WEEKLY BUSINESS ROUNDUP - 02nd September 2024 – 08th September 2024

Global family office wealth to hit USD 9.5tr by 2030

As per industry reports the total wealth for family offices is expected to grow by 73% to reach USD 9.5 trillion by 2030. This accounts for 189% surge between 2019 and 2030. Further the report reveals there has been a significant increase in single family offices across the world. Currently there are 8,030 single family offices globally, marking 31% increase from 6,130 in 2019.

 

Global travel industry to add USD 11.1tn to GDP

As per the World Travel and Tourism Council (WTTC), every USD 1 out of USD 10 will be spent on travel. The WTTC estimates the tourism industry’s contribution to global GDP in 2024 will increase 12.1% year-on-year to USD11.1tn, making up 10% of global GDP. Tourism spending in the US, China and German economy is expected to contribute the most to GDP. 

 

UAE and India set to bolster economic ties as CEPA deal aims USD 100 bn trade

UAE and India set to enhance economic ties as the two countries seek to develop USD 100bn trade partnership as part of a CEPA deal. Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi’s official visit to India marks a major stride in UAE and India building an international model of constructive cooperation.

 

UAE's GDP hits AED430 billion in Q1 2024

UAE’s real GDP reached AED430 billion in Q1 2024, marking 3.4% growth compared to the same period in 2023, while the non-oil GDP grew by 4% compared to 2023. The UAE’s GDP growth estimates underline the resilience of the national economy and highlights its ability to continue on the path of sustainable growth.

 

Dubai and Abu Dhabi visitors surge as country targets USD 122bn GDP from tourism

The UAE Tourism Strategy 2031 aims to attract AED 100bn (USD 27.2bn) in tourism investments and boost the sector’s contribution to the GDP to AED 450bn (USD 122.5bn) by 2031. Travel and tourism contribution to the UAE GDP expected to reach around AED275.2bn (USD 75bn) by 2034 - driven by top notch airports, accommodations, tourist attractions and infrastructure. Further more than 10.62 mn tourists entered Dubai between January to July 2024 and Abu Dhabi hotels reported more than 2.87mn guests in H1 2024. These figures clearly reinforce the tourism boom in the UAE. 

 

Dubai and Abu Dhabi rank among the top ten cities in the world for entrepreneurs

As per a recent study, Dubai and Abu Dhabi rank among the top 10 cities in the world for entrepreneurs. Research reveals 20% businesses considered relocating to the UAE driven by tax advantages and quality of life. Further the property market and favourable regulations make Dubai and Abu Dhabi preferred choice for entrepreneurs. The study ranked Abu Dhabi as the seventh best city in the world for entrepreneurs.

 

Dubai recognised as the ‘most transparent property market’ in MENA 

As per an industry survey, the UAE has made major strides in the global real estate market transparency with Dubai and Abu Dhabi securing a place among the top 5 improvers in the transparency score globally. Dubai took the third spot while Abu Dhabi secured the fifth position for improvements made from 2022-24 in terms of enhancing digital capabilities and increasing availability of market data.

 

Abu Dhabi set to host AIM Congress 2025

The world’s premier investment platform AIM Congress is set to convene in Abu Dhabi between April 7th to  9th  2025. Over 1000 speakers will participate in 350  panel  discussions as the event will  be held under the theme ‘ Mapping the Future of Global Investment: The New Wave of a Globalised Investment Landscape- Towards a New Balanced World Structure’. 

  

SCCI to enable trade ties between UAE, Nepal private sectors

The Sharjah Chamber of Commerce and Industry (SCCI) discussed ways to enhance trade and investment cooperation between business communities in Sharjah and Nepal. The discussions highlighted opportunities for strategic partnerships with Nepali companies at the private sector level, leveraging the robust ties between the two countries.