WEEKLY BUSINESS ROUNDUP - 23 December 2024 – 29 December 2024

MENA business travel sector passes USD 17bn

The MENA business travel sector reported remarkable growth as the sector passed USD 17bn. In 2024, business travel is likely to reach USD1.48 trillion globally, with the Middle East expected to witness 11.2% growth rate.  

 

UAE and Italy join forces in strategic partnership to combat financial economic crimes

UAE and Italy signed a Memorandum of Understanding to initiate a strategic partnership against rising threats of financial crimes. Coordinated efforts between both countries will   facilitate exchange of best practices to counter money laundering and tax evasion, in the realm of financial crime prevention. 

 

UAE aviation records 150mn passengers at airports in 2024 and airline growth

The UAE General Civil Aviation Authority (GCAA) forecast passenger traffic at the UAE airports to reach approximately 150mn by the end of 2024, compared to 134mn in 2023. It is reported Etihad transported more than 17mn passengers in 2024 and traffic climbed over 30%. The country reported significant airline growth and the sector contributes up to 13.3% of the GDP.

 

UAE carriers reach 87.1mn seats in 2024

It is reported UAE carriers have fully recovered their capacity increasing it to 87.1 million seats in 2024, a 10.5% increase from 2023 and 15% growth compared to 2019. These figures surpass 2019 levels. As per global aviation data, UAE carriers’ seat capacity growth exceeded the global average growth rate of 2.4% compared to 2019 and 6.4% compared to 2023.

 

UAE introduces new medical and pharmaceutical laws

The UAE Government has issued a Federal Decree-Law to regulate medical products, the pharmacy profession, and pharmaceutical establishments. The law covers a broad range including medical devices, pharmaceutical products, healthcare items, biological products, supplements, and cosmetics. Violators could face disciplinary actions, including temporary suspension of the license, precautionary closure, license cancellation and fines of up to AED 1 million for establishments and AED 500,000 for practitioners. 

 

UAE industrial sector witnesses’ massive investment surge

It is reported the UAE industrial sector’s contribution to GDP rose to 11% reaching AED 205 billion by end of 2023. The industrial sector has been pivotal in UAE’s economic diversification and sustainable development, with industrial financing significantly expanding with over AED 19 billion in competitive funding. 

 

Dubai set to host ‘ArabPlast’

The 17th edition of the ‘ArabPlast’ international trade fair for plastics, recycling, petrochemicals, packaging, and rubber industry will be held in the Dubai International Convention and Exhibition Centre from 7th to 9th January 2025. The event will feature 750+ exhibitors from 35 countries, with pavilions representing over 12 nations and showcasing technologies and solutions that will drive the future of plastic, petrochemical, packaging, and rubber.

 

Abu Dhabi to offer 10-year UAE Golden Visa to superyacht owners

Abu Dhabi is set to unveil a groundbreaking initiative by offering 10-year UAE Golden Visas to superyacht owners and their families. Offering this privilege to superyacht owners ensures Abu Dhabi is tapping into a niche yet highly lucrative market and diversifying its economy. 

 

Ras Al Khaimah real estate hits AED 11.95bn, marking 70% surge since 2020

Ras Al Khaimah real estate sector is set for robust growth as transaction values for the first three quarters of 2024 soared to AED 11.95 billion, according to figures from the Ras Al Khaimah Statistics Center. These figures reinforce a staggering 70% increase compared to AED 3.84 billion during the same period in 2020.