WEEKLY BUSINESS ROUNDUP - 25th November 2024 – 01st December 2024

Global airfares set to rise again in 2025

Ticket prices are likely to rise next year, though the size of the fare increase is likely to vary greatly on a region-to-region basis. Asia and Australasia are expected to witness rise close to 14% while North America & Europe may see modest increase of 2%.

 

UAE shoppers move online and seek quick commerce; consumer spending hit USD 3.7bn in Q3 2024

Reports reveal UAE consumers showcased robust spending patterns during Q3 2024, investing USD 3.7 bn in FMCG, Tech & Durable Goods – marking 4.8% increase compared to Q3 2023. Back-to-school sales and the growing prominence of convenience retail were key drivers for strong spending by UAE consumers in Q3 2024. 

 

UAE non-oil economy to surge 4.7% in 2024 driven by real estate booms and easy visa policies

As per industry reports the UAE’s non-oil economy is estimated to grow by 4.7% in 2024. Catalysed by tourism, real estate, robust FDI inflow and increased government spending on capital projects the country’s non-oil sector is set for sustained growth. The International Monetary Fund (IMF) projected its forecast for the UAE’s gross domestic product (GDP) to grow by 4% in 2024, rising to 5.1% in 2025.

 

UAE approves record 2025 budget with balanced AED 71.5 bn revenues and expenditure

The Federal National Council approves record UAE budget for 2025 fiscal year. The country approved a balanced budget for the next financial year with revenues and expenditure of AED 71.5bn. The Union General Budget, approved by the Federal Cabinet, totals AED71.5bn in revenues and AED71.5bn in estimated expenditures, maintaining a balanced approach between income and spending. The budget is allotted across key sectors - including social development, government affairs, and economic affairs alongside other federal expenses.

 

UAE leadership highlights significance of Dubai real estate market as transactions pass AED 625 bn in 2024

As per Dubai Land Department (DLD), Dubai real estate market witnessed more than 188,000 transactions and passed AED625 bn so far in 2024. The country’s real estate sector progress is aligned to the objectives of the Dubai Real Estate Sector Strategy 2033 and highlights the sector's increasing appeal to businesses,  investments and global  talent. 

  

Abu Dhabi Chamber forecasts UAE food & beverage sector revenue to hit AED 141 billion in 2024

Abu Dhabi Chamber of Commerce & Industry (ADCCI) reported 19% increase in food & beverage exports from the UAE during H1 2024 and projected an increase in the sector’s revenue to reach AED 141 billion. The ADCCI is committed to achieving goals established under the UAE Food Security Strategy 2051. It is reported online sales of Abu Dhabi food and beverages are expected to reach AED 2.3 billion by 2025, driven by increased e-commerce adoption and a growing market.

 

World Economic Forum (WEF) appreciates Dubai’s model in securing emerging technologies

The WEF applauded Dubai Electronic Security Centers (DESC) contributions to Dubai’s leading model in securing emerging technologies, integrating them into the digital infrastructure and deploying them across economic sectors.  Dubai leverages technologies like artificial intelligence, blockchain, quantum computing and employs it across key sectors like government services, communications, manufacturing, transport, and urban planning. 

 

Dubai real estate witnesses USD 3.6 bn spend on ultra-luxury properties

Ultra-high net worth individuals (UHNWIs) in Dubai reinforced Palm Jumeirah and Jumeirah Bay Island as the preferred choice, as the locations accounted for 48% of all transactions valued at AED 50mn or more between January to October 2024.  The super luxury real estate market in Dubai is going strong with total market value for properties priced AED50m and above reaching an impressive USD 3.6bn as of October 2024.

 

Sharjah reduces fees for sale and purchase of property transactions to attract global investors

In a bid to attract global investors to its burgeoning real estate sector, Sharjah is set to reduce fees for sale and purchase of property transactions. The Sharjah Executive Council’s (SEC) decision includes a 0.5% reduction in selling fees for developers and discounts on purchase fees; 1% for UAE and GCC citizens and 2% for other nationalities.