UAE Weekly Business News 13/05/2024

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UAE Weekly Business News: Issue 188 published 13th May 2024.

UAE FREE ZONE NEWS

• DFSA marks remarkable 25% increase in licensing in 2023  (WAM 10/05/2024)

• DIFC announces consultation of updated prescribed company regulations  (WAM 09/05/2024)

• First digital assets market maker, broker-dealer from Singapore to achieve an In-Principle Approval from the FSRA of ADGM
  

• DIEZ, Ministry of Investment, Industry, and Trade of Uzbekistan collaborate to drive growth of digital trade  (WAM 08/05/2024)

• Dubai International Financial Centre hosts 900 Fintech companies  (WAM 07/05/2024)

• The $3.3b venture financing fuelling growth of DIFC FinTech firms (The National 06/05/2024)

UAE VISA NEWS (inc. employment, Emiratisastion, human resources, training and women)

• GCC 'Grand Tours' visa: For Dh4,000, visitors can soon explore multiple Gulf countries (Khaleej Times 13/05/2024)

• Emirates Group employees get 20 weeks' bonus after record profits (Khaleej Times 13/05/2024)

• UAE: Soon, your employability could depend on how well you use AI (Khaleej Times 13/05/2024)

• Dubai Health welcomes a new cohort of Emirati nurses (WAM 12/05/2024)

• Dubai's new airport terminal to create 10,000 jobs in duty free alone (The National 12/05/2024)

• How soon must employer give full, final payment to employee after resigning? (Khaleej Times 12/05/2024)

• How can employee switch to Golden Visa through property investment in Dubai? (Khaleej Times 12/05/2024)

• 25 private sector companies gather to propel Emiratisation under Ishraq Programme  (WAM 11/05/2024)

• Dubai Police People of Determination Council pioneers inclusion and empowerment (WAM 11/05/2024)

• UAE has proven its leadership in promoting nursing profession: Minister of Health and Prevention (WAM 11/05/2024)
  

• Insured Emiratis in Dubai constitute 35% of contributors at GPSSA  (WAM 10/05/2024)

•  (WAM 09/05/2024)

• UAE Media Council, Google News Initiative launch training programme for media professionals  (WAM 08/05/2024)

• My Dubai Salary: ‘I earn up to Dh80,000 a month in financial services’ (The National 07/05/2024)

• UAE non-compete clauses: Employers could face challenge of enforcement if terms unclear, experts warn (Arabian Business 07/05/2024)

• What does it take to become Abu Dhabi Yas Island’s Chief Island Officer? Miral chief reveals (Arabian Business 07/05/2024)

UAE BUSINESS NEWS

• ADNOC Drilling secures $1.7b contract to unlock UAE’s world-class unconventional energy resources (WAM 13/05/2024)

• Department of Municipalities and Transport launches engineering excellence assessment system across the emirate (Abu Dhabi Media Office 13/05/2024)

• Dubai real estate leads the world in demand for $10 million-plus homes (Arabian Business 13/05/2024)

• Innovation Hub UAE: Mobilising international efforts to strengthen safety, sustainability of global food sector  (WAM 12/05/2024)

• Maktoum bin Mohammed issues decision appointing new members to Dubai Financial Services Authority’s Board of Directors (WAM 12/05/2024)

• ADCB ranks first in banking, second across UAE's economic sectors (WAM 12/05/2024)

• RTA completes 45% of first contract for Phase 4 of Al Shindagha Corridor Improvement Project (WAM 12/05/2024)

• Dubai to host Food Innovation Conference 2024 themed 'Reimagining Future Food Systems' (WAM 12/05/2024)

• DEWA’s R&D Centre publishes 221 scientific, research papers in international forums by end of 2023 (WAM 12/05/2024)

• Dubai Central Laboratory implements AI-based technology to detect ‘Legionella’ bacteria (WAM 12/05/2024)

• Al Ain City Municipality completes 47% of Phase 1 of Infrastructure Upgrade Project in Al Aamerah at AED 130m (WAM 12/05/2024)

• Dubai: New office spaces being pre-leased as demand outstrips supply (Khaleej Times 12/05/2024)

• DEWA leads UAE’s clean energy transition with ambitious projects (Arabian Business 12/05/2024) 

• Critical Care Conference unveils resuscitation device with 20-meter range  (WAM 11/05/2024)

• Abu Dhabi Global Healthcare Week kicks off next Monday (WAM 11/05/2024)

• Abu Dhabi Mobility: New brand shaping future of smart, sustainable and safe transportation in the emirate (Abu Dhabi Media Office 11/05/2024)

• UAE University publishes 813 research papers and registers 29 patents during Q1 2024 (Abu Dhabi Media Office 11/05/2024)

• Deliveroo announces abra food delivery in Dubai (Arabian Business 11/05/2024) 
  

• Project with Bayanat a step towards a wider space system in UAE (WAM 10/05/2024)

• Emirates returns to Edinburgh with a daily A350 service (WAM 10/05/2024)

• CABSAT 2024 to highlight latest innovations in media, entertainment sectors (WAM 10/05/2024)

• UAE further strengthens its investment, trade partnerships at AIM Congress 2024 (WAM 10/05/2024)

• Advanced Technology Research Council launches UAE Research Map to support UAE’s research and development sector (Abu Dhabi Media Office 10/05/2024)

• Hamdan bin Zayed issues resolution on air quality system in the emirate (Abu Dhabi Media Office 10/05/2024)

• Construction to begin on $3b UAE to Oman train network; Hafeet Rail to transport passengers from Abu Dhabi to Sohar in 100 minutes (Arabian Business 10/05/2024) 

• Dubai luxury hospitality market ‘crowded’ with ‘a number of really good products’: Rotana CEO (Arabian Business 10/05/2024)

• UAE CEPA deals a ‘passport for businesses’ as investment soars (Arabian Business 10/05/2024)

• Dubai’s Global Village ends season with record 10m visitors (Arabian Business 10/05/2024)
  

• Dubai Taxi showcases innovative services strengthens strategic partnerships at Arabian Travel Market  (WAM 09/05/2024)

• ATM 2024 sees 15% year-on-year growth, setting a new show record with more than 46,000 attendees across four days (WAM 09/05/2024)

• Ministry of Culture partners with 4 publishing entities in support of National Grant Programme for Culture and Creativity (WAM 09/05/2024)

• Emirates partners with Mauritius and Uganda, supporting inbound tourism targets to both nations (WAM 09/05/2024)
  

• MBRSC set to host Geo-Spatial Week 2025 (WAM 09/05/2024)
  

• UAE plays pivotal role in achieving global SDGs: FAO official (WAM 09/05/2024)
  

• CEPAs play key role in surging FDI inflows to UAE: ADIO official (WAM 09/05/2024)

• Spinneys to expand presence in UAE and Saudi Arabia after listing on DFM (Khaleej Times 09/05/2024)

• Dubai ‘will never compromise’ on safety, security of tourists, residents (Arabian Business 09/05/2024)

• Dubai ‘incredibly good’ at welcoming guests with new experiences, says top Hyatt executive (Arabian Business 09/05/2024)

• UAE real estate: Golden Visa property deals, 25,000 new units coming to Dubai and soaring rents drive investments (Arabian Business 09/05/2024)

• Dubai announces major projects: $4.6bn commercial transport strategy, remote work to slash traffic jams, data economy boost, new community policy (Arabian Business 09/05/2024)
  

• AED128b plan for world's largest airport showcases Dubai’s investment in the future: Hamdan bin Mohammed  (WAM 08/05/2024)

• Largest edition of ISNR to begin on 21st May in Abu Dhabi (WAM 08/05/2024)

• Yas, Saadiyat Islands enhance Abu Dhabi's leading position on world's best tourist destinations list (WAM 08/05/2024)

• Dubai Department of Economy and Tourism, Emirates sign partnership agreement (WAM 08/05/2024)
  

• DCT Abu Dhabi launches integrated events platform to support Abu Dhabi Calendar (WAM 08/05/2024)

• 4th edition of IUCC is set to take place in Abu Dhabi (WAM 08/05/2024)

• Emirates and MSC Cruises renew partnership for two more seasons (WAM 08/05/2024)
  

• Middle East’s first passenger-carrying drone trials take place in Abu Dhabi (WAM 08/05/2024)
  

• flydubai prepares to grow its network in Europe with launch of flights to Basel and Baltic region (WAM 08/05/2024)
  

• Danat Al Emarat Hospital sets new standard in endometriosis care (WAM 08/05/2024)
  

• UAE Council for Artificial Intelligence and Blockchain concludes 2nd phase of subcommittees' initiatives (WAM 08/05/2024)
  

• Ministry of Finance establishes framework to enable sustainable public-private partnerships (WAM 08/05/2024)
  

• ADNOC signs third long-term Heads of Agreement for Ruwais LNG project (WAM 08/05/2024)

• Third Dubai FinTech Summit to be held in May 2025 (WAM 08/05/2024)

• Department of Municipalities and Transport launches Abu Dhabi Dark Sky Policy (Abu Dhabi Media Office 08/05/2024)

• Etihad boss would trade compensation for on-time plane deliveries (The National 08/05/2024)

• UAE to be global launch pad for groundbreaking new gaming business model – Web3 GaaS (Arabian Business 08/05/2024)
  

• Bitpanda expands into UAE (WAM 07/05/2024)

• flydubai launches ten seasonal summer destinations from June (WAM 07/05/2024)

• Etihad Airways, JetBlue announce loyalty partnership (WAM 07/05/2024)

• Etihad Airways, DCT Abu Dhabi partner to launch free Abu Dhabi stopover stays (WAM 07/05/2024)

• Dubai International Airport on track to surpass 90 million passengers in 2024 (WAM 07/05/2024)

• UAE committed to sustainable development, economic diversification: Thani Al Zeyoudi (WAM 07/05/2024)

• Shakhbout Medical City performs bile duct injury repair using robotic surgery (WAM 07/05/2024)

• Maktoum bin Mohammed meets with President and CEO of State Street Global Advisors (WAM 07/05/2024)

• Dubai Police cuts electronic evidence processing time by over half (WAM 07/05/2024)

• IHC’s Aiden Insight sets new benchmark for integration of AI in high-level corporate strategy (WAM 07/05/2024)

• Tourism projected to account for 12% of UAE's GDP in 2024 (WAM 07/05/2024)

• DCT Abu Dhabi launches 'Abu Dhabi Experts' e-learning platform for global travel partners (WAM 07/05/2024)

• ADAFSA issues decision regulating small-holder plant production farms (WAM 07/05/2024)

• Advanced molecular diagnostics and immune profile testing laboratory opens in UAE (WAM 07/05/2024)

• Emirates announces first 9 destinations to join its A350 network (WAM 07/05/2024)

• 'Dubai FinTech Summit 2024 underscores UAE's leadership in driving financial, technological growth,' says UIS CEO (WAM 07/05/2024)

• Formula 1 Etihad Airways Abu Dhabi Grand Prix generates AED1.16bn+ for emirate’s economy in 2023 via attendee spend (Abu Dhabi Media Office 07/05/2024)

• Dubai ranked Middle East's wealthiest city with 72,500 millionaires (The National 07/05/2024)

• Emirates, China Cultural Centre establish strategic partnership to boost tourism  (WAM 06/05/2024)

• Etihad Airways to operate to Jaipur and Bali over next two months (WAM 06/05/2024)

• Surgeons remove world’s largest adrenal tumour at Dubai Hospital (WAM 06/05/2024)

• Miral announces highest ever visitation numbers for Yas Island, Saadiyat Island in 2023 (WAM 06/05/2024)

• TDRA supports implementation of National Digital Accessibility Policy (WAM 06/05/2024)

• M42, AstraZeneca sign agreement to advance prevention and precision medicine for breast cancer (WAM 06/05/2024)

• Dubai maintains tourism growth momentum with 5.18 million international overnight visitors in first quarter of 2024 (WAM 06/05/2024)

• flydubai rolls out comprehensive fleet retrofit project (WAM 06/05/2024)

• GCC tourism officials call for 'aligning' mega events ahead of unified visa launch (The National 06/05/2024)

• Dubai records 11% increase in Q1 tourist numbers amid travel rebound (The National 06/05/2024)

• AB Majlis podcast: How Microsoft, e& are shaping the future of AI with UAE leading the revolution (Arabian Business 06/05/2024)

UAE FINANCIAL NEWS

• Emirates Group announces 2023-24 results (Government of Dubai Media Office 13/05/2024)

• Dubai's Salik announces Dh562 million Q1 revenue amid increased traffic (Khaleej Times 13/05/2024)

•  (WAM 11/05/2024)

• Al Ansari Financial Services reports net profit of AED98.7m in Q1 2024  (WAM 10/05/2024)

• Aramex doubles net profit in Q1 2024 (WAM 10/05/2024)

• State Street CEO Yie-Hsin Hung bets on Middle East growth doubling resources
  

• ADNIC reports net profit of AED100.9m for Q1, 2024  (WAM 09/05/2024)

• Etihad Airways reports record profit after tax of AED526m in Q1 2024 (WAM 09/05/2024)

• Ajman Bank sets new record jumping to 117.1m up by 139% profit before tax (WAM 09/05/2024)

• Spinneys debuts on Dubai Financial Market after successful IPO (WAM 09/05/2024)

• DEWA registers net profit of AED651m in Q1 (WAM 09/05/2024)

• ADNOC Distribution reports robust Q1 2024 growth with 18% increase in EBITDA (WAM 09/05/2024)

• UAE bank fraud: Criminals increasingly focusing on contactless transactions (The National 09/05/2024)

• UAE and Saudi Arabia IPOs hit $1.2b in funding in Q1 (Arabian Business 09/05/2024)
  

• Burjeel Holdings reports revenue growth of 11.1% in Q1 2024  (WAM 08/05/2024)

• Dubai Taxi revenue rises 16% to AED558.4m in Q1 (WAM 08/05/2024)

• Presight continues to deliver strong topline growth and profitability in Q1 24 (WAM 08/05/2024)

• ADNOC Logistics and Services reports AED712 million in net profit for Q1 2024 (WAM 08/05/2024)

• Liv signs MoU with Ctrl Alt to explore tokenisation of real-world assets  (WAM 07/05/2024)

• Emirates NBD, Nium join forces to transform global cross-border payments in Middle East (WAM 07/05/2024)

• ADNOC Gas reports 21% Y-o-Y increase in adjusted net income to $1,187m in Q1 2024 (WAM 07/05/2024)

• Astra Tech launches Palm Pay to let shoppers pay with a wave of their hand (Arabian Business 07/05/2024)

• ADNOC Logistics & Services publishes first Annual Report (WAM 06/05/2024)

• IHC records net profit of AED8b in Q1 2024, launches AED5b Share Buyback Programme  (WAM 06/05/2024)

• Alpha Dhabi records AED4.6b Net Profit in Q1 2024 (WAM 06/05/2024)

• Dubai’s Financial Markets Tribunal revises Rules of Procedure (Arabian Business 06/05/2024)
  

UAE MERGERS AND ACQUISITIONS NEWS

• Binghatti acquires steel manufacturing facility in Dubai (Khaleej Times 12/05/2024)
  

• Sanad announces strategic sale transaction with CFM Materials  (WAM 10/05/2024)

• Presight partners with ADNOC and acquires AIQ  (WAM 09/05/2024)
  

• Mubadala invests in largest urea plant in Australia  (WAM 07/05/2024)

UAE BILATERAL TRADE NEWS

• UAE-India Cepa Council inks pact with Indian business body (Khaleej Times 12/05/2024)

• Special Envoy of Minister of Foreign Affairs discusses enhancing bilateral relations with Prime Minister of Trinidad and Tobago  (WAM 11/05/2024)

• Shareholder agreement to construct UAE-Oman railway network enhances bilateral relations  (WAM 10/05/2024)

• UAE, Iran hold 10th meeting of Joint Consular Committee (WAM 10/05/2024)

• UAE a gateway for Chinese companies to expand into GCC (WAM 10/05/2024) Abu Dhabi non-oil exports to Poland soars 253% in 2023 (WAM 10/05/2024)

• Dubai investments in Vietnam reach AED280m during 5 years (WAM 10/05/2024)

• UAE participates in first GCC space cooperation workshop in Riyadh (WAM 10/05/2024)
  

• Dubai International Chamber organises 180 meetings between companies from Dubai, Vietnam (WAM 10/05/2024)

• Central Bank of UAE, Bank Indonesia sign MoU to promote use of local currencies for bilateral transactions (WAM 10/05/2024)

• Abdullah bin Zayed, Turkish FM discuss strengthening bilateral relations (WAM 10/05/2024)
  

• UAE President receives Turkish Foreign Minister  (WAM 09/05/2024)

• Guinean Minister seeks UAE investment in agriculture and mining (WAM 09/05/2024)

• Moldova looking forward to enhancing investment opportunities with UAE (WAM 09/05/2024)

• AGDA signs MoU with Hungarian Institute of International Affairs to promote multi-national collaboration (WAM 09/05/2024)

• ‘Dubai is a place we can keep learning from’: Goa Tourism Minister (Arabian Business 09/05/2024)
  

• Angola-UAE Chamber of Commerce and Industry aims to strengthen bilateral cooperation in tourism, hospitality  (WAM 08/05/2024)

• Our ties with UAE are witnessing increasing development: Deputy Prime Minister of Tatarstan (WAM 08/05/2024)

• UAE, Jordan agree to enhance recognition of seafarers’ certificates of competence (WAM 08/05/2024)
  

• Minister of Economy meets with Italian Tourism Minister (WAM 08/05/2024)

• Emirates inks strategic tourism agreements with Hong Kong, Seychelles, Sri Lanka (WAM 08/05/2024)
  

• ADNEC Group participates in 18th Defence Services Asia Exhibition & Conference in Malaysia (WAM 08/05/2024)
  

• Hong Kong seeking to bolstering collaboration with UAE (WAM 07/05/2024)

• RTA signs MoU with Seoul Government for enhancing cooperation in public transport (WAM 07/05/2024)

• Hungary, UAE as gateway regions offer new opportunities for global economy (WAM 07/05/2024)

• AED188m direct Indonesian investments in Dubai during 2023 (WAM 07/05/2024)

• Over 70 Indonesian companies seek investment, trade partnerships in Dubai (WAM 07/05/2024)

• Guatemala seeks to improve air connectivity with UAE (WAM 07/05/2024)

• Emirates signs MoUs with Tourism Boards of Malaysia, Turkey, Abu Dhabi Chamber of Commerce (WAM 07/05/2024)

• Emirates expands interline partnership with flynas to provide more seamless connections from Saudi Arabia (WAM 07/05/2024)

• Reem Al Hashimy discusses cooperation with officials from Commonwealth of Australia (WAM 07/05/2024)

• Dubai International Chamber arranges 200 bilateral business meetings in Jakarta (WAM 07/05/2024)

• EU interested in UAE free trade deal as GCC talks stall (Arabian Business 07/05/2024) 
  

• UAE, New Zealand to launch comprehensive economic partnership talks  (WAM 06/05/2024)

• UAEAA enhances collaboration with Brazilian counterpart in supervision, accounting (WAM 06/05/2024)

• Dubai Chambers to organise 'Dubai Business Forum – China' in Beijing in August (WAM 06/05/2024)
  

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Written by Jenny Hunt

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

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