WEEKLY BUSINESS ROUNDUP - 4th June 2023 – 10th June 2023

UAE bank investments hit all time high of AED 548.5 bn in March 2023

As per Central Bank of UAE reports, bank investments in the country reached AED 548.5 billion by March end – marking the highest level in the country’s history. Bank investments, as of March 2023, showed 16% Y-o-Y growth compared to AED 472.2 billion worth of bank investments in March 2022.

 

Global airline industry net profits to hit US$ 9.8 billion in 2023

IATA estimates strengthening of profitability in the global airline industry for 2023. Airline industry net profits are expected to reach US$9.8 billion in 2023 (1.2% net profit margin) which is more than double the previous forecast of US$4.7 billion (December 2022). Airline industry operating profits are expected to reach US$22.4 billion in 2023 - marking significant growth - over the December forecast of a US$3.2 billion operating profit. Moreover, expected travellers in 2023 is estimated to be around 4.35 billion - a figure quite close to the 4.54 billion passengers who travelled in 2019.

 

45 governments endorse the goal of doubling global energy efficiency progress by 2030

At the IEA’s 8th Global Conference on Energy Efficiency, 45 governments across the globe extended their support to the goal of doubling the average global rate of energy efficiency improvements by the end of the decade to foster sustainable economic growth. To achieve net zero emissions by 2050, annual energy efficiency progress will require to be enhanced from 2.2% today to more than 4% annually by 2030.

 

UAE- Türkiye strategic partnership has scaled new heights

Against the background of a recent high-level visit to the Republic of Turkiye, it is estimated Emirati – Turkish strategic partnerships are set to scale new heights. Total non-oil trade between the UAE and Türkiye reached US$19 billion in 2022, marking 40% increase compared to 2021 and 112% growth compared to 2020. The signing of CEPA in March  2023 is likely to enhance economic and investment opportunities in key sectors – trade, tourism, transport, energy, food, technology and others.

 

CBUAE’s balance sheet hit all time high of AED 594 bn by March 2023

Reports reveal the balance sheet of Central Bank of the UAE surpassed AED594 billion by the end of March 2023, marking the largest level in its history. It is reported the apex bank’s balance sheet grew by 5.3% monthly to AED 594.12 billion at the end of March 2023 – compared to AED 564.25 billion in February 2023.

 

UAE, Cambodia sign CEPA, aim to double non-oil trade

UAE and Cambodia have signed CEPA expecting to more than double non-oil bilateral trade from US$407 million in 2022 to US$ 1 billion within 5 years. The economic partnership agreement aims to eliminate or reduce customs duties, remove unnecessary trade barriers, facilitate investments, open market access to services, exports, and create more opportunities for businesses to initiate new partnerships.

 

UAE’s industrial investment model drives FDI

During the second edition of the ‘Make in the Emirates’ Forum, backed by key dialogues and agreements, UAE’s position as an ideal destination for investment and establishing industrial businesses was reinforced. 50+ high level discussions were conducted, more than 100 MoUs & partnership agreements were signed announcing projects worth billions of dirhams and the UAE’s integrated model to drive growth of national industries and support expansion plans of local companies was highlighted.

 

In Q1 2023, Dubai International Chamber attracts 5 MNCs and 20 SMEs

Dubai International Chamber has played a pivotal part in attracting FDI and supporting members in their efforts to expand into global markets. As of Q1 2023, the Chamber has successfully attracted 5 Multinational Corporations (MNCs) and 20 Small & Medium Enterprises (SMEs) – outnumbering the total entities attracted throughout 2022.

 

Dubai attracts 30 tech startups during Q1 2023 

During the first quarter of 2023, Dubai Chamber of Digital Economy in association with relevant government entities attracted 30 startups wielding strong potential in the tech sector. The chamber launched a new initiative to strengthen communication within the digital business community and organised a series of 10 interactive workshops centred around specific areas of the digital economy.