WEEKLY BUSINESS ROUNDUP - December 24th 2023 to 30th December 2023
January 02, 2024
GCC real estate deals surge 21pc in 10 months to hit $172bn
Real estate deals in the GCC valued USD 171.6 billion between January to October 2023 reporting 21.1% annual growth - compared to USD 141.7 billion in the same period in 2022. It is estimated Dubai accounted for 52.1% of the total value of real estate deals executed across all GCC countries. Real estate deals in Dubai marked almost 57% annual increase in the first 10 months of 2023 backed by rise in prices of leading developers and increased demand for luxury properties under construction for both single-family and multi-family homes.
F&B manufacturing firms generate USD7bn annual revenue in UAE
UAE is home to over 2,000 food and beverage manufacturing companies, generating AED28 billion in annual revenue, constituting 25% of the country's manufacturing GDP, and ranking second only to the oil and gas industry. The snacking category, chocolates, and biscuits are exhibiting robust growth with chocolates leading at a 20% growth rate.
UAE F&B manufacturing industry to hit USD 23.2 bn by 2025
As per industry reports, UAE’s food and beverage manufacturing sector has been growing and is poised to reach USD 23.2billion by 2025. Growth drivers in the F&B industry include those specializing in beverages. The sports drinks segment alone posted 15% growth in 2023, defying the 134% spike in soft drink prices.
UAE insurance sector robust in Q3; total assets hit USD35.8bn
UAE’s insurance sector reported robust growth with 9.6% increase in total assets between January to September 2023 - amounting to AED 131.6 billion by the end of Q3. This growth reinforces an impressive AED 11.5 billion increase in assets compared to the 2022 year end figure of AED 120.1 billion.
New law issued regarding the Executive Council of Dubai
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister and Ruler of Dubai issued Law No. (26) of 2023 regarding the Executive Council of the Emirate of Dubai. The council’s objectives as per the new law are to raise Dubai’s position in global competitiveness indicators in various fields; enhance Dubai’s economic progress, maintain sustainable growth, and create a supportive environment for that, in addition to enhancing Dubai’s readiness to adapt to future developments.
Dubai likely to retain its GCC realty market lead in 2024
As per industry reports, Dubai’s real estate sector constituted more than half of GCC’s realty transactions worth USD 171.6 billion in 2023 and is likely to retain its spot as the region’s buoyant property market in 2024. Despite expected headwinds in 2024, frontline developers in Dubai and Riyadh will be well poised to bring the right products to the market.
DFM attracts more than 57000 new investors in 2023
Industry reports revealed brokerage firms at the Dubai Financial Market (DFM) opened 57,054 new investor accounts in 2023 – marking 12.5% increase compared to 2022. This surge was contributed by the increase in momentum of the listing of government and semi-government companies. The opening of new accounts marked a notable spike of 184% in December with 6088 new accounts being opened.
'1 Billion Followers' Summit to gather over 100 industry giants and CEOs
The ‘1 Billion Followers Summit’ is scheduled to take place in Dubai on January 10-11 2024 and will be attended by CEOs from creative industries, digital media, investment, finance and business. The summit will be attended by more than 100 high profile speakers from diverse industries across the globe over a period of two days.
Abu Dhabi economy reports Q3 GDP of USD 79.1 bn
Government records reported Abu Dhabi’s real GDP grew to its highest quarterly value of AED290.5 billion (USD 79.1 billion) in Q3 2023, marking 1% rise compared to 2022 despite a decline in oil prices. Between January to September 2023, real GDP grew 2.8% compared to the same period last year and robust 8.6% expansion was recorded in non-oil GDP.