WEEKLY BUSINESS ROUNDUP - 17th June 2024 – 23rd June 2024

Global primary aluminum output soars to over 6mn tons in May 2024

The world's primary aluminum production in May experienced a month-on-month increase of 3.86% and hit the 6 million tons level. Aluminum production globally recorded this growth, following a 3% decline in April from 6.1 million ton to 5.9 million ton.

 

Global food import bill in 2024 set to hit over USD2 trillion

Most major food commodities are predicted to be in adequate supply in 2024/25  as per the Food and Agriculture Organization of the United Nations (FAO). FAO’s preliminary estimate for the global food import bill in 2024 is forecast to rise by 2.5% to exceed USD 2 trillion. Favorable macroeconomic conditions including steady global economic growth and lower food commodity prices are key factors driving the rise in food import bill. 

 

Developing economies of Asia home to 60% of world’s megaprojects

As per the World Investment Report 2024, in 2023 developing economies of Asia witnessed 4% rise in the overall value of greenfield investment announcements and a 22% increase in the number of such announcements, where companies establish or expand their operations overseas. It is reported the number of announced greenfield projects in these sectors grew by 30% to 1,225 projects with a 54% rise in value, notably in renewable energy, transport, and telecommunication.

 

UAE expected to be leading wealth magnet in the world as per reports

The United Arab Emirates is set to lead for the third year in a row as the world’s top destination for the wealthy, forecasting an inflow of 6,700 millionaires by year end as per the Henley Private Wealth Migration Report 2024. China expects to see the biggest millionaire exodus with a projected 15,200 HNWIs anticipated to leave the country by the end of 2024. 

 

CBUAE projects UAE’s real GDP growth to reach 6.2% in 2025

Central Bank of the UAE expects UAE’s robust foreign trade performance to continue with projected growth for the country's real GDP estimated at 3.9% in 2024 and at 6.2% in 2025. As per reports the country's non-hydrocarbon GDP growth is expected to remain strong at 5.4% in 2024 and 5.3% in 2025. 

 

UAE takes the second spot after US in greenfield FDI projects

As per World Investment Report 2024, UAE took the second spot after US in greenfield FDI project announcements in 2023 at 1,323 - marking an increase of 33% compared with 2022. In terms of FDI inflows in 2023, the UAE attracted USD 30.688 billion compared to USD 22.737 billion in 2022, marking 35% y-o-y growth. 

 

CBUAE reveals gross written premiums increased by 18.5% Y-o-Y in Q1 2024 to AED21.1 billion

Growth in UAE’s insurance sector continued to be reflected in Q1 2024 with increase in gross written premiums. As per June 2024 review, the gross written premiums increased by 18.5% Y-o-Y in Q1 2024 to AED21.1 billion - driven by a rise in property and liability insurance premiums by 24.6% Y-o-Y, in health insurance premiums by 15.1% Y-o-Y, and in the insurance of persons and fund accumulation premiums by 15% Y-o-Y. 

 

FTA urges Resident Juridical Persons with licenses issued in March, April to register for Corporate Tax no later than 30th June

UAE’s Federal Tax Authority (FTA) is reminding Resident Juridical Persons that are subject to Corporate Tax with Licenses issued in March and April, irrespective of the year of issuance, to promptly submit their Tax Registration application for Corporate Tax no later than 30th June 2024, to avoid Administrative Penalties.

 

Banks provide AED 81.7 bn in financial facilities to SMEs by end of Q1 2024

As per Central Bank of UAE’s reports the accumulated balance of financial facilities and loans extended by banks operating in the UAE to small and medium-sized enterprises (SMEs) reached AED 81.7 billion by the end of Q1 2024. Loans to SMEs accounted for 9.7% of the total accumulated balance of financial facilities for the trade and industrial sector which stood at AED841.7 billion by the end of March 2024.