WEEKLY BUSINESS ROUNDUP - 26th August 2024 – 01st September 2024

GCC-listed companies earn USD 60.7 billion during Q2 2024

Aggregate net profits by companies listed on GCC exchanges reported a healthy year-on-year (y-on-y) growth of 5.7% during Q2 2024. The quarter on quarter (QoQ) growth came at 8.1% with total net profits up for the second consecutive quarter to reach USD 60.7 bn during Q2 2024 as compared to USD 56.2 bn in Q1-2024 and USD 57.4 bn in Q2-2023. The growth in profits highlighted a broad-based double-digit increase in profits for most sectors in the GCC region.

 

UAE chairs 114th session of Arab Economic and Social Council

The UAE is chairing the 114th regular session of the Arab Economic and Social Council (AESC). The session will address issues of joint Arab cooperation in economic and social fields.  Key meetings at the council will bring together ministers, officials, and experts from various Arab countries to discuss priority economic and social issues driving enhanced Arab cooperation and sustainable development in the region.

 

UAE participates in ninth Annual Meeting of New Development Bank Board of Governors

Represented by the Ministry of Finance, UAE participated in the 9th Annual Meeting of the New Development Bank (NDB) Board of Governors for BRICS countries. The Meeting comprised presentations on innovative financial systems for sustainable development and prospects for sustainable investment. Further the meeting featured sessions with leaders, decision-makers, and business professionals who discussed diverse ways to enhance investment for a sustainable future.

 

New telemarketing laws announced in the UAE

Recently UAE issued rules and fines for cold callers and telemarketing initiatives. The UAE Ministry of Economy issued strict guidelines highlighting fines of more than USD 40,000 for persistent callers, timelines when calls can be made and the importance of “do not contact register” to help block unwanted contact by phone. There will be administrative penalties for actions that breach provisions laid out in Decision No. 56 leading to better regulation of telephone marketing. 

 

DMCC announces 21% increase in registered Colombian companies

The Dubai Multi Commodities Centre (DMCC) reported 21% rise in the number of companies joining from Colombia since the start of 2024. Currently, DMCC is home to 23 companies from Colombia, and more than 150 companies from across South America. Strengthening its economic ties with Colombia and streamlining focus on coffee, precious stones and technology, DMCC signed an MoU aiming to bolster business growth through targeted support for enterprises.

 

WETEX 2024 set to host 44 Italian companies

At the 26th edition of Water, Energy, Technology and Environment Exhibition (WETEX), the Italian pavilion is set to host 44 companies specialising in renewable energy systems, environmental health and food sanitation, integrated waste treatments, environmental rehabilitation plants, water treatments, dewatering equipment, chemical dosing, seawater desalination plants, alternative fuels, metering pumps, laboratory testing, and plants for civil use and agriculture. WETEX 2024 is estimated to host 16 international pavilions

 

Jebel Ali Port marks new monthly container handling record

Jebel Ali Port set a new monthly container handling record in July totalling 1,400,000 TEUs (Twenty-Foot Equivalent Units) and topping its previous high set in 2015. It is reported in H1 2024 the port handled 7.3 million TEUs, marking 3.9% surge year on year, driven by strong inbound cargo movement, particularly from key Asian markets including China, Japan, and the Republic of Korea.

 

Sharjah Chamber demonstrates commitment to enhance economic cooperation with Uzbekistan

The Sharjah Chamber of Commerce and Industry (SCCI) committed to reinforcing partnerships and fostered trade missions between the business community in Sharjah and its counterpart in Uzbekistan. Both sides discussed ways to strengthen economic partnerships and fuel growth in trade exchanges between the two countries. 

 

ADFW 2024 to feature industry titans across 50 events

Abu Dhabi Finance Week (ADFW) is geared up to kickstart its third edition under the theme ‘Welcome to the Capital of Capital’, which will run between 9th to 12th December 2024 and will explore the various facets that contribute to Abu Dhabi’s position as the ‘Capital of Capital’ focusing on financial, human, cultural, environmental and technological facets of the capital.