WEEKLY BUSINESS ROUNDUP - 19th May 2024 – 25th May 2024

May 27, 2024
WEEKLY BUSINESS ROUNDUP - 19th May 2024 – 25th May 2024
GCC and Africa set to bolster trade ties
As per reports trade ties between GCC and Africa surged by a compound annual growth rate (CAGR) of 8% in the 10 years till 2022. Trade relations between both regions reported acceleration in growth in the value of bilateral trade in 2021 and a record high of USD154 billion in 2022. 
Assets in Islamic Banks increased by AED 86 billion over the last 12 months
As per Central Bank of UAE’s latest statistics the assets of Islamic banks reached AED717.7 billion at the end of February 2024, reflecting an annual increase of 13.61% compared to approximately AED 631.7 billion at the end of February 2023. Further the total investments of Islamic banks reached AED141.7 billion at the end of February.
UAE and Republic of Korea foster strategic partnership for development 
Robust ties between the UAE and the Republic of Korea drive strategic alliances to unlock new frontiers. UAE's visionary leaders recent visit to Korea aims to pave the way for a robust partnership across diverse domains including economic cooperation, nuclear energy, climate change, cybersecurity, food security, defense, healthcare, culture, public administration and space.
UAE and China set to enhance collaboration in media sector
Officials from UAE and China discussed ways of strengthening cooperation mechanisms and sharing expertise across media sectors. Other areas that were discussed during this high-level  meeting included Artificial Intelligence in the media sector and exploring models of media partnership. 
Research reveals 12.3% growth in UAE's digital trade between 2023-2028
Recent trends reveal digital trade activities in the UAE are expected to grow at a CAGR of 12.3% between 2023 and 2028. Further, research revealed 40% consumers in the UAE relied majorly on the “buy now pay later” model and fintech digital technology systems. 
UAE tourism sector expected to contribute almost 12% to GDP in 2024
The UAE tourism sector contributed AED220 billion to the country’s GDP in 2023, accounting for 11.7% of the overall economy. The outlook on the sector indicates the tourism sector will reach AED 236 billion accounting for approximately 12% in the GDP share. It is further reported the tourism sector played a significant role in generating 809,000 job opportunities across various tourism activities and fields in the UAE in 2023.
UAE consumer spending surged 13% in 2023
Driven by a 14% increase in the retail economy overall UAE consumer spending rose by 13% in 2023. As per industry reports, compared to 2022, the highest growth in spend came in H1 2023 owing to  surge in tourists in the second half of 2022. 
Dubai revises 2024 passenger traffic forecast ,  expects 91 million footfall
Marking one of its busiest quarter ever, between January to March 2024, Dubai Airport handled over 23 million passengers. With local airlines bolstering their network, Dubai Airport expects to record footfall of 91 million passengers in 2024. The airport recorded the highest traffic in January accounting for 7.9 million passengers. 
Sharjah Chamber collaborates with Hong Kong in areas of international commercial arbitration
Delegation from the Sharjah Chamber of Commerce (SCCI) and Hong Kong discussed avenues for driving cooperation in the space of commercial and investment laws. Discussions aimed to accelerate development of bilateral trade prospects between the UAE and Hong Kong and support strategic economic partnerships.