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

 Non-oil trade between UAE, China totaled AED 1.72 trillion over 10 years
As per the Federal Competitiveness and Statistics Centre (FCSC), non-oil trade between the UAE and China surged 78.5% from 2012 to 2021 totaling AED 223.5 billion by the end of 2021, compared to AED 125.1 billion in 2012. Non oil trade exchange between the UAE and China in H1 2022 totaled AED118.4 billion, consisting of imports valued at AED102.7 billion, non-oil exports valued at AED5.5 billion, and re-exports valued at AED9.8 billion. The year 2017 recorded the highest trade exchange in the last decade worth AED195.6 billion.
 
UAE & Germany agree on LNG deal as Germany replaces Russian gas
UAE has agreed to supply liquified natural gas to Germany, meeting the Western country’s demand for an alternate option to Russian energy. Abu Dhabi National Oil Company will supply Germany utility RWE with 137,000 cubic metres of LNG later this year, which will be the first delivery to the under-construction import terminal on the north-west coast at Brunsbüttel.
 
UAE & Oman sign various MoC strengthening relations between the two countries
UAE and Oman have signed several Memoranda of Cooperation (MoC) covering diverse fields in culture and media, railways, education, scientific research, agricultural wealth and financial markets. The agreements between UAE and Oman include MoU to strengthen ties in the space of youth and culture, education, transport, logistics and more.
 
MoF signs Avoidance of Double Taxation Agreement with Tanzania
The UAE Ministry of Finance (MoF) signed an agreement for the Avoidance of Double Taxation and Prevention of Tax Evasion with respect to taxes on income with Tanzania. This move is an endeavour to strengthen cooperation frameworks in tax related matters with an aim to protect taxpayers from double taxation and avoid impeding the flow of trade and investment.
 
‘Make in UAE’ piques interest from companies at GMIS America
At the first US edition of the Global Manufacturing and Industrialisation Summit (GMIS America) from 28th-29th September in Pittsburgh, Pennsylvania, a high-level delegation from the UAE spoke about UAE’s industrial strategy to over 200 delegates. UAE’s spokesperson highlighted UAE’s sustainable manufacturing practices, turning the spotlight on the ’Make it in the Emirates’ campaign. Reports reveal high level discussions between MoIAT and US-based companies took place at GMIS in America.  

9720 real estate sales worth AED 24.34 billion recorded in August
Reports from Dubai’s real estate sector reveal the emirate maintained sustainable growth in the number and value of sales in August 2022. Dubai registered 9720 real estate sales worth AED 24.34 billion in August. The figures mark the highest performance in the last decade and demonstrate a significant surge in the overall performance of the sales transaction volume by 69.57% and 63.58 percent in terms of value year on year (YoY), which recorded the highest performance for a month, ever recorded in the last 10 years.
 
DMCC to grow US$ 23 billion UAE-US trade corridor
DMCC expects significant growth opportunities in the UAE- US trade corridor, which was worth US$ 23 billion in 2021. DMCC sets sight on attracting companies from the US to UAE. In the presence of 120 business leaders from Miami and New York, DMCC officials highlighted the strengths of Dubai as a commercial hub with global appeal emphasizing opportunities for US companies in financial services, crypto and commodities trade.

Abu Dhabi Chamber forms board of Abu Dhabi Businesswomen Council
The Abu Dhabi Chamber of Commerce and Industry formed a new board for the Abu Dhabi Businesswomen Council (ADBWC) to help female entrepreneurs upgrade their skills, understand applicable laws and policies and leverage local and federal initiatives and incentives.

Sharjah Chamber organizes Sharjah – Russia business forum
Sharjah Chamber of Commerce and Industry (SCCI) organized the "Sharjah-Russia business forum" to discuss ways to enhance economic ties and deepen commercial collaboration with the Russian business community. Data reveals business relations between the UAE and Russia are accelerating across various fields creating a substantial impact on the volume of trade exchange that amounted to AED 12 billion in 2021, marking an increase of 116%.
 
Chinese licenses in Ajman increase 27% until end of September 2022
Ajman DED recorded the number of licenses registered by Chinese investors totaled 113 marking 27% increase compared to 2021. Ajman’s exports to China amounted to nearly AED2.5 million until the end of September 2022. Further the total Chinese investors in the emirate added to 475 until the end of September 2022 marking 5% increase compared to the same period in the previous year.