WEEKLY BUSINESS ROUNDUP - 11th November 2024 – 17th November 2024
November 18, 2024
UAE digital services make work permits, contracts, and investment easier than ever
UAE introduced a series of digital services that make the process of applying for work permits, contracts, and investment services easier. The Ministry of Human Resources and Emiratisation (MoHRE) successfully implemented the UAE’s Zero Government Bureaucracy Programme which aims to boost effectiveness, efficiency, quality, and flexibility across government procedures to align with customer needs.
UAE entrepreneurs expect growth amidst increased confidence in tax rules and investment laws
As per the annual HSBC Global Entrepreneurial Wealth Report 2024, 98% UAE entrepreneurs are positive their businesses are set to flourish despite global uncertainty and macroeconomic headwinds. 95% expect personal wealth to rise in the next few years and their optimism is based on investment portfolios, business opportunities, the investor friendly tax regime and tech-based advancements.
UAE intellectual property registrations rise above 34% with significant increase in trademarks
The Ministry of Economy has announced a notable growth in intellectual property (IP) registrations in the UAE during the first nine months of 2024. Between January to September 2024, IP registrations in the UAE rose by 34.3%, with trademark registrations up by 39.12% and patents, utility certificates, and industrial designs increasing by 8% compared to the same period in 2023.
UAE develops world’s first ChatGPT tool for agricultural community
At the UAE Pavilion at COP29, the UAE announced it is developing the world’s first ChatGPT tool for the agricultural community. Already referred to as “CHAG” (for Chat + Ag) and fully accessible, it will draw on 50+ years of research data and reflect the UAE’s exponential curve in the AI revolution; showcasing how the UAE has the capability and knowledge to develop large-language models.
Italian exports to UAE set for ‘record year’ in 2024; bilateral trade surges
Between January to July 2024, Italian exports to the UAE soared 22% marking strong growth across luxury goods and industrial machinery sectors, as bilateral trade relations deepened between the two nations. According to the Italian Trade Agency (ITA), Italian exports to the UAE built on robust 10.4% growth in 2023 when exports reached USD 7.6bn.
UAE startup funding to triple to USD 2bn, by end of 2024, as region sees entrepreneur boom
Venture capital (VC) and private equity (PE) funding in the UAE are expected to surpass USD 2 billion by the end of 2024. This growth marks more than threefold increase. The UAE is predicted to see a massive surge in Q4 2024 and into 2025 in the space of startup funding.
UAE diamond trades to top USD 40bn this year with only India and US
The UAE ranks third globally in the diamond trade with a share of more than 15% of total international trade in this sector - after India and the United States. It is estimated that diamonds account for a large share of the UAE’s non-oil trade, exceeding 5.5%. The value of diamond trade reached nearly USD 39bn in 2023, and during the first half of 2024 it reached about USD 20bn.
Dubai Municipality announces completion of USD 66mn green space projects
It is reported Dubai Municipality completed seven beautification projects along Sheikh Zayed and Al Khail Roads. The AED245 million initiative includes the planting of 2.5 million flowers and ornamental plants alongside 6,500 trees, supported by water-efficient irrigation systems. These projects are aligned to the ‘Green Dubai Project’.
Dubai GDP grows 3.3% in second quarter of 2024
Dubai’s gross domestic product (GDP) for Q2 of 2024 grew 3.3% year-on-year to reach AED116 billion. Second-quarter growth brought the total GDP in H1 2024 to AED 231 billion, marking 3.2% growth rate from H1 2023.