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

3 years ago

December 19, 2021

David Morelo

young arabs are embracing the fintech revolution

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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

1,000 Drones Light The Dubai Sky For AC Milan Celebration

Cyberdrone’s groundbreaking display marked 125 years of AC Milan football club and the 1st-year anniversary of Casa Milan Dubai.

Published

23 hours ago

November 21, 2024

Nour Nasir

Cyberdrone, a leading UAV display company based in Dubai, put on a breathtaking drone light show on Monday to honor two significant football milestones: AC Milan’s 125th anniversary and the one-year anniversary of Casa Milan Dubai.

The spectacle involved 1,000 drones working in perfect harmony to project AC Milan’s iconic imagery against the city’s night sky. Highlights included the UAVs synchronizing to form the club’s iconic crest, the signature red and black jersey, and a special emblem marking its 125th year. The intricate performance demanded meticulous planning, not just in terms of choreography, but also in dealing with the necessary permits and logistics.

cyberdrone ac milan dubai

“Our goal was to spotlight AC Milan’s legacy through a stunning visual narrative,” explained Mohamed Munjed Abdulla, Director of Sales at Cyberdrone. “We celebrated the club’s history, its Dubai milestone, and the universal love for football. The show also enhanced AC Milan’s regional presence, growing its fanbase through a cutting-edge, memorable experience. Drone shows are unparalleled in leaving lasting impressions, making them perfect for driving partnerships and growth”.

Also Read: Joby Begins Construction Of Dubai’s First Vertiport For Air Taxis

Greta Nardeschi, AC Milan’s Regional Director for MENA, echoed the sentiment, adding: “Collaborating with Cyberdrone for this 1,000-drone performance allowed us to connect with our fans in innovative ways. It gave us a unique opportunity to surprise and inspire audiences while elevating our Club’s visibility and that of our partners. Cyberdrone truly helped us take AC Milan to new heights”.

This groundbreaking drone display sets a new benchmark for the Middle East’s sports sector, which already contributes around $2.4 billion annually to Dubai’s GDP alone. Sporting events also generate $1.76 billion in revenues across the region, while the MENA’s entertainment sector, valued at $41.13 billion, is growing at 9.41% annually, driven by rapid technological advancements.