WEEKLY BUSINESS ROUNDUP - 10th December 2022 to 16th December 2022

UAE participates in first G20 Finance and Central Bank Deputies Meeting

Held under India’s G20 presidency, first G20 Finance and Central Bank Deputies Meeting took place in Bangalore to discuss the G20 priorities and the Finance Track agenda for 2023. UAE was one among the participants in the meeting which was attended by Finance and Central Bank Deputies of the G20 member and invited countries, as well as attendees from international and regional organizations. Several topics were discussed including challenges to economic growth, financial stability, infrastructure priorities, international taxation, digital financial inclusion, and joint finance & health priorities.

 

UAE bank investments surge to AED 483.3bn by end of September 2022

By September 15 2022, UAE based bank investments grew to AED 483.3 billion marking 1.55% rise from AED 475.9 billion in September 2021. Investments have increased 2.13% or by AED 10.1bn during the first nine months of 2022. CBUAE figures suggest debt securities accounted for 49.5% of these investments amounting to AED 239.5bn by the end of September. Other investments amounted to AED 44.7 bn by the end of September.

 

UAE businesses set to align with COP28 objectives

Dubai Chambers organized a meeting to bring the COP 28 UAE Presidency and Dubai business community under one roof to discuss how the private sector can engage and benefit in the run up to COP28. Businesses of diverse sizes and from varied sectors are recommended to evaluate their business models and restructure it aligned towards supporting sustainable development. During the meeting, UAE underlined that climate action has a part to play in driving socio-economic growth, job creation, empowering women and youth and enhancing economic sustainability for the future.

 

Non-oil trade between UAE, Bahrain surges by 92% over 10 years

As per the Federal Competitiveness and Statistics Centre (FCSC) non-oil trade exchange between the UAE and Bahrain, over the past 10 years, increased by over 92%. In 2022 non-oil trade exchange between both nations totaled AED 23.7 billion compared to AED 12.3 billion in 2012. The total non-oil trade exchange for 10 years between UAE and Bahrain amounted to AED 188 billion, with imports accounting for AED 77.4 billion, exports for AED 37.8 billion, and re-exports for AED 72.8 billion.

 

Edtech industry expected to reach US$ 10 trillion by 2030

At the Sharjah Entrepreneurship Festival (SEF) 2022 discussions around the future of education came to the fore. Experts highlighted global teacher shortage amounted to 69 million to achieve basic universal education. Currently the size of the education industry totals to USD 7 trillion and is likely to rise to USD 10 trillion by 2030. The advent of new technologies in the realm of digital online learning will create an accessible, inclusive, and flexible education system in the future. 

 

Dubai takes first spot for second year in the region, ranks 2nd globally in top City Destinations of 2022

In Euromonitor’s Top City Destinations Index 2022 Dubai cemented its position in the first place for the second consecutive year in the region and ranked 2nd globally. Recognized among the top city performers for economic activity, best in class tourism infrastructure and immense potential for investment, Dubai continues to wield a stronghold across the globe. Paris claimed the title of the world’s top city in 2022 closely followed by Dubai, in terms of overall index performance. The top 10 ranking were dominated by European cities with Dubai and New York being the only exception. 

 

Dubai Supreme Council of Energy reviews emirate’s efforts to achieve net-zero carbon emissions by 2050

At the 73rd meeting, key leaders of the Dubai Supreme Council of Energy emphasized on the importance of cooperation among the related organizations in the UAE to achieve the objectives of the UAE Net Zero by 2050 strategic initiative. Talks are underway to implement plans that include national strategies to reach net-zero carbon emissions by 2050 and consolidate the foundations for a low-carbon economy.

 

Rental Disputes Centre provides 9 years of stability to the real estate rental sector

The Rental Disputes Centre (RDC), the judicial arm of Dubai Land Department contributes towards social and economic stability for all those involved in the real estate rental sector and other relevant sectors. Built on the vision of the UAE leadership, RDC harnesses material resources particularly technical ones – including world’s first smart judicial rental system - to chart a strategic path that would define the future of litigation.

 

Sharjah records 68% increase in female entrepreneurs

At the Sharjah Entrepreneurship Festival (SEF) 2022 it was highlighted the role of female entrepreneurs in the economy had increased significantly. The emirate marked 68% increase in female entrepreneurs recently and as the market continues to expand, there are possibilities for an economic environment that is inclusive and supportive.