18th March 2025 - 24th March 2025 | WEEKLY BUSINESS ROUNDUP
March 24, 2025
Gulf leads global growth; sovereign wealth fund assets to hit USD18tn by 2030
As per industry reports, Gulf Sovereign Wealth Funds (SWFs) dominate the global investment landscape, driving an industry-wide expansion that has pushed total assets under management globally to USD12tn by the end of 2024 and forecast to reach USD18tn by 2030. It is reported Gulf funds are estimated to control 40% of global SWF assets and represent six of the ten largest funds worldwide by Assets Under Management (AUM).
Royal private offices in GCC control nearly USD500bln in assets
It is estimated Royal Private Offices (RPOs) in the GCC wield control over an estimated USD 500 bn in assets and are one of the key drivers behind the creation of new sovereign wealth funds in the region. A sovereign wealth fund tracker identified 35 RPOs in GCC – with UAE being home to a vast majority of these offices.
GCC banks thrive; GDP likely to hit 3.5% as UAE and Saudi lead growth
It is estimated GCC banks are likely to benefit from strong capital levels, driving their overall performance in 2025. Credit growth in key GCC countries is broadly based on a strong project pipeline with aggregate contract awards driven by infrastructure development. GDP growth in the GCC is projected at 3.5% in 2025.
Dubai World Trade Centre marked record growth with 2.65mn attendees
2024 was a record-breaking year for Dubai World Trade Centre with 2.65 million event participants - marking 7% increase from 2023. The venue hosted 378 Meetings, Incentives, Conferences, and Exhibitions (MICE), business, and consumer events, marking 26% year-on-year increase. International participation at MICE events reached 942,000, accounting for 46% of total attendees.
New invoicing rule announced for businesses in the UAE
In a bid to bolster digital record keeping and financial efficiency the UAE issued Ministerial Decision on the Eligibility Criteria and Accreditation Procedure for Service Providers under the Electronic Invoicing System. This Decision establishes a regulatory framework governing eligibility criterion, accreditation processes, ongoing evaluation, and termination of Accreditation under the Electronic Invoicing System. The Ministry of Finance also launched the Accreditation of eInvoicing Service Providers Portal, a digital platform designed to facilitate and accelerate the accreditation process.
UAE and Tunisia open CEPA negotiations to boost USD350m trade ties
During a virtual meeting, both UAE and Tunisia expressed their commitment to strengthen trade and investment ties between the two nations. Initiating negotiations on a Comprehensive Economic Partnership Agreement (CEPA), UAE and Tunisia look to boost USD350m trade ties. In 2024, non-oil trade between the UAE and Tunisia reached approximately USD 350m, marking 7.7% growth rate compared to 2023.
UAE attracts startups from Central Asia; region sees USD96m venture investments
It is reported venture investments in Central Asia grew to USD 96m in 2024 marking 7% increase compared to 2023. Central Asia entrepreneurs founded more than 20 startups already operating in the UAE. Key sectors attracting venture investments in the region in 2024, artificial intelligence, fintech, and educational and medical technologies.
UAE and EU look to boost USD67.6bn trade ties
UAE and EU bolster diplomatic and economic ties. EU is the UAE’s second-largest global trade partner, sharing USD67.6bn in non-oil trade 2024, marking 3.6% increase on 2023 and 18.1% more than was recorded in 2022. Currently EU accounts for 8.3% of the UAE’s total non-oil foreign trade.
Dubai AI Festival gains momentum; UAE’s AI sector to pass USD46bn in value by 2033
The UAE’s ongoing efforts in the AI sector is tipped to cross USD 46bn in value by 2033. The Dubai AI Festival 2025 is set to gain momentum, building on the success of the inaugural edition. The festival is a reinforcement of Dubai’s position as a global leader in artificial intelligence and emerging technologies. By 2033, the UAE’s AI market is projected to reach USD 46.33bn, while the machine learning market is expected to grow to USD 2.41bn.