WEEKLY BUSINESS ROUNDUP - 29th April 2024 – 05th May 2024

Middle Eastern air traffic demand surges 10.8% in March

Globally the aviation sector marked 13.9% increase in demand year-on-year. Middle Eastern airlines reported 10.8% year-on-year passenger demand increase in March.  As per IATA’s figures the regional carriers reported the strongest growth at 19.9% year-on-year with significant expansion in the Middle East – Europe market.

 

OECD forecasts steady  global GDP growth of 3.1% in 2024

As per OECD’s latest Economic Outlook report steady global GDP growth of 3.1% in 2024 followed by a slight pick-up to 3.2% in 2025 is expected. Housing and credit markets feel the impact of tight monetary conditions however global economic activity is resilient, decline in inflation continues and private sector is in thriving mode.

 

World Economic Forum (WEF) reports AI to revolutionize education

A recent WEF report explores Artificial Intelligence (AI) could revolutionize education systems. AI’s robust potential ranges from personalized learning experiences to integrating AI driven experiences into the educational curricula.  AI brings into play an innovative, scalable, and personalized learning experience that enhances engagement and effectiveness.

 

Increasing mutual investments reported between UAE and Austria

UAE and Austria signed the Comprehensive Strategic Partnership Agreement in 2021 and it is reported Emirati exports to Austria, including crude oil, aluminum products, machinery, and electrical appliances, increased by 20.6% in 2023, totaling €235.9 million in value. Similarly, Austrian exports to the UAE, including machinery, mechanical appliances, boilers, and measuring devices, increased by 23.5% to €657.7 million. Further direct investments between both countries increased significantly. 

 

UAE and Uzbekistan to boost digital infrastructure development

UAE’s Ministry of Investment and the Ministry of Digital Technologies of the Republic of Uzbekistan signed an investment memorandum establishing a framework for investment cooperation in digital infrastructure focusing on data centre and Artificial Intelligence (AI) based projects in Uzbekistan. Uzbekistan’s data centre market is projected to grow by 9.82% between 2024 and 2028, resulting in a market volume of USD 361.40 million in 2028. 

 

Dubai FinTech Summit kicks off discussions on latest innovations & challenges

As per industry intelligence the global fintech sector is rapidly growing and is predicted to be valued at US$608 billion globally by 2029. It is estimated the MENA region’s fintech start-up and venture capital landscape is booming, with over 800 FinTech start-ups worth USD15.5 billion. The Dubai Fintech Summit brings together 8,000 decision-makers, over 300 thought leaders and more than 200 exhibitors to discuss the latest innovations and challenges and showcase cutting-edge technologies. The Summit offers investors and industry leaders an opportunity to connect and capitalize on the growing fintech market in the region and beyond. 

 

1000+ fintech firms already registered in DIFC in 2024

As per reports DIFC reported registering of 902 fintech and innovation firms in 2023, marking 31% surge from 2022 figures. It is estimated that in 2024 more than 1000 fintech firms have already registered in DIFC. 1000+ fintech and innovation firms have raised USD 3.3 billion in VC funding.

 

Dubai Chamber set to lead Southeast Asia trade mission 

Dubai International Chamber is set to lead a delegation of local companies to Indonesia and Vietnam as part of a trade mission. Delegates will participate in a series of prearranged B2B meetings and benefit from networking opportunities with representatives of companies from Indonesia and Vietnam. Further interactions with key public and private stakeholders is also on the agenda in both countries. 

 

Biggest travel expo Arabian Travel Market 2024 kicks off; draws more than 2300 top firms

Staring from May 6th onwards more than 2300 exhibitors from 165+ countries will be participating in the Arabian Travel Market 2024. The four-day event held under the theme “Empowering Innovation: Transforming Travel Through Entrepreneurship”, is set to attract more than 41,000 experts who will turn the spotlight on the travel and tourism industry.

 

Ajman reports 7% growth in tourism revenue in Q1-24

Ajman recorded 7% increase in total tourism revenue in Q1 2024, driven by a 3% surge in occupancy rates and a 9% growth in number of visitors compared to the same period in 2023. Further Ajman Tourism Development Department reported the average hotel stay duration increased by 5%.

 

Federal Tax Authority carries out 40,000 inspection visits in 2023, an annual increase of 80.71%

The UAE Federal Tax Authority (FTA) has intensified its supervisory efforts to combat tax evasion and accelerate tax compliance. In 2023, FTA carried out 39,470 inspection visits through 211 campaigns in local markets across all emirates of the UAE, marking an annual increase of 80.71% in the number of visits, as well as an 86.73% growth in the number of campaigns conducted, compared to 2022, which saw the FTA carry out 21,840 field visits through 113 inspection campaigns.