WEEKLY BUSINESS ROUNDUP - 1st April 2024 – 07th April 2024

Global air cargo rates hit a new high in March

Global  air cargo  rates surge through the month  of March, driven by strong demand and rising rates from Asia and Middle East.  Average rates rose, week on week (WoW), by around +2% in week 13 (25-31 March) to $2.48 per kilo, following consecutive weekly WoW rises of between +2% and +3% in February, on a globalized basis. 

 

WTTC forecasts travel & tourism set to break all records in 2024

The World Travel & Tourism Council (WTTC) forecasts a record-breaking year for Travel & Tourism in 2024 as the sector is set to reach an all-time high of $11.1 trillion in global economic contribution. Industry reports reveal travel & tourism will contribute an additional USD770BN over its previous record, cementing its stance as a global economic powerhouse. WTTC expects 142 out of 185 countries to outperform previous national records. 

 

Banking sector reports AED25 billion surge in new Savings Deposits over 12 months, marking 10% growth

Savings deposits in the UAE’s banking sector attracted around AED25 billion to reach AED270.48 billion at the end of January 2024. Savings Deposits in UAE banks are reported to mark an upward trajectory rising from AED152 billion at the end of 2018 to AED172.2 billion in 2019, and reaching AED215.2 billion in 2020, AED241.8 billion in 2021, and AED245.8 billion in 2022.

 

UAE consumer spending rose 13% in 2023

UAE consumer spending rose by 13% in 2023 compared to 2022, driven by 14% increase in the retail economy.  As per industry reports the highest growth in spend compared to 2022 came in H1 2023, contributed by the higher base effect from the previous year’s FIFA World Cup. Consumer spending remained robust and contributed to 27% of all retail economy spend for the year. 

 

Property transactions sustain momentum in Dubai  & Abu Dhabi

Abu Dhabi recorded spikes in ready transactions and Dubai sustained a growing interest for both existing and off-plan properties in Q1 2024. Q1 2024 has opened to a strong demand for existing projects across both Dubai and Abu Dhabi. Abu Dhabi reported 814 residential transactions in Q1 2024 representing 38% of the total transactions compared to 628 transactions that contributed to 27% of the total transactions in Q1 2023. This marked 30% growth from Q1 2023.

 

Dubai Chamber of Digital  Economy explores private sector empowerment

The Dubai  Chamber of Digital Economy discussed strategies to empower companies to support Dubai's digital transformation and maximize the contribution of advanced technologies, such as artificial intelligence and blockchain at  a recent event.

 

2.47 million visitors recorded in DWTC in 2023

DWTC’s performance in 2023 was outstanding marking 25% surge in visitor numbers compared to 2022 - totaling to 2.47 million participants. DWTC successfully staged 301 Meetings, Incentives, Conferences, and Exhibitions (MICE) events, representing 23% increase year-on-year.

 

Dubai welcomes 3.67 mn overnight visitors in first two months of 2024

As per Dubai’s Department of Economy and Tourism (DET) Dubai welcomed a total of 3.67 million overnight visitors during January & February 2024 marking more than 18% increase year-on-year (YoY). 

  

FTA recommends business sectors to match pace with ‘Zero Government Bureaucracy Programme’

UAE Federal Tax Authority (FTA) requires businesses to keep pace with the Zero Government Bureaucracy Programme launched by the UAE Government. Businesses are required to abide by the Authority’s decision specifying deadlines for all categories of taxpayers subject to Corporate Tax to submit registration requests, which went into effect as of 1 March 2024.

  

35% growth of Abu Dhabi private sector in 8 years to AED 338.9 billion in 2023

Abu Dhabi’s private sector continued its strong growth, reaching AED 338.9 billion, marking 35% increase compared to 2016. Supported by private sector and family-owned businesses, Abu Dhabi non-oil sectors are growing  from strength to strength, marking 9.1% growth during 2023, amounting to AED 610 billion and contributing 53.4% of the total real GDP.