WEEKLY BUSINESS ROUNDUP - 29th July 2024 – 04th August 2024

Passenger demand in the Middle East surges 9.6% in June

Reflecting significant surge in air traffic in the GCC airports, Middle Eastern airlines reported 9.6% year-on-year increase in passenger demand in June. This figure is estimated to be higher than the global growth of 9.1%. The region’s carriers witnessed increased capacity of 9.4% year-on-year in June compared to the 8.5 per cent increase year-on-year in total global capacity, measured in available seat kilometers (ASK).

 

M&A activity in MENA reports 321 deals valued at USD 49.2 bn in H1 2024

As per industry insights MENA region witnessed a slight increase in merger and acquisition M&A activity with a total of 321 deals totalling to USD 49.2 billion in H1 2024. Deal volume witnessed 1% growth while deal value saw a 12%. The UAE & Saudi Arabia took the top spot as preferred destinations for investors accounting for 152 deals reaching a total disclosed value of USD 9.8 billion. 

 

UAE banks’ gross assets rise 10.8% in May

UAE banks’ gross assets rose by over 10.8% year-on-year (YoY), equivalent to AED 418.1 billion, reaching AED 4.287 trillion, compared to AED3.869 trillion in May 2023 as per figures issued by Central Bank of UAE.

 

UAE’s real estate sector marks an upward trajectory in H1 2024

Driven by economic and financial stability, the UAE real estate sector reported an upward trajectory in H1 2024, attracting increased investment and the launch of large-scale real estate and infrastructure projects across the country. Dubai took the largest share of new real estate projects, with over 12 new projects launched by leading players in the real estate sector. The completion of 6600 units in H1 2024 brings the total number of residential units to 736,000 and around 20,000 residential units are expected to be delivered in H2 2024.

 

UAE and Azerbaijan aim to develop economic partnership

During the ninth session of the UAE-Azerbaijan Joint Intergovernmental Commission (JIC) for Economic, Trade and Technical Cooperation, the UAE and Azerbaijan agreed to develop their existing economic partnership in the sectors of entrepreneurship, SMEs, new economy, tourism, aviation, industry, innovation, technology, agriculture, food security, logistics, culture, energy, renewable energy, and investment. The Azerbaijani private sector aims to capitalise on the flexible and competitive policies offered by the UAE’s business environment which facilitate the establishment and launch of new ventures.

 

FTA urges Resident Juridical Persons with Licences issued in June to register for Corporate Tax by 31 August 2024

The UAE Federal Tax Authority urged Resident Juridical Persons with Licences issued in June, regardless of the year of issuance, to submit their Corporate Tax registration applications by 31st August 2024. 

 

11% increase in DEWA’s digital transactions in H1 2024

Dubai Electricity and Water Authority (DEWA) reported customers conducted more than 6.7 million digital transactions in H1 2024 compared to approximately 6 million transactions in H1 2023 – marking a 11% increase. It is reported customers conducted 1.1 million transactions via DEWA’s website, 2.2 million transactions via its smart app and more than 3.3 million transactions via various digital channels provided in collaboration with partners.

 

Transactions in Central and Eastern regions of Sharjah amount to AED 646 million during H1 2024

The semi-annual report of Sharjah’s real estate sector revealed the trading value of real estate transactions reached AED 646 million during H1 2024 in the Central and Eastern regions of Sharjah – marking 17.7% growth rate compared to 2023. It is reported the total number of real estate transactions in the branches of the department amounted to 14,395, while the total area traded in sales transactions reached 21.7 million square feet in H1 2024.

 

800 industrial establishments in Ajman during first half of 2024

The total membership of the Ajman Chamber of Commerce and Industry reached 19,372 during the first half of 2024 and the total number of certificates of origin reached 22, 693 certificates. Strengthening the competitive business environment, investment landscape and driving economic development were key priorities aligned to Ajman Vision 2030.