WEEKLY BUSINESS ROUNDUP - 5th May 2024 – 11th May 2024

UAE and Jordan agree to enhance recognition of seafarers’ certificates of competence

The Ministry of Energy and Infrastructure (MoEI) and Jordan's Ministry of Transport signed a Memorandum of Understanding (MoU) aimed at driving cooperation and enhancing mutual recognition of seafarers' certificates of competence. The MoU explores keenness of both sides to explore new opportunities and partnerships in the maritime sector and accelerate maritime education and training to advance socioeconomic and cultural development

 

UAE bank reserves surpass AED 500 bn 

As per Central Bank of UAE’s latest statistics, the combined capital and reserves of banks operating in the UAE surpassed the AED 500 billion mark at the end of February 2024. The aggregate capital and reserves of UAE-based banks increased by around AED 63 billion or 14.4% year-on-year (YoY), reaching AED 501.5 billion at the end of February 2024, compared to around AED 438.5 billion in February 2023.

 

Arab bourses' market cap hit USD 4.36 trillion at end of April 2024

As per Arab Monetary Fund (AMF) the market cap of Arab stock exchanges exceeded USD 4.361 trillion at the end of April 2024. Abu Dhabi Securities Exchange’s market  value reached USD 754.7 billion, while that of the Dubai Financial Market was valued at USD 193.4 billion. 

 

UAE a gateway for Chinese companies to expand into GCC, African markets

China’s continued efforts to strengthen relations with the UAE will help pave the way for the expansion of Chinese companies into the markets of the Gulf Cooperation Council (GCC) region and Africa. Investors from Hong Kong and China working in the venture capital, family offices, digital assets, and banking sector are seeking to strengthen their presence in the UAE hoping these trends will accelerate and diversify in the future.

 

UAE further strengthens its investment, trade partnerships at AIM Congress 2024

The AIM Congress 2024, under the theme "Adapting to a Shifting Investment Landscape: Harnessing New Potential for Global Economic Development" included 450 dialogue sessions and featured 900 speakers from around the world. The event provided global policymakers, business leaders, and investors a platform to discuss key issues shaping the global economic landscape to create a more sustainable global economy.

 

For the 15th consecutive quarter, during the January-March 2024 period, property prices in Dubai mark an increase

Driven by affordable and mid-market communities, property prices in Dubai surged for the 15th consecutive quarter during the January-March 2024 period. Apartments in certain areas of Dubai reported the highest increase in prices as demand from residents and foreign investors continued to keep the prices higher.

 

Dubai investments in Vietnam reach AED280 million during 5 years

Dubai's investments in Vietnam hit approximately AED 280 million between 2019 and 2023 creating 4,500 job opportunities within the Vietnamese market. It is reported Dubai's investments in Vietnam focused on transportation, storage, and financial services sectors. Vietnamese companies joining Dubai Chamber's membership during the Q1 2024 totalled to 29. Bilateral trade between Dubai and Vietnam surged to over AED31.7 billion in 2023, indicating 12.2% growth rate. 

 

DFSA reports 25% increase in licensing in 2023 

The Dubai Financial Services Authority (DFSA), in 2023, marked a remarkable 25% increase in licensing from 2022 – bringing the number of licensed firms to 791. DFSA reported a 50% year-on-year increase in applications across all business models highlighting growth and diversity of DIFC.

 

Sharjah Chamber concludes trade mission to India conducting 365 bilateral business meetings

The Sharjah Chamber of Commerce and Industry (SCCI), successfully concluded its trade mission to India by arranging 365 bilateral business meetings. These business meetings enable representatives of companies participating in the trade mission to meet more than 220 Indian businesses operating across various economic, industrial, and investment sectors. The trade mission explored avenues for boosting trade volumes and expanding economic cooperation across diverse domains of commerce and industry.

 

Ajman DED issues 1,639 new licenses in Q1 2024, marking 11% growth

Ajman Department of Economic Development (DED) reported that it has issued 1,639 new business licenses during Q1 2024, indicating 11% growth compared to the same period in 2023. It is estimated that commercial licenses witnessed 23% surge during the same comparison period. Professional licenses distributed in the emirate accounted for 51%, followed by commercial licenses at 44%, and industrial licenses at 4%.