strategic investments across various sectors. As part of its Vision 2021 initiative, the UAE has successfully reduced its dependence on oil, focusing on real estate, technology, tourism, hospitality and sustainable energy, according to experts. Leading analysts, economists and executives said the non-oil sectors, particularly tourism, healthcare, and finance, are expected to expand significantly, fuelled by increased foreign investments and a growing population. They are of the view that technological advancements, particularly in fintech and artificial intelligence, will further enhance productivity and innovation, attracting start-ups and established companies alike. 'The UAE's economy in 2025 is expected to be characterised by a well-balanced mix of traditional and emerging sectors, driven by progressive policies, infrastructural development, and a strong focus on innovation and sustainability,' experts said. Building Investment Plans Dr Monica Malik, Chief Economist at Abu Dhabi Commercial Bank, is confident about the continuity of upward economic growth of the UAE despite global uncertainties and said the country has a bright future as its visionary leaders ensure consistent policies and business-friendly environment in the country. 'We remain very positive on the UAE's economic outlook, with strong fundamentals and growth outlook. We see the building investment programme as a key driver of economic activity in 2025 and looking forward, though also see a healthy consumption backdrop,' Dr Malik told BTR. She was of the view that the UAE has successfully diversified its economy and multiple sectors will drive the gross domestic product (GDP) growth in years to come. 'We continue to see a number of sectors seeing healthy performs, including construction, financial services, etc. While global uncertainties have increased, we still expect to see expansion in externally facing sectors such as transport and hospitality,' she said. 'The increase in the UAE's Opec+ baseline oil production target is also positive for the growth outlook in 2025 and 2026,' she added. To a question about inflation, she said it will remain stable this year. 'We see a slight moderation in UAE inflation, to around 1.8 per cent in 2025. This largely reflects a lower fuel prices and a moderation in average oil price, contained imported inflation with a strong US dollar outlook, and the competitive environment remaining. Rental prices are expected to remain a key driver of inflation, especially in Dubai,' she said. Robust Growth Ahead Saad Maniar, Senior Partner at Crowe UAE, said the UAE economy is expected to exhibit robust growth, driven by diversification efforts and strategic investments in innovation and technology. The nation's strong fiscal framework and progressive policies will continue to attract global investors. Elaborating some of the key sectors driving the UAE economy this year, he said primary focus will remain on renewable energy, technology, tourism, financial services and logistics. 'Investments in infrastructure and smart city initiatives will also play a significant role in bolstering economic growth,' Maniar told BTR. To a question, he said the government should explore new sectors for sustained economic growth in the years to come. 'To ensure sustained economic growth, the government should further explore sectors such as artificial intelligence, biotechnology, pharmaceutical, manufacturing and sustainable agriculture. Fostering innovation in these areas will enhance the UAE's global competitiveness,' he said. Major challenges As far as major economic challenges are concerned, Maniar said maintaining economic diversification amid global market fluctuations will remain a challenge for the economy. Additionally, geopolitical situation and potential shifts in oil prices could pose risks to sustained growth, he said. About inflation in 2025 and overcoming rising expenditures, he said inflation is predicted to remain moderate in 2025. 'Residents can mitigate rising expenditures by prioritising savings, investing in stable assets, and staying informed about economic trends to make prudent financial decisions,' he said. Non-oil Sector Expansion Bal Krishen, Chairman, Century Group, said the expansion in the non-oil sector is expected to be the key driver for the economy in the UAE in 2025. 'Key sectors posting growth will continue: wholesale and retail, transportation, construction, and financial services. The oil sector will still be strained due to the fact that Opec+ has delayed unwinding the oil production cuts to April 2025. However, as these cuts should progressively disappear during the rest of the year, the contribution of the oil sector to growth should increase, together with that of investments in the gas sector,' Krishen told BTR. Besides, he said low inflation and expected monetary easing could support private consumption. The rising spending will also be supported by new practices such as the golden visa and remote work visa that the UAE has started to apply for to increase the number of migrant workers. Furthermore, he said the UAE announced its largest-ever budget for 2025, which hints at the possibility of public spending's contribution to growth, currently around 12 per cent of GDP, increasing. 'The latter contribution will be mainly driven by increased infrastructure investment and other capital expenditures. More reforms are anticipated by the economic authorities in view of the emerging competition of Saudi Arabia as a substitute regional platform for trade and business,' he said. Interest Rates Reduction As the currency is pegged, the UAE Central Bank is most likely to toe the US Federal Reserve with the policy of continuing rate cuts through 2025, according to Krishen. 'The robust domestic demand, coupled with population growth, could continue to drive the inflationary pressures emanating from the demand side. An increase in housing prices may put upward pressure on inflation. The low level of world energy prices is likely to partly offset the upside pressures on inflation via transport prices.' He said financial markets are likely to sustain their scintillating performance, buoyed by the UAE's political and economic stability, which has drawn substantial interest from foreign investors. The DFMGI Index has returned nearly 32 per cent over the past year, a trend likely to persist. 'Starting this year on full steam, it is expected to be an equally busy IPO market in 2025, riding the wave built by 2024, during which seven leading listings raked in $6 billion. Similarly, new IPOs will tend to continue surfing forward as 61 per cent of the listed companies have been traded in the positive territory for the last three years.' He said the overall outlook for the UAE economy in 2025 is promising, with strong growth, stable financial markets, and a vibrant IPO market. 'The government's strategic plans and policies for attracting foreign investments and promoting economic diversification are expected to continue driving the growth and development of the economy,' he said. Dominating Sectors Krishen is confident that the UAE economy is projected to grow four per cent in 2025, supported by strength in the non-oil sector. This may be indicative of the fact that the banking and real estate sectors, which contribute significantly to the economy, would continue their high growth momentum in the remaining parts of the year. 'While the US labour market is showing resilience, this may keep Fed rates higher for the year and hence earnings for UAE banks can be upgraded as it currently reflects a 30 basis points margin contraction which implies a better margin outlook in interest-sensitive banks like ENBD, Mashreq Bank, CBD, RAK, and ADCB.' Moreover, a higher lending rate can overcome the drag due to higher provisioning and 15 per cent taxes. Most of the construction projects in the UAE are funded by borrowed money rather than internal resources or equity. Referring to Bloomberg Intelligence Real Estate, he said the growth in wholesale loans is likely to be in the range of six to eight per cent compounded annually over five years, assuming 40-60 per cent of total funding comes from credit. These factors are likely to benefit key banking stocks and help them rally further. 'While the UAE real estate markets were optimistic in 2024, growth is expected to carry forward into 2025. Strong policy and initiatives by the government of the country, expected execution of various new projects within the real estate sector, and a market environment that prioritises stability over speculation will support the sector.' Besides strong private and sovereign wealth inflow, he said favourable demographic trends are also expected to keep investors confident through the next few months of inflation and high interest rates. Referring to Bloomberg Intelligence data, he said the UAE has a pipeline of projects totaling $16 billion in the next two years, and $358 billion in the next five years. For comparison, in 2022, this figure stood at $180 billion, indicating the large scale of ongoing investments in infrastructure and development, adding to the bullish momentum of stocks in this sector. 'It is also estimated that residential prices will rise an average eight per cent in 2025, while Dubai's prime home prices will rise five per cent this year, topping London's two per cent and New York's three per cent. These factors are likely to extend the benefits that the sector and its constituents witnessed.' Diversification Efforts Damian Hitchen, Regional Head for Asia Pacific, Middle East and North Africa (APAC-Mena region), and CEO of Saxo Bank Mena, said the UAE economy in 2025 is anticipated to be robust and resilient, driven by diversification efforts and strategic investments in non-oil sectors. 'With visionary initiatives and reforms, the UAE aims to position itself as a global hub for innovation, technology, and sustainable development. Continued inward migration, building on the growth in tourism, real estate, and financial services is expected to bolster the economy, alongside significant advancements in infrastructure and digital transformation,' Hitchen told BTR. As of the current data available, he said the exact population growth rate of the UAE in 2024 hasn't been definitively documented, but all indicators point to a steady influx of expatriates and foreign workers, which significantly boosts the population figures annually. 'The trend is expected to continue, supporting the robust economic outlook projected for 2025.' About the inflation in the UAE, he said it is expected to remain moderate, influenced by global supply chain disruptions and energy prices. To manage rising expenditures, residents should: Budget wisely: Establish a monthly budget to track expenses and prioritise essential spending. Invest in savings: Explore savings plans and investment opportunities to build financial security. Adopt sustainable practices: Reduce utility costs by adopting energy-efficient habits and sustainable living. Seek financial advice: Consult financial experts for personalised strategies to manage inflation impacts. KEY FACTORS DRIVing THE UAE ECONOMY Damian Hitchen, Regional Head for Asia Pacific, Middle East and North Africa (APAC-Mena) region and CEO of Saxo Bank Mena, mentioned some of the key sectors expected to drive the UAE economy this year include: Tourism and Hospitality: with record numbers passing through both Dubai and Abu Dhabi international airports, and with inward tourism in Dubai hitting over 18 million in 2024, the tourism book shows no sign of slowing and with this brings in significant domestic spending into the UAE economy Real Estate: Development projects and foreign investments continue to thrive, supporting the sector's expansion. Financial Services: The UAE's strategic position as a financial hub continues to attract global investors and businesses. Both onshore and offshore (DIFC-ADGM) active licensed firms are at an all-time high, and indicators are this will continue into 2025. Technology and Innovation: Investments in smart cities, clean energy, AI, and blockchain technology are driving the tech sector forward. Healthcare: Expanding healthcare infrastructure and services are vital for the population's well-being, in addition to the UAE continued to build its reputation and use as a 'medical destination' for the wider GCC and Africa. To sustain economic growth, Hitchen said the UAE government could explore and invest in the following sectors: Renewable Energy: Harnessing solar and wind power to reduce dependence on fossil fuels and promote sustainability. Agri-Tech: Developing advanced agricultural technologies to enhance food security and reduce import reliance. This is of particular interest to a region which has historically been very import dependent on food security. AI and Blockchain: Continue to invest, and embrace this emerging technology into all aspects of daily life. Biotechnology: Promoting research and development in biotech to advance healthcare and pharmaceuticals. Education and Training: Investing in education reforms and vocational training to build a highly skilled workforce.
Broadcast Pro
22-02-2025
- Business
- Broadcast Pro
Industry mourns death of Emirati media executive Abdul Hadi Al Sheikh
Al Sheikh served as senior executive at several Abu Dhabi entities but was best known for the leadership he showed at Abu Dhabi Media. BroadcastPro ME joins the industry in mourning media executive Abdul Hadi Al Sheikh, who died today following a heart attack. According to industry sources, he had been unwell for a long time. A respected figure in the media industry, Al Sheikh previously served as CEO of International Media Investments and, prior to that, held senior positions at Abu Dhabi Media and LIVE HD. In a former interview with BroadcastPro ME , Al Sheikh had spoken about his vision to modernise Abu Dhabi Media and was well on his way to executing that task. 'Reflecting the UAE Vision 2021 and Abu Dhabi Vision 2030, we aim to strengthen national identity across all our digital operations and utilise our platforms to share the region's stories and accomplishments with the world,' he had told BroadcastPro ME . Industry figures shared their experiences with Al Sheikh. Speaking about his work with Al Sheikh, Mohamed Yehya, GM of Space42 Arena and CEO of IP Studios said: 'I had the privilege of working with Abdul Hadi for many years. During the launch of the Majid Kids TV channel, which I was handling, he supported me extensively to meet the launch deadlines at Abu Dhabi Media. He was exceptionally media-oriented, and on a managerial level, he had the remarkable ability to make things happen. May his soul rest in peace. His absence will undoubtedly leave a lasting mark on our industry.' Industry veteran and media consultant Sanjay Raina shared his experience with Abdul Hadi: 'After taking over as GM of Fox networks, one of the first pit stops was at the large and beautiful office of Abu Dhabi Media. Abdul Hadi had taken over as the Executive Director of the TV division then. We hit it off from the first meeting. He was gentle, soft spoken and had an amazing sense for numbers. We discussed the path forward for National Geographic Abu Dhabi. I remember him telling me, 'Why only NGAD? Let's create more brands.' And thus, was born National Geographic Abu Dhabi Kids, a world-first at the time. It started as a programming block on Majid TV before evolving into a full-fledged channel. We shared a lot of mutual respect. A few years later, we travelled to watch the French Open at Roland Garros. He brought a lot of charm to the television business. He will be sorely missed.'
Khaleej Times
11-02-2025
- Business
- Khaleej Times
Dubai: Sunlight after dark? This entrepreneur wants to make solar energy limitless
Imagine a city that never dims, where factories hum with life even in the darkest hours and agricultural lands thrive under an endless sun. Picture a joystick controlling sunlight, reflecting it on demand at any moment. "We sell sunlight after dark," boldly declared Ben Nowack, co-founder and CEO of Reflect Orbital. In January, Nowack showcased this innovative concept in a meeting with Sheikh Hamdan bin Mohammed bin Rashid, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE. When asked about Sheikh Hamdan's reaction, 'It was very positive,' Nowack told Khaleej Times on the second day of the World Government Summit. For the UAE, a nation already investing heavily in solar energy and sustainability, Nowack believes that Reflect Orbital's technology could be a 'game-changer'. With its ambitious Vision 2021 and sustainability goals, the ability to harness sunlight beyond daylight hours aligns perfectly with the UAE's commitment to renewable energy. Nowack emphasised, "In Dubai, we could extend solar efficiency into the night, powering skyscrapers and industries long after the sun sets." Nowack explained how his pioneering venture aims to illuminate urban landscapes, combat depression in sun-deprived cities, and revolutionise agriculture with a product that could essentially be described as "sunlight in a bottle." These innovations promise to ensure that sunlight reaches solar storage facilities even at night, effectively eliminating the challenges posed by the absence of daylight. Reflecting on his experiences, Nowack stated, "Every society and civilisation reaches a tipping point where innovation meets necessity. We are in one of those transformative times, driven by rapid technological change." He elaborated on the potential of this technology to reshape industries and enhance lives. But what does this mean for individuals? Nowack clarified that while the initial focus might be on larger-scale implementations, there is a vision for personal usage as well. "Imagine being able to purchase sunlight for your home during the dark winter months — perfect for those struggling with seasonal depression," he said. This concept extends to various sectors, from construction to agriculture, where the ability to access sunlight on demand could change the game entirely. Nowack's approach raises questions about accessibility and regulation. "It's a case-by-case basis," he explained. "We're working with government leaders to ensure compliance and responsible distribution." He discussed potential applications — from illuminating construction sites to enhancing agricultural productivity. Reflecting on the broader implications, Nowack emphasised that this technology could be pivotal in transitioning the world away from fossil fuels. "We are on the brink of becoming a Type II civilisation, one that harnesses the energy of the sun rather than depleting our planet's resources," he concluded. Nowack, an innovator who thrives on tackling the impossible, has spent years challenging traditional energy paradigms. His fascination with energy consumption and sustainability led him to an extraordinary realisation: Moving sunlight is not only possible but immensely valuable. 'I used a megawatt-hour of electricity in a single month just experimenting, building steam engines, freeze-dryers, and even my own mirrors,' Nowack shared. 'And then it hit me — what if I'm part of the problem? What if the energy crisis isn't just about generation but about availability?' Instead of accepting the limitations of traditional solar energy — which ceases production at night — Nowack envisioned an infrastructure where satellites equipped with reflective mirrors capture sunlight in space and beam it down to solar farms across the planet. The concept isn't entirely new. In 1992, Russian scientists successfully tested a 20-metre space reflector to illuminate the Earth. Nowack and his team have taken this vision further, integrating modern materials and scalable technology to create a dynamic system capable of delivering concentrated sunlight to any location on demand. Reflect Orbital's system operates using fleets of lightweight, deployable mirrors in low-Earth orbit. By strategically positioning them, they can direct beams of sunlight onto designated areas, illuminating solar farms or urban spaces without the need for complex energy storage solutions. The technology allows for instantaneous adjustments, meaning that within 30 seconds, a bright spot of light can be redirected anywhere within an 800-kilometre radius. 'The sun already provides 5,000 times more energy than humanity has ever consumed,' Nowack noted. 'The challenge isn't generating power; it's getting it where it's needed, when it's needed. This is about making solar limitless.'
