Doing business (27)
UAE's Overseas Investments Rise with Total Assets at $2.5T, Says UAEIIC Secretary-General
31 Mar 2024 Written by Admin AdminThe UAE has witnessed a significant increase in its overseas investments, with the total assets managed by the UAE International Investors Council (UAEIIC) reaching $2.5 trillion. This surge in overseas investments reflects the UAE's growing presence in the global economy and its strategic approach to diversifying investment portfolios.
UAE International Investors Council (UAEIIC)
The UAEIIC plays a pivotal role in managing the UAE's overseas investments, providing strategic guidance, risk management, and investment opportunities for UAE-based investors. The council focuses on enhancing the UAE's international investment footprint and fostering economic growth through diversified investment strategies.
Total Assets and Investments
The UAEIIC manages a substantial portfolio of assets totaling $2.5 trillion, spread across various sectors and regions globally. The council's investments encompass a diverse range of industries, including technology, real estate, infrastructure, and emerging markets, reflecting a balanced and strategic approach to portfolio management.
Factors Driving Overseas Investments
Several factors have contributed to the rise in UAE's overseas investments, including favorable economic conditions, political stability, and strategic partnerships with key global players. The UAE's proactive investment strategy, coupled with a focus on long-term growth and risk management, has positioned the country as a prominent player in the international investment landscape.
Investment Strategies
The UAEIIC employs a range of investment strategies to optimize returns, mitigate risks, and capitalize on emerging opportunities in global markets. Diversification across sectors and regions, active portfolio management, and a focus on sustainable growth are key pillars of the council's investment approach, ensuring resilience and long-term value creation.
Key Sectors and Regions
The UAEIIC targets key sectors and regions for investments based on market trends, growth potential, and strategic alignment with the UAE's economic priorities. Emerging markets, technology-driven industries, real estate developments, and infrastructure projects are among the focus areas for the council, reflecting a forward-thinking and diversified investment strategy.
Impact on the UAE Economy
The surge in overseas investments has had a positive impact on the UAE economy, contributing to economic growth, job creation, and sectoral diversification. The influx of capital from overseas investments has bolstered the country's position as a global investment hub and facilitated the development of strategic partnerships and business collaborations on an international scale.
Global Investment Trends
UAE's investment trends align with global patterns, reflecting a strategic approach to capital deployment, risk management, and market opportunities. The country's investments in diverse sectors and regions mirror international investment strategies, demonstrating a keen understanding of market dynamics and a proactive stance in navigating global economic trends.
Challenges and Opportunities
While UAE investors face challenges in overseas markets, such as regulatory complexities, market volatility, and geopolitical risks, they also encounter opportunities for growth, expansion, and strategic partnerships. By leveraging its expertise, resources, and network of connections, the UAE is well-positioned to capitalize on emerging opportunities and navigate challenges in the global investment landscape.
Government Support and Policies
The UAE government plays a crucial role in supporting overseas investments through policies, incentives, and initiatives that facilitate investment activities and promote economic growth. By creating a conducive regulatory environment, offering financial incentives, and fostering a culture of innovation and entrepreneurship, the government encourages UAE investors to explore new markets and expand their global footprint.
Industry Response and Stakeholder Perspectives
Industry stakeholders have responded positively to the rise in UAE's overseas investments, recognizing the country's strategic vision, investment acumen, and global impact. Investors, analysts, and business leaders view the UAE's increasing presence in international markets as a testament to its economic strength, resilience, and commitment to sustainable growth.
Future Outlook
Looking ahead, the future of UAE's overseas investments appears promising, with opportunities for continued growth, expansion, and strategic partnerships on a global scale. By leveraging its financial resources, expertise, and market insights, the UAE is poised to navigate evolving market dynamics, capitalize on emerging trends, and solidify its position as a key player in the global investment landscape.
The rise in UAE's overseas investments, with total assets at $2.5 trillion managed by the UAEIIC, underscores the country's strategic approach to international investment and economic diversification. By fostering a culture of innovation, embracing global opportunities, and leveraging its financial capabilities, the UAE is well-positioned to drive economic growth, create value for investors, and shape the future of the global economy.
Dubai-based noqodi expands digital payments through partnership with Network
16 Aug 2023 Written by Admin AdminUnder the strategic alliance, Network will empower emaratech-owned noqodi’s existing payment channels
Fintech company noqodi has collaborated with Network International to expand digital payments offering that can cover various segments beyond just government and private sector services.
The partnership will enable the Dubai-based firm to provide micro, small, and medium enterprises (MSMEs) with access to additional digital payment solutions while driving shared goal of boosting the UAE’s cashless economy, according to a press release.
Under the strategic alliance, Network will empower emaratech-owned noqodi’s existing payment channels like e-commerce, point of sale (POS), and software point of sale (SoftPOS) to accept card payments.
It will further introduce support to new unbanked segments, including retail and commerce.
General Manager at noqodi, Zahi Kallab, said: “Together with Network, and leveraging noqodi’s unique value proposition, we are committed to supporting MSMEs and simplifying their business operations with accessible and innovative digital payment solutions.”
Kallab added: “This alliance reinforces our dedication to advancing digital payments in line with Dubai’s vision of becoming a fully cashless economy.”
The fintech company is currently integrated with different banks and payment options that come under one payment platform for government and selected private merchants. This includes direct debit, online banking, and cash through partner exchange houses, besides full automation of collections, reconciliation, settlement, and transaction-related services.
Group Managing Director – Acquiring at Network, Andrew Key, said: “Digital payments are becoming more commonplace in the UAE with businesses of all sizes now shifting toward cashless transactions. Given this, there is a growing need for easily accessible innovative digital payment solutions that help simplify business operations.”
Key concluded: “Our partnership further reaffirms our commitment to boosting digital payments in the region in line with Dubai’s bid to become a fully cashless economy.”
Recently, Network joined forces with SerVme, a reservation and guest customer relationship management (CRM) platform for restaurants and hospitality operators, to endorse food and beverage (F&B) merchants in the UAE.
Source: Zawya
Dubai’s non-oil sector shows strongest growth in 10 months as PMI hits 56.9
11 Jul 2023 Written by Admin AdminDubai’s non-oil business activities witnessed its strongest growth in 10 months, driven by robust progress in the construction and tourism sector, an economy tracker showed.
According to the seasonally adjusted S&P Global UAE Purchasing Managers’ Index, Dubai’s PMI rose to 56.9 in June after easing to 55.3 in May.
“Dubai’s non-oil private sector economy enjoyed accelerating growth of new business in June, supporting another marked rise in overall output. All three of the key sectors monitored — construction, wholesale and retail and travel and tourism — registered faster increases in new work midway through the year,” said Trevor Balchin, economics director at S&P Global Market Intelligence.
According to the index, any reading above 50 indicates growth in the non-oil private sector, while readings below 50 signal contraction.
The S&P Global report revealed that the headline index remained well above its long-run trend level of 54.6, and the month-on-month rise at 1.6 percent is the highest since October 2021.
The report noted that employment also rose in June compared to previous months as companies steadily built their inventories and supply chains improved further.
Balchin added: “Strong demand led to further job creation, with the current 14-month run of growth the longest in over six years. Companies were also able to continue offering lower prices to customers despite a slightly faster rate of input price inflation during the month.”
The report pointed out that the recruitment process was mainly robust among construction firms in Dubai.
The report added that companies could continue offering lower prices to customers despite a slightly faster rate of input price inflation during the month.
However, the 12-month outlook for activity eased slightly since May but was still the second strongest since October 2021. Construction was the most optimistic of the three key sectors monitored, followed closely by wholesale and retail.
The report also noted an improvement in supply chains during June, with average lead times falling for the sixth month. Companies reported that requests for quicker deliveries had been met by suppliers, aided by the prompt payment of orders.
Real estate trends: UAE buyers rush to fix rates; cash deals are surging
14 Nov 2022 Written by Admin AdminHigher repayment rates are not yet a widespread deterrent, but budgets are affected, and some are shifting to cash or speeding up transactions to beat rate hikes
Rising interest rates are not yet a widespread deterrent for UAE mortgage customers, although some brokers have noticed rising cash transactions and a trend towards buyers moving faster to secure the lowest payments possible.
Real estate agents and mortgage brokers said that the majority of customers are now looking to fix their mortgage rates rather than remain at the mercy of further interest rate rises.
Morgan’s Realty said it had seen around 50% of mortgage home buyers taking fixed rate mortgage rates in 2021, compared with around 90% in 2022 as fixed rate deals are now averaging 4.49%.
Rates were as low as 2.39% in 2021, Morgan’s said, with customers at that point fixing their rates for three years.
Cash deals
In its most recent market report on Dubai real estate, Morgan’s reported a much higher proportion of cash transactions as the year progressed.
In Q2 2022 and Q3 2022, the agency reported 8,629 and 8,469 cash transactions and 4,801 and 5,254 mortgage transactions respectively.
In the first quarter, the figures were much closer, with 4,564 cash transactions and 4,461 mortgage transactions, the report showed.
For online mortgage broker Huspy, there has been a noticeable surge in people looking to secure mortgages as rates rise, with the most recent increase in applications being 25% month-on-month.
Sawan Karia, head of Huspy’s broker channel, said the increase could partially be attributed to its own increase in market share, but also rising interest rates.
UAE has competitive rates
UAE banks are required by the Central Bank of the UAE to revise offers based on current interest rates, said Karia, with more interest rate hikes expected before the end of 2022.
“On average, mortgage rates are at 4.5% as compared to 2.5% last year. However, the UAE still has competitive rates as compared to a number of other global property markets. Policy makers have played a positive role in balancing market stability with growing demand for property ownership,” he said.
Karia noted the difference in mortgage payments for a customer taking out a fixed rate mortgage now on an AED 2 million property compared to last year, which would be AED2,000 per month. However, the return on investment of 5-8% means buying a home is still a preferred option for those wanting a stable asset amid financial uncertainty, he said.
Rosie Patterson, Better Homes LLC’s mortgage channel partner, said mortgage applications had increased month-on-month and year-on-year, with Q3 2022 up 80% on Q2 2021 and 33% on Q2 2022.
“We have experienced banks changing rates with shorter notice than they used to. However, this is the new normal for us, and we are getting clients to understand the situation and secure properties quicker, as we know rates might change,” she said.
There has been less interest in remortgaging, Patterson said, as the rate rises impact cost effectiveness.
For mortgage consultant Graham Brown of MENA mortgage matters, affiliated to Dubai-based broker haus & haus, Q1 and Q2 2022 saw consistent applications, with a 10% QoQ increase in Q2, while Q3 decreased by 15%
Anecdotally, rate increases did start to deter some buyers from February, but rising rents convinced others into buying, he said, adding that exchange rates for the euro and pound against the dollar are also a consideration.
“The biggest barrier to entry is the cash amount required,” he said, “and of course if your funds are in GBP or EURO then they have taken a hit, which may mean that clients can’t buy at the level required.
“Some are simply reducing their budgets accordingly or waiting until there is a return to some normality. Obviously if your funds are held in US dollar then there’s been no change.”
Source: Zawya
Abu Dhabi’s AD Ports Group’s net profit up 41% despite global supply chain mess
16 May 2022 Written by Admin AdminAbu Dhabi’s AD Ports Group, which is owned by sovereign wealth fund ADQ, posted a 41 percent year-on-year rise in net profit for the first quarter of 2022, as the company’s core businesses rebounded from supply chain bottlenecks.
Total net profit for the period ended March 31, 2022 reached 306 million dirhams ($83 million), compared to 218 million dirhams a year ago, the company reported on Friday.
Revenue rose 15 percent year-on-year to 1.047 billion dirhams, while adjusted EBITDA jumped 34 percent to 524 million dirhams.
“The Group’s core businesses are rebounding from the supply chain disruptions of the recent period,” said Mohamed Juma Al Shamsi, Managing Director and Group CEO at AD Ports Group.
Rated A+ by S&P, AD Ports has a portfolio of 10 ports and terminals and more than 550 square kilometres of economic zones.
The company also reported a 23 percent year-on-year growth in container volumes, with Ro-Ro and cruise passenger volumes showing healthy recovery post COVID-19 disruption.
Also during the quarter, the company’s new maritime business initiatives, such as feedering, transhipment, offshore logistics and supply, as well as vessel chartering services, grew by 167 percent, contributing around 168 million dirhams to total revenue.
source: zawya
The emirate of Dubai has adopted its first law governing virtual assets and established a regulator to oversee the sector, its ruler Sheikh Mohammed Bin Rashid said on Wednesday.
The United Arab Emirates, a federation of seven emirates and the region's financial capital, has been pushing to develop virtual asset regulation to attract new forms of business as regional economic competition heats up.
Virtual assets generally encompass products including crypto currencies and NFTs, but the announcement did not specify which assets would come under the new law.
The Dubai Virtual Asset Regulation Law aims to position Dubai and the UAE as a regional and global destination for the virtual assets sector, Sheikh Mohammed said in a statement carried by state media.
The Dubai Virtual Assets Regulatory Authority will oversee the development of the business environment for virtual assets in terms of regulation, licensing and governance, he said.
The new law will apply throughout Dubai except for the state-owned financial free zone DIFC. DIFC's regulator, the Dubai Financial Services Authority (DFSA), is working on its own regulation for the virtual asset sector.
In October, DFSA released the first part which governs digital tokens, and this week launched a consultation on regulation for crypto tokens, which includes crypto currencies.
The UAE as a whole is getting closer to issuing virtual asset investment regulation, the UAE's Securities and Commodities Authority (SCA) said on Tuesday.
Source: Reuters
Sectors will have to brace for constant changes to remain afloat as evolving trends give rise to new opportunities
Businesses in the UAE are all set for welcoming 2022, equipped to strive forward as new trends unfold. Thankfully, the robust digital adoption in the nation has ensured that the work will continue and remain uninterrupted. The new 4 1/2-day work week — Monday to Friday — starting from January 2022 will help the businesses to align with global markets and will help boost productivity. The tech-enabled industries will have to gear up as demand will only accelerate from key sectors, making it more competitive for existing players. Some of the sectors that will continue to evolve in 2022 are eCommerce, qcommerce, edtech, healtech, fintech, proptech, entertainment, cryptocurrency just to name a few.
The UAE is looked upon as a global role model to handle pandemic in 2020 and 2021 with business sentiment soaring to peak and industries applauding the visionary policies and strategies to not only combat pandemic impact but also ensure that the economy remains competitive enough to boost businesses.
Some of the milestones of 2021, include approval of the Dh290 billion federal budget for five years until 2026 and launch of the industrial strategy “Operation 300bn” to empower and expand the industrial sector. Further, the launch of ‘Projects of the 50’ will establish a new phase of internal and external growth of the state in various economic sectors which should make the Central Bank of the UAE (CBUAE) target of overall real gross domestic product (GDP) of 4.2 per cent in 2022 against 2.1 per cent in 2021 achievable. The mega-event Expo2020 Dubai has been a game-changer and catalysed business opportunities for the UAE and participating nations.
Bharat Bhatia, chairman, and CEO of Conares, said: “The challenges that we faced in the past are simply opportunities to learn, so we can build towards a better future. The economy is getting back to pre-pandemic levels and there is greater opportunity for growth in the construction sector in the UAE. Despite the many ups and downs, we have a lot to look forward to in 2022 as we move forward with hope in our hearts and a smile on our faces.”
Sustainability will continue to dominate in 2022 as businesses will strive to build sustainable growth making resilience a strong code of conduct for individuals and businesses. Businesses will have to brace for constant changes and continue to innovate to remain afloat as the evolving trends give rise to new opportunities too.
Healthcare
Dr Azad Moopen, founder chairman and managing director, Aster DM Healthcare, said: “As per The World Health Organisation, almost half of the world lacks access to essential health services and over 100 million are pushed into poverty due to out-of-pocket health expenses. This stark reality was brought to the forefront during the pandemic very strongly with public healthcare systems across the world collapsing to manage and cater to increasing demands. More than ever the need to make quality healthcare affordable and accessible on time has been felt strongly.”
While it is important to increase healthcare spending as a percentage of GDP by the developing countries, the key to the penetration is digitisation. This will make at least primary healthcare available even in the remotest corners of the world through the ubiquitous mobile phones.
Dr Moopen added: “As we step into 2022, with renewed vigour to deliver our caring mission with a global vision to serve the world with quality healthcare that is affordable and accessible, we at Aster DM Healthcare remain at the forefront of adopting digital technology. We hope this will help us to enable access to millions to our services in a cost-effective way. As a blessing in disguise, Covid-19 has played the role of a catalyst in pushing the sector to innovate and come up with need-of-the-hour solutions.”
Sustainability
Sustainability will be foregrounded in all facets of life in the UAE in 2022. If anything, the pandemic was a supply-chain lesson, which reinforced the need to pursue sustainability on all fronts, particularly in food and water.
Chandra Dake, executive chairman and group CEO of Dake Group, said: “In the new year, as the great reset pans out, we will witness greater activity around Agtech, low-input farming, and decarbonisation in the agriculture sector. I’m glad to be entering the new year with so much to look forward to. All credit goes to leaders, whose proactive measures, crisis response, and science-based targets made today’s upbeat sentiment possible. I speak for all residents and business persons in the UAE when I say that we are grateful for the rulers’ ceaseless work in handling the pandemic. I wish everyone in the UAE a happy new year, and sincerely hope that personal sustainability features in their resolutions as it does in mine.”
Similarly, Dr Mostafa Al Guezeri, managing director, Hitachi Energy, said: “Our goal in 2022 is to advance the world’s energy system to be more sustainable, flexible, and secure. As the pioneering technology leader, we collaborate with customers and partners to enable a sustainable energy future for generations to come. Since the pandemic prompted changes in the energy market through supply line disruptions and inflationary trends, we intend to differentiate that in this competitive sector with burgeoning growth in areas such as electric transportation, renewable energy, and smart infrastructure.
E-commerce
Dubai has ranked as the fastest-growing e-commerce market in the Middle East and North Africa thanks to a very advanced technological infrastructure and the growing number of tech-savvy consumers. Dubai Customs expects e-commerce sales to rise 23 per cent to $27 billion (Dh100 billion), in 2022.
Real estate
The year 2022 will see greater market-driven developments, increased proptech adoption, and retrofitting activities, informs Sanjeevv Bhatia, chairman of SB Group and CEO of Netix Global BV.
“The UAE’s 4.5-day workweek will come into effect on January 1, 2022. So, we are about to witness a paradigm shift from day one. For a global company like the SB Group, this change is consequential — our teams can reduce operational latency and manage time zone differences effectively, adding to overall productivity. This move is one among the many that the UAE leadership has made to enhance the nation’s competitiveness. More power to them as they pursue greater causes in 2022. Real estate, in particular, continues to be the sector generating maximum initiatives and favourable policies from the government,” added Bhatia.
The UAE economy is likely to see an upward movement in 2022. History says that the country that hosts the Expo sees a steady growth in the months to follow. “Around 93 per cent of the UAE’s population is vaccinated, which makes the country a safer place and people are looking forward to visiting the country. This will give a major boost to the economy fuelled by the growth in tourism and investment as the country’s culture is a perfect mix of East and West. All this is majorly due to the exemplary initiatives by the UAE Government,” said Anis Sajan, vice-chairman, Danube Group.
“The UAE has seen quite a few changes like ease in doing business, golden visa for select residents and the recent one being the change in the working week to get in sync with the rest of the world.”
Imran Farooq, Group chief executive officer, Samana Group, said: “The year 2021 was very different and challenging. It would not be wrong to say that it changed the dynamics of the entire world and impacted the entire humanity, created ripple effects on every section of society, the industry, the economy, and the way we work and look at things.”
Cryptocurrency
The Central Bank of the United Arab Emirates (CBUAE) announced in July 2021 a roadmap to integrate a Central Bank Digital Currency (CBDC) into the country’s financial, investment, and trading ecosystem. This followed years of research, analysis, and idea-sharing by the CBUAE and some of the key entities in the UAE’s Crypto ecosystem and forms part of the country’s 2023-2026 strategy to promote digital transformation. Evidently, Crypto has been evaluated as an innovative and important asset class in improving the efficiency and effectiveness of the financial, investment, and trading landscape.
Arshad Khan co-founder and CEO of Arabian Bourse, said: “I see the UAE economy strengthening further in the next year. Several initiatives taken by the government in 2021 will add to improving the economic parameters. Expo 2020 and initiatives in the areas of blockchain and cryptocurrencies, in particular, will add significant strength to the overall growth.”
Jolivette Dela Cruz, Managing Director of Chef Signature
Year 2021 was a challenging year for everyone due to the Covid-19 situation. For me as Entrepreneur, I’ve been through a lot with our businesses. Moreover, before the year ends – the Emirate open us with other opportunities. One is opening the first Franchise of OFF THE HOOK in Sharjah. We have given the chance to be part of the team to operate and to manage OTH Sharjah. My other two businesses are back on track, start moving forward and quietly recovering.
There are Government measures in place to support and to boost this recovery for businesses like stimulus package, the discount offered during license renewal or new licensing and more. There are changes in UAE legislations which are aligned with the international best practices which improve the ease of doing business in UAE. Herewith UAE become appealing with the entrepreneurs .
I believe UAE economic will strongly recover from pandemic in 2022 and surely will be back with it’s pre-pandemic stage. UAE good governance, best practices in handling the pandemic situation and changes in doing business will boost the Emirate’s Economy in 2022. One indicator I have seen is the positive impact of the Expo 2020 with different sectors of business.
Abdul Jebbar PB, Group Managing Director, Hotpack Global
2021 was a challenging year for everyone. The disruption of the global supply chain was difficult to deal with for everyone and the new year is going to bring new challenges with it as well. However, it will also bring new opportunities, so I hope that everyone is able to reflect on the past with humility and move forward in hope of a better future.
Naren Vijay, Executive Vice President – EMEA, Lumenore
The new year is a cause for celebration because it’s always exciting to think about what new innovations and opportunities the next year is going to bring. What makes the new year special is that it serves as a reminder that things will keep changing and that it is up to you to make the most of the opportunities that these changes present.
Abdulla Nalapad, MD Nalapad Investments
The year 2021 was a welcome return to normal for children, parents and teachers. We should all be proud to have shown such resilience in these trying times and understand that we are capable of achieving anything if we want it. We hope to keep that momentum going through to 2022 and not slow down, no matter what life throws at us next.
Mohammed Mahabub Alam, Chairman of Tokyosat Group and Mahabub Perfumes, Dubai
The year 2021 has been a year of recovery, while 2022 will be a year of growth for all of us. The Expo 2020 has helped the overall UAE economy and we are witnessing the benefits of it through increased tourist traffic, higher spending in the retail sector and increased investment in real estate. Dubai International Airport once again has become the world’s busiest airport that shows the increase in passenger movement, thanks to the visionary leadership of the country.
Shahinoor Shah, Director of E-First Global, Dubai, UAE
The year 2021 was a learning period for all of us in the UAE as we all were in growth mode and to adapt to the changes quickly and diversify with changing demands in the market.The 2022 will be a year of growth for the UAE economy, much better than what we have seen last couple of years. The Government of the UAE has opened the doors to so many new opportunities for all over the world.”
Shabbir Merchant, Chairman, Champion Group
The UAE economy is all set to grow in the coming year. Most industries that were impacted during peak Covid times have revived and are getting back on track. Companies are hiring and scaling up their resources to be able cater to growing market demand.Additionally the oil price gains and sustained demand will work to UAE’s economy advantage. I am confident that the economy will grow further by bold initiatives and policies by the UAE government.
2021 in UAE was unprecedented where we witnessed the launch of the world’s greatest show - Expo2020. We were privileged to work on projects at Expo, launched new solutions, invested in the latest machinery, and scaled up resources to gain new clients. More importantly, the pandemic was curbed which helped the overall healthcare scenario in UAE and brought back everyone’s confidence.
Ahmed Shaikhani, President, Pakistan Business Council, Dubai.
2021 was a challenging year but we have witnessed how the UAE and its leadership had showdown with it, overcame and managed the Covid-19 crises so well that the country, especially Dubai, has become a role model in the world in handling such situations. Dubai has done a great by organizing the vaccination drive and sanitizing the entire city.
Covid-19 temporarily affected the Expo plans but did not stop it. Dubai delayed it for a reason - to manage the vaccination drive first. And when the Expo was launched, it went with a big bang and is now an extremely successful event among all international events. Till mid December 2021, Expo 2020 Dubai visit numbers climbed to more than 6.3 million and it is boosting the visitors by a range of entertainment and country pavilion activities.
The new Covid-19 variant is impacting again but I am pretty sure the UAE will overcome it as the country has the experience of handling such crises.
Looking at the success of Expo and revival of Dubai real estate and other industries, I can say with conviction that the year 2022 will be a promising year for every business.
We at Pakistan Business Council always supported the initiatives of the local government and followed the new guidelines from the rulers. Pakistan Business Council works hand in hand with local authorities and ministries, especially Dubai Chamber, for supporting the bilateral trade between Pakistan and the UAE, which has started showing up the results. I, on behalf of Pakistan Business Council, wish a very happy New Year and even greater successes to the UAE and expatriates living here.
source: Zaway
Dubai real estate deals reach $871mln in the last week of November
05 Dec 2021 Written by Admin AdminHighest value transaction was for land sold in Island 2 for $16mln
Dubai real estate transactions reached 3.2 billion dirhams ($871 million) for the last week of November, with a transaction in Island 2 recorded as the biggest, at 60 million dirhams ($16 million).
The total of 1,186 deals recorded covered 120 plots and 787 apartments and villas.
The mixed use community of Jabal Ali First recorded the most transactions with 49 sales worth AED 138.8 million, followed by Nad Al Shiba Third, with 12 sales transactions worth AED 33.1 million, and Al Yufrah 3 with 11 sales transactions worth AED 10 million.
The top three sales were an apartment, which was sold for AED 310 million in Marsa Dubai, followed by another in Palm Jumeirah which was sold for AED 214 million in Palm Jumeirah, then a Burj Khalifa apartment which sold for AED 173 million.
Sheikh Hamdan added that Helal Al Marri will be appointed as a general director of the new department
Dubai plans to merge the departments of economy and tourism and hopes to attract 25 million tourists in 2025, Sheikh Hamdan bin Mohamed Bin Rashid Al Maktoum, Dubai's Crown Prince, said on Twitter on Saturday.
Sheikh Hamdan added that Helal Al Marri will be appointed as a general director of the new department.
Dubai's ruler Sheikh Mohammed bin Rashid Al Maktoum said the new department's main objectives include increasing the added value of the industrial sector by 150% over the next five years, expanding foreign export markets for local products by 50%, and increasing the number of tourists by 40%, his media office said.
He added that the Emirate also wants to attract 100,000 companies in 3 years, 400 global economic events annually by 2025, and encourage private sector companies and family businesses to list on the financial markets and stock exchanges in Dubai.
Source: zawya
Watch it live: Expo 2020 Dubai opens with special ceremony, fireworks display
30 Sep 2021 Written by Admin AdminA special ceremony and fireworks display will kick off tonight marking the opening of Expo 2020, a six-month fair that is expected to attract 1.8 million visitors.
The invite-only event will be broadcast live across more than 430 locations in the UAE, including shopping malls, hotels, airports and other landmarks, starting from 1930 GST.
Viewers from anywhere in the world can also join the opening ceremony through a global live stream, available on virtualexpo.world and Expo TV.
Expo 2020 will open its doors to the public on October 1, 2021 and will run until March 31, 2022. Some 30,000 visitors are expected to visit the site every month, making it the biggest in-person event since the start of the coronavirus pandemic last year.
Where to see the opening ceremony in UAE
Tonight’s ceremony can be viewed through the screens set up in more than 240 hotels, including Emaar’s Rove, Armani, Address Hotels & Resorts and Vida Hotels & Resorts, as well as Accor, Marriott, Hilton, IHG, Rotana, Jumeirah, Hyatt International and Atlantis The Palm.
At least 17 shopping malls operated by Majid Al Futtaim also have some screens set up to showcase the event, as well as City Walk, Nakheel Mall and Ibn Battuta Mall.
The streaming can also be viewed at 50 Jashanmal locations across Dubai and Abu Dhabi, 97 Mediclinics, Dubai and Abu Dhabi International Airports and Zabeel Ladies Club and Sharaf DG.
Viewings will likewise take place at various locations in Umm Al Quwain, Yas Plaza in Abu Dhabi and across various locations in Ras Al Khaimah, including the Corniche, Al Marjan Island and Manar Mall, Ajman Heritage District and Fujairah Fort.
On October 1, fireworks displays to celebrate the start of Expo 2020 are also scheduled to take place in some parts of Dubai, including Dubai Festival City, The Frame and The Pointe in Palm Jumeirah. The fireworks will kick off at 2020 GST.
source: zawya
