• The UAE government’s revenues amounted to AED AED155.9bn ($42.4bn).
• the total expenditures amounted to AED AED131.3bn ($35.8bn)
• Net lending and net borrowing value was AED 24.6bn ($6.7bn).

The UAE Ministry of Finance has released the preliminary results of the UAE Government Finance Statistics Report, which covers the fourth quarter of 2023.

The report reveals that the UAE government’s revenues amounted to AED AED155.9bn ($42.4bn).

The report also shows that the total expenditures amounted to AED AED131.3bn ($35.8bn) and included net investment in non-financial assets and current expenses such as employees’ wages, goods and services, consumption of fixed capital, paid interest, subsidies, grants, social benefits, and other transfers.

Furthermore, the report indicates that the net lending/net borrowing value, which is a summary measure of a government’s ability to lend or their need to borrow, was AED 24.6bn ($6.7bn).

This value is an indicator of the financial impact of government activity on other sectors of the economy.

Younis Haji Al Khoori, Under-Secretary of the Ministry of Finance, stated that the UAE government is committed to diversifying its revenue sources while ensuring optimal use of financial resources and improved efficiency of government spending.

The aim is to enhance the country’s competitiveness and economic sustainability.

Al Khoori added that the UAE is working towards fostering a dynamic economic environment, improving its tax system, and consolidating its position as a leading global business and investment hub.

The report follows the open data policy of the UAE and is based on the standards of the Government Finance Statistics Manual issued by the International Monetary Fund. Government Finance Statistics (GFS) measures the financial activities of the government in an economy and its allocation of resources.

These statistics are crucial in sound financial analysis and monitoring public expenditures.

They play a pivotal role in setting financial programmes and monitoring economic policies.

Government Finance Statistics is a key type of macroeconomic statistics that serves political leaders, decision-makers, researchers, and those interested in the financial sector, making it one of the statistics of high local and international interest.

The UAE Ministry of Finance’s open data portal allows access to data that developers, researchers, the media, and the public can use in line with the concept of open government data and the era of digital transformation.

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The Majid Al Futtaim (MAF) Group, a shopping malls and retail organization in the UAE, reported a marginal increase in its net profit to AED2.7 billion ($735 million) in 2023, up from AED2.4 billion in 2022.

The group’s revenue was impacted by a decline in the retail business due to geopolitical headwinds.

However, the group recorded a consolidated revenue increase of 1% to AED34.5 billion, with its Lifestyle vertical contributing to the growth by crossing AED1 billion for the first time.

MAF Group’s EBITDA increased by 12% to AED4.6 billion, and total assets increased to AED69.7 billion, up from AED66.1 billion in 2022.

MAF Properties was one of the key performers for the company, with revenue growing by 20% year-on-year to AED6.9 billion and EBITDA increasing by 21% to AED3.6 billion.

The growth was attributed to increased footfall and higher occupancy rates, along with growth in its Tilal Al Ghaf development.

The group’s shopping malls business witnessed tenant sales of AED30 billion, an increase in overall occupancy to 96%, and an 8% rise in footfall, to 232 million visitors.

Revenue for its entertainment vertical grew by 7% to AED1.8 billion, with the group stating that the cinemas business was recovering from delays and adjustments to its content pipeline.

This reflected positively on EBITDA, which increased by 53% to AED193 million in 2023.

The group’s retail arm, on the other hand, saw revenues decline by 4% on a restated basis to AED24.7 billion, primarily due to currency devaluations in Egypt, Pakistan, Kenya, and Lebanon.

EBITDA for the retail vertical also declined by 15% to AED1.1 billion year on year. However, at a constant currency rate, MAF added that its revenue grew by 4%, and EBITDA fell 4%.

The group’s retail digital business saw “significant growth,” with revenue increasing 17% to AED2.6 billion, contributing nearly 10% of MAF Retail’s revenues in 2023.

The group said its net debt increased to AED15 billion, primarily due to investments in working capital.

Additionally, MAF retained its “BBB” credit rating with a stable outlook from Standard & Poor’s and Fitch Ratings.

Commenting on the 2024 outlook, Ahmed Galal Ismail, Chief Executive Officer, Majid Al Futtaim, said, “While we are not immune to the impact of the regional macroeconomic challenges, including currency devaluation in Egypt, Lebanon, Pakistan, and Kenya, and the deeply concerning geopolitical events that are shaping market dynamics and consumer behaviors, we are confident in our ability to navigate the path ahead while delivering value to our stakeholders in 2024 and beyond.”

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According to a report released on Monday, the biggest smartphone seller in the region, Samsung, is losing its market share as more consumers opt for affordable handsets.

The latest data from Counterpoint’s Market Monitor Service showed that Transsion Group’s Tecno-branded phones dominated the growth in gadget sales in the Middle East and Africa (MEA) market, with an increase of over three quarters in smartphone shipments, surpassing Samsung for the first time as of the fourth quarter of 2024.

The report also stated that Tecno grew 77% YoY in Q4, leading the market for the first time. This was mainly driven by the $150 price band, which grew by 68% YoY for Tecno, with models like Tecno Pop7 and Camon 20 Pro receiving good responses from consumers.

Samsung market share:

In terms of market share during the fourth quarter, Tecno led the table with 20%, followed by Samsung (18%), Xiaomi (11%), and Apple (9%). Overall, mobile phone sales in the Middle East and Africa (MEA) grew, supported by strong demand for 5G technology.

According to a report by Counterpoint Research, the Middle East and Africa (MEA) region experienced significant growth in the fourth quarter of 2023, with total smartphone shipments increasing by 30% year-on-year.

5G shipments saw a surge of 60% during the same period, largely driven by Samsung and Apple devices. The full year 2023 saw an overall increase of 11% year-on-year in smartphone shipments, indicating a steady improvement in consumer sentiment throughout the year, thanks to easing inflation and stabilizing local currencies.

Yang Wang, a Senior Analyst at Counterpoint Research, explains that MEA has experienced unprecedented growth, surpassing other regions, due to sustained momentum since Q2 2023. The proliferation of digital services such as mobile money and social media, big infrastructure projects, and the expansion of the services sector have all contributed to this growth.

The report also notes that the rapid adoption of 5G technology has led to a 60% growth in 5G shipments in the fourth quarter, attributed to the broader availability of components, falling prices, and the narrowing of the price gap between 4G and 5G chipsets.

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On February 6th, 2024, AD Ports Group announced that its digital arm, Maqta Gateway, has acquired a Majority stake, 60% equity in Dubai Technologies, a Dubai trade and transportation solutions developer.

The total purchase consideration for the 60 percent shareholding amounts to AED 28 million.

The company recorded revenues of AED 70.5 million and EBITDA of AED 8.4 million for FY2023.

The company has created a platform for managing port operations called Minato®. In addition, they have developed four transportation platforms and nine customized solutions for digitally-focused government agencies at the regional level.

These solutions have been developed in-house by the company’s 300+ team members who work collaboratively across the UAE and India.

Minato® is a technology that port operators are currently using across the globe. It includes an advanced digital twin technology that is sought after in the port industry. Its addition to Maqta Gateway’s existing single window offering for port digitalization will be highly beneficial.

Furthermore, the gradual implementation of Minato® across all international ports managed by AD Ports Group will lead to cost synergies for the company.

The company’s transportation platform includes fleet management, passenger transportation, smart driving analytics, and waste transportation management.

This can be utilized by the group to improve logistics efficiency in both hinterland and industrial zones’ operations.

Maqta Gateway, a company specializing in digital trade solutions, has acquired to broaden its portfolio in this area. This move will also extend its in-house capabilities, realize cost synergies, and strengthen its position as a developer of digital trade solutions.

The offshore development expertise of the acquired company will be of value as Maqta Gateway expands internationally. Additionally, Maqta Gateway has set up an R&D hub in Vietnam, following its acquisition of TTEK Inc.

Captain Mohamed Juma Al Shamisi, the Managing Director and Group CEO of AD Ports Group, stated that the company has recognized the importance of keeping up with advanced technologies and utilizing innovative solutions to reimagine the future of trade on a regional and global scale.

This aligns with the vision of their leadership. The recent acquisition of new technologies reflects the company’s plans to enhance AD Ports Group’s position as a provider of integrated digital trade solutions to core markets and increase self-reliance on critical technologies for their business.

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Ford Middle East announced increased sales which surged by 63% compared to 2022 numbers across the region.

The UAE is one of the biggest markets for Ford in the region with vehicles such as:

Taurus, F-150, Territory and Explorer are the most purchased ones, with Ford Territory taking the number one spot in Ford’s collection as the second bestselling vehicle in the Middle East.

The Middle East has 40-plus vehicles that fall in the Small-SUV category, which makes it a highly competitive scene.

Ravi Ravichandran, President of Ford Middle East said “In many ways, 2023 was a milestone year for Ford in the Middle East,” “This is not the result of one year, but the efforts made over two.”

“we developed a strong strategy for our product offerings, working hand in glove with our distributor partners and taking care of our team, all of which contributed to our record sales across the region.

“Last year saw tremendous economic growth in the UAE, and we saw this reflected in the automotive sector’s strong overall growth, “with an estimated 3.5% rise in real GDP – predicted to reach 4% in 2024 – we were privileged to witness the UAE’s success firsthand. At Ford” he added.

“With an estimated 3.5% rise in real GDP – predicted to reach 4% in 2024 – we were privileged to witness the UAE’s success firsthand. He announced.

Saudi Arabia was another destination in the Middle East that the company sale reported increases in, with retail figures increasing by 77% since 2022.

The Data has been collected from the Automotive Manufacturers Business Group (AMBG) in the Middle East.

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Emirates Stallions Group, an engineering and construction company based in the UAE and owned by International Holding Company (IHC) in Abu Dhabi, has reported a year-on-year increase in net profit of 316% for FY 2023. The company’s net profit has reached AED687 million ($187 million).

Emirates Stallions Group has announced the results for the 12 months ending on December 31, 2023.
the company managed to increase its revenue to AED609 million, with a focus on high-value projects that contributed to the revenue stream, this has resulted in a yearly increase.

ESG is a company that provides manpower supply, workers and staff accommodation solutions, as well as landscaping and agriculture, real estate development, engineering project management and associated services to construction, development and hospitality.

In addition to its net profit, ESG reported a gross profit of AED168 million, which is a 99% increase over the previous year.

The group’s financial position of its stakeholders received a boost, as ESG’s total equity surged to AED2.29 billion, a growth of 202% as compared to December 2022.

Additionally, the company’s book value per share witnessed increases, reaching AED9.1, which is a year-on-year increase of 202%.

Ali Khorma, CEO at ESG Emirates Stallion Group said: “At ESG, we are not just focused on expanding our portfolio but are deeply committed to operational profitability within our existing as well as newly introduced verticals. Our strategy is to leverage our strengths, innovate continuously, and deliver superior value to our stakeholders. This approach has been instrumental in our ability to achieve such significant milestones.”

He also noted that: “Looking ahead, ESG remains committed to building on its current momentum, with a focus on sustainable growth, operational excellence, and strategic expansion to continue delivering exceptional value to both its shareholders and clients alike,”

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Abu Dhabi-based developer Aldar Properties (ALDAR.AD) reported a 39% increase in Q4 profit, driven by higher sales.

Aldar Properties PJSC is a United Arab Emirates-based real estate development and investment company that undertakes and operates a portfolio of real estate projects in the United Arab Emirates.

The company also deals with development, sales, investment, construction, and management of the associated services for real estate.

Net profit increased to 1.4 billion dirhams (approximately $381 million) due to a 40% rise in revenue to 4.4 billion dirhams. This profit exceeded the analysts’ average estimate of 805 million dirhams, according to LSEG data.

Net profit for 2023 increased by 40% to 4.4 billion dirhams, driven by full-year sales of 27.9 billion dirhams and a focus on international expansion.

The company reported having 2.9 billion dirhams in free cash and 7.5 billion dirhams in unused credit facilities, indicating a strong liquidity position.

Aldar has announced plans to invest 5 billion dirhams in building new offices, retail, and hospitality facilities in Abu Dhabi by 2027 to address the strong corporate demand for Grade A office space.

Aldar Properties announced the awarding of 49 contracts worth $6 billion for infrastructure, residential, commercial, and mixed-use projects across the emirate in 2023, where nearly 50% of the total contract value will be reinvested into the local economy, insinuating growth of the national GDP.

The contracts awarded to Aldar Properties include residential villas, townhouses, apartments, offices, retail spaces, schools and major highways.

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