WEEKLY BUSINESS ROUNDUP - 30th April 2023 – 6th May 2023

3.1% GDP growth projected in MENA: IMF Regional Economic Outlook

The International Monetary Fund (IMF) hosted Regional Economic Outlook (REO) for the Middle East and Central Asia region. It is reported that despite global shocks MENA region recorded higher growth than expected in 2022. In 2022, real GDP in the region grew by 5.3% and in 2023 growth is expected to slow down to 3.1% due to tight policies restoring macroeconomic stability and overall deterioration in global financial conditions.

 

UAE Cybersecurity Council warns public and private sector entities against cyber attacks

The UAE Cybersecurity Council urged public and private sector entities to accelerate their cyber emergency response system aligned with competent authorities in the UAE to prevent potential malicious attacks. As UAE embraces digital transformation, protecting its digital infrastructure is of paramount importance.

 

First anniversary of UAE-India CEPA celebrated at AIM Global 2023

The first anniversary of the UAE-India Comprehensive Economic Partnership Agreement (CEPA) was marked at the Annual Investment Meeting to highlight the positive impact of the agreement on the UAE India business landscape. Introduction of CEPA saw UAE-India bilateral trade reach US$49 billion, a growth of 10% on the previous year.

 

World Utilities Congress 2023 to galvanize the utilities sector’s response to net-zero ahead of COP28

The second edition of the World Utilities Congress will kickstart from 8th to 10th May 2023. With UAE setting the stage to host COP28 during the end of the year, the World Utilities Congress will enhance the utilities sector’s response to net-zero and its role in de-carbonisation of the industry. This Congress will lay the foundation for critical conversations that will take place at COP28.

 

UAE – Lithuania Business Forum agree to set up Business Council

The UAE- Lithuania Business Forum signed an MoU to establish the first UAE-Lithuanian Business Council aiming to strengthen economic relations and activate flow of investments between both countries.  The new business council will fortify trade and economic relations aligned towards developments.

 

UAE, US discuss investment opportunities with focus on clean tech start-ups

UAE’s top delegates visited Texas in US to identify new bilateral investment and collaboration opportunities for private-sector companies. UAE ministers and officials held meetings with stakeholders of US based startups to discuss about deploying technologies such as AI, blockchain, and quantum computing to advance real estate, emergency response, logistics, utilities, and media sectors within UAE's innovative ecosystem. 

 

World FZO’s 9th Annual International Conference & Exhibition concludes in Dubai

The World Free Zones Organization’s (World FZO) ninth Annual International Conference & Exhibition (AICE) concluded in Dubai with 1000+ participants from more than 95 countries. High level delegates from more than 17 countries discussed the role of free zones in the global economy, explored strategies to help free zones navigate challenging conditions and highlighted the significance of collaboration between free zones and the respective governments of those countries.

 

ADGM’s FSRA strengthens regulatory framework to permit private credit funds

The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) introduced amendments to its regulatory framework enabling ADGM-based collective investment funds to invest in credit by originating and participating in credit facilities. These enactments follow the publication of Consultation Paper No. 8 in 2022, seeking views concerning the establishment and operation of Private Credit Funds. The new framework is likely to improve access to alternative financing for private enterprises thereby driving innovation, productivity, growth, and competitiveness in the small and medium-sized business sector.

 

Sharjah showcases futuristic tourism technologies at ATM 2023

At the Arabian Travel Market (ATM) 2023, Sharjah displayed a future forward approach to the tourism industry. Government and private entities featured various destinations and a range of tourism experiences to showcase the emirate’s innovative concepts backed by interactive technology.

 

13% growth in new licenses in Ajman during Q1 2023

The Department of Economic Development in Ajman reported 1,483 new licenses were issued during Q1 2023, with 13% growth rate compared to Q1 2022. Economic activities like import and export, retail perfumes, general trade, and wholesale trade of women's ready-made clothing constitute the newest commercial licenses issued in Ajman.