News

Young Arabs Are Embracing The Fintech Revolution

Working hard and aiming for high-paying jobs no longer leads to financial security, let alone the ability to retire early.

Published

2 years ago

December 19, 2021

David Morelo

young arabs are embracing the fintech revolution

Getty Images

Between government-sponsored pensions and cultural norms, older generations of Arabs living in the MENA region were never too concerned with how to invest and save money.

For them, simply working hard was enough to enjoy the financial stability necessary to focus on creating families and living well-rounded, fulfilling lives. Young Arabs on the other hand, appear to be living in a completely different world. One that is in many ways far more difficult than the world their parents grew up in.

Working hard and aiming for high-paying jobs no longer leads to financial security, let alone the ability to retire early.

“It’s not just about retiring; it’s about living better, having dreams, having time to breathe and reflect,” said Mayar Akrameh, 29-year-old management consultant, in an interview for AFP. “We’re taught that if you’re working and making enough money, even if you hate your job, you’re good. Or they think we’re good”.

To improve their financial outlook, increasingly many young Arabs are turning to various UAE-based finance platforms that educate users and simplify investing, making the daunting process more accessible.

The pandemic has accelerated the growth of the fintech industry in the MENA region even more. It’s estimated that 465 fintech firms in the UAE alone will generate about $2 billion in investment capital by 2022, up from $80 million raised in 2017.

Also Read: Dubai Establishes $272 Million Future District Fund To Attract Tech Companies

These new financial players fill the massive gap in the region’s investment landscape, which still focuses largely on high-net-worth individuals. “If someone wanted to invest $1,000 or $10,000, there was not much available” said Haitham Juma, an investment solutions manager at the UAE-based National Bank of Fujairah.

Hopefully, the blossoming fintech industry will give young Arabs the options they need to secure the stable and prosperous financial future they dream of.

News

Joby To Establish All-Electric Air Taxi Ecosystem Across The UAE

The comprehensive agreement with Abu Dhabi’s government includes a training program, infrastructure development, and a manufacturing presence.

Published

14 hours ago

May 1, 2024

Nour Nasir

joby to establish all-electric air taxi ecosystem across the uae

Joby Aviation

All-electric aircraft company Joby Aviation has secured three separate agreements with departments of Abu Dhabi’s government that lay the groundwork to develop and scale air taxi services in the Emirate and beyond.

The deal was signed at the recent DRIFTx thought-leadership and exhibition platform and gave Joby exclusive rights to not only operate air taxi services in Dubai but also unlock inter-emirate services between Abu Dhabi.

joby air taxi partnership abu dhabi

Joe Ben Bevirt, founder and CEO of Joby Aviation, said: “Today’s agreement demonstrates the incredible momentum behind the adoption of clean flight across the UAE. We’re looking forward to delivering a fantastic experience for our future customers in Abu Dhabi and we’re excited to be unlocking the potential for zero-emissions flight between Abu Dhabi and Dubai. We’re grateful for the support and collaboration of our governmental partners and the entire ecosystem in Abu Dhabi and we remain deeply impressed by their commitment to building out a world-class aviation ecosystem in the Emirate”.

Joby’s all-electric aircraft went on display for the first time in Abu Dhabi’s Yas Marina at the DRIFTx event. The air taxi is designed to carry a pilot and four passengers and can reach speeds of 200 miles per hour (321 km/h). The zero-emission craft is said to have an extremely low acoustic footprint and can travel a maximum of 100 miles (161 km) on a single charge.

Also Read: Lebanese Newspaper Builds AI President To Beat Political Crisis

Once operational, Joby’s air taxi fleet would enable fast, clean travel across the UAE, with journeys between Abu Dhabi to Dubai taking just 30 minutes compared with two hours by car during peak times.

Joby continues to work closely with the UAE’s General Civil Aviation Authority (GCAA) to help the Emirates become a world leader in the introduction of air taxis. Additional testing and analysis will be required before inter-emirate travel becomes a reality, but the cutting-edge technology already appears to have great potential.