WEEKLY BUSINESS ROUNDUP - 3rd March 2024 – 10th March 2024

UAE and Greece discuss economic partnership within CEPA framework

UAE government officials led a delegation to Greece and held several bilateral meetings to discuss strategic economic ties between both countries. Officials from Greece and UAE discussed plans to bolster strategic relations in mutually beneficial sectors and accelerate sustainable investments. These discussions were aligned within the UAE-Greece Comprehensive Strategic Partnership which was signed in November 2020.

 

First digital payment platform for UAE tenants and landlords launched

Bolstering the digital payments landscape in the UAE, the first digital rental payments platform was launched providing access to tenants and landlords in the UAE. The platform  will  facilitate automatic rent deductions from tenants’ bank accounts under pre-agreed conditions – eliminating chances of errors in  cheque acceptance – and driving modernized mode of payments forward. 

 

UAE smart home market to grow over 10% a year

As per industry reports the smart home market in the UAE is forecasted to achieve a revenue of USD76.4 million by the year 2024. As per reports, the market is expected to grow at a yearly rate of 10.49% between 2024 and 2028, resulting in a projected market volume of USD113.8 million by 2028. Preferences for smart homes are estimated to surge from 15.7% in 2024 to 22.9% by 2028. 

 

UAE’s online shopping population reaches 6.5m in 2023

Experts reveal as per industry reports 20% of the UAE population has shifted to online shopping during the last few years – raising the online shopping population figures from 4.5 million in 2019 to 6.5 million in 2023. Online retail plays a significant part in driving the growth of UAE’s AED306.6 billion retail sale.

 

70% UAE retailers report digital payments boosting revenue

As per reports 70% UAE merchants claim increased revenue and higher customer footfall since accepting digital payments. It is estimated that digital payments acceptance is an important driver in the growth of small businesses as majority customers prefer cash or digital modes of payment. 

 

SEDD reveal highlights of 2023 performance

Sharjah Economic Development Department (SEDD) released its latest report highlighting key developments. The total number of business licenses issued grew by 2% to 7,738 whereas renewed licenses achieved a growth of 4.4%, totaling 58,627 during 2023. Moreover, there was a qualitative increase in issued commercial and industrial licenses, “Eitimad” licenses, and e-Commerce, with rates reaching 6%, 15%, 21%, and 19%, respectively, in 2023 compared to 2022.

 

RAKEZ drives growth of over 21,000 companies from 100 countries

Ras Al Khaimah Economic Zone (RAKEZ) has served as a perfect playing field for fostering growth of over 21000 companies from 100 countries across 50 sectors. The freezone hosts high profile delegations and business councils, further cementing its position as a preferred destination for global investments.   

 

Fujairah Adventure Park officially opens for visitors

The Fujairah Adventure Centre announced the opening of the "Fujairah Adventure Park" which is likely to become a preferred tourist destination among adventure enthusiasts from across the UAE and beyond. Adhering to global standards and focused on safety, the park offers cutting edge activities and experiences.

 

Umm al Quwain reports 27% growth in hotel occupancy rate in 2023

As per the Department of Tourism and Archaeology in Umm Al Quwain, hotel occupancy rates in the emirate surged by 27% through 2023 compared to 2022. This growth within the sector is driven by   new tourism projects delivering unique experiences to visitors.