WEEKLY BUSINESS ROUNDUP - 25th February 2023 to 3rd March 2023

March 06, 2023
WEEKLY BUSINESS ROUNDUP - 25th February 2023 to 3rd March 2023
Middle East aviation expected to outpace global growth
The Middle East aviation services likely to witness a 4.7% average annual growth until 2041, surpassing the global average of 3.7 per cent as per industry reports. The region’s airlines are expecting to require 3020 new passenger and freight aircraft deliveries by 2040. Airline fleet growth is also expected to trigger the Middle East aviation services sector over the next decade.
 
World Bank expects UAE to grow in spite of global headwinds
World Bank predicts UAE economy will grow by 4.1% despite challenges in the global economic conditions. This prediction is based on UAE’s good performance in 2022 which is expected to continue through 2023. 
 
Investments of UAE banks amounted to  AED 528 billion in December 2022
Central Bank of UAE revealed the total investments of banks operating in the country reached a historic high of AED 528 billion at the end of December 2022 - representing 11.5% annual increase or AED 54.5 billion - compared to the same period in 2021, when total investments were AED473.2 billion. Bonds constituted largest component of the banks' investments, accounting for 49% or AED 258.5 billion at the end of December.
 
UAE tops MENA region in World Bank’s 'Women, Business and the Law 2023' report
The Women, Business and the Law 2023 report by the World Bank ranked the UAE as the leading country in the Middle East and North Africa (MENA) region. UAE received a full score in five of the report’s eight key indicators, including Mobility, Workplace, Pay, Entrepreneurship, and Pension. The UAE scored 82.5 out of 100 possible points across 35 sub-indicators in the annual World Bank Report that covers 190 countries.
 
Global luxury goods market surged 21% amounts to €1.3 trillion in 2022
During the Investopia 2023 Conference it was noted that luxury brands recovered considerably after the pandemic. The global luxury goods market recorded 21% increase amounting to €1.3 trillion in sale by 2022. The momentum of consumption of luxury products around the world is growing strong and the current estimate of 400 million consumers is projected to increase to 500 million people by 2030.
 
UAE and Turkey sign CEPA
UAE and the Republic of Turkey signed the Comprehensive Economic Partnership Agreement to usher bilateral economic cooperation between the two countries to stimulate trade, increasing the flow of investment and creating joint opportunities in priority sectors. The signing of CEPA furthers the strong bilateral relations as the total non-oil trade between the UAE and Türkiye reached $19 billion in 2022, an increase of 40% compared to 2021 and 112% compared to 2020. 
 
UAE and Italy promote relations to Strategic Partnership level
During a meeting held between the high level leadership of UAE and Italy a “Declaration of Intent” on enhancing cooperation within the United Nations Climate Change Conference of the Parties (COP28) and climate action, in addition to a Memorandum of Understanding (MoU) for cooperation on energy transition projects and sustainability initiatives between UAE and Italian energy companies. This move by both countries aims to strengthen cooperation in the field of emissions reduction, new energy technologies and low-carbon solutions.
 
UAE ranks high in expat lifestyle, earnings and family stability
HSBC’s latest research across 9 markets rated UAE highly for 5 of the top 12 motivations that inspire international relocation decisions. UAE scored top ranking for lifestyle, increased earnings, family stability, purchasing power and sustainable living conditions. Lifestyle influenced the decision for relocation for almost 36% respondents who came to the UAE as expats.
 
Dubai is world’s fourth most active luxury real estate market
Dubai is rapidly cementing its position as a sought-after market for luxury residential properties in the world. The emirate registered 219 sales of prime residential properties worth $10 million or more, the fourth highest in the world in 2022, just behind New York, Los Angeles and London, as per industry  reports. Dubai is also considered to be the fifth most active city for sales of properties worth $25 million or more, with 26 transactions recorded in 2022.