WEEKLY BUSINESS ROUNDUP - 14th January 2024 – 21st January 2024

Middle East leads 2023 global travel as traffic exceeds pre-pandemic levels

The Middle East has emerged as the strongest performer in the international tourism industry in 2023 as the only region to surpass pre-pandemic levels, with visitor arrivals beating 2019 figures reported UNWTO. The total number of overnight visitors in the Middle East in 2023 estimated to be 22% more than the figures for 2019. UNWTO expects pre pandemic level numbers before the end of 2024 reinforcing resilience in tourism.

 

UAE leading digital revolution to modernize global  trade

The UAE is adopting advanced technologies in the trade sector to benefit from the power of artificial intelligence, blockchain and data analytics to strengthen its trade partnerships and generate trillions of dollars in revenue. Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, highlighted the above at a session titled “The Trillion Dollar Promise of Trade Technology” in Davos. 

 

UAE posts second-highest growth in new foreign investment projects in 2023: UNCTAD

As per United Nations Conference on Trade and Development (UNCTAD) reports there has been a noticeable increase in new foreign investment projects in the UAE during the year 2023 with the number of projects increasing by 28% compared to 2022. UAE recorded the second-highest increase in the number of new foreign investment projects around the world after the US, which came in first place.

 

UAE concludes participation in 54th edition of World Economic Forum 2024

UAE strengthened its international cooperation and partnerships at the recently concluded 54th edition of the World Economic Forum (WEF) 2024. With more than 100 prominent figures, including corporate leaders, the private sector, and government officials in attendance, national priorities were discussed to enhance global competitiveness. 

 

Between January to September 2023, Dubai's economy grew with 3.3% GDP expansion 

Dubai registered 3.3% rise in the real gross domestic product (GDP) in the first nine months of 2023 reinforcing its growth potential, economic strength, and resilience. Accommodation and food services activities witnessed a remarkable 11.1% growth reinforcing the emirate’s robust position in tourism. Real estate surged by 4%, while financial and insurance activities surged 2.7%. The knowledge economy excelled with a 2.6% increase in education, while electricity, gas, water and waste management activities grew by 2.2%.

 

Residential plot prices jump 60% in Dubai 

Prices of plots for the development of villas and residential buildings have increased by up to 60 per cent in Dubai due to the frenzy around new developments to meet the unprecedented demand. Industry insiders reveal demand and prices of beach-front properties have seen higher increases, especially on the E-11 highways such as Marina and Palm Jumeirah as well as in Downtown and Business Bay areas.

 

4 key appointments made in Dubai government entities by Dubai ruler

The Ruler of Dubai recently approved new appointments in Dubai government entities to  ensure highest  levels of service excellence in the emirate aligned to  strategic aspirations.