WIXLIB

DEFENCEDefence and the General Command of the UAEArmed Forces. Commenting on this strategicpartnership, Humaid Matar Al Dhaheri, Managing Director and Group CEO of ADNEC, said,“EDGE Group is the national leader in the development of cutting-edge defence technologies.Our partnership underlines our goals of consolidating the position of IDEX and NAVDEX asboth national and global innovation platforms.In doing so, we are supporting the UAE’s strategic goals, aimed at economic diversification.”The Group launched more than 10 productsand exhibited over 50 core capabilities acrossits expertise in platforms & systems, missiles &weapons, cyber defence, electronic warfare &intelligence and mission support at the events.Global FootprintActively seeking regional and internationalsynergies, Edge Group completed 20 majorsales deals between 2020 to 2021 with deliveries being made to countries across the world,including Africa, Asia, the Middle East, theGCC, Europe and the US. In March this year,the EDGE Group was a prominent participantat the World Defense Show held in Saudi Arabia,a key strategic market for the company. EDGEenjoyed a major presence at the event, with thesigning of key strategic partnership agreements,visits of several dignitaries to its booth, as wellas a cutting-edge displays of the latest militaryand defence products and solutions. NIMR, oneof EDGE’s entities, signed a landmark manufacturing licensing agreement with Saudi ArabianMilitary Industries (SAMI), marking a first-ofits-kind military industries deal between Saudi NIMR signed alandmark agreementwith Saudi ArabianMilitary Industries(SAMI) Mansour AlMulla,Managing Directorand CEO of EDGEGroup EDGE Group'spresence in the 12thedition of DEFEXPO2022Arabian and Emirati companies. “The exhibition offered us an excellent platform to showcaseour homegrown innovations and gain meaningful insights into new and emerging trends in theworld of defence. The strategic agreements wesigned at the show will support the UAE’s effortsin fostering important economic partnershipsand building a sustainable and diversified, highvalue-added economy,” said Mansour AlMulla,Managing Director and CEO of EDGE Group.This was followed by its presence at the 12thedition of DEFEXPO 2022, the Land, Navaland Homeland Security Systems Exhibitionheld in Gujarat, India. The recently signed Comprehensive Economic Partnership Agreementbetween the UAE and India enabled the companyto showcase its products as well as explore newopportunities for partnerships.The Group is now tapping into the potentialto become a key global player for defence withambitions to build ‘brand UAE’ in the advancedtechnology and defence sector. “We are learningfrom the best practices of other nations, but weare creating our own operating model. We wantto be the reference model in the future,” saidHE Al Bannai.MAY 2022 . 11

A CRYPTO-FRIENDLYENVIRONMENTThe UAE is seeking to become Middle East’s cryptocurrency hub withAbu Dhabi at the helmThe crypto market valuation crossed US 3trillion in November last year spurred by theglobal pandemic. Total institutional moneyflow into the sector was US 8.7 billion, 30%higher than in 2020, highlighting the growing relevance of the sector.Regionally, cryptocurrency adoption is higherthan it’s ever been. Data from July 2020 to June2021, shows a 1500% increase in crypto activity inthe Middle East making it one of the world’s fastest-growing markets. With transaction volumes ofUS 25.5 billion in on-chain value during the sameperiod, the UAE came in at third position regionallyfor total cryptocurrency value received.The UAE was the first country in the Middle East toembrace the global crypto revolution joining the ranksof leading hubs such as Singapore and Switzerland.Over the years, the country has implemented severalmeasures to boost and secure digital assets tradingwith the capital city Abu Dhabi, leading the way. TheEmirate is already counted among global leaders indeveloping a crypto-friendly environment. It intendsfor its crypto ecosystem to serve as a fintech sandboxfor blockchain companies to experiment and test theirproducts in a live environment while ensuring theymeet the UAE’s anti-money-laundering (AML) andother regulatory standards.12 . BUSINESS VOICE

CRYPTOHUBMAY 2022 . 13

Earlier this year, the UAE announced thatit is poised to issue federal licences for virtualasset service providers (VASPs) by the end of Q12022. Currently, the Securities and CommoditiesAuthority (SCA) is in the final stage of amendinglegislation to allow VASPs to set up. Once done,this will attract some of the world’s biggest cryptocompanies to establish a base in the country.Mubadala Investment Company, the AbuDhabi strategic investment fund, announced inlate 2021 that it has been investing in “the ecosystem around cryptocurrencies, such as block-chaintechnology, given the increase in the digital currency's market value”. Khaldoon Khalifa AlMubarak, Mubadala CEO and Managing Director highlighted the growth of the crypto marketsaying that the “business had US 200 billionworth of crypto value two years ago, and it's twoand a half-trillion dollars today and growing”.Mubadala has been investing in the cryptoecosystem for some time now. In 2017, it madean indirect investment of US 15 million in theSoftbank Vision Fund, a major technology andinnovation-focused fund, that invests in Blockchain, NFTs, crypto exchanges and even theMetaverse. Through its investment in Colgix,Mubadala backs firms such as Azure and IBMCloud which offer blockchain as service platforms. HE Mohamed Ali AlShorafa Al Hammadi,Chairman, Abu DhabiDepartment ofEconomicDevelopmentRise in Blockchain Entities inAbu DhabiThe Abu Dhabi Global Market (ADGM) hasannounced plans to double the number ofcryptocurrency entities in the Emirate by theTHE NATION’S FIRST CRYPTO LIBRARYAbu Dhabi’s Technology Innovation Institute (TII) recentlyannounced that its Cryptography Research Centre (CRC) hasbuilt the UAE’s first national and sovereign crypto library. Themilestone is set to enable the country to safeguard vital andconfidential sources of information. Multiple versions of thecrypto library have already been released and researchers arenow working on its seamless integration into the UAE’s criticaldigital infrastructure. The CRC also collaborates with scientistsin multiple crucial fields of cryptography such as post-quantumcryptography (PQC), hardware-based cryptography, lightweightcryptography, cryptanalysis, cryptographic protocols, and cloudencryption schemes, amongst others.14 . BUSINESS VOICEend of this year. It currently has three operationalexchanges – Mubadala-backed Midchains,Matrix Exchange and DEX - with another threedue to come on board by the end of this year.Another six entities, including trading platformsand companies that offer custody services toinvestors, are looking at establishing operationsin the Emirate too. “Apart from those 12, we havequite a large number of other firms looking tomake applications,” said Emmanuel Givanakis,chief executive of the ADGM FinancialServices Regulatory Authority. “The pipelineof new companies includes both start-ups andestablished international players,” he added.The Emirate has also succeeded in luringinternational crypto companies such as Kraken,eToro, Alvexo, Coinbase, Binance, and Coinmamato operate out of the ADGM. Recently, Swiss cryptobank, SEBA Bank, opened an office in Abu Dhabiafter being granted a Financial Services Permission(FSP) by the Abu Dhabi Global Market FinancialServices Regulatory Authority (FSRA). The firstof its kind for a full-service digital asset bank inthe UAE, SEBA can now conduct activities such asadvising on investments or credit, arranging creditand custody, and arranging deals in investmentwithin the UAE. The regulatory nod from theFSRA will allow the bank, whose global digitalbanking operations are spread across 25 markets,to expand further in the Middle East. The AbuDhabi office will not only serve as a strategic hubfor the Swiss bank but will also leverage ADGM’sstatus regionally as a digital assets hub.Christian Borel, senior executive officer andbranch manager at Seba Bank AG ADGM, noted,

CRYPTOHUB“The UAE is a global leader in digital assets andblockchain. Abu Dhabi has established clearregulatory frameworks which allow licensedcompanies to operate with clarity in the country.As a regulated bank, SEBA Bank can act as atrusted counterparty to those interested in digitalasset investment and banking services in theregion.” In March 2021, 700 block-chain-relatedcompanies were operating out of the UAE and bythe end of this year, the number is expected to goup to 1,000 cryptocurrencies businesses. Swiss crypto bank,SEBA Bank wasgranted a FSP bythe ADGM FSRA ADGM boasts arobust regulatoryframework forcrypto companiesStrong LegislationsAbu Dhabi boasts one of the most robustregulatory frameworks in place for cryptocompanies. The ADGM’s crypto frameworkis designed to address the full range of risksassociated with crypto asset activities, suchas f inancial crime, consumer protection,technology governance, custody, and exchangeoperations. While licence applications have beenhigh in number, only a select few companieshave met the rigorous regulatory standardsnecessary to operate in the country.Companies aspiring to acquire an FSRA licencemust show they have clear and robust systemsLEADING THE INTEREST IN CRYPTOUAE leads the global interest in thetrust in cryptocurrencies, according to aYouGov report. Two-thirds of UAE adultsare interested in cryptocurrency, withyoung adults showing the most interest.and comply with the anti-money launderingrulebook. They must, also, follow disclosurerules, corporate social responsibility guidelinesand consumer protection rules among others.According to the ADGM, this is part of the freezone’s ongoing commitment to strengthen theeconomic diversification of Abu Dhabi throughinnovation and sustainable initiatives.“The ADGM virtual asset policy frameworkis thoughtful, clear and sets a high standard. Itenables us to build our business with confidencethat we are protecting our customers,” said TerryCulver, CEO of Matrix at the recent AlternativeInvestment Management Summit.Nurturing a Growth EcosystemApart from a robust regulatory framework, theUAE capital boasts several features that positionit as a global hub for the digital assets andblockchain industry. It is ideally located to takeadvantage of connectivity between the MiddleEast, North Africa, India and the West. Its role asa regional financial hub is also helping the digitalassets sector in the country to flourish.“The whole ecosystem in Abu Dhabi isworking together to make it easy for all theactors of that space, to not only attract them butbring them here, to develop the legal framework,to find what are the pain points worldwide sowe can remove them and have a very strongrobust regulatory framework for those people,”said His Excellency Mohamed Ali Al Shorafa AlHammadi, Chairman, Abu Dhabi Departmentof Economic Development.Through a combination of firm legislation andinnovative strategies, Abu Dhabi is following aclearly defined strategy for establishing itself asa global leader in blockchain, which prioritisesboth bringing crypto investment to the UAE,as well as encouraging local engagement andinnovation in blockchain.MAY 2022 . 15

AT THEFRONT OFDIGITISINGHEALTHCAREAbu Dhabi is reimagining healthcare through a carefully planneddigitisation agenda.16 . BUSINESS VOICE

H E A LT H C A R EMAY 2022 . 17

Healthcare in Abu Dhabi received a majorboost with three of the Emirate’s leadingproviders coming together to reiterateits position as a prominent digitalhealthcare destination. The Departmentof Health – Abu Dhabi (DoH), the regulator of the healthcare sector in the Emirate,joined hands with Pure Health, the largest integrated healthcare platform in the UAE, and G42Healthcare, Abu Dhabi based health tech company, to establish the Centre of Digital Health(CDH) that will develop robust data platformsand accelerate digital services to elevate the UAEcapital’s healthcare sector. His Excellency Dr.Jamal Mohammed Al Kaabi, Undersecretary ofDoH; Shaista Asif, Group COO of Pure Healthand His Excellency Mansoor Al Mansoori, GroupCOO of G42, signed the MoU in the presenceof His Excellency Abdulla bin Mohamed AlHamed, Chairman of DoH.Supervised by the DoH, Pure Health andG42 will establish a joint venture to launch theCDH while leveraging ‘Malaffi’, the region's firstHealth Information Exchange and ‘Shafafiya’platforms, to collect, process, and analyse healthcare and patient data. The CDH will contributeto decision-making, policy creation and scientificand clinical research processes by integrating thelatest artificial intelligence (AI) technologies and18 . BUSINESS VOICE Abu Dhabi isdeveloping robustdata platformsto accelerate itsdigital services“Under the directives of our wise leadership,the Department of Health – Abu Dhabi continuesto solidify Abu Dhabi’s position as a life scienceincubator and a regional and internationaldigital health destination, thanks to its advancedinfrastructure and digital capabilities.”HE DR. JAMAL MOHAMMED AL KAABI,UNDERSECRETARY, DOH

H E A LT H C A R EStrategic Digitisationbig data. Healthcare providers and insuranceand pharmaceutical companies are set to benefitfrom the CDH’s services.As part of the collaboration, DoH Abu Dhabiand G42 Healthcare will work together todevelop solutions that provide value to a variety of healthcare ecosystem participants, frompatients, providers, payers, regulators, to pharmaand beyond. G42 Healthcare will use its proprietary HealthSight platform to power theunification of multimodal healthcare datasetsand enable insight generation through advancedanalytics and machine learning. Pure Health,which actively works towards achieving ‘technological singularity’, envisages the CDH as adriver of improved health outcomes through itspre-emptive detection, predictive diagnosticsand personalised medicine capabilities.HE Dr. Jamal Mohammed Al Kaabi said,“Under the directives of our wise leadership, theDepartment of Health – Abu Dhabi continuesto solidify Abu Dhabi’s position as a life scienceincubator and a regional and international digital health destination, thanks to its advancedinfrastructure and digital capabilities. Throughthis joint venture, we look forward to harnessing health data in accordance with the higheststandards of information security to furtherenhance healthcare outcomes in the Emirateand provide quality healthcare to all the members of the community. Establishing the Centreof Digital Health is another testament to theeffectiveness of public-private partnerships andthe efforts made in exchanging health information in the Emirate.” DoH, Pure Healthand G42 sign MoUto establish Centreof Digital Health DoH's Malaffiplatform connectsall public andprivate hospitals inAbu DhabiAiming to become one of the leading healthcare destinations in the world, Abu Dhabi isstrategically accelerating the digitisation of itshealthcare system. The Emirate’s 10-year digital transformation strategy led by the DoH AbuDhabi is based on a patient-first approach toprovide insights-driven and value-based careand deliver cutting-edge preventive, pervasiveand personalised medicine to the nation.Last year, Malaffi marked another important milestone when it announced that all thepublic and private hospitals in Abu Dhabi werenow connected through it. The platform broughttogether 60 hospitals, 1,208 clinics and medicalcentres and 758 pharmacies ensuring that over45,800 doctors, nurses and other healthcare staffmembers have secure access to important patienthealth information in real-time, creating a centralised database of unified patient records. Astrategic initiative of the Abu Dhabi DoH, Malafficollates 559 million unique clinical records ofmedical information such as patient visits, medical conditions, allergies and procedures, to name afew, enabling healthcare facilities to be more efficient and better coordinated across the emirate.Scaling Healthcare TechnologyAccording to the Ministry of Health and Prevention (MoHAP), technology will continue toplay a crucial role in the healthcare space in theUAE in the post-Covid-19 pandemic era and thecountry could well see the emergence of digitalhospitals in the future. A key part of UAE Vision2021 is the adoption of cloud computing to accelerate positive change, and this is being reflectedMAY 2022 . 19

in the healthcare space too. The UAE has cloudbased services available for all healthcare serviceproviders through its two telecommunicationscompanies. The country already has laws in placefor the governance of digital health. In May 2019,as part of the UAE government’s ICT Strategy2021 and National Innovation Strategy thatfocuses on the bid to develop into a fully digitallyenabled nation, the Health ICT law was enactedthat governs the use of technology in healthcare.The second law regulates the clinical processesand procedures for telemedicine providers.Abu Dhabi’s DoH is behind the MENA region’sfirst health start-up accelerator formed in partnership with Plug and Play, the largest globalinnovation platform headquartered in SiliconValley, and Abu Dhabi Global Market (ADGM).Through this accelerator, start-ups will getthe opportunity to test and implement their20 . BUSINESS VOICE Badr Al-Olama,Chief ExecutiveOfficer of Hub71 Plug and Playwill accelerate thedigitisation of AbuDhabi's healthcarestart-ups Advances indigital technologiesare transforminghealthcare inAbu Dhabitechnologies within DoH’s networks of corporatepartners and investors. In return, the Departmentwill be able to leverage Plug and Play’s international network and footprint to source and scalehealthcare technologies in the Emirate as well asacross the country. Plug and Play hopes to attract24-36 global healthcare startups to Abu Dhabi inthe coming two years.“We are excited about our partnership withPlug and Play, which will support healthcarestartups, enabling them to translate their ideasinto a reality that brings an elevated level of quality, paving the way for the transformation of thehealthcare sector in the Emirate and beyond,”

H E A LT H C A R Esaid Dr. Asma Al Mannaei, Director of Healthcare Quality Division at Department of HealthAbu Dhabi when the partnership was announced.Last October, the DoH announced a collaboration with Hub71, Abu Dhabi’s global techecosystem, to create an innovative ecosystemin healthcare. The partnership aims to createlucrative commercial opportunities for start-upsat Hub71 by giving them direct access to DOH’sexpansive network of local and internationalpartners, customers, experts and investors, inaddition to priority entry into the DoH Plug andPlay MENA HealthTech accelerator programmeand the DoH Health Technology Assessment.“The heal

The views expressed in this publication do not necessarily reflect the views of the magazine or The Abu Dhabi Chambers of Commerce and Industry Media One Tower, Dubai Media City, PO Box 2331, Dubai, UAE T: 971 4 427 3000 F: 971 4 428 2261 A Motivate Connect Publication motivatemedia.com; connect@motivate.ae BUSINESS VOICE