MEA Q1 2021

MEAMARKETS / Q3 2020 5 NEWS Living in Ras Al Khaimah – Al HamraVillage & Bab Al Bahr Communities Owing to the solid response for a well-priced and suburbanised premium developments in prime locations, Al Hamra has now launched the phase 2 of the initiative. Located on the AI Mar- jan Island and AL Hamra village, just 45-minutes from Dubai International Airport, these are the most sought-after communities in Ras Al Khaimah with a mix of over 100 nationalitiaes. Admired for the scenic vistas of the Arabian Gulf, AL Hamra Village and Bab Al Bahr Residences offers direct beach access and have world-class community gyms, swimming pools for children and adults, supermarkets, pharmacies, and beauty salons. Al Hamra Village is a fully integrated gated community, one of very few in the UAE, with a championship golf club, marina and yacht club and a shopping mall alongside waterfront walkways. Bab Al Bahr Residences also offers a three-kms long jogging and cycling track on Al Marjan Island, alongside beautiful sea views, a corniche and promenade, a waterfront tennis court and family picnic areas. Benoy Kurien, Group CEO of Al Hamra, said: “We are delighted to see such a positive response from the investors around the world who chose the Emirate as their preferred destination for living and doing business. Ras Al Khaimah is the first Emirate to be certified as safe by WTTC, with record number of people taking advantage of living in less populated and more affordable communities, where they can be close to nature as well as benefit from world class amenities and facilities. Al Hamra’s products and initiatives have always been customer centric. The pandemic has pre- sented us a new opportunity to evaluate our offerings and redesign our products to meet the changing demands of our customers. The ‘Live and Work’ initiative by Al Hamra is a great example of this exercise.” Ramy Jallad, Group CEO of RAS Al Khaimah Economic Zone (RAKEZ), said: “Our focus is to make it a breeze for investors to set up and expand to the region by providing them with customised business solutions as well as helping them settle in Ras Al Khaimah with ease. With the ‘Live and Work’ product, we are able to achieve these and seamlessly plug them into the Ras Al Khaimah’s unique ecosystem which comprises of a thriving business community and high-standard way of living, all for a cost that is lower than other major business cities. We invite all global investors look- ing to take a dive into the booming markets across the region and experi- ence first-hand what RAKEZ and Ras Al Khaimah has to offer.” Payment Plans An elegantly designed apartment in the picturesque gated communities in Ras Al Khaimah starts at AED 400,000. Investors can also make the payment over a five-year period with a 20 per cent upfront payment of the total value. The freehold home will be 100 per cent owned by the investor. Live &Work Package Explained Al Hamra’s package is also best-suited for investors seeking to set up business in the UAE, while enjoying living in a fully owned home in pris- tine settings. In addition to the 12-year residence visa, investors enjoy exceptional incentives and benefits including a free business licence to undertake any of the hundreds of business activities offered by RAKEZ, an additional partner visa and a flexi-desk with modern amenities to conduct business seamlessly. In addition to the excellent quality of life in an extremely safe environment, investors who choose to set up a business in Ras Al Khaimah can take advantage of low cost of resources, modern infrastructure, and state-of- the-art facilities. Furthermore, they stand to benefit from 100 per cent own- ership of the business, 100 per cent repatriation of capital and profits, no corporate tax and zero personal tax. The offer will also assure long-term return on investment with an average internal rate of return at Al Hamra estimated at up to 8 per cent annually. Investors also benefit from high rental values with Bab Al Bahr being one of the in-demand residential communities renowned for its amenities, big- ger layouts, competitive service and utility charges and an uninterrupted access to the pristine white sandy beaches of the Arabian Gulf. Ras Al Khaimah, one of the seven emirates that form the UAE, is today the fastest-growing tourism and investment destination in the country. In addition to its natural beauty, the world’s largest zipline and other historic attractions, Ras Al Khaimah also offers a competitive business environ- ment. The Gulf Tourism Capital award is a testament to Ras Al Khaimah’s early and sustained action to curb the spread of the COVID-19 pandemic, resulting in global recognition as a safe destination for travel and tourism. Tata Consultancy Services recently participated at the 10th Annual Middle East Banking Innovation Summit at Le Méridien Dubai Hotel & Conference Centre on March 01, 2021.The Middle East Banking Innovation Summit was the first banking and fin- tech industry event of the year in Dubai and explored the latest advancements in fintech and banking technology.Tata Consul- tancy Services was joined by partners, Abu Dhabi Global Mar- kets, Commercial Bank of Dubai and Gulf International Bank, Bahrain during the event. Tata Consultancy Services recently participated at the 10th Annual Middle East Banking Innovation Summit at Le Méridien Dubai Hotel & Conference Centre on March 01, 2021. The Middle East Bank- ing Innovation Summit was the first banking and fintech industry event of the year in Dubai and explored the latest advancements in fintech and banking technology. Tata Consultancy Services was joined by partners, Abu Dhabi Global Markets, Commercial Bank of Dubai and Gulf International Bank, Bahrain during the event. Tata Consultancy Services participated at the summit this year to discuss developments of Open Banking platform and share their in- sights on the new collaborative business models. Sumanta Roy, VP & Head of Middle East, Africa, Mediterranean, Tata Consultancy Services (TCS) moderated a panel discussion around Open Bank- ing and the innovations in the current banking ecosystem. The pan- el discussion saw participation of the key banking industry leaders such as Stefan Kimmel, Chief Operating Officer, Commercial Bank of Dubai (CBD), Vikas Sethi, Group Chief Digital Officer, Gulf Inter- national Bank, Bahrain (GIB) & Dr. Bhaskar Dasgupta, Associate Director, Market Development, Abu Dhabi Global Market (ADGM). While talking about the development of any country’s financial eco- system for open banking to be applicable and useful in any coun- try, Sumanta commented, “Conceptually, the combination of the strength of fintech market of a country and the framework which helps in the integration and collaboration are the keys for the appli- cation of open banking in any country”. Tata Consultancy Services’ Open Banking API Framework has been built to help banks, fintech and gateways to accelerate their digital transformation journey by securely abstracting and carefully sharing customer data for internal and external consumption. The framework assists these industries to comply with government reg- ulation and promotes collaboration in interest of the overall cus- tomer. Tata Consultancy Services discussed the state of the Open Bank- ing platform in the Middle East. Bahrain is leading the way for Open Banking in the Middle East region, with the country being the first to draft regulations around the platform in November 2018. Saudi Arabia closely follows Bahrain, in terms of acceptance towards the platform and is currently aiming to reach overall market implemen- tation by the end of 2021. Furthermore, 88% of UAE banks said they were looking to open their APIs (Application Programming In- terface) to enable Open Banking within the next year, according to a 2020 survey by fintech firm Finastra. The development of new collaborative business models can help the industry grow and transform in the coming years and Open Banking is a step towards massive growth and transformation. Central Banks in the GCC region are coming up with open banking regulations to foster competition and innovation. Tata Consultancy Services Explores the Future of Open Banking