WEEKLY BUSINESS ROUNDUP - 3rd June 2024 – 9th June 2024

Global spending on clean energy estimated to hit USD 2 trillion in 2024

Global spending on clean energy technologies and infrastructure is expected to hit USD 2 trillion in 2024. It is reported global investment in clean energy is likely to reach almost double the amount invested towards fossil fuels in 2024 driven by improving supply chains and lower costs for clean technologies. Total energy investment worldwide is expected to exceed USD 3 trillion in 2024 for the first time, with some USD 2 trillion set to go toward clean technologies.

 

Events industry set for strong growth in the region

It is estimated that the events industry  in the Middle East  region is expected to  see a strong growth in 2024 with  almost  75% professionals preparing to increase their total  volume of events. Expecting higher returns on investment, event planners intend to invest more in event tech, approximately 45%.

 

UAE ascends to 6th biggest tourism revenue earner globally

According to the UN World Tourism Barometer, UAE leaped from the 13th spot to rank 6th globally for international tourism receipts in 2023 after logging USD 51.90 bn. Leading the rankings were the US at USD 176 billion, followed by Spain, the UK, France, and Italy.

 

UAE reported to be the most remote work friendly country in GCC

Among the six GCC countries, UAE has emerged as the most remote-work-friendly country. Startup firms and multinational corporations in UAE lead in adoption of remote work while the IT and advertising industry is most likely to embrace remote working systems.

 

UAE and Saudi Arabia top the list of young Indian travelers preferred destinations

The UAE and Saudi Arabia emerged as top destinations preferred by young Indian travelers while the US and Canada remain considerably untapped destinations for young Indian travelers. Seeking immersive experiences and with a readiness to splurge, Indian travelers prefer luxury accommodations and premium air travel.

 

Dubai Industrial City launches expansion plans to strengthen manufacturing sector

Dubai Industrial City launched 13.9 million sq.ft focusing on strengthening local  supply  chains and driving homegrown manufacturing in UAE and Dubai. The launch was announced during the ‘Make it in the Emirates’ forum and the ecosystem of customers grew by 17% to reach more than 1000 regional and global heavyweights.

 

Abu Dhabi’s startup ecosystem value soars 28% as per globally renowned research

The 2024 Global Startup Ecosystem Report, celebrates Abu Dhabi as the fastest – growing emerging ecosystem in MENA region recording 28% growth in ecosystem value. 

  

Abu Dhabi Real Estate reports AED1.81 billion FDI in Q1 2024

The Abu Dhabi Real Estate Centre (ADREC), reported strong levels of foreign direct investment (FDI) inflow into Abu Dhabi’s growing real estate market with 487 individual investors injecting AED1.81 billion in Q1 of 2024. It is estimated investors from source markets like India, Russia, Canada, the UK, Jordan, and China accelerated their investments in Q1 2024 compared to Q1 2023.

 

Sharjah Chamber of Commerce and Industry discusses strategic business training development in Spain

The Sharjah Chamber of Commerce and Industry (SCCI) concluded its visit to Spain - part of SCCI’s Strategic Business Leadership program. The program aims to bolster the strategic leadership and management capabilities of professionals in government and private sector institutions, offering innovative solutions and drafting strategic plans to enhance organisational performance.