Dubai's Weekly News Snapshot: The Ampersand 25-08-2023

Dubai's parents community lifeline, the story of Cheeky Monkeys.

On this week's episode of Taking Care of Business Operations Director, Paul Kelly is joined by Saima Khan, Co-Founder and Owner of Cheeky Monkeys Dubai’s pioneer soft play area. Paul discusses with Saima what was the inspiration behind opening Cheeky Monkeys, and more. Tune in to hear this fascinating conversation from one of the solid community institutions in Dubai.

News that caught our attention this week:

DWTCA Free Zone Sees Stellar Rise in H1 2023 Licence Renewals

The Dubai World Trade Centre Authority (DWTCA) Free Zone observed a significant 250% growth in licence renewals in H1 2023, rising from 254 to 892. Additionally, it welcomed 322 new businesses, marking a 32% YoY growth. Abdalla Al Banna, VP of Free Zone Regulatory Operations at DWTC, emphasised their alignment with Dubai's Economic Vision, attracting international investors and positioning Dubai as a pioneer in economic innovation. The Free Zone, serving a variety of sectors, is also dedicated to sustainability in line with the UAE's Net Zero 2050 initiative.

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Majid Al Futtaim first-half earnings soar 74% on robust momentum of UAE economy

Majid Al Futtaim Holding, Dubai's leading private sector firm and the Middle East's top mall operator, witnessed a 74% annual jump in its six-month net profit to Dh1.7 billion ($463 million), driven by the UAE's robust economic growth. Revenue increased by 5% to Dh18.9 billion. Despite global economic challenges, the UAE's property market showed strong performance, and this buoyancy positively impacted the company's earnings.

The conglomerate, involved in retail, leisure, and property development, is set to launch a new development by year-end. The firm's property segment was a significant revenue and profit contributor, with their UAE malls, especially the Mall of the Emirates, experiencing increased footfall and tenant sales.

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United Arab Emirates joins BRICS Group

The United Arab Emirates (UAE) has been formally inducted into the BRICS coalition, an influential assembly of emerging economies, following a unanimous decision during the 15th BRICS summit in Johannesburg. This notable inclusion underscores the UAE's unwavering dedication to multilateralism and its strategic vision for global peace and prosperity. Over the years, the UAE has solidified its role as a vital collaborator with BRICS, particularly evidenced by its involvement in the "Friends of BRICS" forum and its association with the BRICS New Development Bank. The UAE's steadfast approach to fostering international relationships, with a keen eye on sustainable development and peace, has been highlighted by various leaders, reinforcing the country's stance as a global hub for trade, innovation, and diplomacy.

As Sheikh Abdullah bin Zayed Al Nahyan aptly put it, "The UAE has consistently championed the value of multilateralism in supporting peace, security, and development globally."

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Hot off the press

Dubai Rent hack: Allsopp & Allsopp Launches DATA HUB and breaks the internet!

This week, Allsopp & Allsopp launched Data Hub and literally broke the internet with homeowners, tenants and investors checking how much did their neighbour pay for their homes.

To read press coverage click here

Lewis Allsopp goes on Dubai Eye to discuss how Data Hub has been welcomed by homeowners, tenants and investors

Allsopp & Allsopp Launches Data Hub, "the nosey neighbour tool". Lewis Allsopp's interview with Dubai Eye on how this tool supports market transparency for investors and homeowners alike.

Watch the full interview below:

Dubai’s Property Boom Is Starting to Lure Chinese Buyers Back

Chinese investors are gradually returning to Dubai’s real estate market, joining Russian and other international buyers who have already pushed property prices in the emirate to record levels. Check our CFO Faline Huang on Bloomberg.

To read press coverage click here