WEEKLY BUSINESS ROUNDUP - 11th February 2024 – 17th February 2024

Middle East records productivity gains from AI and GenAI

It is reported almost 61% executives in the Middle East expect over 10% productivity gains from AI and GenAI in 2024. This contrasts to the global trend of 66% global leaders reporting ambivalence in AI and GenAI progress. The Middle East region has been progressing by developing key AI capabilities and solutions to address business challenges. 

 

UAE non-oil foreign trade surpasses USD 952 billion mark in 2023

UAE recorded solid economic growth in FY 2023 as non-oil trade figures surpassed USD 952 billion despite global downturn in international trade movement. The growth of non-oil foreign trade coincided with a continuous increase in the value of non-oil exports in 2023 - exceeding USD 120 billion - marking a growth rate of 16.7% compared to 2022.  

 

UAE entrepreneurs eye international markets

As per HSBC Global Entrepreneurial Wealth Report, UAE entrepreneurs are second most likely to operate internationally or be in the process of expanding abroad (86%), behind Hong Kong (96%) and ahead of all global counterparts. It was further reported that UAE business owners are among the most international entrepreneurs with majority eyeing Europe (55%) for expansion over the next three to five years, followed by Middle East (42%), North America (32%) and Asia (23%).

 

Record breaking growth reported in Dubai Airports as more than 87 million guests were welcomed in 2023

Dubai International airport saw unprecedented growth as it welcomed 87 million guests in annual traffic in 2023 - surpassing its own yearly forecast and pre-pandemic levels of traffic. Dubai Airports reported 31.7% year-on-year increase in the number of guests arrived in 2023. In Q4 2023, Dubai welcomed a total of 22.4 million guests marking year-on-year growth of 13.8% compared to Q4 2022.

 

Golden visa demand surges among European property investors

It is reported investors from Switzerland, Germany, France, UK, and other European countries are exhibiting strong demand for UAE’s Golden Visa. An increased interest has been reported among European property investors towards properties in Dubai. According to the General Directorate of Residency and Foreigners Affairs (GDRFA) – Dubai, Dubai reported 52% increase in the number of Golden Visas issued in the first half of 2023, as compared to the same period in the previous year.

 

Dubai set to showcase innovation in the Retail Summit 2024

The Retail Summit is a key event highlighting the future of retail. Scheduled to be held on 23rd and 24th April 2024 at Atlantis the Retail Summit 2024 will host over 800 attendees from 64 nations and witness the presence of more than 90 industry leaders from 18+ countries who  will engage in more than 35 curated interactive sessions that are of relevance to the retail sector.

 

Dubai Industrial City strengthens regional manufacturing in 2023 with growth in F&B customers

Dubai Industrial City reported significant growth in 2023 with 17% surge in total customers and 12 new F&B customers joining the freezone. More than 1000 local, regional, and global business leaders are integral in driving industry innovation across six sector-specific zones. 

 

Gulfood opens its doors to attendees from 150+ countries

The largest edition of Gulfood kickstarts in Dubai from February 19th 2024. The event is likely to draw 150,000 attendees from 190 countries. With more than 5500 exhibitors, international trade deals worth an estimated USD12 billion are likely to take place.

 

DIFC revenues grow fastest in 2023 hitting $350m

Dubai International Financial Centre’s (DIFC) combined revenues grew at the fastest level since inception, approaching AED1.3 billion ($350 million) in 2023 - marking 23% increase than 2022. Highlighting DIFC’s strong financial position, total assets amounted to AED18 billion recording 18% increase.