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

AI expected to increase global real trade growth by 14% by 2040

A recent report by WTO Secretariat explores potential impact of artificial intelligence (AI) on world trade. The report discusses the critical role of the WTO in facilitating AI-related trade, ensuring trustworthy AI, and promoting global regulatory convergence. AI is likely to reduce trade costs, reshape trade in services, increase trade in AI-related goods and services, and redefine economies' comparative advantages. With universal AI adoption and high productivity growth up until 2040, global real trade growth could increase by almost 14 percentage points. 

  

MENA shoppers expected to increase spending by 10% in November mega sales

As per market study, MENA customers are likely to spend 10% more on online purchases during the mega November promo sales. The region reported 8% jump in the overall e-commerce spending in 2024 and companies are planning not just one-off discounts but increased customer activity.

 

UAE introduces digital platform to modernise finance sector

The Know Your Customer (KYC) platform launched in the UAE is a step in the right direction to develop financial infrastructure. The digital platform serves to provide accurate, comprehensive, and confidential data for financial transactions; thereby strengthening the infrastructure, accelerating digital transformation, and laying down a unified legal framework for customer identity verification. Established under Federal Decree-Law No. 30 of 2024, the KYC platform will help bolster the economy.

 

UAE banks record highest return on equity in the GCC

UAE-listed banks topped the GCC with the highest Return on Equity (RoE) at the end of Q3 2024 at 16.8%. GCC listed banks witnessed a broad-based growth in lending during Q3 2024 with healthy quarter-on-quarter growth seen across countries in the region. Aggregate gross loans for GCC-listed banks increased by 3.1% to reach a new record high of USD2.12 trillion at the end of Q3 2024 as compared to USD 2.06 trillion at the end of Q2 2024.

 

Dubai set to open UAE Federal National Council session

His Highness Sheikh Mohammed Bin Rashid Al Maktoum Vice President & Prime Minister of the UAE and Ruler of Dubai to open UAE Federal National Council session. The visionary leader issued Federal Decree No. 163 of 2024 to convene the session on November 25, 2024.

 

Dubai Airports embrace for busy season; more than 23m passengers expected in Q4 2024

With seasonal travel boom set to start, Dubai Airports are likely to witness 23 mn passengers pass through the ports in the last 3 months of the years. Implementation of advanced plans, supported by  passenger data analysis will  help manage the expected increase in activity. 

 

Dubai Chambers supports expansion of 485 digital startups; driving AI and Fintech led growth

Dubai Chamber of Digital Economy (DCDE) announced the establishment and expansion of 485 digital startups in Dubai between Q1 and Q3 2024. This marks remarkable 380% growth compared to period between Q1 and Q3 2024. AI & Machine learning businesses accounted for 11% while Fintech accounted for 9% businesses, SaaS constituted 7% businesses while Technology, Media, and Telecommunications (TMT) accounted for 7%; and health tech comprised 7%.

 

Dubai real estate shattered records with more transactions, mortgages and off-plan boost in October 2024. 

As per industry reports, Dubai real estate transactions are set to grow 30% year-on-year by end of 2024. Top real estate records reached new heights as Dubai recorded 20,460 transactions in a single month while more than 4,300 mortgages were secured and more than 15,000 new off plan units also entered the Dubai market.