Attracting over 2,000 delegates from all corners of the globe, the Dubai Business Forum, an impactful global event powered by Dubai Chambers to shape the future of business, international trade, and investment, successfully concluded. The afternoon sessions during day two of the forum highlighted the global strategic imperative of advancing the digital economy and the importance of leveraging innovative technologies to accelerate business and economic growth.
The afternoon commenced with a TED-style talk from Daniel Susskind, a speaker and author on the future of work and visiting professor at King’s College London. Commenting on technology such as GPT-4 and its implications for the global workforce, Susskind said: “Education needs to be ongoing to help us adapt as humans and remain relevant. Tech can assist with this, as it enables greater flexibility and access to learning resources. But we also need to be more educationally adaptable to the roles and skills we may require in the future.”
The next session, titled ‘Buoyancy of Dubai Capital Markets: A Hotspot for Investors’ featured a discussion with H.E. Hamed Ali, CEO of the Dubai Financial Market and CEO of Nasdaq Dubai, and Richad Soundardjee, CEO for UAE and Egypt at China International Capital Corporation (CICC). The panel pointed out that Dubai is an attractive market for investors and companies seeking to go public due to its resilient and robust economic ecosystem.
H.E. Ali stated that Dubai’s prominence as a capital market can be attributed to the emirate’s success in unlocking its assets and maintaining two-way communication between markets and investors. H.E. Ali commented: “What we are building in this city is unique, and we are all building it together with partners from more than 200 nationalities. We want to tap into significant international opportunities in China and Africa. Dubai can provide visibility and scale to companies from these markets.”
Sharing similar sentiments, Richad Soundardjee highlighted that strong interest from Asian investors in the region’s capital market has grown over time, with many Chinese investors viewing Dubai and the wider region as attractive options for expansion beyond their domestic markets. “The UAE is top of the list for Chinese investors owing to the dynamism and diversification of this market. The region is becoming a platform for international expansion for many of our Asian clients,” he added.
In an insightful dialogue on the rise of deal activity driven by fintech consolidation, Jane Prokop, Executive Vice President for Small and Medium Enterprises at Mastercard, and Rashed Ali Al Ansari, Group CEO of Al Ansari Financial Services, explored the future of the fintech landscape and its challenges. Prokop identified SME-focused fintechs as driving the largest profit margin in the current climate, and said that delivering a compelling consumer experience is key to their success, emphasising: “We can’t forget there is a human being on the end, and we are seeing demand for a greater focus on the end user. Institutions that can inspire trust among their customers are the likely winners in the current climate.”
Highlighting barriers facing SME fintechs, Al Ansari discussed the need to find a more effective way to tackle issues surrounding data privacy regulations. “I dream of a day where fintech becomes more innovative, easier to manoeuvre, and seamless – so it is as easy as drinking water,” he said. Both panellists agreed that the evolving landscape will likely result in an increase in mergers and acquisitions within the market.
The final session in the forum’s main arena featured an interview with Divyank Turakhia, Founder of Media.net, who discussed how Dubai’s resilient business ecosystem has supported his successful journey as a serial entrepreneur. Sharing key learnings on how to capitalise on lucrative opportunities, Turakhia said: “Each business is different – some require more capital, some require less, and will eventually grow. It is extremely important to use capital efficiently. The UAE is unique in the region due to the leadership’s ability to pursue its visions continually. As a result, they achieve their goals promptly, which is not easily accomplished otherwise.”
