Here’s a summary of some of the major news headlines of the week from the UAE, the region, and around the world:
UAE sets lower age limit for drivers, introduces new traffic regulations
The UAE government has announced a new federal decree-law concerning traffic regulations, allowing individuals aged 17 and above to apply for a driving license. This change underscores the government’s commitment to keeping pace with the rapid evolution of global transportation.
The federal decree-law is designed to align with the swift changes in transportation worldwide.
Key updates
- Vehicle classifications: Adjustments have been made to recognize the increase in self-driving, electric, and personal transportation vehicles.
- Self-driving vehicle standards: The Cabinet has also established new protocols for the inspection, registration, licensing, re-registration, and renewal of self-driving vehicles, along with guidelines for technology trials.
- Obligations for personal transport users: In addition, specific responsibilities for users of personal transport devices have been outlined through a Cabinet resolution.
- Minimum age for driving license: Furthermore, individuals 17 years and older can now apply for a driving license.
- Pedestrian regulations: Pedestrians are prohibited from crossing roads where speed limits exceed 80 km/h and may face civil or criminal liability for violations.
- Noise and alarm regulations: Moreover, the use of excessively loud vehicles and alarms in urban areas is restricted, with alarms permitted only for safety purposes.
- Transporting hazardous materials: In addition, a permit from the relevant authority is required for transporting hazardous materials or unusual loads.
- Strict penalties: Also, severe penalties are imposed for offenses such as causing death while driving under the influence, leaving the scene of an accident, improperly crossing roads, or driving through flood-prone areas during floods.
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UAE President engages with world leaders at BRICS Summit
UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan engaged with several global leaders and heads of delegations attending the 2024 BRICS Summit in Kazan, chaired by the Russian Federation.
His Highness held discussions with notable figures, including His Excellency Abdel Fattah El-Sisi, President of Egypt; His Excellency Dr. Masoud Pezeshkian, President of Iran; His Excellency Xi Jinping, President of China; His Excellency Cyril Ramaphosa, President of South Africa; His Excellency Narendra Modi, Prime Minister of India; and His Excellency Dr. Abiy Ahmed Ali, Prime Minister of Ethiopia.
Focus on cooperation and partnerships
The conversations centered on enhancing cooperation between the UAE and these nations, focusing on economic, trade, and developmental opportunities, along with other sectors that foster growth and prosperity for all involved. The discussions highlighted the significance of building partnerships that promote mutual progress and welfare for their populations.
For details, click here.
Dubai’s aviation sector to create 185,000 jobs by 2030
Aviation-led activity accounted for 631,000 jobs across Dubai, equivalent to one in five jobs in the emirate in 2023, a new report said on Thursday.
Moreover, a further 185,000 aviation-linked jobs are expected to be created by 2030, with the total number of jobs supported by Dubai’s aviation sector forecast to grow to 816,000 jobs, the report added.
The study, compiled by global research firm Oxford Economics and released by Emirates Group and Dubai Airports, highlights the central role aviation plays in Dubai’s economy, by quantifying its contributions and forecasting the sector’s upwards trajectory, based on financial and passenger growth projections for the sector.
“Supported by strong air connectivity, Dubai has a prominent presence on the global stage for trade, investments, tourism, and is a leading player in aviation and logistics. Our ambitious plans for Dubai World Central – Al Maktoum International airport, and our ongoing investments to expand capacity at Dubai International, will unlock further economic opportunities by supporting the projected demand for air transport,” said Sheikh Ahmed bin Saeed Al Maktoum, chairman and chief executive, Emirates Airline & Group, and chairman of Dubai Airports.
“Our growth plans will generate even more skilled jobs, and also help drive innovation as we work with leading technology partners to develop future solutions to enhance travel experiences and make operations more efficient and secure,” he added.
Contribution to Dubai economy
In 2023, Dubai’s aviation sector, consisting of Emirates Group, Dubai Airports (including Dubai International and Dubai World Central – Al Maktoum airports), and other aviation sector entities are estimated to have supported AED137 billion ($37.3 billion) in gross value added (GVA), equivalent to 27 percent of Dubai’s GDP. This included the core economic impact of AED94 billion, and AED43 billion from the catalytic impact of aviation-facilitated tourism. These figures are projected to increase steadily, with aviation activities facilitated by Emirates and Dubai Airports contributing AED196 billion, or 32 percent of Dubai’s forecasted GDP by 2030 (in 2023 prices).
For details, click here.
Saudi Arabia’s FDI inflows hit $25.5 billion in 2023
Saudi Arabia released detailed foreign direct investment (FDI) statistics for 2023 based on the new methodology of the Balance of Payments Manual (BPM6) published by the IMF. These statistics were developed by a detailed analysis of all licensed international investors in the Kingdom.
The new statistics show that the actual performance of FDI in Saudi Arabia has exceeded the targets of the National Investment Strategy (NIS). Last year, FDI inflow amounted to SAR96 billion ($25.5 billion), exceeding the NIS target of SAR83 billion ($22 billion) by 16 percent.
FDI inflows surge 50 percent
The analysis also revealed that FDI inflow reached 2.4 percent of Saudi Arabia’s GDP in 2023, achieving the NIS target. In addition, they grew by 50 percent year-on-year after excluding the exceptional Aramco pipeline deal in 2022. The Kingdom’s FDI stock also increased by 13 percent year-on-year in 2023, amounting to approximately SAR900 billion ($240 billion).
For details, click here.
UAE’s real GDP expected to expand by 5.1 percent in 2025, according to IMF
The UAE’s real GDP is anticipated to hold steady at 4 percent in 2024, with an increase to 5.1 percent projected for 2025, as reported by the IMF World Economic Outlook (WEO).
This forecast was launched during the 2024 IMF/World Bank Group Annual Meetings, which also predicted that the economies of the Middle East and Central Asia will grow by 2.4 percent and 3.9 percent in 2024 and 2025, respectively.
Globally, growth is expected to remain stable but lackluster, with projections of 3.2 percent for both 2024 and 2025, consistent with figures from the July and April 2024 WEO reports.
Global headline inflation is predicted to decline from an annual average of 6.7 percent in 2023 to 5.8 percent in 2024 and 4.3 percent in 2025, with advanced economies expected to reach their inflation targets sooner than their emerging counterparts.
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Sheikh Hamdan launches Ignyte digital platform to accelerate over 100,000 startups
His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence of the UAE, Chairman of The Executive Council of Dubai, and Chairman of the Higher Committee for Future Technology and Digital Economy, announced the launch of Ignyte, a dynamic digital platform that seeks to empower the next generation of startups and entrepreneurs on their journey toward global growth.
Curated by Dubai International Financial Centre (DIFC), Ignyte serves as a key initiative under the Dubai Digital Economy Strategy, designed to empower over 100,000 startups and entrepreneurs. As part of Dubai’s vision to become a leading global hub for entrepreneurship, the platform connects founders with a global network of investors, mentors, corporate organisations, and government entities, creating a comprehensive growth ecosystem.
To maximize the benefits for startups joining the platform, Ignyte aims to significantly expand its offerings by attracting 5,000 venture capitalists and investors, 5,000 vetted mentors and experts, over 500 corporate and government partners, and 5,000 exclusive perks. These perks will collectively help startups save more than $100 million.
For details, click here.
Abu Dhabi, Dubai crowned top cities for expats’ ease of entry globally
Abu Dhabi and Dubai emerged this year as the top cities in ease of entry following the adoption of open immigration policies for the specific purpose of attracting talent.
While Western European cities ranked highly for human mobility, due to the ease of mobility within the Schengen area, cities in the United States and the United Kingdom are not. The top cities for ease of entry also included Luxembourg and Singapore.
Dubai retained its leading position in the MENA region on Kearney’s Global Cities Index, ranking 24th globally and claiming a spot in the top 25 for the fourth consecutive year while neighboring capital Abu Dhabi tied with Dubai to rank first globally for Ease of Entry – a new metric under the Human Capital dimension, underscoring their success in attracting and retaining foreign talent.
Kearney’s annual Global Cities Report, which includes the Global Cities Index (GCI) and Global Cities Outlook (GCO), seeks to measure and analyze the connectivity and global character of the world’s most internationally connected and influential metropolitan areas.
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