WEEKLY BUSINESS ROUNDUP - 13th August 2023 to 20th August 2023

UAE national banks financing for business, industrial sectors totalled AED28.4 billion over 5 months

Central Bank of the UAE reported the country’s national banks increased their credit facilities for the business and industrial sectors by an estimated AED28.4 billion in the first five months of this year. The reports further revealed that the two sectors recorded 4% rise in credit balance from national banks over five months, rising from around AED717.1 billion in December 2022 to AED745.5 billion in May 2023.

 

Paper packaging marks rise in overall MEA packaging market

The paper packaging sector saw a rise in share in the estimated US$74bn packaging market in the Middle East and Africa (MEA) – driven by growth with e-commerce boom and consumer preference. The use of paper packaging across industry verticals noted robust demand in food, catering hygiene, pharma, and cosmetics.

 

Emirati investments in Ethiopia totalled US$2.9 billion at end of 2022

Ethiopia and the UAE have strong trade and investment relations and the two countries traded non-oil goods worth US$1.4 billion in 2022, and the UAE invested $2.9 billion in Ethiopia. The investments cover four key sectors including - chemicals, food and beverages, aluminium, and pharmaceuticals. Ethiopia is a major market for the UAE’s non-oil exports and re-exports. 

 

Hong Kong aims to attract UAE & Middle East investments at ‘Belt & Road Summit

At the 8th Belt and Road Summit scheduled for 13th and 14th September, Hong Kong aims to attract investments from Middle Eastern countries and help establish them locally. Investments sourced from the UAE hold immense potential for collaborations in qualitative fields to drive economic development in both UAE and Hong Kong.

 

Top UAE officials meet Brazilian trade, agriculture and tourism ministers to deepen agricultural ties

Dr. Thani bin Ahmed Al Zeyoudi, UAE’s Minister of State for Foreign Trade during his visit to Brazil met trade, agriculture, and tourism ministers to pursue stronger economic ties and investment opportunities in priority sectors. With non-oil bilateral trade reaching US$4.3 billion in 2022, Brazil is currently the UAE’s biggest trading partner in Latin America. Both countries discussed technological, scientific, and innovative collaboration and the advancement of their respective SDGs. 

 

COP28 UAE Presidency to convene world-leading economists in UAE to drive progress on reform of international finance

The COP  28 Presidency convened the Independent High-Level Expert Group (IHLEG) on Climate Finance in the UAE to drive progress on steps to reform international finance ahead of COP28. The two day meeting was attended by world-leading economists, private sector leaders, the COP28 Presidency and UN Climate Change High-Level Champions. The discussions will prepare the ground for COP28 and ensure the two-week summit delivers meaningful action on reform of international finance.

 

UAE participates in G20 Joint Health- Finance Ministers Meeting

A UAE delegation of key officials participated in the G20 Joint Health-Finance Ministers Meeting (JHFMM). This meeting brought together finance and health authorities from G20 members and invited countries as well as representatives of relevant regional and international organizations to further the dialogue and global cooperation on matters related to pandemic prevention, preparedness, and response.

 

DWTC’s hospitality division marks 32% growth in H1 2023

The Dubai World Trade Centre’s Hospitality division proved its culinary prowess in H1 2023 as the team served 1166 events and delivered award winning cuisine to 653,815 guests – representing 32% growth compared to the same period in 2022. The division utilises smart solutions and cutting-edge technologies to ensure in house production is aligned to global best practices. 

 

Dubai upskills over 170 government employees in generative AI

As part of a course held by the Dubai Future Academy, more than 170 government employees have been trained to use generative artificial intelligence (AI) tools in their work. This course is aligned to the launch of the Dubai Centre for Artificial Intelligence (DCAI), aimed at making Dubai government efficient in employing AI in its operations. 

 

Post Abu Dhabi Industrial Strategy launch, new industrial licences surge 16.6% in first year

The launch of Abu Dhabi Industrial Strategy has strengthened the Abu Dhabi manufacturing sector as a competitive industrial hub within its first year. Increased activity has been observed across all three stages of Abu Dhabi’s manufacturer licensing journey: Rowad (initial licence to establish an industrial company), construction (to begin constructing an industrial facility) and production (to commence operations). Between July 2022 to June 2023 the emirate recorded 16.6% increase in the number of new industrial Rowad licences granted in Abu Dhabi, from 204 to 238. 116 new Rowad industrial licences were issued during H1 2023 alone, an increase of 63.3% from the number issued in H1 2022.