Gulf Insight 360

Category: UAE

Stay informed about the latest news and happenings in the United Arab Emirates (UAE) with GulfInsight360.com’s UAE category. Explore a wide range of topics, including politics, economy, culture, tourism, and more, providing comprehensive coverage of the UAE’s dynamic landscape. Our dedicated team of writers delivers timely updates, insightful analysis, and in-depth features to keep you well-informed about the UAE’s developments, achievements, challenges, and opportunities.

Aldar’s Q2 net profit skyrockets by 52% as revenue reaches $871m.
Leading UAE developer Aldar Properties has reported a 52% jump in its net profit for the second quarter of 2023 which soared to AED1.3 billion ($353 million) mainly driven by record development sales and strong contributions from its recurring income portfolio.
Announcing the results for the three-month period ended June 30, 2023, Aldar said the value of revenues amounted to about AED3.2 billion ($871 million), up 21% on an annual basis.
The quarterly report outlined a solid organic growth across the recurring income portfolio, driven by stronger operating performance, with increased leasing activity, higher occupancy, and rental income.
Moreover, acquisitions made in 2022 served as drivers for accelerated growth, yielding strong returns and positively contributing to the bottom line, it stated.
The report also highlighted the ongoing execution of transformational growth strategy with a continued focus on disciplined capital deployment and geographic expansion outside of Abu Dhabi to unlock new opportunities.
On its H1 results, the Abu Dhabi developer said it had recorded a net profit of AED2.1 billion, thus registering an increase of 38% compared to the last year, while its revenue soared to AED6.3 billion, posting an increase of about 18%.
Additionally, the value of total profits for the first six months amounted to about AED2.7 billion, of which AED1.4 billion amounted to Aldar’s total profits in Q2 2023.
On the solid performance, Chairman Mohamed Khalifa Al Mubarak, said: “Aldar continues to build on its formidable track record, capitalizing on significant opportunities to deliver sustainable value to all our stakeholders.”
Aldar, he stated, reported a record development sale of AED11.6 billion with 10 new project launches year-to-date.
Aldar recorded strong growth in development revenue backlog at AED24.4 billion, driven by robust market demand providing revenue visibility over the coming 4 years, he stated.
Sustained increase in demand from both overseas and resident expat buyers underscores the continued appeal of Aldar’s offering and Abu Dhabi’s status as a premier investment and lifestyle destination, he added.
Group CEO Talal Al Dhiyebi said cross-platform growth gathers pace fueled by the execution of development revenue backlog, strong quarterly development sales, and growing contributions from the recurring income portfolio.
“We look forward to launching our development franchise into Dubai and Ras Al Khaimah in the coming months and deploying further capital to diversify our investment property platform,” he added.

Paul Reubens, better known as Pee-wee Herman, passes away
August 2, 2023
Tamil Radio Stations Dominate the Airwaves in UAE, Nostalgia and Connection at the Core
Tamil radio stations, 89.4 Tamil FM and Radio Gilli, have made a significant impact on the UAE’s airwaves, capturing the hearts of Tamil expats with their catchy tunes and engaging talk shows. These stations have successfully added a much-needed Tamil flavor to the Indian expat radio scene, catering to a diaspora of around 400,000 Tamil expats living and working in the UAE. Their programming, driven by nostalgia and personal connection, has struck a chord with listeners from all walks of life.
The journey of Tamil radio in the UAE began with Radio Salaam and Shakti FM during 2007-08. However, it was 89.4 Tamil FM that emerged as a game-changer in 2015. Radio Gilli followed suit in 2017, breaking a Guinness World Record within a year of its operations by conducting the longest live radio show for five days.
RJ Bravo of 89.4 Tamil FM and RJ Nivedha of Radio Gilli have become beloved figures among the Tamil expat community. Their shows resonate with listeners as they touch upon real-life issues, childhood nostalgia, and even live crime story narrations. Listeners cherish the personal connect, often considering the RJs as family, and actively participate in call-in programs.
Both radio stations attract audiences with a mix of classic and contemporary Tamil songs. The music masters at the stations curate an extensive collection of songs to cater to the varied tastes of listeners, from the younger generation to those who prefer nostalgic hits from the ’90s. The morning shows are perfectly timed for the daily office commute, providing a refreshing start to the day.
With a large Tamil diaspora, the demand for advertising on these stations has skyrocketed. Local and international brands seek to reach out to the Tamil expat community, leading to increased revenue for the stations. Advertiser interest has grown exponentially over the years, creating new opportunities for businesses to connect with their target audience.
The success of these Tamil radio stations is not limited to the airwaves. They actively engage with the community through events on festivals, weekends, and special occasions. These events foster a sense of togetherness and provide listeners with the opportunity to meet their favorite RJs in person.
Tamil radio stations, 89.4 Tamil FM and Radio Gilli, have undeniably made a mark in the UAE’s media landscape. Their ability to evoke nostalgia, establish a personal connection, and entertain diverse audiences has won the hearts of Tamil expats across the country. As they continue to serve as companions and a source of entertainment, their influence is bound to grow further, cementing their position as the dominant voices in the UAE‘s Tamil expat radio scene.
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Apple iPhone 15 Pro to Feature Exciting Camera Upgrades and USB-C Charging
August 1, 2023
UAE Implements Four-Month Ban on Indian Rice Exports and Re-exports
The United Arab Emirates (UAE) has taken a significant step to safeguard its local rice supply by imposing a temporary ban on the exports and re-exports of Indian rice. The ban, which will remain in effect for four months, comes in response to reports of disruption in rice supply from India following a ban on non-basmati rice exports.
The UAE’s Ministry of Economy announced the suspension, highlighting its commitment to ensuring sufficient rice availability in the local market. The decision encompasses a ban on exports and re-exports of rice originating from India and imported into the country, including free zones, after July 20, 2023.
The UAE holds a crucial position as a regional hub for re-exporting Indian food grains to other Gulf and Northern African countries. With this temporary ban in place, the the Country aims to mitigate potential shortages and stabilize rice prices for consumers in the region.
India, one of the world’s largest rice exporters, accounted for over 40 percent of global rice exports, with a staggering 55.4 million metric tons shipped last year. Moreover, India serves as a major source of rice imports for the Country importers, particularly for non-basmati varieties.
Among the non-basmati rice varieties, the Sona Masoori rice, extensively cultivated in Telangana, holds a prime position for its quality and is highly sought after by the Telugu diaspora. The ban has been welcomed by leading rice traders in the the Country, who believe it will contribute to stabilizing rice prices and ensuring steady supplies in the local market.
As the Country implements this temporary ban, the focus remains on addressing potential rice supply challenges and maintaining food security within the country. The four-month suspension seeks to strike a balance between regional trade dynamics and safeguarding domestic rice availability for UAE consumers.
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K-fruit Success: Korean King’s Berry, Strawberries, and More Gain Popularity in Global Markets
August 1, 2023
UAE – Enhancing Consumer Experience Leading 5G Market in the World
The UAE has established itself as the global leader in 5G performance, with etisalat by e& taking the lead as the fastest operator. The nation’s network operators are focusing on postpaid customer growth and improved customer experiences. While there is room for improvement in 5G performance, particularly in specific cities, the UAE’s commitment to investing in 5G infrastructure and offering new use cases is driving the market forward. With the UAE.’s booming mobile gaming and video streaming industry, 5G networks play a vital role in delivering enhanced experiences to users.
The UAE has emerged as the fastest-growing 5G market globally in Q2 2023, according to Ookla Speedtest Intelligence data. The competition between the nation’s two network operators, etisalat by e& and du, has played a crucial role in driving overall performance in the market. As a result, the UAE reached a median download speed of 557.63 Mbps, with etisalat by e& leading the pack with a median download speed of 680.73 Mbps.
Benefits of 5G Networks: Gaming and Video Streaming Experiences
5G networks have proven to be superior to 4G LTE networks when it comes to mobile gaming and video streaming experiences. Users accessing etisalat by e& and du’s 5G networks experienced significantly lower gaming latency compared to 4G LTE. Median gaming latency for etisalat by e& was 43 ms, while du recorded 57 ms. Additionally, 5G users enjoyed improved video start times and experienced less buffering when streaming videos compared to both 4G LTE and Wi-Fi connections.
Enhanced Network Experience: Industry-Leading Net Promoter Scores (NPS)
With 5G networks driving improved experiences in mobile gaming and video streaming, it’s no surprise that the Net Promoter Scores (NPS) in the UAE are leading the industry. 5G users in the market are more likely to recommend the nation’s networks compared to 4G users. etisalat by e& stands at the top with an NPS score of 64.7 in Q2 2023, followed by du with 46.7.
Room for Improvement: Focusing on the Lower 10% of Speedtest Samples
While the UAE has achieved impressive 5G performance, there is still room for improvement. du led the market in 5G Consistency, ensuring that a significant proportion of Speedtest samples met the minimum performance threshold of 25 Mbps download and 5 Mbps upload during Q2 2023. However, reviewing the performance of the lower 10% of samples at a city-level reveals areas where both etisalat by e& and du can target improvements.
Return to Economic Growth: Driving Competition in the Mobile Market
Both etisalat by e& and du launched commercially available 5G services across the UAE in Q2 2019, leveraging the spectrum allocated for 5G use by the UAE regulator, the TDRA (Telecommunications and Digital Government Regulatory Authority). Although the COVID-19 pandemic created challenges for both operators, 2022 saw a return to growth in the mobile market. The UAE economy is predicted to experience a positive GDP growth of 3.5% in 2023, resulting in increased competition among mobile network operators.
Focus on Postpaid Customers: Prioritizing Enhanced Customer Experiences
Both etisalat by e& and du are prioritizing the growth of their postpaid customer bases. These operators offer plans that allow subscribers to select additional services, with a strong emphasis on entertainment options such as video streaming services, live sports, and mobile gaming. This strategy aims to provide enhanced customer experiences and drive the adoption of new digital services.
UAE Leads in Global 5G Performance
The UAE has secured its position as the fastest 5G market globally, surpassing South Korea in Q2 2023. etisalat by e& emerged as the fastest operator within the UAE and globally, offering a superior median download speed of 680.73 Mbps on 5G. In comparison, du recorded a median download speed of 453.93 Mbps on 5G. etisalat by e& also dominated the 4G LTE market with a median download speed of 83.35 Mbps, outperforming du’s 64.96 Mbps.
etisalat by e& Leads in 5G Download Performance Across UAE Cities
etisalat by e& outshines du across all major cities in the UAE in terms of median 5G download performance and multi-server latency in Q2 2023. It also leads in median 5G upload speed in Abu Dhabi, Dubai, and Sharjah. However, there is no significant difference between the two operators in Al Ain and Ajman.
5G: Improving Mobile Gaming and Video Streaming Experiences
The abundance of mobile game enthusiasts in the UAE necessitates the delivery of optimal gaming experiences. With an average of 4.7 hours spent playing mobile games per day in the UAE, the demand for improved latency and network responsiveness is evident. 5G networks offer lower latency and higher throughput, enabling better gaming experiences and cloud streaming of games. etisalat by e& recorded lower median latency across both its mobile and fixed networks compared to du in Q2 2023. Furthermore, 5G latency for both operators was lower than that of 4G LTE.
July 31, 2023
Binance Secures Operational License in Dubai – A Major Milestone for the Cryptocurrency Exchange
Binance, the world’s largest cryptocurrency exchange in Dubai, has achieved a significant milestone by obtaining a license to operate in Dubai. The company recently proclaimed this accomplishment, stating that they have met the prerequisites necessary for acquiring the license since they obtained a preparatory license back in September 2022. This news has sparked excitement and anticipation within the crypto community, as Binance continues to solidify its position as a leader in the industry.
The road to obtaining this license began last year when Binance was granted a Minimal Viable Product (MVP) license by Dubai’s Virtual Assets Regulatory Authority (VARA). This license permitted them to establish a domestic bank account to securely hold their clients’ funds domestically, as well as operate a crypto exchange and offer payment and custody services. This initial approval served as a stepping stone towards their ultimate goal of receiving the Operational MVP License.
With the Operational MVP License now in hand, users in Dubai will have access to a wide range of authorized services. This includes the ability to convert virtual assets to fiat currency in a manner that complies with the standards designated by VARA and aligns with the Financial Action Task Force’s regulations. These services will provide users with enhanced flexibility and security when handling their virtual assets within Dubai’s crypto ecosystem.
Dubai’s licensing process consists of four stages, and Binance has successfully cleared three of them. The remaining stage, the Full Market Product (FMP) license, is expected to be granted once Binance demonstrates full compliance with all regulatory rules. This achievement will further solidify Binance’s presence in the Dubai market and allow them to offer an even broader range of products and services to their user base.
This license marks a significant development for Binance and reaffirms their commitment to operating within established regulatory frameworks. Dubai has positioned itself as a global hub for crypto-related business activities, fostering an environment conducive to innovation and growth. By complying with the stringent regulations set forth by Dubai’s authorities, Binance will further strengthen its reputation as a trustworthy and reliable cryptocurrency exchange.
The announcement of Binance’s license approval has generated a buzz in the crypto community, with many speculating on the potential implications and benefits of this development. Dubai’s status as a leading financial center, coupled with its progressive stance on cryptocurrencies, makes it an attractive destination for crypto businesses looking to expand their operations. Binance’s presence in Dubai will undoubtedly contribute to the growth and development of the region’s crypto ecosystem.
As Binance continues to expand its global footprint, it remains committed to providing its users with a seamless and secure trading experience. The company has consistently prioritized regulatory compliance and user safety, implementing robust security measures and adhering to industry best practices. This approach has cemented Binance’s position as a market leader and has earned them the trust and loyalty of millions of users worldwide.
In conclusion, Binance’s acquisition of the license to operate in Dubai is a significant milestone for the company. This achievement demonstrates Binance’s commitment to regulatory compliance and showcases their ability to navigate complex licensing processes. With the Operational MVP License in hand, Binance is well-positioned to cater to the growing demand for cryptocurrency services in Dubai. As the company progresses towards obtaining the Full Market Product license, users can expect enhanced services and a wider selection of products. Binance’s presence in Dubai will undoubtedly contribute to the flourishing crypto ecosystem in the region and further strengthen Dubai’s position as a global crypto hub.
EVOLTICS: Empowering Sustainable Mobility – Electric Vehicle Charging Platform by Najhum Technologies
July 31, 2023
Ras Al Khaimah Court Orders Dhs300,000 Compensation for Fatal Runover Collision
In a tragic incident that resulted in the death of a young man in a runover accident, the Ras Al Khaimah Court has handed down a significant financial penalty to the responsible party. The court ordered the suspect, who caused the fatal collision, and the insurance company to pay Dhs100,000 as compensation to the heirs of the victim.
The case was brought before the Ras Al Khaimah Misdemeanours Court of First Instance, which fined the suspect Dhs100,000 and further ordered him to pay the legal blood money of Dhs200,000 to the heirs. Dissatisfied with the verdict, the suspect appealed to the RAK Misdemeanours Court of Appeal. However, the appeal was rejected, and the initial ruling was upheld, bringing the total blood money and compensation to Dhs300,000.
The victim’s parents, represented by their lawyer, filed a civil lawsuit claiming Dhs150,000 as compensation for the material and moral damages they suffered due to the accident. The claims were based on the accusations attributed to the suspect in the Ras Al Khaimah traffic case, particularly the failure to comply with traffic signs and rules.
The Court of First Instance’s decision to impose a Dhs100,000 fine on the suspect and order additional compensation sends a strong message about the seriousness of the offense. Negligent actions on the road can have devastating consequences, leading to loss of life and significant emotional and financial burdens on the victim’s family.
The lawyer representing the victim’s parents emphasized the extent of the damages suffered by the family. While no amount of money can replace the loss of a loved one, the compensation seeks to acknowledge the pain and suffering they have endured.
This case serves as a stark reminder for all individuals to adhere to traffic regulations to ensure the safety of themselves and others on the road. Negligence can lead to tragic accidents with irreversible consequences. The ruling reinforces the importance of accountability and responsibility in cases of fatal collisions.
While the financial compensation will provide some relief to the grieving family, it also underscores the rights of victims and their families to seek justice and compensation for the damages they have suffered. The court’s decision acts as a deterrent against reckless behavior on the road and aims to prevent similar tragedies from occurring in the future.
In conclusion, the Ras Al Khaimah Court’s firm stance on holding the responsible party accountable and awarding compensation to the victim’s heirs highlights the significance of public safety and adherence to traffic rules. It serves as a call for all individuals to exercise caution and responsibility while driving, ensuring the well-being of everyone on the roads.
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Saudi Arabia to Host Ukraine-Organized Peace Summit in Jeddah
July 30, 2023
Emirates Extends a Warm Welcome to Air Canada at Dubai International Terminal 3
Air Canada and Emirates have achieved a significant customer service milestone with Air Canada’s operations relocating to Dubai International Terminal 3 (DXB). This move, effective from July 26th, marks a major step in the strategic partnership between the two airlines, which was launched in November 2022. Co-locating operations at one of the world’s premier terminals, Terminal 3, promises to improve the connecting experience for customers and underscores the benefits of the collaboration between Air Canada and Emirates.
The strategic partnership between Air Canada and Emirates has grown significantly since its launch in November 2022. With an expanded codeshare relationship covering 42 routes, an interline agreement, a reciprocal loyalty partnership, and cooperation between their Cargo businesses, the two airlines have demonstrated their commitment to offering customers enhanced travel options and seamless connections.
Air Canada customers transiting in Dubai between the Americas and Emirates’ destinations in the Middle East, Indian subcontinent, Southeast Asia, and Africa will enjoy a seamless and expedited travel experience. Remaining in the same terminal, passengers can now easily connect to Emirates’ extensive global network, while eligible customers gain access to the Emirates Business Class lounge, further elevating their airport journey.
Emirates’ Chief Commercial Officer, Adnan Kazim, expressed delight in welcoming Air Canada to Terminal 3, emphasizing the partnership’s value in delivering more convenience to travelers. Mark Galardo, Executive Vice President of Network & Revenue Planning at Air Canada, also conveyed their appreciation to Emirates and Dubai Airports for facilitating the move, recognizing the mutual benefits for both airlines’ customers.
Terminal 3 at Dubai International Airport is a state-of-the-art facility designed to cater to the evolving needs of modern travelers. Equipped with biometric touchpoints, spacious waiting areas, and a wide variety of dining and shopping outlets, the terminal ensures a comfortable and efficient travel experience for passengers.
The partnership between Air Canada and Emirates not only extends to codeshare routes but also offers loyal customers the opportunity to earn and redeem points across both airlines. Aeroplan and Skywards members can collect and redeem points when traveling with either carrier, while eligible customers receive priority check-in, boarding, and access to airport lounges.
Emirates has introduced a daily Boeing 777 service between Montreal and Dubai, complementing its expanded daily Airbus A380 schedule between Toronto and Dubai. On the other hand, Air Canada is gearing up to launch its new non-stop four times weekly flights between Dubai and Vancouver, utilizing its flagship Boeing 787 Dreamliner fleet, further connecting Canada and the UAE.
The move of Air Canada’s operations to Dubai International Terminal 3 marks a significant milestone in the strategic partnership between Air Canada and Emirates. By co-locating at Terminal 3, the two airlines offer their customers a seamless and efficient travel experience, highlighting the advantages of this collaboration. With a strong focus on customer satisfaction, enhanced codeshare routes, and loyalty partnerships, Air Canada and Emirates are paving the way for a promising future in the aviation industry.
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Qatar Investment Authority Considers $1 Billion Investment in Reliance Retail Ventures
July 27, 2023
UAE Petrol and Diesel Prices Set to Change for August 2023
The United Arab Emirates (UAE) is preparing to unveil the new petrol and diesel prices for the month of August next week. As fuel prices have been subject to fluctuations over the past 12 months, consumers eagerly anticipate the upcoming announcement, which will determine the cost of filling up their vehicles. In this article, we’ll delve into the recent changes in petrol and diesel prices in the UAE and explore the factors contributing to these fluctuations.
In July 2023, the cost of E-Plus 91 stood at AED2.81 per litre, signifying a notable reduction of 36.7 per cent compared to the same month the previous year when it was AED4.44 per litre. This decrease in petrol prices came as a relief to many motorists amid the ongoing changes in the global oil market.
While petrol prices saw a reduction, diesel prices experienced an even more substantial drop in July. At present, the cost of diesel at the country’s fill-up stations is AED2.76 per litre, significantly lower than the AED4.76 recorded in the corresponding period last year. This sharp decrease in diesel costs can have significant implications for various industries heavily reliant on diesel-powered vehicles and machinery.
The volatility in fuel prices in the UAE has been a topic of interest for many, with prices oscillating throughout the year. Notably, despite the overall decline in petrol and diesel costs annually, both Special 95 and Super 98 experienced an increase in June. Similarly, the price of E-Plus also saw an upturn in the same month. It’s essential for consumers and businesses to stay informed about these price changes to manage their transportation and operational costs effectively
As the calendar flips to August, motorists and industries are eagerly awaiting the official announcement for petrol and diesel prices. Based on previous trends, it is challenging to predict with certainty whether prices will continue to decline or experience a shift in the opposite direction. The UAE’s fuel market is influenced by several factors, including global oil prices, regional demand, and government policies.
With prices fluctuating in recent times, planning ahead for fuel costs has become paramount for businesses and individuals alike. By staying updated with the latest announcements and understanding the factors driving price changes, consumers can make informed decisions regarding their fuel consumption and budget allocation.
As the UAE prepares to announce the new petrol and diesel prices for August 2023, citizens and businesses are on the lookout for any potential shifts in fuel costs. The fluctuations in fuel prices over the past year highlight the importance of staying informed and planning ahead to manage transportation expenses effectively. Whether prices continue their decline or witness a change in direction, being proactive and aware of market trends will remain crucial for all fuel consumers in the UAE.
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UPS and Teamsters Reach Historic $30 Billion Labor Deal, Avoiding Imminent Strike
July 26, 2023
UAE Government Revenue Surges to $31 Billion in Q1 2023, Driven by Robust Non-Oil Sector Growth
The United Arab Emirates (UAE) has witnessed a remarkable surge in government revenue, reaching an impressive $31 billion in the first quarter of 2023. This substantial growth is primarily attributed to the thriving non-oil sectors, bolstered by robust domestic demand. The UAE Government Finance Statistics Report reveals the nation’s commendable financial performance, with a significant portion of revenues coming from tax, social contributions, and other sources such as property income and sales of goods and services. The government’s prudent financial policies and efficient allocation of resources have played a crucial role in enhancing the UAE’s competitiveness and driving sustainable socio-economic development.
Table of Contents
UAE Government Revenue Soars in Q1 2023:
Effective Financial Management and Resource Allocation:
Advancement Towards Sustainable Socio-Economic Development:
Open Data Policy and Transparency:
The Path Ahead:
Enhancing Banking for Tech Startups in Abu Dhabi: Hub71 and Wio Bank Collaborate
UAE Government Revenue Soars in Q1 2023:
The UAE Government Finance Statistics Report reveals that the nation’s total revenues soared to a substantial Dhs115.6 billion in the first quarter of 2023. This remarkable growth was fueled by strong demand within the non-oil sectors, including tourism, real estate, construction, transportation, and manufacturing. The report highlights that tax revenues accounted for Dhs63.5 billion, while social contributions brought in an additional Dhs3.9 billion. Moreover, Dhs48.2 billion of other revenues, derived from property income, sales of goods and services, fines and penalties, and other transfers, further contributed to the UAE’s substantial revenue growth.
Effective Financial Management and Resource Allocation:
The UAE’s financial performance has been exemplary, with the Ministry of Finance reporting total expenditures amounting to Dhs92.5 billion in Q1 2023. These expenses encompassed net investments in non-financial assets and current expenses, covering employees’ wages, goods, and services utilization, consumption of fixed capital, paid interest, subsidies, grants, social benefits, and other transfers. The net lending/net borrowing indicator stood at Dh23.2 billion, underscoring the positive financial impact of government activities on other sectors of the economy.
Younis Haji Al Khouri, the Undersecretary of the Ministry of Finance, attributed the successful financial performance to the efficient utilization of financial resources. He emphasized the government’s effective financial policies in diversifying revenue sources beyond oil, directing resources to strategic sectors, and promoting sustainable socio-economic development. The World Bank’s projections indicate that the UAE’s non-oil sectors are poised for strong growth by the end of 2023, primarily driven by robust domestic demand in key sectors such as tourism, real estate, construction, transportation, and manufacturing.
Advancement Towards Sustainable Socio-Economic Development:
The UAE’s financial framework and advancement towards a diversified revenue structure reflect the nation’s commitment to sustainable socio-economic development. With a move away from dependence on oil revenues, the UAE has demonstrated its resilience and ability to adapt to changing economic landscapes. The government’s success in managing and developing financial resources positions the country as a competitive player in the global economy.
Open Data Policy and Transparency:
In line with the UAE’s commitment to transparency and accountability, the preliminary results of the UAE Government Finance Statistics Report for Q1 2023 were published based on the open data policy. This approach adheres to the standards set forth by the Government Finance Statistics Manual issued by the International Monetary Fund. The willingness to share financial data openly reflects the UAE’s dedication to maintaining trust and providing comprehensive information to its citizens and the global community.
The Path Ahead:
With robust non-oil sector growth projected for the UAE, the government’s emphasis on prudent financial policies and efficient resource allocation will be instrumental in steering the nation’s economy toward further prosperity. As the UAE explores new avenues for revenue generation, the focus on tourism, real estate, construction, transportation, and manufacturing sectors will play a pivotal role in driving economic expansion. Additionally, the UAE’s AI advancements, infrastructure development, and commitment to sustainability will contribute to its status as a key player in the global economic landscape.
Enhancing Banking for Tech Startups in Abu Dhabi: Hub71 and Wio Bank Collaborate
July 26, 2023
Enhancing Banking for Tech Startups in Abu Dhabi: Hub71 and Wio Bank Collaborate
Hub71, Abu Dhabi’s global tech ecosystem, and Wio Bank PJSC, the region’s first platform bank, have launched a strategic partnership to transform the banking experience for startup founders in the capital. Designed to enhance bank account processes for SMEs, Wio becomes the official banking partner of Hub71, enabling startup founders to benefit from expert mentorship and commercialization opportunities that foster innovative new products and services in Abu Dhabi.
- The new agreement establishes Wio Bank as the official banking partner of Hub71
- Startups can now receive tailored banking services and commercialization opportunities to pilot new products and services in collaboration with the bank
By streamlining the banking process, Hub71 and Wio are making it easier for startups in Abu Dhabi to access funding and essential banking products that support the growth and development of early-stage innovative tech businesses.
Wio Bank was set up with the core mission of contributing to the future readiness of the SME segment in the UAE. As an official banking partner, Wio will streamline the bank account opening process when startups join Hub71. The digital bank will also participate in Hub71 events and initiatives that align with its growth strategy.
Ahmad Ali Alwan, Deputy CEO of Hub71, said: “Our partnership with Wio Bank further solidifies our commitment to making Abu Dhabi an attractive destination for startups to do business. By collaborating with an Abu Dhabi-based digital platform that is leading the future of business banking, we are opening the door to robust banking and commercial opportunities for our startup community. This partnership is a prime example of a powerful combination within Abu Dhabi’s tech ecosystem that fosters startup growth in the UAE’s capital.”
Jamal Al Awadhi, Chief Operating and Experience Officer, Wio, commented: “We are thrilled to announce our partnership as the first official banking partner of Hub71 and embark on a shared mission to empower startups in the region. We recognize the significant impact made by the global startup community and firmly believe that by simplifying access to funding and essential banking products, we have a unique opportunity to nurture their growth and facilitate their paths to new achievements. Through our collaboration with Hub71, we are committed to delivering meaningful banking solutions that truly make a difference, enabling startup owners to thrive and succeed on their entrepreneurial journey.”
Hub71 and Wio Bank Launch Strategic Partnership to Transform Banking Experience for Startups in Abu Dhabi
Hub71 startups will also have access to Wio’s network of subject matter experts to receive mentorship and strategic advice to support business growth and development. With access to expert guidance and insights, founders can better navigate unique challenges, make more informed decisions, and unlock new opportunities for the economic growth of Abu Dhabi.
About Hub71
Hub71 is Abu Dhabi’s global tech ecosystem that enables founders to build globally enduring homegrown tech companies in any sector by providing access to global markets, a capital ecosystem, a global network of partners, and a vibrant community filled with highly skilled talent, governed by forward-thinking regulation.
Backed by the Government of Abu Dhabi and Mubadala Investment Company, Hub71 is growing its vibrant community of tech startups, investors, government, and corporate partners to ensure the availability of investment, commercial activities, and incentives from the public and private sectors. Through Hub71’s entrepreneurial infrastructure, value-add programs, enabling services, and support packages, founders can build and scale widely adopted technologies with purpose and impact. Hub71 is on a mission to introduce new minds and technologies to Abu Dhabi, finding new ways to build globally enduring technology companies and sustain the nation’s continuous economic development.
For more information visit www.hub71.com and follow us on @Hub71AD #Hub71.
About Wio Bank:
Wio Bank PJSC is an integrated digital banking platform jointly owned by Abu Dhabi Developmental Holding Company (ADQ), Alpha Dhabi Holding, Etisalat, and First Abu Dhabi Bank (FAB) with an initial capital outlay of AED 2.3 billion. The bank is licensed and regulated by the Central Bank of the UAE. For more information, visit http://www.wio.io
Dubai RTA Aims to Marine Transport Services Resume: Dubai-Sharjah Ferry to Ease Commute
July 26, 2023