Dubai experiences 22% growth in commercial licencing business H1 2022
Dubai experiences 22% growth in commercial licencing business H1 2022/node/2144036/business-economy
Dubai experiences 22% growth in commercial licencing business H1 2022
Regarding free zone license, the license renewal service was the most requested service, with 527 transactions from January to June 2022. (File/Reuters)
Dubai experiences 22% growth in commercial licencing business H1 2022
Department seeks to elevate Dubai’s position as a preferred global investment destination
Updated 16 August 2022
Arab News
DUBAI: The Department of Planning and Development in Dubai, Trakhees, completed approximately 16,000 transactions through its Licencing Department during the first half of 2022, Emirates News Agency reported.
This figure represents a 22 percent growth increase over the same period last year.
Trakhees is the regulatory arm of the Ports, Customs and Free Zone Corporation of Dubai.
Its Licencing Department provides corporate licensing services to local and free zones, as well as government agencies, such as the issuance of work permits, establishment cards, and no-objection certificates.
Trakhees CEO Abdulla Belhoul explained that the department experienced significant growth in all services supplied by the Licencing Department in the commercial licensing sectors in its private development areas.
Belhoul stated that Trakhees is eager to promote economic growth and strengthen Dubai’s position as a leading sustainable hub to support the global economic sector.
He also pointed out the eagerness of Trakhees to realize Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum’s vision of supporting the economy and elevating Dubai’s position as a preferred global investment destination.
Furthermore, Trakhees seeks to enhance its services in order to keep up with the aspirations of the UAE’s business leaders and investors.
“To reassure the support of the Department of Planning and Development — Trakhees towards providing the required services for projects and small and medium enterprises according to the highest standards, the department received 1,029 transactions to reserve a new trade name, at the level of local and free zone licences, during the first half of 2022 in private development areas that fall under the supervision of the Ports, Customs and Free Zone Corporation,” Belhoul added.
According to official statistics released by the Licencing Department, demand for local licensing services by customers increased to 7,067 transactions in the first half of this year.
The local license renewal service ranked first with 3,426 transactions, followed by local license amendments with 1,063 transactions.
Booking a new trade name resulted in 951 transactions, followed by 627 transactions for new local licenses.
Respectively, International City ranked first with 203 local licensing transactions, followed by Jumeirah Village Circle in second place, Palm Jumeirah, Dragon Market, and finally Palm Deira.
The statistics showed an increase in the number of government services transactions during the first half of 2022. This was accompanied by an increase in the number of work permits issued by the department, reaching 3,440 approved in Dubai, followed by 1,270 transactions related to permit renewal.
Regarding free zone license, the license renewal service was the most requested service, with 527 transactions from January to June 2022 . This was followed by 185 commercial permits and 78 transactions for reserving a trade name under the category of free zone licenses.
According to Belhoul, Trakhees seeks to facilitate requesting and obtaining various commercial licenses by implementing a package of procedures and improvements in its unified electronic system for issuing commercial licenses.
Additionally, the department aims to adopt a culture of excellence in performance to ensure customer satisfaction by shortening the time it takes to obtain these services.
KARACHI: Alibaba, a Chinese-owned platform for global business-to-business (B2B) e-commerce, has launched online logistics services that are tailored to assist Pakistani exporters in optimizing their international trade processes, it said this week.
The explosive growth of cross-border e-commerce has created new opportunities for Pakistani small and medium-sized enterprises (SMEs), which face significant challenges in optimizing their export processes to participate in global trade. Logistics has been identified as a major obstacle as businesses must find effective and reliable shipping solutions to ensure timely deliveries while minimizing costs and risks, according to the e-commerce giant.
Alibaba has partnered with leading international express delivery companies, such as CPEX, with the goal of supporting the export of Pakistani goods to over 200 countries and regions around the world. The service not only supports fast and reliable international shipping options but also integrates the entire logistics process from packaging and warehousing to delivery, thus helping businesses optimize costs and time.
Through its international express delivery partners, Alibaba will ensure that goods are transported safely and on schedule, while also providing detailed order tracking tools, and customs advisory services. These features will help businesses minimize risks and enhance their competitiveness in the international market.
“Online logistics services are essential for small and medium-sized enterprises in global trade. They not only streamline operations and reduce costs, but also empower businesses to reach global markets with ease,” said Summer Gao, head of global supply chain at Alibaba.
"By leveraging advanced technologies and comprehensive solutions, Alibaba.com helps support Pakistani SMEs in enhancing their competitiveness, ensuring timely deliveries, and responding swiftly to market demands, ultimately fueling their growth and success in the global arena."
Pakistan, which is currently treading a long path to economic recovery, has urged local businesses to increase exports as the government looks to boost trade and investment to revive the over $350 billion South Asian economy.
Launched in 1999, Alibaba serves buyers and suppliers from over 200 countries and regions around the world. It is engaged in services covering various aspects of commerce, including providing businesses with tools that help them reach a global audience for their products and helping buyers discover products, find suppliers and place orders online fast and efficiently.
The e-commerce giant said its logistics services for Pakistani sellers are cost-effective, have enhanced order tracking and control capabilities, and offer a fully digitalized order fulfillment process for packages dispatched to multiple countries and regions.
“The introduction of Alibaba.com's logistics services has greatly accelerated our transaction processes and bolstered customer trust,” said Zulqarnain Baryar, CEO of Clush Industries that specializes in garment production.
"With features such as detailed tracking and optimized shipping routes, these services ensure timely deliveries and improved risk management. These enhancements have not only streamlined our operations but have also facilitated new business opportunities internationally, allowing us to confidently expand our presence."
Berry Ma, head of Pakistan business at Alibaba, said their new logistics services aim to support Pakistani exporters by providing efficient solutions to overcome traditional barriers in international trade.
“We're committed to offering essential tools to help Pakistani businesses tap into significant growth opportunities in global markets,” Ma said.
Heritage meets high-tech: Saudi Arabia’s bold vision for smart tourism
Updated 23 May 2025
Reem Walid
RIYADH: Tourism is a critical part of Saudi Arabia’s Vision 2030 diversification initiative, but far from solely relying on its rich heritage to attract visitors, the Kingdom is utilizing pioneering technology to bring the past to life and help deliver an economy for the future.
One of the key pillars of the government’s aim to move Saudi Arabia away from its reliance on oil revenues is to establish the Kingdom as a global tourism hub and increase the sector’s gross domestic product contribution from 3 percent to 10 percent.
Vision 2030’s initial visitor target was 100 million a year by the end of the decade, but after surpassing that milestone seven years ahead of schedule, the ambition has now grown to 150 million.
While modern tourism attractions — such as Expo 2030 and global sports events — have a key role, utilizing the Kingdom’s heritage also has a huge role to play in attracting tourists and fueling long-term growth.
Experts have told Arab News that the Kingdom is blending this offering with cutting-edge technologies such as artificial intelligence, virtual reality, and augmented reality to redefine tourism.
From immersive historical reconstructions to personalized AI-driven tours, the Kingdom is setting a global benchmark for experiential and sustainable travel.
According to Bain and Co.’s Sami Abdul Rahman and Joachim Allerup, given the country’s young and digitally savvy population, the tourism sector is increasingly embracing gamification to make heritage sites more engaging and interactive.
“VR is being used to reconstruct ancient civilizations, allowing visitors to explore these locations as they once were, while AI personalizes tours based on visitors’ preferences, providing tailored insights and recommendations,” Abdul Rahman and Allerup said in a joint statement.
“Interactive AR overlays further enrich the experience by offering real-time information about artifacts and historical events. These innovations do not merely serve as entertainment but function as powerful educational tools, fostering a deeper connection between visitors and Saudi Arabia’s rich cultural heritage,” they added.
The partners went on to highlight that the combination of digital technology and traditional storytelling ensures that historical sites remain relevant and captivating for modern audiences.
Maite Grau Garvin, principal at Arthur D. Little Middle East, shed light on how through AR virtual tours, interactive exhibits and VR powered reconstructions, visitors can explore Diriyah’s rich heritage and historic Najdi architecture in a way that is both engaging and immersive, far beyond the traditional experience.
“Films and digital storytelling further enrich the experience, narrating the region’s deep-rooted history and cultural significance. Diriyah’s visitors can also interact with AI chatbots and voice assistants that deliver customized insights into Najdi architecture, key historical figures, and significant events,” Garvin said.
She added: “In AlUla, technology is transforming the way visitors experience Hegra, the ancient Nabataean site and Saudi Arabia’s first UNESCO World Heritage Site. AR experiences allow visitors to use smartphones or wearable smart glasses to overlay digital reconstructions of holograms, tombs, and inscriptions, bringing the site’s history to life like never before.”
The principal went on to say that these innovations represent a significant step forward in heritage tourism, allowing visitors to not only observe history but engage with it in an immersive and interactive manner.
“By seamlessly integrating AI, VR, and AR, Saudi Arabia isn’t just preserving its history — it’s bringing it to life, setting a new global benchmark for experiential tourism,” Garvin added.
Smart cities harmonizing with Saudi history
NEOM is redefining eco-friendly luxury in hospitality. Shutterstock
NEOM is at the heart of Saudi Arabia’s Vision 2030, bringing together sustainability, automation, and cultural heritage to create unique tourism experiences. The smart city has over 900 heritage sites, including Nabataean tombs, ancient inscriptions and cultural landmarks.
From ADL’s perspective, unlike traditional tour experiences, where history is something you just observe, NEOM makes it interactive. Visitors will be able to experience them through immersive storytelling, digital reconstructions, and guided smart tours.
“Their entire tourism model is built around renewable energy-powered transport, smart visitor flow management, and low-impact exploration. Whether it’s electric shuttles through heritage zones or AI-driven crowd control, the goal is to preserve cultural landmarks while making them seamlessly accessible,” Garvin said.
She added: “NEOM’s regenerative tourism model also protects and regenerates 95 percent of its land for nature, allowing visitors to explore heritage sites while engaging with the natural landscapes that have shaped Saudi culture for centuries.”
The ADL partner also highlighted how NEOM is redefining eco-friendly luxury in hospitality by creating carbon-neutral, renewable energy-powered hotels that blend seamlessly with the environment. Advanced water recycling, smart energy grids, and AI-driven sustainability efforts ensure minimal ecological impact.
“These initiatives, among many other, help ensure that Saudi Arabia’s history is not lost in its rapid modernization but instead enhanced through smart, sustainable tourism infrastructure ensuring world-class travel experience for generations to come,” Garvin added.
Effect of developments like Diriyah and AlUla on Saudi Arabia
AlUla. Shutterstock
Developments like Diriyah and AlUla give Saudi Arabia a clear edge when it comes to attracting tourists.
Garvin explained that while many countries have iconic historical sites, Saudi Arabia is creating something novel — immersive, technologically enabled, and sustainably developed heritage destinations that are purpose-built for 21st-century travelers.
“AlUla’s integration of AR and digital storytelling, and Diriyah’s AI-driven visitor engagement, are raising the bar for how history is experienced. Add to that the quality of infrastructure, transport, and hospitality now emerging in these locations, which is further supporting Saudi establish itself as a major player on the global tourism stage — especially for culturally curious and experience-driven travelers,” she said.
The principal added that these projects, particularly when anchored in sustainability and powered by advanced technology, give Saudi a first-mover advantage in what can be called “smart heritage tourism.”
She continued: “As the global tourism sector becomes more experience-driven, these developments place the Kingdom ahead of the curve.”
Garvin also shed light on how the Kingdom is opening up its tourism sector with a focus on providing diverse, enriching experiences.
She noted that the development of the sites is guided by a commitment to variety, from immersive cultural districts to accessible heritage attractions, ensuring that the offering caters to a broad range of travelers without necessitating elevated costs.
“That said, a tiered model is likely. For instance, bespoke experiences — such as private AR-guided tours or luxury stays within heritage zones — could naturally carry a higher price point,” the principal said.
General access to cultural landmarks, historical sites, and exhibitions is expected to remain competitively priced to encourage widespread domestic and international participation.
This approach aligns with the goals of Vision 2030: positioning tourism as a catalyst for cultural exchange, economic diversification, and job creation.
“Ultimately, the return on these investments is expected to come from increased visitor numbers, longer stays, and higher overall trip value, rather than from charging more per individual experience,” Garvin added.
High-tech solutions aligning with Vision 2030
The integration of high-tech solutions directly supports Saudi Vision 2030’s goals of diversifying the economy and positioning the Kingdom as a global cultural hub.
Abdul Rahman and Allerup from Bain & Co. explained that smart tourism initiatives mean people can experience what Saudi has to offer even before they arrive in the Kingdom.
“AI-driven platforms can personalize travel recommendations, while VR and AR allow global audiences to explore Saudi Arabia’s historical sites remotely, generating interest even before they arrive. This hybrid approach— where physical and digital tourism coexist— expands accessibility, ensuring that more people engage with Saudi culture regardless of their location.” they said.
From ADL’s side, technology is enhancing the travel experience to Saudi Arabia with e-visa platforms and digital booking systems, simplifying entry for tourists. Upon arrival, AI-powered assistants offer real-time insights and personalized cultural experiences.
The ADL representative also clarified that digital platforms and the metaverse are expanding Saudi Arabia’s cultural reach through virtual heritage tours and interactive storytelling on social media while emphasizing that these efforts preserve and promote the Kingdom’s history, engaging a global audience.
“On the sustainability front, AI and IoT-powered monitoring systems protect UNESCO-listed heritage sites while smart waste management and carbon-neutral tourism initiatives ensure responsible development,” Garvin said.
Maite Grau Garvin, principal at Arthur D. Little Middle East. Supplied
Evolution of smart tourism
From Bain & Co.’s lens, by 2025, smart tourism in Saudi Arabia will be characterized by hyper-personalized experiences driven by AI and data analytics.
Abdul Rahman and Allerup shed light on how travelers will be able to use advanced digital assistants to plan their visits, receiving itinerary suggestions tailored to their interests and real-time adjustments based on preferences or changing conditions.
The partners added: “Additionally, AI-driven customer service and smart infrastructure will streamline the travel experience, reducing friction and enhancing convenience. These advancements will position Saudi Arabia as a global leader in smart tourism, offering visitors not just a journey through history but a glimpse into the future of travel itself.”
Garvin from ADL believes that by the end of 2025, the Kingdom’s tourism sector will be one of the most technologically advanced in the world..
“As the Kingdom rapidly evolves, it has a unique opportunity to shape its identity as a global travel hub as it is a nation with a rich historical legacy yet a blank canvas in modern tourism,” she said.
She added: “Saudi Arabia isn’t just preserving its cultural legacy — it’s revolutionizing how the world experiences it, setting a new global standard for immersive, sustainable, and technology-driven tourism. By fusing innovation with tradition, Saudi Arabia is creating a truly future-proof tourism industry.”
Uber overtakes Lucid as PIF’s largest US equity holding by value
Updated 23 May 2025
Dayan Abou Tine
RIYADH: Uber Technologies Inc. has emerged as the Saudi Public Investment Fund’s largest single holding by market value in its US portfolio, valued at $5.31 billion for an unchanged stake of 72.84 million shares.
This change reflected a market-driven increase in Uber’s stock price. In contrast, Lucid Group Inc., in which PIF continues to hold 1.77 billion shares, saw its market value decline to $4.29 billion from over $5.3 billion at the end of 2024.
According to the fund’s latest 13F filing with the US Securities and Exchange Commission, PIF’s US equity portfolio fell to $25.55 billion by March-end, down from $26.77 billion the preceding quarter, amid valuation and position changes.
The shift was primarily driven by market-based valuation changes, rather than a significant reallocation of assets, with the majority of holdings remaining unchanged in terms of share count.
Not all holdings listed in the filing are traditional equity shares. The fund also disclosed positions in call options for several US tech giants, including Amazon, Adobe, and Microsoft, as well as Alphabet, and Meta Platforms.
These derivatives grant the right — but not the obligation — to purchase the underlying stocks and are distinct from direct share ownership. The figures disclosed, such as 961,300 shares tied to call options on Adobe Inc. and 1.2 million shares via Alphabet Inc. options, represent the total number of underlying shares the options control.
These positions indicate the PIF’s strategic use of capital-light exposure to high-value tech equities.
While many core holdings remained unchanged, PIF increased its exposure in certain stocks. The fund nearly doubled its position in PayPal Holdings, from 1.76 million to 3.67 million shares, and added to its stakes in Amazon, Zoetis, Micron Technology, and Lam Research.
PIF increased its position in PayPal Holdings. Shutterstock
Debt issuance meets strategic shift
In parallel with its global positioning, PIF continues to tap capital markets to finance Vision 2030 initiatives.
According to a May report by Global SWF, the fund raised $1.25 billion through a seven-year sukuk — its second debt issuance of the year — tightening pricing from 145 basis points over US Treasuries to just 110 basis points after attracting over $8.2 billion in orders.
The sukuk, issued under the Trust Certificate Issuance Programme as Sukuk Al-Wakala, signals robust investor confidence and PIF’s expanding sophistication in Islamic finance.
However, the issuance comes amid an internal recalibration.
According to the report, citing Arabian Gulf Business Insight, PIF is reportedly cutting 2025 budgets across its portfolio by at least 20 percent, with some flagship giga-projects facing up to 60 percent reduction. Developments such as NEOM and the Red Sea Project have seen timeline adjustments and contract revisions as the fund prioritizes capital discipline.
This strategic shift reflects broader fiscal pressures. Oil revenues remain below target, and Brent oil forecasts for 2025 have been revised downward to $66 per barrel, far below the $90 per barrel fiscal breakeven.
Meanwhile, Aramco’s dividend payout is expected to fall to $85.4 billion, reducing government inflows. Combined with a rising fiscal and trade deficit, borrowing has become a necessary tool for PIF to maintain project continuity.
Despite this, the fund is doubling down on investor engagement, according to Global SWF. It has raised $5.25 billion in debt already in 2025 through various instruments, including a $4 billion bond in January and a $7 billion Murabaha credit facility. These steps are allowing the fund to selectively advance high-priority ventures while reassessing broader allocations.
A new era of capital discipline
PIF is looking to invest in ventures linked to events including the 2034 FIFA World Cup set to be held in Saudi Arabia. Getty
PIF’s transformation signals a new phase of financial pragmatism, according to Global SWF. Rather than scaling back, the fund is reallocating, favoring ventures with measurable returns — especially those aligned with near-term events like Expo 2030 and the 2034 FIFA World Cup.
Analysts describe the move not as a retreat, but recalibration and pivot toward “economically viable infrastructure” and industry-led projects.
Co-investment deals with firms like Goldman Sachs, BlackRock, and Brookfield are also on the rise, helping PIF attract external capital and reduce reliance on sovereign funding. The aim is to deploy up to $70 billion annually while ensuring long-term sustainability, the report said.
Despite the evolving landscape, market appetite for PIF-backed instruments remains strong, said Global SWF. The latest sukuk’s successful pricing reflects sustained confidence in Saudi Arabia’s fiscal direction and PIF’s strategic execution.
The fund’s move toward pairing financial firepower with economic logic underscores its evolution from a spender to a steward of transformation.
As PIF adjusts its financial architecture, its mix of market exposure, targeted lending, and fiscal discipline may set a precedent for sovereign investors worldwide — and reinforce its role as the cornerstone of Saudi Arabia’s post-oil future.
Oil Updates — crude heads to first weekly loss since April on OPEC+ supply hike prospect
Updated 23 May 2025
Reuters
SINGAPORE: Oil prices dropped for a fourth consecutive session on Friday and were set for their first weekly decline in three weeks, weighed down by renewed supply pressure from another possible OPEC+ output hike in July.
Brent futures fell 31 cents, or 0.5 percent, to $64.13 a barrel by 7:12 a.m. Saudi time. US West Texas Intermediate crude futures lost 33 cents, or 0.5 percent, to $60.87.
For the week, Brent has fallen 1.9 percent, and WTI has dropped 2.5 percent, following two weeks of gains.
Both contracts touched their lowest in more than one week on Thursday after a Bloomberg News report that OPEC+ was considering another large production increase at a meeting on June 1.
Increasing output by 411,000 barrels a day (bpd) for July was among the options discussed, but no final agreement has yet been reached, the report said, citing delegates.
“The oil market is under renewed pressure as noise builds around what OPEC+ will do with their July output levels,” ING analysts wrote in a research note.
They expect that OPEC+ will go ahead with a 411,000 bpd supply increase for July and currently forecast Brent to average $59 per barrel in the fourth quarter.
OPEC+, which includes the Organization of the Petroleum Exporting Countries and allies such as Russia, agreed to increase production by nearly 1 million barrels per day in April, May and June.
The supply tailwind offset jitters earlier this week triggered by a report saying Israel is making preparations to strike Iranian nuclear facilities and new sanctions announced by the EU and Britain on Russia’s oil trade.
A large crude oil build in the US also weighed on oil prices.
As traders brace for a flood of increased supply in coming months from OPEC+, US crude oil storage demand has surged in recent weeks to levels similar to the COVID-19 pandemic, according to data from storage broker The Tank Tiger.
On Friday, the market will watch for US oil and gas rig count data from Baker Hughes that is used as an indicator for future supply.
The market is also closely watching US-Iranian nuclear negotiations which could determine the future supply of Iranian oil. The fifth round of talks will take place in Rome on Friday.
Saudi Arabia launches global platform to shape future of tourism
Updated 22 May 2025
Nadin Hassan
RIYADH: Saudi Arabia has launched TOURISE, a global platform connecting leaders in tourism, tech, investment, and sustainability, as it positions itself to shape future travel policy and innovation.
The platform, officially introduced by Minister of Tourism Ahmed Al-Khateeb, will serve as a year-round initiative to unlock investment opportunities, address sector-wide challenges, and develop policies to guide the next phase of global tourism growth.
The launch aligns with Saudi Arabia’s broader push to become a global tourism hub, backed by major infrastructure investments, streamlined visas, and high-profile events. In 2024, Saudi Arabia hit its Vision 2030 target of 100 million visitors — seven years early — with tourism now contributing nearly 5 percent to gross domestic product.
Speaking during the virtual launch, Al-Khateeb said: “Tourism is one of the most dynamic, connective forces in the world’s economy, supporting one in ten jobs globally. But as the world evolves, the sector must too.”
He added: “Whether adapting to technological disruption and changing traveler expectations, to addressing the urgent calls for sustainability and a more equitable approach to travel, TOURISE will be the much-needed platform to shape the future of tourism.”
TOURISE will be supported by an advisory board composed of global figures from the tourism, hospitality, and technology, as well as entertainment and investment sectors.
According to the official press release, TOURISE will also form working groups focused on key themes and will publish white papers and global indices in collaboration with international organizations.
The first TOURISE Summit will take place in Riyadh from Nov. 11-13. The event will explore four major areas: the role of artificial intelligence in tourism, investment and business model innovation, travel experience upgrades, and inclusive and sustainable tourism practices.
An Innovation Zone will spotlight emerging technologies from both public and private sector firms.
An accompanying awards program will recognize destinations and organizations that demonstrate leadership in categories such as sustainability, digital transformation, cultural preservation, inclusive tourism and workforce development.
Nominations for the awards are scheduled to open on June 2, with winners to be announced on the summit's opening day.
“For this industry to evolve and reach its full potential, public-private sector collaboration is critical to the continued success of Travel & Tourism worldwide,” said Julia Simpson, president and CEO of the World Travel & Tourism Council and a member of the TOURISE advisory board.
