WEEKLY BUSINESS ROUNDUP - 09th September 2024 – 15th September 2024

Middle East industrial valves market to hit USD 5bn

The Middle East industrial valve market is set to touch nearly USD 5 billion in the next 5-7 years on the back of the rapid infrastructure development across the region, surging at more than 6% CAGR. The Middle East region is one of the largest  markets for industrial  valves in the world and currently values at  USD 2.5 billion. 

 

GCC F&B sector to hit USD 128bn by 2029 as local brands take on international brands

The UAE and Saudi Arabia lead the F&B sector in the GCC region and the market is set to grow rapidly from its current USD 94bn market value across the rest of the decade. As of 2023, the F&B market hit USD 94.4bn, driven by a compound annual growth rate (CAGR) of 6.1% and by 2029, the GCC F&B market is expected to grow to USD 128bn.

  

UAE and India sign strategic partnerships across multiple sectors 

The UAE and India signed a few strategic partnerships across a wide range of sectors during the visit of Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi to India. Further to this visit UAE and India commit to shared prosperity and stronger economic partnerships.  

 

Visionary leaders of UAE and China discuss bilateral ties to strengthen partnership 

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, met with Li Qiang, Premier of China’s State Council in Dubai to explore ways to strengthen ties and partnership in areas of politics, economy, commerce, and culture. Both countries marked growth in economic ties with non-oil trade between the two countries reaching AED296 billion in 2023. 

 

In Q2 2024, UAE shoppers splurge USD 3.8bn on FMCG, tech products

Marking 3.4% increase from Q2 2023, UAE consumers continued to splurge in Q2 2024 collectively investing USD 3.8 billion in fast-moving consumer goods (FMCG), technology, and durable goods. UAE shoppers spent USD 2.3 billion on FMCG and USD 1.5 billion on tech and durable products in Q2 2024. 

  

UAE banking sector reports 10.6% growth in capital, reserves, investments

As per data released by the Central Bank of UAE (CBUAE) total capital and reserves of banks operating in the UAE reached AED495.2 billion at the end of June 2024. This figure indicates a 10.6% year-on-year increase from AED 447.8 billion in June 2023. It is reported national banks dominated the sector, accounting for 86.3% of the total capital and reserves.

 

Dubai property market soars with 17.8% increase in transactions in H1 2024

‘H1 2024 Residential Resale Market Review 2024’ reports transaction volumes increased by 17.8% year-over-year to 27,949, while transaction values rose by 23.1% to AED 76.34 billion. It is reported the average residential resale price per square foot rose to AED1,545, marking 7% increase compared to H1 2023; with apartments being the most popular residential option. 

 

Dubai Airport tops Middle East list of most connected airports in the world

As per recent rankings by Megahubs: Most Connected Airports in the World, Dubai International Airport retained its position as the top ranked airport in the Middle East & Africa region. The UAE hub also secured the seventh spot in the Top 25 Low-Cost Megahubs globally, making it the highest-ranked airport outside Asia in this category.

 

Dubai plans for new USD 1.2 bn university; set to become a global education hub

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, announced the establishment of Dubai National University, with an investment of AED4.5bn (USD 1.2bn). Focused on establishing itself as one of the top 200 global education centers in the world within 20 years, Dubai aims to become the preferred choice for higher education and scientific research.

 

Dubai World Trade Centre hospitality division reports 140% rise in guest catering

Dubai World Trade Centre (DWTC) reported 140% growth in catering to external events by its hospitality business in H1 2024. The hospitality business segment reported marked increase in the number of guests catered to at external events, with 104,732 guests served in H1 2024, compared to 43,615 in H1 2023, recording substantial rise of 140%.