WEEKLY BUSINESS ROUNDUP - 19th August 2023 to 26th August 2023

UAE part of the historic bloc expansion at BRICS

Six new developing countries have joined the historic expansion announced by the Heads of State of Brazil, Russia, India, China, and South Africa (BRICS). Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates will join BRICS at the start of 2024 and this will open key development prospects for the countries. This decision was taken after over 20 countries formally applied to join BRICS and several others have expressed an interest in becoming part of the bloc. 

 

WTO marks upturn in goods trade backed by robust auto demand

As per WTO Goods Trade Barometer, global goods trade showed signs of turnaround in Q2 2023 as current reading is closer to the baseline of 100, at 99.1 for the barometer index compared to 95.6 from last May. It is estimated merchandise trade volume turned up in Q2 after two quarters of decline but remains slightly below trend. 

 

UAE showcases support for open, inclusive trade during G20 Trade and Investment Ministerial Meeting

In the G20 Trade and Investment Ministerial Meeting (TIMM) in Jaipur Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade joined other ministers and officials to discuss proposals to advance global trade to ensure it delivers long term growth and economic development for all nations. These discussions reflect UAE's growing prominence as a trade partner to leading economies in the world. 

 

AED268.6 billion in saving deposits held by UAE banks until end of June 2023

As per latest statistics released by the Central Bank of UAE, savings deposits held by UAE banks, excluding interbank deposits, amounted to AED268.6 billion by the end of June 2023. It is estimated these deposits increased by 5.8% monthly or AED 14.8 billion. 

 

UAE participates in 20th Turkish – Arab Economic Cooperation Summit

Organised by the Turkish-Arab Countries Business Association (TÜRAP), the 20th Turkish – Arab Economic Cooperation Summit in Istanbul discussed new opportunities for collaboration and cooperation across various fields of mutual interest for Arab countries. UAE highlighted growth prospects for the medical tourism sector and turned the spotlight on benefits for investors.

 

UAE is ready to host COP28 and highlight its role in enhancing global climate action and conservation

UAE is geared up to host Conference of Parties (COP 28) in November 2023 reinforcing its role in advancing global climate initiatives, safeguarding our natural environment and Earth, and paving the way for a brighter future for subsequent generations. A unified strategy defines UAE’s approach to COP 28.

 

Dubai Chamber of Commerce highlights benefits of ‘Business Sectors Platform’ for business groups

Dubai Chamber of Commerce created awareness on the diverse advantages of the Business Sectors Platform which was launched to increase efficiency and performance of business groups and councils. The Business Sectors Platform offers various value-added services, including a digital library of laws, legislation, and regulations that allows business groups and councils to share comments, suggestions, and recommendations. It also enables access to convenient online services for licensing and renewal, thereby simplifying procedures to save time.

 

DWTCA freezone marks 250% growth in license renewals in H1 2023

Dubai World Trade Centre Authority (DWTCA) Free Zone saw license renewals surging by over 250% in the first half of 2023 (H1 2023), rising from 254 to 892 renewals. The freezone added 322 new companies to its growing international community of over 2,000 companies, recording 32% year-on-year (YoY) growth against H1 2022 where 244 registrations were recorded. 

 

Ajman real estate transactions total AED7.17bn in H1'23

Ajman’s real estate market showed robust performance in the first half of 2023 (H1'23), with total real estate transactions surpassing AED7.17 billion. This figure showcases 15.6% growth rate compared to the same period in 2022. The trading volume accounted for AED4.57 billion, involving 3,980 trading operations. Mortgage transactions numbered 972, translating to a total value of AED1.55 billion.