Dubai chambers’ membership grows by 20pc to 347,600
Dubai International Chamber opened four new international offices in 2022, growing its international network to 15 offices.
Dubai Chambers has recorded 20 percent year-on-year increase in its membership while the members’ exports and re-exports also rose by 20 percent to Dh272 billion in 2022.
While unveiling a series of accomplishments for 2022 during a media briefing at its headquarters, the chamber highlighted its diverse initiatives to support Dubai’s business community and dedication to realising its strategic goals in alignment with the city’s future development plans.
Abdul Aziz Al Ghurair, Chairman of Dubai Chambers; Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, and Chairman of the Dubai Chamber of Digital Economy; Sultan Ahmed bin Sulayem, Chairman of Dubai International Chamber; and Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers; attended the event in Dubai on Tuesday.
Dubai Chamber of Commerce saw a 20 percent increase in membership to 347,600, with 56,000 new members joining it during the year. In addition, the exports and re-exports of Dubai Chamber of Commerce members grew by 20 percent in 2022, totalling Dh272.7 billion, demonstrating the resilience of Dubai’s traders and their capacity to expand their exports into new markets.
Opinion: why the re-opening of China is good news for UAE’S economy
After three long years, the world’s second largest economy, has opened its doors again. On January 8, China officially bid farewell to Covid-19 restrictions, and reopened its borders to travellers coming in and going out of the country.
It’s hoped that China’s return to the world will bring a much-needed boost to the global economy. The first industries expected to reap the benefits of China’s reopening are the travel and tourism markets. In pre-Covid days, Chinese travellers were the world’s biggest source of revenue for the international travel market, contributing $253bn to the global economy back in 2019. So, when other nations gradually began to ease their travel restrictions, China’s absence was sorely felt.
Oman population set to touch 5 million
The Sultanate of Oman’s population is set to touch 5 million, with the expatriate accounting for nearly 42 percent, according to the latest population clock of the National Centre for Statistics and Information.
As of Tuesday (February 21, 2023), the total population of the Sultanate of Oman reached 4,981,372 with the number of Omanis reaching 2,876,682, thus constituting 57.75 percent.
In a sign of Oman’s economy opening up for overseas workers, the number of expatriates grew steadily over the past year to reach 2,104,690, thus making up 42.25 percent of the total population. Over the past year, the population of expatriates shot up from 38.71 percent to 42.25 percent with 328,503 expatriates arriving in the Sultanate of Oman, showing an improvement in the economy and better job prospects. According to the NCSI statistics, the number of expatriates on February 21,2022 were 1,776,187 while a year later the number touched 2,104,690.
Last year, the number of Omanis accounted for 61.29 percent with a total of 2,812,518 but has since declined to 57.75 percent.
Last chance to register for leaders in construction Qatar 2023
Delegates have until 22 February 2023 to register to attend the Leaders in Construction Qatar 2023 summit that will be held at the Radisson Blu Doha hotel on 1 March 2023.
Qatar’s economy grew rapidly in 2022 as a result of construction activities related to the FIFA World Cup. After successfully wrapping the tournament, Qatar is shifting its focus to legacy plans for stadium sites, as well as non-tournament projects that will allow the country to meet the Qatar National Vision 2030 goal under its long-term development strategy.
Saudi Arabia’s next mega-projet: Mukaab, an indoor super-city in Riyadh
Saudi Arabia’s Public Investment Fund has announced a bold new project that promises to be the world’s largest modern downtown and would be large enough to hold 20 Empire State Buildings. The Mukaab is a 400-meter-tall, 400-meter-wide cube city that will form the centerpiece of a new downtown area in Riyadh.
The Mukaab will be part of the wider New Murabba project, a development scheme that aims to transform a 19-square-kilometer area to the northwest of Riyadh into a vibrant mixed-use district. Crown Prince Mohammad bin Salman bin Abdulaziz announced the project, which will be overseen by the New Murabba Development Company, in February 2021.
The building will be based on the modern Najdi architectural style, but with a futuristic twist. Developers say that The Mukaab will offer “ever-changing environments” using digital and virtual technology to create holographic displays that interact with the surrounding urban landscape.
Bahrain is 28pc more cost-effective in ICT direct OP costs
Bahrain enjoys an annual direct cost advantage in the ICT sector of up to 28 percent when compared to the GCC region, with commercial rental costs, manpower costs as well as internet charges being the most competitive advantages.
According to a recent report released by KPMG entitled ‘The Cost of doing business in the GCC – ICT’, the ICT direct annual costs consist of registration and licensing, commercial rental rates, manpower costs, telecom costs, internet charges, electricity and water charges, and IT infrastructure costs.
When it comes to the indirect costs, the report analyses the average cost of living, with a focus on the cost of education, residential utility costs, cost of renting residential properties, and domestic help remuneration. In this matter, Bahrain is the most competitive GCC country by 24 percent below the regional average with cost of education and accommodation being the most favorable on a regional level.