Dubai Emerged as an Attraction for Multinational Corporations in 2023
The Dubai International Chamber, a part of the Dubai Chambers, announced that half of the multinational corporations (MNCs) it drew to Dubai, in 2023, were headquartered in Asia and Australia.
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This achievement highlights the geographic diversity of the companies the Dubai International Chamber has managed to attract through its global network of representative offices. Specifically, 23.5% of these MNCs came from Latin America and Europe, another 23.5% from the Middle East and Eurasia, and 3% from Africa.
The data also provided insights into the sectors these MNCs operate in, with 18% belonging to the financial services industry, including banking, asset, wealth management, and fintech.
The trade and logistics sector made up 15%, the IT sector, including areas like artificial intelligence, blockchain, robotics, and software, accounted for 12%, while retail, fashion, and travel and tourism comprised 9%. The manufacturing, mobility (covering aerospace, space, and both autonomous and conventional vehicles), and real estate sectors each represented 6% of the total MNCs attracted to Dubai.
Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, lauded Dubai’s global appeal to MNCs across various sectors, attributing this allure to the emirate’s competitive advantages such as its business-friendly climate, economic and cultural openness, supportive legislation and policies, and the overall ease of conducting business. He emphasized the commitment to boosting Dubai’s appeal to investors through an expanding network of international offices.
Dubai International Chamber’s efforts in 2023 led to a significant 580% annual growth in the number of MNCs established in Dubai, with a total of 34 new MNCs, marking a substantial contribution towards the Dubai Economic Agenda (D33)’s goal to double the emirate’s economy size and establish Dubai among the top three global economic cities within the next decade.
With 16 new international offices opened in 2023, bringing the total to 31, the Chamber advances the ‘Dubai Global’ initiative’s aim to set up 50 representative offices worldwide by 2030 to enhance Dubai’s position as a prime location for global businesses and talent.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Total income was higher by 10% year-on-year (YoY) at AED 300 million in the six-month period
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United Arab Bank PJSC (UAB or “the Bank”) has announced its financial results for the six months ended 30th June 2024. UAB reported a net profit before tax of AED 152 million for H1 2024, a 26% increase compared to AED 121 million for H1 2023. The net profit after tax for H1 2024 stood at AED 139 million, up 15% from AED 121 million in the same period last year. Earnings per share rose to AED 0.07 in H1 2024 from AED 0.06 in H1 2023.
Total income increased by 10% year-on-year to AED 300 million for H1 2024, compared to AED 273 million for H1 2023, driven by a 26% increase in net interest income. The Bank’s capital position remains strong with a CET1 ratio of 13% and a total capital adequacy ratio (CAR) of 18%.
UAB‘s liquidity profile is robust, with advances to stable resources ratio of 75% and an eligible liquid asset ratio of 19%, both comfortably above regulatory thresholds. The Bank’s credit ratings were affirmed by Fitch and Moody’s at BBB+/Ba1, with stable and positive outlooks respectively.
UAB’s performance in the first half of 2024 demonstrates significant growth in total assets, increasing by 12% compared to December 2023, and reflects a strategic focus on quality and farsighted risk management. These results indicate that the Bank is well-positioned to continue its growth trajectory.
Commenting on the Bank’s performance, H.H. Sheikh Mohammed bin Faisal bin Sultan Al Qassimi, Chairman of the Board of Directors of United Arab Bank, said: “UAB’s strong performance in the first half of 2024 reflects the successful implementation of our growth strategy and reinforces our commitment to delivering sustainable value to our shareholders. We are confident that our prudent business model shall continue to deliver a solid performance and deal with the opportunities and challenges that will present themselves.”
He added: “As we move ahead into the second half of the year, we remain committed to enhancing our customers’ banking experience and contributing to the growth and prosperity of the UAE’s economy.
Shirish Bhide, Chief Executive Officer of United Arab Bank, commented: Our customer-centric approach and sustainable growth model has led to a 15% increase in net profit and a 12% growth in total assets. Our positive performance is a testament to the successful execution of our strategic priorities and clear evidence of the success of the many initiatives that have been implemented at the Bank. Going forward, we will continue investing in our growth strategy and digital capabilities, while equally focusing on developing innovative products and services that meet our customers aspirations whilst upholding the highest standards of compliance and internal controls.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
