WEEKLY BUSINESS ROUNDUP - 8th October to 14th October 2022

HSBC economists forecast economic growth for the Middle East
The HSBC Economist Roadshow brings forth an optimistic forecast for the Middle East region’s economic outlook in 2023 and expects countries in the Gulf to record strongest growth in the world in 2022. HSBC predicts 6.5% economic growth in 2022 for GCC economies making it one of the economically strong regions in the world.
 
UAE participates in 4th G20 Finance Ministers and Central Bank Governors Meeting
UAE’s Minister of State for Financial Affairs Mohammed Hadi Al Hussaini took part in the fourth G20 Finance Ministers and Central Bank Governors meeting held on 12th & 13th October. The meeting provided a platform to discuss latest global economic developments, focused on risks to economic stability and progress on executing priorities. There were discussions on potential actions that G20 should pursue as international response to global challenges.

UAE Banks Federation discusses increased contributions towards developing banking sector
At the second meeting held by the CEOs Consultative Council of the UAE Banks Federation (UBF), the Council discussed strategies and plans to strengthen its participation in decision-making to support UBF’s contribution towards the development of the UAE banking sector. During the meeting it was discussed that cooperation among various committees under the federation will be imperative in ensuring high levels of governance and transparency.

India- UAE high level Joint Task Force on investments holds 10th meeting
The 10th meeting of the UAE – India Joint Task Force on Investments took place in India and was attended by Dr. Thani bin Ahmed Al Zeyoudi, UAE State Minister for Foreign Trade; Ahmed Abdulrahman Al Banna, UAE Ambassador to India; Anurag Jain, Secretary, Department for Promotion of Industry and Internal Trade and senior officials from relevant government authorities. This was the first Joint Task Force meeting taking place since the signing of the UAE – India CEPA and early trends of the positive impact of the agreement were discussed and the progress of the mutually beneficial agreement came to the fore.
 
UAE launched the Technology Transformation Programme to drive industrial development
Based on advanced technologies UAE launched the Technology Transformation Programme to usher in a new decade of industrial development. Some of the technological transformation initiatives in the UAE include the Fourth Industrial Revolution Index, Industrial Empowerment Centres, Advanced Technology Incentives, Future Plant Award, and Experimental Ecosystem for Testing Advanced Technology which reinforces UAE’s focus on an industrial future based on digital technology.
 
UAE’s EDB processed US$ 13.6 mln start-up loans in one month via new scheme
Emirates Development Bank (EDB) launched a new scheme to approve loan applications for start-ups in five days. The bank processed AED 50 million in loans through its digital banking app. EDB plans to expedite loans for start ups in key priority sectors – manufacturing, healthcare, food security, advanced technology, and infrastructure.
 
UAE joins multi country alliance to diversify global solar manufacturing supply chains
UAE is a member of a multi- country alliance led by International Renewable Energy Agency (IRENA) and the India headquartered International Solar Alliance (ISA) aiming to diversify global solar manufacturing supply chains. The alliance is focused on solar manufacturing around the world to meet 800-1,000 Gigawatts (GW) of production by 2030 in a resilient, diversified way.
 
Dubai rental growth hits record high in September
Residential rental growth in Dubai reached record highs in September, marking 26.6% year-on- year increase with prices in some areas rising higher than their peak. Industry reports reveal rents in 22.6% of apartments communities and in 96.0% of villa communities, in September 2022, are higher than the same period five years earlier.  
 
Dubai Customs issues authorization certificates aimed at enhancing investments
Dubai Customs provides licensed companies in Dubai free zones services and facilities that aim to attract investors and boost investments. Recently the Customs Valuation Department agreed to issue and approve authorization certificates for free zones companies, which will help them with faster and smoother customs clearance of their goods.