UAE Weekly Business News 19/02/24

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UAE Weekly Business News issue 176 published 19th February 2024.

UAE FREE ZONE NEWS

• DAFZ to showcase its services, competitive investment advantages at Gulfood 2024 (WAM 18/02/2023)

• DIFC marks 20th anniversary with record-breaking 2023 performance, exceptional contribution to Dubai’s economy (WAM 15/02/2023)

• Dubai International Financial Centre now has 41,597 workers, 5,533 companies and is on track to double GDP contribution by 2030 (Arabian Business 15/02/2023)

• HFZA to showcase competitive advantages, opportunities for investors at Gulfood 2024 (WAM 14/02/2023)

• Titan Lithium to set up AED5b lithium processing plant in KEZAD (WAM 13/02/2023)

• RAKEZ initiates business outreach in India to strengthen economic ties (WAM 12/02/2023)

• ADGM Financial Services Regulatory Authority fines 6 financial institutions for breaching common reporting standard regulations (WAM 12/02/2023)

• Masdar City launches smart vertical farm with AgriTech firm (The National 12/02/2024)

UAE VISA NEWS (inc. employment, Emiratisation, training, women)

• Golden Visa demand growing among European property investors (Khaleej Times 18/02/2023)

• UAE residence visa applicants can submit health insurance online (Arabian Business 17/02/2023)

• UAE marks Professional Day of Nuclear and Radiation Sector Workers (WAM 16/02/2023)

• UAE's nuclear and radiation sector boasts over 20,000 employees: Hamad Al Kaabi (WAM 16/02/2023)

• GPSSA explains provisions of new Federal Law No. 57 of 2023 (WAM 16/02/2023)

• UAE Golden Visa $272,000 rule change ‘widens door for more diverse pool of Dubai real estate investors’ (WAM 15/02/2023)

• 88% of public believes computer science opens job opportunities and reduces inequalities: WGS report (WAM 14/02/2023)

• National Search and Rescue Centre paves way for more female representation in search and rescue sector (WAM 13/02/2023)

• UAE remote working ‘valuable element’ but dangers remain (Arabian Business13/02/2023)

UAE Business and Economy News

• DXB smashes targets with 87m guests in 2023, rising 31.7% from previous year (WAM 19/02/2023)

• UAE real estate sector seeing massive upsurge in women investments with $25b recorded in 2023 (Arabian Business 19/02/2023)

• Forward-looking vision of wise leadership reflected in UAE's non-oil foreign trade: Al Zeyoudi (WAM 18/02/2023)

• UAE, Baden-Württemberg sign comprehensive Joint Declaration of Intent on industrial cooperation, decarbonisation opportunities (WAM 18/02/2023)

• UAE Cabinet postpones implementation of resolution regulating weights, dimensions of heavy vehicles in country (WAM 18/02/2023)

• Rabdan Academy signs MoU with NCEMA to enhance joint cooperation (WAM 18/02/2023)

• Mohammed bin Rashid: UAE non-oil foreign trade of goods and services surpassed AED3.5t in 2023 for first time (WAM 18/02/2023)

• 702 million riders used public transport (Government of Dubai Media Office 18/02/2023)

• Gulfood to lead the way on where the F&B industry goes next, driving investment, competitiveness and growth (WAM 18/02/2023)

• Work on Dubai Metro Blue Line to start this year (The National 18/02/2023)

• New hope for UAE hyperloop system as Italian line is approved (The National 17/02/2023)

• Why new law changes are posing challenges for investors, banks (Khaleej Times 17/02/2023)

• AED3.4b generated in property sales through ADJD's Auction App (WAM 16/02/2023)

• How Emirates airline serves 149 meals per minute 40,000 feet up in the air (Khaleej Times 16/02/2023)

• Naomi Campbell, Umar Kamani reveal plans to launch Dubai ‘talent management’ business (Arabian Business 16/02/2023)

• Tenaris unveils its industrial complex in Abu Dhabi Industrial City (WAM 15/02/2023)

• Khalifa Fund for Enterprise Development empowers 10 Emirati F&B businesses at Gulfood 2024 (WAM 15/02/2023)

• Etihad Cargo continues strong cool chain product growth trajectory (WAM 15/02/2023)

• Dubai Courts’ Amicable Dispute Resolution Centre secures fruitful settlements, triumphs in reconciliation in 2023 (WAM 15/02/2023)

• UAE go-to country for innovation: NGC International Advisory (WAM 15/02/2023)

• Update: change of WGS date : Mohammed bin Rashid directs hosting of next World Governments Summit between 11-13 February 2025 (WAM 15/02/2023)

• Cleveland Clinic Abu Dhabi named among world's top hospitals (The National 15/02/2023)

• UAE experts hope to find multiple sclerosis cure as patient walks again (The National 15/02/2023)

• UAE's global AI ambitions require a diplomatic balancing act (The National 15/02/2023)

• Majid Al Futtaim Lifestyle reveals rise of influencer marketing, consumer spends, upcoming trends (Arabian Business 15/02/2023)

• Emirates in-flight dining last year: 40m chocolates, 10,350kg of caviar and a staggering amount of chicken (Arabian Business 15/02/2023)

• 300 new stores prop up Americana Restaurants revenues to $2.41b (Arabian Business 15/02/2023)

• Flydubai launches new flights to Switzerland, Latvia, Estonia and Lithuania, now reaches 43 European destinations (Arabian Business 15/02/2023)

• UAE AI Office partners with Emirates Global Aluminium to accelerate AI adoption in industrial sector (WAM 14/02/2023)

• Air Taxi revolutionises urban transportation in Dubai: Joby Aviation CEO (WAM 14/02/2023)

• Maktoum bin Mohammed, Theyab bin Mohamed witness signing of MoU between RTA and Etihad Rail (WAM 14/02/2023)

• Mohammed bin Rashid, Indian Prime Minister lay foundation stone for market for Indian manufacturers, traders in Dubai (WAM 14/02/2023)

• A stadium in 25 days: A World Record for FIFA Beach Soccer World Cup UAE 2024 (WAM 14/02/2023)

• Abu Dhabi Department of Health, AI71 join forces to advance healthcare innovation (WAM 14/02/2023)

• 9.4% of Dubai’s transportation is currently self-driving, targeting 25% by 2030: Matar Al Tayer (WAM 14/02/2023)

• ADNOC, bp to form gas joint venture (WAM 14/02/2023)

• Ministry of Energy and Infrastructure launches Big Data Ecosystem and Digital Twin Platform at WGS (WAM 14/02/2023)

• Retaining expatriate wealth crucial for long-term growth of Gulf economies as competition for retirement capital increases: WGS-Mercer report (WAM 14/02/2023)

• Industry and Advanced Technology Forum addresses role of quality infrastructure in driving sustainable industrial development (WAM 14/02/2023)

• UAE leads global efforts to accelerate sustainable development: ADFD Director-General (WAM 14/02/2023)

• Digital Transformation: A Pillar of Arab Strategies Towards the Future (WAM 14/02/2023)

• Gulf urged to speed up sustainable aviation fuel production (The National 14/02/2023)

• Dubai sets target for 25% of transport in city to be self-driving by 2030 (Arabian Business 14/02/2023)

• Dubai ranks as leading global real estate market for luxury home growth potential in 2024 forecast (Arabian Business 14/02/2023)

• Gifting orders surge 80% on Valentine’s Day in UAE (WAM 14/02/2023)

• Dubai real estate notches up over $21b sales in Jan-Feb (Arabian Business 14/02/2023)

• Companies cash in on Valentine’s Day as consumer spending hits billions (WAM 14/02/2023)

• (WAM 14/02/2023)

• Barakah Unit 4 grid connection nears, electricity supply to follow: FANR Director-General (WAM 13/02/2023)

• AI plays key role in accelerating pace of energy transformation: Sharif Al Olama (WAM 13/02/2023)

• COP28 launches ‘The COP Presidencies Troika’ in partnership with COP29, COP30 Presidencies (WAM 13/02/2023)

• Gradual operation of Unit 4 of Barakah to commence in March: UAE Permanent Representative to IAEA (WAM 13/02/2023)

• Al Olama inaugurates Building Responsible Artificial Intelligence Forum at WGS (WAM 13/02/2023)

• OpenAI CEO urges global AI oversight, invites UAE to lead discussions (WAM 13/02/2023)

• UAE makes promising strides in global competitiveness race in 2024 (WAM 13/02/2023)

• Reem Hospital launches dedicated mental health centre (WAM 13/02/2023)

• Department of Health – Abu Dhabi partners with Philips to establish Malaffi platform as global reference resource (Abu Dhabi Media Office 13/02/2023)

• Flying taxis in Dubai: A look at the electric aircraft coming in 2026 (The National 13/02/2023)

• UAE fine dining is taking Dubai by storm, but is it worth the cost? (WAM 13/02/2023)

• President of International for Bank of America hails 'dynamism' of UAE economy (WAM 12/02/2023)

• Etihad Airways logs 1.4m passengers in January 2024 (WAM 12/02/2023)

• Landmark UAE Consensus becomes defining framework for all countries to keep 1.5°C within reach, ensure global implementation (WAM 12/02/2023)

• Dubai Municipality signs MoU with global companies to produce sustainable aircraft fuel (WAM 12/02/2023)

• Experts say drones can slash delivery costs as Dubai plans revealed (The National 12/02/2024)

• Health insurance in Dubai: $5.9b of transactions, 44m claims, 12,280 packages, 8,894 service providers (Arabian Business 12/02/2024)

• Dubai Future Foundation announces 10 global trends: Robots, $265b cybersecurity threat, next-generation energy and the end of disease (Arabian Business 12/02/2024)

• Flydubai launches flights to Langkawi and Penang (Arabian Business 12/02/2024)

• Maruti Suzuki planning to make electric air copters (Arabian Business 12/02/20224)

UAE Financial News

• UAE's gratuity system has corporate tax implications (The National 19/02/2023)

• UAE stock trading firm ZaraFX strikes partnership with Luxembourg-based DHF Capital  (Arabian Business 16/02/2023)

• SALAMA records full-year revenue of AED1.1b; achieves 20% revenue growth in 2023 (WAM 15/02/2023)

• Americana Restaurants delivers $2.4b revenue in 2023 (WAM 15/02/2023)

• Tabreed registers AED2.4b in 2023 revenues; up 9% YoY (WAM 15/02/2023)

• United Arab Bank posts 65% growth in 2023 net profits (Khaleej Times 15/02/2023)

• Jaywan: New UAE-India payment card explained (Khaleej Times 15/02/2023)

• UAE fintech Fils partners with online payment gateway Telr to offer sustainable infrastructure for e-commerce businesses (Arabian Business 15/02/2023)

• Amanat Holdings announces record profits and 40% revenue growth in 2023 (WAM 15/02/2023)

• Sharjah Islamic Bank, Kuwait Business Council cooperate to support Kuwaiti investments in UAE  (WAM 14/02/2023)

• UAE's advanced digital tools empower anti-money laundering efforts: Hamid Al Zaabi (WAM 14/02/2023)

• ADNOC L&S reports AED2,2b in 2023 net profits, up 138% YoY; cash dividend of 6.45 fils per share for H2-23  (WAM 14/02/2023)

• UAE enjoys excellent growth prospects: EBRD official (WAM 14/02/2023)

• Report highlights GCC’s potential to boost GDP by $2.5t over next decade (WAM 14/02/2023)

• Fertiglobe reports full-year 2023 revenues of $2,416m (WAM 14/02/2023)

• UAE shows economic resilience in face of global challenges, says IMF official (WAM 14/02/2023)

• UAE forging ahead with its groundbreaking Strategy for Artificial Intelligence: Senior Partner - Arthur D. Little Middle East (WAM 14/02/2023)

• Abu Dhabi to host 'Annual Financial Restructuring MENA Conference' on February 19 (WAM 14/02/2023)

• AD Ports Group reports AED1.36b in net profit for 2023, up 6% YoY (WAM 14/02/2023)

• Agthia's 2023 net profit jumps 10% on strong revenue (The National 14/02/2023)

• Taqa’s 2023 net profit more than doubles to $4.5b on strong demand (The National 14/02/2023)

• Tech company e& posts 3% rise in 2023 profit on economic growth (The National 14/02/2023)

• ALTÉRRA: How the UAE climate fund plans to mobilise $250b by 2030 (Arabian Business 14/02/2023)

• PureHealth achieves over $4.4b in revenues, showing 31% YoY growth (Arabian Business 14/02/2023)

• Oyo mulls freezing IPO plan, to opt for private raise: Report (Arabian Business 14/02/2023)

• Air Arabia delivers record 2023 net profit of AED1.5b, up 27% (WAM 13/02/2023)

• UAE an exceptional economic leader in Middle East: OECD Secretary-General (WAM 13/02/2023)

• Al Mal Capital REIT launches rights issue on March 4 (WAM 13/02/2023)

• Awqaf Dubai, Arab Women Authority, National Bonds launch ‘Women Sukuk’ (WAM 13/02/2023)

• Alpha Dhabi's net profit climbs to record AED13.3b in 2023 (WAM 13/02/2023)

• NMDC Group reports 65% surge in net profits in 2023 (WAM 13/02/2023)

• Forward-thinking financial policies key to future preparedness: MoF Undersecretary (WAM 13/02/2023)

• MBRSG launches 3rd 'Global Economic Diversification Index’ (WAM 13/02/2023)

• Du profit up 33% on record revenue driven by generative AI in operations (The National 13/02/2023)

• Dubai Ruler Sheikh Mohammed, World Bank President discuss global economic issues (Arabian Business 13/02/2023)

• ADNOC Drilling announces 2023 net profit of over $1b (WAM 12/02/2023)

• Banks 'bullish' on GCC economy despite Israel-Gaza war (The National 12/02/2023)

• Investcorp Capital records fourth quarter profit of $21m (The National 12/02/2023)

• UAE signs agreements with Arab countries on double taxation avoidance (Khaleej Times 12/02/2024)

UAE Mergers & Acquisitions News

• M&A activity in MENA region hit $86bn last year (Arabian Business 12/02/2023)

UAE Bilateral Trade News

• Trends Research and Advisory, Japanese delegation discuss prospects for research cooperation (WAM 18/02/2023)

• Malaysia interested in learning from UAE's advanced AI capabilities: Ambassador (WAM 15/02/2023)

• Rwandan President visits Dubai Police HQ, explores policing innovations (WAM 15/02/2023)

• CEPA with UAE to make Mauritius a gateway to Africa for Middle East: Mauritius President (WAM 15/02/2023)

• Russian delegation explores Zayed Higher Organisation's expertise in rehabilitation (WAM 15/02/2023)

• UAE, India issue joint statement on visit of Indian Prime Minister (WAM 15/02/2023)

• Abu Dhabi City and China’s Shenzhen sign strategic twin city agreement (Abu Dhabi Media Office 15/02/2023)

• UAE discusses labour market relations with India, Bangladesh at Abu Dhabi Dialogue (WAM 14/02/2023)

• São Paulo State, UAE’s ATRC collaborate to accelerate ‘Falcon AI’ adoption (WAM 14/02/2023)

• Lesotho to establish digital schools in cooperation with UAE to prepare pioneering communities: Minister of Education (WAM 14/02/2023)

• UAE key supporter in Cuba's energy transition projects: Prime Minister (WAM 14/02/2023)

• Mohammed bin Rashid meets with Prime Minister of Kurdistan Region of Iraq (WAM 14/02/2023)

• Serbia signs with UAE’s ATRC to encourage use of Falcon AI models (WAM 14/02/2023)

• Hamed bin Zayed meets with President of Madagascar (WAM 14/02/2023)

• Estonian Minister affirms her country's keenness to enhance educational cooperation with UAE (WAM 14/02/2023)

• UAE’s AI Office signs three agreements with Austria, Mongolia and Colombia to promote AI (WAM 14/02/2023)

• Government Experience Exchange Programme announces new leadership development programmes with Kazakhstan, Malta, Madagascar (WAM 14/02/2023)

• UAE, India sign MoU to accelerate growth of digital economy (WAM 14/02/2023)

• AD Ports Group signs agreements with Gujarat Maritime Board and RITES Limited (Abu Dhabi Media Office 14/02/2023)

• UAE-India strategic partnership a model of sustainable development: Al Zeyoudi (WAM 13/02/2023)

• UAE-India ties witnessing continuous momentum: Suhail Al Mazrouei (WAM 13/02/2023)

• Sierra Leone Chief Minister emphasises collaboration with UAE in education, technology at WGS 2024 (WAM 13/02/2023)

• UAE is a strategic partner in promoting good governance: President of Central African Republic (WAM 13/02/2023)

• UAE President receives Prime Minister of Albania (WAM 13/02/2023)

• Mohammed bin Rashid meets with President of the Kyrgyz Republic (WAM 13/02/2023)

• Mohammed bin Rashid meets with President of Maldives at World (WAM 13/02/2023)

• Colombia eyes Latin American digital leadership, aided by UAE: Minister (WAM 13/02/2023)

• Mohammed bin Rashid meets with Prime Minister of Cuba (WAM 13/02/2023)

• Mansour bin Zayed receives Prime Minister of Libya's Government of National Unity (WAM 13/02/2023)

• UAE and Turkish Presidents discuss enhancing bilateral relations (WAM 13/02/2023)

• Joint initiative between UAE, Brazil and Cuba to enhance food security announced (WAM 13/02/2023)

• 'We look forward to exchanging digital best practices with UAE': Korean Official (WAM 12/02/2023)

• UAE President receives President of Congo-Brazzaville (WAM 12/02/2023)

• Mohammed bin Rashid meets Egypt’s Prime Minister (WAM 12/02/2023)

• Mohammed bin Rashid meets with Prime Minister of Qatar (WAM 12/02/2023)

• UAE President, Egyptian Prime Minister discuss bilateral relations (WAM 12/02/2023)

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Written by Jenny Hunt

Founder, Gateway Group, Abu Dhabi & Dubai, United Arab Emirates

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