WEEKLY BUSINESS ROUNDUP - 18th June 2023 –24th June 2023

UAE GDP grows by 7.9% in 2022

As per preliminary estimates, the UAE’s gross domestic product (GDP) for 2022 reaffirms the robust economic performance of the country and its growth rates. The UAE's GDP at constant prices totalled AED1.62 trillion in 2022, marking 7.9% growth, while totaling AED1.86 trillion at current prices, an increase of more than AED337 billion compared to 2021, achieving a growth of 22.1%. UAE's GDP per capita has grown during the past six years by an unprecedented rate of 24.7% despite the annual increase in the population, while the 2022 GDP per capita grew by 21.1% compared to 2021.

 

UAE banks’ aggregate capital and reserves surge 10% by April-end

As per Central Bank of UAE’s recent reports, aggregate capital and reserves of banks operating in the UAE rose by 10% year-on-year to AED 435.3 billion at the end of April 2023 from AED 395.9 billion at the end of April 2022. National banks accounted for 86.4% of the total capital and reserves of banks operating in the UAE.

 

UAE’s MoF holds awareness session on Freezones Corporate Tax Regime

Almost a month after corporate tax came into effect in the UAE, the UAE’s Ministry of Finance held a public awareness session on Corporate Tax for Freezones discuss the latest Cabinet and Ministerial Decisions relating to the implementation of the tax in UAE's free zone areas. Organised in association with Dubai Chambers the session had more than 400 participants from UAE based companies, legal and tax consultants as well as financial professionals.

 

UAE banking system maintains stable funding in Q1 2023

The Central Bank of the United Arab Emirates (CBUAE) reinforced the credit appetite of the private sector through the strong demand growth for loans combined with banks enhanced willingness to lend in Q1 of 2023. A positive sentiment in the domestic economy supported the continued growth in credit demand. Capital adequacy ratios improved in Q1 2023 compared to Q1 2022 reaching 17.8%. 

 

UAE airports received 31.8 million passengers in Q1 2023

The Quarterly Economic Review issued by Central Bank of UAE reported UAE airports received 31.8 million passengers in Q1 2023 – marking an increase of 11.5 million passengers from the same period in 2022.  The size of cumulative investments in the UAE’s civil aviation sector exceeded AED1 trillion, while the size of investments in the development and expansion of airports hit AED 85 billion to accommodate over 300 million passengers annually.

 

Dubai Chamber of Digital Economy engages with over 50 tech companies at GITEX Africa

Dubai Chamber of Digital Economy participated in GITEX Africa to discuss with startups, incubators, and accelerators regarding collaborations to access global markets. The chamber held more than 50 meetings with digital startups, multinational companies, and other businesses keen to benefit from the emirate's advanced digital economy ecosystem and establish their presence in Dubai.

 

Dubai’s Digital Strategy launched recently

H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai launched Dubai’s Digital Strategy to usher in an era of digital transformation. The Strategy highlights latest projects Digital Dubai is developing in collaboration with government entities and endorses a vision to promote innovation that strengthens Dubai’s position as the world’s digital capital. 

 

More than 900,000 passengers expected to pass through Abu Dhabi International Airport during Eid break

Abu Dhabi Airports estimates traffic at Abu Dhabi International Airport to hover around 900,000 -between 23rd June to 7th July – through 5000 flights across 109 destinations in 59 countries. The busiest days are predicted to be 24th June 25th June and 2nd July during the Eid al-Adha break.

 

Sharjah Businesswomen Council boosts female entrepreneurs participation in exhibitions

The Expo Centre Sharjah and Sharjah Business Women Council discussed opportunities to promote women entrepreneurs in Sharjah in various specialized exhibitions hosted by the Centre. The participants discussed key economic, commercial, and cultural exhibitions across various sectors aimed at empowering women to achieve leadership roles.