RIYADH: The UAE’s Dubai Integrated Economic Zones Authority recorded a 5 percent increase in total revenue in the first half of 2023 compared to the same period last year, according to the Emirates News Agency, also known as WAM.
DIEZ’s earnings before interest, taxes, depreciation and amortization surged 34 percent between January and June compared to the year-ago period.
As opposed to the first half of 2022, the revenues between January and June from leasing operations grew by 10 percent, government services by 36 percent and licensing by 39 percent.
“The strong H1 2023 financial results underscore the authority’s ability to maintain sustainable growth as well as the effectiveness of DIEZ’s new integrated model, which consolidates the products and services of its three free zones,” the statement said.
The model aims to enhance the competitiveness of Dubai’s business value proposition, global economic stature and entrepreneurial and investment environment.
Banking sector shows steady performance: Alvares & Marsal
The UAE banking sector delivered a stable performance in the second quarter, with its profitability spurred by increased non-interest income and reduced impairment charges, according to a report by global professional services firm Alvares & Marsal.
In the second quarter of 2023, all of the top 10 banks recorded a rise in loans and advances, with Commercial Bank of Dubai achieving the most substantial growth of 5.5 percent compared to the previous quarter.
For the top 10 banks, cumulative deposits saw a slight expansion of 0.8 percent compared to the previous quarter. As a result, the loan-to-deposit ratio increased by 1.4 percentage points over the last quarter, reaching 76.3 percent.
However, the growth of aggregate deposits was somewhat slowed by a decrease in deposits at First Abu Dhabi Bank, which declined by 4.6 percent compared to the previous quarter.
“We are continuing to witness sustained resilience in the UAE’s banking sector. Profitability remains robust and is emblematic of the sector’s adaptability, with non-interest income elevation and a reduction in impairment charges steering the positive trajectory,” said Asad Ahmed, managing director and head of Middle East Financial Services of A&M.
Hong Kong to establish green tech and finance hub
On an expansion front, Hong Kong Science and Technology Parks Corp. is planning to attract more companies from the UAE and the Middle East to look into commercial prospects in Hong Kong, according to WAM.
HKSTP CEO Albert Wong emphasized the significance of expanding partnerships with Middle Eastern nations to consider exporting technological innovations created at HKSTP.
“The role of HKSTP is to build an ecosystem to encourage the development of technologies from every part of the world,” Wong said
He added: “We are investing a lot of resources in green tech such as new energy, solar panels, sustainability and carbon-zero, etc.”
Hong Kong is in the process of establishing a hub focused on green technology and sustainable finance.
