Industry, Logistics & Shipping

IFZA is title sponsor of 10th World Congress 2024

IFZA, Dubai’s most dynamic free zone community, is the title sponsor of the 10th Annual World Free Zones Organisation World Congress to be held from September 23 to 25, at the Madinat Jumeirah Conference Centre, Dubai, UAE.
 
This partnership marks IFZA’s continued commitment to being an integral part of the global event, which will be hosted under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
 
Focusing on the theme of "Zones and the Shifting Global Economic Structures: Unlocking New Investment Avenues", the congress will address key topics and priorities within the sector on a global scale. 
 
Pivotal gathering
Martin G Pedersen, Chairman of IFZA, said: “The World Free Zones Organisation's 10th World Congress represents a pivotal gathering for the global free zone community. Its presence in Dubai is testament to the UAE being a global economic powerhouse attracting significant foreign direct investment.
 
“As the official title sponsor for the second consecutive year, IFZA is honoured to support an event that shapes the future of global trade and economic policies. This partnership is a testament to our dedication towards innovation and growth within the free zone ecosystem. 
 
“We are committed to creating a thriving environment for startups and SMEs and connecting the business community by providing global Free Zone solutions. Our involvement in this congress underscores our role in leading the way for a dynamic and prosperous free zone future.” 
 
Dr Samir Hamrouni, CEO of the World Free Zones Organisation, added: “The World FZO’s World Congress has become a cornerstone event for our global community, serving as a platform for dialogue, collaboration, and innovation. The 10th edition not only reflects our journey over the past decade but also sets the stage for the future, where free zones will continue to play a critical role in the shifting global economic landscape. 
 
Avenues for growth
“We are proud to have IFZA as our title sponsor, and together, we will explore new avenues for growth and investment, ensuring that free zones remain at the forefront of economic transformation.”
 
The event will feature an array of activities designed to promote learning, networking, advocacy, and consulting. Attendees can look forward to insightful keynote speeches, interactive panel discussions, workshops, knowledge sharing and research sessions, as well as insights into new investment opportunities and networking opportunities.
 
The World Free Zones Organisation includes more than 1,600 members from more than 141 countries and has global representation through 12 regional offices worldwide and 42 national points of contact. This year’s conference is expected to attract representatives from more than 100 countries including more than 2,000 global and regional business leaders, Free Zone representatives, experts, investors, and entrepreneurs from around the world.
 
Set to be the biggest gathering of free zones and special economic zones experts in the world, this year’s edition aims to explore the evolving landscape of global trade and investment, and support the pivotal role played by free zones in driving prosperity and fostering innovation.--TradeArabia News Service
 

Industry, Logistics & Shipping

Abu Dhabi's real GDP growth up 4.5% on big non-oil boost

Abu Dhabi recorded a real GDP growth of 4.5% year-on-year in Q3, thus marking the fastest pace of expansion in the emirate since Q4 2022, according to Emirates NBD Research.
 
This marked the fastest pace of expansion in the emirate since Q4 2022 as Opec+-mandated oil production curbs have held back growth in the oil economy over the past two years. 
 
Growth was driven primarily by the non-oil sector which grew 6.6% y/y and 5.9% year-to-date, in line with our full-year estimate of 6.0% growth last year, it stated.
 
Despite the ongoing production curbs, the oil sector did register positive growth over the first nine months of 2024 following the contraction seen in 2023. It was up 2.2% y/y in Q3 and 1.6% y-t-d over Q1-Q3 even as Bloomberg crude oil production data shows a y/y decline of 1.3% to an average of 2.97 million b/d in 2024. 
 
This GDP expansion likely reflects ongoing investment in the sector alongside growth in condensates production, which are not covered by the OPEC+ agreement, and natural gas. 
 
In 2025 we anticipate a modest uptick in the UAE’s oil production later in the year, while the first half will see a fillip from the current curbs passing through the base, and we forecast an acceleration to 5.0% oil sector growth this year, said Emirates NBD Research in its review.
 
The fastest-growing sector in 2024 was the transport & storage sector, which was up 15.9% y-t-d and accelerated to 18.0% y/y in Q3. This is a similar story to Dubai where the sector has also been an outperformer. 
 
Strong growth in passenger numbers at Zayed International have been a key driver of this expansion, with January to September seeing 21.7mn people pass through the facility, up 31.2% y/y, while aircraft movements were up 10.2% y/y. 
 
Statistics Centre Abu Dhabi (SCAD)’s statement also highlighted the role played by the shipping and ports sector, with growth in container and general cargo throughput at the emirate’s port facilities.
 
Emirates NBD Research pointed out that another notable growth story in Abu Dhabi in 2024 was the rapid expansion of the financial services sector, which logged the second-fastest pace of growth, up 11.6% y-t-d, accounting for 6.4% of total output. 
 
The emirate has been increasingly positioning itself as a major financial hub, attracting growing numbers of hedge funds and other money managers to set up operations in the ‘capital of capital’. 
 
In the first half of the year the ADGM issued 1,271 new licences, up 20.5% y/y while assets under management expanded 226%. Alongside the growing presence of major international names, the Abu Dhabi-headquartered sovereign wealth funds have also been highly active. 
 
According to a report by Global SWF published at the start of 2025, Mubadala accounted for nearly 20% of all funds deployed globally by sovereign wealth funds last year.
 
The construction sector logged the third-fastest pace of growth, and as the largest non-oil component of GDP, provided much of the headline expansion. It grew 10.0% y/y in Q3 and was up 10.4% y-t-d over the three-quarter period. 
 
SCAD’s statement noted an increase in urban infrastructure projects, likely powered by ongoing population growth in Abu Dhabi and the wider UAE, with the real estate sector also benefiting, up 4.3% y-t-d.
 
"An expansionary budget and the development of major infrastructure projects such as Etihad Rail and the Abu Dhabi metro should prompt ongoing growth in construction activity in 2025, while our expectation of further rate cuts by the US Federal Reserve, and by extension the CBUAE, should be supportive of both households and private sector businesses," said Emirates NBD Research in the review. 
 
The pace of growth in the transport sector will be difficult to maintain at such a high level, but expansion plans by Etihad as it looks to double its annual passengers (Abu Dhabi aviation seeing strong growth) should be supportive nonetheless, it stated. 
 
"We forecast non-oil GDP growth of 5.5% in Abu Dhabi this year, and headline growth of 5.3%," he added.-TradeArabia News Service

Industry, Logistics & Shipping

New freight train track in Al-Ahsa starts operational tests

Saudi Arabia Railways (SAR) has commenced operational tests for a new freight train track outside the urban area of Al-Ahsa Governorate.
 
Freight train operations on the new track are scheduled to commence on January 28, 2025, said a Saudi Press Agency report.
 
The new route is part of the National Strategy for Transport and Logistics Services, which aims to develop advanced and sustainable infrastructure to solidify Saudi Arabia's position as a global logistics hub. By relocating freight train traffic outside Al-Ahsa's urban area, the project enhances road safety, reduces traffic congestion, and improves traffic flow within the governorate. 
 
Additionally, the new track increases the flexibility of freight movement between the King Abdulaziz Port in Dammam and the Riyadh Dry Port, boosting operational efficiency and supporting the Kingdom's economic and population growth needs.