WEEKLY BUSINESS ROUNDUP - 11th June 2022 to 17th June 2022

Global economic growth likely to pick up towards end of Q2 2022
Despite 2022 carrying its fair share of uncertainty, the global economic growth is forecast to pick up towards the end of Q2 2022. Economic momentum continues to build within the travel, transportation, leisure and hospitality sector. Global oil demand is expected to grow by 3.4 mb/d. Further, containment of Covid in China is expected to drive a healthy rebound in economic momentum.
 
Middle East air travel records 265% rebound in April 2022
Middle Eastern airlines witness positive trends in regional and international travel with a 265% jump in air travel demand year-on-year in April 2022, exceeding the 78.7% growth rate in global air travel demand. Despite political upheavals in Ukraine and travel restrictions to China, Middle East region saw April’s travel demand perform better than the 252.7% increase recorded in March 2022 – compared to the same month in 2021 – IATA reported.
 
US$ 343 mn approved in funding requests in Q1 2022 by Arab Trade Financing Programme
The Arab Trade Financing Programme Board of Directors approved 30 funding requests for trade projects amounting to US$ 343 million in Q1 2022. The leadership reviewed the performance of the investment portfolios of the programme’s funds for Q1 2022.
 
8.9% increase in the number of women leading on board of Emirati companies
As per research undertaken by Aurora50, in 2020 gender diversity in the boardroom stood at 3.5% in 2020. The latest reports by Aurora50 reveal continued improvement in gender diversity in the boardroom as 8.9% growth has been recorded in women holding board positions. As per a report titled “Non-Executive Board Careers in the UAE: A Path to Gender Balance” 77 out of the 868 board seats from the 115 listed companies on the Abu Dhabi Securities Exchange and Dubai Financial Market are now held by women.
 
MoIAT introduces ‘Make it in the Emirates Forum’
The Ministry of Industry and Advanced Technology (MoIAT) is set to host the “Make it in the Emirates Forum” on June 21-22 attracting local and international industrial companies, government entities, financing institutions, and investors. The forum organized under the theme ‘Invest, Partner, Grow’ aims to provide a platform for presenting local investment opportunities within the industrial sector. This initiative will prove to be a key enabler in enhancing UAE’s economic diversification efforts.
 
Dubai records decade-high sales transactions in May 2022
As of May 2022, Dubai recorded 6,652 sales transactions worth AED 18.4 billion in the real estate sector. As per Dubai’s official sales and rental performance index launched by Dubai Land Department, these figures reflect the highest volume of transactions for the month of May over a period of 10 years. Dubai’s real estate sales transactions in May 2022 recorded 51.6% increase in volume and a value growth of 66.14% compared to the same duration in 2021. Comparing the first five months of 2022 to the same period in 2021 highlights exceptional performance on the total sales transactions, in terms of volume, with a record of 34,126 transactions between January to May 2022 compared to 20,713 transactions between January to May 2021 - reflecting a significant 64.76% growth rate year on year.
 
Dubai to host 9th edition of the AICE in 2023
World Free Zones Organisation announced that the ninth edition of the Annual International Conference & Exhibition (AICE) will be hosted in Dubai in 2023. The eight edition of the event which was held in Jamaica this year featured 1,000 global speakers, policy makers, academics, multilateral organisations and global corporate leaders from more than 100 countries. With UAE’s free zone sector expanding rapidly, the event will open conversations around digital innovations, banking, finance, financial technology, food technology, e-commerce and more.
bai Chamber of Commerce members’ exports, re-exports surge 28.3% to AED 23.1 billion in May 2022
Dubai Chamber members revealed value of exports and re-exports increased 28.3% year-on-year to amount to AED 23.1 billion in May 2022. These figures are the highest since August 2018. Between January to May 2022, members exports and re-exports amounted to AED 104.3 billion, recording 15.8% growth year on year – compared to the same period last year. In the first five months, Dubai Chamber issued 291,000 certificates of origin marking 7.1% y-o-y growth.
 
Between January to May 2022, Ajman attracts 237,000 visitors
The hospitality sector in Ajman recorded positive trends in the first five months of 2022 as the number of hotel nights totalled to 373,000 while the number of people who visited the emirate amounted to nearly 237,000. Hotel occupancy rates in the emirate touched 65% and tourist footfall is expected to rise during the summers as holiday season is just around the corner.

UAQ Industrial Authority strengthens local, international investment stature
Umm Al Quwain Industrial Authority is integral in the development of Umm Al Quwain as the emirate works towards strengthening its local and international offerings, attracting capital, and building robust infrastructure. UAQ Industrial Authority will play a pivotal part in attracting key industries to the emirate and creating a favourable environment for global investors. Lease contracts increased from 192 in 2019 to 289 in 2021.