WEEKLY BUSINESS ROUNDUP - 25th June 2023 –1st July 2023

WEF report affirms technologies poised to impact the world most in the next five years

The World Economic Forum released its annual list of breakthrough technologies wielding potential to make a positive impact on the world. Some of these include flexible batteries, generative AI, and sustainable aviation fuel. The technologies featured in the Top 10 Emerging Technologies Report 2023 promises to hugely benefit societies and economies while being disruptive and innovative to achieve scalability in future and attract investors. 

 

UAE economy set to see higher growth in second half of 2023

The UAE economy is expected to witness stronger growth, recovery, and prosperity in H2 2023 buoyed by the domestic economy’s resilience through various stages of recovery. International Monetary Fund estimates UAE is poised to achieve 3.6% increase in its GDP in 2023 driven by increased domestic activity. 

 

France, UAE committed to enhancing shift to clean energy

France and the UAE focus on shifting to green energy to mitigate the growing threats of climate change. Key officials from both countries are working cohesively on low-carbon energy solutions to accelerate energy transition.

 

In H1 2023 UAE stocks gain AED 220 billion in market value

It is estimated the market value of local stock markets rose by AED 220 billion between January  to June 2023  -  driven by increased demand from global investors and new listings. The value of stocks traded on the UAE’s two main exchanges reached AED 3.426 trillion by June 2023.

 

National banks provided AED 40.6 billion financing to commercial, industrial sectors over 12 months

As per Central Bank of UAE, national banks in the UAE increased their credit financing to businesses in the commercial and industrial sector by AED 40.6 billion or 5.8% as of April 2023. Latest statistics on credit financing show national banks provided AED 737.3 billion in credit to the business and industrial sectors, compared to AED696.7 billion in April 2022.

 

DIEZ announces rewarding sustainability achievements in 2022

Dubai Integrated Economic Zones Authority (DIEZ) achieved exceptional sustainability results in 2022 through its efforts to reduce carbon emissions, meeting ISO 50001 international standards for optimal and sustainable use of energy.

 

Dubai surpasses London, Paris, Berlin in attracting FDI projects in cultural, creative industries

It is reported foreign direct investment in Dubai’s cultural and creative industry surged to AED7.357 billion in 2022 - ranking the city first in the Mena region and 12th globally, up from 14th place in 2021. US, India, the UK, France, and Switzerland are among few of the leading foreign direct investors in the emirate’s cultural and creative industries.  Dubai attracted more than 451 creative, cultural projects in 2022, marking an impressive increase of 107.7% from 2021.

 

65-day long summer sale extravaganza kicks off in Sharjah

Organised annually by the Sharjah Chamber of Commerce and Industry, the Sharjah Summer Promotions 2023 kicked off marking a 65-day long sales extravaganza offering discounts, promotions, events, and entertainment across the emirate. This event is much awaited in the emirate’s annual retail calendar and bolsters the retail sector significantly.

 

Abu Dhabi institutions set to attend Europe’s largest Asset & Wealth Management Conference 

Key entities in Abu Dhabi are expected to have participated in the Impower Fund Forum which took place on 27-28 June 2023 at The Grimaldi Forum, Monte Carlo, Monaco. Considered one of the largest asset and wealth management conferences in Europe, attracting more than 1400 global players from over 60  countries and more than 500 asset and wealth managers, 400 fund buyers, & asset owners in attendance, the Forum served as an ideal platform for industry leaders to  connect,  collaborate and explore potential  opportunities in a dynamic asset management landscape.