Month: October 2023

Development in Dubai

DUBAI ESTABLISHES NEW PROGRAM TO SUPPORT FAMILY BUSINESSES MORE.

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In an effort to maintain continuity and generational shifts, the new curriculum, the Dubai Family Business Administration curriculum, aims to empower new family enterprises.

Dubai has launched a new initiative to support family companies, which are an essential component of the regional economy. Sheikh Maktoum Bin Mohammed, the deputy ruler, deputy prime minister, and minister of finance, made the announcement.

According to a statement on Zawya, the new curriculum, the Dubai Family Business Administration curriculum, seeks to empower new family enterprises in an effort to ensure continuation and generational shifts. It was jointly introduced by the Mohammed Bin Rashid Center for Leadership Development and the Dubai Centre for The family Businesses.

The deputy ruler stated on X, previously known as Twitter, “Family companies are integral to Dubai’s economic prosperity, and by strengthening them, we strive to accomplish the goals stated in economic cities globally.” According to the UAE Department of Economy, over 70% of employees work for family firms, and 90% of private-sector businesses are family-owned.

Family businesses in Dubai provide 40% of the city’s GDP. Mohammad Ali Rashed Lootah, president and chief executive officer of the Dubai Chambers, emphasized the significance of family-owned enterprises in Dubai’s aspirations for sustainable development. He emphasized the management program’s contribution to developing second-tier competences, boosting Dubai’s competitiveness, and making it a sought-after location for business.

The Dubai Centre for Family-owned companies was established by Dubai Chambers to provide family-owned businesses with leader transition, planning for succession, and growth training. Sheikh Maktoum added in a statement that “this program is an expansion of a series of programs and plans aimed at assisting family-owned enterprises, and its success indicates the development of Dubai’s business community.”

 

Development in Dubai

Dubai continues to lead the world in luring Green Field FDI projects in the first half of 2023.

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Dubai’s ability to retain its top spot in luring Greenfield FDI projects attests to its capacity to provide international investors unrivaled development potential and value.

According to Financial Times ‘fDi Markets’ statistics, the extensive internet-based database on cross-border Greenfield investments, Dubai continues to be the top global location for acquiring Greenfield Foreign Direct Investment (FDI) initiatives, thanks to the emirate acquiring 511 Greenfield projects in H1 2023.

Dubai has surpassed Singapore, which was in second position, by 325 projects as it continues to set new standards for performance globally as an investment destination. Dubai’s global share of attracting Greenfield FDI projects throughout the first half of 2023 was 6.58%, up from 3.83% during the exact same six-month period in 2018.

The outcomes, which highlight the emirate’s position as a significant investment destination, are in line with the 10-year Dubai Economy Agenda D33, which intends to double the emirate’s economy over the course of that time.

His Majesty The Crown Prince of Dubai and the head of The Executive Council of Dubai, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, stated: “Dubai’s ability to maintain its top ranking in luring Greenfield FDI projects demonstrates the city’s ability to create unrivaled growth opportunities and value for international investors.
The emirate has accelerated its efforts to promote diversification of the economy and innovation under the visionary direction of His Royal Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and the Prime Minister of the UAE and Ruler of Dubai.

His dedication, along with his embrace of cutting-edge technologies, is paving the way for a future rife with possibilities for growth and wealth. We continue to endeavor to establish a purchasing environment that not only earns the trust of entrepreneurs from across the world but also inspires them to contribute to Dubai’s transformation in line with the clear growth path outlined under the Dubai Economic Agenda D33.

The Dubai’s Department of Economy and Tourism (DET) in Dubai recently released new statistics that indicates the city registered a total of 880 declared FDI projects during January and the end of June of this year, an increase of 70% year over year. The Uae FDI Monitor keeps track of, verifies, and evaluates all kinds of FDI projects that have been declared in the emirate.

Additionally, according to data from the Dubai FDI Monitor, 65% of all announced FDI projects are Greenfield FDI projects in Dubai. According to the research, when contrasting H1 2023 with a comparable period in 2022, Reinvestment FDIs climbed from 3% to 4.4% year over year.

Global Greenfield foreign direct investment attraction increased year over year in Dubai as well, hitting AED20.87 billion (USD5.68 billion). Dubai improved from eighth place globally in H1 2022 to sixth place globally in H1 2023, according to the Financial Times Ltd. “fDi Markets” statistics.

In addition, in accordance with Financial Times Ltd. “fDi Markets” data, Dubai ranks first internationally in the attractiveness of HQ FDI projects after luring 33 HQ operations in the very first half of this year, beating out London and Singapore.

Travel & Explore

Unparalleled global relationship between Real Madrid and Visit Dubai strengthens the destination’s essential objectives for the coming ten years

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Real Madrid Club de Ftbol and Dubai’s Department of the Economy and Tourism have teamed up to begin an unprecedented relationship this October.

Fans of Emirates and the Spanish club Real Madrid are going to partake in a variety of enjoyable activities, memorable fan experiences, and thrilling encounters unlike any other.
The recently established collaboration is intended to serve as a catapult for creating unmatched prospects for both companies as well as promoting Dubai’s strategic objectives of the Dubai Economy Agenda – D33.
Thanks to its partnership with Real Madrid, which is one of the most prestigious football clubs in the world, Dubai hopes to solidify its position among the top three worldwide cities in the field of sports entertainment sector.

Issam Kazim, the Chief Executive Officer of Dubai Corporation for Commerce and Tourism Marketing (DCTCM), and Florentino Perez, the President of Real Madrid Club de Ftbol, signed the bilateral agreement at an official ceremony at the storied Sala de Juntas in Ciudad Real Madrid, in the presence of representatives from both organizations.

With the words, “We are excited to begin the journey with the Madrid club as a global partner,” Kazim echoed the sentiment. A common goal and set of values serve as the foundation for this game-changing partnership among Dubai and the world’s best club, where each success inspires the pursuit of even greater heights. This strategic agreement will capitalize on the qualities of a top tourist destination and the most renowned team in the world to reinforce Dubai as the world’s best town to visit, live in, and work in. Our goal is to solidify Dubai’s position amongst the greatest three global cities.

The arrangement opens the door for Real Madrid with the Emirates, whose a long-standing alliance was created in 2011, to pursue further successful endeavors.

Additionally, it perfectly matches the opening of Dubai Park and Resorts, the largest theme park in the Middle East, which will soon open a Real Madrid-themed park.

 

Travel & Explore

The dates for the 2023–24 Dubai Shopping Festival have been released, so get ready to shop ’til you drop!

head dubai October 7, 2023 No Comments

The dates for the annual Dubai Shopping Festival have been announced. If you happen to be one of those people who enjoys some retail therapy every now and then, you are in for some fantastic news. Yes, when the shopping fiesta comes back to the the emirate for the 29th edition, it’s coming along with thrilling performances on stage, artwork, and a variety of new improvements that are going to leave you jum.

Yes, this shopping extravaganza will run from December 8, 2023, through January 14, 2024. You might thus go on a lavish buying extravaganza to ring off the New Year. Based to the Dubai Festivals & Retailers Establishment, this edition is anticipated to be more extensive and superior than the previous one.

Since Ahlam Alshamsi & Assala Nasri are two of the most well-known musicians in the Arab world, it is important to note that this 38-day renowned event will have thrilling musical activities, according to the Khaleej Times report. You should thus keep an eye out for more highlights in addition to the one-night-only concert at the Coca-Cola Stadium on December 15.

The schedules for the eagerly anticipated 29th season of the yearly Dubai Shopping Carnival have been revealed, which will delight everyone who enjoys a little shopping therapy every now and again. Yes, this shopping extravaganza will start on December 8 and last through January 14 of 2024. As a result, you are going to be able to ring in the new year with a luxurious shopping extravaganza. The Emirates Festivals & Retail sales Establishment anticipates that this edition will be more extensive and superior than the previous one.

Food & Beverages

With an investment of AED75 million, Nutridor opens a new dairy manufacturing facility in Dubai.

head dubai October 6, 2023 No Comments

Over 200 newest direct and indirect employment will be created by the new Abevia factory in Dubai Industrial City, demonstrating the company’s dedication to developing Emirati talent.
The opening of a new dairy manufacturing facility in Dubai has been announced by Nutridor, a well-known food and beverages (F&B) firm that is a part of the TGI Group, in order to increase the manufacturing of its goods sold under the “Abevia” brand.

According to a media release from the firm, the new facility, which was built at Dubai Industry City for an expenditure of AED75 million, would enable Nutridor to increase Abevia’s capacity for manufacturing to 120,000 liters of milk per day.

The dairy production facility, which is a member of TECOM Group and is located in Dubai Industrial City, has a built-up space of 100,000 square feet. It is anticipated that it would quadruple the company’s Abevia brand’s daily production capacity to 120,000 liters of milk.

Nutridor will be able to lessen its dependency on imports and strengthen its standing in the food and beverage industry in the area thanks to the new factory, which was constructed within the previous 12 months.

The operations of the UAE facility are expected to generate sales of AED110 million, or $30 million, and 200 additional direct and indirect jobs, as stated in a statement on Thursday.

In response, Mr. Mohammed Al Kamali, COO of Production as well as Export Development at Dubai Economic Growth Corporation (DEDC), said, “The recently opened state-of-the-art milk production facility reflects an important project and investment, developing an atmosphere that nurtures business ownership, embraces innovation, and catalyses economic expansion.”

TGI Group, which has its headquarters in Africa, has a variety of business ventures in Nigeria, Benin, Ghana, the Ivory Coast, South Africa, Morocco, United Arab Emirates, India, China, and several other developing nations.

More than 15 nations, including the GCC countries, Jordan, Lebanon, Angola, the Gambia, Ghana, and Senegal, are consumers of the Nutridor dairy enterprise.

Food & Beverages

For little waterside movie magic, the Zero Gravity Beach Cinema is back in Dubai.

head dubai October 6, 2023 No Comments

With its famed “Cinema on the Sand,” Dubai’s popular beachfront venue Zero Gravity is ready to amaze moviegoers once more. Beginning on the following day, October 9, the tranquil beach will be transformed into an outdoor theater, allowing guests to enjoy the enchantment of their preferred movies beneath the stars.
‘Cinema on the Sand’ by Zero Gravity offers an unmatched cinematic adventure. The location of a large screen on the beach allows visitors to relax in luxury while watching movies from bean bags, loungers, and chairs. The first showing of the season, “A Star is Born,” is set for Monday, October 9, at 8 p.m.

Customers can enjoy a delicious range of movie-style snacks, such as the popcorn, nachos, and chili cheese fries, as well as to the movie spectacular. Tempting delicacies like chicken shawarma, a scrumptious beef a hamburger, and a hefty hotdog are among the available gastronomic alternatives. A selection of hops, grapes beverages, and home drinks are offered for sipping while engaging in the movie as a way to enhance the experience.
In the Dubai Marina, Zero Gravity is next to Dubai’s Skydive Drop Zone and has a sizable beach area. Additionally, it boasts a sizable pool with a glass front. This location offers a variety of experiences, from dreamy breakfast on the porch to sophisticated evening dinners beneath the stars. Every weekend, Zero Gravity transforms into a leading-edge open-air nightclub with worldwide DJs as dusk falls.

The cost of admission to the movie screening events is Dhs75. The entire sum is redeemable for meals and drinks all night long. Arrive early to guarantee your best seating arrangement; doors open at 7 o’clock.

‘Cinema on the Sand’ at Zero Gravity offers, in conclusion, a remarkable method to enjoy your favorite films. with cozy seating, delicious refreshments, and a breathtaking beachside setting as the background.

Business Entrepreneur

Yahsat wants to increase the range of services it provides by adding telemedicine.

head dubai October 5, 2023 No Comments

The group CEO of the UAE’s satellites solutions company intends to treble the amount of oil rigs that it now connects.

As soon as its Thuraya-4 subsequent-generation Satellite (NGS) launches next year, Al Yah Satellite Communications, also known as Yahsat, plans to provide a wide range of new applications and services, including telemedicine.

According to Ali Al Hashemi, the company’s group chief executive, the satellite is expected to start providing commercial services by 2025.

According to him, the UAE-based provider of satellite solutions anticipates shortly twice the number of drilling rigs to which it presently supplies satellite access.

“By 2025, we anticipate beginning to provide a new aerial service with Thuraya-4 that will provide a variety of services, including telemedicine. According to Mr. Al Hashemi, Thuraya-4 would have 20 fresh applications, including both government and commercial ones.

The maritime, governmental, & IoT [Internet of Things] consumer groups, in particular, will benefit from the diverse platform of over 20 capabilities that this satellite will provide. It will be a significant strategic step that will propel us toward profitability and growth.
Mubadala Investment Company’s subsidiary, founded in 2007, provides multi-mission satellites services in more than 150 nations throughout Europe, the Arabian Peninsula, Africa, South America, Asia, and Australasia. Mubadala Investment Company is the sovereign investment arm of Abu Dhabi.

The infrastructure sector, which continues to be the group’s largest business division and provides customized solutions to government bodies, performed well, helping the company record a 5% increase in first-half earnings this year.

Thuraya, its mobility division, provides satellite-based mobile devices solutions to a variety of clientele, including fishing communities.

The corporation intends to raise investments even further in its commercial business segments, which include marine, education and health care, and oil and gas. To address the need for satellite access, it also plans to provide mobile and fixed satellite services.

Beyond the fishing sector in Vietnam & the Philippines, which are its main customers, the company is also attempting to bring its Thuraya MarineStar service to other countries like Indonesia through its mobility arm Thuraya.
The firm is currently preparing for an explosive growth path with a good amount of cash on its balance sheets and no debt, he said.

“The Internet of Things, direct-to-device, and satellite imagery are the three big growth narratives that we are looking at very closely,” said Mr. Al Hashemi.

We believe that 6G-based IoT networks will support enormous data-driven applications as well as grow our user base because the the next-generation 6G wireless communication networks are anticipated to launch shortly and incorporate artificial intelligence.

Business Entrepreneur

The Dubai International Chamber strengthens its presence in Europe with the opening of a new office there

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The fourth European regional office of the Dubai International Chamber, among the three organizations functioning under the Dubai Chambers umbrella, has been formally opened in the Netherlands. The new office, the chamber’s 25th overseas location overall, was opened yesterday evening in Amsterdam during a formal ceremony.
Mohammad Ali Rashed Lootah, the president and chief executive officer of Dubai Chambers, commented on the opening, saying: “The establishment of our fourth place office in Europe signifies another crucial step toward attaining our strategic targets. As part of the wise leadership’s economic goals, our Amsterdam office will be crucial in assisting Dubai-based businesses in effectively entering important European markets, luring foreign direct investment, as well as fostering the expansion of bilateral commerce.

The new office will give Dutch businesses looking to enter the emirate, develop into the Middle East, and go global targeted on-ground help. The trade association has also discovered lucrative chances for joint partnerships in sectors including agriculture, chemicals, and creative industries.

In 2022, bilateral non-oil trade among Dubai and Netherlands was worth AED 11.5 billion. In the initial eight months of 2023 alone, 236 Dutch businesses registered as members of the Dubai Chamber of Commerce, bringing the overall number of Dutch members to 1,520. This shows the Dutch business community’s keen interest in Dubai as it reflects an outstanding 35% growth over the same period in 2022.

Due to its advantageous location and top-notch logistical infrastructure, Dubai has become a favoured trading hub for Dutch businesses with international aspirations. The Emirate of Dubai serves as a point of entry for companies in the Netherlands & the rest of Europe wishing to increase their global reach by providing simple communication with over 2.2 billion customers.

One of three chamber operating under the Dubai Chambers umbrella, the Dubai International Chamber, was created to promote Dubai as a major international commercial centre, draw multinational corporations, and strengthen the emirate’s trade links with developing markets. The chamber is charged with achieving His Highness Sheikh Mohammed’s goal of doubling Dubai’s exports form AED 1.4 trillion to AED 2 trillion by the year 2026.

Development in Dubai

Sobha Group of Dubai Contributes $1 billion to the Development of the Sabarmati Riverfront

head dubai October 4, 2023 No Comments

The renowned Sobha Group of Dubai has promised a staggering Rs 1,000 crore to the building of the the Sabarmati Riverfront in Ahmedabad, marking an unprecedented step toward foreign investment in Indian infrastructure projects.
This kind gift underlines not just the importance of the endeavor but also the expanding trade connections between Indian and the UAE. Here is a detailed analysis of this development.
The 1976-founded Sobha Group, which has its roots in Dubai, United Arab Emirates, has developed into one of the major real estate builders in the area. The organization has completed multiple famous projects in both India and the Middle East under the direction of its founder at P.N.C. Menon.

A memorandum of Understanding (MoU) has been signed between the Gujarati government & the Dubai-based Sobha Company for the creation of the the Sabarmati Riverfront Project’s third phase.
The MoU was executed in the presence of Gujarat’s chief minister, Bhupendra Patel.

The Sobha Group’s founder, PNC Menon, committed to donating Rs 1,000 crore during the ensuing five years for the construction of the the Sabarmati Riverfront. His past promise to donate half of his own wealth to organizations that benefit regional communities and advance the general development and prosperity of the country is reflected in this donation.

The Ahmedabad Municipality Corporation (AMC) created a special purpose vehicle (SPV), Sabarmati River Development Corporations Limited (SRFDCL) in 1997 with the goal of transforming the Sabarmati Waterfront into a key urban resource for the city.The project is divided into three parts. Phase 1 of the development included 11.5 km of promenades for pedestrians, cyclists, and motorists to get to the lake. It has a lot of public amenities at the municipal level, including stunning gardens and parks, riverfront walkways, the Atal the Bridge, a park devoted to biodiversity, state-of-the-art athletic venues, and an event space.
Authorized in October 2020, the upcoming second phase of River East would extend the existing 11.5 km by 5.8 km.

In order to provide equitable, sustainable, and vibrant urban regions that empowers people and foster economic growth, the third stage of the project will be carried out in collaboration between SOBHA Realty Dubai with the state of Gujarat government.

Another section of the Sabarmati riverfront will be transformed over the 4.5 km stretch of the third phase, which will feature artistic development on both sides of the river.
The Sobha Group, which is renowned for its dedication to quality, prompt delivery, and creative designs, invested in the Sabarmati Riverfront project because they recognized India’s potential for growth.

The Ahmedabad Municipality Corporation (AMC) has launched the ambitious Sabarmati Waterfront Development Project in an effort to revitalize the Sabarmati River, which flows through the city.

 

Development in Dubai

UAE’s non-oil company expansion accelerates in September due to robust demand, according PMI

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According to a survey released on Wednesday, non-oil business activity in the United Arab Emirates grew more quickly in September than it had the month before as new orders came in at their quickest rate in four years.

The adjusted for seasonality S&P Global UAE Procurement Managers’ Index increased from 55.0 in August to 56.7 in September, well above the 50.0 threshold that indicates activity expansion.

The updated orders subindex increased to 64.7 from 57.6 in the month before, and the pace of expansion being the quickest since June 2019, according to the survey, which was the main driver of the overall index.

According to David Owen, principal economist at S and P Global Market Intelligence, the increase in new business was aided by companies gaining new clients in both domestic and international markets.

According to the poll, the production subindex grew to 62.8 in Sept from 61.9 the month before, reflecting an increase in new orders, current projects, and new marketing. This suggested that activity was continuing to grow strongly.

According to the study, businesses’ outlook for the coming year improved in September as a result of the ongoing high demand and new customers.