WEEKLY BUSINESS ROUNDUP - 6th August 2023 to 12th August 2023

Investment in AI expected to hit US$ 200 bn globally by 2025

Global investments in Artificial Intelligence are gaining quick momentum and are expected to hit US$ 200 billion by 2025. Generative AI carries solid economic potential and can enhance labour productivity. American companies are likely to be the early adopters of AI to be followed by other developing economies like China. 

 

UAE economy likely to continue robust performance in 2023

OPEC predicts the UAE economy will continue its robust performance in 2023 after marking 7.9% y-o-y growth in 2022. It is estimated this positive momentum is sustained through consistent contributions from the non-oil sector from tourism, leisure, and real estate. The upward trajectory of UAE’s real estate market has a significant part to play in driving the robust performance of the UAE economy. 

 

MoIAT creates awareness on legislation, quality infrastructure, national measurement capabilities in Sharjah factories

The Ministry of Industry and Advanced Technology (MoIAT) along with Sharjah Economic Development Department (SEDD) initiated a workshop focused on increasing awareness on national legislation in metrology in the industrial sector and its impact on companies, as well as enhancing product quality and the competitiveness of factories in local and international markets. This initiative reflects the focus on enhancing competitiveness of the industrial sector.

 

Dubai Chamber of Digital Economy attracts 69 emerging technology companies to the emirate 

In the first six months of 2023, Dubai Chamber of Digital Economy attracted 69 emerging technology companies to the emirate aligned to furthering the ambitions of the Dubai Economic Agenda (D33). The chamber successfully conducted a series of 12 roadshows across the Middle East, Africa, Asia, and Europe where meetings were coordinated with 279 companies comprising multinationals, SMEs, scaleups and startups. These figures reflect the emirate’s enhanced attractiveness among global tech companies.

 

Dubai Taxi Corporation launches digital transformation strategic plan 2022-2025

Dubai Taxi Corporation launched its strategic plan for digital transformation 2022-2025 aiming to achieve digital mobility and financial sustainability. Artificial Intelligence, smart revenues, the Internet of things, smart city, big data, governance, security systems & upgraded systems, process automation & paperless initiatives, future transformation, and smart services will play a part in driving the digital transformation of Dubai Taxi Corporation.

 

House rents in Dubai have jumped 20% + in 2023

Housing market in Dubai recorded growth in summer with average residential rents rising 22% in the year through July. As per CBRE reports average apartment rents grew by 21.9% over the period while average villa rents rose by 22.6%. Reports revealed growth within the housing market was supported by 78.4% increase in off-plan market sales and a 33.8% rise in secondary market sales. 

 

Dubai GDP grows 2.8% in Q1 2023 to reach AED 111.3 billion

Dubai’s Real Gross Domestic Product (GDP) grew 2.8%  year-on-year in the first quarter of the year to reach AED111.3 billion surpassing average global growth rates for Q1 2023. The emirate’s robust investment environment, infrastructure development and business favorable ecosystem is instrumental in the emirate’s consistent growth and economic expansion. 

 

Dubai Chamber of Commerce reported members exports value exceeded AED 139bn during H1 2023

Dubai Chamber of Commerce recorded 43% increase in the number of new member companies between January and June 2023 – totalling to 30,146. The total value of exports and re-exports of member companies also increased by 7 percent during the first half of 2023 to reach AED 137.6 billion, up from AED 129.4 billion in the same period last year. Further, the chamber issued 357,000 certificates of origin during H1 2023. The above figures are indicative of Dubai’s growing reputation as a preferred business destination.

 

Abu Dhabi secures its place as the preferred destination for MICE events in the Middle East

As per a report issued by the International Congress and Convention Association (ICCA), Abu Dhabi   has attracted more than 35 meetings organised by international associations in 2022. The emirate ranked first in the Middle East region for attracting the highest number of in-person meetings organised by international associations in 2022. Globally, UAE ranked 35th on the list of countries which hosted the highest number of conferences organised by international associations.