Abu Dhabi among top two financial centres in region: Report
KHALED AL KHAWALDEH (ABU DHABI)Abu Dhabi has been ranked the second-best financial centre in the MENA region in the latest Global Financial Centres Index (GFCI). The city was highlighted for its strong legislative frameworks and was forecast to be one of the centres with high growth potential in the coming years. Abu Dhabi placed 38th globally, placing it behind neighbouring Dubai which ranked 12th. The city was highlighted by respondents as 11th most likely to become more significant in the near future, a strong signal of the capital's growing presence on the world stage. "A robust and transparent regulatory framework is essential for ensuring market stability and fostering investor confidence, which are critical for the competitiveness of financial centres like Abu Dhabi," Project Manager from an Investment Firm in New York, who was quoted in the GFCI report. "Strong rule of law and low levels of corruption are vital for creating a trustworthy environment where investments are protected, enhancing Abu Dhabi's appeal as a financial hub." Published in conjunction between the China Development Institute (CDI) in Shenzhen and London-based think tank, Z/Yen Partners, the GFCI aims to give a comprehensive view of the competitiveness of financial centres around the world. It compiles 140 instrumental factors, from sources like the IMF and World Bank alongside questionnaires from 5,000 respondents. This year's listing saw Abu Dhabi improve its overall rating on the index, despite losing 3 places overall since last year when it ranked 35th. The capital made large gains in the Finetch space where it gained 10 places and ranked 32nd overall. The latest results are indicative of the gradually increasing influence of Abu Dhabi as a global financial centre. Despite still being somewhat behind neighbouring Dubai, the city has been undergoing a rapid transformation in recent years led by Abu Dhabi Global Markets (ADGM), which has seen some of the biggest finance houses in the world open shop. In 2024, ADGM saw a 245% increase in assets under management and saw several leading financial institutions, including global giants such as BlackRock, Polen Capital, and Morgan Stanley set up in Abu Dhabi. ADGM also saw the opening of several family offices from the world's richest households.
All of this is underpinned by the growing geography of the Abu Dhabi's financial centre, adding an extra 500,000 sqm through the addition of Al Reem Island, and the growing maturity of its legislative infrastructure.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arabian Post
10 hours ago
- Arabian Post
Goldman Sachs Embraces Devin as Agentic AI Coder
Goldman Sachs has begun deploying 'Devin,' an autonomous coding agent developed by London-based startup Cognition, as part of its technology workforce, Chief Information Officer Marco Argenti confirmed to CNBC. The bank plans to roll out hundreds, potentially thousands, of Devin instances working alongside its approximately 12,000 human software engineers. Argenti described Devin as a 'new employee' that will augment rather than replace human programmers, forming what he called a 'hybrid workforce' model. Under this arrangement, human engineers will supervise agentic AI, utilising Devin to handle routine or repetitive tasks such as updating legacy systems, freeing them to focus on more complex problems. Introduced last year, Devin is billed as the first AI software engineer capable of full-stack development. It functions autonomously, making decisions across coding tasks using natural language prompts. Early demos impressed observers, though some testing exposed limitations. In one evaluation, Devin completed only 3 out of 20 tasks successfully, and while it outperformed typical large language model chatbots, it still required oversight for errors and oversight. ADVERTISEMENT Cognition – now valued at around $4 billion and backed by investors including Joe Lonsdale and Peter Thiel – updated Devin to version 2.1 in May. The startup says the model excels in large codebases where ample context is available. Goldman's move builds on its firm‑wide deployment of GS AI Assistant, a generative AI platform already used by tens of thousands of employees for drafting content, summarising documents, and analysing data. GS AI Assistant integrates multiple large language models, including OpenAI and Google Gemini. The introduction of Devin raises broader questions about automation's impact on the financial sector. Bloomberg Intelligence warned that AI adoption could put up to 200,000 banking jobs at risk globally over the next three to five years. However, Goldman maintains that AI agents like Devin will bolster human productivity rather than replace it. Argenti emphasised that engineers will need to 'describe problems coherently, turn them into prompts and supervise', highlighting a shift in human roles toward management and oversight of AI systems. Within Goldman, internal data suggests productivity gains of 20 per cent among teams using AI tools, according to statements by President John Waldron. Competitors are also deepening their AI investments. JPMorgan has rolled out internal generative-AI tools to its 60,000 staff, while Morgan Stanley and Citigroup have launched assistants for client reports and document handling. Nevertheless, specialists caution that agentic AI systems like Devin remain imperfect. Code generated by AI may introduce bugs or security vulnerabilities, necessitating stringent review protocols. Moreover, studies hint that less experienced developers might slow down when overly reliant on AI tools, prompting concerns about atrophy of critical thinking. To address these challenges, experts advise that organisations establish robust supervision frameworks and ensure AI collaboration enhances human judgment. Argenti advocates a philosophy-infused approach to software engineering, urging developers to 'study philosophy alongside technical skills' to enhance critical thinking and ethical oversight. Goldman's integration of Devin represents one of the most significant adoptions of agentic AI in the corporate world. By bringing Devin into its engineering ranks, the bank hopes to accelerate software development, reduce repetitive workloads, and better allocate technical talent—though the long-term effects on workforce composition and skills development remain uncertain. Analysts emphasise that AI agents won't eliminate human roles overnight. Jobs requiring nuanced judgment and relationship-building—such as senior developers, client-facing roles and compliance officers—are expected to remain. Yet, routine positions involving standardised tasks may face greater pressure.
TECHx
a day ago
- TECHx
Ransomware on the Rise
Home » Emerging technologies » Cyber Security » Ransomware on the Rise Ransomware attacks in the Emirates are escalating, and while the region has cutting-edge digital infrastructure, it is now being tested by a wave of increasingly sophisticated cybercrime. According to the UAE Cybersecurity Council, ransomware incidents surged by 32% in 2024 compared to the previous year. Financial institutions, energy companies, and healthcare providers were among the most frequently targeted, as threat actors capitalized on the region's digital transformation. This isn't just a local concern. Globally, ransomware is evolving from blunt-force encryption to more insidious, double-extortion models, stealing sensitive data before locking systems, and threatening to release it publicly unless ransoms are paid. In the UAE, where government trust and corporate reputation are paramount, the stakes are exponentially higher. The Anatomy of a Threat The UAE's ransomware landscape is shaped by global crime syndicates that now operate like tech startups, professional, agile, and productized. Groups such as LockBit, Qilin, Flocker, and DarkVault are some of the main perpetrators operating in the region, according to These groups often use ransomware-as-a-service (RaaS) models to scale operations without getting their digital hands dirty. In 2024 alone, 34 ransomware incidents were recorded in UAE financial institutions, up from 27 in 2023, as highlighted by ZCyberSecurity's UAE Threat Report. The attackers used phishing emails, unpatched software, and increasingly social engineering tactics powered by AI. Notably, a ransomware attack on Moorfields Eye Hospital Dubai encrypted over 60 GB of sensitive patient data, placing immense pressure on healthcare regulators to reinforce digital defenses, as reported in CentralEyes' breach analysis. Why the UAE Is a Prime Target The UAE's hyper-digital economy is both a strength and a soft spot. With aggressive investment in smart cities, fintech, and AI-driven public services, the attack surface has expanded dramatically. The country's economic diversity and digital-first culture present a high-reward scenario for threat actors. Additionally, the UAE's reputation on the global innovation stage makes its digital vulnerabilities headline-worthy. Cybercriminals are keenly aware that breaches here have the potential to make international news, raising pressure on victims to pay ransoms quickly and quietly. To Pay or Not to Pay? A particularly troubling statistic comes from Nearly 50% of UAE-based organizations impacted by ransomware chose to pay the ransom in 2024. This is significantly higher than the global average and signals a dangerous precedent. Paying ransoms might offer a short-term solution, but experts warn that it invites repeat attacks and funds future criminal operations. Worse yet, ransom payments don't guarantee full data recovery, a reality many UAE businesses have painfully learned. Shifting from Reaction to Prevention Despite the spike in attacks, the UAE is not standing still. The government has deployed AI-powered defense systems capable of detecting and neutralizing up to 200,000 attacks per day on critical infrastructure. The UAE Cybersecurity Council has also intensified its public-private sector collaboration, including partnerships with GISEC, Dubai Police, and major cloud providers. Cybersecurity regulations have evolved as well, requiring mandatory breach reporting and encouraging the use of 'zero trust'. While large enterprises and government entities have fortified their defenses, SMEs remain vulnerable. Many lack dedicated cybersecurity teams or even basic security hygiene. This makes them low-hanging fruit for attackers using automated tools to scan for weaknesses. Moreover, despite rising awareness, cyber insurance uptake remains low, and many organizations are unclear on whether they're even covered in the event of a ransomware attack. With threat actors evolving faster than policies, regulatory bodies are now pushing for more transparency and minimum security standards across sectors.
Al Etihad
a day ago
- Al Etihad
Kazakhstan unveils first national supercomputer in strategic partnership with Presight
11 July 2025 22:00 ABU DHABI (ALETIHAD)In a landmark step toward digital transformation and technological sovereignty, the Republic of Kazakhstan has officially launched its first national supercomputer in collaboration with in Astana on Friday, in the presence of President Kassym-Jomart Tokayev, senior government officials, and global technology leaders, the supercomputer marks a major milestone in the country's innovation journey. It was developed by the Ministry of Digital Development, Innovation and Aerospace Industry in strategic partnership with Presight, a UAE-based G42 supercomputer will form the backbone of Kazakhstan's AI ecosystem, enabling advanced research, large-scale model training, and secure data infrastructure. It also reinforces the country's commitment to data sovereignty, digital transformation, and scientific excellence, while positioning Kazakhstan as a regional hub for AI and cloud Kenesbai, Chief Growth Officer, and Maxat Koshumbayev, Country Manager for Kazakhstan, represented Presight at the launch. Addressing President Tokayev, Kenesbai said, 'Kazakhstan has all the foundational elements to emerge as a global leader in artificial intelligence, and Presight fully supports President Tokayev's bold vision for digital transformation. This journey is being shaped through close collaboration between the government, local stakeholders, and international partners—advancing critical areas such as energy infrastructure, data centres and compute capacity, chip imports, talent development, and frontier AI models."The launch of the national supercomputer is a key milestone in a broader, strategic agenda to build a digitally empowered nation. Presight is proud to stand alongside Kazakhstan as a trusted partner in this nation-building effort.'During the event, Kenesbai also briefed the President on Presight's global initiatives, including the Stargate UAE project and UAE-US AI Campus, as well as the status of the Astana Smart City project. The Astana project, developed in partnership with the Akimat, includes construction of a local data centre, a command centre at and deployment of a comprehensive AI analytics system. Notably, over 60% of the project relies on local suppliers, with Presight Kazakhstan now employing more than 50 specialists to support technology transfer and in-country value creation. Source: Aletihad - Abu Dhabi
