WEEKLY BUSINESS ROUNDUP - 31st December 2023 to 6th January 2024

UAE market cap surges as top 16 listed companies hit US$719bn

Reports reveal as of January 2024, the aggregate market capitalization of the top 16 national companies listed on local exchanges valued at AED 2.7 trillion (USD 719 bn). 16 listed companies accounted for about 74%, or AED2.709 trillion, of the total market capitalization of the local stock markets, which was AED3.656 trillion at the close of trading on January 4, 2024. 

 

UAE non-oil GDP grew 5.9% in 9 months of 2023

As per His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai UAE’s non-oil Gross Domestic Product (GDP) rose 5.9% between January to September of 2023. 2023 was an exceptional year and the UAE witnessed unprecedented economic growth while dominating varied global indices. International reports reveal UAE was ranked first globally in more than 215 indices related to development, economy, and human capital. 

 

UAE cabinet approves 2024 development plan; sustainability - a key pillar

At the first Cabinet meeting of 2024, the UAE’s 2024 plan was approved last Friday. The plan aims to focus on national priorities keeping sustainability at the forefront of development. The country has solid developmental plans in place for 2024 as per the visionary leadership.   

 

All UAE airlines ranked among the world’s 20 safest 

As per aviation industry reports, flydubai, Air Arabia and Wizz Air are among the world’s 20 safest low-cost airlines of 2023 while Etihad Airways and Emirates made it to the list of safest full-fledged airlines. All UAE carriers – full-fledged and budget were part of the list of 20 safest airlines in the world. 

 

UAE real estate sector expects 4% growth in 2024

The UAE’s real estate and construction sector has cemented its position as one of the most stable economic sectors in the world driving solid investments and wealth. Industry  reports reveal the sector continues to  perform strongly with the value of residential transactions in the Emirate of Abu Dhabi growing by 56% on an annual basis to 67.8 billion dirhams during the first nine months of this year, and the growth of sales prices accelerating to 3.9% on an annual basis during the month.

 

Private schools in Dubai record highest enrolment in 2023 -24

As per Dubai’s Knowledge and Human Development Authority (KHDA), The number of students enrolled in Dubai’s private schools recorded the highest increase in the 2023-24 academic year. Total enrolment reached 365,000 students with 12% increase – marking highest increase since the establishment of the authority in 2007. Since January 2023, Dubai’s population is reported to have grown by more than 84,400. 

 

During the period of New Year most hotels hit 100% occupancy

Witnessing tremendous economic and tourism momentum during the New Year period, hotels in Dubai witnessed occupancy rates as high as 90% to 95%. Some hotels facing waterfronts or overlooking Burj Khalifa marked 100% occupancy due to dazzling new year celebrations. Foreign tourists accounted for almost 70% of bookings made in most hotels. 

 

Abu Dhabi Ports conclude a 15-year concession agreement to promote marine tourism in Egypt

The Abu Dhabi Ports Group concluded an initial concession agreement for a period of (15) years with the General Authority of Red Sea Ports, to operate and manage three cruise ship terminals in the ports of Safaga, Hurghada, and Sharm El-Sheikh, in addition to renovating the Sharm El-Sheikh terminal. This is a step taken towards revitalizing marine tourism in Egypt.

 

Sharjah kicks off work on new USD336mn airport terminal

Terminal expansion is underway at Sharjah International Airport from the beginning of 2024. The 190,000-sq-m terminal project is the largest phase of a series of expansion projects with a total cost of AED2.4 billion (USD653.45 million), expected to be completed in 2027. The new terminal itself will cost AED1.235 billion (USD336.26 million), raising the airport's capacity to 20 million passengers annually.