WEEKLY BUSINESS ROUNDUP - 21st January 2023 to 27th January 2023

Investments in UAE banks’ totaled AED 511 billion in November 2022, highest in 13 months

The investments of banks operating in the UAE exceeded AED 511 billion at the end of November 2022 – marking the highest level in 13 months. The Central Bank of UAE recorded 7.7% annual increase reaching a total of AED511 billion at the end of November 2022, compared to AED474.5 billion in November 2021. Bank statistics recorded that securities accounted for the largest share of banks’ investments by more than 49.1%, reaching AED250.9 billion by November 2022 - marking an increase of 4.5% on a monthly basis, compared to AED240.1 billion in the previous year. 

 

UAE banks record AED 246.6 bn saving deposits by November 2022

Savings deposits in the UAE banking system (excluding interbank deposits) increased to AED 246.61 billion, marking 3% growth at the end of November 2022 – compared to AED 239.4 billion in November 2021.  Demand deposits increased by AED820.83 billion, or 82.5% to AED903.36 billion at the end of November 2022, representing an annual rise of 10.1%. 

 

FTA launches first event under ‘Tax Support’ initiative in 2023

The UAE Federal Tax Authority launched the ‘Tax Support’ initiative with an aim of raising tax awareness within the business community to strengthen compliance with tax laws and regulations. Activities under the ‘Tax Support’ initiative will be carried out throughout the year across all seven emirates in collaboration with relevant centers and entities. The first workshop for 2023 was held on 24th and 25th January to ease the tax paying process and raise the rate of tax compliance in the UAE.

 

MoIAT reduces fees for 14 services to strengthen industrial sector

The UAE’s Ministry of Industry and Advanced Technology (MoIAT) has reduced the fees for 14 main and sub services and waived the fee for one service as of January 1st, 2023. Aligned with the “Make in the Emirates” initiative, UAE introduced this move to attract local and global investors and entrepreneurs to the industrial sector providing the added advantage of reducing the cost of doing business in the UAE.

 

GPRC Summit 2023 discusses UAE’s digital future

Dubai’s GPRC Summit 2023 saw CEOs, executives and key decision makers from diverse industries join forces to discuss evolving technologies, insights, and key trends shaping the future of enterprise management. The summit organised under the theme “GPRC - The Future of Effective Enterprise Management for Government and Business Organisations" highlighted trends impacting the governance, risk, and compliance market, estimated to reach US$ 134.86 billion by 2030.

 

16% growth reported by DGCX in total trade volume in 2022

Dubai Gold and Commodities Exchange (DGCX), the largest derivatives exchange in the Middle East, reported a total of 8.239 million contracts valued at US$ 162.01 billion during the year. DGCX reported 78% increase in the volume of gold contracts traded on the exchange in 2022 compared to 2021.

 

Business Bay in Dubai records highest number of real estate transactions in 2022

As per Dubai Land Department records, the Business Bay area recorded the highest number of real estate transactions in 2022. Sustainable economic and real estate market growth, Dubai’s infrastructure, and supportive regulations strengthened the emirate’s real estate transaction growth. 

 

Abu Dhabi hotels generated AED5.4 billion revenues in 2022 while 4.1 million stayed in hotels

The Department of Culture and Tourism - Abu Dhabi reported 4.1 million hotel visitors stayed in Abu Dhabi during 2022, marking 24% increase from 2021. Hotel revenues rose by 23% from 2021, to amount to AED 5.4 billion in 2022. Abu Dhabi hotels recorded occupancy rates of 70% in 2022 marking 0.2% growth compared to 2021.