WEEKLY BUSINESS ROUNDUP - 11th June 2023 –17th June 2023

More than 1 million economic licenses registered in UAE in 2022

Economic indicators point towards the remarkable development and growth of the UAE economy as the country reported GDP growth of 7.6% and the total economic licenses registered reached over 1,014,000. 

 

Global food bill expected to surge to US$1.98 trillion in 2023

FAO’s Food Outlook estimates global food bill will rise to $1.98 trillion in 2023, up 1.5 percent from 2022. Food imports by advanced economies continue to expand, while the import bill for the group of Least Developed Countries (LDCs) is predicted to decline by 1.5% this year.

 

UAE’s draft general budget for 2024 fiscal year discussed at a recent meeting

The 9th meeting of the General Budget Committee discussed the draft general budget of the UAE for the 2024 fiscal year which forms part of the budget plan for the 2022-2026 period. The Committee directed the Ministry of Finance to complete drafting the General Budget of the Union for the year 2024 for submission to the UAE Cabinet. The Committee reviewed the federal government's financial position for the year 2023, based on actual expenses and revenues collected during the first half of the year, which indicate the significant growth of various sectors and economic activities in the UAE. 

 

UAE and India celebrate one year of CEPA

India and the UAE celebrated completion of one year of the Comprehensive Economic Partnership Agreement (CEPA) and reviewed the new trade related data. Ministry of Economy figures reveal from May 2022 to April 2023, the first 12 months of the CEPA, bilateral non-oil trade reached a value of US$50.5 billion, 5.8% increase on the same period from the previous year. CEPA’s success in promoting trade and investment is estimated to help bilateral non-oil trade between both countries reach US$100 billion by 2030.

 

UAE banking sector reports AED 263 billion in savings deposits until March 2023

Central Bank of UAE’s latest statistics reveal savings deposits in the banking sector in the UAE, excluding interbank deposits, exceeded AED 263 billion by the end of March 2023. Savings Deposits increased by 7.4% every month to reach AED263.14 billion at the end of March 2023. These figures indicated 4.7% increase on an annual basis - equivalent to AED11.8 billion - compared to AED251.33 billion in March 2022.

 

Dubai Customs issues several customs policies for trade growth with partners

New trade agreements in the UAE, strengthen the country’s foreign trade, which recorded 17% growth, reaching AED2.233 trillion in 2022 compared to 2021. Dubai Customs has implemented customs policies to support trade exchanges with partner countries as part of comprehensive economic partnership agreements. These policies lay  down the scope, obligations, preferential treatment and rules of origin.

 

Dubai Chamber of Digital Economy introduces report on ‘Dubai’s Venture Capital Ecosystem’

Dubai Chamber of Digital Economy launched “Dubai’s Venture Capital Ecosystem” provides an overview of the investor landscape backing start-ups and scale ups in Dubai and MENA region. The report highlights UAE’s commitment to developing smart digital solutions, legislations and initiatives that create a favourable environment for startups and fast-growing companies.

 

DMCC reports 24% annual increase in Chinese businesses

Dubai Multi Commodities Centre (DMCC) reported 24% year-to-date increase in the number of Chinese companies setting up in its freezone. DMCC recently concluded a series of roadshows in China which  reinforced the thriving business environment of the freezone and its ideal positioning for Chinese companies to  expand internationally. 

 

Sharjah Chamber of Commerce and Industry makes strides in first half of 2023

The Sharjah Chamber of Commerce and Industry (SCCI) has achieved significant milestones during the first half of 2023, as it forges strong partnerships and enhances the business landscape. Under the leadership of Chairman Abdullah Sultan Al Owais, the SCCI has signed multiple agreements and memoranda of understanding with various organizations, furthering collaboration and trade opportunities. The chamber's commitment to establishing business councils with friendly nations demonstrates its dedication to fostering international relationships. Moreover, efforts to promote Sharjah's growth and sustainability, along with equipping the private sector with essential capabilities, underscore the Chamber's commitment to empowering the business community.