WEEKLY BUSINESS ROUNDUP - 21 January 2025 – 27 January 2025
January 27, 2025
GCC secures 6th spot in the world for trade of goods
The Gulf Cooperation Council (GCC) Foreign Trade Report for 2023 revealed the region achieved a trade volume of USD 1.5 trillion, securing its position as the sixth-largest global trader. Further the GCC ranked third globally in the merchandise trade balance, with a surplus of USD 163.7 billion in 2023.
UAE tax authority applies VAT refund of USD 789mn for 35,000 citizens
As per the Federal Tax Authority (FTA), the cumulative total of approved applications by UAE nationals who received VAT-refunds for the expenses they have incurred for the construction of their newly built residences reached 34,900 applications - with a total value of AED 2.9 billion, since the start of the service.
USD272m of UAE housing support approved in January
His Highness Sheikh Mohammed bin Rashid Al Maktoum Vice President, Prime Minister of UAE and Ruler of Dubai granted approvals to more than 1,300 citizens in Dubai on over AED 1 billion-worth of housing application approvals. Further it is reported in the last two years 13000 citizen applications have been processed and approved.
UAE emphasizes investment potential in circular economy
At a recent World Economic Forum event, Abdulla bin Touq Al Marri, Minister of Economy, and Chairman of the UAE Circular Economy Council, highlighted the UAE’s strategic position in the circular economy. Further, UAE was among the first countries to sign the ‘Scale360°’ initiative in a strategic partnership with the World Economic Forum - aimed at driving sustainable development. The 'UAE Circular Economy Agenda 2031’ aims to encourage investments in natural resources.
UAE cements its position in advancing clean energy
The UAE has strengthened its global position in the transition to clean energy through its advanced projects that amplify energy security. The country has made rapid strides in developing renewable and clean energy projects especially the launch of the world’s first large-scale ‘round the clock’ gigascale project, combining solar power and battery storage. Delivering up to 1 gigawatt (GW) of baseload power every day generated from renewable energy, this project will be the largest combined solar and battery energy storage system (BESS) in the world.
Dubai commercial transport sector reports surge in operating companies to over 12,000 in 2024
In 2024, Dubai’s commercial transport sector reported a rise in the number of companies operating in the sector to 12,100 from 9,000, marking 34% growth over the same period in 2023. The commercial and logistics transport sector reported a 100000+ increase in the number of registered vehicles – accounting for total 400,000 vehicles – marking 31% rise compared to 2023.
Freehold ownership move could trigger 30-50% jump in property values in few Dubai areas
Areas like Sheikh Zayed Road and Al Jaddaf transitioning into freehold ownership zones and with the introduction of the Smart Rental Index redevelopment surge in Dubai is quite likely. It is expected the market’s quality and competitiveness will rise leading to a 30% - 50% jump in property values in redevelopment areas.
RAKEZ adds over 13,000 new companies - marks record growth in 2024
13,141 new companies joined the thriving ecosystem in RAKEZ marking record growth in 2024. The rise is reported to be driven by commercial activities, including general trading, e-commerce, and related businesses.
Industry research reveals 50% of vehicles sold will be EVs by 2030
As per a recent research, more than 50% of all vehicle models marketed by automakers will be electric vehicles (EVs) by 2030. Software and electrification will be key in driving transformation within the automotive sector. Further EV shipments are expected to grow 17% in 2025.
