WEEKLY BUSINESS ROUNDUP - 30th January 2024 – 5th February 2024

Global food price index falls to its lowest level in 3 years

The United Nations Food and Agriculture Organization (FAO)'s global food price index fell to its lowest levels in nearly three years, furthered by a decline in grain and meat prices. The price index recorded an average of 118  points in January  2024 – down from 119.1 in December 2023. The prices of wheat, corn and meat declined significantly. 

 

UAE set for missions and satellite lift offs in 2024

Aiming to launch the Arab world’s most powerful satellite, UAE is gearing up for more developments in space. 2023 marked one of UAE’s busiest years in space as Emirati astronaut returned from a six- month mission aboard ISS. In 2024 engineers at Mohammed bin Rashid Space Centre (MBRSC) will develop designs for a new rover, Rashid 2. 

 

Middle East air traffic jumped 33.3% in 2023

As per International Air Transport Association (IATA), Middle East airlines recorded 33.3% surge in air traffic in 2023. The region also marked 26% increase in capacity year-on-year with passenger load factor climbing 4.4 percentage points to 80.1%. It is reported Middle Eastern carrier’s international traffic neared pre-pandemic levels totaling 96.9% of December 2019 Revenue Passenger Kilometres (RPK).

 

UAE banks to lead regional growth in 2024

Following a strong Q3 in 2023, UAE banking sector is likely to maintain its solid performance in 2024 and lead in regional growth. UAE banking sector’s growth will be driven by robust credit demand stemming from dynamic non-oil sectors and comprehensive economic diversification programs in both countries. As per GCC Banking Sector Outlook 2024, UAE and Saudi Arabia will have the most robust return on assets forecasts. 

 

India has approved a Bilateral Investment Treaty with UAE 

In a bid to promote more investments and improve investor confidence, India has approved a Bilateral Investment Treaty (BIT). This is a move by the Indian government aimed at giving a boost to foreign investments and creating more Overseas Direct Investment (ODI) opportunities. The bilateral trade between UAE and India touched historic highs between 2022-23, reaching USD84.5 billion and registering 16% year-on-year increase. 

 

UAE passport ranking rises to the 11th place

On the Henley Passport Index, UAE is reported to be the biggest climber over the past decade by adding 106 destinations to its visa-free score since 2014. The Henley Passport Index marks the UAE’s massive leap of 44 places in its ranking from 55th to 11th position. Further the UAE now offers its citizens visa-free access to 183 countries. 

 

MoH launches a unified digital system to enhance professional path of national health personnel

The Ministry of Health and Community Protection launched the decision-making support system for the country’s health workforce. HRH-UAE is an integrated digital platform that enables managing healthcare professionals across all stages of their career paths - from the academic stages to professional training, to licensing and employment. The platform aims to track the professional journey of national health personnel and collect data to enable quick access to vital and accurate information in a timely manner.

 

Abu Dhabi wealth fund ADIA’s returns exceeded 17% in 2023

Abu Dhabi Investment Authority (ADIA) saw 17.3% of rolling returns in 2023 against the 16.4% returns recorded in 2022. 2022 was marked with challenges likes high inflation, rising interest rates and negative returns in stocks and bonds and the recovery in 2023 is largely attributed to high oil prices. 

 

Higher demand drives growth in property market in Abu Dhabi 

As per industry data, sale prices for luxury apartments and villas in Abu Dhabi’s sought-after neighborhoods have risen by 13% in 2023. It is reported property prices in Abu Dhabi have been on an upward trend which could prove advantageous for those looking to sell or rent out their properties. As per Abu Dhabi’s digital real estate ecosystem, there were over 14,000 residential property (ready and off-plan) sales transactions valued at over AED 52 billion in 2023.