WEEKLY BUSINESS ROUNDUP - 29 December 2024 – 05 January 2025

AE real estate sector witnessed steady growth in projects, record transactions in 2024

An increase in real estate projects and infrastructure investments marked the UAE real estate sector’s growth momentum through 2024. It is reported the total value of real estate transactions reached approximately AED 893 billion by the end of 2024, with over 331,300 transactions recorded. Abu Dhabi reported real estate transactions amounting to AED79.3 billion through 25,046 sales and mortgage transactions across various property types by end of 2024.

 

Ministry of Climate Change and Environment releases guide outlining regulations for single-use plastic products

Supporting the execution of Ministerial Decision No. 380 of 2022 the Ministry of Climate Change and Environment released a comprehensive guide laying down regulations for single use plastic products. The initiative aims to regulate the use of single-use products in the UAE market - encouraging adoption of environmentally sustainable practices.

 

UAE economic growth forecast to hit 5% in 2025

As per industry reports, UAE’s economic growth is expected to accelerate to 5% in 2025 fuelled by growth in the oil and non-oil sectors. The UAE recorded real GDP growth of 3.6% year on year (y/y) in H1 2024, according to preliminary national accounts data from the FCSA, with Q2 growth of 3.9% y/y following the 3.4% recorded in Q1. 

 

Dubai Land Department launches Smart Rental Index 2025

Dubai Land Department launched the Smart Rental Index 2025 - representing a comprehensive system that integrates the latest technologies and real estate expertise, aiming to provide exceptional services. The index accentuates transparency and fairness in determining rental values – in line with Dubai’s Digital Strategy and the Dubai Real Estate Sector Strategy 2033 objectives.

 

Footfall of 16.79 million tourists recorded in first 11 months of 2024

Dubai’s tourism sector reported significant growth as international tourists visiting the emirate reached 16.79 million between January to November 2024 – marking 9% surge - from the 15.37 million visitors during the same period in 2023. Further it is reported hotel inventory in Dubai reached 153,390 rooms across 828 establishments by November 2024.

 

Dubai ranks in the eighth spot among world’s top 10 cities in Global Power City Index

As per the Middle East in the Global Power City Index 2024 (GPCI) Dubai ranked eighth worldwide and first in the Middle East,  being the only city in the Middle East to feature in the top 10 list - reinforcing its position as a major hub for business, talent, and investment. The Global Power City Index (GPCI) ranks major cities of the world as per their “magnetism,” or their comprehensive power to attract people, capital, and enterprises from around the world.

 

Dubai Ruler approves AED5.4 billion housing projects offering beneficiaries 3,004 new homes across Dubai

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai approved the implementation of a housing project series worth AED5.4 billion to benefit citizens across different areas of Dubai. 3,004 new homes will be built for Emirati citizens and the project will ensure high standards for families, renewed community values and stability.

 

ADGM reduces commercial licence fees from January 2025

Abu Dhabi Global Market (ADGM) announced an updated fee schedule for obtaining and renewing an ADGM commercial licence. Starting from 1st January 2025, fee reductions of 50% or more will be effective and apply to non-financial and retail businesses within the ADGM jurisdiction.