WEEKLY BUSINESS ROUNDUP - December 17th 2023 to 23rd December 2023

Global oil demand growth to slow in 2024

Industry reports reveal growth in global demand for oil is expected to slow down in 2024 as overall   economic activity is expected to cool down. In terms of availability, oil supply from outside of the OPEC+ alliance will expand by more than 1 mbpd in 2024, led by North and South American production. With recovery in China cooling down and developed economies navigating effects of high interest rates, IMF projections for 2024 expect global output to ease to 2.9% from 3% in 2023 and 3.5% in 2022.

 

Robust GCC tourism growth defies MENA slowdown

Tourism in GCC maintained robust growth in 2023 led by UAE and Saudi Arabia despite tourism slowdown across MENA. Destinations like Dubai, Abu Dhabi, Riyadh, and Jeddah have maintained their popularity and growth trajectories. Dubai Department of Economy and Tourism (DET) indicated a positive industry performance, with tourism sector growth in 2023 outperforming pre-pandemic results across travel and hospitality.

 

CBUAE raises growth projections for national economy in 2024 to 5.7%

Central Bank of UAE raised its forecast for GDP growth in 2024 for the UAE to 5.7% compared to the earlier projection of 4.3%. It is estimated the overall GDP for UAE is expected to grow by 3.1% in 2023. Non-oil GDP growth in 2023 is likely to stand at 5.9% in 2023 and 4.7% in 2024. 

 

India business community a key UAE trade partner

The UAE Minister recognized the Indian private sector as a key trade partner for the business sector in UAE and a key link connecting trade relations between the East and West.  Shared vision and robust strategies to expand into new sectors will drive fruitful partnerships between private sectors of the UAE and India. The economic cooperation between the two countries creates business and investment opportunities for a population of over 3.8 billion. 

 

UAE’s Islamic finance sector marks strong growth trajectory

As per CBUAE, the UAE's Islamic finance sector is on a strong growth trajectory playing an integral part in achieving the sustainability goals of the country. It is reported the Islamic banking sector accounted for 23% of total banking assets within the UAE in 2022, equivalent to Dh845 billion ($231 billion). Further, assets held by Islamic banks totaled Dh631 billion in 2023.

 

UAE airports report 15% increase in air traffic during COP28

As per GCAA reports, UAE's airports witnessed 15% increase in air traffic during the 28th Conference of the Parties. On the first day of the conference Al Maktoum International Airport recorded the highest number of scheduled and unscheduled flights, such as private jets and business jets. The highest daily air traffic rate in the history of civil aviation in the UAE was marked on 30th November with 2,848 flights.

 

Abu Dhabi unveils financing platform to boost manufacturing sector

A unified platform to enhance manufacturers’ access to financing has been launched in Abu Dhabi to achieve the industrial strategy objectives of the emirate. The business financing facilitation platform is a new addition to the financial ecosystem program, designed by the Abu Dhabi Department of Economic Development’s industrial development bureau (IDB) to offer streamlined access to diverse financing solutions and products to industrial investors. This platform is bound to enhance efficiency of the financial process.

 

UAE 2.6 billion real estate deals recorded in Sharjah in November

As per government authority reports, the volume of real estate transactions across Sharjah reached AED 2.6 billion during November 2023. The total number of transactions was 4,079, while the total volume of the area traded in sales transactions reached 10.6 million square feet in November 2023. Sharjah offers new projects at competitive prices that meets the aspiration of various segments.

 

Umm Al Quwain Chamber Board of Directors held their first meeting

Under the chairmanship of His Excellency Khalfan Ahmed Misfer, the new board of Directors of the Umm Al Quwain Chamber of Commerce and Industry held their first meeting. The Board discussed about strategic plans and future goals to establish  a stimulating business environment which  caters to  the interests of members and investors and strengthens the institutional  development system.