WEEKLY BUSINESS ROUNDUP - 28th October 2024 – 03rd November 2024

Major changes introduced in UAE university admission requirements

The UAE announced immediate cancellation of Emirates Standardised Tests (EmSAT) for 12th grade students in the country and will implement key changes to university admissions criteria. The implementation of revised university admission criteria is aligned to developing policies that evaluate students’ performance during their academic stages and support them to achieve future ambitions during their academic and professional careers.

 

US kickstarts fast-track entry for UAE citizens

With streamlined visa service initiatives UAE citizens are now able to gain fast-track entry into the US. Based on an agreement signed between the governments of the United Arab Emirates and the United States of America authorities have started implementing the entry procedure for Emirati citizens into the “Global Entry” program. This program allows UAE citizens expedited access to the United States for tourism, business, and personal visits.

 

UAE’s non-oil sector drives Islamic finance expansion

Driven by robust performance of the non-oil economy, S&P Global Ratings forecast strong growth in the UAE’s Islamic finance sector over a period. The UAE’s insurance sector, both conventional and Islamic, is projected to expand by 15% to 20%, driven by economic performance and infrastructure projects. 

 

Property rentals in Dubai set to surge 18% in 2025; driven by investor demand

Driven by investor and house ownership demand, Dubai is expected to see an average jump of 18% for short-term and upwards of 13% for long-term leases. The expected surge in rentals is likely to further demand for residential real estate from buyers around the world. 

 

Dubai amends Financial Audit Authority laws with penalties and appeal rules for violators

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, has issued Law No. (24) of 2024, amending certain provisions of Law No. (4) of 2018 pertaining to the establishment of the Financial Audit Authority. The new laws are for financial misconduct and auditing, including potential travel bans and asset-freezing for violators.

 

USD 4.4 bn transport plan to transform Dubai’s infrastructure

With a new transport plan, Dubai is set to massively expand the road network, slash journey times, introduce trackless trams and create more dedicated bus and tram lanes. The Executive Council of Dubai reviewed the transformative initiatives of the Roads Transport Authority which include the AED16 bn (USD 4.4bn) 2024-2027 Main Roads Development Plan, which will add 22 projects across Dubai’s expanding road network and benefit more than 6 million people. 

 

UAE stock markets see 764 major transactions worth USD 15.79 bn in 2024

The UAE stock markets recorded 764 substantial transactions till October in 2024, amounting to approximately USD15.79 billion (AED 58 billion), involving 18 billion shares. Abu Dhabi Securities Exchange (ADX) accounted for 95.6% of the total transaction value, while the Dubai Financial Market (DFM) accounted for the remaining 4.4%. 

 

Abu Dhabi Airports report 31% increase in first 9 months of 2024

The Abu Dhabi aviation sector continues to grow as Abu Dhabi Airports witnessed a surge in passenger traffic numbers as 21.7m passengers were welcomed in the emirate’s airport. These figures reflect a remarkable 31.2% rise compared to the 16.5 million passengers served during the same period in 2023.

 

Sharjah Airports welcome 4.4m passengers in Q3 as traffic up 10%

In Q3 2024, Sharjah Airports reported increase in flights, passengers and cargo highlighting consistent growth. Passenger numbers during this period surpassed 4.392m, marking 10% increase compared to the same period in 2023. Further the airport reported 6.7% increase in flight movement – accounting for 27758 flights operated by 35 airlines. 

 

Licensed business capital value hit USD 2.5bn in RAK

Ras Al Khaimah reported increased business activity with capital value up 15% in the emirate. As of September 2024, the total capital of valid licences registered with the department surged by 15% to AED 9.26bn (USD2.5bn), reflecting an increase by a million compared to 2023 when it totalled around AED 8 bn (USD 2.2bn).