WEEKLY BUSINESS ROUNDUP - 11th February 2023 to 17th February 2023

FTA releases UAE PASS feature on EmaraTax platform

Federal Tax Authority (FTA) announced that the single sign-on feature of the UAE PASS – the first national digital identity– has been introduced to the EmaraTax platform. The tax system registrants can use this in all procedures and services on the platform. This new feature launched in collaboration with relevant authorities aims to deliver security, confidentiality, accuracy of information, enhanced user experience and increased processing speed.

 

UAE Aviation sector to witness new addition with announcement of ‘Heliotech’ 

The Strategic Development Fund (SDF) announced launch of Helio Aviation Technologies (HelioTech) which will turn the spotlight on the design and manufacturing of proprietary and unique VTOL aircrafts for commercial and security applications. This move is a significant step in the UAE’s aviation sector.

 

UAE’s MoF discusses ‘Role of Tax Policy to Drive Global Growth’

UAE’s Ministry of Finance in association with the Arab Monetary Fund held a panel discussion titled ‘Role of Tax Policy to Drive Global Growth’. During the session discussions revolved around the role fiscal policy can play in achieving sustainable development. This session was organised aligned to the World Government Summit 2023 (WGS 2023) and discussed efficient and effective financial policies that create an impact on sustainable development.

 

UAE and India mark first anniversary of signing CEPA 

UAE and India marked the first anniversary of the signing of the Comprehensive Economic Partnership Agreement (CEPA) recently. A delegation from The Federation of Indian Chambers of Commerce and Industry (FICCI) comprising more than 100 exporters, start-ups and business owners was received by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade to explore the market, interact with buyers and find potential customers in the UAE. It is expected that the UAE-India CEPA will push bilateral non-oil trade beyond US$100 billion by the end of 2030.

 

Listed real estate companies in UAE double earnings in 2022

Driven by growth in tourism and real estate sector net earnings of listed real estate companies doubled in 2022. Reports reveal the net earnings of listed real estate companies increased by 92%, totaling AED11.514 billion in 2022, compared to AED6.10 billion in 2021. The revenues of real estate companies surged by 2% to AED 57.691 billion in 2022, compared to AED56.572 billion in 2021.

 

Dubai Chamber of Digital Economy discusses state of e-commerce market

The Dubai Chamber of Digital Economy in one of its recent digital industry workshops focused on the state of the e-commerce market. Discussions during the session centred around regulations, funding, talent, and infrastructure bringing to the fore opportunities and challenges faced by e-commerce companies. As per ecommercedb.com, UAE is the 27th largest market for e-commerce with a projected revenue of US$17.2 billion by 2027 at a compound annual growth rate of 8.4%  between 2023-2027.

 

Breakbulk Middle East hosted almost 100% more attendees than its previous edition

Breakbulk Middle East 2023 held under the patronage of the UAE Ministry of Energy and Infrastructure witnessed 94% increase in the number of attendees compared to 2022. The 6,496 visitors at the event included project owners and industry professionals from across the MENA region dealing with freight forwarding, logistics solutions, EPCs, ports, terminals, and heavy-lift carriers, who descended to network, learn and explore new opportunities. 

 

Abu Dhabi delegation to Israel explore business opportunities

Between 12th - 16th February a delegation from Abu Dhabi visited Israel to kickstart conversations around business opportunities and innovation opportunities. Building on the signing of the Abraham Accords both countries fostered strategic partnerships in the realm of AI, fintech and other innovative initiatives.

 

Abu Dhabi economy expected to record fastest growth rate in MENA region at 10.5%

Statistics Centre - Abu Dhabi (SCAD) revealed the growth of Abu Dhabi's Gross Domestic Product (GDP) in the first nine months of 2022, reached 10.5%, the highest in MENA, compared to the same period of 2021. Abu Dhabi has maintained economic competitiveness and macroeconomic stability by launching initiatives that strengthen its non-oil economic activity. 

 

Abu Dhabi Economic Summit set to take place on February 28th

The Abu Dhabi Economic Summit is likely to bring together experts from government sectors, business, finance, and technology to explore new growth opportunities. Hosted by the Abu Dhabi Department of Economic Development (ADDED), the summit will highlight the unique circumstances of the Middle East and the GCC reinforcing its increasing geopolitical relevance and surge in private growth & investment. Over 25 speakers and 300 attendees will gather in Abu Dhabi on 28th February to discuss strategies and solutions for robust economic growth.