WEEKLY BUSINESS ROUNDUP - 7th January 2024 – 13th January 2024

Middle East LED market likely to hit US$ 5.9bn by 2029

The light emitting diode (LED) market in the Middle East is set for solid growth in the next 5 years. The market is expected to hit USD 5. 94 billion by 2029 with a CAGR of 8.17% between the forecast period. LED lighting is a game changer offering benefits like energy efficiency, design flexibility and more. The region’s leading trade show for lighting, electrical engineering, and building technology - Light + Intelligent Building Middle East is scheduled to take place from January 16 to 18 in Dubai.

 

UAE – Costa Rica agree terms of CEPA

UAE and Costa Rica ratified the terms of Comprehensive Economic Partnership Agreement (CEPA) in which both countries will lower or eliminate tariffs, reduce barriers to trade, promote private sector collaboration and create investment opportunities. Bilateral non-oil trade between the UAE and Costa Rica has been growing consistently year-on-year, climbing 23% in 2022 to reach $60.4 million – which is more than double the value recorded in 2018.

 

At Gujarat Summit, UAE and India gem trade takes center-stage

During the Vibrant Gujarat Summit, scheduled between January 10- 12, gems and jewellery will be in focus at a ‘country seminar’ on UAE – India trade. Trade finance, investment facilitation and start-up opportunities will be the other focus areas at the Country Seminar on UAE-India trade.

 

UAE and India sign renewable energy, food park deals

Visionary leaders of UAE and India signed major MoUs focused on enhancing collaboration between the two nations. The agreement was signed in Gujarat, India and covered investment cooperation in the development of food complexes; renewable energy; innovative healthcare as well as development of sustainable, green and efficient ports. The agreement reinforces India and UAE’s solid economic partnership further reflected in bilateral trade between the UAE and India amounting to US$84.5 billion between April 2022 and March 2023. Bilateral trade between both countries is expected to increase to US$100 billion by 2027.

 

Dubai’s real GDP to grow 4% in 2024

As per Emirates NBD Research, forecasts for Dubai’s real GDP growth stand at 4% in 2024, in line with its estimate for last year. The December reading was the strongest performance for the Dubai PMI in 16 months, with all three individual sectors covered by the index remaining strongly above the neutral 50.0 level.

 

Dubai Duty Free achieves record sales of USD2.16bn in 2023

Dubai Duty Free announced an all-time sales record of AED 7.885 billion for 2023, marking 24.39% increase over the previous year and 6.40% surge on pre-pandemic sales in 2019. Dubai Duty Free marked record monthly sales of AED 807.6 million ($221 million) in December 2023, indicating 8.37% increase compared to 2022.

 

‘World’s Coolest Winter’ showcases UAE’s geo-tourism potential

The UAE’s first federal tourism campaign ‘World’s Coolest Winter’ attracted global visitors to the UAE.  The UAE government is focused on accelerating geo-tourism and spreading awareness on the UAE’s rich cultural heritage which has been a key driver in attracting visitors from across the globe.

 

Dubai announced housing project for citizens worth USD1.5 bn

Dubai plans to allocate 3,500 plots of land and 2,300 ready-to-move houses valued at AED5.5 billion (US$1.5 billion) to citizens across the emirate. This initiative is part of the transformative projects for 2024 under the Dubai Social Agenda 33. The Dubai Social Agenda program worth AED 208 billion aims to double the number of Emirati families in the emirate within a decade and enhance housing standards and quality of life of citizens. 

 

Outlook on cybersecurity technologies in 2024

2024 is likely to witness a boom in AI powered startups and development of cybersecurity tools based on generative AI models. This year organizations in the Middle East region are likely to witness change towards digitization with setting up of services like private blockchain, trusted blockchain, and advanced encryption methods fueling the growth of blockchain technology.