WEEKLY BUSINESS ROUNDUP - 5th November 2023 to 11th November 2023

IMF’s World Economic Outlook highlights tourism’s importance for growth

In a recent report published by the International Monetary Fund (IMF) tourism is positioned as a key driver of economic recovery and growth. As per the World Economic Outlook (WEO) Report, the global economy is estimated to grow 3.0% in 2023 and 2.9% in 2024. It is observed that countries where tourism represents a high percentage of GDP have recorded faster recovery from the impacts of the pandemic in comparison to economies where tourism is not a significant sector.

 

Middle East aircraft fleet estimated to double by 2042

The Middle East’s aircraft fleet is expected to more than double by 2042 with new widebodies leading the way. Widebody aircrafts are likely to constitute 45% of the deliveries to Middle East airlines over the next 20 years. Leading aircraft manufacturers project delivery of 3,025 new commercial airplanes in the Middle East by 2042, including 1,350 widebodies. The region’s fleet of dedicated freighters is projected to more than double to 180 jets by 2042.

 

Abdullah bin Zayed chairs first session of UAE-Indonesia Joint Committee

H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs chaired the first session of the UAE-Indonesia Joint Committee which was held in Abu Dhabi. Top officials from both countries discussed about strengthening bilateral relations and economic cooperation. UAE further sought Indonesia’s active participation in COP28. UAE and Indonesia succeeded in strengthening the cooperation in various fields, including energy, especially renewable energy; tourism, aviation, agriculture and food security, infrastructure, transportation, health, artificial intelligence, education and culture.

 

IATA: Passenger traffic stood at 97.3% of pre-Covid levels

The International Air Transport Association (IATA) reported that the strong post pandemic passenger traffic trend continued in September with total traffic for the month increasing by 30.1% compared to 2022. It is reported that globally air traffic currently stands at 97.3% of pre-Covid levels. International traffic climbed 31.2% in September 2023 compared to the same month in 2022.

 

UAE’s Government Development and the Future Office released report on “10 Future Emerging Opportunities, Government Leaders Should Be Ready For”

Analysing the 10 most important future trends expected to take place over the next decade the Government Development and the Future Office launched a new white paper titled “10 Future Emerging Opportunities, Government Leaders Should Be Ready For”. The report analyses 10 most important trends namely, Responsive AI (RAI), the End of Disease, Seamless Finance, Manufacturing in the Final Frontier, Sustainable Opportunities, Expediting Movement, Educational Evolution, Ending Water Scarcity, Digital Deception Protection and Advanced Agriculture.

 

Transformation to sustainable agricultural and food systems rank high on priorities during COP 28

UAE places the global transformation to sustainable agricultural and food systems at the top of its agenda priorities during the COP28. With traditional food systems causing 33% of total global greenhouse gas emissions and climate change, UAE launched the National Food Security Strategy 2051 to strengthen UAE’s position in the field of innovation-based food security.

 

Dubai Airshow kicksoff from 13- 17 November and adopts sustainability as a key theme

Against the backdrop of the upcoming (COP28) kickstarting in Dubai at the end of November, the Dubai Airshow is a showcase for the latest sustainable solutions from industry leaders. This year's edition of Dubai Airshow will be held from 13- 17 November at the Dubai World Central (DWC) and will showcase the theme, ‘The Future of the Aerospace Industry’. The Dubai Airshow is likely to  feature dedicated conference tracks on sustainability, including topics such as hydrogen-powered aviation, SAF, COP28 forecasts, efficient engines, and hybrid and electric aircraft.

 

Over 8000 global leaders set to drive future of finance at Dubai Fintech Summit

The second edition of the Dubai Fintech Summit is set to take place from 6-7 May 2024 aiming to lead the way in global financial innovation. DIFC organised Dubai Fintech Summit will bring together over 8,000 global industry leaders, investors, and policy makers, reinforcing increased appetite for growth opportunities in the region. The summit aligns with the Dubai Economic Agenda D33’s strategic goal of propelling Dubai into the ranks of the top four global financial hubs by 2033.

 

Hotel establishments generated revenues of AED 26 billion in the first seven months of 2023

Between January to July 2023 hotel establishments in the UAE generated revenues of AED 26 billion, witnessing a growth of up to 24% compared to the corresponding period last year. UAE hotel establishments hosted 16 million guests in the first seven months marking 15% growth compared to the number of guests in the same period in 2022.

 

With World Travel Market concluding, Ajman Tourism inks key agreements

Ajman Department of Tourism Development (ADTD) signed strategic MoUs with global entities, strengthening collaboration in hospitality and tourism project development as World Travel Market concluded in London. Strategic partnerships have been fostered to bolster tourism trade and strengthen visitor services.