WEEKLY BUSINESS ROUNDUP - 24th June 2024 – 30th June 2024

Top Middle East wealth funds invested USD 38.2bln in 58 deals

As per Global SWF, investments in H1 2024 are led by the top sovereign wealth funds in the Middle East, which invested USD 38.2 billion in 58 different deals. H1 of 2024 saw 27 mega-deals, which were deals worth more than USD1 billion in value invested or divested by sovereign investors.

 

UAE Economy set to record exceptional 2024 performance

The UAE economy is set for solid growth in H2 2024 driven by stable investment and continued progress. The expected performance in 2024 is furthered by 2023’s success with growth rates across macroeconomic indicators. Rising by 3.6% - GDP reached AED1.68 trillion in 2023 and is forecast to grow by 3.9% in 2024 and likely to rise to 4.1% in 2025.

 

MoHRE sets 30 June deadline for meeting Emiratisation targets

As per UAE’s Ministry of Human Resources and Emiratisation (MoHRE) 30th June is the final deadline for meeting Emiratisation targets for the first half of 2024. These targets are estimated to drive 1% growth in UAE citizens in skilled jobs at companies with 50 or more employees. Starting July 1st, authorities will begin verifying compliance level of the companies in line with the required targets. 

 

During Executive Council meeting AED25 billion announced in new investment incentives

The Executive Council of Dubai has approved a series of new initiatives and programs designed to support its ambitious economic agenda and make it one of the world’s top three urban economies by 2033. Designing an agile economic model, the Foreign Direct Investment Development Program earmarks AED25 billion over a period of 10 years to help attract investments worth AED 650 billion to Dubai in direct support of the D33 economic agenda.

 

UAE set ‘to cooperate with BRICS’ on food security and trade

At the 14th Meeting of the BRICS Ministers of Agriculture and the 10th BRICS Environment Ministers Meeting – UAE committed to collaborating with BRICS countries on joint food security initiatives and expanding food trade. Aiming to achieve food self-sufficiency UAE has an effective multilateral framework to enhance national food security. 

 

Study on UAE real estate sector witness high levels of activity in Q2 2024

The residential market of Dubai reported 20.5% rise year over year in overall transaction volumes in Q2 2024. The substantial 23.9% increase in off-plan property transactions coupled with a noticeable 15.2% increase in secondary market transactions were the main drivers behind this surge.

 

Dubai South strengthens position as UAE’s new “district of booming opportunities”

Dubai South is fast emerging as one of the most exciting new districts in UAE. The USD 35 billion terminal at Al Maktoum International Airport is set to enhance capacity to 260 million passengers and likely to drive development in the real estate sector in the Dubai South area. Smart city and green technologies will be the highlight of the Dubai South area.

 

Dubai ranks 12th in top lifestyle index; 6th most expensive

As per a recent wealth and lifestyle report, Dubai holds the 12th spot in the lifestyle index and ranked as the 6th most expensive city in EMEA. UAE retains its position as one of the ideal markets for global expansion of business with Dubai being among the world’s most active USD10 million housing market in 2023. 

 

Ajman’s GDP rises to AED36 billion in 2023

Ajman achieved a GDP at current prices exceeding AED36 billion, compared to AED33.9 billion in 2023, indicating a growth rate of 6.25%. Manufacturing industries, wholesale and retail trade, vehicle repair, and construction sectors are key in contributing to the GDP in current prices in the Emirate of Ajman.