Tourism turns the Kingdom into a rising global star

Sharjah records first half real estate deals worth $3.65 billion

• A total of 40,483 transactions took place in the first half of 2023, and the value of real estate mortgages amounted to AED4.1 billion ($1.12bn)
• The number of sales transactions in the various regions of the emirate during H1 2023 reached 4,187 transactions, with a value of AED5.7 billion ($1.55bn)

Rise in foreign sukuk offset by local currency decline

• Saudi Arabia's reduced banking liquidity and lower oil prices have led to a decline in local currency sukuk, but a surge in foreign currency issuances, says a report
• A new report by S&P Global Ratings indicates mixed activity levels, suggesting the need for harmonization of Sharia standards to attract non-core jurisdictions

Middle East tackles AI hurdles, embraces opportunities

• The region, rich in history and culture, is expected to accumulate substantial global AI benefits, reshaping its traditional sectors and driving innovation, reports suggest
• Tradition and technology harmoniously coexist in Middle East as it stays committed to AI integration despite some industries grappling with implementation challenges

Saudi Arabia, Japan sign 26 new cooperation deals

• The deals signed during Japanese Prime Minister Fumio Kishida's official visit to Saudi Arabia reflect the shared commitment to the Saudi-Japanese Vision 2030
• The two nations' trade volume reached $47.489 billion in 2022 as Saudi Arabia continues to be a key energy partner to Japan, providing 40 percent of its oil needs

ADX grew 20 percent in 2022, says CBUAE

• The Abu Dhabi Securities Exchange (ADX) trading value increased by 21.9 percent to AED 451 billion ($122.78bn)
• Foreign investment in ADX increased, with total net foreign investments recording an inflow of AED 24 billion ($6.53bn) in 2022

Dubai to expand EV charging points by 170 percent till 2025

• Dubai Electricity and Water Authority aims to grow the city’s network of public charging stations by 170 percent in less than three years.
• The emirate’s Clean Energy Strategy 2050 and Net Zero Carbon Emissions Strategy 2050 seek to generate 100 percent of its power from clean energy sources by 2050.

AI and real doctors review medical cases in China

• In the 91 cases reviewed, an AI doctor, "MedGPT", and the attending doctors reached 96 percent agreement on case results
• There were seven departments and eight consultation desks on-site, including two cardiology units, urology, orthopaedics, etc

Russian security crisis eases as Wagner forces leave Russia

• Kremlin announces the end of the mutiny after Wagner chief agrees to exile in Belarus
• The deal averts immediate assault on Moscow but highlights vulnerabilities in Putin's rule

Iraq’s finance and business center to be a hub for trading, selling

• The Prime Minister's financial advisor emphasized the center's role in Iraq's financial and banking development strategy.
• He said that the center would cater to both the banking and non-banking financial businesses, such as insurance companies.