WEEKLY BUSINESS ROUNDUP - 15th July 2024 – 21stJuly 2024

Middle East construction industry revolutionised by emerging technological trends

The Middle East construction industry is undergoing technological transformation driven by smart solutions that enhance safety & efficiency. Digitization has made its presence felt in areas of site access, toolbox meetings and smarter monitoring powered by AI.

 

Globally, solar energy storage market is set to surge to more than USD 197.1 billion by 2032

As per reports, the global solar energy storage market is projected to surge to more than USD 197.1 billion by 2032 – indicating solid CAGR over the next decade. This increase in demand is driven by technological advancements, policy support and the rising need for reliable and efficient energy storage solutions. 

 

GCC bonds, sukuk insurance rises 38% to USD 75 bn for H1 2024

The GCC fixed income market witnessed significant growth during H1 2024 with the primary debt issuances of bonds and sukuk soaring to USD 75.5 billion from USD 54.8 billion in 2023 – marking a surge of 38%. The UAE issuers took the second spot raising USD 20.6 billion with 64 issuances, representing 27% of the GCC bonds and sukuk market.

 

Fitch reveals GCC tourism’s contribution to GDP likely to shoot up by 2030

The GDP contribution from Gulf Cooperation Council’s (GCC) tourism sector is expected to increase from around USD 130 billion in 2023 to above USD 340 billion by 2030, equivalent to more than 10% of GDP in the region. Dubai announced a USD 35 billion plan to transform Al Maktoum International Airport to accommodate 260 million passengers a year.

 

Global electricity demand likely to grow by estimated 4% in 2024

As per IEA’s mid-year update, global electricity demand is projected to grow by 4% in 2024, up from 2.5% in 2023. Renewable sources of electricity are set to expand rapidly in 2024 and 2025, with their share of global electricity supply forecast to rise from 30% in 2023 to 35% in 2025.

 

UAE and China sign MoU to bolster air transport relations

UAE and China held a round of Air Services Consultation’s in Beijing and signed Memorandum of Understanding (MoU) to increase air connectivity between the UAE and China airports. Both countries agreed to explore new initiatives that would bolster bilateral relations in the aviation sector.

 

ACI: Dubai International second busiest airport in the world

As per Airports Council International (ACI) World Airport Traffic Dataset in its key findings confirmed that the total global passenger traffic for 2023 was close to 8.7 billion. As per 2023 records, Hartsfield-Jackson Atlanta International Airport ranked #1 among the world’s busiest airport and Dubai International Airport followed in the second spot. It is reported the top 20 airports represent 16% of global traffic (1.41 billion passengers) and have witnessed 26.4% gain from 2022 & a recovery of 96.8% from 2019.

 

Dubai realty transaction value jumps 35.7pc to USD 33.5bn in Q2 2024

As per industry reports, property transaction value in Dubai hit AED 123 billion (USD 33.5 billion) marking 35.70% increase compared to Q2 2023. Further, total transaction volume also recorded significant surge with 48,220 transactions recorded, marking a 60.06% year-on-year growth. In May 2024, property values soared to AED 47.3 billion— marking remarkable 39.12% increase from May 2023.

 

Abu Dhabi set to initiate smart travel at Zayed International Airport

Eliminating the need for travel documents and reducing processing time, Abu Dhabi is set to launch the “biometric smart travel” project to automate passenger registration. Partnering with the Federal Authority for Identity, Citizenship, Customs, and Port Security, data from the ICP, will be used to automatically authenticate travelers with the help of biometric technology, eliminating the need for prior registration for departing passengers.