The newly formed regional entity, Aquila Capital Middle East, will be headquartered in Abu Dhabi Global Market (ADGM) and led by Zaki Nuseibeh, a seasoned executive with over 18 years of experience in international banking and investing. His appointment marks a key leadership move as the company seeks to scale its operations and influence in the region.

“Our decision to establish a presence in Abu Dhabi reflects our deep confidence in the UAE’s economic growth and its rapidly evolving energy infrastructure,” said Nuseibeh. “We aim to serve local investors by offering access to Aquila Capital’s sustainable real asset strategies, while co-investing in projects that promote long-term development across the GCC.”

Aquila Capital Middle East will focus on deploying capital into energy transition and infrastructure assets—particularly in areas like renewable energy, data centers, and sustainable real estate. The launch follows the In-Principle Approval (IPA) granted by ADGM’s Financial Services Regulatory Authority (FSRA), pending final permissions.

Aquila Group’s CEO and co-founder Roman Rosslenbroich highlighted the strategic significance of the expansion: “Abu Dhabi will serve as both a regional hub and a bridge between our European and Asia-Pacific operations. The UAE’s innovation-driven vision and its strong regulatory environment make it an ideal partner for our sustainable investment goals.”

Founded in 2001, Aquila Group manages over EUR 15.4 billion in assets and has executed more than EUR 25 billion in transactions globally. With a portfolio spanning clean energy, infrastructure, and real estate, the group continues to lead in driving sustainable solutions and investment opportunities worldwide.

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Founded in 2020 by Ahmad Hammouda and Seif Amr, Thndr is a digital investment platform allowing users to invest in stocks, bonds, and funds in the Middle East through its mobile-based and low-commission digital stock brokerage.

This significant step is enabled by acquiring a Category 3A license with retail endorsement from the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority (FSRA). Thndr will initially provide direct access to US-listed securities, including stocks, Exchange Traded Funds (ETFs), and fractional shares, with no minimum investment requirements. As they establish themselves in the region, Thndr plans to introduce an even wider array of investment products. This marks a significant expansion for the Thndr product, proving its success in the Egyptian market.

Thndr’s success in Egypt serves as a strong testament to its capabilities. Egyptians traded an impressive $1.8 billion on Thndr in 2023, and as of April 2024, Thndr accounted for 8.5% of all retail transactions in the market. The platform currently boasts over 3 million downloads, with 500,000 active monthly users, and has facilitated many new stock market investors in Egypt. Thndr’s entrance into the UAE market will now enable the company to offer investors a one-stop shop for investing with its array of products.

Leveraging its success in opening up investment access for the Egyptian market, Thndr is strategically poised to replicate this approach in the UAE. This expansion is further amplified by Thndr’s affiliation with Hub71, Abu Dhabi’s global tech ecosystem. Hub71’s extensive network of established corporations, national champions, and prominent investors provides Thndr with a launchpad to seamlessly integrate into the UAE market,  facilitating their growth and potentially disrupting the traditional investment landscape.

Since its inception, Thndr has been on a mission to break down barriers to entry in the investment world. By offering a user-friendly app, educational resources, and a diverse investment selection, it empowers individuals to take control of their financial futures regardless of their financial background.

“Four pillars have made our model resonate in Egypt, and I’m excited to see us replicate that local success in the UAE. First off, the creation of an investment superstore, offering a variety of investment options based on individual needs. Secondly, our belief and commitment to our local regulator helped us stay ahead. Thirdly, the challenge we took on was to demystify investing through content, making it approachable for all. Finally and most importantly, we were user-first in how we designed our product, making it easy-to-use and tailored to the needs of everyday young investors. I take pride in seeing how our commitment to these principles has democratized investing to all Egyptians, illustrated by the fact that 87% of our users are first time investors, and can’t wait for what we have in store for the UAE.”

“We at Thndr are thrilled to announce our official entry into the UAE market. This exciting development is a direct result of the incredible support we’ve received from the Abu Dhabi Global Market’s (ADGM) Financial Services Regulatory Authority (FSRA). Their guidance and efficient licensing process have been instrumental in making this a reality. We’d like to express our sincere gratitude to the FSRA for their openness and for welcoming Thndr to the UAE’s dynamic financial landscape,” said Salah Kaddoura, UAE General Manager at Thndr.

Peter Abou Hachem, Head of Growth and Strategy at Hub71, said: “Once again, startups like Thndr show that Hub71 is a community where the world’s fastest-growing startups can succeed from within Abu Dhabi’s thriving FinTech scene. Our commitment to building a global tech ecosystem is based on empowering startup growth that makes a positive impact on the economy and society. Thndr has demonstrated a proven track record of success in Egypt and now we are poised to act as their launchpad for the next phase of their journey from Abu Dhabi.”

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Under the collaboration, Mastercard and ADGM will offer SME cards to qualified businesses. Mastercard and ADGM will work with its local banking partners to issue SME cards, which will offer a seamless and secure way to manage business expenses.

Beyond card offerings, small businesses can also participate in Mastercard’s SME business education program. In addition, where applicable, Mastercard will support relevant businesses through Start Path, its award-winning global startup engagement program that provides later-stage fintech startups with access to the company’s wide fintech portfolio and everything they need to grow quickly.

“At ADGM, we seek to play a prominent role in building a robust SME ecosystem in the UAE and creating a conducive environment for small businesses to succeed. Our partnership with Mastercard will allow us to provide SMEs with a curated value proposition that meets the full spectrum of their requirements so that business owners can focus on developing their offerings and pursuing new opportunities. We look forward to witnessing the long-term growth of the SME segment,” said Arvind Ramamurthy, Chief Market Development Officer, ADGM.

“SMEs are the backbone of the economy. In line with our commitment to driving financial inclusion, Mastercard has pledged to bring 50 million micro, small and medium enterprises worldwide into the digital economy by 2025. To achieve our target, we are connecting small business owners to the right tools and training while helping them pay and get paid securely, access capital and go digital wherever they are. We are excited to join forces with ADGM as we enable the UAE’s SMEs to grow and thrive,” said J.K. Khalil, Cluster General Manager, MENA East, Mastercard.

The UAE’s shift to a digital economy continues to accelerate as SMEs increasingly embrace digital payments. However, Mastercard’s research on SME awakening shows that many of them feel discouraged from using business payment solutions, and opt for personal banking products instead. Reasons include high fees, difficulty of use and the fact that some companies are simply not big enough to qualify for mainstream business banking. Almost 60% of SMEs worldwide still make most payments by cumbersome bank transfers (59%), while 51% prefer to use risky cash. To address these issues, Mastercard serves as a trusted provider of innovative solutions tailored to the needs of SMEs, ideally positioning them to diversify and expand.

SMEs are key drivers of economic diversification and digital transformation in the UAE. According to government data, they contribute 63.5% per cent to the nation’s non-oil GDP. The country’s number of SMEs is projected to reach 1 million by 2030.

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Gautam Jain, member of SC Ventures, is slated to lead the new Abu Dhabi office. This announcement follows SC Ventures’ partnership with SBI Holdings, a Japanese financial conglomerate, to set up a Digital Asset joint venture investment company in the UAE.

“UAE’s global tech ecosystem experienced a 134% growth in Ecosystem Value — the sixth fastest globally and the biggest in the Middle East and North African region. SC Ventures sees strong opportunities in the regions’ potential to help rewire the DNA in banking through its top-notch talent and capabilities in venture building and investment mandate — specifically in the areas of fintech, digital assets and data,” Jain said. “In Q3 2023, ADGM’s assets under management (AUM) increased 52% from Q3 2022. This remarkable growth has solidified ADGM’s reputation as a trusted financial hub. SC Ventures looks forward to tapping into this community of innovation as we continue to rewire the DNA in banking to best serve clients and meet society’s needs.”

A 30-year banking technology veteran, Jain serves as the chairman of two SC Ventures portfolio companies in addition to several other board memberships. In 2018, Jain joined SC Ventures after a 7-year career with Standard Chartered Bank as Global Head of Client Access and Digitization. He has held several senior positions at Barclays, HSBC and Citigroup, based in Singapore, London and India.

“We are pleased to see additional international financial institutions choosing ADGM and Abu Dhabi as their home for business development and regional growth. We welcome SC Ventures’ strategic decision, and we look forward to witnessing its positive contributions to the financial ecosystem as well as working with broader eco-system including Hub 71, the venture capital community in ADGM and beyond, as it continues to thrive and expand its business operations and services offerings,” said Arvind Ramamurthy, Chief of Market Development at ADGM.

Once the UAE’s office is established, Jain will lead the office to engage the fintech and startup ecosystem in Abu Dhabi and the region; identify venture-building capabilities and partnerships with UAE’s venture capital community; invest in promising growth opportunities, collaborate with local universities and explore new technologies and business trends. The ADGM office will follow SC Ventures’ four high-conviction themes:

1. Online Economy & Lifestyle — supporting the digital lifestyle of new economies through alternate business models
2. Digital Assets — leveraging emerging technologies to create safe, compliant and robust digital assets infrastructure
3. SMEs & World Trade — ensuring SMEs’ inclusion in the global economy and world trade through access to financial systems
4. Sustainability and Inclusion — integrating sustainability and financial inclusion into new business models 

“ADGM is a hotbed of innovation as the UAE is methodically building the ecosystem, aiming to develop more than 8,000 SMEs and startups by 2030 and with the goal of creating 20 startups valued at more than US$1 billion by 2031 as part of its Entrepreneurial Nation initiative. We are excited to join and will contribute to the best of our abilities, as we continue to build our portfolio of ventures to rewire the DNA of banking and financial services in the region,” said Alex Manson, CEO, SC Ventures.   

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The inaugural summit brought together visionaries and trailblazers to highlight Abu Dhabi’s thriving tech ecosystem and attractive investment prospects. With the theme ‘Big, Bold, Business,’ and hosted at the Abu Dhabi Global Market (ADGM), the summit underscored Abu Dhabi’s prominent role as a thriving global business and investment hub that nurtures the success of companies at the forefront of innovation.

Reinforcing Abu Dhabi’s commitment to empower the growth of tech entrepreneurs both locally and on the global stage, the Impact Summit showcased inspiring sessions on the pivotal role of innovation in fueling economic transformation. Renowned speakers and headliners at the event shared their entrepreneurial insight, emphasizing the use of advanced technologies to generate value-driven returns. 

Badr Al-Olama, Director General of ADIO, joined Emmy award-winning comedian, New York Times bestselling author, Trevor Noah on a panel session titled ‘Return on Impact: Abu Dhabi, the world’s capital of capital’, delving into the Emirate’s ambition to evolve its ecosystem into a leading global destination for innovators. Additionally, actor, businessman, producer, and humanitarian Idris Elba shared insights on the Sherbro Island City project. This upcoming city project in Sierra Leone, for which Elba serves as co-founder of Sherbro, aims to set a bold example for private sector-led development, embodying a visionary approach to sustainable growth and community empowerment. 

Badr Al-Olama, Director General of ADIO, said: “Abu Dhabi is emerging as the premier destination for startups and innovators worldwide, offering a dynamic platform for facilitating the world’s most promising breakthroughs. We have strategically engineered an ecosystem that is designed to attract and cultivate top-tier talent from across the globe. Beyond being the new tech north star, Abu Dhabi has much to offer with its unmatched quality of life and thriving pathways for growth. Our culture embraces diversity, ensuring that everyone, regardless of color, religion, or ethnicity, finds a welcoming home in the world’s capital of capital“. 

The Summit took place during the second day of Hub71’s Impact Event, where Abu Dhabi’s global tech ecosystem announced empowering programmes and new talent strategy. Since its inception, the ecosystem has attracted more than 260 startups that have raised AED 5.4 billion (USD 1.47 billion) collectively in venture capital. 

Joining Trevor Noah and Idris Elba, notable sports figures such as Paul Pogba, Amir Khan, and Tommy Fury contributed to engaging panel discussions at the Impact Summit. The Summit, which was supported by Maven Global Access’ flagship program Access Abu Dhabi, brought together diverse perspectives on innovation and entrepreneurship. 

Paul Pogba, a renowned professional footballer, outlined his entrepreneurial spirit and journey. With his tech investments aligning with his commitment to social impact, Pogba currently supports ventures like Wahed, the world’s first global Islamic robo-advisor, FWRD, a natural sports drink company leveraging blockchain for IP ownership democratization, and Converge, an AI-based digital platform optimising and decarbonising concrete construction. 

In his session, Tommy Fury, an accomplished boxer and TV personality, explored the importance of the champion mindset in athletics and entrepreneurial prowess. Fury discussed his plans to shift from athlete to entrepreneur by launching boxing academies worldwide. Abu Dhabi has captured Fury’s attention offering a favorable business environment, diverse population, and strategic location bridging the East and West. The Emirate stands at the crossroads of one of the world’s fastest-growing boxing markets, adding to its appeal as a potential hub for Fury’s ambitions.

Sarah Omolewu, Founder of Access Abu Dhabi, highlighted the importance of Abu Dhabi’s empowering landscape. “Access Abu Dhabi was created to help pave the way for other women and minorities looking to turn their plans for international expansion into reality. We are proud to have provided access to this burgeoning market for several dozen companies for three years, and we remain dedicated to Abu Dhabi’s forward-looking vision,” she said.

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Emirates Development Bank will be supporting ADGM-licensed entities including SMEs, and Corporates by providing preferential banking services which includes fast and efficient opening of banks through EDB’s digital solutions. Both parties will collaborate to enhance the ADGM client onboarding experience and simplify the bank account opening process for ADGM’s clients. The Bank will also explore financing requirements for ADGM entities and large multinational corporations, on the basis of due diligence and feasibility studies performed.

Furthermore, the two entities will explore education and engagement opportunities. This will be done through several digital labs specially- designated for Fintech-related events and workshops, to further improve knowledge and exchange between both entities and companies looking to establish a presence in ADGM.

EDB and ADGM will also look to develop a strategic framework to create an ecosystem and further support Fintech companies. This will be done through several digital labs tailored towards Fintech related events and workshops that will lead to initiatives built out in the future. In addition to this, EDB will work with ADGM to support its startups in establishing themselves on EDB’s digital platform which offers digital solutions to both SMEs and Corporates.

SMEs, startups, and Fintech companies play an important and prominent role in contributing to the economic growth and diversification of the UAE. With EDB as the UAE’s development bank and ADGM an attractive hub in the capital of the UAE, both entities are in strong positions to offer best-in-class services that will support the establishment and expansion of businesses within the financial center.

Ahmed Mohamed Al Naqbi, Chief Executive Officer at Emirates Development Bank said “EDB continuously works with key stakeholders to identify opportunities that will further support the growth of SMEs and startups in the region and enhance their bankability. As a well-established financial center, ADGM is home to companies of all sizes in the region, attracting both foreign and local investors. We are delighted to have formed this dynamic partnership with ADGM and look forward to providing financing solutions, our tailored digital banking platform, and our mentoring and educational services to support the sustainable development of businesses of strategic importance to the UAE within ADGM.”

Dhaher bin Dhaher Al Mheiri, CEO of ADGM authority said, “ADGM is delighted to partner with Emirates Development Bank to better serve ADGM’s evolving and thriving business ecosystem. This agreement is an extension of our ongoing cooperation and commitment to develop, foster and expand Abu Dhabi and UAE’s financial landscape. We are eager to work closely with the EDB team to contribute towards the sustainable growth of the capital emirate’s economy, while also providing our network of clients with exceptional banking experiences and tailor-made financial solutions for their business needs.”

Most recently, EDB introduced its latest a digital lending feature offered in partnership with peer-to-peer (P2P) lending platform Beehive that allows SMEs to apply for loans of up to AED5 million (directly through its Business Banking app and receive approval or feedback within five days. The lending service is available for UAE-based SMEs operating in EDB’s five priority sectors – manufacturing, healthcare, food security, advanced technology, and infrastructure – and is available for various tenors of up to 60 months.

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The consultation paper aims to enhance the existing framework to align and strengthen the regime with international standards and best practices. This will facilitate for an increased number of insolvency practitioners to practice within ADGM and built on the RA’s regulatory and monitoring processes currently in place for such practitioners.

ADGM invites public feedback and comments on the proposed enhancements, which can be addressed to: consultation@adgm.com. The deadline for providing comments on the proposed framework is 23rd June 2022.

Please CLICK HERE to read the Consultation Paper and to have access to the proposed legislative amendments.

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Affirming its commitment to Abu Dhabi and the UAE, Kraken has established its Middle East HQ in ADGM with an experienced senior executive leadership team to drive its UAE business and plans. Kraken will be the first global virtual assets exchange group in the UAE to offer investors the ability to invest, trade, withdraw and deposit virtual assets (Bitcoin and Ether) directly in local AED currency.

ADGM introduced the world’s first comprehensive and robust virtual asset regulatory framework in 2018 and has since established itself as a leading global hub and business platform for virtual asset activities for local, regional and international firms. ADGM’s virtual asset framework is well recognised globally for its comprehensive regulations and applications and it is the largest regulated jurisdiction of virtual assets in the MENA region.

“The UAE is one of the most financially innovative jurisdictions in the world, with region-leading crypto participation rates by both consumer and professional investors. The ADGM and its financial regulator have been true pioneers for global crypto regulation,” said Curtis Ting, Managing Director of EMEA at Kraken. “We are delighted to have received full approval, and to soon launch regulated AED markets that will sit adjacent to Kraken’s industry-leading ecosystem of crypto products, including staking, spot markets across 120+ crypto assets, regulated futures, and our forthcoming NFT marketplace. We are excited to expand our products and services in the MENA region in the months and years ahead.”

Dhaher bin Dhaher, CEO of the Registration Authority, ADGM, said “We congratulate Kraken in securing its financial licence from the FSRA and warmly welcome them to ADGM’s fast-growing international virtual assets community. As an International Financial Centre and business enabler, ADGM has been doubling-down its efforts in accelerating new growth and investment opportunities, like the virtual assets sector, while supporting the financial sustainability and the economic diversification of Abu Dhabi.

Kraken’s presence bears testament to ADGM’s trusted regulatory framework and proven track-record in supporting the growth of local and global virtual assets exchanges and service providers. We look forward to working closely with Kraken in upholding the market integrity and furthering the development of the financial market ecosystem in Abu Dhabi and the wider UAE.”

The Kraken group, founded in 2011, is the first ever global crypto exchange to receive a license, and serves a client base of more than 9 million across 60 countries

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Plug and Play ADGM kicked off their innovation platform in Q3 2018, and are currently partnered with Abu Dhabi Commercial Bank (ADCB), BNP Paribas, Boubyan Bank, Etihad Airways, Finablr Group, First Abu Dhabi Bank (FAB), Miral and Riyad Bank. These corporate partners are part of Plug and Play’s global ecosystem, amongst more than 100 financial institutions, airlines and hotels across Silicon Valley, New York, Paris, Vienna, Frankfurt, Beijing, Shanghai, Singapore, and Tokyo.

The 11 startups that have been selected to participate in the three-month accelerator will have the opportunity to work alongside Plug and Play ADGM’s corporate partners for a possibility to execute proof of concept or pilot projects.

The program will begin on September 16th, 2019 with the selected startups residing at Hub71 on Al Maryah Island in Abu Dhabi.

The selected startups for the fall 2019 cohort are as follows:

• AR4: AR4 is a leader in augmented reality based in Austria and Silicon Valley. AR4 develops B2B solutions for infrastructure remote maintenance in indoor and outdoor scenarios with head-worn devices. www.ar4.io/
• Bankify: Bankify offers a set of microservices tailored to millennials, which are designed to improve the user experience of their partners’ digital and mobile banking solutions. www.bankify.io
• CyberTalents: CyberTalents is a platform that scores and ranks security professionals based on their technical skills by running capture the flag competitions to help businesses find the talent they’re looking for. The competitions enable companies to hire talent from the region through practical assessment. www.cybertalents.com/
• DAPI: Almost every fintech software either requires financial data of its users, or the ability to authorize bank transactions. DAPI has packaged this into one single API that connects fintech apps to banks all over the region. www.dapi.co/
• E-bot7: E-bot7 is a solution integrating AI into existing or custom CRM systems to increase the efficiency of customer service operations. The solution quickly classifies support queries, forwards them to the right agents, and suggests the best answers to each query. www.e-bot7.de/en/
• Mostly AI: Mostly AI offers a Synthetic Data Engine that can be used to unlock data assets that otherwise have to be locked away for privacy reasons. The engine learns the patterns in the original data to create new synthetic datasets, and can thus be used or shared for any purpose without privacy issues. www.mostly.ai/
• Road.Travel: Road.Travel is a trip planning and dynamic packaging platform (white-label) for airlines, hotels, rental cars, travel agencies, tour operators, automotive & MaaS companies. It creates and personalizes complex trips in minutes and adapts trips to user’s budget on the fly. www.time.sc/
• Steerpath: Steerpath is a universal indoor positioning platform for all venue types. It allows for asset tracking, way-finding, and staff tracking all in a single platform facilitated by wireless infrastructure and calibration free installation. www.steerpath.com
• Toucan Toco: Toucan Toco is a data storytelling platform focused on communicating data to management and aligning teams from top decision makers to operational teams. The company provides a consistent UX, great mobility, and a fully collaborative environment, all centered around the needs of business users. www.toucantoco.com/en/
• Ushur: Ushur is a service engagement platform that digitally transforms enterprise workflows by automating back-end processes and customer conversations. www.ushur.com/
• Verrency: Verrency is a white-label SaaS that is both an API platform and marketplace, operating live in real-time in the payments authorization flow, enabling issuers to deliver both native and fintech services to their customers. www.verrency.com/

If you are a corporation looking work with technology companies disrupting your industry, please get in touch with us today to learn about our innovation platforms: ashlene@pnptc.com.

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Hub71 is a flagship initiative of the Ghadan 21 programme established to accelerate the existing economic agenda and Abu Dhabi’s economy, as well as to create an environment where entrepreneurs can thrive.

With the joint mission of supporting entrepreneurs to go global, this partnership is part of a bigger movement across the MENA. According to a recent MAGNiTT report there was a 222% increase in MENA-based startup investments between 2015 and 2018. And with a record 404 deals taking place across the Arab world in 2018, the key enterprise indicators points to further growth and opportunity.

Mahmoud Adi, Head of Hub71

MAGNiTT’s report also demonstrated that ‘35% of all startups in the Arab world have HQs in the UAE’. As these startups mature, Hub71 will work closely with MITEF Pan Arab to find startups who are ready for global growth, offering unprecedented access to global markets, capital and flexible regulatory policies in the United Arab Emirates.

Mahmoud Adi, Head of Hub71, said “This is a special time to be a startup in the region. But while getting a business off the ground is a major accomplishment, it’s even harder to find pathways to scale that enterprise. With Hub71’s unique combination of access to capital, local and global networks and major technology and business partners coupled with an attractive regulatory environment, we can make that next step easier. Our partnership with MITEF Pan Arab demonstrates our commitment to the region’s exceptional talent and will further enable Hub71 to be a global launchpad for innovation.”

Hala Fadel, Chair at MIT Enterprise Forum Pan Arab, commented “Since we started in 2005, MIT Enterprise Forum Pan Arab contributed to shifting the mindset of thousands of Arabs towards entrepreneurship and innovation. We want to partner with Hub71 to leverage our network of alumni to bring to Abu Dhabi new tech entrepreneurs who will benefit from both our networks to expand and grow global tech startups.”

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