UAE Roundup: Investments, appointments, launch of Apple Vison Pro
Launch of Apple Vision Pro
Apple Vision Pro will launch in the UAE and South Korea on November 15, expanding its availability to 11 countries after previously being sold in the US and several others. Despite this expansion, Meta Quest headsets are available in 23 countries, Upload reports. This announcement follows the release of visionOS 2 and comes amid reports that Apple might halt Vision Pro production by year's end due to stockpiled units. Tim Cook described the product as an early-adopter device priced at $3,500, noting it is not intended for the mass market.
Property sector performance
The UAE's commercial property sector showed strong performance in Q3 2023, with offices leading in demand at 72% overall occupier sentiment at 57%. The industrial sector also remains healthy at 53%, while retail lags at 47%. RICS noted a trend towards energy-efficient designs among developers, aligning with global standards. Capital and rent expectations are robust, with 63% increased international interest further driving growth, according to Zaywa. Flexible zoning laws and renewable energy incentives are key for maintaining competitiveness in the real estate market.
UAE supports Spain
The UAE has expressed solidarity with Spain following devastating floods that resulted in fatalities and injuries, as well as significant property damage. The Ministry of Foreign Affairs conveyed condolences to the Spanish government and victims' families, wishing for a swift recovery for the injured, Ani News reports.
Appointments
The International Atomic Energy Agency (IAEA) has appointed the United Arab Emirates (UAE) to its Commission on Safety Standards, with Sara Al Saadi, Director of the Nuclear Safety Department at the Federal Authority for Nuclear Regulation (FANR), representing the country. According to Ani News, the commission, which includes 26 global representatives from nuclear and radiation regulatory authorities, advises the IAEA Director-General on safety standards and emergency preparedness. Al Saadi stated that the UAE's appointment reflects international confidence in its nuclear regulatory framework and offers an opportunity to share expertise to enhance global nuclear safety. The commission is responsible for guiding the establishment of IAEA safety standards and resolving related issues.
Investments in Uganda
Uganda's Prime Minister, Nabbanja Robinah, urged United Arab Emirates (UAE) investors to continue viewing Uganda as a prime investment destination during the UAE-Uganda business forum in Abu Dhabi. The UAE is currently the largest source of foreign direct investment in Uganda, with investments totaling $3 billion, Capital PM reports. Uganda exports $2 billion worth of goods to the UAE and imports $1.4 billion, making it Uganda's leading export market in the Middle East. The Prime Minister emphasised the potential for further business opportunities between the two nations. She was accompanied by key government officials during the forum.
