WEEKLY BUSINESS ROUNDUP - 4th March 2023 to 11th March 2023

Air demand recovery continues: IATA

Based on January traffic results the International Air Transport Association (IATA) reported recovery in air travel demand continues in 2023. Air traffic in January 2023 surged 67% compared to January 2022. Domestic traffic for January 2023 rose 32.7% compared to 2022. Airlines from the Middle East region recorded 97.7% increase in traffic compared to January 2022.

 

First council for MENA fintech leaders launched in Investopia 2023

A key outcome of Investopia – held on 2nd and 3rd March was the launch of the “Council” which is the first exclusive gathering of the most influential Fintech leaders and experts in the Middle East and North Africa region.  The Council will serve as a platform to foster collaboration and discussion among fintech leaders in MENA to strengthen the financial landscape of the region.

 

UAE and Ukraine discuss enhanced trade cooperation in areas of mutual interest

High level delegates from Ukraine held a meeting with Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade to enhance trade cooperation in various areas of mutual interest, including real estate, transportation, energy, agriculture, technology, manufacturing industries and retail trade, in a way that contributes to supporting the growth of trade and mutual investments. UAE and Ukraine initiated preliminary talks to reach a comprehensive economic partnership agreement in December 2022.

 

AI significant for UAE to achieve Net Zero goals by 2050

UAE is committed in its efforts to tackle climate change and believes AI will be fundamental in shaping the UAE’s transition to a green economy. The visionary leadership aims to ensure AI tools are integrated into strategies at the UAE Independent Climate Change Accelerators to build a more sustainable future. 

 

UAE participates in second G20 Global Partnership for Financial Inclusion meeting

Under India’s G20 Presidency UAE participated in the second Global Partnership for Financial Inclusion (GPFI) meeting under the Finance Track of the G20 for 2023. The meeting was scheduled to discuss the progress on the GPFI workplan and to highlight priority areas outlined for the group in 2023. UAE expressed its support to the GPFI’s direction to explore the role of digital public infrastructure in advancing financial inclusion.

 

Deposits ‘above AED 20 mn’ in UAE banks amounted to AED 1.31 trillion in deposits until December 2022

Deposits greater than AED 20 million constituted 59% of the total deposits held by banks based in the UAE that totalled to AED2.222 trillion until the end of 2022. Deposits greater than AED20 million amounted to AED1.31 trillion by the end of December, marking a growth of 11.4% from roughly AED1.175 trillion by the end of December 2021.

 

6 real estate sector specific business groups launched by Dubai Chamber of Commerce

Dubai Chamber of Commerce announced establishing of six real estate sector – specific business groups focused on companies dealing with real estate developers, real estate valuation, real estate leasing, facility management, interior decoration, and engineering consultants. These Groups serve as an ideal platform for constructive dialogue between stakeholders in the private and public sectors helping companies explore new opportunities, overcome industry-level challenges, and discuss policy matters that influence the market. 

 

Dubai World Trade Centre welcomes 1.98 million visitors

Dubai World Trade Centre’s (DWTC) annual results showcase strong performances across businesses with visitation growth of 29% and hosting 1.98 million delegates. 244 MICE (Meetings, Incentives, Conferences, and Exhibitions), business and consumer events contributed to this growth. Of the 244 events, 97 exhibitions and conferences attracted 1.18 million attendees of which 38% were from overseas, reflecting Dubai’s position as the destination of choice for business and tourism.

 

Abu Dhabi Airport wins ‘Best Airport at Arrivals Globally’

Lauded for its enduring commitment to delivering top notch experiences, Abu Dhabi won the Airports Council International (ACI) Airport Service Quality (ASQ) award for ‘Best Airport at Arrivals Globally’. Recognised for providing exemplary customer centric services and solutions, Abu Dhabi took the top spot ahead of some of the world’s most prominent operators. 

 

51st edition of the Watch & Jewellery Middle East (WJME) Show took place in Sharjah till 12th March

Organised by the Expo Centre of Sharjah and the Sharjah Chamber of Commerce and Industry, WJME witnessed participation of 500 eminent international jewellery and gold designers and watchmakers from 20 countries from across the world, as well as hundreds of local and international brands. The exhibition showcases one of the largest global gatherings of companies, traders, and local and international players specialised in designing and manufacturing gold and jewellery.