WEEKLY BUSINESS ROUNDUP - 29th October 2023 to 4th November 2023

LSEG reports value of MENA debt issuances more than double to $45.9bln in H1 2023 

As per data from the London Stock Exchange Group’s (LSEG) Deals Intelligence, MENA debt issuances almost tripled in value year-on-year in the first 9 months of 2023 to US$ 61.1 billion.  This was below the value recorded for the last 5 years and the number of issues declined 3% over the same period. Saudi Arabia was the most active issuer nation followed by UAE and Bahrain.

 

CBUAE encourages banks to embrace digital transformation  

Standard Poor’s (SP) praised UAE’s banking services sector and in its recent report “Future of Banking” predicted an increasing reliance on neo-banks which operate online. This shift reaffirms the population’s preference for digital banking backed by the country’s solid digital infrastructure. Neobanks are not likely to replace traditional banks and will provide additional value to banking customers in the UAE through digital transformation efforts.

 

UAE believes robust cooperation between Middle Eastern countries could build a sustainable and innovative tourism sector

A high-level UAE delegation participated in the 25th UN World Tourism Organisation (UNWTO) General Assembly. Given the unique tourism assets of the Middle East, enhanced cooperation between Middle Eastern countries can develop new policies for building a more sustainable and tourism sector that would contribute to their long-term economic growth.

 

Gulfood Manufacturing geared to kickoff on November 7th

The largest edition of Gulfood Manufacturing is set to start on November 7th 2023 over a period of 3 days and more than 36000+ visitors are anticipated to visit from across 80 countries. Gulfood Manufacturing is set to witness perspectives from senior policymakers and industry experts at the Food Tech Summit to showcase displays of cutting-edge products, solutions, and interactive features. Sustainable solutions will be a topic of discussion in the era of FB manufacturing.

 

Abu Dhabi off-plan sales hits new high in Q3

As per industry reports Abu Dhabi experienced a surge in off-plan sales for the third quarter marking 99.2% increase in transaction volumes compared to 2022. Off plan properties accounted for 75.1% of all home sales accelerating interest of global investors.

 

COP 28 ensures Dubai communities become greener

With COP 28 gaining prominence in the UAE, property developers in Dubai are focused on introducing green and eco-friendly projects to meet the rising demand for sustainable living spaces in the city. Prominent developers are incorporating sustainable features into their projects as solar panels, green roofs, rainwater harvesting systems, and energy-efficient HVAC systems to reduce carbon footprints and long-term operational costs. 

 

Dubai International to see 85mn passengers in 2023

As per reports Dubai International Airport (DXB) is expected to record 85 million passengers by the end of the year following a significant increase in passenger traffic during the first half of 2023. In H1 2023 Dubai reported 41.6 million passengers and this figure will increase during peak season. Increased cooperation among relevant entities and strategic partners will support Dubai’s growth as a global tourism hub. 

 

MoF announces new Corporate Tax decisions related to  freezones

The UAE Ministry of Finance issued Cabinet Decision No. 100 of 2023 on Determining Qualifying Income, as well as Ministerial Decision No.265 of 2023 on Qualifying Activities and Excluded Activities. Ministerial Decision 265 of 2023 on Qualifying Activities and Excluded Activities lists the trading of Qualifying Commodities as a Qualifying Activity, which allows for 0% corporate tax rate for freezones to apply to income earned from the physical trading of metals, minerals, energy, and agricultural commodities that are traded on a recognised stock exchange, as well as the associated derivative trading income used to hedge against, the risk of such trading activities.

 

Dubai International Chamber attracts six international companies

Dubai International Chamber has been successful in attracting six companies from across the globe to set up their business in Dubai. Six Memorandum of Understandings (MoUs) were signed with multinational companies from China and Brazil reaffirming the Chamber’s priorities in attracting global companies and investments to the emirate.

 

Sharjah Chamber embarks on trade mission to enhance economic ties with Uganda Kenya

Sharjah Chamber of Commerce and Industry (SCCI) is set to send a mission to Uganda and Kenya to strengthen economic cooperation and investment relations between Sharjah and the two countries. The mission plans to explore ways to further development and facilitate the growth of industrial and commercial exports from Sharjah.  

 

Fujairah  Municipality  introduces pioneering projects to  support sustainability

Aligned to the purpose of COP  28, Fujairah Municipality has programs and projects that support sustainability and preservation of the environment. One of the most important of these projects is the solid waste sorting station, which works to collect and sort waste into materials suitable for recycling, such as paper, metal, organic materials, and plastic, through advanced devices and equipment with a capacity of 200 tons annually.