WEEKLY BUSINESS ROUNDUP - 27th January 2025 – 02nd February 2025
February 03, 2025
AI’s economic potential expected at USD 320 bn in MENA region
The MENA economy is likely to witness the Artificial Intelligence (AI) sector contribute up to USD 320 billion. With AI expected to reduce costs, increase efficiency, and help create new revenue-generating streams, the sector is expected to have a massive impact across the MENA region.
GCC countries received 68.1 million tourists, USD 110.4 billion generated in 2023
The Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf (GCC-Stat) recorded about 68.1 million international tourists visiting the Gulf Cooperation Council (GCC) countries by 2023 end – marking a 42.8% increase compared to 2019 figures.
UAE banking sector assets surge to AED 4.46 trillion
As per the Central Bank of UAE, the UAE banking sector recorded a significant surge in assets in 2024, reaching AED 4.457 trillion at the end of November 2024, compared to AED 4.075 trillion in 2023. Total assets are estimated to reach approximately AED 896 billion, driven by increased net inflows into the national economy, compared to AED 721 billion in 2023.
UAE becomes top global destination for winter tourism
The World Travel & Tourism Council reports that UAE received 29.2 million international tourists in 2024. As per the World Economic Forum’s 2024 Travel & Tourism Development Index, UAE has surged to the 18th position globally. The country has launched its fifth ‘World’s Coolest Winter’ campaign to showcase the country’s destinations through tourism experiences.
UAE and Indonesia discuss consolidating cooperation across sectors
A high-level delegation from the UAE went on an official visit to Indonesia to explore ways of enhancing bilateral cooperation across various sectors. The meeting discussed mechanisms to strengthen cooperation between UAE and Indonesia across political, economic, investment, trade, and cultural sectors.
FTA corporate tax awareness initiatives reach out to 15,700 participants in 2024
Through its corporate tax initiatives, the Federal Tax Authority (FTA) recorded significant growth in 2024, with 15,713 participants benefiting from its awareness events. Those attending in-person events across all emirates and virtual sessions hosted by the Authority marked an 8.7% increase from 14,455 participants in 2023.
Dubai set to host visionaries managing USD1 trillion at 2025 Family Office Summit
The highly anticipated Family Office Summit will take center stage on February 25, 2025. The event will provide a platform for thought leaders, industry pioneers, and visionaries to connect, exchange ideas, and explore the future of family office strategies. Dubai’s family office ecosystem managing assets worth USD 1 trillion reinforces the region’s growing role in global wealth management.
Dubai's luxury market hits new record for over USD 10-million home sales
Dubai luxury residential market achieved a new record for USD 10 million-plus home sales. As per industry reports Dubai recorded 435 sales above USD 10 million, surpassing the 434 transactions recorded in 2023.
Sharjah Taxi transported 7.4m passengers, at an average of more than 20,000 per day
As per reports Sharjah Taxi transported more than 7.4mn passengers throughout 2024, averaging 20,200 passengers per day. Plans are underway for Sharjah Taxi to convert 100% of its fleet to electric vehicles by 2027.