WEEKLY BUSINESS ROUNDUP - 7th January 2023 to 13th January 2023

Top companies across the globe write down billions amidst forecast of recession

With almost one third of the global economy expected to face recession this year, some of the largest companies in the world are facing multibillion dollar write-downs on recent acquisitions as economic uncertainty is on the rise.  World leaders are expected to gather in Davos, Switzerland to discuss the phenomenon of “polycrisis” – a term used by the World Economic Forum. Higher costs owing to inflation combined with weaker outlook for demand result in many acquired businesses struggling to justify their valuations. 

 

IATA:  84.6% growth recorded in travel for Middle Eastern airlines in November

As per International Air Transport Association (IATA) reports Middle Eastern airlines reported 84.6% growth in traffic in November compared to the same period in 2021. Globally air traffic stands at 75.3% of November 2019 levels. These figures reinstate the positive trends around international travel in the last few months of 2022.

 

UAE launched 11 environmentally friendly energy projects worth AED159 billion in 2022

As of 2021, UAE’s clean energy production totalled 7,035.75 megawatts reinstating the country’s efforts in building a clean energy sector. Reports reveal in 2022 UAE has launched 11 environmentally- friendly energy projects worth AED 159 billion.  Further the country launched its first unified energy strategy The UAE Energy Strategy 2050 to integrate renewable and clean energy mix to achieve a balance between economic needs and climate goals.

 

COP President – Designate advocates action driven approach to transform systems

COP President-Designate, Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology highlighted the need for an inclusive, action-oriented approach to transform systems and accelerate trajectories in the fight against climate change. Assessing the threats of climate change, Dr. Sultan bin Ahmed Al Jaber focused on the immense economic benefits of investing in clean energy and climate action. 

 

 

MoIAT set to sign strategic partnerships and launch regulatory decrees ahead of COP 28

Abu Dhabi Sustainability Week kickstarted on 14th January under the theme ‘United on Climate Action Toward COP 28’. During the event, the Ministry of Industry and Advanced Technology (MoIAT) will announce new decrees regulating trade of recycled plastic water bottles aimed at enhancing the sustainability of the industrial sector and will oversee signing of an MoU to establish national investment partnership to support the transition to a circular economy. 

 

Under India G20 Presidency, UAE participates in Global Partnership for Financial Inclusion meeting

UAE participated in the Global Partnership for Financial Inclusion (GPFI) meeting held under India’s G20 Presidency in Kolkata. The meeting discussed GPFI work plan for 2023 and agreed on areas of Financial Inclusion aligned with priorities of the Indian Presidency. The meeting emphasised the importance of promoting financial consumer protection and financial literacy through continued collaboration and coordination with international organisations.

 

Dubai’s leadership reviews roadmap for implementing Dubai Economic Agenda

Dubai leadership chaired a meeting of senior Dubai Government officials and reviewed the roadmap for implementing the Dubai Economic Agenda ‘D33’ which was launched last week. D33 aims to double the size of the Dubai economy and achieve the ambitious AED 32 trillion target over the next ten years. During the recently held meeting the first 10 transformational projects of the D33 were reviewed.

 

More than 250 companies hosted in DIFC manage assets worth US$ 450 billion

DIFC continues to cement its position as a center fuelling economic growth for Dubai and UAE. DIFC is the largest in wealth and asset management in the region, with more than 250 companies managing assets worth more than US$450 billion and more than 100 international funds operating locally. It is estimated the contribution of financial companies operating from DIFC to the financial services sector in the country exceeds 13% of the nominal GDP of the emirate of Dubai during the year 2021. Interestingly among the 4031 companies registered in DIFC are 17 of the top 20 banks in the world, 25 of the 30 most important banks of systemic importance globally, 5 of the top 10 insurance companies, and 5 of the top 10 asset management companies and many other leading law and consulting companies. 

 

DMCC achieves highest new member company registrations in 2022; attracts 3,049 businesses

As per reports DMCC announced its best ever year for new member company registrations in 2022 – attracting 3049 new businesses to Dubai. Compared to 2021 - the freezone marked 23% year-on-year increase - as its registered 2485 new member companies only in 2021.  Factors contributing to the surge in new member companies are continued work within key commodities, growing demand for blockchain and web3 businesses. 

 

Dubai Chamber of Commerce launches five business groups 

Dubai Chamber of Commerce, one among the three chambers operating under Dubai Chambers, has launched business groups for five economic sectors: medical equipment, plastics & rubbers, optics & eyewear, paper, tissue & stationery, as well as chocolate & confectionery. The agenda behind these business groups is to facilitate engaging discussions that will enhance competitiveness within these sectors of the economy. With collaboration between private and public sectors gaining momentum in Dubai, being parts of groups like these carries its own set of benefits. 

 

SCCI further pioneering role in accelerating Sharjah’s competitiveness

The Sharjah Chamber of Commerce and Industry committed in creating the best investment environment for private sector players actively devises strategies to protect the interests of entrepreneurs in the private sector. Sharjah Chamber witnessed exceptional achievements during 2022 in the growth of its members, marking 6.2% increase over the previous year with 65,027 new and renewed memberships, and about 2% increase in the total number of certificates of origin with 72,865 certificates.