WEEKLY BUSINESS ROUNDUP - 4th June 2022 to 10th June 2022

UAE leads as best FDI attraction hub among Arab countries
As per UNCTAD’s latest World Investment Report 2022, UAE ranks as the best nation in the Arab World, in 2021, from a foreign direct investment perspective. UAE remained the largest recipient of FDI with flows surging from US$19.88 billion in 2020, to US$20.7 billion in 2021. Global FDI inflows surged 64% in 2021, totalling to US$ 1.58 trillion, compared to 2020.
 
UAE records trade surplus with GCC countries at AED 134.7 billion in 2021
As per Federal Competitiveness and Statistics Centre, UAE’s trade surplus with GCC countries amounted to AED 134.7 billion in 2021. 26% increase in trade between UAE and GCC countries was recorded in 2021, compared to 2020, as per the reports.
 
UAE part of MENA Europe Future Energy Dialogue
As a trusted global energy supplier, UAE participated in the 'MENA Europe Future Energy Dialogue', which was held in Jordan. The UAE’s Minister of Energy and Infrastructure spoke at length about the challenges facing the energy sector and reinforced the UAE’s Net Zero by 2050 initiative aimed at mitigating climate change.
 
CBUAE: UAE’s GDP growth expected to reach 4.2% next year
Central Bank of United Arab Emirates (CBUAE) revised projections for the UAE’s real GDP growth likely to reach 4.2% in 2023, against forecast of 3.3%. In its Annual Report for 2021, CBUAE estimated the non-oil GDP growth to hit 3.9% in 2023 while the oil GDP growth is likely to reach 5% in 2023. The revised predictions reinforce the positive trend in UAE’s economic activity which is an outcome of the various government led support measures that were introduced since the start of the COVID outbreak.
 
British government likely to negotiate agreements like CEPA with UAE
With UAE and UK’s trade investment relationship gaining momentum in recent years – from AED 60 bn in 2014 to AED 92 bn in 2020 – talks are in place for UK sign other agreements with the UAE like CEPA along with a free trade agreement with GCC. UAE and UK are working collaboratively in energy transition, AI, Fintech, advanced manufacturing, education, agri-tech and life sciences.
 
Dubai Chamber strengthens partnership with Dubai Land Department
Dubai Chamber of Commerce officials engaged in a discussion with key officials from Dubai Land Department (DLD) to explore areas of potential collaboration and best practices in digital transformation and customer service. This discussion paved the way for completing transactions effectively and accelerating business functions, leveraging advanced digital infrastructures and systems.  

Dubai International Chamber to open representative office in Israel
Dubai International Chamber operating under Dubai Chambers is likely to open a representative office in Tel Aviv which will enable trade and investment between business communities in Dubai and Israel. Expanding its reach in Israel will strengthen UAE’s capabilities to achieve objectives of the Comprehensive Economic Partnership Agreement signed by UAE and Israel. Under the CEPA framework non-oil trade between UAE and Israel is expected to reach  US$ 10 bn annually over the next five years.
 
Dubai’s Yiwu Market set to revolutionise trade as the first smart freezone market in the Middle East
Scheduled for a grand opening in JAFZA, Dubai Yiwu market will revolutionise trade as the first smart freezone market in the Middle East region. Built on a partnership between DP World and the China Commodity City Group, the Yiwu Market spans across 200,000 square meters with 324 customs-bonded warehouses and 1,600 mainland showrooms. This market will enable businesses to access wholesale discounts with reduced supply chain costs and turnaround times by leveraging Dubai’s strategic location, and DP World’s advanced logistics solutions
 
Abu Dhabi’s ADDED and Shandong Province sign MOU to drive economic cooperation and expertise exchange
Reinforcing UAE and China’s commitment to boost investment opportunities, exchange trade expertise and enhance economic ties, the Abu Dhabi Department of Economic Development (ADDED) signed a Memorandum of Understanding. The agreement seeks to setup a mechanism which allows for enhanced industrial cooperation, frequent delegation visits and investor meetings that contribute to the long-term benefit of both economies.
 
Sharjah real estate sector records significant growth in Q1 2022
Sharjah real estate sector witnessed considerable growth as transactions worth more than AED 6 billion were recorded in Q1 2022. This momentum is expected to continue in the same pace contributing to the sector’s stability. With more than 345 real estate offices in the emirate, residential and commercial areas within the emirate attract investors from more than 56 nationalities.