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

Sheikh Hamdan appointed UAE’s Deputy Prime Minister & Minister of Defence

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council has been appointed as the Deputy Prime Minister & Minister of Defence by  His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai. Further, Sheikh Abdullah bin Zayed Al Nahyan, has also been appointed Deputy Prime Minister, in addition to his duties as Minister of Foreign Affairs.

 

AED13.1 billion increase in monetary deposits during April

Central Bank of UAE revealed that monetary deposits increased by more than 1.74% or AED13.1 billion in April 2024, reaching AED764 billion, compared to AED750.9 billion in March 2024. For the month of April government deposits increased to AED508.8 billion while currency issued in the month of April reached AED 146.8 billion. 

 

Foreign assets of CBUAE crossed AED 750 billion

Foreign assets of the UAE Central Bank (CBUAE) increased by 2.55% during April 2024, totalling to AED 750.29 billion at the end of April – compared to AED 731.62 billion at the end of March. It is reported that between April 2023 to the end of April 2024 CBUAE added more than AED 176 billion to its foreign assets. 

 

UAE to add 30000 millionaires in 5 years

Reports estimate almost 6000 millionaires will be added to the UAE - every year in 5 years. Projections reveal the number of millionaires with assets of over USD1 million will increase by nearly 29,866 or 15 per cent from 2023 to 2028. Wealth in the UAE grew at 16% CAGR between 2000 and 2010 and 4% between 2010 and 2023 and for the third year running the country is geared to be the leading wealth magnet in the world. 

 

UAE’s food security to be bolstered by development of world’s largest food trade logistics hub in Dubai

Plans are underway in the UAE to develop the ‘Foodstuffs, Fruits and Vegetables Market’ – the world's largest logistics hub for the trade of foodstuffs, vegetables, and fruits. This move aims to strengthen UAE's efforts to enhance its food security and upgrade the entire food value chain - locally and globally.  

 

UAE holds first strategic financial dialogue with Poland

UAE held the first Strategic Financial Dialogue with the Republic of Poland in Warsaw to accelerate bilateral cooperation in various financial and economic areas of mutual interest and discuss the latest developments in financial markets. Both countries key opportunities for collaboration in renewable energy and banking sectors. Financial cooperation and economic expansion are on the agenda for UAE and Poland. 

 

MoE set to review the Federal Decree-Law No. 36 of 2023 on competition regulation

The UAE Ministry of Economy in a bid to promote and protect competition, combat monopolistic practices and enhance the country’s attractiveness from a foreign investment perspective reviewed the Federal Decree-Law No. 36 of 2023 on competition regulation. Coordination between 14 federal and local government authorities led to the development of this law that introduces a new framework for competition and enables effective competitiveness. 

 

Dubai Mall welcomes 57 million visitors in the first 6 months of 2024

After being the most visited place on earth in 2023, Dubai Mall recorded further growth in 2024 with 57 million visitors in the first half of the year – compared to 52 million visitors during the same period in 2023. The mall plays a key part in the UAE’s retail landscape and reported growth in retail sales from 8% to 15% over the same period in 2023. 

 

DME reports growth across physical delivery, trading, and total volumes in the first six months of 2024

Dubai Mercantile Exchange (DME) – leading energy futures exchange in the Middle East reported significant rise across physical delivery, front-month trading volume, and total exchange volume during the first six months of 2024 compared to H2 2023. DME’s total exchange volume saw substantial growth of 21% touching 680 million barrels compared to 562 million barrels in H2 2023 while physical deliver volume for H1 2024 rose by 9% to 113 million barrels. 

 

 Ras al Khaimah and Argentina sign agreement to accelerate trade and investment volumes

The Ras Al Khaimah Chamber of Commerce and the Argentine Chamber of Commerce and Services (CAC) signed an agreement to strengthen economic cooperation and increase the volume of trade and investment between RAK & Argentina by empowering business communities on both sides. Key  focus lies in organising trade missions and developing economic, scientific and technical  relations between private sector entities in both  countries.