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UAE In-Focus – Dubai consultancy sets up 200 new companies; New Dubai Chambers formation to widen crypto adoption

RIYADH: Dubai business setup company AA Associate LLC capped a 5 million dirham ($1.3 million) turnover in a single month in July, reflecting UAE’s record growth post-COVID-19.

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

“No company in Dubai has achieved such numbers in just one month,” said Robin Philip, the founder, and director of AA Associate.

Sharjah Media Free Zone awarded the Dubai consultancy the title of ‘Highest Performing Channel Partner for 2021’ earlier this year for setting up over 2,500 companies across the UAE.

In the first half of 2022, Dubai issued 45,653 new business licenses, a 25 percent increase on the same period last year, according to figures released by the Department of Economy and Tourism.

New Dubai Chambers formation to widen crypto adoption

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

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, the statement added.

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 formation of D2A2 was aligned with the Dubai Chamber of Digital Economy’s strategy aimed at accelerating the digital economy’s growth.

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

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

More than half consider sustainability a key factor when purchasing electronic products, the study said. 

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

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

Additionally, 30 percent of respondents would prefer that brands emphasize sustainability parameters such as energy efficiency and carbon reduction.

Everdome secures $10m investment from GEM Digital Limited

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

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

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

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

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

GEM’s investment, the statement said, will focus on team growth and metaverse technological expansion, and it will 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 toward Everdome’s marketing efforts, partnership enablement, and sustainable growth investments.

Savills ranks Dubai fouth 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 from Savills.

Several factors contributed to this growth, including consistent market sentiment, low interest rates, constrained supply, and prime residential property’s relative attractiveness as an investment, Savills Prime Residential Index said.

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

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