Category: Entrepreneur

The emirate hosted 10.12 million international visitors from January through September 2022, compared to 3.85 million welcomed during the same period last year

“Dubai’s economy is founded on strong principles of income diversification by developing strategic sectors, promoting future-focused economic activities, implementing prudent fiscal policies, and constantly upgrading regulatory and legal frameworks to encourage investment and support business,” said Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council.

“Our strong partnership with the private sector, both locally and internationally, is a key enabler for sustaining our growth with a clear vision to maintain Dubai’s position at the forefront of various international competitiveness indicators,” he added.

The wholesale and retail trade sector reached a value of Dhs74bn during the first nine months of 2022, growing year-on-year by 1.6 per cent. The activity accounted for 24.1 per cent of Dubai’s nine-month GDP and contributed 9 per cent to the emirate’s GDP growth, according to an economic report by the Dubai Digital Authority’s Dubai Statistics Centre.

The transport and storage sector, meanwhile, reached a value of Dhs35.8bn during the first nine months of the year, growing by 26.3 per cent compared with the same period in 2021. The activity includes transportation of passengers and cargo by rail, road, water or air as well as associated activities such as terminal and parking facilities, cargo handling, storage facilities, etc.

Dubai’s airlines witnessed a 151 per cent increase in the number of passengers during January-September, compared to a year-earlier period.

In terms of growth in the first nine months of 2022, hospitality and F&B outperformed all other economic activities. The accommodation and food services activity reached a value of Dhs15.8bn during the first nine months of 2022, growing 28 per cent compared with the same period in 2021. The sector accounted for a 5.1 per cent share of Dubai’s GDP and a 26 per cent share of GDP growth during the nine months.

“These positive economic indicators validate both the strength of Dubai’s business ecosystem to achieve robust and sustainable growth, and the government’s business-enabling policies, attractive fiscal measures, and investor-centric approach in delivering this,” said Helal Saeed Al Marri, director general of Dubai’s Department of Economy and Tourism (DET).

“We strive to further improve the competitiveness of our economic and tourism pillars and related sectors, such as trade, retail, restaurants, and hotels – all of which have witnessed high growth.”

Dubai hosted 10.12 million international visitors from January to September 2022, growing 163 per cent year-on-year, from  3.85 million visitors welcomed during the same period of last year, according to DET data.

Dubai’s real estate activity grew by 2.5 per cent year-on-year during January-September, accounting for a 9.1 per cent share of the emirate’s GDP and contributing 5 per cent to its overall GDP growth.

The growth results from a 76 per cent year-on-year increase in real estate sales during the first nine months of the year, according to Dubai Land Department data. Meanwhile, financial and insurance activities reached a value of Dhs32.8bn during the first nine months of 2022, growing by 1.2 per cent compared to 2021.

Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE), chaired a meeting with the UAE banking sector CEOs and representatives of Foreign Exchange and Remittance Group in the UAE.

The meeting highlighted the financial sector digitalisation and its ambitious targets, and the implementation of the new Instant Payment Platform in a phased approach, which is planned to be launched in the first quarter of 2023, with a pilot group of licensed financial institutions. The Instant Payment Platform will facilitate real-time payments and fund transfers in the UAE around the clock.

The new platform will enable the provision of the next generation of payment services to the UAE financial institutions and consumers. The CBUAE emphasised the importance of financial institutions and eligible payment services providers to ensure their readiness to adopt the Instant Payment Platform in accordance with the approved action plan.

The CBUAE further discussed with the officials of UAE banks supervisory expectations and progress in the Emiratisation programme. The share of UAE nationals employed in banks increased to 32% as of Q3 2022. The Emiratisation in the UAE banking system is planned to increase to 45% by the end of 2026.
The CBUAE also highlighted the critical role of exchange houses in the UAE’s financial system and encouraged mutual collaboration with the banking sector, to further support the financial consumers and in the transformation of financial infrastructure and national payment systems.

Dubai real estate market recorded 468 sales transactions worth AED1.39 billion, in addition to 84 mortgage deals of AED259.89 million, and 65 gift deals amounting to AED109.6 million on Thursday, data released by the Dubai’s Land Department (DLD) showed.

The sales included 401 villas and apartments worth AED1.03 billion, and 67 land plots worth AED363.83 million, while mortgages included 70 villas and apartments worth AED196.01 million and 14 land plots valued at AED63.88 million, bringing the total realty transactions of today to over AED1.7 billion.

 

The Egyptian Businessman.

They call him the captain of real estate market not only because of his background and because his dad is one of the most well known overseas captains in the Middl East but because he proved from scratch with smart and hard work how he’s really a captain of the land of Dubai in the real estate market. He established this by his records and by the professional way he treats his clients and leads them with the best investment opportunities in the market. This makes them happy with his suggestions and makes him a real captain in leading teams and companies to achieve the highest records and awards in the market.

He’s a real captain in his field so it’s not strange to choose “Captain Homes” as a name of his most fast, stable and successful growing group of companies “Captain Homes Group”. It’s also not strange that the Egyptian pharaoh is getting married to miss Ukraine today.

Congratulations for your blessed new family and blessed new generation of pharaoh businessmen coming soon to our universe captain.