UAE

Banking & insurance, Blue Chips, Chambers, Companies, Markets, UAE

“Remarkable Surge: Pakistan Achieves 3,300+ Company Registrations in Dubai Chamber of Commerce for 2023”

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“Pakistan Sees Surge in Business Presence: Over 3,300 Companies Join Dubai Chamber of Commerce in Q1 2023” In the first quarter of 2023, more than 3,300 Pakistani companies joined the Dubai Chamber of Commerce (DCC), according to the country’s top diplomat in the United Arab Emirates (UAE). This development highlights the dynamic nature of Pakistani businesses and the growing appeal of the UAE as an investment destination. The DCC reported a total of 30,146 new companies joining in the first quarter, with India leading with 6,717 companies, followed by the UAE with 4,445 firms. Pakistan secured the third position with 3,395 new business entities, marking a significant 59 percent increase from the same period last year. The overall count of Pakistani companies with DCC membership has now reached 40,315. Mohammad Ali Rashed Lootah, the DCC president and CEO, emphasized the diversity of nationalities among the new companies, highlighting Dubai’s vibrant business environment. Ambassador Faisal Niaz Tirmizi praised this positive development, emphasizing the resilience and entrepreneurial potential of the Pakistani business community and diaspora. The ambassador highlighted the strong economic fundamentals of the UAE’s economy, with a focus on diversification and global economic partnerships. He emphasized Dubai’s strategic position for Pakistani businesses to engage with other Gulf states and the Middle East. Tirmizi noted the significant increase in the number of Pakistani expatriates in the UAE, spanning various sectors. The embassy played a crucial role in facilitating business by maintaining active communication with the DCC and sharing opportunities with Pakistani chambers and the diaspora. Trade linkages between Pakistan and the UAE have expanded, leading to Pakistani businesses establishing local offices and registering with local chambers. The mission addressed issues such as non-tariff barriers and facilitated Pakistani firms’ participation in trade fairs, enhancing exposure to UAE markets. The ambassador revealed plans for a bilateral economic partnership agreement with the UAE by the end of September, presenting potential opportunities in goods and services sectors. Fakhruddin Diwan, chairman of the Pakistan-UAE business council, sees the inclusion of more Pakistani companies in the DCC as a significant achievement, anticipating strengthened foreign reserves and increased global exposure for Pakistani products.

Government, Smart Dubai, UAE

Sheikh Mohammed orders Dubai district to be renamed Hind City

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It wasn’t the only name change to garner attention. In January, Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE ordered that a district in the emirate be renamed. Al Minhad and its surrounding areas are now known as “Hind City”. The city includes four zones, Hind 1, Hind 2, Hind 3, and Hind 4, and spans an area of 83.9km. The city is served by major roads, including Emirates Road, Al Ain Road, and Jebel Ali-Lehbab Road.

UAE

UAE Royal Wedding: Sheikha Mahra and Sheikh Mana celebration

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UAE royals, Sheikh Mana Bin Mohammed Bin Rashid Bin Mana Al Maktoum and Sheikha Mahra Bint Mohammed Bin Rashid Al Maktoum confirmed their wedding earlier this year and shared pictures of a stunning reception on an official Instagram account. Sheikha Mahra, daughter of Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai shared stunning pictures of a wedding reception event on Instagram. The images showed Sheikha Mahra wearing a regal white gown. Another shows Sheikh Mana and Sheikha Mahra cutting a towering wedding cake with a traditional sword.

Markets, Smart Dubai, UAE

Binghatti grows its land bank in Business Bay with Dh365 million plot acquisition

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Leading UAE property development brand – Binghatti Properties – grows its land bank in Business Bay with the purchase of a new plot exceeding a transaction value of Dh365 million. Strategically located in the heart of Dubai’s bustling metropolis, Business Bay is regarded as one of the most prestigious destinations in Dubai. Located minutes from Dubai’s famous shopping destination – The Dubai Mall – and with breathtaking views of the Burj Khalifa and the Dubai Water canal, the destination is also home to some of Binghatti’s most iconic flagship projects, including the Bugatti Residences by Binghatti in partnership with the worldclass automotive brand Bugatti. Also located in Business Bay is Binghatt’s Burj binghatti Jacob & Co Residences, – a branded tower in partnership with leading watch and jewelry brand Jacob & Co, which is aimed to be the tallest residential tower in the world. In addition to Binghatti’s portfolio of branded projects is the newly announced Mercedes-Benz Places by Binghatti in Downtown, Dubai. Binghatti’s expansion of its project development across Dubai has contributed to the company’s stock value, which has recently been captured at a value of all projects Dh20 billion. In line with Binghatti’s strategy to expand its portfolio of projects in Business Bay, the property development brand has purchased a new plot with a transaction value over Dh365 Million, which they intend to develop and launch in addition to their portfolio of projects in 2024. The project will feature the same intricate design language and details that Binghatti’s buildings are renowned for. Muhammad BinGhatti, CEO of Binghatti Holding said in a recent quote: “This transaction is deemed as the ideal opportunity to design and build a new luxury development for our clients and investors. It will also not only inflate our land plot value by Dh365 million, but also expand Binghatti’s portfolio of plots which we intend to develop and launch in 2024. At Binghatti, we have always strived towards designing our projects with the most intricate and detailed approach, which enables us to create an elevated experience of living across all our projects

Economy, Markets, UAE

Dubai’s two Palm islands are taking all the sales action in villa sales of Dh18m and more

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bai: The two Palm islands are taking a firm grip on the super-luxury end of Dubai’s property market, with Palm Jebel Ali now accounting for 50 per cent of overall city-wide sales in the Dh18 million to Dh20 million price range. All the more remarkable because the Palm Jebel Ali in its revised masterplan launched sales just 3 months ago. if one were to stretch the price range, then Palm Jebel Ali would be making up a whopping 80 per cent of Dubai’s Dh18 million to Dh30 million homes. At the same time, Palm Jumeirah has a lock on 32 per cent of homes that fetched values of Dh45 million and over during 2023, according to new data from Reidin-GCP. Dubai’s first Palm island should see further action with developers launching sales of a Dh600 million penthouse – aiming to be Dubai’s costliest such – and of an Armani project (Dubai’s second featuring the iconic luxury label after the one at Burj Khalifa). In perfect sales ‘harmony’ Just as important, the two Palm islands are not competing between themselves for buyers. “Palm Jumeirah home prices had declined slightly prior to the launch of Palm Jebel Ali – but have since made a turnaround,” says the Reidin-GCP report. Based on market feedback, more than 500 villas have been sold at the Palm Jebel Ali so far. There is a fresh batch of pricey homes that are in the market right now at Dubai’s big new luxury residential destination, again with prices from Dh18 million. Not just that, Palm Jebel Ali has sold 541 villa plots, and property market sources say this will continue to be a key feature of overall demand for the two Palms. How Palm Jumeirah and Palm Jebel Ali fared in the various multi-million dirham price rangesImage Credit: Reidin-GCP VIEW GALLERY AS LIST 1/2 “Luxury home investments in Dubai are not heading for any softening in demand for the near future,” said an estate agent. “If anything has changed, it’s about the choices that are available for buyers, whether that’s the first Palm or the second.” Still a lot happening In 2023, Palm Jumeirah property values went through another 20-30 per cent price rise, helped along by recent offplan launches that have come with significant mark ups. In fact, “Palm Jumeirah prices reached their highest point – Dh6,039.58 per square foot – in the last 12 months after Palm Jebel Ali’s launch,” says the Reidin-GCP findings. The recent offplan launches at Palm Jumeirah are looking at 2026-27 completions, which is also the likely timeframe for the first set of completed homes on the Jebel Ali island. This also creates possibilities for ready homes on Palm Jumeirah to be up for renewed demand. According to market chatter, potential sellers are already fine-tuning their likely asking prices. “All signs point to a further double-digit gain in Palm Jumeirah values, especially on apartments, this year” said a broker. “That’s what sellers are waiting for – the right moment and the right exit price.”

Economy, UAE

UAE’s Robust Economic Growth Defies Global Trends

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According to Standard and Poor’s Global Ratings projections, the UAE’s GDP is expected to expand by over 5 percent in 2024, exceeding the 2.8 percent growth expected for the global economy. Tatiana Leskova, Associate Director of Corporate Ratings at Standard and Poor’s Global Ratings, said that “while the global economy remained subdued operating at subpar growth levels, we estimate that UAE GDP expanded at over 3 percent in 2023, including close to 6 percent growth for the non-oil sector”. “In Dubai, we expect continued strong momentum in the hospitality, wholesale and retail, and financial services sectors to drive growth in 2024-2025,” she explained. Asked about the performance of the UAE’s real estate sector in the face of global economic changes, Leskova said, “So far, the UAE and Dubai more specifically have remained relatively immune to the global economic headwinds, thanks to the limited sensitivity to interest rates and contained inflation. Despite higher interest rates, the number of mortgage transactions continued to grow in Dubai, where over 80 percent of real estate transactions are completed on a cash basis. In contrast, the European real estate market has been marked by weakened purchasing power since 2022 due to high interest rates and relatively higher inflation. The China market also remains challenging for its leveraged developers, with margins tightening as prices drop, pressuring profitability. The picture has become a little brighter in the U.S., where demand picked up at the start of 2023 after a slowdown.” “The profile of buyers evolved slightly since 2022, with a sharp increase in Russian buyers becoming one of the largest investor groups in Dubai.” “We expect this to be temporary, with Indians, Europeans and GCC buyers remaining the largest investors as per the historic trend. Dubai still remains far more attractive as an investment opportunity than other emirates despite news of gaming hotels in RAK, and general economic growth in the country overall.”

Aviation, Companies, UAE

Emirates to Recruit 5,000 Cabin Crew

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Emirates is celebrating the new year and the imminent arrival of its spanking new fleet of Airbus A350s with a global cabin crew recruitment drive with a difference. The 5,000 new joiners will ensure the airline’s commitment to offering the world’s best inflight experience maintains a steady course. The recruitment drive is designed primarily for those who will soon or have recently stepped into the world of work. The airline is inviting fresh graduates with internships or part-time jobs on their résumés, those with a year or so of hospitality or customer service experience, and individuals keen to embark on an exciting career travelling the globe. The new recruits will be a part of the world’s largest international airline and one of the most iconic brands, plus they will learn hospitality and life skills from the best trainers in the business. What’s more, they will travel the world across more than 140 cities in 76 countries and enjoy the entire gamut of benefits working as Emirates’ cabin crew. Click here for the eligibility criteria. Recruitment drive In 2024, Emirates’ recruitment team will host open days and assessments in more than 460 cities across six continents, reflecting the span of the airline’s network and the diversity of its cabin crew team, while flying the flag for living and working in dynamic Dubai. In 2023, Emirates hired a staggering 8,000 cabin crew and held recruitment events in 353 cities as the airline ramped up its services post the pandemic. In August 2023, the airline’s cabin crew numbers crossed the 20,000 milestone and are now 21,500 strong. Fleet and network expansion The new cabin crew recruitment drive comes as Emirates begins to take delivery of its eagerly anticipated A350s from mid-year and the Boeing 777-Xs starting in 2025. The airline has 65 A350s and a mix of 205 777-9s and 777-8s in its order book. The new aircraft will expand the airline’s reach and provide flexibility to add new routes to its network. Training and life skills All new cabin crew recruits undergo an intense eight weeks of training in delivering the highest standards of hospitality, safety and service that Emirates’ customers have come to expect over the years. Trained in Emirates’ state-of-the-art facility in Dubai, cabin crew learn invaluable transferable skills that include a knack for communications, initiative and leadership qualities. They develop the ability to work effectively in a multicultural team, the focus to stay mentally strong and calm under pressure, becoming bastions of hospitality and exceptional service, and ambassadors of an iconic brand. Cabin crew also have access to the latest training programmes and LinkedIn courses. What new joiners say Ane Monego Castagna from Italy, who joined May 2023 said: “Sometimes you’ve got to chase your dreams, other times the dream chases you. In April last year, I received the ‘golden call’ that changed my life. During training, I was amazed by the knowledge and skills imparted to us and what it took to become an Emirates cabin crew. The opportunity to make friends for life, be super confident and to fly with the airline is priceless. Thanks to Emirates, the life I live today is better than anything I have ever dreamed of!” Robyn Clark from the UK, who joined in February 2023 said: “Working for Emirates is a job like no other. From the day I got the call to boarding every flight, I feel so proud of what I’ve accomplished. Putting on the iconic Emirates uniform every morning is a feeling I can’t explain – this really is a dream come true. I will always be grateful to Emirates for the memories I’ve made, the amazing experiences I’ve had travelling the world, and being able to come back from my journeys to Dubai – one of the safest and most vibrant cities globally – that I now call home.” Cabin crew community Emirates’ multicultural cabin crew team hail from more than 140 nationalities and speak a staggering 130 languages – which is why customers can always expect to converse with a warm, friendly voice in their own lingo. Crew form lifelong friendships and close-knit bonds within the community, fostering better teamwork, a common sense of purpose and a shared service philosophy. Cabin crew experience excellent career progression, including upgrading to higher cabin classes, and becoming a cabin supervisor, purser or trainer. Today, the airline has 1,180 pursers who have climbed the career ladder after successfully completing exacting training and assessments. Crew also have the opportunity to apply for internal vacancies throughout the Emirates Group. The cabin crew life Emirates’ cabin crew lead a cosmopolitan lifestyle in vibrant Dubai, living with 200 nationalities in a city renowned for its hotels, restaurants, food scene, leisure activities and for being one of the safest in the world. Emirates’ cabin crew enjoy a competitive, tax-free salary and flying pay, eligibility for profit share, hotel stays and layover expenses, concessional travel and cargo, annual leave, annual leave ticket, furnished accommodation, transportation to and from work, excellent medical, life and dental insurance coverage, laundry services and other benefits. Friends and family enjoy deeply discounted flight tickets, and travelling with their loved ones creates lasting memories for crew.

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