WEEKLY BUSINESS ROUNDUP - 18th March 2024 – 24th March 2024

Global boutique hotels market set to hit USD115bn by 2032

Global boutique hotels market size is set to grow by USD 9.1 billion in the next few years to hit USD 98 billion. The segment is expected to potentially reach USD 115 billion by 2023. Private Luxury Boutique is an exclusive invite-only event dedicated to luxury properties for boutique experiences that kickstarts on October 2nd in Portugal to enable meaningful business connections within the sector. 

 

MENA, one of the fastest-growing freelance economies

As per industry reports, the Middle East and North Africa (Mena) region is one of the fastest-growing freelance economies, with 142% growth in freelancer registrations from 2022. The region is consciously diversifying oil dependency to grow into a knowledge and skills economy witnessing a remarkable increase in freelance talent demand. Implementing agile workforce models play a significant part in contributing to the freelance economy. 

 

Passenger air traffic has surpassed pre-pandemic levels

In Q1 2024, the International Civil Aviation Organisation (ICAO) forecast passenger air traffic levels to be around 2% higher than 2019, with airlines expected to sustain their operating profitability as seen in 2023. This year’s forecast  is expected to  be around 3% above 2019 levels. 

 

UAE, Saudi  push  regional surge in security software spending

As per industry  reports spending on IT  security  products and services in the MENA region -  excluding Israel – is estimated to  grow 10.3% year on year in 2024 to  reach USD 6.2 billion.  This growth is likely to be contributed by key initiatives underway in the UAE and Saudi Arabia. As per the International Data Corporation (IDC) this figure will reach USD 8.4 billion in 2027, representing a CAGR of 12% over the 2023–2027 forecast period.

 

UAE investments abroad are performing well despite global economic fluctuations

As per the UAE International Investors Council (UAEIIC), it was reported UAE investments abroad are performing well despite global economic fluctuations. The total value of UAE assets abroad, whether government or private, is estimated at USD2.5 trillion as of early 2024 and the country ranked first in the Arab region and West Asia, 15th globally and second globally in investing in new opportunities.

 

Aligned with UAE Government Services 2.0 Framework FTA upgrades 3 key service lines

The UAE Federal Tax Authority has upgraded three key services to align with UAE Government Services 2.0 Framework. This initiative is designed to accelerate the efficiency and effectiveness of public services promising customers a user-friendly experience.

 

Dubai approves PPP projects worth USD 10 billion

Dubai’s Department of Finance has approved a portfolio of public – private partnership (PPP) projects valued at USD 10 billion with a focus on enriching collaborations and cooperation. The Department of Finance identified the best opportunities in the most active economic sectors and created a portfolio worth USD 10 billion of government projects that can be financed, implemented, and operated according to the PPP model.

 

New conference charts pathways for green finance at World Future Energy Summit 2024

World Future Energy Summit, a leading business event for future energy and sustainability, is set to debut a Green Finance Conference during its 2024 edition between April 16th to 18th. The event will gather policymakers, asset managers, financiers, academics, environmentalists, and major energy corporates to discuss on everything from financing of global projects to low carbon economies, the incentivization of regional pathways to green financing, the need for climate finance regulation, and what is needed to propel green financing to the next level.