WEEKLY BUSINESS ROUNDUP - 3rd December 2023 to 9th December 2023

MENA out of home dining sector projected to reach US$81.82 billion by 2028

The Middle East and North Africa (MENA) out of home dining (OOHD) is projected to reach US$81.82 billion by 2028. The market value of this sector is expected to rise at a CAGR of 10.66% during the period between 2023 - 2028. Full services restaurants and casual dining segments are the dominant segment powered by rising consumers disposable income.

 

Middle East carriers' profits to reach US$3.1 billion in 2024

International Air Transport Association (IATA) reported Middle Eastern carriers are expected to post a combined net profit of US$3.1 billion in 2024, marking 4.8% rise from 2023 estimates. Middle East carriers have rebuit their international networks and restored their super connector hubs and capacity is expected to grow faster than demand in 2024. Revenue Passenger Kilometres (RPK) is expected to rise 6.3% in 2024 compared to 2023. 

 

Financial institutions key in accelerating GCC’s food security

The global population is set to reach 9.8 billion by 2050 which is likely to create resource challenges. An industry report revealed banks, investors, regulators, and multilateral institutions can effectively collaborate to attain global climate and food security objectives. The report highlights technologies that preserve food system integrity and proposes actionable for financial institutions to actively contribute to a sustainable future.

 

UAE built sustainability blueprint essential to achieve net zero by 2050

The UAE Built Environment Sustainability Blueprint is a huge step forward towards climate neutrality by 2050. The Blueprint outlines the country’s plans to implement leading practices and transform the building and construction sector. The UAE, as part of its ‘net zero by 2050’ target seeks to reduce its emissions by over 40% by 2030, with the building and construction sector expected to cut half of its emissions by 2030.

 

UAE financial institutions set to mobilize AED 1 trillion in sustainable finance by 2030

The UAE’s banking and financial sector will mobilize more than AED1 trillion ($272.5 billion) in sustainable finance by 2030. This move will require the banking sector to contribute effectively to both - the UAE’s medium term economic plan and the Strategy for Net Zero by 2050. This transition will be driven by allocating new funds to green projects and financing the climate adaption strategies of corporate customers. 

 

Economic Substance Regulation (ESR) deadline is approaching

As the national assessing authority Federal Tax Authority (FTA) requires businesses be liable to submit the notification or report before December 31, 2023. Eligible juridical persons must evaluate their status and submit the ESR notification or report as necessary.

 

UAE committed to bolstering VA regulatory framework

The UAE is committed to raising the effectiveness of its regulatory framework for virtual assets (VA) and virtual asset service providers (VASPs). UAE aims to  develop a strong virtual asset regulatory framework to attract innovative firms and prevent exploiting of the global financial system. 

 

UAE delegation participates in the 158th session of the Ministerial Council meeting of the Gulf Cooperation Council

His Excellency Khalifa Shaheen Al Marar, Minister of State, headed the UAE delegation in the 158th session of the Ministerial Council of the Gulf Cooperation Council meeting in preparation for the 44th session of the Supreme Council of the Cooperation Council. The meeting discussed diverse topics ranging from developments in joint Gulf action, developments in regional and global political issues and strategic relations between the GCC countries and regional and international countries. 

 

Dubai plans for 50pc CO2 emissions cut by 2030

Dubai is committed to achieve carbon neutrality by hitting a target of 50% reduction in emissions by the year 2030. The new plan is likely to accelerate the momentum of transition towards clean energy powered by a clear roadmap to reach its net zero goal by 2050.