WEEKLY BUSINESS ROUNDUP - 15th October 2023 to 22nd October 2023

UAE strengthens its global position in bolstering transformation to clean and renewable energy

It is the Year of Sustainability in the UAE and the country is geared up to host the United Nations Framework Convention on Climate Change (COP 28), at Expo City Dubai from 30 November to 12 December 2023. Clean energy is taking centre stage in the UAE’s strategic priorities and directions under the aegis of the country’s visionary leadership. The country recently updated the UAE Energy Strategy 2050 to increase the efficiency of energy use by individuals and organisations by 42% - 45% compared to 2019. The strategy is focused on tripling the share of renewable energy by 2030 and raising the contribution of installed capacity of clean energy to 30% of the total energy mix by 2030. 

 

UAE Banks Federation CEOs Consultative Council reaffirms sector’s ability to continue to grow

The CEOs Consultative Council of the UAE Banks Federation held its second meeting of 2023 where the Federations initiatives to uphold high standards of governance, transparency, and risk management were acknowledged. The Council aims to continue programs and initiatives that focus on combatting fraud, protecting the digital infrastructure of the banking sector, and expanding the involvement of member banks in decision-making roles. 

 

UAE participates in the World Investment Forum to increase investment in high-potential markets

Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade attended high-level meetings with global ministers on the fourth day of the 8th World Investment Forum (WIF). He highlighted UAE’s commitment to trade and investment as a driver of long-term sustainable growth and discussed the significance of Africa to the UAE’s economic investment strategy especially in the energy, logistics and food security sectors.  

 

MoCCAE promotes innovation in food systems, agriculture in cooperation with World Food Programme, Food Tech Valley

The Ministry of Climate Change and Environment (MoCCAE) signed a Memorandum of Understanding (MoU) with the World Food Programme (WFP) and the Food Tech Valley to strengthen innovation in food systems and agriculture. The MoU signed to mark UAE’s Year of Sustainability highlights the Ministry’s commitment to strengthen UAE food systems and agriculture, and to keep pace with the latest developments and technologies across the food value chain to achieve the objectives of the UAE National Food Security Strategy.

 

UAE to host Young Global Leaders Annual Summit tomorrow

UAE hosted the Young Global Leaders Summit from 19th to 21st October as part of the strategic partnership between the UAE government and the World Economic Forum. More than 500 members of the Forum of Young Global Leaders, senior officials, leading experts from government, industry and academia attended the event to impact change in their communities. Youth leaders contributed to panel discussions and dialogue sessions to address the future of education, society, economy, health, environment, and sustainability.

 

UAE Golden Visa aspirants prefer taking the AED 2 million in a bank deposit route

With deposit rates in the UAE reaching between 3.99% to 5% - aspirants for the long-term Golden Visa in the UAE - prefer to opt for the AED 2 million in a bank deposit route.  Leveraging the long- term residency visa using this option requires a letter from a UAE-accredited investment fund and providing it to the immigration authorities.

 

UAE witnesses growing momentum across all economic sectors

On the closing day of GITEX Global 2023, Abdullah bin Touq Al Marri, Minister of Economy emphasized that the UAE has witnessed growing momentum in all economic sectors and hosted major economic conferences & events that strengthen the country’s position as an economic hub. The UAE's GDP in 2022 at constant prices totalled AED1.62 trillion, achieving 7.9% growth while totalling AED1.86 trillion at current prices, an increase of more than AED337 billion compared to 2021, marking a growth of 22.1%.

 

Ministry of Finance launches digital transformation initiatives using metaverse and AI solutions

The UAE Ministry of Finance displayed its leadership in digital transformation and artificial intelligence providing metaverse solutions for government entities and facilitating client journeys towards a more inclusive future. The Ministry also showcased its digital systems, projects, smart and innovative initiatives in the financial field.

 

Kazakhstan seeks to increase trade exchange with UAE to US$1bn

During the UNCTAD’s 8th World Investment Forum, the Minister of Trade and Integration of the Republic of Kazakhstan discussed opportunities to increase investment and trade exchange with the UAE. Kazakhstan plans to bolster trade relations seeking trade exchange with UAE valued at US$ 1 bn. UAE and Kazakhstan discussed about investments in ESG / climate change agenda and trade roads connecting the Caspian Sea to Abu Dhabi and Dubai.

 

5000 new member companies welcomed by Sharjah Chamber in 2023

The Sharjah Chamber of Commerce Industry (SCCI) recorded an impressive surge in new memberships with 4981 companies registering through the end of the third quarter. The Chamber now boasts of boast 45,373 active members with total export and re-export values reaching AED17 billion through the third quarter of the current year.