WEEKLY BUSINESS ROUNDUP - 17th September 2023 to 23rd September 2023

China – Arab States Expo commences

The sixth China- Arab States Expo began in China adding momentum to the evolving economic and trade nexus between China and its Arab counterparts. The Expo is estimated to see participation from over 1000 national and international entities and one of its highlights is the clean energy section. Identifying abundant solar resources in the Arab region, negotiations are in progress for expansion of solar thermal projects.

 

UAE’s MoF participated in first GCC Common Market Committee-Federation of GCC Chambers meeting

UAE was part of the delegation that participated in the inaugural meeting between the Gulf Cooperation Council (GCC) Common Market Committee and the Federation of GCC Chambers of Commerce and Industry (FGCC Chambers) at the headquarters of the Advisory Board of the GCC Supreme Council in Muscat, Oman. The meeting served as a platform to discuss the completion of GCC common market requirements under the 2022-2024 plan to enhance GCC economies and accelerate their global economic competitiveness.

 

UAE national banks lead in sustainable financing and climate initiatives ahead of COP28

National banks in the UAE play a significant role in promoting sustainable financing and supporting climate neutrality initiatives, aligned with the UAE government's vision to promote sustainable economic growth and achieve net zero by 2050. The UAE banking sector will provide green financing to enable transition to a greener economy and sustain climate initiatives.

 

MoIAT and Abu Dhabi Chamber discusses catalysts of industrial growth

The Ministry of Industry and Advanced Technology (MoIAT) and the Abu Dhabi Chamber of Commerce and Industry (ADCCI) held a workshop to enhance awareness on the incentives and benefits that support the growth of the industrial sector in the UAE and Abu Dhabi. This move was a step forward to handhold the business community of the industrial sector as they navigate the evolution and growth of the sector.

 

UAE aims to create a US$10bn food and agriculture sector and 20000 new jobs over the next 5 years

UAE is focused on developing US$10 bn worth food and agriculture sector that is estimated to create almost 20000 new jobs over the next 5 years. Key strategies that will contribute to developing this sector include localising innovation, robust food supply chain and providing farmers with required support within the space of agri-food innovation and sustainability.

 

UAE and Indonesia strengthening economic cooperation

At the UAE – Indonesia Business Forum held in Jakarta both countries committed to strengthening bilateral relations and cooperation in diverse sectors that benefit both nations. Further it was reinforced that UAE companies are keen in investment partnerships in the renewable energy sector in Indonesia. Other sectors wielding potential for economic partnerships between both countries are mining, tourism, real estate, and aviation. 

 

UAE-Saudi trade reaches AED 586.75 billion in 5 years

UAE and Kingdom of Saudi Arabia recorded 28% growth in 2022 - in the volume of trade exchange – as it reached AED 137.51 billion, compared to AED 107.41 billion in 2018. The total non-oil trade between the two countries totalled to AED 586.75 billion over five years. As per 2022 statistics, bilateral trade between the two countries was divided into AED 34.31 billion in imports, AED 36.01 billion in non-oil exports, and AED 67.18 billion in re-exports. 

 

UAE’s MoF introduces private sector to expansion opportunities in emerging economies

The UAE Ministry of Finance organised workshops in collaboration with the World Bank Group’s Multilateral Investment Guarantee Agency (MIGA) to strengthen the business landscape of UAE with a streamlined focus on businessmen and investors from the private sector. The workshops comprised comprehensive suite of financial products and services, addressed concerns regarding investment products and the optimal capital obtained from financial institutions at the lowest possible cost.

 

DXB takes the first spot in Airport Connectivity Rankings in Asia-Pacific and Middle East

As per the Airports Council International Asia-Pacific and Middle East (ACI, APAC & MID) Dubai International (DXB) ranked highest in the Airport Connectivity rankings for the Asia Pacific & Middle East region. As per reports air connectivity in the Middle East stands at +26% growth in total connectivity in 2022 compared to 2019. Further direct connectivity to destinations in North America, Asia-Pacific and Africa witnessed the strongest recovery since Covid-19, with Low-Cost Carriers (LCCs) driving the growth.

 

DIFC unveils five-year innovation outlook for financial services

Dubai International Financial Centre (DIFC) published a report titled, “Drivers of Innovation in Financial Services” exploring a five-year outlook for innovation in the financial services industry. Investments in FinTech, projected to grow by 17.2%  CAGR to USD 949 billion from 2022 to 2030, are accelerating the pace of FinTech innovation globally and in Dubai, which offers access to high-growth emerging markets in the Middle East and North Africa (MENA), Western Europe, Asia, and Africa.

 

Abu Dhabi DoE explores enhancing energy cooperation in France, Germany

The Abu Dhabi Department of Energy (DoE) delegation travelled to the French Republic and the Federal Republic of Germany to meet with several high-ranking government officials and stakeholders in the energy sectors of both countries. This visit reiterates efforts to enhance energy efficiency and sustainability of Abu Dhabi while expanding collaboration and exchanging expertise with major global organisations.

 

Ajman’s exports surge 19% in H1 2023

The Ajman Chamber of Commerce (ACCI) stated volume of exports from the emirate grew 19.6% during the first half of 2023. Total exports in Ajman reached AED 4.57 billion in H1 2023, compared to approximately AED 4.3 billion during the same period in 2022. Saudi Arabia was the top-destination for Ajman’s exports and ships & boats topped the list of exported products followed by mineral oils, fish, and steel products.