WEEKLY BUSINESS ROUNDUP - 9th April 2023 – 15th April 2023

World Bank raised its 2023 growth prediction to 2% 

At Spring Meetings 2023, World Bank Group President has raised its global growth prediction to 2% from 1.7% in January. The upward revision is due to an improved outlook in China’s recovery and enhanced performance in advanced economies – over and above what was anticipated during the start of the year.

 

MoF issues decision on exception from registration for corporate tax purposes

The Ministry of Finance issued Ministerial Decision No. 43 of 2023 on the exception from tax registration for the purposes of Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses (Corporate Tax Law). The Ministerial Decision on the Exception from Tax Registration outlines who would be excluded from registering for Corporate Tax. Certain exempt entities include government entities, government-controlled entities, extractive businesses, and non-extractive natural resource businesses that meet the necessary conditions under the Corporate Tax Law and are not required to register for Corporate Tax purposes. A non-resident person who earns only UAE sourced income and does not have a permanent establishment in UAE is not required to register for Corporate Tax. 

 

National banks provided AED35.3bn in credit facilities to UAE business and industrial sector by January 2023

As per Central Bank of UAE’s reports credit facilities provided by national banks to the UAE’s business and industrial sector increased 5.2% on a Y-o-Y basis to AED 35.3 billion by end of January 2023. The cumulative balance of credit extended by national banks to the sector grew to AED 720.2bn by the end of January 2023 from AED 684.9bn during the same period in 2022.

 

UAE, a leading Arab investor in Egypt: UAEIIC Secretary General

UAE is participating in the 2023 Spring Meetings of the World Bank Group (WBG) and the International Monetary Fund (IMF), which will be held in Washington, D.C. from 10th to 16th April. This meeting aims to discuss various topics like global macroeconomic challenges, developments in digitization and financial services technology, climate affairs, the path towards equality, and evolving global economic developments.

 

US$5 billion worth of UAE Investments in Brazil

UAE and Brazilian economic relations continue to grow as Brazil positions itself as UAE’s leading trading partner in Latin America. Trade and investments between UAE and Brazil have helped consolidate strategic partnership and economic cooperation. UAE-Brazil trade continued its robust upward trend in 2022, totaling more than US$4 billion, up from 32%, 67%, and 43% from 2021, 2020, and 2019, respectively.

 

Notable increase recorded in Dubai customs transactions in Q1 2023

Aligned with the Dubai Economic Agenda D33, Dubai Customs recorded a notable increase in customs transactions totalling to 7 million. Committed to automating customs procedures, enhancing business operations, and increasing returns on commercial activities, Dubai Customs focuses on strengthening communication with trade representatives and hosting awareness campaigns to combat counterfeit goods.

 

Dubai set to host 2023 Global Summit of Women

In the 33-year history of Global Summit of Women, for the first time the forum will be held in Dubai from 4th to 6th May 2023. The Global Summit of Women will bring together 800 delegates from 70 economies to engage in active cross – border networking, robust best practice exchanges with a focus on building strategic and creative solutions. The delegates will gather under the theme of ‘Women: Leading a New Climate of Change’ to advance women’s economic opportunities.

 

UAE CLIMATE TECH set to take place in Abu Dhabi

The Ministry of Industry and Advanced Technology (MoIAT) declared UAE CLIMATE TECH will take place on 10th and 11th May at the Abu Dhabi Energy Centre. This event aligns perfectly with the UAE Year of Sustainability and will be integral in accelerating efforts to reduce emissions by 43% by 2030 in line with the Intergovernmental Panel on Climate Change (IPCC) report.

 

SCCI receives two high-level diplomatic delegations from Bahrain and Cuba

The Sharjah Chamber of Commerce and Industry (SCCI) received two top-level diplomatic delegations from Bahrain and Cuba to discuss best practices that can accelerate the growth of private sector businesses in the emirate. The meetings centered on enhancing economic relations between business communities, exploring investment opportunities in various sectors, and promoting initiatives that would inform business communities on ways to strengthen economic cooperation and trade exchange.