WEEKLY BUSINESS ROUNDUP - 19th March 2023 – 25th March 2023

9.6% global growth recorded in renewables despite energy crisis

As per Abu Dhabi-headquartered International Renewable Energy Agency (IRENA) by 2022 end global renewable generation capacity amounted to 3372 Gigawatt (GW), increasing the stock of renewable power by 295 GW or 9.6%. The Renewable Capacity Statistics 2023 report revealed 83% of all power capacity added in 2022 was produced by renewables. These figures reinforce the downward trend of fossil fuelled power generation. 

 

Gulf Banks raise interest rates following US Federal Reserve hike

After the US Federal Reserve raised its key interest rate by 25 basis points, Gulf banks of Saudi Arabia, Bahrain, Qatar raised their benchmark borrowing rates. The Central Bank of UAE raised the base rate applicable to the Overnight Deposit Facility (ODF) by 25 basis points – from 4.65% to 4.90% effective 23rd March 2023.

 

UAE part of the second Framework Working Group Meeting within G20 Finance Track for 2023

Along with G20 members, invited countries and international organisations, UAE participated in the second Framework Working Group (FWG) meeting within the G20 Finance Track for 2023 to discuss the progress made on the 2023 FWG work plan. FWG members discussed global economic outlook and challenges focused on global inflation and their views on food and energy insecurity. The delegation from UAE stressed on the significance of coordinated short and long-term policy measures to promote food and energy security.

 

Despite global trade slowdown, UNCTAD reports ‘green goods’ are the winning ticket

The UN Conference on Trade and Development reported slowdown in global trade in H2 2022 however demand for green goods stayed buoyant. The Global Trade Update report revealed “green goods” which use fewer resources and pollute less recorded 4% rise in demand in H2 2022 – totalling $1.9 trillion in 2022. These reports followed Intergovernmental Panel on Climate Change’s (IPCC) report requiring greenhouse gas emissions to be cut by almost half by 2030 if the goal of keeping temperatures from rising more than 1.5 degrees Celsius is to be achieved. 

 

UAE highlights stability through strong customer protection ecosystem

The UAE Ministry of Economy exhibits a strong customer protection framework that upholds consumer rights and regulates markets to contribute to their stability.  The UAE’s MoE works cohesively with the Supreme Committee for Consumer Protection to streamline the consumer protection policies, introduce necessary mechanisms, and implement initiatives that serve the best interests of consumers and commodity suppliers.

 

UAE participates in GCC Common Market Committee Meetings

The UAE Ministry of Finance (MoF) participated in the GCC Common Market Committee meetings to discuss and explore opportunities to enhance financial and economic cooperation. The meeting provided a platform to address challenges facing the GCC Common Market and activate the Council’s committee work thereby contributing to collaborative economic action for the Gulf region.

 

Central Bank Digital Currency strategy has been launched

CBUAE marked the implementation of the CBUAE Central Bank Digital Currency (CBDC) Strategy, one of the nine initiatives of the CBUAE’s Financial Infrastructure Transformation (FIT) Programme. Further to seeing success in several CBDC initiatives which confirmed the possibility of using a digital currency issued by two central banks to settle cross borders payments, the Central Bank of UAE is ready to implement the CBDC Strategy. 

 

Dubai Chamber of Commerce exceeds target to establish more than 100 business groups

Dubai Chamber of Commerce announced that it exceeded its target of setting up more than 100 business groups by March 2023. With the recent launch of 29 new business groups, the total business groups in Dubai Chamber of Commerce stands at 105. The new business groups launched include leather & footwear, perfumes, cosmetics & hygiene, sports equipment & accessories, mobile phones, recycling, tobacco traders, coffee, media & public relations, stockbrokers/investment services, professional & business services, and intellectual property rights.

 

Abu Dhabi set to host investment forum 2023

The 12th edition of the Annual Investment Meeting (AIM Global 2023) is scheduled to be held in Abu Dhabi from 8th to 10th May with more than 600 high level speakers who will participate in 160 dialogue sessions.  Estimated to be the world’s largest investment forum the event will be held under the theme “The Investment Paradigm Shift: Future Investment Opportunities to Foster Sustainable Economic Growth, Diversity and Prosperity”.

 

Sharjah Chamber boosts economic activity; hosts meeting for reformed Sectoral Business Groups

Further to the reformation of 5 groups that operate under its canopy, the Sharjah Chamber of Commerce and Industry (SCCI) organised an introductory meeting for the Sectoral Business Groups. The meeting aimed to strengthen communication within private sector entities to enable them to navigate challenges to enhance economic momentum. To this end, the SCCI launched effective tailor-made programmes for each business group to accelerate their performance.