WEEKLY BUSINESS ROUNDUP - 24th December 2022 to 30th December 2022

Construction industry contributed US$ 186.8 bn to Arab GDPs in 2021

As per the Arab Monetary Fund (AMF) the Arab construction sector made a comeback from the impact of Covid and contributed around US$ 186.8 billion to the Arab region’s GDP in 2021 – marking 4.7% increase from US$ 178.3 billion in 2020. As per the report, Saudi and UAE construction sectors contributed the most to their countries' GDPs - around US$45.5 billion and US$36.8 billion, respectively. 

 

UAE leads Arab world in exports of manufactures

Manufacturing industry exports in Arab countries amounted to US$325 billion in 2021 – marking 33.2% increase from US$244 billion in 2020. The value of manufactured exports in 2021 amounted to $142.5 billion, thereby, cementing UAE’s top ranking in the Arab region. Reports further suggest that UAE’s manufacturing industry exports account for 43.9% of overall Arab exports of manufacture.

 

New family business law to come into effect in UAE in the first week of January

Aimed at accelerating family-owned businesses contribution to the country’s GDP, a new family business law is set to come into effect in the UAE, this week. The new family business law is expected to double family business’ contribution to UAE’s GDP to US$ 320 billion by 2032. UAE is set to bring into force a new law, applicable to family businesses, which will introduce international practices, help with navigating challenges, diversification of activities and support in driving continuity/planning succession under the existing legal framework of the UAE Companies Law.

 

Net foreign investments in UAE stocks touch AED 30bn since start of 2022

Industry data reveals net investments of non-Arab foreigners in local UAE stocks amounted to around AED30 billion since the start of 2022. It is believed UAE strategies and initiatives like Principles of the 50 and UAE Centennial 2071 play a pivotal part in driving the volume of investments backed by increase in foreign investor interest.

 

Subscription to the Unemployment Insurance Scheme starts from 1st January 2023

Inviting UAE nationals and residents working in the federal and private sector, the Ministry of Human Resources and Emiratisation (MOHRE) announced the start of subscription to the Unemployment Insurance Scheme from 1st January 2023. Rooted in the Federal Decree-Law No. 13 of 2022, the Unemployment Insurance Scheme aims to create a low-cost job safety net that supports employees in their professional journey, providing them with career stability with no cost on employers.

 

Clean energy constitutes 14% of Dubai’s total power production capacity

Dubai Electricity & Water Authority (DEWA) reported that the production capacity of clean energy in Dubai reached 2027 megawatts using photovoltaic solar power (PV) and concentrated solar power (CSP) – constituting 14% of Dubai’s total power production capacity of 14,517 MW. This move reinforces the emirate’s vision to build a sustainable green economy.

 

Dubai real estate sector estimates 46% growth in 2023 as per data

As per industry data, property prices in Dubai surged by 20% to 40% in 2022 while some areas saw an even higher rise. Driven by geopolitical reasons and the post pandemic recovery of UAE, Dubai recorded strong inflow of private wealth through investments in real estate and entrepreneurial ventures. The sentiment around Dubai’s property market performance is positive and upbeat for 2023, at projected 46% growth. 

 

Dubai estimated to record approx. 2 million passengers in the holiday season

Dubai international Airport was expected to be unusually busy with approximately 2 million passengers passing through the terminal. Average daily passenger numbers have risen to pre-pandemic levels on the back of strong recovery throughout 2022, making this latest seasonal peak one of the busiest since 2019.

 

Al Etihad Credit Bureau collaborates with Ministry of Justice to expand credit registry

Al Etihad Credit Bureau (AECB) collaborated with the Ministry of Economy to expand its credit registry to include court imposed legal financial obligations with a focus on providing lenders with more holistic information about companies and individuals. This expansion of data and analysis deepens the scope of AECB credit reports and provides a clear view of an individual or company’s creditworthiness. 

 

Fujairah Chamber approves 2023 operational plan and budget

The Fujairah Chamber of Commerce and Industry Board of Directors emphasised on encouraging private sector companies and institutions to play their part in driving sustainable economic development. At a recent meeting Fujairah Chamber’s Board of Directors approved the Chamber’s operational plan for 2023 and the budget. The Chamber’s 2023 operational plan includes several programmes and activities like developing the chamber’s electronic system to enable better integration across departments.