WEEKLY BUSINESS ROUNDUP - 04th November 2024 – 10th November 2024

Investment in energy efficient technologies surged by 4% in 2024 to a record USD 660 billion

Investment in energy efficient technologies increased by 4% in 2024 and is set to reach estimated USD 660 billion. As per the International Energy Agency’s (IEA) report global primary energy intensity – a measure of efficiency – is set to improve by around 1% in 2024. Doubling global rate of improvement requires countries to accelerate policy implementation, which would accelerate energy security, reduce energy costs and lower emissions.

 

UAE's banking sector net international reserves increase 11% to AED1.273 trillion by end of July 2024

In the first 7 months of 2024, net international reserves of the UAE’s banking sector increased by 11.1%, or AED127.5 billion - reaching AED1.273 trillion at the end of July 2024, compared to AED1.145 trillion at the end of 2023. The Central Bank accounted for AED771.6 billion of the sector’s net international reserves at the end of July, marking a 14.6% increase compared to its balance of AED673.42 billion at the end of 2023.

 

UAE construction sector marks positive sentiment at 6-year high

As per Royal Institution of Chartered Surveyors report, UAE construction sentiment is considered among the best in the world. The Royal Institution of Chartered Surveyors (RICS) Global Construction Monitor Q3 2024 reported the UAE’s construction sector remained one of the strongest performing worldwide. High levels of demand for professionals continue to impact the market and the Construction Sentiment Index score indicates another quarter of growing positivity towards the sector.

 

UAE & Saudi Arabia lead the region’s USD 338.7 billion spends on crypto assets

It is reported institutional investments in crypto transactions in the MENA region surged to USD 338.7 billion in 2023 and 2024, led by Saudi Arabia and the UAE. As per industry reports 93%  of the crypto value transferred in the region consists of transactions of over USD 10,000; reinforcing institutional activity in the MENA region. 

 

Dubai listed as 5th best city in the world; ranked top in MENA and globally for reputation

In the “Global City Index 2024” report issued by Brand Finance, Dubai ranked as the top city in the Middle East and Africa and fifth in the world. Performing exceptionally across key indicators ensured Dubai maintained the top position in the region for the second year in a row. Globally, Dubai rose to the fifth place on the index, surpassing major global cities such as Singapore, Los Angeles, Sydney, San Francisco, and Amsterdam, which ranked sixth through tenth, respectively.

 

Dubai Future Forum 2024 set to host 150 prominent speakers to address global trends

The third edition of the Dubai Future Forum will bring together 150 prominent speakers from across the globe and feature around 70 sessions, including panel discussions, keynote addresses, and workshops at the Museum of the Future from November 19 to 20. More than 2500 experts will discuss global trends including future design.

  

Dubai GDP hits USD 31.5bn in Q2 2024 marking growth rate of 3.3%

In Q2 2024, the Dubai economy marked 3.3% year-on-year growth to reach AED116 billion. The first half of 2024 saw the total GDP reach AED 231 billion, marking a 3.2% increase from the same period in 2023. The emirates economic figures are in line with Dubai’s Economic Agenda D33 and Dubai Social Agenda 2033 strengthening its position as a global investment hub.

 

ADIPEC 2024 concludes with USD 10bn of deals and record attendance

ADIPEC has strengthened its position as one of the world’s most influential and commercially successful energy events. ADIPEC 2024 gathered a record-breaking 205,139 participants from 172 countries. The global participation in ADIPEC was up by more than 20000 attendees compared to 2023. The event delivered more than USD 10bn cross-sector deals through multiple strategic partnerships. 

 

USD 1bn road infrastructure plan for 2025 – 2029 approved in Dubai

Dubai’s Road Transport Authority announced a five-year internal roads plan spanning 2025 to 2029. An AED 3.7 billion initiative has been introduced to deliver 634 kms of new roads across 12 districts. This infrastructure plan will expand residential, commercial, and industrial areas.

 

Sharjah property market surges 57.6% in Central and Eastern regions

As per a report by the Sharjah Real Estate Registration Department, real estate transactions in Sharjah ‘s Central and Eastern regions reached AED1.3 billion between January to September 2024, marking a 57.6% increase from 2023. The report documents 22,059 transactions across 37 million square feet of land.