WEEKLY BUSINESS ROUNDUP 2nd July 2022 to 8th July 2022

UAE digital health market records huge spike as people opt for online medical services
High adoption rates of digital health channels have contributed to the rapid growth of the digital health market in the UAE. According to a 2021 survey, 71% respondents search medical information online while 66% book medical appointments online and 48% reach out for video telemedicine. Digital players in the health care sector offer front facing solutions ranging from businesses targeting consumers (B2C), targeting providers (B2P), targeting insurers (B2I), targeting employers (B2E) and targeting governments (B2G).
 
Forbes’ list of Top 100 CEOs in Middle East dominated by Emiratis
The Top 100 CEOs in the Middle East region shortlisted by Forbes is dominated by Emiratis. Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Managing Director and Group CEO of the Abu Dhabi National Oil Company (ADNOC), and H.H. Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Civil Aviation Authority, Chairman of Dubai Airports and Chairman and Chief Executive of Emirates Airline and Group, ranked second and third respectively on the list. The Forbes Top 100 CEOs list comprises leaders from 26 nationalities. The banking & financial services sector was the most represented on the list with 27 CEOs followed by CEOs from telecom, energy and logistics sector.
 
UAE launches NextGenFDI to attract global digital companies
UAE launched a campaign named ‘NextGenFDI’ to lure digitally enabled companies and highly skilled professionals to the UAE. Government leaders who oversee the FDI inflows into the country reinforced ‘NextGenFDI’ would provide a platform for more than 300 global technology firms and software developers, data scientists and coders to relocate to the UAE. The market entry process for digital companies heading to UAE is simplified through measures like bulk visa issuances, banking facilitation and commercial and residential lease incentives.
 
CBUAE: Emphasizes OECD’s Common Reporting Standards to be implemented by LFIs across the UAE
The Central Bank of UAE has emphasized the need to implement the Organisation for Economic Cooperation and Development (OECD)'s Common Reporting Standards (CRS) by licensed financial institutions (LFIs) across the UAE. CRS paves the way for automatic exchange of financial accounts and tax-related information with other financial regulatory organisations across the world through secure channels. Adoption of CRS provisions without further delay is important for LFIs and bank account holders in the UAE as it categorizes as CBUAE’s directive. LFIs are required to remind their customers of the purpose of CRS, its objectives, and requirements.
 
UAE retains its spot among leading global commodity trading hubs
As per DMCC’s Future of Trade 2022 report, UAE has retained its position among global commodity trading hubs. The Commodity Trade Index assesses the performance of 10 major trading hubs in terms of their significance in the global commodities trade based on three key factors - locational and trading partners, commodity endowments and institutional factors. After leading the index in its first iteration in 2018, UAE stands in the second spot with 50% score while United States leads with an overall score of 58%.
 
Dubai’s Sea Customs Centres Management conducts 61,852 inspections and 120 seizures in Q1 2022
A branch of the Dubai Customs department carried out 61,852 inspections and 120 seizures in Q1 2022. The Sea Customs Centres Management carried out 150,541 inspections and 248 seizures in Q1 2021. These figures revealed by the authorities underline the government’s commitment to stay vigilant and conduct regular inspection in the best interest of society.
 
DMCC reports suggest global trade likely to grow steadily
Global trade peaked US$ 28.5 trillion in 2021 and is expected to grow consistently in 2022. With the era of multilateralism catching up – driven by regionalisation, trade in services, innovation, and sustainable trade – the slowing impact of the global economy is countered. Pent up demand triggered by the outbreak of Covid is consistently driving trade in goods. From a long-term perspective strength in service trade, innovation, regionalism, and climate politics will bolster cross- border trade.
 
Rolls Royce opens world’s first private office in Dubai
Rolls Royce originally based in Goodwood, UK has opened its first Private Office outside the UK  - in Dubai. This move by Rolls Royce is a consequence of the Middle East region being an inspirational market for Rolls Royce Motor Cars. The Dubai facility is the first of many facilities planned across luxury hotspots in the world.
 
Dubai Chambers instrumental in enhancing international presence of local business community
The International Chamber of Commerce (ICC)  - UAE  initiated a meaningful dialogue to drive business friendly discussions with 10 country-focused business councils at the Dubai Chambers HQ.  The event focused on raising awareness of the activities and benefits available with the UAE Chapter of ICC. ICC’s global network spans across 100 countries and 45 million members and will enhance cooperation and collaboration to achieve business objectives and deliver value added outcomes.
 
Dubai ranked 10th best Airbnb destination in 2022
As per a recent report, Dubai ranked 10th globally when it came to cities with the maximum number of Airbnb stays. Dubai has 16,000 Airbnb stays to offer and offers tourists diverse experiences ranging from traditional sporting pursuits to camel racing and many others.