WEEKLY BUSINESS ROUNDUP - 10th December 2023 to 16th December 2023

GCC key player in the global race to future of mobility

With electric and autonomous mobility gaining momentum GCC is rising as global contender in creating a solid impact   in developing the future of transport. Financial forecasts around the future of mobility are bullish expecting the industry to have a global market value running into trillions. Key industry players foresee commercialization of autonomous vehicles by 2024.

 

GCC non-energy sectors expected to drive GDP expansion in 2024

The GCC region is expected to defy global slowdown as non-energy sectors in the region continue to drive growth of the Middle East’s GDP which is predicted to rise to 3.2% in 2024 above the global GDP forecast of 2.1% as per industry reports. Economic growth in the Middle East is likely to improve in 2024 and outpace advanced and emerging economies.

 

World Bank to boost MENA climate financing to US$ 10 bn by 2025

The World Bank plans to increase climate financing for the Middle East and North Africa (Mena) region to $10 billion by 2025. Between 2012 to 2023 the World Bank provided US$6.3 billion in climate financing for the region.  The World Bank integrated climate into all its work across the MENA region and is set to align 100% of new operations with the goals of the Paris Agreement.

 

Global air cargo peak season demand up 5pc in November

Worldwide demand in air cargo has surged above 2022 levels, furthered by strong export volumes from China with preliminary tonnages for November up +5%, year on year (YoY), and up +1% on October. On a global basis, volumes stand at +3% higher year on year driven by increase across diverse regions. 

 

Dubai scores high on the global real estate stage

As per industry reports, Dubai has cemented its position in the paradigm of ‘live, work, play’ city driven by its attractiveness on the following fronts - Urban Prosperity, Governance & Talent, Legal Framework, Enterprise Excellence, Lifestyle, and Opulence. The emirate achieved significant scores in 2 key domains - work and live owing to factors like investor friendly environment, ease of doing business, financial market competitiveness. 

 

Dubai airport set to welcome 4.4m passengers this festive season

Dubai International Airport is geared up for a busy season and is estimated to welcome 4.4 million passengers between December 15th and December 31st with average total daily traffic expected to reach 258,000. December 22nd is expected to be the busiest day for the airport as it gears up to welcome estimated 279,000 passengers.

 

Dubai rises as ‘leading global hub’ for talent attraction

Dubai has emerged as a leading global hub for talent attraction based on factors like work life balance, fulfilment in day-to-day working lives, purpose, and a range of other non-financial benefits. Dubai’s financial freezone reported creating more new jobs than in any year since its inception. DIFC has talent strength of 39000 individuals from more than 160 nationalities. 

 

Tourism a key pillar in Dubai’s economy

During the Dubai Department of Economy and Tourism’s City Briefing, the country’s visionary leaders highlighted the significant role tourism sector will play in helping Dubai achieve Dubai Economic Agenda D33. The emirate’s collaborative partnerships with players in travel and hospitality fosters opportunities for growth - at a local and global scale. Tourism sector growth in 2023 outperformed pre-pandemic results across travel and hospitality as Dubai welcomed a record 13.9 million visitors between January to October 2023 compared to 13.5 million during the corresponding period in 2019.

 

Abu Dhabi sets more than US$ 17.7bn for new development projects

His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council approved a budget of more than AED65 billion ($17.7 billion) for new capital projects and turned the spotlight on advancing the Emirati culture and heritage ecosystem in the emirate. Increasing awareness of national traditions and empowering local talent is a key priority for the visionary leaders in the emirate.