WEEKLY BUSINESS ROUNDUP - 14th October 2024 – 20th October 2024

World Bank to boost lending capacity by USD 30 bn over the next decade

It is reported the World Bank freed up USD 30 billion as additional lending capacity over the next decade to support emerging markets manage global challenges. The bank’s International Bank for Reconstruction and Development (IBRD) arm is likely to lower its equity-to-lending ratio by 1 percentage point to 18% - taking on additional risk to implement key reforms.

 

UAE cements its spot as GCC’s top startup hub with 5600 new firms registered in Q2 2024

Backed by an integrated investment environment, flexible business policies and innovation- based legislation, UAE established its position as one of the foremost hubs for startups in the GCC. UAE leads in the fintech startup sector, with more than 550 companies currently operating in this field. Abu Dhabi retained its spot as the fastest-growing startup ecosystem in MENA between the H2 2021 and the end of 2023, achieving USD 4.2bn in value within its startup ecosystem during the same period.

 

Focused on bolstering SME trade worldwide, UAE joins cross border finance scheme

Central Bank of UAE collaborated on a key initiative “Project Aperta” to link open finance infrastructures of multiple jurisdictions to advance the UAE’s cross-border interoperability for businesses through a reliable network. The project will kickstart to explore areas of trade finance for small and medium enterprises (SMEs).   

 

UAE changes rules on visit visas for Indian nationals

UAE has introduced major visa changes for Indian nationals reinforcing the strategic partnership between India and the UAE. Currently, UAE offers a visa exemption for Indian nationals holding residency in the EU, the US, and the UK however this will now be extended to include holders of tourist visas to the EU, the US, and the UK.

 

UAE tourism sector expected to see surge; drive USD 100 bn contribution to the economy

The UAE tourism sector is expected to see a massive surge over the next five years, with inflow of international tourists to the country expected to surpass 40 million by 2030, driving a USD 100 billion contribution to the economy. The country’s tourist centred visa reforms combined with aggressive marketing campaigns are driving the uptick in tourism. 

 

UAE GDP to grow 4.1% in 2025: World Bank

World Bank forecasts UAE GDP set to grow at a faster rate in 2025. As per World Bank’s recent semi-annual MENA Economic Update, UAE GDP is projected to grow at 3.3% in 2024, rising to 4.1% in 2025. Growth in GCC countries is expected to strengthen to 4.2% in 2025, up from 1.9% in 2024. 

 

Industrial demand surges, warehouse rents in Dubai surge 13%

As per the UAE Industrial Market 2024, Dubai’s warehousing and industrial rental rates have increased by 13% year-on-year driven by robust demand. It is reported Dubai and Abu Dhabi are reporting significant industrial development owing to surging demand in key industrial hubs. Growth within e-commerce and logistics sectors, expansion of oil and gas companies, and the entry of new companies contributed to the rise in warehouse rents.

 

Dubai set to launch projects to develop rural countryside areas

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, and Deputy Prime Minister and Minister of Defence of the UAE approved the master plan for Saih Al Salam Scenic Route, featuring new facilities, activities, events, and service. Plans are underway to develop five tourist stations and build 97.86 kilometres of cycling tracks, bringing the total track length in the area to 156.61 kilometres. The plan further includes organising activities and events to deliver a unique tourism experience. 

 

Dubai marks 76% increase in registered pilots in the drones taking off

The Dubai Civil Aviation Authority (DCAA) reported drones are gaining popularity with more pilots, firms and flights. Figures reveal the number of registered drone pilots increased by 76% while the sector witnessed 53% upward trajectory in registered drone firms, and marked 75% rise in monthly drone operation. This trend is indicative of Dubai’s advanced regulatory environment and modern infrastructure.