WEEKLY BUSINESS ROUNDUP - 18th February 2024 – 23rd February 2024

GCC to outperform global economy in 2024

UAE and Gulf economies are expected to outpace the global forecast for 2024 driven by the by the domestic multi-year investment cycle in the region. Despite dull global  recovery, national  growth  within UAE and regional  growth is likely to  be driven by the tourism, real estate, transportation, and manufacturing sectors.

 

UAE removed from FATF Grey List

In a much-expected move the United Arab Emirates (UAE) has been dropped from the Financial Action Task Force’s (FATF) “grey list.” Improved risk-based measures to prevent the misuse of legal entities, increased financial intelligence capacity, and effective enforcement of targeted financial sanctions were paramount in the UAE establishing itself as worthy of consideration to be removed from the FATF Grey list.

 

UAE participates in G20 Foreign Ministers’ Meeting in Brazil

UAE delegation participated in the first G20 Foreign Ministers’ Meeting of 2024 in Brazil and focused on the Group’s role in addressing ongoing global tensions and achieving desired reforms of the global governance system. UAE has been contributing to G-20 priorities on diverse topics.

 

UAE and Kenya finalise CEPA

UAE and Kenya concluded negotiations on Comprehensive Economic Partnership Agreement enhancing trade relations that will secure East and West supply chains, driving investment into priority sectors, and expanding market access for businesses on both sides. 

 

UAE allocates USD 5 million to WTO's Women Exporters In Digital Economy Fund

At the 13th WTO Ministerial conference 2024, United Arab Emirates has allocated USD5 million to a USD50 million fund launched to help female entrepreneurs in developing countries to export more leveraging opportunities offered by the digital economy. The new fund is an initiative aimed at unlocking the potential of the digital economy to help women exporters overcome financing hurdles and capture untapped opportunities.

 

UAE hosts 2024 ACFE Fraud Conference Middle East

On February 26th and 27th UAE will host the Association of Certified Fraud Examiners (ACFE) Fraud Conference Middle East 2024. With artificial intelligence and digital platforms gaining prominence, this conference will attract global decision makers in profound discussions on strategic trends and cooperation mechanisms. 

 

Aggregate capital, reserves of UAE-based banks increase to AED481.5 billion by end of November 2023

As per CBUAE statistics, the aggregate capital and reserves of banks operating in the UAE increased 13.3%, reaching AED481.5 billion by the end of November 2023 compared to AED424.9 billion at the end of the same period of 2022.

 

Dubai Municipality registers over 1.5m food products in 2023

Dubai Municipality registered over 1.5 million food products in 2023, with 217,642 applications for registration and assessment of food products across the Emirate. Further, the Municipality issued 99,567 health certificates for exported food, highlighting its commitment to enhancing the flexibility of Dubai's food sector.

 

Dubai expects more than 17mn tourists to travel to the emirate in 2024

Positive about the momentum generated Dubai expects the number of tourists to surpass last year’s figures in 2024. Attracting new and repeat visitors is key to maintaining robust growth achieved in 2023. Dubai received 17.15 million international visitors in 2023 compared to 14.36 million in 2022 – reporting 19.4% growth. 

  

Abu Dhabi Customs records 72% growth in digital transactions in 2023

General Administration of Abu Dhabi Customs reported exceptional results in digital customs transactions through the ports of the Emirate of Abu Dhabi in 2023, recording a growth of 72% compared to 2022. Proactive and automated transactions accounted for 42%  of the total customs transactions volume, recording 24.3% growth during 2023.