Saudi commercial banks’ consumer lending surges 13% in June to $118.9 billion

UAE In-Focus – Dubai Consultancy Forms 200 New Companies; New creation of Dubai Chambers to expand crypto adoption

RIYADH: Dubai-based business setup company AA Associate LLC posted sales of 5 million dirhams (US$1.3 million) in a single month in July, reflecting the UAE’s record post-COVID-19 growth.

Over 200 Freezone licenses were issued in July, which influenced this result, the Khaleej Times reported.

“No company in Dubai has reached numbers like this in just one month,” said Robin Philip, Founder and Director of AA Associates.

Sharjah Media Free Zone awarded the Dubai-based consultancy earlier this year the title of Highest Performing Channel Partner for 2021 for establishing over 2,500 companies in the UAE.

In the first half of 2022, Dubai issued 45,653 new business licenses, up 25 percent from the same period last year, according to figures from the Ministry of Economy and Tourism.

New creation of Dubai Chambers to expand crypto adoption

As part of its efforts to develop digital business infrastructure and support the growth of digital businesses in Dubai, the Dubai Chamber of Digital Economy announced the establishment of Dubai Digital Assets Business Group, according to a statement from Dubai Media Office.

The new group of companies aims to promote the digital asset industry in Dubai, improve transparency through market intelligence, support the interests and growth of digital asset companies, and promote cross-border cooperation, the statement said further.

The chairman of the Dubai Chamber of Digital Economy, Omar Sultan Al-Olama – also Minister for Artificial Intelligence, Digital Economy and Remote Work Applications – said the creation of D2A2 is in line with the strategy of the Dubai Chamber of Digital Economy aimed at it , to accelerate the digital economy growth.

In the UAE, 47 percent of residents strive for a sustainable home

According to a study by refrigeration expert Taqeef and air conditioning manufacturer O General, 47 percent of UAE residents strive to make their homes as environmentally friendly as possible.

More than half believe sustainability is a key factor when purchasing electronics products, the study found.

Around 33 percent of respondents consider sustainability to be as important as price when making product choices, and 27 percent would switch to another electronics brand if it offered greener products.

About 29 percent of consumers know that more sustainable electronics will save them money on utility bills, the study found.

In addition, 30 percent of respondents would prefer brands to emphasize sustainability parameters such as energy efficiency and carbon reduction.

Everdome Secures $10M Investment From GEM Digital Limited

GEM Digital Limited, a Bahamas-based digital asset investment firm GEM Digital Limited, has committed to invest 36.7 million dirhams in Everdome, the UAE’s Metaverse company, according to a statement.

Everdome’s announcement comes as the company prepares to launch its new products and auction Metaverse properties.

The Everdome metaverse has sold 11,700 lots in an eight-week auction experience since June 2022, around 97 percent of the total.

About 68.3 million dirhams were spent on land, equivalent to $1,531,000,000 DOME, Everdome’s digital currency. A plot of land in the Everdome costs around $130,000 on average.

There is no minimum drawdown requirement under this facility and Everdome controls the timing and number of drawdowns.

GEM’s investment, the statement said, will focus on Metaverse’s team growth and technological expansion, and accelerate the game’s virtual reality capabilities.

It will be paid through a structured token subscription agreement, and a portion of the funds will also go towards Everdome’s marketing efforts, fostering partnerships and sustained growth investments.

Savills ranks Dubai fourth in terms of residential property performance

According to a report by Savills, Dubai ranked fourth in terms of residential property development in the first half of 2022.

Several factors have contributed to this growth, including steady market sentiment, low interest rates, limited supply and the relative attractiveness of prime residential property as an investment, according to the Savills Prime Residential Index.

Prime capital values ​​have exceeded pre-pandemic levels in all cities except Cape Town, Barcelona and Mumbai, the report said.

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