WEEKLY BUSINESS ROUNDUP - 18th June 2022 to 24th June 2022

UAE takes the top spot regionally and ranks 19th globally in attracting FDI inflows
As per the World Investment Report 2022 issued by the United Nations Conference on Trade and Development (UNCTAD), UAE ranked first in the Arab world and 19th across the globe for its ability to draw Foreign Direct Investment inflows. Also, UAE emerged 17th globally in terms of FDI outflows that totalled US$22.5 billion in 2021, a 19% growth compared to the year 2020. These figures indicate the UAE is on track to accelerate its global competitiveness and economic strength.

UAE participates in first G20 Joint Finance and Health Ministers Meeting
UAE’s Ministry of Finance (MoF) and the Ministry of Health and Prevention (MoHAP) participated in the first G20 Joint Finance and Health Ministers Meeting. The meeting aimed to discuss the progress made by WHO and the World Bank in establishing a Financial Intermediary Fund (FIF) that will help with pandemic prevention, preparedness, and response (PPR). As rise in COVID cases limit global recovery, the G20 recently ordained the World Bank and World Health Organisation to explore modalities to establish a financial facility to bolster pandemic PPR.

UAE, Israel export credit agencies partner to back Ghana based AED540 million healthcare project
Etihad Credit Insurance (ECI) in collaboration with Israel Export Insurance Corp. Ltd. (ASHRA) is set to fund AED 540 million worth healthcare project in Ghana. The ECI will provide buyer’s credit guarantees to the funding bank which will see the construction of four hospitals and the first main central medical storage facility in Ghana. The Ministry of Health of Ghana awarded the project to a leading Israel based construction company with a presence in the UAE.

Only 24% Middle East HNWIs have succession plans in place for family businesses
According to a recent survey conducted by global wealth and asset manager Lombard Odier on wealth-planning issues among high-net-worth individuals (HNWIs) in the Middle East, only 24% have a full estate plan for their private assets. Out of the 300 established HNWIs, 30% do have an estate plan but only for few assets while 27% do not have any succession plan at all. Preparation is key when it comes to planning for transition within high-net-worth businesses.

Latest study reveals UAE is the most competitive economy in the Arab world
2022 IMD World Competitiveness Ranking ranks UAE as the most competitive economy in the Arab world. The study included 63 countries and UAE ranked 12th globally, ahead of western countries like Luxembourg, Canada, Germany, Iceland, and China. Within the EMEA region, UAE ranked as the 8th most competitive economy, just behind Denmark, Switzerland, Sweden, Netherlands, Finland, Norway, and Ireland.

UAE’s MoE reviews executive regulation of Federal Decree-Law on Copyright and Neighbouring Rights
The UAE Ministry of Economy addressed the media on the issuance of the Executive Regulation of Federal Decree-Law No. 38 of 2021 on Copyright and Neighbouring Rights. UAE has witnessed significant developments in regulations regarding copyright protection, including the legislation to safeguard intellectual property (IP) and copyright and neighbouring rights. UAE’s keen interest stems from its understanding of the importance of the legislation in promoting creativity and innovation, aligned with the "Principles of the 50" and the pillars of the UAE Centennial 2071.

UAE attracts 41% of FDI projects received by Arab countries in almost two decades
As per the Arab Investment Export Credit Guarantee Corporation (Dhaman), Arab countries, over the last 19 years, attracted 14,443 foreign projects with a total capex of US$1.3 trillion. As per the corporation, the number of FDI projects finding their way into the Arab region rose by 37%.  As per the report, Western Europe was the main investor in the region during 2021, Saudi Arabia was the top investment destination in view of the capex (US$9.3 billion), and UAE ranked first in terms of the number of projects (455).

Dubai’s tourism sector records footfall of 6.17 million international visitors between January – May 2022
Dubai’s tourism sector has witnessed solid rebound and recovery as the emirate welcomed 6.17 million visitors between January – May 2022, recording 197% year- on year increase from the same period in 2021. Dubai’s Department of Economy and Tourism (DET) at its first ‘City Briefing’ for 2022 discussed strategies that will bolster Dubai’s position as a preferred destination of choice for business, investment, talent, and tourism.

Dubai economy surges 5.9% in Q1 2022 as investors trust robust government policies
Dubai’s GDP sustained a growth of 5.9% in Q1 2022 as investors placed their trust in the emirates evolving legislative landscape and consistent economic policies. The economy touched AED 102 billion in Q1 2022 after recording 6.2% GDP growth in 2021. Transport and warehousing led the GDP growth while hospitality contributed significantly.