WEEKLY BUSINESS ROUNDUP - 16th July 2023 – 22nd July 2023

UAE attends ICAO's Stocktaking 2023 in Canada

The UAE’s General Civil Aviation Authority (GCAA) participated in the 2023 Stocktaking of the International Civil Aviation Organisation (ICAO) in Montreal, Canada. The ICAO’s goal is to achieve climate neutrality in the aviation sector by 2050. UAE won the bid to host the Conference on Alternative Aviation fuels - an event which takes place every seven years – thereby reaffirming UAE’s role in driving climate change initiatives in the aviation sector.

 

Two key agreements signed at the UAE-Türkiye Business Forum; aimed to boost critical sectors

The UAE – Turkiye Business Forum reported the unveiling of two major agreements focused on accelerating economic partnerships and driving investments between both countries. The Forum follows the signing of CEPA and exhibited promising investment opportunities in the UAE across diverse sectors that would align with the trade goals of Turkish companies. Further the Turkish business community can leverage the opportunity to join the NextGenFDI initiative, which offers support services like bulk visa issuance and banking support to ease market entry to the UAE. 

 

UAE advocates for inclusive trade at recent G20 Trade and Investment Working Group meeting

At the third meeting of the G20 Trade and Investment Working Group (TIWG) held recently in Kevadia, India - the UAE was an invited guest. Focused on developing an inclusive and transparent global trading system the G20 working group is centred around 5 priority issues Trade for Growth & Prosperity, Resilient Trade and Global Value Chains (GVCs), Integrating MSMEs in World Trade, Logistics for Trade, and World Trade Organization (WTO) Reform. The UAE contributed to the discussion by highlighting the importance of adopting tech to enhance transparency, accessibility & strengthen governance.

 

UAE and Japan sign 23 agreements during UAE – Japan Business Forum

During the UAE – Japan Business Forum, UAE and Japan signed 23 agreements and MoUs with a focus on strengthening economic, trade and investment ties between the two countries in the fields of energy, industry, advanced technology, artificial intelligence, space, health, transport, environmental conservation, and circular economy. The UAE welcomed Japanese businesses to leverage the facilities offered by the business landscape and explore the country’s position as an ideal gateway to the MENA markets boasting a consumer base of 400 million people.

 

UAE reported to lead the world in mobile internet speed in June 2023

UAE ranked first globally in mobile internet speed for the month of June with a download speed of 204.24 Mbps and an upload speed of 22.72 Mbps reported the Speedtest Global Index.  In the space of fixed broadband speed, UAE ranked second globally and first regionally among Arab countries in June, with a download speed of 239.2 Mbps.

 

UAE participated in the third G20 Finance Ministers and Central Bank Governors (FMCBG) meeting

UAE participated in the third G20 Finance Ministers and Central Bank Governors (FMCBG) meeting held in Gujarat. The meeting brought to the fore the progress made under the G20 priorities set by the Indian presidency for the year 2023. Different aspects that were discussed included the prioritization of policy making to address investment-for-development challenges, the importance of considering existing financing solutions to identify risks within global health financing and building a robust  digital public infrastructure.

 

UAE announces key focus on trade at COP 28

For the first time at the United Nations Climate Conference (COP28), set to be convened in November and December talks are in place for international trade to be featured. It is reported that at the Committee on Trade and Environment it was announced that trade will be subject to a dedicated day under the UAE’s COP28 Presidency Thematic Program –as an enabler of climate-smart growth, including supply-chain resilience.

 

Dubai focused on unlocking a new phase of growth for the family business sector

Family businesses are the mainstay of the UAE economy. Earlier this year Dubai Chambers launched the Dubai Centre for Family Businesses to educate family-owned firms on leadership transition, succession planning and growth. The Centre brought forth a new set of governance guidelines to assist family-owned companies in establishing effective governance frameworks that can enable a smooth succession process and drive the continuity of family businesses.

 

Dubai Customs records strong H1 performance with 14 million transactions processed

Dubai Customs cleared 14 million customs transactions during H1 2023, marking 10% surge from the 12.7 million transactions registered in H1 2022. The World Bank estimates the UAE's non-oil economy to grow by 4.8% this year – marking solid growth and recovery in the second half of 2023. 

 

Dubai’s luxury property boom set to surge

Dubai boasts of one of the world’s strongest luxury properties markets, and the positive momentum within the luxury property market is likely to continue. Premium properties in Dubai are celebrated for their global appeal and robust investment potential which resonates strongly with local and global investors.