WEEKLY BUSINESS ROUNDUP - 19th August 2024 – 25th August 2024

Middle East safari market to reach USD 1.5bn by 2030

Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX 2024) is set to go live in Abu Dhabi and as per reports the Middle East safari market is expected to grow to USD1.5bn by the end of the decade. Thousands of brands across 11 diverse sectors will be showcased at ADIHEX 2024 providing a dynamic platform for discovering new business opportunities. 

 

UAE tells taxpayers to register applications or face fines

The Federal Tax Authority (FTA) renewed its calls for resident juridical persons with UAE licences issued in June, irrespective of the year of issuance, to promptly submit their Corporate Tax registration application no later than August 31 2024, to avoid administrative penalties.

 

Non-oil trade in the UAE hits record USD 381bn in H1 2024 after growing over 11%

UAE non-oil trade hit record levels of USD 381 bn in the first half of the year and is poised to reach AED 3tn (USD 817bn) in trade by end of 2024. Further, the UAE economic partnerships strengthened with trade increasing by 10% with India, 15% with Türkiye, and 41% with Iraq, making Iraq the top destination for UAE exports. 

 

UAE witnesses spike in ‘bleisure travel’ 

UAE records a spike in ‘bleisure travel’ which is the rising trend of blending business and leisure travel. This phenomenon is likely to help hospitality and tourism sector players in the UAE when things are slow during the summer months. The hospitality sector has observed a shift in demand for ‘value for money’ travel and aims to innovate to deliver better customer experience. 

  

Dubai gaming sector to create 30,000 new jobs and add USD1bn to GDP by 2033

Dubai’s gaming sector is set for unprecedented growth as it targets 30,000 new jobs and a USD1bn contribution to GDP by 2033. The emirate has set clear objectives to achieve within the Dubai Program for Gaming 2033 and aims to position itself among the top 10 global hubs for the gaming sector.  

 

Dubai real estate sector sees boom in short-term rentals as investors report 20% higher returns over traditional leases

Short term rentals are an  emerging trend driving the Dubai real  estate sector. Driven by rising tourism and a demand for flexible living options, demand for short term rentals rose 30% compared to  2023 and investor returns are estimated to be up to 20% higher than traditional leases.

 

Dubai Chambers and Bank of China team up to boost business

Dubai Chambers signed a Memorandum of Understanding (MoU) with Bank of China to drive collaboration and strengthen cooperation between the business communities in Dubai and China. Dubai has been emerging as an attractive destination for Chinese businesses in all sectors and the signing of the agreement is a step forward towards bolstering economic ties.  

 

DWTC set to host over 100 major events until end of 2024

Dubai World Trade Center’s event calendar for the last 4 months of 2024 features over 100 major business and consumer exhibitions, events, key conferences, and associations across various sectors. These figures reinforce the robust  business event momentum in the UAE across diverse sectors. 

 

GDP passed USD 39.5bn in 2023 with businesses booming in Sharjah

As per Sharjah Economic Development’s (SEDD) annual report Sharjah’s GDP reached AED145bn ($39.5bn) as economic activity remains robust in many sectors. The volume of issued and renewed business licences grew by 4.1%, totalling 66,365 licences in 2023. Issued licences constituted 11.7%, while renewed licences comprised the majority at approximately 88.3%.