Day: March 13, 2024

DUBAI: Dubai CommerCity, the first and leading free zone dedicated exclusively to digital commerce, and a joint venture between the Dubai Integrated Economic Zones Authority (DIEZ) and Wasl Properties, has recorded unprecedented growth in its digital trade operations and transit portal during 2023, marking a significant increase compared to the previous year.

The volume of goods processed through its transit platform, DCC Way, increased by 56 percent in 2023, while the number of orders fulfilled via its digital trade platform grew by 158 percent. Additionally, there was a 92 percent increase in goods shipping operations from distribution centres facilitated by its digital trade platforms.

Abdulrahman Shahin, Executive Vice President of Operations at Dubai CommerCity, said, “The remarkable growth in Dubai CommerCity’s digital trade operations and transit portal reflects Dubai’s positioning as a global hub for the digital economy. These achievements further underscore Dubai’s standing as a regional pivotal ec
onomic hub and a leading logistics centre, aligning with the objectives of the Dubai Economic Agenda D33, which aims to double Dubai’s GDP and attract foreign direct investment.’

He continued, ‘These results follow Dubai CommerCity’s new strategic direction, which it began implementing in late 2022, adopting the concept of digital commerce in its operations and services. This further aligns with the national strategies’ objectives related to the digital economy and future technologies in Dubai, leading to increased foreign direct investment in the emirate and improving the business community and its economic and investment scene,’ he added.

Shahin emphasised that the record growth witnessed in digital commerce operations reflects Dubai’s comprehensive digital transformation efforts. He pledged Dubai CommerCity’s commitment to develop its digital ecosystem further, streamlining operations for companies and entrepreneurs while attracting more global investors to benefit from its unique offerings.

Dubai Comme
rCity provides a competitive digital trade system, innovative solutions, advisory services on sector regulations, integrated logistics solutions, including warehousing and last mile delivery solutions, integrated digital trade platform solutions, digital marketing services, and other support services. Spanning 2.1 million square feet and developed for AED3.2 billion, Dubai CommerCity offers modern offices, advanced warehouses, and flexible spaces tailored to the needs of digital trade companies across the Middle East, North Africa, and South Asia regions.

Source: Emirates News Agency

DUBAI: The number of bank loans and credit cards issued by banks and financial institutions operating in the country increased by 3% during 2023 to reach 2.52 million contracts (loans and credit cards), compared to 2.44 million contracts in 2022, according to Marwan Ahmed Lutfi, Director General of Al Etihad Credit Bureau (AECB).

In statements to the Emirates News Agency (WAM), Marwan Lutfi said that this increase indicates the strength of the financial position of both borrowers and banks. It also reflects increased confidence by the financial institutions in the ability of borrowers to meet their financial obligations.

He pointed out that the number of active contracts (loans and cards) reached 9.8 million contracts at the end of December 2023, with an increase of up to 11%, compared to its level at 8.9 million contracts at the end of 2022.

Regarding the data of individuals and companies at the AECB, Lutfi explained that the company’s database, as of the end of last year, now includes 16.6 million indivi
duals and companies, including 7.1 million borrowers (individuals and companies), of which 4.2 million are active borrowers (individuals and companies).

He pointed out that the number of individual borrowers reaches 3.99 million clients, while the number of borrowing companies reaches 189,000, in addition to 1.7 million companies in the records of the AECB.

Source: Emirates News Agency

DUBAI: Visa, a global leader in digital payments, has joined the Dubai FinTech Summit (DFS), organised by Dubai International Financial Centre (DIFC) as a Founding Partner and Co-Host, underscoring its dedication to supporting innovative and future thinking businesses on a global scale.

Visa has cemented its partnership with DFS through a strategic three-year agreement, demonstrating a solid commitment to the fintech ecosystem.

Through initiatives like the Fast Track programme, Accelerators and Visa Everywhere, Visa is at the forefront of empowering FinTechs, providing them with the necessary resources and personalised tools to create innovative solutions that enhance the digital economy for consumers and businesses.

Mohammad Alblooshi, CEO of DIFC Innovation Hub, said, “Our alliance with Visa, solidified through a three-year agreement, aligns perfectly with our aim to provide a dynamic environment for innovation and enterprise to flourish in Dubai and beyond as we shape a resilient financial ecosystem.
With Visa’s continued support and expertise, we look forward to delivering an exceptional event that will inspire and empower the FinTech community.”

Hasan M. Kazmi, Vice President and Head of Digital Partnerships for Visa CEMEA, said, “At Visa, we recognise the transformative power of FinTechs in developing innovative payment solutions, expanding access to financial services and enabling the growth of the wider digital economy. Our participation as a co-host sponsor of the Dubai FinTech Summit provides us and our partners with a valuable platform to explore collaborative opportunities and drive further innovation in digital commerce.

“We believe that Dubai and DIFC’s position as a global centre for innovation makes it the ideal location for this summit. By bringing together global FinTech and technology experts, the summit will facilitate meaningful discussions and connections that will shape the future of finance not only in the region but also on a global scale.”

The Dubai FinTech Summit, scheduled for
6th-7th May 2024, at Madinat Jumeirah, Dubai, will see an unprecedented gathering of over 8,000 decision-makers, more than 300 thought leaders and 200 exhibitors showcasing cutting-edge technologies.

Source: Emirates News Agency

SEOUL: South Korean stocks edged up late Wednesday morning, tracking overnight Wall Street gains driven by megacap tech stocks.

According to Yonhap News Agency, the benchmark Korea Composite Stock Price Index rose 7.13 points, or 0.27 percent, to 2,688.94 as of 11:20 am.

The Dow Jones Industrial Average rose 0.61 percent, and the S and P 500 gained 1.12 percent. The Nasdaq Composite added 1.54 percent.

The local currency was trading at 1,312.40 won against the US dollar, down 1.40 won from the previous session’s close.

Source: Emirates News Agency

BRUSSELS: In 2023, the EU exported pound 502 billion worth of goods to the United States while importing pound 344 billion worth of goods creating a pound 158 billion surplus for the EU, according to figures published by Eurostat, the statistical office of the European Union.

This positioned the United States as the largest partner for EU exports of goods, accounting for 19.7% of total extra-EU exports, and the second largest partner for EU imports of goods (following China), comprising 13.7% of total extra-EU imports.

Between 2013 and 2023, the EU’s surplus in trade in goods with the United States varied between pound 81 billion in 2013 and pound 166 billion in 2021.

The most imported goods from the United States in 2023 were crude petroleum oils, valued at pound 42.4 billion, an increase of 11.4% compared with 2022 (pound 38.0 billion).

Medicinal and pharmaceutical products ranked as the second most imported goods. Imports in this category were worth pound 32.5 billion, indicating a 36.6% increase compa
red with 2022 (pound 23.8 billion). This marked the highest percentage increase among all imported goods shown.

Natural gas (liquified or not) followed with a total import value of pound 26.9 billion, showing a 44.8% decrease compared with 2022 (pound 48.7 billion). The decrease was due only to a sharp drop in prices, as there was a 14 % increase in quantity.

Source: Emirates News Agency

HANOI: Vietnam’s exports have been on a path of recovery since the beginning of the year.

According to a report from the General Statistics Office (GSO), the country’s total export turnover of goods in the first two months of 2024 reached US$59.34 billion, a 19.2 percent increase compared to the same period last year.

The domestic economic sector accounted for US$16.14 billion, a 33.3 percent increase and 27.2 percent of the total export turnover. The FDI sector, including crude oil, reached US$43.2 billion, a 14.7 percent increase and 72.8 percent of the total export turnover.

Wood and wood products, in particular, have shown high export results in the first two months of this year.

Other exports including textiles, leather and footwear, iron and steel, electronics, aquatic products, fruits and vegetables, rice and coffee have all experienced significant growth compared to last year.

Deputy Minister of Agriculture and Rural Development (MARD) Phung Duc Tien said in February, the total export of agricult
ural, forestry and aquatic products reached US$4.48 billion, a 21.8 percent increase compared to the same period last year.

In the first two months of the year, the total export turnover of these products is estimated at US$9.84 billion, a 50.3 percent increase, with a trade surplus of US$2.68 billion. The sector aims to achieve an export target of US$54-55 billion in 2024. Tien stressed the importance of the diversity of export markets and improved quality of Vietnamese agricultural products, as recognised by markets such as the US, the EU and Japan.

Source: Emirates News Agency