WEEKLY BUSINESS ROUNDUP - 1st July 2024 – 7th July 2024

Global cereal output at an all-time high in 2024

The Food and Agriculture Organization of the United Nations (FAO) updated its forecast for global cereal production in 2024 pegging it at 2854 million tons. Global rice production is expected to reach 535.1 million tons while world cereal total utilization in 2024/25 is forecast to rise to 2856 million tons, rising 0.5% from the previous year, led by rice and coarse grains. World cereal stocks are forecast to expand by 1.3% in 2025, leaving the global cereal stocks-to-use ratio in 2024/25 nearly unchanged at 30.8%.

 

UAE and Japan discuss developments in comprehensive strategic partnership & sign MoUs

UAE and Japan discussed key developments in the Comprehensive Strategic Partnership Initiative and the implementation of joint programs within this framework. UAE and Japan  strive to  strengthen cooperation to serve sustainable economic efforts and initiate strategic and vital partnerships.

 

UAE re-elected to Arab Civil Aviation Organisation Executive Council unanimously

UAE, has been re-elected as a member of the Executive Council of the Arab Civil Aviation Organisation unanimously in the elections held in Morocco. UAE achieved a new milestone in the civil aviation sector with its re-election to the Executive Council of the Arab Civil Aviation Organisation.

 

UAE set to host Asia-Pacific Accreditation Cooperation annual meetings in mid-July

The United Arab Emirates is set to host the Asia-Pacific Accreditation Cooperation (APAC) annual meetings for the first time in Dubai under the theme ‘Accreditation: Empowering Tomorrow and Shaping the Future.’ It is expected that representatives from 68 national accreditation bodies across the Asia – Pacific region will participate in the event.  The meetings provide a platform for member bodies to discuss and coordinate efforts on key accreditation issues, share best practices, and create mutual recognition arrangements that facilitate international trade and cooperation.

 

UAE’s merchandise services trade reach AED 4.61 trillion in 2023

As per WTO reports UAE’s merchandise and services trade amounted to AED 4.61 trillion in 2023, reaching almost the same level as 2023 driven by the services sector. UAE’s imports rose 7% to USD 449 billion, positioning it’s ranking as the 16th largest importer in the world. The UAE’s merchandise exports and imports accounted for 2.1% and 1.9% of the global share. 

 

Dubai Customs and Dubai Chambers discuss joint cooperation & Dubai Economic Agenda goals

In a recent meeting Dubai Customs and Dubai Chambers discussed ways to collaborate towards achieving the goals of the Dubai Economic Agenda. The discussion covered joint initiatives between Dubai Customs and Dubai Chambers to develop new services, reinforced Dubai's regional and global economic and trade positioning and supported the city's ease of doing business ranking. 

 

DEWA attracts projects worth AED 43.6bln through the IPWP model over 10 years

DEWA developed the Independent Power and Water Producer (IPWP) model which has contributed to attracting investments worth AED 43.6 billion over 10 years. The Independent Producer projects encourage partnership between the government and private sectors and through this model, DEWA achieved the lowest Levelized Cost Of Energy (LCOE) in the world in solar energy projects.

 

Dubai reports ‘highest volume, value of realty transactions’ in Q2 2024

Dubai recorded the highest volume and value of transactions ever in the second quarter (Q2), with the total number hitting 43,522, marking a 45% increase compared to Q2 2023. Market volume peaked, surpassing the previous high achieved in Q1 2024 by 17%, while transaction values exceeded the previous peak recorded in Q4 2023 by 2%.

 

Shurooq: Driving local and regional economic development in Sharjah

Since its establishment in 2009, the Sharjah Investment and Development Authority (Shurooq) has adopted a comprehensive strategy focused on four key sectors: real estate development, hospitality, commercial and entertainment centres, and arts and culture to drive economic development. Through its integrated strategy, Shurooq aims to strengthen sustainability and drive innovation across the emirate.