WEEKLY BUSINESS ROUNDUP - 4th February 2024 – 10th February 2024

IMF: Global economy surprisingly resilient; will have “soft landing” in 2024

At the World Government Summit in Dubai, IMF announced the global economy displayed surprising resilience. It is reported growth exceeded expectations in 2023 and the global economy is poised for a "soft landing" in 2024. The IMF expects GDP growth in the MENA region to reach 2.9% this year, which is higher than 2023. 

 

GCC real estate market set for solid growth in H1 2024

As per industry reports, it is estimated the GCC real estate sector will witness steady to accelerated growth trends during the first six months of 2024, powered by anticipated stability in oil prices, rise in property demand, strong economic growth, and supportive government policies. 

 

OECD’s free zone tax review 'to boost UAE’s competitiveness'

UAE Ministry of Finance reported the latest review by the OECD on preferential tax regimes officially recognized the country's Free Zone Corporate Tax regime as 'non-harmful,' reinforcing the UAE’s robust tax legislation and its alignment with international standards. This rating is part of the OECD’s comprehensive review of 322 taxation regimes worldwide under the Base Erosion and Profit Shifting (BEPS) Project to date. 

 

UAE tops start-up fundraisings in January with USD47mln investments

As per industry reports, UAE start-ups dominated funding rounds in the Middle East and North Africa (MENA) region in January, raising USD47 million in investments. The value of investments raised in UAE account for 54% of the total fundings secured across MENA in January.  

 

UAE-Kuwait agreement on avoiding double taxation enhances economic integration

Kuwait and UAE signed an agreement to avoid double taxation on income and capital taxes which is key to prevent tax evasion and avoidance. This agreement is part of the process of economic and financial integration and the free movement of capital between the UAE and Kuwait. 

 

UAE, Saudi Arabia, and Qatar rank among the world’s top 10 emerging markets

The UAE, Saudi Arabia and Qatar continue to rank among the world’s top 10 emerging markets for logistics, improving or holding steady in key areas. UAE ranked third in the 15th annual Agility Emerging Markets Logistics Index, which ranked 50 markets around the world for overall competitiveness based on factors that make them attractive to logistics providers, freight forwarders, air and ocean carriers, distributors, and investors.

 

World Governments Summit kicks off in Dubai

The high-profile World Governments Summit (WGS) 2024 kicks off in Dubai today. The three-day event is attended by over 25 state and government heads, 140 governments and over 85 international organizations, along with distinguished participation of thought leaders, experts and more than 4,000 attendees. Held under the theme ‘Shaping Future Governments’, the summit will discuss the future of mobility, artificial intelligence (AI) and investing in uncertain times among other diverse topics. Almost 25 strategic reports in collaboration with global thinktanks and academic and research bodies addressing global trends across key sectors will be launched during the summit. 

 

New schools to be launched in Dubai; 2.8mn sqft allocated for educational institutions

The Knowledge Fund Establishment managed an investment portfolio worth AED1.01 billion at the end of 2023 - marking a 47.2% increase from the end of 2022. The Establishment allocated more than 2.8 million square feet of educational assets in Dubai for investors and operators in the education sector in 2023, a 211% increase from 2022. This movie is expected to serve over 18,000 students in Dubai through the forthcoming launch of educational projects including schools and early education centers offering British, Indian, French, and American curricula.

 

Flying taxis expected to be launched in Dubai by 2025 end

Dubai’s RTA approved the final design for flying taxis and vertiports (vertical airports) which will be launched by the end of 2025. Work will be in progress for the construction of the first vertiport near Dubai International Airport where the first route tentatively will be from DXB to Palm Jumeirah. 

 

UAE exchange houses increase remittance fees by 15%

UAE exchange house increased remittance fees for expatriates from the UAE by 15%.  The Foreign Exchange and Remittance Group (FERG) received approval from the authorities to increase the fee by 15% equivalent to AED2.5. This fee hike will take place for remittance services provided through physical branches of the exchange houses.