WEEKLY BUSINESS ROUNDUP - 26th November 2022 to 02nd December 2022

IMF reports GCC likely to record US$ 100 bn fiscal surplus
The International Monetary Fund (IMF) expects Gulf States to save more resources in 2022 than in previous growth periods. The Gulf Cooperation Council (GCC) region will have an overall fiscal surplus of US$ 100 billion in 2022 as fiscal and structural reforms have empowered countries to save far more resources compared to previous periods. High oil prices and abundant liquidity are facilitating credit expansion and shielding banks from tighter global financial conditions.

UAE and Japan agree to sign MoU on establishing joint business council
The Federation of UAE Chambers of Commerce and Industry (FCCI) and Japan External Trade Organisation in Dubai (JETRO Dubai) agreed on establishing a UAE-Japan business council to enhance cooperation and visits between the business communities in both countries. The council will go a long way in developing joint projects and exchange of expertise. UAE and Japan are likely to sign the MoU for setting up the proposed bilateral business council by Q1 2023.
 
AED 1000 banknote issued by CBUAE carries innovative design and modern security features
As part of the UAE’s 51st anniversary celebrations, the Central Bank of UAE launched a new banknote of AED 1000 denomination made of polymer and using innovative designs & advanced security features. The issuance of the new AED1000 banknote, is the fourth in the Third Issuance of the National Currency Project and comes within the framework of the Central Bank's approach to improve the financial sector in the UAE.

3 universities in the UAE rank among the world’s top 1000
Reinforcing UAE’s robust education system, Research.com’s inaugural report ranked Khalifa University of Science and Technology (659), University of Sharjah (739) and New York University of Abu Dhabi (844) among the top three higher education institutions in the country and top 1000 globally.

UAE auto parts market positive on higher spending on vehicles
With demand for automobiles being on the rise aligned with population expansion and increase in spending, the global auto parts market wields a positive outlook. The global auto parts market is growing steadily and is expected to reach US$2.5 trillion by the end of 2026, growing at a compound annual growth rate (CAGR) of 2.8% during 2022-26. Industry insiders report the UAE auto parts sector is expected to grow at a CAGR of 7.5% over 2021-25, driven by the growing demand and higher spending per vehicle.
 
Non-oil trade exchange between UAE and Cameroon surged 33% over the past 10 years
Non-oil trade exchange between the UAE and Cameroon grew by 33.5% between 2012 and 2021, reaching AED1.92 billion by the end of last year, compared to AED1.43 billion in 2012. According to figures released by the Federal Competitiveness and Statistics Centre, the total non-oil trade exchange between 2012 and 2021 stood at AED18.2 billion. Non-oil trade between the two countries reached AED1.49 billion in the first nine months of 2022 including AED673 million in imports, AED297 million in exports and AED599 million in re-exports.

Dubai Integrated Economic Zones Authority (DIEZ) marks 42% revenue growth in H1 2022
Reinforcing Dubai’s strategy to accelerate its global competitiveness and strengthen its appeal as an investment destination, the Dubai Integrated Economic Zones Authority (DIEZ) announced a significant 42% growth in revenues for the first six months of 2022 compared to the same period in 2021. The H1 2022 performance saw the Authority’s adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) rise by 17% compared to the results of the same period in 2021, in addition to its net market assets reaching AED17.9 billion.

ADIB enables digital solutions to support UAE IPO’s push
Recently Abu Dhabi Islamic Bank (ADIB) announced that its retail customers could conveniently participate in the subscription to initial public offerings (IPOs) that were issued this year through its mobile app. Providing easy end -to-end process for IPO subscriptions through mobile app, ADIB is strengthening the digital experience within the banking sector.

Abu Dhabi’s GDP expands 11.2% in H1 2022: SCAD
Statistics Centre - Abu Dhabi (SCAD)’s data demonstrates expansion of Abu Dhabi's Gross Domestic Product (GDP) in the first half of 2022, reaching 11.2% compared to the same period last year. This growth is indicative of the Emirate’s strong economic performance and the economy’s ability to maintain competitiveness and sustain growth despite global economic challenges. The quarterly GDP growth rate reached its highest value in six years, during Q2 2022, when it hit 11.7%  compared to the same quarter last year.
 
New runway opens at Fujairah Airport
On the 51st UAE National Day, Fujairah Airport obtained an operating license for a new runway from the General Civil Aviation Authority (GCAA), after fulfilling all international and local standards required for the runway’s operation. The new runway has a length of 3,050 metres and a width of 45 metres and is aligned with the highest standards approved by the International Civil Aviation Organisation (ICAO) and the GCAA in the UAE.