WEEKLY BUSINESS ROUNDUP - 22nd April 2024 – 28th April 2024

World requires USD 15 trillion to bridge the financing gap for sustainable infrastructure projects by 2040

Islamic Development Bank (IsDB) emphasized the rising need for long-term solutions and sustainable infrastructure projects to manage the pace of climate change. Infrastructure projects require a shift in concept which is estimated to create financing needs to  the tune of USD 15 trillion to bridge the infrastructure financing gap by 2040. 

 

UAE, Kuwait trade ministers affirm 'Companies Investment Meet' significant in accelerating trade growth

Non-oil foreign trade between UAE and Kuwait reached USD 12.2 billion during 2023, rising 2% from USD 10.5 billion in 2019. At the UAE Companies Investment Meet, both countries discussed efforts required to enhance cooperation and integration in all fields aiming to strengthen trade and investment relations.  It is reported the private sector played an important role in strengthening trade relations and developing businesses in both  economies.

 

ACRES Real Estate Exhibition to kick off on May 16 in Dubai

Dubai is geared up to host the ACRES Real Estate Exhibition from 16th to 19th May at the Dubai World Trade Centre. The event serves as an ideal platform in supporting the development and investment endeavors of real estate companies within and beyond the UAE and also  highlights government initiatives that  are key  in driving increased investment to  the UAE. 

  

DIFC delivers record 23% YoY growth in underwriting volumes

Dubai International Financial Centre (DIFC) cemented its position as the principal hub for the (re)insurance industry, with the highest gross written premiums (GWP) recorded in its 20-year history at close to USD2.6 bn, marking 23% increase from USD2.1 bn in 2022. Further, DIFC also recorded a 20% increase in registration of insurance and reinsurance firms in DIFC. 

 

UAE-India trade on track to surpass $100bn by 2023

It is reported UAE and India are on track to surpass a target of USD100 billion in bilateral non-oil trade by 2030 furthered by the free trade agreement signed in May 2022. Trade between both economies marked 15% increase since the Comprehensive Economic Partnership Agreement was signed.

 

UAE retailers hit by cyberattack lose USD 3 mn

It is reported almost 44% retail businesses in the UAE on average encountered losses of approximately AED11 million ($3.08 million) owing to cyberattacks or data breaches. Reports further suggest the retail sector globally lost USD 429 billion to fraud in 2023.

 

UAE to add 6.34GW ‘green’ power capacity by 2030

The UAE is committed to progressing in the renewable energy sector and is expected to add 6.34 gigawatts to its power capacity from green projects between 2024 and 2030, through 12 planned projects.

 

USD 3bn UAE-Oman rail project enters implementation phase

The railway project between Oman and the UAE has entered the implementation phase. The railway network is set to link Sohar Port to the UAE National Rail Network and will connect two Gulf countries and align with the Gulf Railway, driving a pioneering GCC vision forward. 

 

Work to begin on new AED128 billion passenger terminal at Al Maktoum International Airport

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai approved designs for the new passenger terminal at Al Maktoum International Airport, which is expected to be the largest in the world, when fully operational. The new terminal is estimated to cost AED128 billion and will enable the airport to handle a passenger capacity of 260 million annually.

 

ATM’s travel tech space reports 56% year-on-year growth

More than 100 of the world’s leading travel technology companies will be exhibiting at Arabian Travel Market (ATM) 2024 between 6th to 9th May 2024. ATM 2024’s sold-out Travel Tech space will be 56% bigger than last year with 33% more exhibitors participating this year. The global travel technology market was valued at USD 9.4 billion in 2022 and is projected to reach USD21 billion by 2032.