WEEKLY BUSINESS ROUNDUP - 09 December 2024 – 15 December 2024
December 16, 2024
WTO reports world merchandise trade set to expand in Q3 2024
As per World Trade Organisation, world merchandise trade volume rose 1.1% quarter-on-quarter and 3.3% year-on-year, on a seasonally adjusted basis, in Q3 2024 – reinforcing the fourth consecutive quarter of moderate trade expansion. It is reported merchandise trade in current US dollar terms increased 4.3% year-on-year in Q3 2024, marking an improvement from the 1.8% increase seen in Q2 2024 and the 1.4% contraction recorded in Q1 2024.
FMCG markets in the Gulf region surge; UAE reports 4.1% growth
Industry reports reveal, in Q3 2024, the UAE consumer market demonstrated robust performance with a 4.1 per cent FMCG value growth and a 2.8 per cent rise in tech and durable (T&D) sector products. Further it is reported traditional trade outperformed modern trade across UAE and Saudi markets with UAE traditional trade surging at 6.4% and Saudi Arabia achieving 2.4%.
New tax to be introduced in UAE on January 1st 2025
It is reported the UAE will introduce a new tax at the start of 2025 and is exploring incentives to drive business growth. Following the issuance of Federal Decree Law No. 60 of 2023, a Domestic Minimum Top-up Tax (DMTT) will be effective in the UAE for financial years starting on or after January 1, 2025.
UAE-China trade tipped to reach USD 200 bn by 2030
UAE is China’s second-largest trading partner (2022-2023) and trade between the two countries reached USD 81bn in 2023 and is expected to increase to USD 200bn by 2030. Chinese investments in the UAE totalled USD 7.7bn between 2003 and 2023 and in H1 2024, China announced 25 FDI projects in Dubai, totalling USD122m in investments.
Hotel revenue in UAE reaches USD 9.1bn between January to September 2024
The UAE tourism sector is set for expansion as hotel establishments generate AED 33.5bn in revenue during the first 9 months of 2024. UAE reported one of the highest average hotel occupancy rates globally at 77.8%.
CBUAE reports gross banks assets surged to USD 1.2tn in August 2024
Gross banks’ assets, including bankers’ acceptances, climbed to USD 1.2tn in August 2024. Banks’ deposits increased by 0.2% from USD 745bn at the end of July 2024 to USD 746bn at the end of August 2024. As per the Central Bank of UAE, gross credit increased by 0.5% from USD 572bn at the end of July 2024 to USD 575 at the end of August 2024.
UAE, Saudi Arabia forecasted for strong credit growth in 2025
As per Fitch Ratings, backed by high oil prices, UAE and Saudi Arabia are estimated to post strong credit growth. The increase is likely to be furthered by continued expansion in the non-oil sector. Overall, banks across the Middle East are forecast to have a “neutral” outlook as economic conditions improve across the region.
UAE participates in 113th ministerial meeting of Arab Energy Organisation
UAE participated in the 113th ministerial meeting of the Arab Energy Organisation (AEO) in Kuwait. The meeting reflected the member states commitment to enhance cooperation and joint coordination in the energy sector and discussed systems and regulations governing the development of the energy sector.
AI in diagnostics market size to ‘hit USD 8.54bn by 2033’
The global artificial intelligence in diagnostics market size was valued at USD1.61 billion in 2024 and is projected to hit around USD 8.54 billion by 2033- expanding at a CAGR of 20.37% during the forecast period 2024 to 2033. As per industry research, North America dominated the market with a revenue share of 57.14% in 2023 and is projected to grow at a CAGR of 20.84% from 2024 to 2033.
