WEEKLY BUSINESS ROUNDUP - 22nd October 2023 to 28th October 2023

Tourism global market value projected to pass US$ 1 trillion over next 4 years 

The 31st edition of the Arabian Travel Market is scheduled to take place at the Dubai World Trade Centre from 6th May to 9th May 2024. As per research, revenue in the global travel and tourism market is expected to reach US$ 854. 7 billion this year and the sector is expected to grow at a CAGR of 4.42% during 2023-2027, crossing the trillion-dollar mark within the next 4 years. As per industry research the global business market was valued at US$689.7 billion in 2021 and is expected to grow to US$ 2.1 trillion by 2031.

 

UAE minister discusses new trade deal and Tbilisi Silk Road Forum with Georgian PM  

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade met the Prime Minister of Georgia to discuss opportunities to leverage trade and investment against the backdrop of the recently signed CEPA. Both countries are exploring ways to progress the value of non-oil trade beyond the target of US$ 1.5 billion by 2028. The CEPA, signed in the UAE on 10th October, removes or reduces customs duties on 95% of product lines and is projected to add US$3.9 billion to UAE GDP by 2031.

 

UAE and Scotland sign MoU to promote bilateral trade, deepen technology, innovation and research collaboration

Government officials from UAE and Scotland signed a Memorandum of Understanding (MoU) that seeks to pursue bilateral trade, private sector and academic partnerships in the fields of advance technology, innovation, education and research. The MoU fosters collaboration in priority sectors such as clean energy & AI. In 2022, economic relations between UAE and Scotland, reported non-oil trade inexcess of US$870 million.

 

UAE Zimbabwe trade reaches US$ 2 billion in 2022

Trade relations between UAE and Zimbabwe continue growing strong with bilateral trade reaching US$2 billion in 2022. UAE is Zimbabwe’s second largest trading partner and is likely to become the top trading partner in the future. Both countries are focused on developing sectors like agriculture, mining and energy and Zimbabwean investors are keen on exploring opportunities in UAE’s food and agriculture sector.

 

Driven by strong growth in key sectors UAE services exports expected to reach new heights

World Trade Organisation ranked UAE as the 12th largest exporter of services in the world and the value of the country's services exports reached US$154 billion, in 2022. Global services exports hit US$ 7.2 trillion in 2022 representing 25% of the value of total global exports reinforcing potential for UAE’s economic diversification. The new strategy for services exports is expected to increase the contribution of this vital sector to non-oil foreign trade and the country's gross domestic product. It is estimated services trade currently accounts for about 29% of the country's total foreign trade.

 

Top UAE officials meet World Bank Group President

H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, met with Ajay Banga, President of the World Bank Group (WBG) to explore socio-economic developments in the UAE and strengthen ties between UAE and the WBG. The WBG is likely to play an integral role in supporting the 2023 United Nations Climate Change Conference (COP28) in areas related to food, water, and climate financing.

 

UAEFTS processed AED10.997 trillion in transactions in 8 months

As per the Central Bank of UAE the total value of fund transfers between the UAE's banks amounted to AED10.997 trillion in the first eight months of the year – marking 35.6% growth compared to the same period in 2022. Fund transfers are made through the UAE Fund Transfer System (UAEFTS) that enables lenders to conduct all interbank local fund transfers. A total of 14.63 million cheques were circulated worth AED826 bn between January to August 2023 while deposits reached AED115.762 bn.

 

Dubai International Chamber arranges 350+ B2B meetings for Dubai F&B companies

Dubai International Chamber led a trade mission to the world’s largest trade fair for the food and beverage sector – Anuga 2023. The chamber arranged more than 350 B2B meetings with members of the visiting delegation featuring representatives from 13 Dubai-based businesses. The fair took place in Germany and brought together around 140,000 trade visitors from 200 countries and 7,900 exhibitors from 118 countries.

 

Dubai ranks among top 25 global cities for third consecutive year

For the 3rd consecutive year Dubai retained its leading position in the MENA region, ranking 23rd globally and claiming a spot in the top 25. This ranking aims to quantify the extent to which a city can attract, retain, and generate global flows of capital, people, and ideas - measured against five key dimensions: Human Capital, Information Exchange, Cultural Experience, Political Engagement, and Business Activity.

 

Sharjah Chamber & FTA sign MoU to build tax culture within the business community

The Sharjah Chamber of Commerce and Industry (SCCI) and the Federal Tax Authority (FTA) signed a Memorandum of Understanding (MoU) to nurture the tax culture within the Sharjah business community. This move is a step forward towards ensuring both parties contribute in meeting the UAE’s national strategy and vision to support the private sector, entrepreneurs, and investors. SCCI & FTA will team up to participate in economic events, meet with commercial delegations in fields tied to the tax sector, and organize joint activities to shed light on the importance of adhering to tax legislation.

 

Ministry of Finance convenes with Abu Dhabi Chamber of Commerce & Industry

The UAE Ministry of Finance convened with the Abu Dhabi Chamber of Commerce and Industry (ADCCI) to create a supportive environment for businesses aligned to UAE’s future forward strategies. This collaboration is aimed at prioritizing national talents, developing their competencies, and refining their skills in finance, taxation, and other domains.