WEEKLY BUSINESS ROUNDUP - 17th December 2022 to 23rd December 2022

India GCC bilateral trade surges 41% to US$ 112 bln

India and the Gulf Cooperation Council (GCC) region recorded bilateral trade rising 40.53% amounting to US$111.71 billion between April and October 2022 - compared to $79.49 billion in the same period last year. 

 

UAE and Canada discuss economic cooperation

By September 15 2022, UAE based bank investments grew to AED 483.3 billion marking 1.55% rise from AED 475.9 billion in September 2021. Investments have increased 2.13% or by AED 10.1bn during the first nine months of 2022. CBUAE figures suggest debt securities accounted for 49.5% of these investments amounting to AED 239.5bn by the end of September. Other investments amounted to AED 44.7 bn by the end of September.

 

CBUAE issues new guidance on AML/ CFT for insurance sector

CBUAE issued a guidance on AML/ CFT for Licensed Financial Institutions (LFIs) in the insurance sector comprising insurance and re-insurance companies, agents, and brokers. The guidance, coming into effect immediately, will help LFIs understanding of risks, enable effective implementation of their statutory AML/CFT obligations and take Financial Action Task Force (FATF) standards into account.

 

CBUAE: National banks’ financing of trade and industry sectors amounted to AED 37.2 billion in 9 months

According to the latest data issued by the Central Bank of the UAE (CBUAE) credit financing provided by UAE national banks to the trade and industry sector amounted to AED 37.2 billion between January to September 2022. Figures revealed the cumulative balance of credit provided by national banks to the trade and industry sectors reached AED720.8 billion at the end of August, compared to some AED683.6 billion in December 2021 - marking rise of 5.44%.

 

IMF officials affirm UAE survived economic impact of Covid 19

As per key IMF official, UAE has witnessed promising economic growth in 2022 led by rebound in tourism, construction and activity related to Dubai Expo. The UAE has survived the economic impact of Covid with near-term economic growth being strong, strong domestic activity and increased oil prices which support high surpluses in the fiscal and external balances. IMF figures reveal UAE GDP growth is projected to reach above 6 percent in 2022, improving from 3.8 percent in 2021.

 

Aimed at raising awareness, UAE’s Ministry of Finance launches corporate tax awareness programme

The UAE Ministry of Finance launched a Corporate Tax Public Awareness Programme – following issuance of the Federal Decree Law on Taxation of Corporations and Business – to enhance public awareness on corporate tax in the UAE and abroad. The inaugural corporate tax public awareness session will be held on 9th January 2023 in Abu Dhabi and more sessions are to be hosted in-person across different emirates and virtually through digital platforms.

 

Dubai tops the region in number of hotels under construction

The January 2023 report released by Top Hotels Projects showcased Dubai led the region with 85 hotel projects under development – including almost 23,549 hotel rooms. Riyadh ranked second in the list with 46 hotel projects totaling to 9598 hotel rooms under construction. As per Dubai Economy and Tourism the emirate recorded inflow of 11.4 million overnight international visitors between January to October 2022 – recording 134% increase compared to 2021. 

 

World Corporate Summit in Dubai attended by 2000 global investors and executives

Almost 2000 global executives and investors attended the World Corporate Summit to share their vision of enhancing the world through business. Held between 21st November 2022 until 15th December 2022, this summit offered business leaders a unique platform to exchange ideas and build partnerships over almost 100 roundtables and more than 20 networking sessions.

 

AmCham Abu Dhabi Annual Roundtable Summit set to discuss business opportunities and challenges

On 12th January 2023, more than 200 key American industry and government leaders from Abu Dhabi and the UAE commercial spectrum will assemble for AmCham Abu Dhabi’s Annual Roundtable Summit to identify issues, navigate challenges, and discuss solutions for sustainable success. The summit will be held under the theme ‘The US-UAE relationship bilateral trade at work’ and will focus on sectors like - defense / aerospace, energy, healthcare, and climate change. 

 

SRTI Park boosts investment in 3D printing to drive innovation in manufacturing sector

UAE has been cementing its position in becoming a global competitor in 3D printing and in its latest move the Sharjah Research Technology and Innovation Park (SRTIP) has turned the spotlight on increasing investment in 3D printing with the aim of promoting innovation in diverse sectors and industries.