Latest news with #KHALEDALKHAWALDEH
Al Etihad
2 days ago
- Business
- Al Etihad
Growth in UAE household wealth likely to continue despite regional conflict: UBS Chief Economist
19 June 2025 00:25 KHALED AL KHAWALDEH (ABU DHABI) The outlook for household wealth in the UAE remains positive despite ongoing regional tensions, according to Paul Donovan, Chief Economist at UBS Global Wealth Management. Speaking at the release of the UBS Global Wealth Report 2025, Donovan underscored that the impact of the regional conflict on the UAE's wealth trajectory is expected to be limited. "The conflict is obviously a human tragedy. We are seeing a great deal of suffering as it unfolds," Donovan told Aletihad on Wednesday. "However, it is primarily a localised conflict, and at a global level, the economic and financial market implications to date have been very muted. I think that is likely to continue."Donovan emphasised that while geopolitical tensions can cause short-term volatility in asset prices, they are unlikely to derail the UAE's medium-term wealth creation, which, according to UBS data, has been substantial in the last decade. "I would not be expecting a great deal of disruption to the local economies in the UAE if we see an extended period of conflict," he noted. "There may be some implications for, say, the tourism industry, but it's unlikely to lead to a dramatic shift in terms of the medium-term direction of the economy and the wealth creation that is going on there."One factor Donovan pointed out is the limited movement in oil prices despite the conflict. He said the sector had proven to be resilient and believed the UAE would continue to benefit economically under the current trajectory of the conflict. "The movement in the oil price has been a positive movement, but a fairly limited movement," he said. "We're not seeing significant disruption at the moment. The expectation is that there will not be any threats over the Straits of Hormuz. In that situation, again, I don't see this as having a significant medium-term impact," he UBS Global Wealth Report 2025, released on Wednesday, highlights strong underlying fundamentals in the UAE's wealth landscape. According to the report, the UAE has seen significant growth in median household wealth since 2020, with median wealth per adult rising by more than 23% after adjusting for inflation. However, average wealth per adult grew more modestly at just 2.35% over the same period, suggesting a more polarised distribution of wealth gains compared to neighbouring Saudi Arabia and other economies. The report shows that about 62% of the UAE's gross wealth is held in financial assets, while non-financial assets such as property account for roughly 48%. Debt levels remain modest, at around 9% of gross number of dollar millionaires in the UAE also continued to rise in 2024, reaching over 240,000 individuals. The country added 13,000 in the last year, the second largest rate of growth, just behind Türkiye. Globally, the report found that household wealth rose again in 2024, following a buoyant 2023, although growth was uneven across regions. North America and China remain dominant, jointly accounting for over half of the total personal wealth in the UBS study's 56-country sample. The report also noted the rise of the so-called EMILLIs, everyday millionaires with between $1 million and $5 million in assets, a group that has quadrupled globally since 2000, largely on the back of inflated real estate values. Looking ahead, UBS expects the global millionaire population to increase by nearly 9% by 2029, adding over five million new millionaires. The UAE is poised to contribute to this growth, fuelled by its economic diversification efforts and prudent wealth management practices.
Al Etihad
3 days ago
- Business
- Al Etihad
Abu Dhabi to offer 100 free energy efficiency audits for industrial buildings in retrofitting drive: DoE
18 June 2025 00:40 KHALED AL KHAWALDEH (ABU DHABI)The Department of Energy (DoE) on Tuesday announced plans to offer 100 free energy efficiency audits for industrial buildings as part of its broader push to promote sustainable development. The initiative also aims to meet demand-side management targets by improving building efficiency through updated regulations and retrofitting older at the RetrofitTech and Sustainable Buildings summit in Abu Dhabi, Mohamed Al Hadhrami, Energy Efficiency Sector Executive Director (Acting) at the DoE, highlighted how this initiative fits within Abu Dhabi's wider sustainability goals."Building retrofits and efficiency form one of the most important pillars of our demand-side management programme," Al Hadhrami told Aletihad on the sidelines of the summit."It supports Abu Dhabi's goal to reduce electricity consumption by 22% and water consumption by 32% by 2030."The audits, known as walk-through energy audits, will target key industrial sectors, including cement, food and beverage, glass, paper, steel, and heavy metals. Al Hadhrami explained that these audits will provide building owners and operators with clear insights into potential savings opportunities and help guide them towards more efficient energy practices."We want industrial owners to identify where they can reduce consumption, cut costs, and contribute to our collective environmental objectives," he said."So, the Department of Energy is trying to lead efficiency in the industrial sector by having this project, which we hope will enlighten industrial owners on how to improve their consumption." Cooling SolutionsAccording to Al Hadhrami, among the standout technologies being promoted as part of the retrofitting efforts are cooling solutions. Cooling accounts for 60-70% of energy consumption in most buildings across Abu Dhabi due to the region's hot climate, he said."The weather dictates our cooling needs, but we can still enjoy good cooling services while reducing electricity load significantly," Al Hadhrami said."This is where efficient cooling solutions come in, and we see enormous potential in scaling these technologies."One promising model gaining attention in the emirate is Cooling-as-a-Service (CaaS). While globally recognised, the concept is still in its early stages in Abu Dhabi. According to Al Hadhrami, the DoE sees CaaS as a powerful tool for improving efficiency and reducing capital expenditure for building owners."Instead of purchasing and maintaining air-conditioning systems, building owners can essentially rent these services from private sector providers," he said."The provider ensures the system runs at optimal efficiency, typically delivering at least 30% savings on energy consumption or cost, while the building owner focuses on their core business."Al Hadhrami emphasised that CaaS represents a major opportunity for the private sector to partner with property owners and play a key role in the emirate's green transition."We already have successful cases of this model being implemented in Abu Dhabi, and we're looking to empower more providers and accelerate adoption across the commercial and industrial sectors," he free audit initiative and the promotion of advanced cooling solutions are part of a broader, deliberate strategy to help Abu Dhabi achieve significant reductions in energy Hadhrami revealed that the DoE aims to cut at least 6.7 terawatt-hours of electricity consumption through retrofitting and related efficiency measures by 2030."We are leading by example, but we need building owners and businesses to step forward and work with us," he said. "These free audits are a starting point, and we are calling on industrial players to register and seize this opportunity." Source: Aletihad - Abu Dhabi
Al Etihad
08-06-2025
- Entertainment
- Al Etihad
Abu Dhabi inspires next generation of marine champions through SeaWorld's One Ocean mission
8 June 2025 23:43 KHALED AL KHAWALDEH (ABU DHABI)The UAE is emerging as a regional leader in marine conservation, research, and public engagement, with its environmental institutions spotlighting the ocean's vital role in sustaining life and advancing conversations on sustainability and youth year's World Oceans Day - marked on June 8 - was the largest in history, with events in more than 178 countries and a strong focus on youth leadership. From Abu Dhabi to Poland to Guam, young advocates raised their voices in a growing global call to protect the ocean. The theme, 'When Youth Lead, Our Ocean Wins', reflected the movement's drive to empower the next generation to act for a more just and sustainable the UAE, institutions like SeaWorld Yas Island, Abu Dhabi, are putting that vision into practice. Central to SeaWorld's mission is its One Ocean philosophy, which emphasises the deep interconnectedness between human life and marine ecosystems.'World Oceans Day is a moment to reflect on the responsibility we all share in protecting the ocean,' Rob Yordi, Zoological Vice President and General Curator at SeaWorld Abu Dhabi, told Aletihad. 'At SeaWorld Abu Dhabi, our mission is rooted in the One Ocean story and that all life on Earth is deeply connected to the ocean, and the ocean connects us all.'Through eight immersive marine-themed realms, SeaWorld invites guests into a journey of discovery guided by expert zoologists and educators. Alongside other institutions like the National Aquarium, it is taking on a leading role in educating the next generation about the importance of ocean habitats. At this marine life theme park, experiences are 'designed to spark curiosity, inspire discovery, and raise awareness about the different marine species and the vital ecosystems they inhabit', Yordi addition to its public offerings, the Yas SeaWorld Research and Rescue Centre plays a crucial role in marine science and conservation in the UAE. Yordi highlighted the centre's collaborative approach, believing it to be the cornerstone of the centre's success. 'We are always keen on conducting partnerships with educational institutions and universities. We already did so with NYU Abu Dhabi, Sorbonne University Abu Dhabi (SUAD), and with Miral's partnership with ADEK through the centre,' he said. 'With the support of these institutions, we are able to inspire and engage the next generation of marine advocates, expanding our reach and impact across the youth community,' Yordi the centre's recent achievements was the region's first Arabian Scientific Seagrass Workshop, which brought together researchers and conservationists to tackle the urgent and understudied issue of seagrass habitats. Another major milestone is the rescue and rehabilitation of over 500 marine animals, in partnership with the Environment Agency Abu Dhabi. 'We are extremely proud to have recently reached a major milestone of rescuing and rehabilitating over 500 injured and distressed animals … with many returned to their natural habitats,' Yordi Lasting Change World Oceans Day is not just about events or education, it's about shaping the future, a vision clearly echoed by the World Oceans Day Youth Advisory Council. This council includes 25 young changemakers from 24 countries who organise clean-ups, policy campaigns, and year-round advocacy efforts.'Youth are not just the leaders of tomorrow - we are leading today,' said Paulina Slawek, a council member from Poland. 'Our voices, perspectives, and solutions are already reshaping climate discourse.'The UAE's engagement with World Oceans Day aligns with its broader environmental goals and its positioning as a hub for sustainable development and innovation. With projects like SeaWorld Yas Island, robust public-private partnerships, and rising youth involvement, the UAE is creating a unique model of marine conservation that bridges education, science, entertainment, and advocacy. 'Protecting the ocean is not a one-day effort - it's an ongoing commitment. Through collaboration, education, and innovation, we hope to inspire lasting change that ensures the health of our oceans for generations to come,' Yordi said.
Al Etihad
03-06-2025
- Business
- Al Etihad
UAE tourism set for major expansion amid regional travel boom
4 June 2025 00:21 KHALED AL KHAWALDEH (ABU DHABI) The UAE's tourism industry is poised to see unprecedented growth, with new data from the ATM Travel Trends Report 2025 predicting robust gains across key areas, including luxury travel, business tourism, and regional sports-driven segments. Released this week in Dubai, the report presents a rosy outlook for the nation's travel sector, backed by strategic investments, rising visitor numbers, and an expanding international in partnership with Tourism Economics, the report forecasts that tourism spending across the Middle East will reach $350 billion by 2030, a 50% increase from 2024 levels. The UAE, home to two of the region's most dynamic tourism hubs, Abu Dhabi and Dubai, is expected to play a central role in this surge.'The report's findings confirm that travel growth in the Middle East is incredibly strong, with annual growth averaging more than 7% through 2030. Bold national visions, game-changing developments, and enhanced connectivity are some of the key factors driving this momentum,' said Danielle Curtis, Exhibition Director ME, Arabian Travel Market. Total tourism nights in the UAE are expected to grow by 10% in 2025 and an annualised rate of 6% to 2030, with Dubai alone projected to see a 14% increase, the report said. While Abu Dhabi's tourism nights dipped by 1% in 2024, the capital is still investing heavily in infrastructure, experiences, and luxury properties to reverse the travel to the UAE is on a strong trajectory, growing by 11% annually, while outbound travel is also rising, particularly to the UK, Thailand, and report found that visitors to the UAE are increasingly drawn by leisure (35%) and business (25%) travel, supported by improved connectivity and bold national visions. The country is also embracing travel technology: 60% of UAE travellers now trust AI to plan their trips, compared to a global average of 48%. Top Choice for Wealthy Visitors Tourism Economics found that luxury tourism remains a core driver of the UAE's appeal. The report reveals that nearly 100 out of the Middle East's over 170 luxury hotels are located in Dubai and Abu Dhabi, with 22 more currently under development. Yas Island in Abu Dhabi, for example, was highlighted as an emerging key destination for affluent travellers. The rise of high-net-worth and ultra-high-net-worth visitors to the UAE is set to fuel a broader shift in regional hospitality. The Middle East, and the UAE in particular, is attracting travellers who are not only spending more but also seeking immersive, curated experiences.'Travellers drawn to the Middle East tend to spend more on travel overall, nearly 60% habitually spending on luxury experiences while travelling compared to under 40% among travellers who favour other destinations,' added Curtis. 'Bleisure' and Sports Business travel is also booming in the UAE, with the report expecting the segment to grow 1.5 times faster than the global average through 2030. The nation's central location between Asia, Africa, and Europe, coupled with state-of-the-art infrastructure, is positioning it as a global hub for business events and has led to the emergence of the 'bleisure' trend where business trips are extended to include leisure time — especially in cities like Dubai and Abu Dhabi, where shopping, entertainment, and beach resorts offer seamless transitions between work and relaxation, the report said. Moreover, with Saudi Arabia set to host the 2034 FIFA World Cup, the entire Gulf region — including the UAE — is expected to benefit from a 63% surge in sports tourism. Golf, motorsports, football, cycling, and esports are all gaining traction across the UAE, bolstered by new venues and global tournaments. This influx is driving demand for hotels, air travel, and on-ground services, with Dubai and Abu Dhabi at the forefront of event-driven tourism.
Al Etihad
01-06-2025
- Business
- Al Etihad
UAE startup ecosystem climbs to 21st in global rankings
1 June 2025 23:51 KHALED AL KHAWALDEH (ABU DHABI)The UAE has climbed two spots in the latest Global Startup Ecosystem Index 2025, ranking 21st globally and securing its position as the top-ranked Arab country for entrepreneurship. This marks the sixth consecutive year of advancement for the UAE in the global index, reinforcing the nation's steady rise as a premier destination for annual index, published by global research platform StartupBlink, evaluates over 1,000 cities and 100+ countries based on ecosystem strength, infrastructure, startup activity and 2020, the UAE has rocketed up the rankings, moving from 43rd to 21st in just five years. A leap that, the report says, was driven by aggressive investment, regulatory reform and public-private collaboration. The UAE also remains the number one startup ecosystem in the Arab League, although the competition is UAE's ecosystem is especially strong in fintech, where it ranks 14th globally, and Blockchain, where it holds an impressive 7th position worldwide. The report said these sectors have been key to establishing the country's digital economy as one of the most dynamic in the MENA continued to lead the UAE's innovation surge, ranking 44th globally, a jump of six places from last year. Over the past six years, Dubai has climbed an astonishing 95 spots, thanks to aggressive funding initiatives like the Dubai Future District Fund and infrastructure hubs such as Dubai Internet Abu Dhabi is quickly closing the gap. The capital surged 20 spots to 175th globally, driven by a nearly 50% ecosystem growth rate. The report noted Initiatives like Hub71 and ADQ's DisruptAD for their vital role in fostering a competitive ecosystem, especially in biotech and also made headlines, recording the biggest jump among UAE cities. It soared 98 spots to 762nd place globally, with a growth rate of nearly 46% - a sign of the emirate's emerging potential. The report said institutions like the Sharjah Entrepreneurship Centre (Sheraa) and the Sharjah Research, Technology and Innovation Park are key to this high-profile startups were highlighted as examples that cemented the UAE's credibility on the global stage. Careem, the region's first unicorn, set the precedent with its $3 billion acquisition by Uber. Others like Kitopi, Tabby, G42 and Andalusia Labs have joined the unicorn club, while global tech firms such as Telegram have chosen to relocate their headquarters to Dubai, which the report said underscored the UAE's strategic the report highlighted the introduction of founder-friendly policies including long-term Golden Visas, flexible business licensing, and regulatory reforms like the updated bankruptcy law as key to helping attract and retain talent. It noted that even the introduction of a 9% corporate tax in 2023 had not seemingly deterred investment, with the rate still among the most competitive globally. The report said that despite challenges such as the high cost of living and legacy regulations, the UAE's startup sector shows no signs of slowing.
