WEEKLY BUSINESS ROUNDUP - 26th May 2024 – 01st June 2024

Artificial Intelligence expected to add USD 15 trn to the global economy

The widespread adoption of Artificial Intelligence (AI) is estimated to create USD 15 trillion opportunity within the global economy. With trade set to grow by 2.6% in 2024, the scaling up and adoption of generative AI alongside a surge in e-commerce and digital services trade will further global trade resilience.

  

Middle East outperforms in consumer and tech durables sales

The Middle East & Africa is the only region to outperform despite declines in the consumer tech and durables sector across regions. Marking different trends, Saudi  Arabia and UAE are delivering robust performance backed by positive consumer sentiment.

 

IATA reports global air passenger demand rises 11% in April

The International Air Transport Association (IATA) reported the total demand, measured in revenue passenger kilometres (RPKs), was up by 11.0% in April 2024 compared to April 2023. Middle Eastern airlines saw a 14.2% year-on-year increase in demand and passenger demand is reported to be growing for 36 consecutive months.

 

Non-oil sectors propel UAE GDP growth

As of 2023, the UAE's GDP stood at AED1.68 trillion at constant prices, marking a 3.6% increase from 2022. Figures released by the Federal Competitiveness and Statistics Centre revealed the country’s non-oil GDP reached AED 1.25 trillion, reflecting a 6.2% growth compared to 2022.

 

Reports reveal almost half of Mena employees mull entrepreneurship

The Entrepreneurship in the Middle East and North Africa 2024 survey revealed nearly half of the surveyed employees were inclined to be self-employed or start their own venture. Driving forces towards entrepreneurship are factors like personal fulfillment, better work life balance and community focused intentions.

 

UAE, Qatar sign double taxation avoidance agreement

UAE and Qatar signed an agreement to avoid double taxation and prevent fiscal evasion of income taxes. On the sidelines of the 121st meeting of the GCC Financial and Economic Cooperation Committee both countries signed this agreement to  bolster coordination and cooperation in tax related matters.

 

UAE commits additional  USD6.26bn in industrial offtakes

During the Make it in the Emirates (MIITE) Forum,  government enterprises and private companies in the UAE committed an additional USD 6.26 billion to local manufacturing efforts. A series of announcements were made at the forum including a USD 820 million commitment to buy locally produced medical equipment.

  

Global  airlines gather for a summit in Dubai

The International Air Transport Association (IATA) is set to  host its 80th  annual general meeting in Dubai to address underlying passenger concerns, increasing costs of travel, supply chain challenges and matters pertaining to  sustainability. The airline industry's net profit is likely to surge by more than 10% annually to USD 25.7 billion in 2024, while revenue is projected to grow 7.6% year on year to a record USD 964 billion.

 

Air cargo  demand records robust  growth into  Q2

Global air cargo markets recorded strong annual growth in demand into Q2 2024. Total demand measured in cargo tonne-kilometres (CTKs), rose 11.1% compared to April 2023 levels. It is the fifth consecutive month of double-digit year-on-year growth.

 

DIFC draws attention of the world’s wealthy owing to strong security benefits

Owing to  the robust  privacy afforded by Dubai International Financial Centre (DIFC) regulations,  family offices from across the world are choosing DIFC for its robust  regulations and security. DIFC offers HNWI the security of tight privacy  within the framework  of strong due diligence processes.