DEWA will adopt the cubic metre as the unit for measuring water consumption, replacing the imperial gallon. The new billing cycle will begin this change in March 2025.
Issued by the Ministry of Industry and Advanced Technology, the resolutions mandate the discontinuation of the imperial gallon (IG) unit in water meters across the UAE.
“Adopting the cubic metre as a globally recognised and uniform measurement unit, rather than the imperial gallon, is a significant step toward enhancing alignment with international best practices. This transition will facilitate benchmarking across sectors, support our efforts to provide world-class services, and enhance DEWA’s leadership in innovation and sustainability — ultimately benefiting customers and stakeholders,” said Saeed Mohammed Al Tayer, MD and CEO of DEWA.
Customer meters will not be changed, as the currently installed ones are compatible with the cubic metre measurement system.
However, DEWA plans to display both cubic metres and gallons on water bills and customer dashboards as part of the preparatory phase of the transition.
The new unit will be fully adopted in the March 2025 billing cycle, and customers will be informed of the change through official communication channels.
Abu Dhabi’s ADQ and Vietnam’s State Capital Investment Corporation (SCIC) recently signed a memorandum of understanding (MoU) to collaborate on investment opportunities in key sectors, as both nations seek to deepen economic ties.
The agreement establishes a framework for co-investment in sectors that align with Vietnam’s economic development strategy.
The Southeast Asian nation, the third-largest economy in the region after Indonesia and Thailand, is projected to grow by 6.5 per cent in both 2025 and 2026.
The MoU follows the comprehensive economic partnership agreement (CEPA) finalised in October 2024 between Vietnam and the UAE, the first such agreement Vietnam has signed with a Middle Eastern nation.
The pact is expected to enhance collaboration in sectors such as oil and gas, renewable energy, and agriculture.
ADQ-SCIC: Strengthening UAE-Vietnam bilateral ties
“This partnership aims to deepen the bilateral ties between the UAE and Vietnam while also highlighting ADQ’s commitment to investing in high-growth markets that align with our strategic investment priorities,” said Mohamed Hassan Alsuwaidi, MD and group CEO of ADQ. “Vietnam’s rapidly expanding economy presents a unique opportunity to drive impactful investments in key sectors of mutual interest.”
Trade between the UAE and Vietnam reached $4.7bn in 2023, a 5.9 per cent increase year-on-year.
In the first eight months of 2024 alone, trade exceeded $4.47bn, marking a 45 per cent surge compared to the same period in the previous year, underscoring the strengthening economic partnership between the two nations.
SCIC chairman Nguyen Chi Thanh called the MoU a “significant milestone”, adding that the agreement would strengthen economic cooperation between the two nations.
“SCIC stands ready to provide support and facilitate the most favourable conditions for the two parties to pursue long-term collaboration,” he said, suggesting the organisation of business forums to explore investment prospects and develop joint investment mechanisms.
Founded in 2005, SCIC manages a portfolio of over 110 state-owned enterprises across various industries.
It plays a key role in improving the competitiveness and efficiency of state-backed companies while executing strategic investments to drive sustainable economic growth.
ADQ, established in 2018, manages a portfolio of over 25 companies operating in more than 130 countries.
Its investments span key sectors, including energy, utilities, transport, logistics, food, agriculture, healthcare and life sciences.
The Abu Dhabi-based sovereign investor has formed strategic alliances with governments worldwide and has facilitated market expansion for its portfolio companies in countries such as Egypt, Turkey, Greece, Oman, and Jordan.
The GCC region is transforming into a key player in global finance, with the UAE at the forefront. Online trading is growing rapidly, and as a result, the region is fast developing into a hub for innovation and progress.
Dubai, in particular, is driving this momentum due to its strategic vision, strong infrastructure, and progressive regulations. The global FX market records an average daily turnover of $7.5tn, with a significant portion expected to be traded in the UAE during 2025, further solidifying its position as a global financial powerhouse.
A younger, tech-savvy population is reshaping demand across the region. Digital-first solutions and advanced technologies are quickly becoming the norm, meeting the evolving needs of modern traders.
This shift is creating unique opportunities for institutions and investors alike, as the region embraces innovation and adapts to global financial trends.
Regulatory reforms in the UAE have been instrumental in spurring advancement and bolstering investor confidence by ensuring transparency and accountability. The UAE continues to strengthen its position as a financial hub through key regulatory bodies such as the Securities and Commodities Authority (SCA) and the Virtual Assets Regulatory Authority (VARA).
These authorities play a pivotal role in shaping the digital financial landscape by providing a clear framework for trading virtual assets while safeguarding investor interests. We take pride in being one of the first companies to apply for an SCA license, underscoring our commitment to compliance and innovation in the evolving financial ecosystem.
Technology is key to driving the progress of the financial sector
Technology continues to propel the industry forward. Electronic communications network (ECN) technology is poised to be a game changer in the region, enabling the introduction of new financial instruments on the platform.
While Dubai has positioned itself as a leader in everything from blockchain and digital currencies to artificial intelligence and machine learning, significant private sector investments, combined with a forward-looking approach, have created fertile ground for fintech startups to thrive. This dynamic environment empowers entrepreneurs and redefines how services are delivered.
Situated at the crossroads of Europe, Asia, and Africa and backed by sustained developments in governance and technology, the GCC is poised to play a pivotal role in the international economy.
Dubai and the wider GCC are evolving from emerging players to key pillars of the world financial ecosystem.
By embracing change, driving growth, and capitalising on strategic strengths, the region is steadily establishing itself as an economic powerhouse.
The writer is the founder and chairman of MultiBank Group.
The event will also host thought leaders and experts who will discuss major global trends in more than 200 interactive sessions featuring over 300 global speakers
The World Governments Summit 2025 starts today in Dubai, running until February 13, under the theme ‘Shaping Future Governments’.
Day Zero will feature a series of key forums, including the Arab Fiscal Forum, the Arab Meeting for Young Leaders, and the Young Arab Leaders Forum, with wide participation from prominent officials, visionaries, decision-makers, and a host of international organisations.
World Governments Summit: More than 30 heads of state in the UAE
The 12th edition of the World Governments Summit is seeing record international participation, with over 30 heads of state and government, more than 80 international and regional organisations, and global institutions, alongside 140 government delegations.
The event will also host thought leaders and experts who will discuss major global trends in more than 200 interactive sessions featuring over 300 global speakers.
Additionally, over 30 ministerial meetings and roundtables will take place, attended by more than 400 ministers.
Among the standout events on ‘Day Zero’ is the 9th Arab Fiscal Forum, jointly organised by the Arab Monetary Fund (AMF), the International Monetary Fund (IMF), and the Ministry of Finance.
This year’s forum will focus on designing efficient and equitable fiscal policies to address debt vulnerabilities and future challenges amidst tighter financing constraints.
Topics covered will include subsidy reforms, tax administration, and public sector enterprise reforms.
The forum’s opening session features speakers such as Mohamed Al Hussaini, Minister of State for Financial Affairs in the UAE; Kristalina Georgieva, MD of the International Monetary Fund; and Dr Fahad Al Turki, DG and chairman of the Board of the Arab Monetary Fund.
Other discussions at the forum, which will be attended by Arab ministers of finance and governors of central banks, will focus on macroeconomic developments, fiscal policy design in the face of mounting debt pressures, fiscal policy and climate resilience, and revamping tax systems for structural economic changes.
Image: World Governments Summit
Arab Meeting for Young Leaders
Also on Day Zero is the Arab Meeting for Young Leaders, a collaborative platform for decision-makers and Arab youth. This meeting emphasizes youth engagement, with involvement at every stage, from preparation to participation.
The meeting is hosted in collaboration with the Arab Youth Centre and supported by both local and regional governmental and non-governmental partners.
Sessions at the meeting will explore topics such as the Arab Youth Competitiveness Index, The Vision of the League of Arab States, The Art of Etiquette: An Arab Perspective, The Last Drop of Oil: Seizing Opportunities, and Made in the Arab World.
Additionally, the Young Arab Leaders Forum will take place on Day Zero, offering a dynamic platform to empower the next generation of Arab innovators and professionals.
The forum focuses on fostering entrepreneurship, leadership, and professional growth through mentorship programs, educational initiatives, and insights from prominent Arab leaders.
Topics include preparing young leaders for a new world, the economic state of the Arab world, and the role of young leaders in planning and management at senior leadership levels, with a focus on entrepreneurship, sports, arts, culture, and beyond.
Gold firmed on Monday and hovered near a record high hit in the previous session, as investors sought refuge in the safe-haven asset after U.S. President Donald Trump’s fresh tariff plans sparked fears of a global trade war.
Spot gold was up by 0.5 per cent at $2,875.79 per ounce as of 0403 GMT, after hitting a record high of $2,886.62 on Friday.
Trump on Sunday said he will announce new 25 per cent tariffs on Monday on all steel and aluminium imports into the US, which would come on top of existing metal duties in another major escalation of his trade policy overhaul.
Trump also said he will announce reciprocal tariffs on Tuesday or Wednesday, to take effect almost immediately, applying them to all countries and matching the tariff rates levied by each country.
Global trade tension
“Global trade tension is still pretty much at play and could drive gold prices to $2,900 to $2,910 level in the near term,” said Kelvin Wong, OANDA’s senior market analyst for Asia Pacific.
“I don’t see any high probability of a correction yet at this juncture, unless we start to see a kind of a very strong US dollar push up.”
Gold is considered a safe investment during economic and financial turmoil, but higher interest rates reduce the non-yielding asset’s appeal.
“The potential of gold also getting caught up in the tit-for-tat tariffs is causing a dislocation in the physical market,” said Daniel Hynes, senior commodity strategist, ANZ bank.
Federal Reserve officials said on Friday the US job market is solid and noted the lack of clarity over how Trump’s policies will affect economic growth and still-elevated inflation, underscoring their no-rush approach to rate cuts.
Dubai welcomes 18.72 million international visitors in 2024
Dubai saw the highest growth in visitor numbers from North East and South East Asia (24 per cent), followed by Africa (20 per cent) and CIS and Eastern Europe (16 per cent)
Dubai has set a new record for international tourism, welcoming 18.72 million overnight visitors in 2024, marking a 9 per cent year-on-year increase.
This surge surpasses the previous record of 17.15 million set in 2023, according to data from the Dubai Department of Economy and Tourism (DET).
The significant growth in tourism is underpinned by impactful local and international partnerships, creative global campaigns, and major events. These efforts align with the goals of D33, which aims to double the size of Dubai’s economy by 2033.
Dubai’s remarkable performance also reflects its position as the number one city globally for foreign direct investment (FDI) into tourism, according to the Financial Times Ltd’s ‘fDi Markets’ data for H1 2024.
Key infrastructure projects, such as the expansion of Al Maktoum International Airport, further contribute to the city’s growth by enhancing the visitor experience and supporting future tourism expansion.
Tourism growth was further supported by DET’s global marketing activities, which targeted over 60 countries.
Dubai’s well-established partnerships with international players and its year-round campaigns showcased the city’s diverse offerings, increasing both visitor numbers and the number of people choosing to relocate to Dubai.
From a regional perspective, Dubai saw the highest growth in visitor numbers from North East and South East Asia (24 per cent), followed by Africa (20 per cent) and CIS and Eastern Europe (16 per cent). Western Europe remained the largest source region, with a 14 per cent increase in visitors.
Hotel sector performance
Dubai’s hotel sector also played a crucial role in its tourism success. By the end of December 2024, Dubai’s hotel inventory had expanded to 154,016 rooms across 832 establishments, compared to 150,291 rooms in 2023.
The city’s hotel occupancy rate rose to 78.2 per cent, up from 77.4 per cent in 2023.
The city’s hotel sector continued to outperform global peers, with average daily rates (ADR) remaining competitive.
The ADR for 2024 was Dhs538, a marginal increase from Dhs536 in 2023.
Revenue per available room (RevPAR) also rose 2 per cent, reaching Dhs421, compared to Dhs415 in 2023.
Image courtesy: Dubai Media Office
Global leader in tourism
Issam Kazim, CEO of the Dubai Corporation for Tourism and Commerce Marketing (DCTCM), praised the contributions of Dubai’s partners and stakeholders in driving the city’s tourism growth.
“Our market strategy, built on bespoke campaigns, has been pivotal in showcasing Dubai’s diverse tourism offerings,” Kazim said.
In 2024, Dubai continued to attract international recognition, with the city being named the world’s leading shopping and exhibition destination at the 31st World Travel Awards.
Dubai International Airport (DXB) was also crowned the world’s leading airport, with 92.3 million passengers passing through in 2024.
Dubai’s focus on safety and accessibility further enhanced its appeal. The city ranked among the top five safest cities in the world and retained its position as the top destination for long-term remote workers, according to various global indices.
Successful events secure Dubai’s global status
The city’s tourism appeal was also boosted by a calendar of high-profile events, including the Dubai Fitness Challenge, which attracted 2.7 million participants, and the Dubai Shopping Festival, which marked its 30th edition.
Trade shows, such as GITEX Global, Gulfood, and Arabian Travel Market, attracted thousands of visitors and exhibitors.
Looking ahead, Dubai is committed to maintaining its tourism momentum, with extensive infrastructure developments already underway. Al Maktoum International Airport’s new Dhs128bn terminal will be the largest in the world when completed, while the Dubai Metro’s Blue Line extension will further enhance connectivity.
