WEEKLY BUSINESS ROUNDUP - 31st December 2022 to 6th January 2023

Global airline capacity set to reach pre-pandemic levels in Q1 2023

As per aviation sector reports global airline capacity is set to reach 1.27 billion seats in Q1 2023 – a little behind 1.34 billion seats in 2019 – marking a near total return to pre-pandemic levels. In 2022 global airline capacity surged significantly touching 4.7 billion as expected. As of 2022 the global airline capacity bounced back by 30% compared to 2021 and by 50% when compared to 2020. UAE ranked 17th among the world’s top 20 countries in terms of airline capacity.

 

As per UNDP’s index, UAE tops world in technical and vocational education

As per Global Knowledge Index 2022, issued by the United Nations Development Programme (UNDP) UAE has been ranked as the world leader in the field of technical and vocational education and training. This ranking reinforces UAE’s efforts to align with Sustainable Development Goals and create a technical and vocational education and training system to boost the country’s competitiveness.

 

Within 2 days of launching UAE unemployment insurance scheme, more than 60,000 subscribers sign up

Since the UAE launched the Unemployment Insurance Programme came into effect on January 1st 2023 more than 60,000 employees have signed up for it. As per MoHRE, 90% of the people who signed up chose the annual scheme. The scheme is designed to provide financial security to workers and professionals in the public and private sectors in case of job loss.

 

UAE ranks as the fifth most stock obsessed country in the world

As per a study conducted by a UK based organization, UAE ranked fifth in the world in terms of interest levels in stock trading. As per this study Singapore takes the top spot as the country most interested in stocks and trading with a total search score of 555 out of a possible 700. UAE scored 374 out of a maximum possible score of 700 and ranked fifth as the most interested in day trading.

 

Leading maritime entities extend support for SMLME

The region’s maritime sector is set to come together to explore key business opportunities at the Seatrade Maritime Logistics Middle East (SMLME). SMLME is set to be hosted from 16th May to 18th May 2023 under the patronage of the Ministry of Energy & Infrastructure. UAE being one of the top 5 key maritime hubs in the world makes it essential for events like SMLME to provide a platform to stakeholders and help them capitalise on each other’s expertise.

 

Dubai Ruler launches Dubai Economic Agenda ‘D33’ with total economic targets of AED 32 trillion over the next 10 years

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai launched the Dubai Economic Agenda ‘D33’ aimed at doubling the size of the Dubai  economy over the next 10 years and strengthening its position among the top three cities in the world. D33 includes 100 transformative projects with economic targets of AED 32 trillion over the next 10 years. The initiative also aims to double foreign trade to reach AED 25.6 trillion adding 400 cities as key trading partners over the next decade.

 

World of Coffee 2023 to strengthen Dubai’s positioning as global hub for coffee industry

The World of Coffee Dubai 2023 event is set to welcome coffee traders, industry professionals and enthusiasts from 11th to 13th January 2023. With more than 1500 international, regional, and local companies and brands already registered this edition of the event is expected to open new opportunities for the sector and strengthen Dubai’s stature as a regional and global hub for the coffee industry. 

 

7% - 10% rise expected in Dubai real estate market in 2023

Due to robust demand for prime properties villa and apartment prices in Dubai are poised to register a citywide increase of 7% to 10%. Industry reports reveal Dubai’s residential market shows signs of price stabilisation with residential capital values registering a 12.7% year-on-year (YoY) growth while rental values were up 25% YoY.

 

Solar power system installation on RTA buildings mark 75% completion

Aligned to the sustainability vision of Dubai and as part of the 20-year agreement with the Dubai Center of Excellence for Carbon Control, Dubai’s Roads and Transport Authority has completed 75% installation of solar power systems on various buildings and facilities in the emirate. These initiatives highlight Dubai’s commitment towards using clean energy within the emirate.