The Finance World Magazine| Edition: March 2023
The March edition of The Finance World Magazine (TFW) delves into the Zayed Ambition 2 project, which strives to investigate the feasibility of leveraging the UAE's burgeoning space economy for sustainable development. This initiative showcases the country's commitment to diversifying its economy and reducing its reliance on oil. In a featured interview, CEO Shaaista Khan Osman and Managing Director Osman Osman of Blu Blood share their insights about the event management industry in the UAE. This issue also includes insights from Sridhar Vembu, CEO of Zoho Corporation, on emerging AI tools, along with some advice for SMEs and startups. Through this edition, we also bring you insights on topics like the UAE's steadfast dedication to sustainable growth and development, Dubai surpassing global and regional tourism recovery levels, the sports industry emerging as a promising sector magnetizing international investors, and many more key informational articles in the finance sector. Keep yourself up to date with all financial sector news with our current news segments. Each person can find something unique from us. We believe our readers deserve real value from what we have to offer.
The March edition of The Finance World Magazine (TFW) delves into the Zayed Ambition 2 project, which strives to investigate the feasibility of leveraging the UAE's burgeoning space economy for sustainable development. This initiative showcases the country's commitment to diversifying its economy and reducing its reliance on oil.
In a featured interview, CEO Shaaista Khan Osman and Managing Director Osman Osman of Blu Blood share their insights about the event management industry in the UAE. This issue also includes insights from Sridhar Vembu, CEO of Zoho Corporation, on emerging AI tools, along with some advice for SMEs and startups.
Through this edition, we also bring you insights on topics like the UAE's steadfast dedication to sustainable growth and development, Dubai surpassing global and regional tourism recovery levels, the sports industry emerging as a promising sector magnetizing international investors, and many more key informational articles in the finance sector.
Keep yourself up to date with all financial sector news with our current news segments. Each person can find something unique from us. We believe our readers deserve real value from what we have to offer.
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Business News<br />
Burjeel and Leejam Join Forces to Bring Cutting-Edge Sports Medicine<br />
to Saudi Arabia<br />
Burjeel Holdings, a company<br />
located in Abu Dhabi, has<br />
announced its entry into the<br />
Saudi Arabian market through a<br />
partnership with Leejam Sports Company.<br />
This Company operates fitness centers<br />
under the brand “Fitness Time” in both<br />
Saudi Arabia and the UAE, and is one of<br />
the largest fitness center operators in the<br />
region. <strong>The</strong> joint venture between Burjeel<br />
Holdings and Leejam Sports Company<br />
involves the creation and operation of<br />
a network of over 60 physiotherapy,<br />
rehabilitation, and wellness clinics within<br />
Leejam’s fitness centers throughout<br />
Saudi Arabia. <strong>The</strong> clinics will also offer<br />
complementary medical services, with<br />
a special focus on sports medicine and<br />
innovative rehabilitation techniques, and<br />
the treatments will be available within<br />
the next 12 to 18 months.<br />
Dubai Hotel Occupancy<br />
Sets a <strong>World</strong> Record with<br />
73% in 2022<br />
<strong>The</strong> Dubai Department of Economy<br />
and Tourism reported a 97%<br />
increase in international visitors,<br />
reaching 14.36M. This resulted in<br />
a higher hotel occupancy rate in the city,<br />
with an occupancy rate of 73%, which is<br />
higher than the average occupancy rate<br />
of 67% from the previous year. Dubai<br />
has become a popular destination for<br />
international visitors, offering quality and<br />
premium services with the help of partners<br />
such as Emirates Airline, Flydubai and<br />
other hospitality units of the government.<br />
In comparison, hotels in Europe and Asia<br />
recorded a lower occupancy rate of 64.6%<br />
and 52.3% respectively. <strong>The</strong> occupancy<br />
rate in the Middle East and Africa was<br />
63.6% and 54.2%, while North America,<br />
South America, Australia and Oceania<br />
recorded a much lower occupancy rate<br />
at 62.5%, 57%, and 63.9% respectively.<br />
UAE’s Foreign Trade Reaches Record High of AED<br />
2.2T in 2022<br />
<strong>The</strong> UAE’s non-oil foreign trade<br />
reached a milestone in 2022,<br />
with a record high of AED<br />
2.233T and a growth rate of<br />
17% compared to the previous year. This<br />
marks the first time that the country’s<br />
non-oil foreign trade has surpassed<br />
the AED 2T threshold. In 2020, the<br />
growth rate was 12% and the total<br />
was AED 1.496T. In 2021, there was a<br />
significant increase of 28%, bringing<br />
the total to AED 1.911T. <strong>The</strong> Cabinet<br />
also approved a plan for the UAE to<br />
host the 28th Conference of the Parties<br />
(COP28) and tasked the Ministry of<br />
Dubai’s Virtual Asset Regulatory<br />
Authority (VARA) recently<br />
released its Virtual Assets<br />
and Related Activities<br />
Regulations <strong>2023</strong>, which establish a<br />
comprehensive framework for virtual<br />
assets (VAs) with a focus on economic<br />
sustainability and financial security.<br />
<strong>The</strong> regulations include seven licensed<br />
VA activities and cover areas such as<br />
advisory services, exchange services,<br />
and payments. VARA will ensure VA<br />
Climate Change and Environment with<br />
coordinating with federal and local<br />
authorities to prepare the country for<br />
the event. <strong>The</strong> Ministry will also ensure<br />
that federal government entities play<br />
a role in organizing this important<br />
global gathering.<br />
Dubai Leads the Way with Specialized Regulations<br />
for Virtual Assets<br />
stability, investor protection, and<br />
jurisdictional resilience through the<br />
regulations. <strong>The</strong> framework provides<br />
regulatory clarity and mandates highstandard<br />
risk assurance and anti-money<br />
laundering measures for licensed<br />
entities in Dubai. <strong>The</strong> regulations also<br />
regulate the issuance of new tokens,<br />
allowing consumers to make informed<br />
decisions about the obligations of<br />
issuers.<br />
26 www.thefinanceworld.com <strong>March</strong> <strong>2023</strong>