Personal loans bring total lending by Saudi financial firms to $19 billion in first quarter

UAE In-Focus – Dubai consultancy creates 200 new businesses; New Dubai Chambers Formation to Broaden Crypto Adoption

RIYADH: Dubai-based business formation firm AA Associate LLC capped a single-month turnover of 5 million dirhams ($1.3 million) in July, reflecting the UAE’s record post-COVID- 19.

More than 200 Freezone licenses were issued in July, which affected this result, Khaleej Times reported.

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

Sharjah Media Free Zone awarded the Dubai-based consultancy the title of ‘Best Performing Channel Partner for 2021’ earlier this year for building more than 2,500 businesses across the UAE.

In the first half of 2022, Dubai issued 45,653 new business licenses, an increase of 25% compared to the same period last year, according to figures released by the Ministry of Economy and Tourism.

New Dubai Chambers Formation to Broaden 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 has announced the formation of the Dubai Digital Assets Business Group, according to a statement from the Dubai Media Office. .

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

Dubai Chamber of Digital Economy chairman Omar Sultan Al-Olama – also minister for artificial intelligence, digital economy and remote work applications – said D2A2’s training was aligned with Dubai Chamber of Digital Economy’s strategy to accelerate the digital economy. growth.

The UAE has 47% of residents aiming for a sustainable home

According to a study by cooling experts Taqeef and air conditioner manufacturer O General, 47% of UAE residents strive to make their homes as environmentally friendly as possible.

More than half consider durability a key factor when buying electronics, according to the study.

He added that around 33% of respondents consider sustainability to be as important as price when choosing a product, and 27% would switch to another electronics brand if they offered better environmental products.

According to the study, about 29% of consumers know that more durable electronics save them money on their utility bills.

Additionally, 30% of respondents would prefer brands to emphasize sustainability metrics such as energy efficiency and reduced carbon emissions.

Everdome secures $10 million investment from GEM Digital Limited

GEM Digital Limited, a Bahamas-based digital asset investment firm, GEM Digital Limited, has pledged to invest MAD 36.7 million in UAE metaverse company Everdome, according to a statement.

Everdome’s announcement comes as the company prepares to roll out its new products and auction off metaverse land.

The Everdome metaverse has sold 11,700 plots, or about 97% of the total, during an eight-week auction experiment since June 2022.

Some 68.3 million dirhams were spent on land, equivalent to $1,531,000,000 DOME, Everdome’s digital currency. Around $130,000DOME was the average price of land at Everdome.

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

GEM’s investment, according to the release, will focus on growing the team and technology expansion of the metaverse, and it will accelerate the game’s virtual reality capabilities.

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

Savills ranks Dubai fourth in residential real estate performance

Dubai ranked fourth in terms of residential real estate performance in the first half of 2022, according to a report by Savills.

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

Major capital values ​​exceeded pre-pandemic levels in all cities except Cape Town, Barcelona and Mumbai, according to the report.

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