WEEKLY BUSINESS ROUNDUP - 16th April 2023 – 22nd April 2023

Saudi Arabia, UAE lead regional hotel construction activity

As per March 2023 reports, Saudi Arabia has the largest hotel construction activity in the Middle East and Africa followed by the UAE. Saudi topped the MEA list with 42,033 rooms while UAE ranked second with 22,324 rooms. The report also revealed that Abu Dhabi and Dubai are estimated to achieve above 80% occupancy during the Eid-ul-Fitr holidays.

 

UAE conventional banks' assets reached AED3.047 trillion by end of January 2023

The Central Bank of the UAE (CBUAE) showed the gross assets of conventional banks operating in the country reached AED3.047 trillion by the end of January 2023 marking an annual increase of 12.8% compared to nearly AED2.7 trillion in January 2022. Conventional banks in the UAE constituted 83.1% of the total assets of the banking sector by the end of January 2023 while Islamic banks accounted for 16.9%.

 

UAE Germany explore partnerships to build on industrial ties and climate efforts

UAE delegation met executives from 30 German companies to accelerate industrial collaboration in a bid to promote sustainable industrial development, decarbonization and energy security. The UAE’s Ministry of Industry and Advanced Technology (MoIAT) hosted a roundtable titled ‘Make it in the Emirates: The UAE as a Global Industrial Hub’ to invite industrialists, innovators and investors and showcase UAE’s commitment to sustainable industrial growth.

 

Ministry of Climate Change and Environment launches marine plastic waste monitoring program

The Ministry of Climate Change and Environment launched an integrated programme to monitor plastic waste in the marine environment of the country. Focused on preserving marine resources, seawater quality and beach cleanliness, the plastic waste monitoring programme is aligned with the UAE’s Year of Sustainability. International global practices and initiatives will be implemented to restore the health of the marine ecosystem in the UAE.

 

UAE launches global competition for sustainability - focused start-ups

The UAE’s Ministry of Industry and Advanced Technology (MoIAT) created the Make it in the Emirates Start-up Competition to provide technology start-ups with a platform where they can meet investors and network with policy makers and industry partners. The competition provides start-ups a platform to pitch new innovations and technologies and explore opportunities to collaborate and deploy technologies with various industry partners. This competition will prove beneficial to forward looking tech startups that can transform existing industries towards a greener future.

 

Dubai’s property sector records transactions worth AED 157 billion in Q1 2023

Marking 80% year-on-year growth, Dubai’s property sector recorded a total transaction value of AED 157 billion in Q1 2023, compared to the same period in 2022. Dubai’s real estate sector is a key contributor to the emirate’s efforts in achieving Dubai Economic Agenda D33. Reports reveal the sector had recorded annual transactions worth a total of AED528 billion in the year 2022. In Q1 2023 Dubai maintained high growth momentum in value and volume of real estate transactions backed by key measures taken within the industry.

 

DEWA wins first place in ‘Research and Innovation’ Award

Dubai Electricity and Water Authority (DEWA) received the Ministry of Energy and Infrastructure’s ‘Research and Innovation Award’ in the government sector category for its contributions in the field of balanced national energy. DEWA took the top spot owing to its consistent efforts in research, development and innovation aligned with the government’s key strategies and plans.

 

Dubai likely to exceed pre-pandemic international tourist numbers in 2023

As per figures released by Dubai’s Department of Economy and Tourism, Dubai hosted 3.1 million visitors in January and February 2023. Reports suggest, in February, Dubai’s tourism exceeded pre-pandemic levels with 1.63 million visitors, marking 7% increase from 2019 and 35% year-on-year. Given the strong momentum it is estimated Dubai may exceed the record number of 16.7 million visitors who came to the emirate in 2019, by the end of 2023.