Dubai World Trade Centre (DWTC), the key hub for global business and connecting markets, has reported its results of 2024, revealing the record-breaking performance which continues to boost the economic structure in Dubai.

DWTC welcomed participants over 2.65 million in 2024, a 7 per cent increase over last year.

In 2024, DWTC hosted 378 exhibitions and events by a 26 per cent year-on -year increase. The centre expanded its events calendar with forty new additions, including 10 exhibitions, 17 conferences, and 13 association conventions. The exhibitions and conferences attracted nearly 59,000 exhibiting companies , with 77 per cent coming from international markets, while international participation at MICE event rose by 30 per cent year-on-year to over 942,000 attendees.

The DWTC’s flagship Meetings, Incentives, Conferences, and Exhibitions (MICE) segment experienced significant growth, increasing from 107 events in 2023 to 135 MICE events in 2024. The participation over 58,665 companies in the exhibitions and events made a 9 per cent increase compared to the last year.

Commenting on the performance, Helal Saeed Almarri, director general of Dubai World Trade Centre Authority, said: “Our 2024 achievements reflect growth – not just in numbers, but in strengthening Dubai’s global market position. The remarkable increase in international participation underscores growing confidence in Dubai’s dynamic business ecosystem and DWTC’s role in fostering meaningful commercial connections.”

Key events at DWTC in 2024

The KAOUN International expanded DWTC’s global reach with GITEX AFRICA in Morocco and GITEX DIGI_HEALTH 5.0 Asia in Singapore. The healthcare sector led MICE participation, drawing 465,000 attendees, a 69 per cent rise from 2023. The food, hotel, and catering sector followed with 28,3000 attendees, a 25 per cent increase compared to last year, while the IT sector saw 281,000 attendees with an increase by 8 per cent year-on-year.

Major events like The Baby Expo, Middle East Organic and Natural Products Expo, World Vape Show and China Home Life, and the Leisure, Sport and Travel sector, with nearly 110,000 attendees, led by Arabian Travel Market, Dubai International Boat Show and Dubai Muscle Show.

Other high-performing exhibitions included The Big 5, Beauty World, WETEX, Automechanika and Inter-sec showcased DWTC’S strong event portfolio and its role in attracting global participation across diverse industries.

Real estate milestones

DWTC‘s 2024 growth extended beyond events. DWTC’s real estate arm are collaborated with Emaar for Expo Living, a new residential project.

The asset management business saw near-full occupancy: 99 per cent in commercial spaces (One Central, Sheikh Rashid, Convention Tower) and over 90 per cent in Expo Village.

The DWTC Authority Free Zone expanded, incorporating One Za’abeel, attracting 389 new businesses with its premium offerings and free zone advantages.

Read: DWTC, Informa Group partner to create global MICE entity

Britain’s Heathrow Airport said it would be closed all of Friday after a huge fire at a nearby electrical substation wiped out power, disrupting flight schedules around the world.

The London Fire Brigade said around 70 firefighters were tackling the blaze in the west of London, which caused a mass power outage at Heathrow, Europe’s busiest and the world’s fifth-busiest airport.

Read-Revealed: The world’s most luxurious airports

Huge orange flames and smoke could be seen shooting into the sky. Around 150 people were evacuated from nearby buildings and thousands of properties were without power.

The fire brigade said the cause of the fire was not known.

“To maintain the safety of our passengers and colleagues, Heathrow will be closed until 23h59 on 21 March,” Heathrow Airport said in a post on X, adding that passengers were advised not to travel to the airport.

According to flight tracking website FlightRadar24, at least 120 inbound flights to Heathrow were having to divert to other airports.

It said at least 1,351 flights to and from Heathrow would be affected on Friday, not including flights that might be cancelled or delayed due to aircraft being out of position.

British Airways itself had 341 flights scheduled to land at Heathrow on Friday.

“Heathrow is one of the major hubs of the world,” said Ian Petchenik, spokesman for FlightRadar24. “This is going to disrupt airlines’ operations around the world.”

The impact was immediate. Qantas Airways sent its flight from Perth to Paris, a United Airlines New York flight headed to Shannon, Ireland and a United Airlines flight from San Francisco was due to land in Washington, D.C. rather than London.

Some flights from the US were turning around mid-air and returning to their point of departure.

Chaotic days ahead

Travel experts said the disruption would extend far beyond Heathrow

Airlines’ carefully choreographed networks depend on airplanes and crews being in specific locations at specific times. Dozens of air carriers will have to hurriedly reconfigure their networks to move planes and crews around.

“The other question is, ‘What will airlines do to deal with the backlog of passengers?'”, said travel industry analyst Henry Harteveldt with Atmosphere Research Group. “It’s going to be a chaotic couple of days.”

A Heathrow spokesperson told Reuters in an email that there was no clarity on when power would be restored, and they expected significant disruption over the coming days.

On the ground in London, a number of homes and businesses were without power. “Firefighters have led 29 people to safety from neighbouring properties, and as a precaution, a 200-metre cordon has been established, with around 150 people evacuated,” the fire brigade said.

In this exclusive Gulf Business interview, we spoke with Etihad Airways CEO Antonoaldo Neves onboard a special flight to Addis Ababa, Ethhiopia.

Earlier this week, Etihad Airways and Ethiopian Airlines inked a joint venture agreement that will open up a new route between Addis Ababa Bole International Airport and Abu Dhabi’s Zayed International Airport from 15 July. As part of the agreement, Etihad Airways will launch daily services to Addis Ababa from 1 October 2025.

READ MORE: Etihad, Ethiopian Airlines to launch Abu Dhabi-Addis Ababa flights

The conversation covers Etihad’s new partnership with Ethiopian Airlines, but also looks at the Abu Dhabi-based airline’s ambitious growth plans, record profits, and the much-speculated IPO.

Below is the transcript of the conversation, edited for clarity and readability.

Watch the full interview here:

We’re on this special flight with you and the Etihad Airways team to Ethiopia. Can you tell us more about what’s happening?

Etihad is working really hard to expand our partnerships across the globe. We just announced recently a very important partnership with China Eastern, which allows us to fly to China differently and provide our customers more options. And today, we’re very happy to announce that we’re going to make a very similar partnership with Ethiopian Airlines.

This is extremely important for Etihad because it means we can offer customers many more options into Africa, and at the same time, we can provide Ethiopian customers many, many options that Etihad has today to different places around the world.

And when you talk about the partnership, is it like a codeshare partnership? Can you unpack some of the logistics?

Yes, it’s a joint venture partnership. It starts with the airlines cooperating point-to-point, across about ten destinations, working together to sell and carry passengers in and out of those destinations.

Airline partnerships usually start with an interline agreement – that’s the most basic. For example, you fly Etihad (EY) and then connect on Ethiopian Airlines (ET).

Then, the partnership can evolve into a codeshare agreement, where you fly on, say, an Ethiopian plane but under the Etihad flight code.
But you can even go beyond that to a joint venture model, which is more in-depth collaboration. You provide better schedules, better pricing, seamless journeys, and all airlines share the revenue equally.

So practically, if you’re flying from Abu Dhabi to Addis, you could be on either an Etihad or Ethiopian plane, but for you as a customer, the price and experience would be the same. There’s no seat allocation restriction like in codeshare; Etihad could sell 70 per cent of seats on an Ethiopian flight and vice versa.

Why did you decide to go with the joint venture approach instead of the typical codeshare approach?

It’s a matter of speed. Traditionally, airlines go interline, get to know each other, move to codeshare, and then joint venture – a process that can take up to seven years. But there’s so much opportunity in the market now.

Both Etihad and Ethiopian have strong organisational capabilities. If it’s better for both sides, why not do it sooner?

This approach benefits Etihad, Ethiopian, and most importantly, the customers. So, we decided to fast-track it.

Ethiopian Airlines has grown in leaps and bounds recently. It’s now a central hub for African aviation. Abu Dhabi, of course, is also central. Does this give you two hubs from which you can operate globally?

Exactly. You’ve got to admire your counterpart. Ethiopian has built something amazing. They’re about the same size as Etihad, and they provide very good service.

We’re partnering with an airline that shares our view on how an airline should be run and how to develop the future of aviation. Their A350s are amazing, and we believe this is a milestone for the industry.

Etihad will benefit from their network, and in the past three years, we’ve doubled our size – growing from 10 million to 21 million passengers this year.

No other airline in the Middle East provides the frequency we do to the Middle East and India. Customers value frequency.

Now, we’re flying four times a day to multiple markets. Three years ago, we didn’t have that. We’re focused on convenience and providing multiple flights daily to key markets.

And in terms of the number of destinations you serve – it’s grown significantly too?

Yes, but two-thirds of our growth is adding capacity to existing markets, not just new destinations.
Two years ago, we had 15 destinations with more than two flights a day. Today, we have over 40. For example, four flights daily to Kuwait.

We’ll keep opening 10-15 new destinations yearly – Addis Ababa is our 15th this year. But equally important is increasing frequencies in markets we already serve.

Customers value not just price but the ability to fly when they want, with short connections and reliable service.

Talking about the region, the GCC aviation sector seems to be experiencing a golden age. Your neighbour Dubai is seeing record traffic. Is this growth unstoppable?

Absolutely. Airline growth is always correlated to GDP growth, and the Middle East is still underserved.
Within a four-hour flight from Abu Dhabi, you have two billion people. For comparison, Brazil has 250 million people. So, the opportunity is massive.

GDP in the region grows about 5 per cent annually, and aviation typically grows twice that.

Other airlines are growing at 3-4 per cent. Etihad will grow 15 per cent this year.

Why? Because we have the capacity at Abu Dhabi Airport, one of the best terminals globally. You have a 99 per cent chance of not taking a bus to board, no trains to gates, pre-clearance to the US – all advantages.

Looking further ahead, there’s been talk about Riyadh Air. Do you see them as a positive force, or will competition heat up?

They’re not flying yet. It’ll take years to reach critical mass.

I’ve seen this before. It took David Neeleman seven years to get Breeze Airways to scale.

That said, I welcome competition. There are many airlines in the region – Saudia, Air Cairo, Wizz Air Abu Dhabi, Flynas – all excited about the market.

Increased competition stimulates the market. The challenge isn’t just about product; anyone can offer good seats or food.
It’s about having a reliable, scalable network that makes money while providing excellent service. Few can master all of that.

Coming back to Etihad, you’ve reported record profits, passenger numbers, routes – and there’s talk of a potential IPO. What can you tell us?

The speculation is natural. If we weren’t doing well, there’d be no talk. Margins have improved, profitability is up, but we stay humble – there’s still room for growth. ADQ, our shareholder, has listed companies before, so it’s understandable there’s talk.

IPO is a tool, not an end. I’ve been through IPOs before. Airlines are capital-intensive and need flexibility. Our job is to be ready if the shareholder decides to proceed. Operationally, financially, from a governance standpoint – Etihad is ready. But no decision has been made yet. We take the speculation as a compliment, a sign we’re on the right path. If the day comes, we’ll be ready.

In an exclusive interview, Ranjit Khanna, head of Private Banking, Europe and Middle East and chief executive, DIFC Branch, Bank of Singapore, delves into the key themes from the CIO Summit: 2025 Supertrends held recently in Dubai.

He discusses how shifting geopolitical landscapes, rapid technological advancements like AI, and the urgent need for sustainable investing are reshaping investment strategies for high-net-worth individuals and institutional investors.

Khanna also offers insights into Asia’s burgeoning opportunities and the evolving role of private banking in a complex global economy.

What are the key themes and insights from the recent CIO Summit: 2025 Supertrends, and how do they reflect the shifting global economic landscape? How are factors such as geopolitics, macroeconomic policies, and technological innovations shaping investment strategies for high-net-worth individuals and institutional investors?

The five key themes are – the changing world order, activating asset allocation, finding artificial intelligence in real life, powering ahead and living 2.0. These are themes related to geopolitics, macroeconomic policy, investment, technology, and environmental and social dilemmas of our time.

These ‘Supertrends’ will be the foundation to the way we construct portfolios and evaluate investments across asset classes, geographies and sectors.

With ongoing geopolitical tensions, de-globalisation trends, and central bank policy shifts, how is the Bank of Singapore advising clients on asset allocation in 2025? How do you view the future of the US dollar as a reserve currency, and what investment opportunities are emerging in Asia’s key markets, including China, India, and Southeast Asia?

The fragmented world investors face after the shocks of the pandemic, the crises in Ukraine and the Middle East, and the US-China rivalry is likely to fracture even more under the second Trump term. Tax cuts, steep tariffs, tight immigration and easier regulation – these are already happening. Inflation is set to prevail.

However, despite near-term uncertainties, we believe that the global growth and earnings outlook appear broadly resilience, which underpins an overall risk-on stance in our tactical asset allocation strategy. We hold an overall ‘Overweight’ stance in equities, expressed through Overweight positions in US and Asia ex-Japan equities, and Neutral positions in Europe and Japan. We adopt an overall ‘Underweight’ stance in fixed income, with ‘Neutral’ positions in DM High Yield (HY), Emerging Markets (EM) IG and EM HY bonds, and Underweight positions in USTs and DM IG bonds.

We believe the rally in Hong Kong and China is broadly durable and has more legs. Although China’s economic outlook remains weak, there are nascent signs that the situation may have bottomed out.

In the real estate market, the magnitude of price declines has eased in recent months, while total sales value has also turned a corner. In addition, consumer confidence, which has been subdued over the past year, appears to be stabilising.

We see opportunities in promising emerging markets, such as India and Indonesia, due to their expanding middle class and global friendshoring trends.

Lastly, our view that gold prices could rise even with a strong USD in 2025 remains on track. Gold continues to defy the negative pull during bouts of USD strength and higher US real rates, extending a theme that has increasingly become evident in the last few years. We continue to see gold as an effective portfolio hedge and diversifier.

Artificial intelligence is transforming industries worldwide, but how is it specifically reshaping the financial sector? What are the biggest AI-driven investment opportunities in wealth management, and what risks should investors be mindful of when integrating AI into their portfolios?

We see AI uses cases focusing on broad internal employee productivity, revenue opportunities via customer facing applications as well as customer experience and engagement. When incorporating AI-related securities in portfolios, we believe it is important to be nimble in the face of various risks, such as chip export restrictions, cyclicality in aspects of businesses, monetisation strategies, and execution capabilities by management teams.

Sustainability and energy transition continue to be dominant themes in global investing. How is the Bank of Singapore incorporating ESG principles into investment strategies, and what role do Asia’s markets play in the clean energy transition, given rising energy prices and supply chain disruptions?

We view ESG considerations to be crucial for investors, especially for those with a long-term perspective. Integrating ESG factors into investment decision-making can help identify risks and opportunities that traditional financial analysis may overlook, potentially enhancing portfolio resilience in the long run. Aligning investment outcomes with one’s values to do good for the society and environment can also enable the betterment of our world.

To help clients understand how ESG factors impact their investment portfolios, we have published research content extensively on ESG topics in recent years. Since 2020, we partnered MSCI ESG research to include an MSCI ESG rating in all in-house company research reports. Our research analysts also factor in ESG considerations and commentary in their reports, taking into account sustainability risks and opportunities.

The global clean energy race is intensifying, with China and the European Union making significant advancements in renewable technologies. The US may strategically concentrate its efforts on sectors where it can still lead or catch up, ensuring that investments yield tangible benefits for the economy and energy security. This might involve fostering public-private partnerships that leverage innovation while also addressing the immediate needs of the workforce and industry.

In Asia, countries like Indonesia offer an opportunity as one of the world’s largest carbon sinks. The country also boasts a rich reservoir of rare earth and minerals required in technological advancements. New investment opportunities are also emerging as Chinese companies leading in the energy transition are setting up more manufacturing facilities and infrastructure in other parts of Asia.

As demographic shifts, technological advancements, and healthcare innovations redefine industries, what are the most promising sectors for long-term investors? How are longevity-focused investments, biotech, and digital transformation influencing portfolio strategies in an era of rapid change?

While aging is a major structural trend influencing the outcomes for economy and markets, there are ample mechanisms for the economy to adjust to the challenges via mindset shifts, policy changes and targeted investing. As working age populations shrink, competition for skilled talent will intensify, spurring investment in automation and productivity-enhancing technologies.

While the world will see a greater need for static robots, more exciting growth will come from the combination of AI and robotics, for we are now entering a new era in which AI-robots and humanoids will be moving all around us.

In addition, declining populations have the potential to drive the need for re-skilling in the face of labour shortages, along with the rise of automation. This requires the technical expertise for jobs to evolve. Indeed, training, re-skilling and retaining talent is key to human capital strategy, and companies are noting the growing skills gap across industries which are hindering growth and advancement in their sectors.

As such, companies exposed to education, reskilling, retention and recruiting industries are likely to see greater demand for their services. Staffing and recruiting companies may benefit from helping firms navigate human capital gaps, while also helping to provide re-skilling services.

Given market volatilities and evolving risk factors, how should investors approach wealth preservation and growth in 2025? What are the key challenges and opportunities for private banking and wealth management firms in the coming years, particularly in Asia?

Markets are increasingly complex and challenging, making it essential for investors to ensure their portfolios remain resilient amid fluctuating macroeconomic conditions. Investors must be agile in exploring a range of solutions. At Bank of Singapore, we help clients evaluate these solutions to optimise risk and returns to achieve their wealth objectives. This means creating portfolios around their needs; with sufficient diversification through the wide array of investment products and solutions that we have available.

One of the central problems facing private wealth management in Asia and the Middle East has been the focus on short-term targets. As an industry, we have focused on short term growth as some private banks have been transaction-driven rather than adopt a sustainable strategy. We need to raise the bar as an industry and move from transaction-led to more asset allocation based to ensure proper risk-based diversification in portfolios.

Private banks are also face shifting client demographics and needs, and existing challenges around operations, technology, and talent management.

Clients are now looking for something extra from the private banks — guidance and direction on investments, family, philanthropy, retirement, succession and estate planning. It is less transaction focused and more sophisticated financial planning. Having the right infrastructure, range of solutions and people has hence become essential for private banks to succeed.

Particularly for Asia, where wealth has grown exponentially in the last couple of decades, this is Asia’s time in the limelight as a region of investment and business opportunities, especially so given recent macroeconomic and geopolitical developments. As one of Asia’s key gateway cities, Singapore has also grown into a very strong, leading global wealth management and business hub with a reputation for transparency and upholding the rule of law.

As a result, Singapore banks with their strong credit ratings have drawn strong interest from investors around the world. There is an opportunity here for us to take Bank of Singapore, a home-grown full-fledged private bank, to a larger, more global scale given Singapore’s rise on the global stage.

Coupled with our three hubs in the leading global wealth hubs of Singapore, Hong Kong and Dubai, we are well positioned to support not only clients in this region that want access to global capabilities and global markets, but also international clients who want better access to the uniquely Asian opportunities that may not exist in their home markets.

Watch: Decoding the decade with Heriot-Watt University’s Professor Angus Laing

Since launching in the Gulf last year, Trendyol has rapidly expanded, with Saudi Arabia emerging as its second-largest market globally.

The e-commerce platform’s success is driven by strategic localisation, strong partnerships, and innovative technology, including AI-powered personalisation and seamless translation.

In this exclusive interview, Mohamad ElAnsari, CEO of Trendyol Gulf, discusses the factors behind the platform’s rapid growth, its commitment to empowering SMEs, and future expansion plans in the region.

Trendyol has experienced impressive growth in the Gulf since launching last year, with Saudi Arabia becoming your second-largest market globally. What factors do you attribute to this success in the region?

It’s been an exciting journey for us in the Gulf, and our growth reflects both the rapid evolution of the market and our ability to localise and integrate effectively. The regional retail sector, particularly in Saudi Arabia, has seen incredible growth in the past year, driven by economic diversification, urbanization, and a more digitally savvy consumer base. More people are shopping online and are increasingly expecting personalised experiences, a wide selection of relevant products, and competitive pricing.

On Trendyol, we have the best assortment of relevant, affordable and high-quality local and international products — this is ultimately what sets us apart and has contributed to quickly making us a preferred online destination for Gulf shoppers.

From the start, our key focus has been on understanding the market and tailoring our approach. Establishing offices in Riyadh and Dubai has allowed us to tap into local talent, while warehouses in Saudi Arabia and the UAE ensure we’re meeting customer expectations for fast and reliable deliveries.

Our partnerships have also been a big part of our success. Collaborating with the government and industry players like banks, telecoms, and retailers has helped us strengthen our presence and operational efficiency. On the tech side, we’ve introduced innovative solutions, like Türkiye’s first large language model, which simplifies communication between sellers and buyers by translating seamlessly into Arabic. AI personalisation has also enhanced the shopping experience, helping customers find what they need quickly and easily.

Moving forward, we’re focused on innovation, improving customer experiences, and empowering local SMEs which we believe will benefit the entire ecosystem. We see ourselves as more than just a marketplace — we want to enable two-way commerce — from and to the Gulf — ultimately contributing to the region’s economic growth.

Can you explain Trendyol’s marketplace model and how it benefits both consumers and brands, particularly in the Gulf market?

In simple terms, we are a commerce enabler. We connect consumers with retailers selling a wide selection of high-quality, affordable products across multiple categories, while providing our brand partners – from regional giants to local retailers – a scalable platform to reach millions of shoppers.

For customers, it’s about offering variety, relevance, and value. For sellers, it’s about visibility, growth, and access to tools like advanced logistics, seamless translation, and AI-powered insights that help them scale effectively. By bridging these needs, we’ve become an integral part of the Gulf’s retail ecosystem, creating opportunities and driving success for both sides.

Looking ahead, we’re focused on expanding our selection and bringing more local retailers and SMEs onto our platform to support their growth.

By doing so, we aim to contribute to the broader goals of fostering entrepreneurship and driving economic diversification in line with the national visions of Saudi Arabia and the UAE.

The strategic partnership with Alshaya Group brings major international brands like American Eagle, Bath & Body Works, and H&M to Trendyol. What does this partnership mean for the future of e-commerce in the region?

Our partnership with Alshaya Group is a significant step forward for e-commerce in the Gulf. By bringing reputed international brands to our platform, we’re offering Gulf shoppers even more variety and accessibility. It’s not just about expanding our product mix — it’s about meeting customer demand for trusted global brands in one place, making online shopping more convenient and seamless. This brings the digital retail ecosystem closer together and sets the stage for more innovative collaborations in the future.

How important is the local partner ecosystem to Trendyol’s strategy, and what role does it play in expanding your platform’s reach and relevance in the Gulf?

The local partner ecosystem is crucial to our strategy in the Gulf. It’s not just about expanding our reach, it’s about becoming a true part of the regional fabric. Through our collaborations with local SMEs, government bodies like Monsha’at, and key industry players, we’re able to empower businesses with the tools they need to thrive in the digital space.

For us, it’s about building relationships and supporting the growth of local talent and entrepreneurs. By curating region-specific collections and enhancing our seller experience, we’re able to tailor our platform to the needs of the Gulf market. These collaborations deepen our connection to the region, making Trendyol a local ally in the Gulf’s digital transformation.

With over three million shoppers already on board, what do you believe has attracted such a large customer base to Trendyol in such a short time?

Several factors have contributed to our success, including our wide selection of products from over 250,000 Turkish and regional SMEs at affordable prices, with the core premise being our strategic localisation efforts.

From the outset, we’ve focused on creating a localised experience, designing our platform to align with the preferences and needs of Gulf consumers. Our innovative use of technology, such as AI-powered personalisation and seamless translation, has made the shopping experience intuitive and enjoyable.

Additionally, our commitment to quality and affordability has established trust and loyalty among our customers. Effective marketing campaigns and influencer collaborations have also played a significant role in boosting awareness and engagement, helping us attract millions of shoppers in a relatively short time.

Looking ahead, what are Trendyol’s key expansion plans for the Gulf, and which markets or initiatives are you most excited about?

Our focus remains on deepening our presence in the Gulf by onboarding more SMEs onto our marketplace to support their growth while also catering to local customer demands. This is what we’re most excited about as it not only positively impacts the local retailers but also contributes towards the growth of the overall economy.

We’re also continuously looking into new ways of enhancing the customer experience, including investments into AI-powered logistics and predictive analytics to optimise the supply chain, improve last-mile delivery, and further personalise the shopping experience for our Gulf shoppers.