Yearly Archives: 2024

Arabia Insurance, a leading insurance provider in the United Arab Emirates, and Policybazaar.ae, UAE’s leading insurance aggregator, today announced a strategic partnership to offer a wider range of insurance products to customers in the UAE through Policybazaar.ae’s user-friendly online platform.

This collaboration will enable Arabia Insurance to leverage Policybazaar.ae’s robust online insurance aggregation platform – ensuring that Arabia Insurance’s suite of products, including critical illness insurance, becomes readily accessible to a wider audience across the UAE. Customers will now be able to compare and purchase Arabia Insurance plans seamlessly online, simplifying the insurance buying journey.

Serge Flouty, Senior Country Manager-UAE of Arabia Insurance, said, “We are excited to partner with Policybazaar.ae, a leading player in the online insurance market. Their cutting-edge technology and extensive reach will allow us to offer our comprehensive insurance solutions, including critical illness plans, to a larger customer base in the UAE. This partnership aligns perfectly with our vision of making insurance more accessible and convenient for everyone.”

Commenting on the partnership, Neeraj Gupta, CEO, Policybazaar.ae said, “We are delighted to join forces with Arabia Insurance, a renowned name in the UAE insurance sector. This partnership allows us to expand our product offerings in the UAE and empower customers to make informed insurance decisions through a transparent and user-friendly online platform. This collaboration will particularly benefit individuals seeking critical illness insurance, making it readily available online for the first time.“

UAE customers stand to benefit significantly from this partnership, gaining access to a diverse array of products, notably critical illness plans by Arabia Insurance, along with the convenience of an online platform for swift and hassle-free purchases anytime, anywhere. This platform promotes transparency by enabling customers to compare plans, features, and prices, empowering them to make informed decisions efficiently. Together, these advantages streamline the insurance process, ensuring UAE customers find tailored coverage effortlessly.

EZDubai, the fully dedicated e-commerce zone in Dubai South, has launched the fourth edition of its ‘E-Commerce Report in the MENA Region 2023’ in collaboration with Euromonitor International, the world’s leading provider for global business intelligence, market analysis and consumer insights. The report revealed that the UAE’s total e-commerce market size reached AED 27.5 billion in 2023, and is expected to surpass AED 48.8 billion in 2028.

The rapid surge in e-commerce adoption in the UAE is fueled by the tech-savvy Gen Z and millennial population, empowered by strong government support in regulations and backed by substantial investments in digital infrastructure. The top three verticals by value in 2023 were apparel and footwear, consumer electronics and media products.

In the UAE, consumers prefer mobile-based shopping, prioritising convenience and cost-effectiveness. Credit and debit cards are the dominant payment methods for online purchases, as reported by 93.2% of respondents in Euromonitor International’s 2023 survey, showing strong confidence in traditional banking. Smartphones are a widely preferred medium for online shopping, indicating a growing reliance on seamless, mobile-centric shopping experiences, and emphasising the importance of social media.

Meanwhile, E-commerce in the MENA region continued its rise in 2023, with a year-on-year growth of 11.8% to reach nearly AED 106.5 billion after reflecting strong online adoption over the historic period, with a CAGR growth of 25% since 2018.  The e-commerce market size in the MENA is expected to reach AED 183.6 billion in 2028.

Key trends shaping MENA e-commerce include increased omnichannel adaptation, as consumers demand seamless shopping experiences, alongside a rise in digital payments and a shift towards payment apps. The popularity of membership programs and the expansion of online grocery shopping also mark significant changes. Furthermore, mobile commerce in the UAE and Saudi Arabia has seen a substantial surge, with its value nearly quadrupling from 2018 to 2023, reaching approximately AED 14.3 billion and AED 16.1 billion, respectively.

In his comments, Mohsen Ahmad, CEO of Logistics District, Dubai South said: “We are pleased to launch the fourth e-commerce report in partnership with Euromonitor and share the latest insights on the sector with our stakeholders. The region’s e-commerce industry has been witnessing impressive growth, and is primed for further robustness in the future, due to the widespread high-speed internet connectivity, and favorable policies mainly focused on development of digital payments and logistics infrastructure. The UAE has also introduced a new e-commerce law in 2023 to enhance its digital economy by encouraging investment, protecting consumer rights, and fostering innovation. At EZDubai, our mandate is to contribute to the government’s vision and cement the emirate’s position as a hub for regional e-commerce.”

EZDubaiwas designed to attract leading e-commerce companies and create a benchmark with its infrastructure. The e-commerce zone, launched in January 2019 by HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, is strategically located in the heart of the Logistics District of Dubai South.

The World Economic Forum in collaboration with the Mohammed Bin Rashid Al Maktoum Global Initiatives (MBRGI)hosted the Food Innovation Conference 2024 in Dubai, under the theme ‘Reimagining Future Food Systems’. This high-level event convened global experts from across business, academia, government and civil society to deepen cooperation and scale technology solutions to transform food systems globally.

The closing session featured keynote speeches by H.E. Dr. Amna Al Dahak, UAE Minister of Environment and Climate Change, and Badr Jafar, CEO of Crescent Enterprises and Special Envoy for Business and Philanthropy.

Other prominent speakers at the conference included Dr. Abdulkareem Al Olama, Chief Executive Officer, Mohammed Bin Rashid Al Maktoum Global Initiatives, H.EKhadim Al Derai, Managing Director and Co-Founder, Al Dahra Holding, Ibrahim Al Zu’bi, Group Chief Sustainability Officer at ADNOC Group, and Jane Nelson, Director of Corporate Responsibility at Harvard Kennedy School.

The event stressed the fundamental shift that must take place in the way food is produced and consumed to address interrelated challenges such as food insecurity, biodiversity loss and carbon emissions.

During his keynote speech, Badr Jafar, who also chaired the COP28 Business & Philanthropy Climate Forum, emphasized the importance of harnessing the combined power of business and philanthropy, stating, “If we are to truly transform our food systems, we need to supercharge our commitment to collaboration across borders and across disciplines and sectors. As a businessperson who also believes in the power of strategic philanthropy, I am optimistic that we are entering a new era of multi-stakeholder cooperation where artificial walls between government, business and philanthropy are coming down.”

With widespread malnutrition of 2 billion people globally, food systems today also contribute heavily to environmental challenges. According to the World Wide Fund for Nature (WWF), current food production methods are responsible for one-third of global greenhouse gas emissions, 80% of deforestation, and consume over 70% of the world’s freshwater. Additionally, global food consumption is projected to rise by at least 50% by 2050.

BadrJafar’s address highlighted that technology and innovation are powerful enablers and catalysts of change, commenting: “With $25 trillion in private markets, we know that business is uniquely equipped to channel vast amounts of private capital and expertise, global networks, and cutting edge technology. For example, the impact that robotics and AI will have on our food systems is immense. From smarter farming, better food processing and safety, smoother supply chain management the private sector will be on the leading edge of this transformation.”

At COP28, the World Economic Forum announced the First Movers Coalition for Food, where the UAE and 20 leading food companies joined forces to create a combined procurement commitment for sustainably produced food, worth up to $20 billion by 2030. During the same UN climate conference, the World Economic Forum and the Mohammed Bin Rashid Global Initiatives launched the Food Innovation Hubs initiative to leverage the exponential potential of technology in responding to the food systems and climate needs in the country and globally.

Badr Jafar concluded, “In the UAE, this ‘whole of society approach’ is authentically being championed. In the same way that complex challenges such as food security, water scarcity, climate change and public health cannot be viewed in isolation, we genuinely believe that the solutions to these challenges will not be spawned in isolation either. We need to work together, while continuing to play to our individual strengths, in order to work at the speed and scale necessary to deliver a better world for generations to come.” The two-day conference encouraged knowledge exchange and capacity building, facilitated partnership opportunities, showcased country-led innovation ecosystem models and explored the latest global frontiers in food systems innovations.