WEEKLY BUSINESS ROUNDUP - 25th June 2022 to 1st July 2022

UAE – Indonesia CEPA to contribute US$ 4.6 bn to GDP

The signing of UAE – Indonesia CEPA will reduce and eliminate tariffs on 99% traded goods and bring into play relevant procedures to boost trade relations between both countries. By 2030, CEPA is likely to contribute estimated US$ 4.6 billion to the country’s GDP, as per UAE Minister of State for Foreign Trade. CEPA will strengthen bilateral trade between UAE and Indonesia and accelerate the value from US$ 3 billion in 2021 to US$ 10 billion within five years which will create new opportunities for exporters and organisations in both countries.

Ministry of Finance extends RFI report submission deadline to July 20

The UAE Ministry of Finance (MoF) has extended the deadline to submit the UAE Reporting Financial Institutions (RFI) in accordance with the Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) to July 20. All notified users from financial institutions must complete the registration procedure before submitting any reports. 

UAE’s first digital bank Zand announced its board of directors ahead of launch

UAE’s first digital bank Zand is set to provide both retail and corporate services under the aegis of accomplished business leaders who are part of the board of directors. Zand is awaiting final regulatory approvals and is likely to become a digital economic accelerator setting the foundation for a broad scope of digital services.

UAE Minister of State for Foreign Trade participates in the largest Foreign Direct Investment gathering in US

UAE Minister of State for Foreign Trade HE Dr. Thani bin Ahmed Al Zeyoudi represented UAE at the SelectUSA Investment Summit. One of the largest Foreign Direct Investment gatherings in the US, the minister aimed to expand UAE – US trade and commercial activity. In 2021, bilateral trade amounted to US$23.03 billion, with the US exporting more than US$17 billion of goods and services to the UAE – recording 16% increase from 2020.

1469 new companies registered in DMCC, freezone reported best H1 performance ever

Dubai Multi Commodities Centre (DMCC) reported its best performance ever in H1 2022, registering 1469 companies in the first six months of 2022.This figure reflects 19% increase from the same period last year. In June DMCC welcomed 323 new businesses in its Freezone and business district marking one of the best monthly performances since the beginning. DMCC’s consistent growth is marked by robust demand from global markets like Europe, China, and India.

Yiwu Market in Dubai opens to public

Yiwu Market in Dubai is a shopping complex in Dubai launched to empower regional and global supply chains, reinforcing Dubai’s role in connecting the East and West. The AED 600 million Yiwu market is part of the first phase of the upcoming Dubai Traders Market. Once completed the Dubai Traders Market will cover 60 million square feet and house 20,000 traders and tenants. Yiwu Market combines the UAE’s logistical expertise with insights from China Commodity Group (CCC) which runs the world’s largest wholesale market. As per Dubai’s 5-year plan external trade is likely to reach AED 2 trillion by 2025.

DLD, Japan assesses real estate cooperation

Consul General of Japan in Dubai met top officials in Dubai Land Department (DLD) to review and gain insight into Dubai’s real estate sector – especially real estate registration space. The Consul General was updated by DLD officials on the systems and mechanisms used in real estate registration and regulation with an aim to strength bonds of interdependence with local and international entities.

‘Dubai Global’ initiative launched to establish integrated commercial representative offices in five continents

H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council introduced “Dubai Global” to set up fifty integrated commercial representative offices for Dubai, in five continents across the world, in the coming years. This move is a step in the right direction aimed at cementing Dubai’s position as a leading business hub and providing Dubai based organisations logistical support to expand operations and enter more than thirty new markets.

Abu Dhabi Industrial Strategy launched to contribute to Abu Dhabi’s growth

Abu Dhabi’s industrial sector contributes an estimated AED83.5 billion to the emirate’s GDP in 2021. Recently Abu Dhabi Industrial Strategy was launched to strengthen the emirate’s position as a robust industrial hub. During the launch of Abu Dhabi’s industrial strategy, key officials emphasized that industrial financing requires the introduction of new frameworks. A new industrial financing entity is likely to be established in Abu Dhabi to finance large industries and small and medium-sized enterprises (SME). The “Abu Dhabi Partners Initiative” also aims to attract local and international partners in key industrial sectors.

MEFMA and RERA sign MOU to enhance Ajman residential complexes management

The Middle East Facility Management Association (MEFMA) signed an MoU with the Department of Land and Real Estate Regulation of Ajman to enhance and unify facility management activities in the emirate. Both parties will enforce research and educational programs that will empower facility management organisations to develop sustainable industry practices.