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

Arab Health, the biggest healthcare event in Middle East to highlight tech innovation

The region’s biggest healthcare event Arab Health aims to build further on the AED6.65 billion ($1.81 billion) deals that were secured in 2023. The GCC’s healthcare sector is projected to reach $135.5 billion by 2027, at an annualized growth rate of 5.4% from $104.1 billion in 2022. With over 3450 exhibitors and more than 110,000 healthcare professionals expected to visit from 180+ countries, the event will serve as the perfect playing field for showcasing tech driven healthcare products.  

 

Global Islamic finance market estimated to hit USD 4.9 tn by 2025

The Industry reports estimated the global Islamic finance market is likely to reach 4.9tn by 202.  The Islamic finance market recorded rapid global growth surpassing US$2.2 trillion in 2022 and it is expected the sector will grow by 10% globally in 2023 and 2024.

 

GCC project contracts value increases two-fold to hit $209bn

Industry reports reveal project awards in GCC almost doubled in 2023 reaching US$ 209.7 billion compared to USD 109.7 billion in 2022. This figure was the highest ever aggregate value in terms of yearly projects awarded in the GCC region underlining the economic diversification plans underway in the region.

 

UAE signs MoU to boost Malaysia’s digital infrastructure

UAE and Malaysia signed an MoU focused on investment cooperation in the digital infrastructure sector. Malaysia’s growing prominence as a dynamic data centric market in the APAC region has led to the MoU laying specific emphasis on data centers in Malaysia. 

 

UAE real estate sector reports robust growth in 2023 

Reports reveal the UAE’s real estate sector witnessed robust growth across all the major asset classes in 2023 – specifically the office and residential sectors. Furthered by robust demand and continued developer activity there has been momentum in the country’s residential sector transactions in primary and secondary markets. Abu Dhabi witnessed consistent growth throughout 2023 with a 5% increase in sale prices and a 2% rise in rental rates on an annual basis in Q4 2023. Dubai, on the other hand, witnessed a 51% year-on-year increase in value and a 43% y-o-y increase in volume for the period between January to November 2023

 

UAE hospitality sector maintains positive momentum in 2023

The UAE hospitality sector in Dubai and Abu Dhabi retained positive momentum during 2023. Experts reveal both emirates collectively added 5200 keys to the market accelerating the total stock to 185,500 keys. City-wide occupancy in Dubai reached 77% whereas Abu Dhabi sustained robust occupancy levels of 72% for the year-to-date (YT) period of November 2023. 

 

DEWA among first utilities in the world to adopt smart technology

Dubai Electricity and Water Authority (DEWA) has provided its employees with the smart assistants making it the first government entity in UAE to adopt advanced technology. This move reiterates DEWA’s efforts to utilise innovation and disruptive technologies to drive greater efficiency, productivity, and quality.

 

More than 21 million passengers cleared immigration within minutes in 2023

As per statistics released by Dubai Airports more than 21 million travelers cleared passport control within minutes -marking 55% increase - compared to nearly 13.5 million passengers who used the gates in 2022. As per GDRFA, travelers crossed through 127 smart-gates at the airport without assistance from immigration officials. Addition of the facial recognition feature ensures travelers complete immigration procedures within minutes without taking out their documents. 

 

More than 7800 companies reported to join RAKEZ in 2023

As per 2023 reports, 7,800+ new companies strategically chose Ras Al Khaimah Economic Zone (RAKEZ) as their base to establish and flourish their operations. This significant surge represents an 86% increase in new registrations compared to the previous year reinforcing RAKEZ’s position as the preferred destination for entrepreneurial success.