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

After CEPA, Indian exports to UAE increase five-fold
India's non-oil exports to the UAE rose phenomenally by five times in the three months since the implementation of a bilateral Comprehensive Economic Partnership Agreement (CEPA), compared to India’s non-oil exports to the world over the last three months. A study on the impact of the implementation of CEPA revealed India’s exports to the UAE, excluding petroleum products, grew from $5.17 billion during June-August 2021 to $5.92 billion during June-August 2022, which amounts to a 14% year-on-year increase.
 
UAE packaging industry likely to hit US$ 5.4 bn by 2027
Industry insiders reveal the Middle East and Africa (MEA) paper industry is riding a growth wave owing to demand for packaging within the e-commerce sector. The packaging sector across the region is likely to amount to approximately AED 270 billion. Reports further suggest UAE packaging industry is likely to record significant growth in the next 5 years amounting to an estimated AED 21 billion.
 
UAE GDP grew 3.9% at constant prices; 18.8% at current prices in 2021
Reports revealed by Federal Competitiveness and Statistics Centre (FCSC) showed UAE’s GDP at constant prices increased to AED1.499 trillion in 2021 from AED1.442 trillion in 2020 while non-oil GDP at constant prices grew by 5.8 percent to AED1.087 trillion in 2021, compared to around AED1.028 trillion in 2020. Further UAE reported GDP growth of 18.8% at current prices in 2021.
 
UAE and South Korea bilateral trade grows 19% to USD 1.3 bn in Q1 2022
UAE and South Korea bilateral trade figures reinforce strong and resilient economic relations between both the countries. Reports reveal UAE and South Korea’s non-oil bilateral trade has surged to US$1.3 billion during Q1 2022, marking a 19% increase compared to Q1 2021. Economic cooperation in areas of renewable energy, infrastructure, health and medicine, future-oriented technology and innovation is expected between both countries.

Gulfood 2022 to tackle global food system challenges
Leading global trade fair Gulfood Manufacturing is set to take place from 8th November to 10th November 2022. The event will examine themes of sustainability, advanced technology adoption, nutrition, and efficiency evolution with an aim to help business entities reduce costs, grow, and transform. Challenges in global food production including the rapid rise of food prices will be part of key conversations at Gulfood Manufacturing.  

Dubai sees dhow trade grow 21% in H1 2022
Dubai’s Ports, Customs and Free Zone Corporation (PCFC) reported the entry of more than 6000 wooden dhows in H1 2022 marking 21% year-on-year growth. In 2020 PCFC established the Marine Agency for Wooden Dhows and has witnessed solid growth in dhow trade. The movement of 6052 dhows in H1 2022 ferried 1 million metric tons of merchandise from countries across MENA and beyond.
 
Abu Dhabi reports robust comeback of exhibitions, events, and conferences
Abu Dhabi has successfully attracted an outstanding collection of major global events out of which 12 were held in Abu Dhabi and the Middle East for the first time – constituting approximately 57% of the overall events hosted at Abu Dhabi National Exhibition Centre (ADNEC) in the past 4 months of 2022. ADNEC is likely to mark 16% increase from 2019, in the number of events hosted and organized by the end of 2022.

Sharjah municipality reports value of construction permits more than AED 9.3bn in 6 months
As per Sharjah Municipality data the contractual value of building permits in Sharjah during H1 2022 grew to AED 9.344 billion while the contractual value of building permits for which certificates of completion were issued amounted to about AED3.263 billion. These figures indicate the positive trend within the emirate’s construction sector reinforcing the Sharjah’s potential in attracting investors.
 
Abu Dhabi to host 2nd Investopia annual conference in 2023
In collaboration with Abu Dhabi Department of Economic Development (ADDED), Abu Dhabi is set to host the second Investopia annual conference on 1st – 2nd March 2023. The theme of the event is ‘envisioning opportunities in times of change’. Investopia 2023 will pave the way for discussions on global investments amid developments that have created economic concepts related to virtual reality, sustainability, and green economy.

Ajman reports exports to Saudi Arabia amounted to AED 155 million in H1 2022
Ajman exported products including fish, mineral fuels, plastics, and more worth AED 155 million to Saudi Arabia in H1 2022. Ajman’s Department of Economic Development further reported that the total number of licenses issued to Saudi investors was around 131 marking 22% increase compared to 2021.