WEEKLY BUSINESS ROUNDUP - 16th September 2024 – 22nd September 2024

Latest economic insights reveal GCC economy to grow 4.4% in 2025

As per industry based economic insights GCC region’s economic growth is likely to more than double next year. Poised for a significant rebound, growth is projected to be more than double at 4.4% in 2025. GCC’s non energy sectors are expected to expand by 4.2% in 2024 and 4.4% in 2025. Economic growth in the Middle East region is projected at 2.1% in 2024 and a significant acceleration to 3.7% is expected in 2025. 

 

MENA records recovery; international tourist arrivals hit 96% pre-pandemic levels

International tourism bounced back to 96% of pre-pandemic levels between January to July 2024. As per the latest World Tourism Barometer by UN Tourism 790 million tourists travelled internationally in the first seven months of 2024, about 11% more than in 2023 and only 4% less than in 2019. These figures are aligned to UN Tourism’s projection of a full recovery in international arrivals in 2024.

 

UAE – India Business Council and Rajasthan agree to bolster investments

The UAE-India Business Council – UAE Chapter (UIBC-UC) and the Department of Industries and Commerce (DoIC) of Rajasthan signed an MoU to bolster investment and business collaboration in Rajasthan. Rajasthan government led delegation was in Dubai to discuss specific areas of cooperation including investment opportunities, policies, and projects in Rajasthan.  

 

UAE, Eurasian Economic Commission advance trade collaboration 

Key officials from the UAE held discussions with officials from the Eurasian Economic Commission to discuss trade expansion and investment opportunities between the UAE and the Eurasian bloc, which includes Russia, Belarus, Kazakhstan, Armenia, and Kyrgyzstan. Discussions also included negotiations towards Comprehensive Economic Partnership Agreement to create a solid framework.

 

UAE economy to expand 4.8% in 2024 as travel boomss

The UAE economy is expected to expand by 4.8% in 2025, attributed by expansion of the non-oil economy, which is expected to grow by 4.6% year-on-year in 2024. The travel and tourism sector is likely to record continued growth and investment opportunities in the UAE are likely to be on the rise. 

  

Dubai education hub records 43% increase in European students, attracts talent from 170 countries

It is reported that the European student community marked 43% annual growth at the end of the 2023-24 academic year. It is estimated that the French student community grew by more than 30% at the end of the 2023-24 academic year. As per reports, the Education Cluster is reported to be home to 33,500 learners across ages, from 170 countries.

 

Influx of foreign investors in Sharjah real estate sector from 100 diverse nationalities

It is reported Sharjah is attracting huge numbers of international real estate investors from 100 different nationalities. Sharjah real estate sector reported 22% growth in the number of foreign investors during H1 2024 compared to H1 2023. The number of properties traded by foreign investors in the emirate during H1 2024 reached 5,914, marking 84.6% growth.

 

Sharjah Investment Forum 2024 draws over 5,000 attendees; paves the way for future of smart economies

The Sharjah Investment Forum 2024 was attended by over 5000 high-profile government officials, visionary entrepreneurs, and industry pioneers. Hosted under the theme “A Futuristic Vision for Smart Economies” the Forum highlighted Sharjah’s strategic positioning as an ideal destination for foreign direct investment in a dynamic landscape. The Forum served as an ideal platform for conversations on emerging technologies, brand strategies, best business practices and investment trajectories. 

 

SCCI set to launch Sharjah-Europe Businesswomen Forum in Belgium

The Sharjah – Europe Businesswomen Forum is set to commence in Belgium and will feature 500 participants from across the globe, including business women from the UAE and European countries. The forum will be centered on accelerating women’s empowerment in emerging economic sectors, equipping them with essential skills to drive business growth and open new markets for their entrepreneurial ventures. Further the forum enables exploring innovative funding solutions for women-led businesses and drives enhanced economic cooperation between Emirati  female  entrepreneurs and European counterparts.