WEEKLY BUSINESS ROUNDUP - 8th April 2024 – 14th April 2024

Global exports of digitally delivered services hit USD 4.25 trillion in 2023, marking 9% increase y-o-y

As per the April 2024 edition of the WTO’s “Global Trade Outlook and Statistics” world commercial services trade grew 9% in 2023 driven by recovering international travel and surging digitally delivered services. Global exports of digitally delivered services surged to USD 4.25 trillion in 2023, marking 9% increase year-on-year, and accounted for 13.8% of world exports of goods and services.

 

Global steel demand projected to rise by 1.7% in 2024 and 1.2% in 2025

As per the World Steel Association, global steel demand is projected to rise by 1.7% in 2024 and 1.2% in 2025. The Short Range Outlook report forecasts steel demand for 2024 will see a 1.7% rebound to reach 1,793 Mt and forecast is set to grow by 1.2% in 2025 to reach 1,815 Mt. 

 

Energy executives globally upbeat on 2024 growth trajectory

As per industry statistics 73% senior executives in the energy industry are bullish on the sector’s growth trajectory. Efforts towards decarbonization and electrification are expected to drive the sector towards growth.

 

Middle East 'leading world travel industry boom in 2024'

The Middle East has cemented its position as a testament to the industry’s resilient and dynamic expansion. Reports from the International Air Transport Association (IATA) indicate a robust 19.7% growth in demand within the Middle East region, along with an improvement in the load factor to 80.8%. The UAE has announced plans for USD23 billion in infrastructure investments, with a focus on transportation and roads.

 

7 UAE banks part of the Forbes ‘most valuable list for Middle East’

Gulf entities dominate this year’s ranking in the Forbes Middle East's ‘30 Most Valuable Banks’ list -  with almost  26 out of the 30  based in the GCC region. Seven UAE based banks, with a market value of USD128.7 billion, have made it to Forbes Middle East's ‘30 Most Valuable Banks’. The rankings were based on their reported market value as of February 2024.  

 

UAE takes part in IMF and WBG 2024 Spring Meetings

UAE will be represented by the Ministry of Finance in the 2024 Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) taking place in Washington D.C., from 15th to 20th April 2024. UAE’s participation in these Spring meetings is aimed at furthering global collaboration to establish effective and sustainable solutions for all developmental needs.

 

UAE’s MoEI to highlight efforts to achieve energy transition, climate neutrality at WFES 2024

The UAE’s Ministry of Energy and Infrastructure (MoEI) is set to participate in the World Future Energy Summit (WFES) 2024, to be held at the Abu Dhabi National Exhibition Centre from April 16th to 18th. The UAE MoEI aims to highlight the UAE’s achievements in the clean energy transition and its efforts to achieve climate neutrality by 2050. In 2023 the UAE Energy Strategy 2050 is set to increase the share of clean energy in the energy mix

 

AED 112 million restoration project in Creek announced to prevent potential flooding

Restoration plans are in place to repair and rebuild the iconic Dubai Creek walls with an aim to prevent potential flooding and minimize disruptions to traffic. The project is estimated to cost AED 112 million and is set to be implemented in 2 phases. 

 

WETEX 2024 to kickstart in Dubai in October

The 26th edition of Water, Energy, Technology and Environment Exhibition (WETEX) set to kick-start from 1st to 3rd October 2024 at the Dubai World Trade Centre. As a specialized exhibition in the world, WETEX supports the UAE’s efforts to mobilize international efforts aimed at accelerating the energy transition and achieving net-zero, especially in the UAE's Year of Sustainability.