WEEKLY BUSINESS ROUNDUP - 22nd July 2024 – 28th July 2024

Arab Monetary Fund forecasts 6.2% growth for UAE economy in 2025

As per the Arab Monetary Fund, the UAE economy is expected to grow by 3.9% in 2024 rising to 6.2% in 2025. It is estimated that growth in the UAE economy is likely to be driven by continued improvements in tourism, real estate, international trade, and high-tech industries. It is expected the growth rate of Arab economies would improve in 2024, reaching about 2.8% compared to 0.3% in 2023.

 

Value of MENA M&A transactions jumped 48% to USD 46.6 bln

The value of announced M&A transactions with any Middle East or North African (MENA) involvement reached USD 46.6 billion during H1 2024, rising 48% compared to 2023. MENA outbound M&A totalled USD 28.6 billion, a 77% increase from year ago levels and the highest first half total since 2007. The financial sector was most active, accounting for 36% of MENA target M&A during the first half of 2024, followed by materials and industrials. 

 

3 new policies to be issued by the UAE to bolster cybersecurity by end of 2024

The UAE Cybersecurity Council is estimated to be working on developing three new policies to be issued by the end of 2024 to support the country’s cybersecurity framework. The new policies are likely to include “cloud computing and data security” “Internet of Things security” and cybersecurity operations centres”. 

 

UAE participates in third G20 FMCBG meeting held in Brazil

UAE participated in the third meeting of Finance Ministers and Central Bank Governors of the G20 (G20 FMCBG), which took place on 25-26 July under Brazil's presidency for the year 2024. Both countries discussed about enhancing bilateral cooperation in sustainable finance, financial inclusion and promoting international tax cooperation.  

 

UAE passport among top 10 of the world’s most powerful passports for the first time

On the 2024 Henley Passport Index, UAE has made it to the Top 10 of the world’s most powerful passports for the first time. UAE ranked 9th globally and offers visa-free entry to 185 countries and territories through its passport. 

 

UAE, China sign deals, MoUs to boost energy, industry ties

UAE and China have signed agreements and MoUs in vital areas and sectors of common interest, within the framework of the Comprehensive Strategic Partnership (CSP). Meetings with private sector companies led to signing of strategic agreements with the Chinese side. Economic cooperation and partnership were discussed in key areas such as oil and gas, petrochemicals, renewable energy, PV manufacturing, logistical services, shipping, and storage, among others.

 

Dubai welcomes record 9.31 million visitors in H1 2024

As per the Dubai Department of Economy and Tourism Dubai welcomed 9.31 million international overnight visitors from January to June 2024, marking 9% increase over the 8.55 million tourist arrivals in the first half of 2023. This surge is aligned with the emirate’s vision to consolidate its position as a preferred destination for business and leisure. 

 

Dubai housing authority to introduce drone, AI tech adoption for smart projects

Driving innovation and sustainability in the housing sector, Dubai housing sector set to adopt drone and artificial intelligence technologies in its housing projects. This initiative is set to enhance sustainability and service efficiency within the housing sector.   

 

ADGM revises fees for commercial licences starting 2025

As part of its transitional arrangements, Abu Dhabi Global Market (ADGM) announced significant revisions to its licensing fee schedule. Starting from January 1, 2025, ADGM will implement major reductions of 50% or more for obtaining non-financial and retail licences within its jurisdiction. This initiative sets to enhance ADGM’s business ecosystem and highlights its accessibility for various enterprises.