{"id":87653,"date":"2023-12-25T00:00:00","date_gmt":"2023-12-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/cbuae-expects-higher-growth-in-2024-plus-merry-christmas-everyone\/"},"modified":"2023-12-25T00:00:00","modified_gmt":"2023-12-25T00:00:00","slug":"cbuae-expects-higher-growth-in-2024-plus-merry-christmas-everyone","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2023\/12\/25\/cbuae-expects-higher-growth-in-2024-plus-merry-christmas-everyone\/","title":{"rendered":"CBUAE expects higher growth in 2024. Plus: Merry Christmas, everyone"},"content":{"rendered":"

Good morning, ladies and gentlemen, and a very Merry <\/strong>Christmas<\/strong> to everyone celebrating today. <\/p>\n

The big theme as we kick off a new week:<\/strong> So. Many. Year-end. Reports.<\/p>\n

The most important report of the bunch: The CBUAE\u2019s quarterly economic review<\/strong>, in which the central bank has revised upwards its projection for 2024 GDP growth by 1.3 percentage points. <\/p>\n

^^ We have the full story in this morning\u2019s news well, below.<\/p>\n

We also know it\u2019s the end of the year because it\u2019s bonus season:<\/strong> Dubai government employees are in line for a total of AED 152 mn worth of performance-based bonuses. Eligible employees will receive bonuses in accordance with the criteria established by Dubai Government Human Resources. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the crown prince of Dubai and chairman of the executive council, approved the distribution, Wam<\/a> reports<\/p>\n

** You\u2019re reading Zero Issue #19 of EnterpriseAM UAE. <\/strong><\/p>\n

** Think of a zero issue as a \u201cbeta.\u201d<\/strong> This issue has not been published or distributed to a wide audience. <\/p>\n

** Did you receive this as a forward?<\/strong> Email editorial@enterprisemea.com and let us know if you\u2019d like to be added to our list of beta readers ahead of our launch.<\/p>\n

** Have a comment, criticism, or story tip? <\/strong>Hit up patrick@enterprisemea.com<\/a>. <\/p>\n

PUBLIC SERVICE ANNOUNCEMENTS-<\/p>\n

<\/a> #1- UAE citizens can now enter Turkey without a visa:<\/strong> Ordinary passport holders from the UAE, Saudi Arabia, the United States, Canada, Bahrain, and Oman will no longer require tourist visas to enter Turkey<\/a>, Ankara said in its Official Gazette. Visa-free entry is good for stays of up to 90 days in every 180-day period.<\/p>\n

<\/a> #2-<\/strong>Want to get hitched? All you need is your phone in Abu Dhabi: <\/strong>The Abu Dhabi Judicial Department (ADJD<\/a>) set up a new platform to deliver marriage licenses through text messages and streamline the registration process, Wam<\/a> reports. The new platform will allow spouses to receive their certificates immediately after the marriage is officially registered. The platform will allow applicants to finalize the process digitally or request a video-call marriage ceremony through its booking system. ADJD has issued some 7k digital marriage certificates since the program started in 2022 <\/p>\n

#3- Abu Dhabi reins-in worker buses: <\/strong>The Abu Dhabi Police and Integrated Transport Centre banned worker buses holding more than 26 passengers from driving on Sheikh Zayed Bin Sultan Street, reports Wam<\/a>. The ban applies to both directions from Sheikh Zayed Bridge to the Sheikh Zayed Tunnel (formerly Al Qurm Street).<\/p>\n

\n

DATA POINTS- <\/p>\n

<\/a> #1- Dubai real estate market sets a new record: <\/strong>Dubai\u2019s property market recorded AED 39 bn worth of sales in October, beating the previous high of AED 30 bn from November 2022, Khaleej Times<\/a> reports, citing figures from Avalon Properties. The market has amassed over AED 400 bn in sales YTD, up from AED 265 bn in 2022. Recent sales include the world\u2019s third most expensive penthouse<\/a>, which closed at AED 500 mn.<\/p>\n

ICYMI:<\/strong> S&P Global Ratings forecast developers would sell up to 40k Dubai homes this year, owing to unprecedented demand, Bloomberg<\/a> reported. Historically, some 15-30k homes in Dubai are sold each year. <\/p>\n

#2- Real estate transactions in Sharjah rose 7.3% m-o-m to 4k<\/strong>, Sharjah24<\/a> reports, citing the Sharjah Real Estate Registration Department. Sales accounted for 20.2% of all transactions. The remaining 71.8% were classified as \u201cother trading transactions.\u201d Mortgage transactions, totaling 327 and representing 8% of the overall figure, accounted for a value of AED 434.5 mn. The total value of real estate changing hands dropped 28% m-o-m dip<\/strong> to AED 2.6 bn in November, down from AED 3.6 bn in October<\/a>. <\/p>\n

<\/a> #3- Hamriyah and Deira ports processed nearly 62.5 customs declarations in 9M 2023<\/strong>, worth a combined AED 12.1 bn, with 19 seizures documented, Wam<\/a> reported. <\/p>\n

THE BIG STORY ABROAD <\/p>\n

Gaza is back on the global front pages<\/strong> after the latest Israeli attacks in central Gaza left at least 70 dead. (AP<\/a> | Reuters<\/a> | Bloomberg<\/a> | FT<\/a> | Washington Post<\/a>) <\/p>\n

Israeli Prime Minister Benjamin Netanyahu vowed to \u201ccontinue to fight\u201d in Gaza<\/strong> despite it \u201cexacting a very heavy cost from [Israel].\u201d Netanyahu\u2019s remarks to his cabinet yesterday came after he lost 10 of his troops in a single day and five the day before, marking the worst two-day losses for the Israeli army since early November, according to Reuters. <\/p>\n

Netanyahu\u2019s remarks come two days after the UN Security Council passed a UAE-drafted <\/strong>resolution<\/a><\/strong> on Gaza.<\/strong> The draft, although watered down from its original form, called for \u201curgent and extended humanitarian pauses and corridors throughout the Gaza Strip for a sufficient number of days\u201d and the safe delivery of humanitarian assistance to those in Gaza. <\/p>\n

SEPARATELY- Jim Ratcliffe officially owns 25% of Man. United:<\/strong> British b\u2019naire Jim Ratcliffe has acquired a non-controlling 25% stake in Manchester United for around USD 1.3 bn, in a transaction that values the sports club at around USD 6.3 bn. (The Guardian<\/a> | Reuters<\/a> | Financial Times<\/a> | Bloomberg<\/a>) <\/p>\n

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The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

Subscribe here<\/a>\n <\/div>\n<\/p><\/div>\n<\/div>\n

CIRCLE YOUR CALENDAR-<\/strong><\/p>\n

[wwtt5] Federal government entities will be closed on<\/strong> New Year\u2019s D<\/strong>ay, which will be a <\/strong>government holiday<\/strong>, the Federal Authority for Government Human Resources said<\/a> last week. <\/p>\n

It\u2019s a big end-of-year weekend for pop fans<\/strong>, with Sean Paul and T.I. playing Dubai\u2019s Coca<\/a>Cola Arena<\/a> and X Factor India star Jubin Nautiyal performing at the Duty Free Tennis Stadium<\/a>, both this Saturday, 30 December.<\/p>\n

Madinat Jumeirah\u2019s Festive Market<\/a><\/strong> is also on throughout the holiday season<\/strong>, with a host of parties across Dubai, Abu Dhabi, and the rest of the country on 31 December. <\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, ladies and gentlemen, and a very Merry Christmas to everyone celebrating today. The big theme as we kick off a new week: So. Many. Year-end. Reports. 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