WEEKLY BUSINESS ROUNDUP - 12th March 2024 – 19th March 2024

IMF chief estimates global GDP could be 13 times higher in 100 years

As per the International Monetary Fund, global GDP could be 13 times larger and standard of living could shoot up 9 times higher over the next 100 years provided the global economy is in ‘high ambition scenario’. In the ‘low ambition scenario’ global GDP would be around three times larger and living standards twice as high as today. 

 

UAE banking sector poised for continued growth in 2024

Driven by the CBUAE’s robust strategies and policies, UAE’s banking sector continued its growth momentum in 2023 and is poised for further growth in 2024. At the end of Q4 2023, total assets of banks operating in the UAE increased by 3.1% (q-o-q), reaching AED 4.075 trillion. During the period between December 2022 and December 2023, the total assets of banks operating in the UAE increased by 11.1% (y-o-y).

 

UAE committed to strengthening economic development & global cooperation

At the Genetic International Trade Association (GITO) Summit in Dubai, UAE leaders emphasized exploring investment opportunities and enhancing trade exchange between India, African countries, the Middle East & North Africa region which  is indicative of the UAE’s commitment to strengthening global cooperation and economic partnerships. The GITO Summit was attended by more than 600 economic figures based across 18 countries.

 

UAE-US non-oil trade totaled USD 31.4 billion in 2023

It is reported the volume of non-oil trade between the UAE and United States reached USD 31.4 billion in 2023 and is expected to grow at a similar pace in 2024. Further, reports suggest, US exports to the UAE reached USD 24.8 billion in 2023 - exceeding 2022 exports of $20.8 billion, by 19%. The UAE remained the top US export destination in the Middle East and Africa for the fifth consecutive year.

 

UAE records more than 25% growth in international card spending in 2023

Total spending using international cards in the UAE witnessed over 25% growth during the year 2023. Digital payments record remarkable growth in the UAE as transactions via cards and digital payment solutions in the Middle East and North Africa surged by 20% in value and over 50% in volume. This trend can be attributed to increased consumer demand for speed, convenience, and security. 

 

Digital public consultation on implementation of Global Minimum Tax in UAE launched

The UAE Ministry of Finance launched a digital public consultation to gather the views of relevant stakeholders on the implementation of the Global Minimum Tax (GMT) or Global Anti-Base Erosion Model Rules (Pillar Two) (GloBE Rules) as well as other tax matters in the UAE. It is reported the consultation will be open from 15th March to 10th April 2024 and will be accessible via the Ministry’s website or the UAE’s Government Portal. This move reflects the government’s belief in the importance of consulting with all stakeholders including the multinational groups operating in the UAE, advisors, service providers, and investors. 

 

UAE Government revenues reach AED155.9 billion in Q4 2023

The UAE Ministry of Finance revealed preliminary results of the UAE Government Finance Statistics Report for Q4 2023, unveiling that the government’s revenues amounted to AED155.9 billion. Further the results of financial transactions during Q4 2023 show the value of net lending/net borrowing amounted to AED24.6 billion.

 

Dubai welcomed 1.77 million international tourists in January 2024

As per January 2024 reports Dubai welcomed 1.77 million international tourists marking 21% increase compared to 1.47 million visitors in the same period of 2023. Further Dubai's Department of Economy and Tourism revealed Western Europe ranked first in terms of source markets for international tourists to Dubai with a share of over 18% and number of 327,000 visitors. The GCC countries followed with 311,000 visitors, representing nearly 18%, and South Asia ranked third with 294,000 visitors, accounting for about 17% of the total international visitors to the emirate. 

 

Total diamond trade in Dubai hits USD38.3bn in 2023

Diamond trade in Dubai headlined by 2% year-on-year growth in the value of rough and polished diamonds in 2023. Diamond trade has hit USD 38.3 billion representing a five-year CAGR of 11%.

 

Sharjah approves draft law on leasing of real estate

The Sharjah Consultative Council approved a draft law for 2024 regarding real estate leasing in Sharjah, after introducing amendments on the draft law in the sixth meeting of the first regular session of the eleventh legislative term. The draft law considers all relevant parties in an organized law aligned to the real  estate development  in the emirate.