WEEKLY BUSINESS ROUNDUP - 12th May 2024 – 18th May 2024

Combined market size of key energy transition minerals set to reach $770 billion by 2040

As per a report released by International Energy Agency (IEA) combined market size of key energy transition minerals is set to more than double to US$770 billion by 2040 in a pathway to net zero emissions by mid-century. The report revealed that while lower prices for critical minerals in 2023 have been good news for consumers and affordability, they also provided a headwind for new investment.

 

Globally UAE ranks second in shopping satisfaction

UAE ranks second globally in terms of shopping satisfaction, with 71% of consumers in the country making extensive use of digital features to enhance their shopping experiences. It was reported recent trends in consumer behavior documents the rise of Click-and-Mortar shopping experiences involving both digital tools and physical locations thereby replacing the siloed world of online-only or in-store-only shopping.

 

IMF says UAE’s overall real GDP projected to grow 4% in 2024

As per the International Monetary Fund (IMF) United Arab Emirates was experiencing strong economic growth, with overall real GDP projected to grow by about 4% in 2024. Foreign demand for real estate, increased bilateral and multilateral ties, and the UAE’s safe haven status are key contributors in driving ample domestic liquidity.

 

UAE construction sector riding high on USD 590bn project pipeline

The total pipeline value of unawarded construction projects in the Middle East and North Africa (MENA) is likely to reach USD 3.9 trillion, with UAE holding a significant share at 15%. The UAE takes a strong position with the high value pipeline of USD950 billion worth projects. It is reported residential projects account for USD125 billion (21%), and mixed-use projects represent USD 232 billion (39%).

 

UAE airports welcome 36.5mln passengers in Q1 202424

UAE civil aviation sector marked significant growth in Q1 2024, welcoming 36.5 million passengers.  Compared to  Q1 2023, these numbers highlight 14.7% increase including 10,723,639 arrivals, 10,874,232 departures, and 14,944,466 transit passengers.

 

UAE residential market reports robust performance in Q1 2024

Driven by strong levels of activity, UAE’s residential market kickstarted on a strong note. The total volume of transactions in Abu Dhabi stood at 2,795, marking surge of 22.6% compared to 2023. Further a rise of 18.1% in off-plan sales was reported and 34.5% increase in secondary market  sales. Dubai’s price growth continued to accelerate during Q1 2024, with average prices increasing by 20.7% in the year to March 2024.

 

DIFC boosts brokered premiums by 61% in 2023

As per reports, Dubai International Financial Centre (DIFC) bolstered its brokered premiums by 61% year-on-year in 2023, crossing the USD2 billion threshold. In its 20 year history, DIFC recorded the highest gross written premiums amounting close to USD 2.6 billion.

 

64,400 new houses forecast to hit Dubai market this year

As per industry reports between January to March 2024, Dubai market saw the delivery of approximately 6,500 homes, most of which  were apartments. It is estimated by 2024 end, total deliveries will reach around 64,400 residential units, exceeding 2023’s number of completed properties. 

 

RAKEZ launches 'Growth Series 2024' edition to empower startups, SMEs

Aimed at driving the development of startups and SMEs within its business community, Ras Al Khaimah Economic Zone launched the 2024 edition of its acclaimed Growth series. The series aims to  bring industry  experts together to share insights on the expansion of enterprises.