WEEKLY BUSINESS ROUNDUP - 19th November to 25th November 2023

UAE impresses the world with exceptional organisation of ICOA's CAAF/3

UAE successfully organised the third ICAO Conference on Aviation and Alternative Fuels (CAAF/3) in Dubai. Decision-makers and specialists in the aviation, energy, and environmental sectors from 191 countries discussed the importance of reaching an international consensus on mechanisms for transitioning towards a balanced system for producing aviation fuel, sustaining growth of the sector, and seeking solutions for accelerating clean fuel production.

 

High level UAE delegates discuss avenues to boost trade and investment ties with Philippines

High level UAE delegates headed to Philippines to explore bilateral trade / investment opportunities and enable private-sector collaboration in sectors of mutual interest. Economic ties between the UAE and Philippines saw bilateral non-oil trade increase by 19.4% to reach US$500 million in  H1 2023, compared to the same period in 2022. 

 

UAE a preferred destination for sustainable tourism

The 10th edition of the Sharjah International Travel and Tourism Forum (SITTF 2023) explored crucial topics in the field of sustainable tourism under the theme “Sustainable Tourism: The Way to Improvement. Under the umbrella of sustainable tourism, UAE has adventure, heritage and archaeological tourism which could help impact the local community positively. Panelists discussed ground breaking initiatives and collaborative efforts required to initiate positive change in the sustainable tourism sector.

 

UAE national holidays cause airfares to shoot up 300% as last-minute bookings soar

With a long weekend on the cards for UAE residents and citizens, there has been a spike in demand for air tickets and hotel rooms. Airfares to popular long weekend destinations have jumped by nearly 300 per cent for the UAE National Day and there has been a notable spike in enquiries for hotel rooms. The aviation and hospitality sector will record momentum due to this surge in demand. 

 

Largest global gathering of futurists to convene in Dubai on November 27th

Organised by the Dubai Future Foundation (DFF), the Dubai Future Forum (DFF) is taking place at the Museum of the Future on November 27th 2023. The forum will showcase 4 key themes: reimagining nature, empowering future generations, the human-machine relationship, and transformations in human life. It is estimated that more than 150 speakers from UAE and across the globe will take part in 70 panel discussions, keynote speeches and workshops covering areas such as space, sustainability, environment, energy, food, health, medicine, education, technology, artificial intelligence, digital economy, governance, and others. 

 

New developments unveiled at Mohammed Bin Rashid Aerospace Hub to meet surging industry demands

Mohammed Bin Rashid Aerospace Hub (MBRAH) announced plans for expansion of three new facilities: Aerospace Supply Chain, Suppliers Complex, and Line Maintenance Units. The expansion includes the third and fourth phases of the Aerospace Supply Chain, covering a total of 22,000 sqm. Expected to be completed by Q4 2024, these expansions have already secured 70% pre-leasing commitments from global companies attracted by MBRAH. 

 

Dubai is heavily invested in future developments

Dubai’s development model is built on themes of innovation, technological agility, and sustainability, with a focus on unlocking the limitless potential of the future. The Dubai 2040 Urban Master Plan defines the emirate’s vision for sustainable urban development and reinforces its focus to become the world’s best city to live, work and visit. The Dubai Economic Agenda is yet another initiative strengthening the emirate’s stance as a vital global hub. 

 

Dubai Municipality to announce environmental commitments and new projects at COP 28

Dubai Municipality is committed to launch a series of new projects designed to support local and global climate action during the conference. This move is part of Dubai and UAE’s vision for building sustainable communities for a global audience. Dubai Municipality will be making announcements that include a series of strategic climate and environmental initiatives relating to: decarbonisation; energy transition; greening urban areas; preserving biodiversity and nature; expanding nature reserves; sustainable waste management; and achieving net zero operations.

 

Abu Dhabi’s net asset position hits 336% of GDP

Abu Dhabi’s net asset position hit 336% of its gross domestic product in 2023. The emirate’s proactive policymaking cushions the economy from external risks. S&P  reported Abu Dhabi’s real GDP, grew 9.3% in 2022 to Dh1.14 trillion and is expected to record a mild contraction of 0.4%  in 2023 due to the agreement to cut oil production, and rebound in 2024 to Dh1.09 trillion. Abu Dhabi’s strong fiscal  and external  positions help in counteracting potential external  risks.