WEEKLY BUSINESS ROUNDUP - 02 December 2024 – 08 December 2024

Middle East airline traffic rises 2.2% in October 2024

As per International Air Transport Association (IATA) reports Middle East airline traffic surged 2.2% as global demand for aviation was on the rise in October. Middle Eastern carriers marked 2.2% year-on-year increase in demand while capacity increased 2.5% year-on-year. All regions showed growth for international passenger markets in October 2024 compared to October 2023. 

 

Gulf-Asia trade to hit USD 682 billion by 2030

As per reports Gulf-Emerging Asia trade is projected to reach USD 682 billion by 2030, growing from USD 451 billion in 2023. It is expected that Gulf-China trade may overtake Gulf-West trade by 2027 with Chinese trade currently standing at USD 225 billion versus Western trade at USD 267 billion in 2023. The UAE’s non-oil foreign trade reported USD 381.5 billion in H1 2024, representing 18.4% of total trade. 

 

UAE e-commerce market expected to reach USD25 bn by 2029

The e-commerce market in UAE will pass USD 11 bn in sales in 2024 and is expected to reach USD 25bn by 2029. E-commerce is a pivotal sector for economic growth in the region and there exist opportunities for cross border digital commerce between UAE and the GCC. 

 

UAE gross bank assets climbed to USD 1.2tn in August

The Central Bank of the UAE (CBUAE) announced that gross banks’ assets, including bankers’ acceptances, increased by 0.7% from AED 4.35tn at the end of July 2024 to AED 4.378tn at the end of August 2024. 

 

UAE records more than 1.5m registered trade licences

As per Economic Integration Committee, UAE has more than 1.5m registered trade licences and a broad range of economic activities. During the committee’s 7th meeting of 2024 they reviewed updates on the development of various economic legislations and their significance in enhancing the competitiveness of the national business environment. 

 

UAE SME sector set for major boost as no-code platforms drive innovation

A new set of innovators aim to revolutionise the SME sector in the UAE and across the MENA region backed by no-code platforms which enable companies to innovate business models and operations without requiring technical teams, massively reducing operational costs. 

 

Visionary leadership announce launch of new UAE Ministry of Family

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE, and Ruler of Dubai, has announced a government reshuffle which includes the establishment of the Ministry of Family and the elevation of the Ministry of Community Development to become the Ministry of Community Empowerment. This move highlights UAE’s focus on family and community  support. 

 

Dubai expected to have 140 branded real estate projects completed by 2031

As per industry reports Dubai has retained its position as the global leader in branded residences and is likely to have 140 branded real estate projects completed by 2031. Currently, there are 740 completed branded residences worldwide, with a further 790 anticipated by 2031 across 100 countries. Dubai alone has nearly 140 projects, including completed and projected, over the forecast period. 

 

Abu Dhabi reveals 2025-2027 roadmap to boost entrepreneurship

Abu Dhabi Chamber of Commerce and Industry (ADCCI) has revealed its Roadmap 2025-2027 to build a flexible and diversified business ecosystem that fosters innovation and entrepreneurship. The roadmap underlines the chamber’s commitment to strengthening its position as the voice of the private sector – by embarking new partnerships,  connecting businesses to  global markets, promoting supportive policies & empowering entrepreneurs.