Image Credits: Shutterstock (bearsky23, Sayan Puangkham, Wichudapa, Magic mine, PopTika, Elle Aon, guteksk7, ESB Professional, PIJITRA PHOMKHAM, Andrii Vodolazhskyi, nedeljko barjaktarevic, Avigator Fortuner, Orathai Mayoeh, Radu Bercan, Yevhen Vitte, Giuseppe Cammino, Mad Dog, S_L, tomertu, guteksk7, felipe caparros, zffoto, Alex Mit, kentoh, Roxana Bashyrova, wavebreakmedia, Gorodenkoff).Source: Phalanx Biotech Group, LumiSTAR Biotechnology, Quark Biosciences & Personal Genomics, Maria Von Med-Biotechnology, Andros Pharmaceuticals, JoyCom Group, Cheng Hsin General Hospital, Biomdcare, Asiagen Corporation, CSD, GaleMed, AViTA, RedEye Biomedical, Puriblood, ACRO Biomedical.

VoL eMag TEAM

Co-Founder & Editor: Mayte Mascarell

Co-Founder & CFO: Luca Bugialli

Editorial Director: Elena Marín

Journalism: Sabina Carrau

Lead Graphic Designer: Nerina Bertol Bocchia

Graphic Designer: Estefanía Martínez

Each page of the Voices of Leaders eMag is interactive and animated. When you see one of these icons, we encourage you to discover and enjoy exploring each item.

Click and go to the content.

VoL Editorial

MPC PHARMA

Higher Colleges of Technology

Dubai FDI

United Arab Bank

is Transforming Itself

WHERE THE FUTURE IS NOW

Edition March 2022

United Arab Bank

What role does Dubai FDI play in attracting investments to Dubai?

Dubai FDI is the mandated investment promotion agency for Dubai, which is the largest city in the United Arab Emirates. We promote Dubai as an FDI location globally through a network of investment promotion partners and we support investors coming to Dubai and setting up their business and operations through a variety of strategic programs. Once the investor is setup in Dubai, we enroll them in our dedicated Investor Aftercare program to ensure the investors get everything they need to succeed in Dubai and to allow investors also to grow and potentially expand their business in the future.

Doing so, Dubai has developed a unique value proposition, which we refer to as The Dubai Advantage. This threefold value proposition promotes Dubai as the city of the future, the gateway to the Middle East region, as many investors select Dubai to setup their regional headquarters here, and Dubai as a global hub, connecting the Western and Eastern hemisphere.

seeing a healthy growth with investments being well-above 2020 levels.

Speaking of Dubai FDI’s 2020 results, the Emirate’s FDI Future Readiness framework certainly contributed to achieving these results, what other initiatives at Dubai FDI were especially relevant during the pandemic?

Dubai was one of the first cities in the world to launch an FDI monitoring and reporting system in 2015, which we call The Dubai FDI Monitor. The impact of the global pandemic on our FDI inflows was constantly analyzed using this unique system. In addition, Dubai FDI is using its future readiness framework, which can determine the readiness of a sector for FDI based on 10 different factors, to draw policy recommendations which directly fed into the economic stimulus packages and investor incentives granted by the government. Our strategies and initiates are future-oriented, building on the tremendous success story Dubai has had over the past 30 years. Our ambition is to continue on this path and the value of our efforts has been confirmed in the “fDi Global Cities of the Future 2021/22” report, where Dubai ranked 1st regionally and 2nd globally as a major city for FDI in terms of economic potential and having a business-friendly environment.

What are your views on Dubai’s economic resilience during the global COVID-19 pandemic?

Dubai was able to benefit during the global pandemic from the strong economic growth of the recent years and a future-oriented vision with government strategies in place, that focus on Dubai’s role as a pivotal hub for business and investments. The global pandemic was and still is a challenge for many economies around the world, Dubai is no exception. However, challenges always come with opportunities and I am convinced that the protective measures in response to the pandemic and the economic stimulus packages have helped Dubai to move into a rapid recovery phase. We can see an acceleration of the Digital Economy in Dubai with new technologies and services being introduced every day.

Our leadership’s vision, economic resilience and the extraordinary efforts made by the front liners and healthcare professionals enabled the UAE to become a global leader and benchmark in dealing with the pandemic. I am proud to say that the UAE ranks 1st globally in the share of people who received at least one dose of the UAE approved vaccines and 2nd globally in the number of fully vaccinated people relative to the population size. The best to me is the ability for the people in the UAE to choose from 6 different types of free Covid-19 vaccines, which allows a personal choice in getting protected against the virus.

For our investors, stakeholders and strategic partners I can say that Dubai was able to balance economic growth with the additional efforts needed in the healthcare sector and was able to maintain its leading position in regional and global rankings as a preferred FDI destination. In 2020, Dubai was ranked amongst the TOP 3 FDI locations globally in Greenfield FDI Projects, and amongst the TOP 5 FDI locations globally in Greenfield

FDI Capital, according to fDi Markets by Financial Times. Almost 10% of those projects were reinvestments, which is a strong indicator for the investors’ confidence in our strategic response to the global pandemic. For 2021, we are already

The United States being a major source country for FDI into Dubai, how do you think will the most recent investor incentives introduced in the UAE encourage and help US investors?

Indeed, in the last five years, from 2016 to 2020, the United States were the No. 1 source country for FDI into Dubai in both, Total Announced FDI Projects and Total Estimated FDI Capital, according to Dubai FDI Monitor. Over the past 5 years, US Investments into Dubai have, hereby, witnessed an annual growth rate of 43% on average, which demonstrates Dubai’s position as an ideal investment hub and gateway for American companies to access local market and expand towards Asia and Africa through business operations in Dubai.

Recently, the United Arab Emirates have allowed 100% foreign ownership of companies on the mainland, outside the free zones, while maintaining 0% corporate and personal income tax, which offers American investors a great opportunity to further expand existing operations in Dubai or explore new growth opportunities in Dubai and the region, setting up their business in Dubai. The Emirate caters as an economic hub for businesses with more than 24 free

zones, the highest number of free zones per capita globally.

Having a long-lasting relationship myself with US investors, as Dubai FDI usually conducts an annual investment promotion mission to the United States, I personally encourage every American company to consider what Dubai, one of safest cities in world, is offering, with a high market accessibility to more than 2.4 billion consumers in the MENA region, West Asia and the Indian Subcontinent, in addition to being a fantastic place to live, with a highly advanced infrastructure, education and healthcare system.

As WAIPA president, how does WAIPA work with the FDI community and investors at a global scale?

WAIPA has been working along with IPAs and International Organizations to facilitate and promote investments on the regional and global level. The COVID-19 pandemic has changed how IPAs perform, it’s now clear that we entered the era of IPAs capacity building to better showcase available opportunities and attract investments contributing to reach the Sustainable Development Goals (SDGs) by 2030. In Dubai, we call these kind

We’ve explored how certain sectors have responded to challenges such as remote working and social distancing in the face of national lockdowns, and examined their progress towards a digitally enabled future. In the words of Prof. AlShamsi of Higher Schools of Technology: “The pandemic, and its aftermath, have proven to be a great challenge and also an opportunity to realize that what we expected to happen in the next 50 years is actually going to happen in the next 5 years.”

Taking a look at the world of opportunity that is the UAE, both public and private sectors are looking to diversify the country’s economy, and it’s clearly working if you observe the rapidly evolving business landscape with an increasingly diverse range of innovative businesses and industries in the UAE leading this evolution. Fhad Algergawi, CEO of the Dubai Investment Development Agency (Dubai FDI) who plays a critical role in aiding economic recovery, expressed “Our strategies and initiatives are future-oriented, building on the tremendous success story Dubai has had over the past 30 years. Our ambition is to continue on this path and the value of our efforts has been confirmed in the FDI Global Cities of the Future 2021/22 report, where Dubai ranked 1st regionally and 2nd globally as a major city for FDI in terms of economic potential and having a business-friendly environment.“ Even the pharmaceutical industry is upping its game for a more integrated global market with better access to healthcare, as Mark James, CEO of MPC

Healthcare told us: “At MPC, we are investing in projects that help create economies of scale, particularly on capital equipment usage and servicing & maintenance costs and we seek to bring state-of-the-art equipment and technology into the market and thus bring global healthcare players to the local UAE market.”

With UAE’s smart and sustainable city movements, there is not just growth in existing sectors, but leadership in new industries, which need desperate attention if the world is to design a more sustainable future. Dubai is one of the world’s leading cities when it comes to sustainability, proving that the UAE is not singularly focused on financial profit, but also helping the planet. While Dubai once pursued its vision through magnificent real estate, today it is leveraging emerging technologies such as Blockchain, Artificial Intelligence, and harnessing Data Science capabilities.

We are shining a light on those who are taking up the challenge of shifting the country and indeed the world to a socially, economically and environmentally sustainable way of living. Of course, to create these new sustainable hubs, new architecture and infrastructure is necessary, which is giving birth to further growth in both real estate and manufacturing sectors such as Fintech are

projected to grow exponentially in the UAE over the next two years. In fact, 73 per cent of people have already adopted digital banking and banks in the Middle East have been quick on their toes in coming up with contactless solutions during the pandemic. United Arab Bank has reaffirmed its commitment to sustainability by teaming up with Toppan FutureCard to create the region's first eco-friendly payment card made from 100 percent recycled plastic. The OxyCYCLE cards are in line with the UAE’s efforts working towards a greener future and their new policy to eliminate the use of avoidable single-use plastic materials.

Dubai has established itself as a leading digital capital by becoming the world’s first paperless government and thus achieving the objectives of the ‘Dubai Paperless Strategy’, which was launched in 2018. As the region’s most dynamic city, it has set out ambitious growth plans for the next decade. Already the Middle East’s top destination for foreign investment, Dubai is aiming to become the world’s smartest city; the most visited city by 2025; and the global hub of the Islamic economy within the next decade.

The Dubai Industrial Strategy 2030 is aiming to make Dubai a worldwide platform for knowledge-based, sustainable, innovation-focused businesses grounded on a diversified, high value-added

economy that is well integrated into the global economy and that provides more accessible and higher-value opportunities for all its citizens and residents. As the Middle East banking industry evolves, we’re seeing a surge in digital banking products and services. It’s apparent that digital transformation will be at the heart of improved customer experience in the banking industry. Generation Z make up a total of approximately 1.4 million individuals in the UAE. This generation is deemed to be digital native and has been attracting the attention of many companies when developing digital strategies to understand their consumption behavior and their expectations in the workplace.

Companies are analyzing their needs, characteristics and preferences in order to offer them targeted products, services and a suitable workplace. Younger customers are expected to play a crucial role in the growth of Islamic finance and expand its customer base, with this youth segment expected to contribute to as much as 75 per cent of total bank revenue by 2030.

We spoke to some of the leaders behind this multitude of changes in the country, changes that will of course leave a tangible mark on the rest of the world. The United Arab Emirates has elevated itself to be counted among the world’s leading nations in numerous noteworthy categories and the word coming through the grapevine is that there’s never been a better time to invest in Dubai and the UAE’s future.

The foundation of the Islamic banking model is based on a profit-sharing principle, whereby the bank and the customer share the risk. This system of financial intermediation contributes to a more equitable distribution of income and wealth. The Islamic finance industry was built on the promise that its products and services comply with Sharia law. It was founded on a set of moral and ethical principles that promote the public good and the belief that “money shouldn’t make money” and a financial system that is interest-free. Islamic scholars have recognized that money has value, but with limitations. For example, money doesn’t become more valuable simply because time has been passing. However, the value of money could increase if it has been invested in a project whose value itself has been increasing.

Some experts believe that the Sharia-compliant banking system could be a less

Customer care and a robust digital platform are Dubai Islamic Bank’s key essentials for staying the course over the Fourth Industrial Revolution (4IR). DIB’s sustainable and innovative banking are facing the future of finance head-on.

Do you know Islamic banking? You may think that it is only a banking system for Muslims, but nothing could be further from the truth.

More people are beginning to demand more ethical banking services, and consumers are seeking to make more sustainable and socially conscious decisions when choosing where they want to put their money and their business in the future. DIB is a perfect example of why, regardless of their religion or faith, more people are turning to the virtues of Islamic banking.

risky form of finance because it forbids speculation. Dubai Islamic Bank’s principles are in line with Sharia goals and even with Environmental, Social and Governance (ESG) considerations and the broader aim of sustainable finance. The onset of responsible financing is gaining momentum and is likely to lead to increased demand for Islamic banking products and services.

Founded in 1975, Dubai Islamic Bank was among the first full-service Sharia-compliant financial institutions in the world, and the first Islamic bank in the United Arab Emirates. The bank has since then grown steadily and consistently, with a remarkable presence in seven key markets around the globe. It has continued to expand its global footprint to become the largest Islamic bank by total assets in the UAE. DIB provides a range of retail and wholesale banking, treasury and investment banking and capital- market products and services to individual, corporate and institutional customers.

Overcoming COVID-19 As a Nation

The whole world has been impacted by the pandemic, while the Middle East has evolved through it in a remarkable manner. The UAE has demonstrated an unparalleled level of crisis management to emerge as a regional and global force. The UAE and its seven states remain leaders on COVID-19 testing and is within the top 5

ranking worldwide with regard to the percentage of citizens and residents vaccinated, surpassing the G20 countries. The region’s investments in technology, infrastructure and growth have positioned it to be the gateway between East and West. The UAE has achieved all this while key industries including tourism and hospitality have largely remained open. This success is not a coincidence; it is the result of long-term forward thinking and planning. The UAE is navigating the 4IR at a very fast pace, and Dubai Islamic Bank is getting ahead by positioning itself as the most progressive Islamic financial institution in the world.

Notwithstanding the context of the pandemic and the challenge it poses for financial institutions, DIB’s profitability has remained strong with a net profit of AED 1.9 billion (approximately $517.260.142,00) during the first half of 2021. In addition, its

acquisition of Noor Bank in 2020, in a record 283 days, well ahead of schedule, took DIB from an Islamic banking pioneer to becoming a global powerhouse in Islamic finance.

DIB has also managed to climb to No. 15 position in Forbes Middle East Top 100 Companies in the Middle East in 2021.

Getting #ReadyForTheNew

Worldwide a digital transformation is occurring accelerated by the onslaught of COVID- 19. Companies small and big have had to focus on the digitization of their business in order to meet their customers’ needs while also ensuring safe and efficient transactions. Following the 2019 launch of the Digital Lab, a center of excellence to manage the curating of digital products and experiences for customers as a digitally intelligent bank, DIB launched its new positioning #ReadyForTheNew. In the words of Dr. Adnan Chilwan, group chief executive officer of Dubai Islamic Bank and also a leading authority in the field of Islamic banking and finance: “We need to move ahead and look beyond, into the future, which is filled with an abundance of opportunities and endless possibilities. Our positioning is based on this very thought – to be ready for the new. All the new challenges to overcome and new milestones to achieve. Such new approaches highlight the need for a new way of thinking and certainly a new way of working. The Dubai Islamic Bank of 2021 and beyond is all about this new attitude.”

DIB has been providing digitally intelligent banking solutions to its customers at regular intervals. This has been a driving force behind its steady growth over the last few years. The financial institution that has been around for 45 of the UAE’s 50 years of existence as a nation. At the same time, DIB has been making way for a new era of banking by catering to the aspirations of new generations

of more digital savvy consumers through its focus on a more sustainable and conscious approach to business and finance.

The Importance of Being Ethical

Dubai Islamic Bank has demonstrated its commitment to align itself with the ESG standards since 2014. Over the past decade more than AED 2 billion (approximately

$544.484.360,00) were invested to support sectors such as education, healthcare and the alleviation of poverty. DIB launched the Smart Banking initiative, which resulted in paperless branches and offices, and has shown strong commitment to the green Islamic market space by supporting more than $ 5billion in green issuances, DIB has provided relief measures of nearly AED 9 billion ($ 2.450.179.620,00) during the pandemic to over 54,000 customers under the Central Bank of the UAE’s Targeted Economic Support Scheme (TESS) program. DIB has placed a renewed focus on gender diversity and equality. It has increased the percentage of women in its workforce from 26 percent in 2016 to 35 percent in 2020. It aims to build upon the number of women in its senior roles as well.

Dubai Islamic Bank has put its customers, stakeholders and partners at the center of its business and has also realized that each employee’s role is crucial to the evolution of the institution. It has come up with an acronym that defines its purpose and values as an organization: ICARE. This stands for inclusive (accessible to all and, most importantly, without bias), collaborative (connected together as a team to deliver banking with ease), agile (delivering faster solutions and providing happy experiences), responsible (fair, transparent and accountable in making responsible decisions) and engaged (passionate and committed to delivering fulfilling journeys).

What’s to come...

According to The Global Islamic Economy Report for 2020/2021 the value of Islamic finance assets will increase by an estimated 28% from $2.88 trillion in 2019 to an estimated $3.69 trillion by 2024 making for a very promising and bright future and DIB is more than ready for it.

digital banking products and services. It’s apparent that digital transformation will be at the heart of an improved customer experience in the banking industry.

Financial institutions are gaining awareness of how millennials’ preferences will shape their future investment decisions, and beginning to prepare for a reality in which millennials are the dominant spenders in society. DIB’s new positioning, #ReadyForTheNew is a clear statement on how it’s focusing on the future of banking and its nation’s economy.

Dubai Islamic Bank Is Preparing for the Future by Getting #ReadyForTheNew

The world after COVID-19 is unlikely to return to the one it once was. The pandemic is serving as a sort of gateway between the world we knew and the one to come. Dubai Islamic Bank is prepared for this post-COVID scenario and seizing the opportunity to differentiate itself from its competitors.

The Middle East banking industry is evolving, and we’re witnessing a surge in

The Digital Journey Across Generations

Millennials and Gen Zers are urging banks to shift the way they connect with their customers. But a thorough understanding of consumers across generations can prove a catalyst and can position banks to achieve short - and long-term revenue goals while enhancing customer engagement.

Dr. Adnan Chilwan, Dubai Islamic Bank’s group chief executive officer, is very much aware of this reality. He explained: “This is a changed world – driven almost entirely by The Fourth Industrial Revolution, which is a digital journey connecting human behavior to the Internet of Things. The events of 2020 have massively expedited this shift and it is therefore incumbent on us as a leading Islamic bank to redress the role we play in society and the day-to-day lives of our customers.”

Today’s millennial customers are tech-savvy, and geared toward accessibility and functionality. Capturing this discerning and demanding group is critical for Islamic banks not only in order to sustain themselves but also to grow their customer base. In a very short time, millennials will comprise the majority of financial consumers and influencers. Over the next 10 years, a significant generational turnover will occur. Boomers will exit the workforce, millennials will turn 40 and we will witness the rise of Gen Z.

DIB’s new values, which spell ICARE and stand for “inclusive, collaborative, agile, responsible and engaged”. They are a clear indication of the direction, thought and commitment of the bank towards all of its key stakeholders. ICARE represents a revolutionary change in the bank’s mind-set, with the intention to respond proactively to this new age consumer’s aspirations and concerns.

Younger customers are anticipated to play a crucial role in the growth of Islamic finance and to expand its customer base, with this “connected” youth segment expected to contribute to as much as 75 percent of total banking revenue by 2030. Digital banking is an integral component of the future, and Islamic banks will need to be competitive with non-Islamic banks in order to maintain and increase their customer base and, perhaps even more important, their

customer satisfaction. Younger customers are anticipated to play a crucial role in the growth of Islamic finance and to expand its customer base, with this “connected” youth segment expected to contribute to as much as 75 percent of total banking revenue by 2030. Digital banking is an integral component of the future, and Islamic banks will need to be competitive with non-Islamic banks in order to maintain and increase their customer base and, perhaps even more important, their customer satisfaction.

Aligning Principles and Faith

More than any other generation, millennials are interested in the idea that their investments will have a positive global impact when it comes to issues like sustainability and climate change, and they are gravitating toward banks that align with their principles. It’s vital that financial institutions recognize this growing demand and adjust their products and practices for a more socially aware customer base. This is especially true for Muslims who want to align their faith with their financial practices. According to research, an estimated 74 percent of young Muslims want banks to have investments that align with Islamic beliefs, while 75 percent of the young Islamic consumers want investments that make the world a better place.

The synergies between Environmental, Social and Governance (ESG) goals highlight that Islamic finance can be a prime driver for ethical financial solutions. The trend toward ethical impact investing began several years ago, but the topic has never been as popular as it is today. Since 2014, ESG investing has increased tenfold. DIB has been working on its alignment with ESG standards since then, supporting sectors such as education, healthcare, poverty alleviation, and environmentally friendly measures, including energy-efficient lighting and water-

consumption optimization. The bank also launched a Smart Banking initiative, which resulted in paperless branches and offices, and has been working on gender equality, with 35 percent increase in its female workforce.

As a Sharia-compliant financial institution that focuses on customer care and with over 45 years in the finance industry, DIB remains committed to applying digital tech to every aspect of its banking, making it more accessible and increasingly leveraging digital banking to reach out to younger customers. From its product offerings to servicing, DIB is putting extensive changes in place, including with the introduction of new tools and initiatives to make remote banking easier to cater to new generations’ preferences when

Generations X, Y and Z Are Setting the Pace for the Future of Banking

Voices of leaders publishes​ interactive and animated eMagsreaching out and connecting ​thousands of members and subscribers worldwide​.

For more information contact:

info@voicesofleaders.com