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

CBUAE report reveals UAE was one among the fastest growing economies in 2022

While the global economy experienced slowdown in 2022 owing to geopolitical tensions, high inflation and tightening financial conditions – UAE’s real GDP surged by 7.9% in 2022 compared to 4.4% in 2021. The Financial Stability Report for 2022 released by the Central Bank of UAE observed UAE’s real GDP growth rose significantly buoyed by recovery in non-oil GDP and expansion of oil GDP.

 

UAE moves forward to net zero with nationwide emissions reduction of 40% by 2030

Following approval of the Third Update of the country’s Second Nationally Determined Contributions (NDC) under the Paris Agreement, the UAE Ministry of Climate Change and Environment (MOCCAE) reported a roadmap to achieving 40% emission reduction by 2030 compared to business as usual. The Third Update of the Second NDC brings forth nationwide commitment with clear targets set for all domestic sectors – including private and public - to accelerate the journey to UAE achieving Net Zero emissions by 2050. 

 

Ministry of Finance announces 5 major strategic transformational projects

The UAE Ministry of Finance revealed the undertaking of 5 strategic transformational projects that will support national priorities, enhance future readiness, and strengthen government financial work. The projects align with ‘We the UAE 2031’ vision which will drive the development of the country for the next 50 years. The projects will be significant in helping key sectors achieve strategic goals while establishing effective public private partnerships and building a robust economic environment.

 

UAE India trade worth AED 1.41 trillion in 10 years

Data from the Federal Competitiveness and Statistics Centre between 2020 -2022 revealed, the volume of non-oil trade between India and the UAE surged by 84% from AED102.5 billion to AED188.8 billion in 2022. It is estimated between 2013 to 2022 – over a period of 10 years -the trade growth rate between both countries stood at 18.2% reaching AED1.41 trillion in 10 years. The UAE – India CEPA is expected to accelerate trade between India and the UAE backed by joint growth and constructive collaboration.

 

 

CBUAE & RBI sign MoUs to strengthen the use of national currencies for trade and payment systems

The Central Bank of UAE (CBUAE)and the Reserve Bank of India (RBI) – key banking institutions of the UAE and India – signed two Memoranda of Understanding (MoUs). The central banks of India and the UAE aim to promote the use of national currencies of both countries in cross-border transactions. The first MoU builds a framework that comprises measures to facilitate the settlement of trade transactions in the two national currencies (the UAE dirham and the Indian rupee) basis the agreements set between importers and exporters. The second MoU enables participants to benefit from the services of IPPs and local payment card schemes in UAE and India.

 

Demand for Shariah-compliant financing witnesses 4.9% growth in 2022

The Central Bank of UAE reported the UAE Islamic banking sector assets marked continued growth in 2022 accounting for 23% of the total UAE banking sector assets. The UAE Islamic banking sector assets expanded 8.3% to AED 845.2 billion in 2022. Total Shariah compliant financing stood at AED 536.4 billion – reporting almost 4.9% growth. This was primarily driven by government and retail financing, whilst private corporate financing, accounted for 41.7% of total financing - decreasing by 2.1%.

 

UAE focuses on Emiratization; increases target number of citizens in private sector

Emiratization is a key requirement in the UAE private sector and is expected to contribute to the country’s overall economic growth. Approximately 79,000 Emiratis are now working in the private sector, an almost three-fold increase from 29,810 in 2021 - when the Nafis initiative was introduced. It is estimated that the current number indicates the highest-ever rate of Emiratisation in the UAE private sector, reporting 57% increase when compared to 2022 figures. 

 

Experts and researchers from 36 countries connect with DEWA to participate in MENA Solar Conference 2023

Set to organise the MENA Solar Conference 2023 from 15th to 18th November 2023, DEWA received submissions from experts and researchers from 95 research centers and universities in over 36 countries to participate in the 1st Middle East and North Africa (MENA) Solar Conference 2023. The MENA Solar Conference 2023 serves as a prime platform for showcasing the latest innovations, research papers, and scientific discoveries in solar energy allowing scientists, researchers, investors, and keynote speakers to exchange insights and discuss breakthrough ideas and research.

 

Commercial transport activities contributed AED 16bn to Dubai Economy in 2022

Dubai’s Roads and Transport Authority revealed AED16.1 billion was contributed to the emirate’s economy by the commercial transport sector in 2022. The commercial transport sector is estimated to generate employment across 242,000 jobs by 7000+ companies. The commercial transport sector will play a critical role in meeting the goals set forth in the Dubai Economic Agenda (D33). 

 

Dubai Chambers introduces new programme to enhance customer service in the private sector

Dubai Chambers is focused on ensuring businesses in the emirate provide quality customer service and to this end has introduced Service Excellence Program (SEP) to evaluate the quality of customer experience delivered by players in the private sector - through mystery shopper reports.