WEEKLY BUSINESS ROUNDUP - 05th August 2024 – 11th August 2024

National ICV Programme channelises AED 48 bn into the UAE economy

One of UAE’s Projects of the 50, the National ICV Programme of the Ministry of Industry and Advanced Technology (MoIAT), recorded significant milestone with the expansion of its scope during H1 2024. More than AED 48 bn has been redirected to the national economy reinforcing growth in national industrial and service companies. The Programme’s scope expanded to include 31 federal and local government entities and several major national companies in the country.

  

UAE brings into force new anti-money laundering and terrorism law

UAE government issued a Federal Decree-Law amending some provisions of the Federal Decree-Law on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations. The decree is in line with the country’s national strategy aimed to protect the local financial ecosystem. 

 

Dubai and Abu Dhabi score top spot in liveability rankings in the Middle East & Africa

As per the Global Liveability Index of the Economist Intelligence Unit (EIU) for 2024, Dubai and Abu Dhabi improved their scores in healthcare and education and remained the top liveable cities in the Middle East and Africa region. Abu Dhabi took the top spot as one of the safest cities globally while Dubai ranked fifth on the list of the world’s safest cities.  The index judged 173 cities in five categories: Stability, Healthcare, Culture and environment, Education & Infrastructure.

 

Dubai reported 361mn public transport journeys in H1 2024

As per Dubai’s Roads and Transport Authority (RTA), the number of public transport and shared mobility users in the emirate reached 361.2mn in H1 2024. This number reflects 6% increase compared to 340.5mn users in H1 2023. Further, the daily average number of riders in H1 2024 totaled to 1.98 mn compared to 1.88 mn in H1 2023. 

 

Dubai set to host UAE- Russia Investment Forum 2024 

Dubai is set to host the UAE-Russia Investment Forum 2024 on October 1 2024 and the event will witness global and regional participation from CEOs, investors, and business leaders across the world. The Forum will provide a platform to discuss the significance of investment, its pathways, developments, advanced trends, and its impact on the economy across sectors like real estate, trade, technology, tourism, hospitality & more. 

 

DEWA revenue hits record AED 13.7bn in H1 2024

DEWA reports revenue of AED 13.7 bn in H1 2024 indicating robust revenue growth of 7.3% - compared to H1 2023. Demand for power and water surged by 6.7% and 4.3% respectively in 2024 reflecting continued growth in Dubai. 

 

Dubai International Airport expected to see footfall of 91.8 million passengers by end of 2024

44.9 million passengers passed through Dubai International Airport in H1 2024 marking an 8% year-on-year increase in passenger traffic. The positive momentum of visitors and travellers has led to experts projecting an annual passenger count of 91.8 million for 2024. 

 

Property sales in Dubai reached AED 49.6 bn in July 2024

The Dubai real estate sector hit a new peak with property sales reaching AED 49.6 billion in July 2024, posting a 31.63% rise over the same year-ago period. Dubai’s off-plan property market has experienced remarkable growth, with sales transactions reaching AED 103.8 billion in the first half of 2024. 

 

Ras Al Khaimah hospitality sector set to flourish with more than 25,000 employees by 2030

As per industry reports the hospitality sector in Ras Al Khaimah is poised for solid growth as the number of premium and luxury hotel rooms are expected to triple by 2030, accelerating the workforce to 25,200. The emirate’s population is expected to grow by 55% from more than 400,000 to 620,000 driven by expatriate influx and its GDP is projected to grow by 80% by 2030.