BXB Blog: SME Insights and Trends

SME News

BRICS Extended an Invite to Egypt, Iran, Saudi Arabia, and the UAE to Join the Group …

This is the group’s first expansion in 13 years. Officially, the nations will join the group on January 1, 2024.

SME News

DIFC added 661 New Firms and a Record 3,057 New Jobs in H1 2023…

This brought the total number of firms in the Financial Free Zone to 4,949 and employees to 39,140 (+20% YoY).

SME News

Sheikh Mohammed Announces Dubai Palm Jebel Ali Masterplan with 80 New Hotels, 110km of Coastline...

Dubai has announced a master plan for Palm Jebel Ali, which will see 80 new hotels in development twice the size of Palm Jumeirah.

SME News

Emirates and Etihad Major Ticket Change: Fly from either Dubai, Abu Dhabi on Single Booking

This landmark agreement will provide travellers with additional itinerary options, thereby increasing tourism in the region.

SME News

The Foreign Ministers of Saudi Arabia and Iran have Agreed to a Bilateral Meeting in the Month of Ramadan…

The two ministers have spoken twice by phone and preparations will be underway to reopen embassies and consulates.

SME News

The Earthquakes in Turkey Caused about USD 34.2bn in Direct Physical Damage…

Additionally, physical damage amounted to about USD 5.1bn in Syria.

SME News

UAE Accounted for 40% of VC Investments in the MENA Region…

Venture capital funding in Saudi Arabia surged by 72% YoY in 2022 with investments touching USD 987mn across 144 deals, revealed MAGNiTT.

SME News

Dubai Replaces UAE Visa Stamps with Emirates ID…

The UAE visa will directly be linked to an individual’s Emirates ID with the sticker which details the residency and its validity.

SME News

Dubai Suspended the 30% Municipality Tax on all Alcoholic Beverages …

This has been described as on a 1-year trial basis and also announced that the personal liquor license fee has been scrapped.

SME News

The UAE issued its Federal Corporate Tax Law…

It will levy a headline 9 per cent rate on taxable income exceeding Dh375,000 ($102,000).

SME News

The FIFA World Cup Arrives in the Middle East as a "Historic Milestone for All Arabs"…

UAE launched its Tourism Strategy 2031 with an aim to raise the sector’s contribution to GDP to touch AED 450bn in 2031.

Bull Run on Dubai Real Estate Market takes Thursday’s Property Sale Deals to AED2.7 Billion…

The real estate firm JLL disclosed that average residential prices in Dubai grew by 9% YoY in Q3, while average rental rates saw a 25% YoY rise.

SME News

Funding for Women-founded Startups in MENA Remains Difficult, Say Entrepreneurs…

The gender bias continues unabated with all-male startup founding teams garnering 99% of the total $374 million investments raised in August.

SME News

MENA Startups Witnessed a 260% MoM Increase in Funding in August…

Most funded were fintech (68% of total), e-commerce and ad-tech firms.

SME News

FIFA Estimates that Returns from the Qatar World Cup 2022 Could Reach USD 6bn…

The best-selling match tickets were for Mexico-Argentina and Saudi Arabia-Argentina, both sold out.

SME News

Female Entrepreneurship in the UAE Grew by 68% after Pandemic...

Women entrepreneurship rose 54% in the educational sector, followed by wellness and fitness (50%), and healthcare (44%).

SME News

UAE Increases Fuel Prices for the Fifth Time this Year...

Fuel costs three times more than in Kuwait and is more than double the average in GCC members.

SME News

Saudi Arabia has lifted COVID-19 Measures...

The mask mandate however still stands in the Grand Mosque and the Prophet’s Mosque.

SME News

Dubai has Achieved the Top Ranking in the World in Attracting FDI in 2021...

Dubai has achieved the top ranking in the world in attracting foreign direct investment (FDI) in 2021, with a record number of 418 greenfield FDI projects.

SME News

DMCC Reported that a Record Breaking Number of 665 Firms Registered in Q1...

Programs have seen a 34% increase in Chinese firms while company registrations from Israel and Turkey surged 350% and 100% during Q1.

SME News

DEWA to Raise up to USD $2.19bn via its IPO...

This is expected to be the biggest IPO on the exchange since 2007.

SME News

Dubai Adopts its First Law governing Virtual Assets...

The law did not specify which assets would come under this, but it will apply across all of Dubai other than in the DIFC.

SME News

Dubai Plans to Attract 50 MNCs within 3 Years...

As a part of the Dubai International Chamber’s 3-year strategy, it will also support 100 Dubai-based companies with international expansion.

SME News

Spending in the UAE is now above Pre-Pandemic Levels...

International and domestic spending volumes were up by 104% and 17% YoY in December.

SME News

UAE First Nation Globally to Adopt a 4.5 Day Working Week from 1st Jan 2022...

The changes will allow the UAE to align more closely with global markets and will apply to the public sector and schools.