Day: January 6, 2023

ABU DHABI, A local English-language newspaper has commended the launch of the Dubai Economic Agenda ‘D33’ by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, noting that “it shows the incredible depth of his vision for the future of the emirate”.

Sheikh Mohammed said, “The Dubai Economic Agenda ‘D33’ includes 100 transformative projects, with economic targets of AED32 trillion over the next 10 years, doubling our foreign trade to reach AED25.6 trillion and adding 400 cities as key trading partners over the next decade.”

Sheikh Mohammed seeks to double the size of Dubai’s economy over the next decade, and consolidate its position among the top three global cities, Gulf Today said in an editorial on Friday.

According to the new plan, Dubai will rank as one of the top four global financial centres with an increase in FDI to over AED650 billion over the next decade and an annual AED100 billion contribution from digital transformation.

The paper continued, “Truly, Dubai is a city with a spectacular growth. What Dubai does today the world follows tomorrow. With its sleek chrome and glass skyscrapers, extremely seamless transport operations for millions of residents, myriad amusement options and a very attractive lifestyle for both the wealthy and the not-so-affluent, Dubai is an extraordinary magnet for the world. What enhances its desirability is the fact that it is amazingly safe and secure.”

It is also the go-to destination for trade and industry. As Sheikh Mohammed said, “Over 300,000 global investors in Dubai today are helping build Dubai into the fastest-growing global city.”

He added, “2033 will mark 200 years since the foundation of Dubai: the year in which Dubai will be the most important global business centre, and by then, we would have completed the D33 Agenda. We know our economic path over the next decade.

“The world makes way for those who know what they want.”

The paper went on to say, “Dubai is a global trendsetter and a model to emulate. At a time when most of the world is reeling under the headwinds of economic challenges, Dubai has shown a strong resilient spirit.

“Business is on song which explains why the Agenda outlines an increase in private sector investment from AED790 billion in the past decade to AED1 trillion by 2033. Dubai is a major tech hub and spearheads digital innovation.”

It aims to generate new economic value from digital transformation, at an average of AED100 billion annually. The digital economy is a major pillar in the Agenda, with Dubai embarking on a new phase in which it seeks to pioneer and sustain the growth of an economy based on knowledge, innovation and future technologies.

The Agenda also seeks to increase the productivity of Dubai’s economy by 50 percent through innovation and digital solutions.

“Sandbox Dubai” aims to make Dubai a major fulcrum for incubating business innovation by enabling the testing and marketing of new products and technologies.

Moreover, the Agenda aims to back the growth of 30 companies in new sectors to become unicorns, and integrate new generations of Emiratis into the private sector: it wants 65,000 young Emiratis in the workforce and the private sector. This makes Dubai a hub for skilled workers, the fastest-growing and most attractive global business centre, and an international hub for global multinational companies (MNCs) and national SMEs.

The Sharjah-based daily concluded by saying, “Dubai is not just about business or trade and industry. It also knows the significance of education, one of the key drivers of growth. Pertinently there is the Dubai Project to draw the world’s best universities.

“Truly Dubai is unique. Everyone will testify to its brilliance and rapid development. It inspires awe among everyone who visits it, as much as its world-famous iconic landmark, the Burj Khalifa, does.”

Source: Emirates News releases

ABU DHABI, The market cap of Arab stock exchanges exceeded $4 trillion by the end of 2022, according to the Arab Monetary Fund (AMF).

In a press statement today, the AMF said that the market value of the Abu Dhabi Securities Exchange reached $714.6 billion in the reference year, while that of Dubai Financial Market was valued at $158.4 billion.

The market value of the Saudi Stock Exchange was $2.63 trillion; while that of the Qatar Stock Exchange was $167.09 billion. The market cap of the Boursa Kuwait was $152.7 billion; while that of the Muscat Stock Exchange was $61.6 billion.

The Casablanca Stock Exchange’s market cap was $53.6 billion; while that of the Egyptian Exchange was $38.8 billion; and that of the Bahrain Bourse was $30.2 billion, according to the AMF’s statement.

The market value of Amman Stock exhange reached $25.4 billion; that of Palestine Exchange was $4.89; while Beirut Stock Exchange was put at $14.4 bn; and Damascus Securities Exchange was valued at 2.06 bn.

Source: Emirates News releases

DUBAI, A total of 2,173 real estate transactions worth over AED 10 billion were conducted during the week ending 6 January 2023, according to figures released by the Dubai Land Department (DLD).

A total of 270 plots were sold for AED 2.25 billion, 1,903 apartments and villas were sold for AED 4.89 billion.

The top three transactions were a land in Marsa Dubai sold for AED 623.07 million, followed by a land that was sold for AED 77.23 million in Al Thanyah Fifth, and a land sold for AED 623.07 million in Marsa Dubai in third place.

Al Hebiah Fifth recorded the most transactions for this week by 133 sales transactions worth AED 386.38 million, followed by Jabal Ali First with 49 sales transactions worth AED 228.15 million, and Al Merkadh with 12 sales transactions worth AED 125 million in third place.

The top three transfers for apartments and villas were an apartment was sold for AED 119 million in Island 2, a was second in the list sold for AED 115 million in Island 2, and thirdly it was an apartment sold for AED 75 million in Island 2.

The sum of the amount of mortgaged properties for the week was 1.85 billion, with the highest being a building in Burj Khalifa, mortgaged for AED 300 million.

101 properties were granted between first-degree relatives worth AED 1 billion.

Source: Emirates News releases

Dubai, UAE – Dubai Chamber of Commerce, one of the three chambers operating under Dubai Chambers, has announced the establishment of the Medical Labs & Diagnostic Centers Business Group. Supporting the robust healthcare sector in Dubai and the wider UAE, the new business group seeks to foster collaborative relationships between its members and relevant stakeholders to cement importance of medical labs and diagnostic centers within the healthcare sector.

“The setting up of this business group comes at the right time as it brings together businesses within diagnostic labs sector and the further strengthens Dubai’s burgeoning healthcare industry. The business group will play an instrumental role in supporting the sector, helping it thrive in the coming years,” said Maha AlGargawi, Executive Director of Business Advocacy at Dubai Chambers.

Dubai’s healthcare market is worth more than $4.63 billion annually. Dubai and the wider UAE is rapidly emerging as a healthcare hub with major opportunities. The UAE hosts the world’s largest medical free zone, Dubai Healthcare City which comprises 160 clinical partners across over 150 specialties and professionals from over 90 countries. Medical tourism sales are expected to record a CAGR of 17.1 per cent between 2021 and 2025, according to report by the Ministry of Economy and the UAE International Investors Council.

Founding member, Dr. Ola Elgaddar, General Manager at Al Borg Diagnostics UAE, highlighted, “The healthcare industry in Dubai and the wider UAE is clearly flourishing. As a founding member of this business group, I am keen to start conversations with my fellow peers to see how we can further embed our sector and businesses in the healthcare industry. This business group will serve as an opportune platform to discuss topics that are critical to our sector and bounce off ideas and suggestions on ways to move forward.”

The establishment of the Medical Labs & Diagnostic Centers business group plays a crucial role in recommending policy changes to improve the sector’s competitiveness and attractiveness while promoting international best practices and supporting the emirate’s economic growth. It is part of the chamber’s plans to increase the number of business groups that represent economic sectors and activities in Dubai to 100 by March 2023.

Source: Dubai Chamber of Commerce & Industry