New age technologies are driving the way forward in finance and the UAE government is calling for increased adoption of such innovations to become more inclusive and help safeguard the system's integrity, experts told a workshop held as part of the annual UAE Innovates technology festival.
The workshop, organised by the Securities and Commodities Authority, sought to shed light on how the Emirates has evolved into a technologically advanced nation and introduced a robust regulatory framework to support innovation.
Organisations need to continue “thinking on how technology can improve their services”, Soha Ragab, a financial market specialist at the SCA, said during the workshop.
The UAE has adopted these technologies at a rapid pace, a move that has allowed it to protect its ecosystem from unforeseen circumstances while benefiting everyone from major financial institutions down to end users, Ms Ragab said.
Cloud technology allows organisations to minimise spending on hardware and software, set up and run data centres as well as scale their IT use in accordance with their requirements, she added.
The global cloud computing market is projected to grow to $947.3 billion in 2026 from $445.3bn in 2021, at a compound annual rate of 16.3 per cent, data provider Report Linker reported.
The Internet of Things, popularly known as a method of interconnecting devices via the web, has a number of critical uses in business.
It allows financial institutions to gain real-time data on their own and their clients' assets, which leads to effective risk management. Insurance companies can, for example, rely on chips in cars that allow them to assess premiums for drivers, depending on how safely or unsafely they drive.
In other industries — including agriculture, aviation, construction, health care, manufacturing and supply chains — the IoT can help improve business insight and customer experience, reduce costs and downtimes, allow more efficiency and productivity, track assets and cut waste.
The right selection of financial service partners is also critical as they are able to provide credible support to financial systems, focusing on risk and data management, security and compliance, Ms Ragab said.
It is also critical for governments to create an environment that is “safe enough to minimise the risk for investors and consumers, and protect the integrity of the [financial] system”, Ms Ragab said.
Cryptocurrencies are also being integrated into the system, though since the sector is still in its early stages, education and the right frameworks need to be in place, she said.
Cryptocurrencies are not licensed by the Central Bank of the UAE, although a number of cryptocurrency exchanges have been given permission to operate within financial free zones. The UAE dirham is the only legal tender in the country that is recognised by the regulator.
Ms Ragab also stressed the growth of the digital payments sector, spearheaded by mobile wallets, online banking apps and peer-to-peer money transfers, among others.
Neobanks and challenger banks — smaller financial service providers focused more on technology to serve clients compared to traditional lenders — provide both a good alternative for users and competition for banks, offering everything from savings to loans and credit, she added.
UAE Innovates is one of the largest innovation festivals in the world. It is overseen by the Mohammed bin Rashid Centre of Government Innovation and runs throughout February, with the participation of federal and local government entities, the private sector, academia, and community members in future-proof initiatives.
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
- An arms embargo
- A ban on uranium enrichment and reprocessing
- A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
- A targeted global asset freeze and travel ban on Iranian individuals and entities
- Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
Four tips to secure IoT networks
Mohammed Abukhater, vice president at FireEye in the Middle East, said:
- Keep device software up-to-date. Most come with basic operating system, so users should ensure that they always have the latest version
- Besides a strong password, use two-step authentication. There should be a second log-in step like adding a code sent to your mobile number
- Usually smart devices come with many unnecessary features. Users should lock those features that are not required or used frequently
- Always create a different guest network for visitors
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
What is Reform?
Reform is a right-wing, populist party led by Nigel Farage, a former MEP who won a seat in the House of Commons last year at his eighth attempt and a prominent figure in the campaign for the UK to leave the European Union.
It was founded in 2018 and originally called the Brexit Party.
Many of its members previously belonged to UKIP or the mainstream Conservatives.
After Brexit took place, the party focused on the reformation of British democracy.
Former Tory deputy chairman Lee Anderson became its first MP after defecting in March 2024.
The party gained support from Elon Musk, and had hoped the tech billionaire would make a £100m donation. However, Mr Musk changed his mind and called for Mr Farage to step down as leader in a row involving the US tycoon's support for far-right figurehead Tommy Robinson who is in prison for contempt of court.
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
More on animal trafficking
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
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