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Abu Dhabi Implements New Measures To Shift Away From Oil Dependency

by THEFUTURE.TEAM

December 5, 2024

Abu Dhabi, the capital of the United Arab Emirates (UAE), has introduced significant measures to simplify business operations and support economic diversification as the region looks beyond oil. With over 90% of the UAE’s oil reserves concentrated in Abu Dhabi, the emirate is intensifying efforts to foster growth in non-oil sectors such as tourism, logistics, manufacturing, and industry.

Centralised Business Registry

One of the key initiatives unveiled is the Abu Dhabi Registration Authority (ADRA), a centralized platform for business registration. This authority will operate under the Abu Dhabi Department of Economic Development (ADDED), serving as a single point for registration while ensuring compliance with UAE and international regulations. Ahmed Jasim Al Zaabi, chairman of ADDED, highlighted during Abu Dhabi Business Week that streamlining these processes aims to make business operations more accessible and efficient.

Economic Growth Beyond Oil

Abu Dhabi’s economy expanded by 4.1% in Q2 2024, driven by robust growth in non-oil GDP, which surged by 6.6%. This growth was powered by advancements in construction, manufacturing, and finance. However, as global efforts to reduce reliance on fossil fuels gain momentum, Abu Dhabi is accelerating its pivot toward sustainable economic models.

Supporting the Private Sector

The emirate also announced a strategic roadmap for the Abu Dhabi Chamber of Commerce and Industry to bolster private sector growth. Additionally, a Family Business Council was established to support family-owned enterprises, recognizing their critical role in the economy.

Regional Competition

Abu Dhabi’s diversification push comes amidst growing competition, particularly from neighbouring Saudi Arabia, which is undergoing rapid economic and social transformation. Both nations are racing to attract foreign investment and establish themselves as leading hubs in the Middle East.

These initiatives underline Abu Dhabi’s commitment to transitioning toward a diversified and sustainable economy while retaining its competitive edge in an evolving global landscape.

Toyota’s Global Production Declines For 10th Consecutive Month, Yet Sales Show Growth

by THEFUTURE.TEAM

December 26, 2024

Despite a consistent drop in global production, Toyota Motor reported an uptick in worldwide sales for the second month in a row, driven by strong demand in the United States and China.

In November 2024, Toyota’s global output fell to 869,230 vehicles, a 6.2% decrease compared to the same month the previous year. This decline was steeper than the 0.8% drop observed in October.

The company’s production in the U.S. dropped by 11.8%, showing slow recovery. However, the production of models like the Grand Highlander and Lexus TX SUV resumed after a four-month hiatus in late October.

In China, Toyota’s production decreased by 1.6%, a smaller drop compared to the previous month’s 9% decline. The company benefited from higher local sales of models such as the Granvia and Sienna minivans, as well as the electric sedan bZ3, developed jointly with BYD.

As Chinese automakers like BYD gain ground, Toyota has decided to establish an independent plant in Shanghai and plans to start manufacturing electric vehicles for its Lexus luxury brand by 2027, according to a report from Nikkei.

Production in Japan, which accounts for about a third of Toyota’s global output, was down 9.3% in November. This was partly due to a two-day production halt at the company’s Fujimatsu and Yoshiwara plants.

Despite the production challenges, Toyota saw a 1.7% increase in global sales, reaching 920,569 vehicles in November, setting a new record for the month. However, for the period from January to November 2024, global production fell by 5.2% year-over-year, totalling around 8.75 million vehicles. During the same period, global sales declined by 1.2%.

These figures include Toyota’s Lexus brand but exclude sales from its group companies, Hino and Daihatsu.