WEEKLY BUSINESS ROUNDUP - 25th March 2024 – 31st March 2024

GCC banks set for largest ever dollar debt issuance in Q1 2024

As per Fitch ratings GCC banks are on track to see their largest ever dollar debt issuance in Q1 2024, exceeding the 2020 record of USD 25.2 billion and the full year for 2023. Strong investor sentiment combined with high oil prices and rapid credit growth in Saudi Arabia are key contributors to debt issuance. Year-to-date issuance is USD20.1 billion, already surpassing the 2023 total of USD15.2 billion with banks in Saudi Arabia and the UAE accounting for 33% and 26% respectively.

 

GCC embraces make-to-order manufacturing

The GCC custom-manufacturing market had reached a value of USD 898bln by 2022 and is expected to grow at a compound annual rate of 4.6% between 2023 and 2030. The GCC custom-manufacturing market is growing exponentially and is poised to reach almost USD1.3 trillion by 2030. It is estimated that  programs such as Saudi Arabia’s National Industrial Strategy (NIS) and the UAE’s Operation 300bn will benefit greatly from custom manufacturing.

 

15 laws and 62 regulatory decisions adopted in the UAE finance sector in 2023

It is reported that the UAE adopted 15 federal laws, 62 regulatory decisions and 9 major national projects in the finance sector in 2023. It is further reported that the UAE government had taken 151 decisions to bolster efficiency and sustainability of resources in the government. UAE ranked first globally in four indicators of financial competitiveness and total federal assets reached AED 481.5 billion in 2023

 

UAE secured 44.1% of Japan's crude oil needs in February 2024

As per the Agency for Natural Resources and Energy in Tokyo, UAE secured 44.1% of Japan’s crude oil needs in February 2024 - amounting to approximately 31.3 million barrels. It is reported the amount of crude Japan imported in February 2024 amounted to around 71 million barrels, of which, 68.74 million barrels - almost 96.7% - originated from five Arab countries: UAE, Saudi Arabia, Qatar, Kuwait, and Oman.

 

UAE and Kenya sign Investment Memorandum to advance digital infrastructure and AI initiatives

UAE Ministry of Investment and the Ministry of Information, Communications and the Digital Economy of the Republic of Kenya signed an Investment Memorandum establishing a framework for investment cooperation in digitalization and technology.  The memorandum emphasizes on exploring investments in digital infrastructure and artificial intelligence services in Kenya. In the realm of AI, technical and investment potential of developing Large Language Models are likely to be assessed.

 

UAE takes the first spot in Global Entrepreneurship Monitor 2024 report

The United Arab Emirates ranked first globally for the third consecutive year in the Global Entrepreneurship Monitor (GEM) report for the year 2023-2024. The country recorded a rate of 7.7, a record number in the history of the report. UAE was reported as the best place worldwide to start and conduct new business ventures, surpassing many advanced economies.

 

Dubai Land Department establishes first phase of strategic partnerships to support ‘Dubai Real Estate Programme’

In a bid to strengthen the real estate sector, Dubai Land Department kickstarted the initial phase of a sequence of strategic collaborations with nine developers to fortify the “Dubai Real Estate Programme”. The strategic alliance was signed by officials from DLD and officials representing leading real estate development companies. Dubai Land Department is set to further partnerships with prominent developers and real estate brokers which will contribute to qualifying more citizens in the real estate sector.

 

Dubai hospitality sector sets the pace for growth

2024 is set to see the opening of 31 new hotels in Dubai, while 2025 is expected to add 16 new hotels to the mix. This translates to a cumulative total of 851 by the end of 2024 and 867 by the end of 2025. The UAE tourism sector’s GDP contribution is expected to nearly double in 2024 from 2021 to 36.1%, and is forecasted to reach 2019 levels once again, by 2024.

 

Sharjah Ramadan Majlis 2024 discusses how investments can maximize innovation

The Sharjah Ramadan Majlis 2024 brought together business leaders, senior government officials, entrepreneurs, and change-makers, to the Sharjah Research Technology and Innovation Park (SRTIP) to collectively discuss and address how investments across diverse industries can be designed to maximize innovation and impact. The Ramadan Majlis reinforced Sharjah’s commitment to fostering significant change across diverse sectors such as sustainable infrastructure, education, innovation, entrepreneurship, and investment.