WEEKLY BUSINESS ROUNDUP - 16 December 2024 – 22 December 2024

GCC airport market to grow at 9.5% CAGR during 2024 to 2032

The GCC tourism sector is propelling the market growth forecast at a 9.5% compound annual growth rate (CAGR) during 2024 to 2032. The GCC airport retail sector is witnessing major expansion and UAE & Saudi Arabia are at the forefront of this boom, with retail sales expected to reach USD161.40 billion and USD139.10 billion, respectively, by 2028.

 

MENA online gifting market marks 62% jump in festive season sales

The MENA region witnessed a surge in online orders for gifting items during the festive season. Festive season sales witnessed 62% jump in the MENA online gifting market. Driven by promotions, convenience, and increased interest in mobile shopping, growth in sales was reported in e-commerce platforms and gifting marketplaces

 

CBUAE, Hong Kong Monetary Authority deepen financial market cooperation

The Central Bank of the United Arab Emirates (CBUAE) and the Hong Kong Monetary Authority (HKMA) held the second bilateral meeting strengthening cooperation and connectivity between the financial services sectors of the two jurisdictions. Authorities from both countries agreed to establish connectivity of the debt capital markets and related financial market infrastructures between Hong Kong and the UAE.

 

As per reports, 450,000 businesses registered for Corporate Tax

The Federal Tax Authority (FTA) reported the number of companies registered for corporate tax surpassed 450,000 exhibiting robust commitment from the business sector to adhere to the new tax system. The UAE’s FTA strives to enhance partnerships, expand the reach of awareness campaigns; ensuring clarity-based understanding of the tax system and facilitating compliance for businesses. 

 

UAE ranked best in the world across 220 categories, including economy, investment, and development rankings

UAE ranked among the top 10 globally in 661 indicators, compared to 604 in 2023 and 508 in 2022. From a global competitiveness standpoint UAE maintained its growth trajectory and secured top positions across 220 categories including economy, investment, and development rankings.

 

Indirect taxes in UAE yield AED10-11 billion annually

It is reported indirect taxes in the UAE generate between AED 10 and 11 billion annually, constituting a substantial portion of the federal budget, which totals approximately AED65 billion. Tax revenues in the UAE are significant in bolstering economic growth and strengthening the federal government’s financial position. 

  

UAE announces electric vehicle charging fees for 2025

After offering months of free service at government owned stations, the UAE's first government-owned electric vehicle (EV) charging network, announced adoption of the recently introduced EV tariffs by the Ministry of Energy and Infrastructure. Starting January 2025, EV users will benefit from transparent and standardized charging fees set at 1.2 DHS/kWh + VAT for DC chargers and 0.70 DHS/kWh + VAT for AC chargers. 

  

Travellers from the UAE likely to depart for year-end travel between December 14th to 18th

As per industry reports, UK, India, and Thailand are among popular choices for travellers from the UAE for year-end travel in 2024. It is estimated the most popular departure dates for travel fall between December 14 and 18 to leverage maximum time on their breaks. 

 

Expo Centre Sharjah sets record with 80 exhibitions and 3 million visitors in 2024

It is reported Expo Centre Sharjah, alongside its affiliated centres in Khorfakkan and Al Dhaid, successfully organized and hosted 80 major exhibitions and the events featured extensive international and regional participation from leading companies and renowned brands in 2024. It is estimated nearly 3 million visitors from across the UAE and beyond attended the events hosted by Expo Centre Sharjah.