WEEKLY BUSINESS ROUNDUP - 15th April – 21st April 2024

Global economic growth set to slow to 2.6% in 2024

UN Trade and Development (UNCTAD) forecasts global economic growth to slow to 2.6% in 2024. This figure marks the third consecutive year of growth below the pre-pandemic rate which averaged 3.2% between 2015 and 2019. This brings to the forefront key global issues - trade disruptions, climate change and increasing inequalities.

 

UAE MoF: Digital Procurement Platform registered 24,789 suppliers in Q1

UAE Ministry of Finance's introduction of the Digital Procurement Platform in 2021 transformed the procurement experience for federal entities and suppliers, aiming to align purchasing policies with the UAE Digital Government Strategy 2025. Reports reveal the number of suppliers registered in the Federal Suppliers Register within the Digital Procurement Platform reached 24,789 in Q1 2024, a notable increase compared to the year 2021 when the register started with 19,669 suppliers. 

 

Industry study reveals every dirham lost to fraud in UAE costs firms AED 4.19

As per an industry-based study, EMEA based businesses face a cost of fraud that is 3.90 times the face value lost in fraudulent transactions. 42% of companies in the UAE reported a surge in fraud in the 12 months prior to the study. It was further reported that across EMEA, digital channels accounted for 52% of overall fraud losses. 

 

Industry reports reveal Dubai recorded USD 1.7bn in luxury home sales in Q1 2024

As per industry reports more than 105 homes priced more than USD 10 million were sold in Dubai between January to March 2024 – marking an increase of 19% from 2023. The total value of luxury homes sold during Q1 2024 amounts to USD1.73 billion, which is 6% increase from Q1 2023 and cements Dubai’s emergence as the world’s busiest USD 10 million+ homes market.

 

FTA urges resident corporations with licenses from January, February to file Corporate Tax applications by 31st May

The UAE’s Federal Tax Authority (FTA) has called resident juridical persons who are taxable persons for Corporate Tax purposes with licences issued in January and February (regardless of the year of issuance) to submit their Corporate Tax registration applications no later than 31st May 2024, to avoid violating the tax law.

 

Dubai set to host world’s largest AI prompt engineering competition

The Global Prompt Engineering Championship, the world’s largest AI prompt competition, is set to take place in the Museum of the Future in Dubai on 20th-21st May 2024. With total prizes amounting up to AED1 million, the Dubai Centre for Artificial Intelligence (DCAI) – supervised by Dubai Future Foundation - announced the opening of registration for the championship. Prompt engineering has emerged as a critical skill in light of the recent surge in generative AI applications.

 

Dubai Chamber of Digital Economy attracted 9 MNCs with AED304 billion combined value in 2023

Dubai Chamber of Digital Economy, revealed the combined market value of 9 multinational companies (MNCs) it successfully attracted to Dubai, in 2023, amounted to more than AED304 billion. The above figures reinforce the emirate’s growing appeal as a preferred investment hub for innovative technology companies. 

 

Arabian Travel Market 2024 to explore impact of entrepreneurship, innovation on travel

The 31st edition of the Arabian Travel Market (ATM) 2024 will take place at the Dubai World Centre from May 6-9. It is estimated that over 200 speakers will participate in more than 50 sessions during the four-day event. Exhibitor participation is expected to be 23% higher than last year, making ATM 2024 the largest edition yet.

 

2nd Industrialists Career Exhibition opens, 800 job opportunities available

The second edition of the Industrialists Career Exhibition opened and aims to provide 800 jobs from more than 80 industrial, technological, and service companies, including 150 jobs for people of determination. The platform also aims to promote enablers and incentives offered under the National In-Country Value (ICV) Programme, which supports localization of supply chain and Emiratisation.