The Finance Middle East Awards 2024 celebrated the region’s top finance industry achievements with its inaugural event. After months of rigorous evaluation, the ceremony served not only to honour the remarkable achievements of the past year but also as a platform for finance professionals to connect, exchange ideas and envision the future of the financial services sector.
We are delighted to unveil the esteemed winners of the Finance Middle East Awards 2024, shining a spotlight on their landmark accomplishments that have played a pivotal role in propelling the finance industry forward. These awards recognise the innovation, resilience and leadership demonstrated by individuals and organisations, setting new standards of excellence and shaping the future landscape of finance in the Middle East.
Meet the winners
Asset Management Firm of the Year
Investcorp
Investcorp secured the prestigious Asset Management Firm of the Year award among this year’s five finalists. The Bahrain-headquartered firm is a global investment manager specialising in alternative investments across private equity, real estate, credit, absolute return strategies, GP stakes, infrastructure, strategic capital and insurance asset management. Managing $52 billion in assets, including those managed by third-party managers, Investcorp has 14 offices across the US, Europe, GCC and Asia, employing approximately 500 people from 50 nationalities globally. Investcorp aims to reach $100 billion in AUM in the medium term.
In December 2023, Investcorp entered the global infrastructure asset class by acquiring a 50% stake in Corsair’s Infrastructure Business, becoming Investcorp Corsair Infrastructure Partners. With $4.8 billion AUM in global assets focused on transportation, logistics, and infrastructure subsectors, Investcorp plans to double its infrastructure AUM to $10 billion over the next five years. In March 2024, Investcorp announced its investment in New York’s JFK Terminal 6 Project, one of the biggest infrastructure investments in a generation.
“The firm has made exciting strides over the last seven years, growing its assets under management by a factor of five. We went from $10 billion in 2017 to about $50 billion today. That momentum has only started. We have committed to reaching $100 billion of AUM in the medium term. And that journey is we are halfway through,” said Hazem Ben-Gacem, co-CEO of Investcorp in an exclusive interview with Finance Middle East.
Bank of the Year
First Abu Dhabi Bank
First Abu Dhabi Bank (FAB), the UAE’s largest bank and one of the world’s largest financial institutions, clinched the esteemed bank of the Year award in recognition of its role in offering an extensive range of tailor-made solutions, products, and services to provide a customised banking experience. Through its strategic offerings, FAB meets customers’ banking needs worldwide via its market-leading Corporate and Investment Banking and Personal Banking franchises.
The bank’s FY2023 net profit reached $4.5 billion, up 56% on an underlying basis (excluding non-recurring gains from the sale of stakes in subsidiaries). Total income was $7.6 billion, with broad-based growth across all core businesses. Total assets increased 5% year-over-year to $318 billion, ensuring FAB remains the largest UAE bank.
Banking Solution Provider of the Year
Backbase
Backbase, the winner of the Banking Solution Provider of the Year award, provides engagement banking solutions for financial institutions globally, from large banks to credit unions and community banks. The Dutch financial technology company enables banks to break free from the constraints of legacy IT systems by offering a next-generation engagement banking platform. This platform allows banks to gradually replace or decompose disparate legacy systems and construct a modern customer engagement orchestration architecture around them. By doing so, banks can prioritise essential customer journeys across all touchpoints, eliminate silos, and empower both customers and front-office employees.
“We’re very happy and excited to receive this award that really just highlights the dedication of the entire team and the hard work we put throughout the years and such a great recognition to have as well,” said Shahdan Shokry, Senior Campaign Manager, CEEMEA Region. “Our plan for next year is always to remain focused on providing our customers with the best value and that is through helping them modernise their IT systems to engage in banking model that helps them be more customer centric, rather than just rely on heavy IT systems.”
Commercial Bank of the Year
Abu Dhabi Commercial Bank
This prestigious award recognises a bank that has demonstrated excellent financial performance and customer service, as well as a commitment towards innovation and contributing to the overall development of the finance sector in the region. The Abu Dhabi Commercial Bank (ADCB) met all these criteria and more, showcasing the region’s strongest commitment to customer experience excellence.
In 2024, ADCB continued its growth trajectory with a solid first-quarter net profit, showcasing strong earnings growth driven by robust loan growth and impressive financial performance indicators. Its services combine excellent service, diverse product offerings, technological innovation, operational efficiency and a strong focus on security and trust.
As part of its focus on building a future-ready bank, ADCB continues to invest significantly in its digital transformation programme, which is driving scalable growth, higher productivity, and enhanced customer experience.
Cryptocurrency Trading Platform of the Year
Binance
In a remarkable testament to its unrivalled prowess, Binance FZE secured the Cryptocurrency Trading Platform of the Year title. Binance FZE received a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA) earlier this year. Following the Minimum Viable Product (MVP) license issuance in July 2023, this marks a significant milestone for Binance and the global virtual asset landscape. The transition from an MVP to a VASP license allows Binance FZE to extend its product offerings to the retail market alongside qualified and institutional investors. Individual customers can now access a broad range of digital asset products and services, including spot trading, margin trading, and staking – offering the widest array of regulated virtual asset services available globally.
“Our focus continues to be our users, that’s always been our number one. We build our platform to make sure we are offering the best to them taking their feedback into account and fixing things to suit their needs wherever needed,” said Stephanie Emile, Head Of Operations at Binance FZE. “We continue to work with regulators that has been one of our key focuses across the world but also especially in the UAE.”
Customer Service Excellence Award
Al Ansari Financial Services
When one thinks of excellent customer experience in the financial world, Al Ansari Financial Services immediately springs to mind. The company has demonstrated outstanding attention to its customer service, maintaining a constant commitment to meeting and exceeding customer expectations.
For almost 60 years, Al Ansari Financial Services has allowed tourists, residents and businesses to transfer and exchange money and conduct payments swiftly, securely and effectively, always adapting to changing customer needs and demands.
“We are delighted that we have been recognised with the ‘Customer Service Excellence Award’ at the Finance Middle East Awards,” said Mohammad Bitar, Group Deputy CEO at Al Ansari Financial Services. “This award is a true testament to the dedication and hard work of our entire team. It validates our commitment to building strong client relationships and fostering a culture that prioritises exceptional service at every touchpoint.”
Digital Banking Platform of the Year
Astra Tech
Astra Tech, the recipient of the Digital Banking Platform of the Year, stands at the forefront of MENA’s consumer technology landscape. Since its inception in 2022, Astra Tech has consistently pushed boundaries, creating the world’s first Ultra App. This platform, developed through strategic acquisitions like PayBy, Rizek and Botim, serves over 150 million users across 155 countries, democratising financial services and fostering financial inclusion on a global scale.
Astra Tech’s PayBy-powered Ultra app saw a 75% increase in transactions quarter-on-quarter, highlighting its commitment to bridging gaps in traditional banking systems and providing vital services to those overlooked by conventional institutions.
“We are currently building a comprehensive, rewarding loyalty program that serves both our consumers and our merchants and I think this would create traction in reality to all our merchants and consumers,” noted Martina Habib, VP of Business Development and Strategy at Astra Tech. “Apart from that, we are looking to digitise an end to end solution of onboarding our merchants by digitising the KYC and digitising the screening processes for them to be able to directly self onboard themselves on our website.”
Exchange House of the Year
Al Ansari Exchange
This award acknowledges an exchange house that has provided exceptional currency exchange and remittance services, demonstrating reliability, efficiency, and customer satisfaction. The only group to receive two awards from the judging panel, Al Ansari Exchange took home the first prize for the Exchange House of the Year.
Al Ansari Exchange boasts the largest network of branches in the UAE, connecting millions of people around the globe. In addition to money transfer services, the exchange offers a wide range of financial services, including prepaid cards, corporate payment solutions, and bill payments. Over the last year, Al Ansari Exchange has grown its digital channels by almost 25% as it focuses on enhancing customers’ online experience, as well as its presence locally and regionally.
“We are delighted to be awarded the Exchange House of the Year Award,” said Ali Al Najjar, COO at Al Ansari Exchange. “This will inspire us to continue exceeding customer expectations and to remain the most trusted exchange in the Middle East.”
Fintech Company of the Year
Telr
Telr claimed the crown of the Fintech Company of the Year.
Established in 2014, Telr is an award-winning UAE-based payment gateway solutions provider offering a unique platform that handles payments in over 120 currencies and 30 languages in the UAE and KSA, with the highest level of security. Through a single integration, Telr grants access to every payment method, including Visa, Mastercard, American Express, UnionPay, JCB, Apple Pay, PayPal, SADAD, Mada, STC Pay, and urpay. With its one-stop mindset, Telr extends its services further, offering a complete solution for e-commerce. It includes social commerce, QR Codes, digital invoicing, Telr Buy Now Pay Later (BNPL), and Telr Finance—a merchant financing program. Telr is the first PCI DSS Level 1 & NESA-certified company in MENA.
“Our plans for next year are to continue our innovation towards the various payment trends and making sure that we are aligned with the market and having a great enhancement towards our user experience and various aspects of our payment technology,” said Khalil Alami, Founder and CEO of Telr.
Insurance Company of the Year
Zurich International Life
Zurich International Life received the award for Insurance Company of the Year in recognition of its exceptional performance, innovation, and customer satisfaction over the past year within the Middle East region.
Since January 2020, Zurich International’s customer base has increased by 10% to over 600,000, including over 400,000 corporate employees through group life and disability solutions, and approximately 200,000 retail customers.
“We are very excited to have been awarded Insurance Company of the Year at the Finance Middle East Awards 2024,” said Annette Graakjaer, Senior Communications Manager at Zurich International.
“It’s a proud moment for us. It’s an acknowledgement of all the steps we’ve taken over the last year to make a positive difference for our customers, partners, employees and communities. Winning this award is only inspiring us and motivating us to do even more.”
Islamic Bank of the Year
Al Rajhi Bank
Islamic finance is a key part of the region’s financial sector, and so the Finance Middle East Awards would not be complete without this category. In its inaugural edition, the esteemed judging panel recognised Al Rajhi Bank as the Bank of the Year.
Founded in 1957, Al Rajhi Bank is one of the largest banks in Saudi Arabia, with SAR 801 billion in assets and the largest customer base of any bank in the Kingdom. The bank has over 500 branches across Saudi Arabia, Kuwait and Jordan, with a subsidiary in Malaysia. Earlier this month, the bank succeeded in offering the first sustainable additional capital (AT1) sukuk denominated in US dollars, with a size of $1 billion and a profit rate of 6.38% annually.
Payment Processing Network of the Year
stc Bahrain – stc pay
stc pay earned the prestigious title of Payment Processing Network of the Year. The firm has become a vital part of the Bahrain digital payments landscape, empowering previously excluded people with financial access. Licensed by the Central Bank of Bahrain, the company is on a mission to enable a digital-first economy in line with the government’s Economic Vision 2030.
The company invests in infrastructure and innovation, marking numerous firsts in Bahrain’s telecom market. The company is the exclusive mobile wallet in Bahrain with a partnership with Mastercard, introducing pre-paid cards that exceed consumer expectations in today’s fast-paced digital era. Moreover, stc pay has enabled the Fawateer service to make bill payments in partnership with Khaleeji Bank. For businesses, stc pay’s Wage Protection System-compliant payroll solution has been adopted by a substantial number of 100 registered companies.
Since its launch last year, stc pay has garnered over 300,000 downloads and processed more than 15 million transactions worth of over BHD 500 million, contributing significantly to Bahrain’s vision of a cashless economy.
Person of the Year
His Excellency, Abdul Aziz Al Ghurair
In a neck-to-neck competition with a stellar line-up of leaders and industry stalwarts, His Excellency Abdul Aziz Al Ghurair claimed the title Person of the Year.
His Excellency, Abdul Aziz Al Ghurair, is the Chairman of the Board of Directors of Mashreq Bank. He was the CEO of Mashreq for nearly 30 years and under his leadership, Mashreq grew from a small local bank, to a leading customer centric financial institution in the region known for its innovative products and services.
Furthermore, His Excellency is a member of the Board of Directors of Abdullah Al Ghurair Group of Companies, one of the biggest and most successful business groups in the United Arab Emirates and the Middle East, with operations spanning more than 20 countries and business roots stretching back half a century.
His Excellency was elected as a speaker on the United Arab Emirates Federal National Council (UAE Parliament), from 2007 until 2011. Previously, he sat on the Board of Directors of major companies such as Emaar, Dubai Investments, Visa International, MasterCard, Dubai Chamber of Commerce and Industry and Co-Chairman of the Arab Business Council – World Economic Forum (WEF). He was also a member of the Consultative GCC Council for the GCC Leaders and President of The Knowledge Fund, and a member of the Board of Trustees of New York University, USA.
His Excellency holds an Honours’ Degree from the California Polytechnic State University in Industrial Engineering.
Sustainable Finance Initiative of the Year
Dubai International Financial Centre (DIFC)
Dubai International Financial Centre (DIFC) has made significant strides in advancing sustainable finance within the region, solidifying its position as a key player in promoting environmental, social, and governance (ESG) principles in the financial sector. DIFC has led or participated in sustainable finance initiatives driving meaningful change throughout the region. Recent deliverables include distributing three sectorial reports to help UAE businesses build resilience to climate change impacts and support the economic movement towards net zero.
Building on its position as the first global sustainable finance hub in MEASA, DIFC launched its Sustainable Finance Catalyst initiative on Finance Day at COP28. Enabled by the first AI-driven sustainability knowledge hub, the Catalyst will activate a network of strategic partners to train and grow its one million sustainability leaders, develop its sustainability-driven startup ecosystem to 5startupits current size, and scale finance flows from Dubai to $100 billion by 2030.
Venture Capital Firm of the Year
Kube VC
Finally, let’s celebrate venture capital! Kube VC was the winner in this category, which celebrates a venture capital firm that has been instrumental in supporting and nurturing promising startups and entrepreneurs in the region.
Over the past few years, Kube VC has taken the regional VC scene by storm. The fund has invested in 106 companies, including ten unicorns such as Flutterwave, OpenSe, and SpaceX, and made six portfolio exits, including STARZ PLAY and Loco & Banyan.
“This is indeed a big surprise for us because we are barely a couple of years old,” said John Francis, CEO of Kube VC. “Having been validated by the Finance Middle East with this award for the Venture Capital Firm of the Year, this is a validation of all our efforts.
“I am ecstatic!”
