The Finance World Magazine| Edition: March 2023

Local News
Dubai’s TECOM Misses
Profit Estimate with
$24M Q4 Net Profit
Dubai’s TECOM, a subsidiary
of Dubai Holding, announced
its fourth quarter net profit of
$24M, missing the estimated
figure by analysts. The company attributed
the lower-than-expected results to
challenging market conditions, but
maintained its focus on long-term growth
strategies. Despite the miss, TECOM’s
full-year net profit showed a significant
increase of $83M, driven by its diverse
portfolio of technology and media
businesses. The company is committed
to continuing to drive innovation and
provide support for its businesses to thrive
in the ever-evolving market landscape.
Dubai’s Salik Surprises
with Strong Performance
Despite YoY Profit Dip
Dubai’s Salik, the road toll
system, has reported a
decrease in its profits yearon-year
to $361M, yet it
has still managed to beat analysts’
expectations. Despite the challenging
economic conditions, the company
has demonstrated its resilience
through effective cost management
and innovative revenue-generating
initiatives. Salik has consistently
invested in improving its infrastructure
and technology to enhance the overall
toll collection process and ensure
seamless operations. The company’s
commitment to providing efficient and
convenient services to its customers
has been a key factor in its success,
and it is expected to continue this
trend in the future. The latest results
serve as a testament to the strength of
Salik’s business model and its ability
to overcome obstacles and deliver
positive results for its stakeholders.
UAE Brings New Guidelines for Family-Owned
Businesses in DIFC
The United Arab Emirates
has recently announced
new rules for family-owned
businesses operating in the
Dubai International Financial Centre
(DIFC). The aim of these guidelines
is to promote transparency and good
governance in the functioning of family
businesses, which are a significant
contributor to the economy of the
UAE. The new regulations focus on
areas such as dispute resolution,
The United Arab Emirates
(UAE) has recently made
it easier for entrepreneurs
and small business owners
to establish their operations in the
country. The country’s Department of
Economic Development has launched a
new initiative that allows applicants to
obtain a business license in under five
minutes. This streamlined process is
a testament to the UAE’s commitment
to promoting entrepreneurship and
boosting the economy. The online
platform provides a user-friendly
interface and step-by-step guidance,
making the process of starting a
business faster and more efficient.
The license is issued instantly and
the applicant can immediately begin
succession planning, and the rights
and responsibilities of family members
involved in the business. They also
provide a framework for the proper
management of family-owned
businesses, ensuring their sustainability
and growth in the long term. The
introduction of these guidelines is
expected to boost the confidence
of investors and stakeholders, thus
providing a much-needed fillip to the
country’s economy.
UAE Introduces 5-Minute Business Licensing
conducting their business operations.
This innovative approach is expected
to attract more investment and
entrepreneurship to the UAE, further
solidifying its position as a leading
hub for business and innovation in
the Middle East.
118 www.thefinanceworld.com March 2023