The Finance World Magazine| Edition: March 2023

Business News
Burjeel and Leejam Join Forces to Bring Cutting-Edge Sports Medicine
to Saudi Arabia
Burjeel Holdings, a company
located in Abu Dhabi, has
announced its entry into the
Saudi Arabian market through a
partnership with Leejam Sports Company.
This Company operates fitness centers
under the brand “Fitness Time” in both
Saudi Arabia and the UAE, and is one of
the largest fitness center operators in the
region. The joint venture between Burjeel
Holdings and Leejam Sports Company
involves the creation and operation of
a network of over 60 physiotherapy,
rehabilitation, and wellness clinics within
Leejam’s fitness centers throughout
Saudi Arabia. The clinics will also offer
complementary medical services, with
a special focus on sports medicine and
innovative rehabilitation techniques, and
the treatments will be available within
the next 12 to 18 months.
Dubai Hotel Occupancy
Sets a World Record with
73% in 2022
The Dubai Department of Economy
and Tourism reported a 97%
increase in international visitors,
reaching 14.36M. This resulted in
a higher hotel occupancy rate in the city,
with an occupancy rate of 73%, which is
higher than the average occupancy rate
of 67% from the previous year. Dubai
has become a popular destination for
international visitors, offering quality and
premium services with the help of partners
such as Emirates Airline, Flydubai and
other hospitality units of the government.
In comparison, hotels in Europe and Asia
recorded a lower occupancy rate of 64.6%
and 52.3% respectively. The occupancy
rate in the Middle East and Africa was
63.6% and 54.2%, while North America,
South America, Australia and Oceania
recorded a much lower occupancy rate
at 62.5%, 57%, and 63.9% respectively.
UAE’s Foreign Trade Reaches Record High of AED
2.2T in 2022
The UAE’s non-oil foreign trade
reached a milestone in 2022,
with a record high of AED
2.233T and a growth rate of
17% compared to the previous year. This
marks the first time that the country’s
non-oil foreign trade has surpassed
the AED 2T threshold. In 2020, the
growth rate was 12% and the total
was AED 1.496T. In 2021, there was a
significant increase of 28%, bringing
the total to AED 1.911T. The Cabinet
also approved a plan for the UAE to
host the 28th Conference of the Parties
(COP28) and tasked the Ministry of
Dubai’s Virtual Asset Regulatory
Authority (VARA) recently
released its Virtual Assets
and Related Activities
Regulations 2023, which establish a
comprehensive framework for virtual
assets (VAs) with a focus on economic
sustainability and financial security.
The regulations include seven licensed
VA activities and cover areas such as
advisory services, exchange services,
and payments. VARA will ensure VA
Climate Change and Environment with
coordinating with federal and local
authorities to prepare the country for
the event. The Ministry will also ensure
that federal government entities play
a role in organizing this important
global gathering.
Dubai Leads the Way with Specialized Regulations
for Virtual Assets
stability, investor protection, and
jurisdictional resilience through the
regulations. The framework provides
regulatory clarity and mandates highstandard
risk assurance and anti-money
laundering measures for licensed
entities in Dubai. The regulations also
regulate the issuance of new tokens,
allowing consumers to make informed
decisions about the obligations of
issuers.
26 www.thefinanceworld.com March 2023