GCC labour force hits 31.8mn: GCC-Stat
Data issued by the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf (GCC-Stat) revealed that the total labour force in GCC countries reached 31.8 million, representing 54.2 percent of the total population.
Asia accounts for 62.7pc of multinational companies
Dubai International Chamber, one of the three chambers operating under Dubai Chambers, has revealed that 62.7 percent of the multinational companies (MNCs) it attracted to Dubai in 2024 originated from Asia, underlining Dubai’s growing status as a key investment hub for international corporations. Latin America and Europe each accounted for 11.8 percent of the total multinational companies attracted in 2024. The Middle East and Eurasia accounted for 9.7 percent, while the African continent and Australia both contributed 2 percent of the total. Five key sectors accounted for 50 percent of the MNCs attracted to Dubai by the chamber in 2024, each representing a 10 percent share. These included construction, trade and logistics services; manufacturing; information and communication technology including AI, robotics, blockchain, and software; and retail, fashion, travel, hospitality and tourism.
Global Sukuk market graces for slowdown
Global sukuk issuance will likely decline in 2025 after 2024’s record amid lower sukuk refinancing needs of key sovereigns in GCC countries, particularly Saudi Arabia, Moody’s Rating said.
“We expect overall issuance activity to fall to around $210 to $220 billion in 2025,” the rating agency said.
However, issuance from the Indonesian and Turkish sovereigns will increase, partially offsetting slower Saudi Arabia issuance.
Non-oil sector now makes up about 75pc of UAE’s economy
The UAE’s real GDP grew by 3.8 percent in the first nine months of 2024 compared to the same period in 2023, reaching Dhs1.3tn, according to the Ministry of Economy’s latest economic data. This growth was largely driven by the non-oil sector, which expanded by 4.5 percent to Dhs987bn, underscoring the country’s progress in economic diversification. As a result, non-oil activities now contribute 74.6 percent to real GDP, while oil-related sectors account for 25.4 percent, according to the data.
UAE economy grows by 3.8pc in first 9-month of 2024
The UAE’s economy grew by 3.8 percent during the first nine months of last year, with growth driven by a strong expansion in non-oil sectors as the country continues to diversify its economy.
Real gross domestic product of the Emirates for the nine-month period to the end of September rose to Dh1.32 trillion ($359.4 billion). The non-oil economy grew by 4.5 percent annually to Dh987 billion, accounting for nearly 75 percent of the country’s economic activity, while the oil sector made up the rest, state news agency Wam reported.
Over 15,000 Chinese companies operating in UAE markets: Minister
Investopia 2025 hosted a new edition of the China-Arab Entrepreneurs Summit, under the theme “Seizing New Opportunities,” in the presence of Abdullah bin Touq Al Marri, Minister of Economy and Chairman of Investopia; Jean-Pierre Raffarin, Co-Chairman of Sino-International Entrepreneurs Federation (SIEF) and former Prime Minister of France; Zhao Liang, Charge d’affaires of Embassy of People’s Republic of China in the UAE. The Summit saw several meetings with the participation of 18 speakers, and the participation and presence of more than 400 leaders, decision-makers and entrepreneurs from the Arab world and China. In his opening statement, Abdullah bin Touq Al Marri, Minister of Economy and Chairman of Investopia, underlined that the Summit represents a new chapter in the economic relations between the Arab countries and China, noting that joint relations have witnessed sustained momentum over the past period and that the UAE is keen to contribute to the development of this strategic partnership, pushing it to more advanced and prosperous levels.
Omani-Iranian business council discusses ways to raise bilateral cooperation
The Omani-Iranian Business Council presently held a video conference during which it discussed means of enhancing cooperation between the Sultanate of Oman and the Islamic Republic of Iran.
At the meeting, Oman was chaired by Mohammed Abdul Hussein Baqer and while the Iranian side was headed by Jamal Razeqi.
The two sides discussed the progress made in establishing a joint electronic platform scheduled to be launched in the near future. The platform is envisaged to facilitate commercial operations and provide innovative solutions that contribute to the acceleration of procedures.
UK-GCC free trade deal will offer big boost to UK exporters: Mooney
A UK-GCC Free Trade Agreement could be transformational for UK food and drink exports. If secured, it could lead to reduced or eliminated tariffs on key UK exports, making British products more competitive in the GCC market, said Sarah Mooney, HM Trade Commissioner for the Middle East and Pakistan.
Addressing a breakfast event in Dubai, she explained, “Currently, UK exporters face tariffs of up to 25 percent on cereals, 15 percent on chocolate, 12 percent on baking products, 10 percent on sweet biscuits, and 5 percent on soft drinks. Removing these barriers would not only make British products more affordable but also enhance trade relationships and increase accessibility to high-quality UK food and drink across the region.”
Bahrain most cost-competitive in GCC
Businesses operating in Bahrain enjoy significant cost advantages, with annual operating costs up to 69 percent lower in logistics and 41pc lower in manufacturing compared to other GCC nations, according to EY’s ‘Cost of Doing Business in the GCC’ reports. The in-depth study, conducted by EY’s US office, identified Bahrain International Investment Park and Bahrain Logistics Zone as the most cost-competitive special economic zones (SEZs) in the GCC for manufacturing and logistics operations .