WEEKLY BUSINESS ROUNDUP - 26th November 2023 to 2nd December 2023

Middle East meetings sector considered a ‘force for good’

The Middle East region’s meetings and events industry is a ‘force for good’ and a key driver in furthering the region’s progress. As per IBTM World Trends Report 2023, the events market in the Middle East & Africa is expected to continue its growth from US$53.63 billion in 2022 to US$76.67 billion by 2028 with a CAGR of 6.1% between 2021 and 2028.

 

Global tourism at 90% of pre-Covid levels by end of 2023

As per World Tourism Organisation (WTO) international tourism is set to recover to almost 90% of pre pandemic levels by end of 2023. An estimated 975 million tourists travelled internationally between January and September 2023, marking 38% increase from the same months of 2022. The Middle East region continues to lead the recovery by regions with arrivals at 20% above pre-pandemic levels between January to September 2023.

 

UAE banks to mobilize US$272 bn in sustainable funds by 2030

The UAE Banks Federation announced a significant initiative from the country’s financial sector to collectively mobilize more than AED 1 trillion in sustainable funding by 2030. The Central Bank of the United Arab Emirates (CBUAE), in cooperation with the COP28 Presidency announced to facilitate global climate finance solutions and progress towards a sustainable future. This move is aligned with CBUAE’s strategy to lead sustainable finance efforts to drive climate action. 

 

UAE set to raise US$40 bn for climate investment

As per a recent banking report, an estimated US$40 billion of retail investor capital can be mobilised towards climate investment in the UAE by 2030. The research identifies a global potential of US$3.4 trillion for climate investing in 10 key growth markets across Asia, Africa, and the Middle East. It is estimated that 93% investors are keen on climate investing in the UAE and US$ 23 billion could flow into mitigation themes - energy storage, energy efficiency, and renewables are set to attract the most capital.

 

UAE tourism sector to begin peak phase in December

The tourism sector in UAE is prepared to record exceptional numbers in terms of international visitors during the month of December. Business and conference tourism constitutes one of the most prominent elements of the tourism scene in the UAE owing to the country’s robust position as a global destination for international events, conferences, and exhibitions. 

 

Islamic banking to hit US$ 4 trn boosted by fintechs

Over the last 4 years, assets in Islamic banking surged from US$1.8 trillion to US$ 2.8 trillion with an expected leap of almost US$ 4 trillion by 2026 – primarily driven by the GCC nations. Further it is estimated the global Islamic fintech market will value at US$ 79 billion in transactions in 2021 with an expected average annual growth of 18%, reaching $179 billion by 2026.

 

Dubai leads as GCC equity performer this year

As per the GCC Markets Monthly Report, Dubai’s stock market has gained 19.7% this year, with Saudi Arabia second at 6.7% being the only other index with gains through 2023. GCC equities overall recorded the first gain in four months in November led by optimism in the global markets. 

 

Accelerated energy transition can add 40m jobs by 2050

Energy transition is expected to create 40 million additional jobs in the energy sector by 2050 with 18 million more jobs globally within the renewable sector alone. As per industry reports the socio-economic impacts of the energy transition could result in an average annual increase in GDP of 1.5% by 2050 under the 1.5 degree C pathway compliant with the Paris Agreement.

 

MoIAT and UNIDO to host industry leaders at COP 28

The UAE Ministry of Industry and Advanced Technology (MoIAT) will host leaders from governments, industry, academia, and international organisations as part of a series of high-level sessions at COP28. The event will highlight and explore the opportunities, challenges, and success stories of the role of technology in achieving rapid, deep, and sustained decarbonisation.

 

Ras Al Khaimah takes the 4th spot as the best city to live and work for expatriates

As per the Internations survey, Ras al Khaimah ranks 4th among 49 destinations that provide quality of life. The Internations survey was conducted amidst a global expatriate community that has more than 5.1 million members in 420 cities and 166 countries. This annual survey reports on “Rating of the Best Cities for Expatriates” and Ras Al Khaimah excelled in this year’s edition in five categories: quality of life, ease of settling, working abroad, and personal finance, in addition to the expatriate essentials index, which includes life. Digital, housing, and language.