WEEKLY BUSINESS ROUNDUP- 13th August to 19th August 2022

IMF: Middle East energy exporters likely to bag US$1.3 trillion windfall
As per International Monetary Fund (IMF) reports energy rich states in the Middle East are expected to reap up to US$ 1.3 trillion in additional revenues in the next 4 years. Owing to the political crisis in Ukraine, the Middle East region’s oil and gas exporters will see additional cumulative oil revenues of $1.3 trillion through 2026.

Economic growth rate for Arab countries to rise around 5.4% in 2022: Arab Monetary Fund
The Seventeenth Edition of the Arab Economic Outlook Report (AEOR), released by the Arab Monetary Fund (AMF) expects economic growth rate for Arab countries to rise to 5.4% in 2022 owing to a surge in oil prices, increased production in Arab oil-exporting countries, and the continued reforms that promote growth. This growth rate is significant compared to the 3.5% economic growth rate in 2021 and it is mostly due to relative improvement in global demand and high sectoral growth rates.

In Numbeo’s mid-year survey UAE ranks high for national quality of life scores
Ranking 11th out of 87 countries in terms of overall quality of life scores, UAE has cemented its position as the highest ranking Middle Eastern nation in Numbeo’s 2022 mid- year survey assessing quality of life in various parts across the globe. From a safety standpoint, out of 453 countries, Abu Dhabi takes the top spot for lowest perceived threat of crime. Abu Dhabi has topped the list for the seventh consecutive time this year while Sharjah occupies the 7th spot and Dubai the 8th spot as the safest cities to live in.

UAE has exceeded international rates in 11 indexes on the best expatriate destinations in “Expat Insider 2022”
InterNations reported that UAE exceeded international rates in 11 indexes on the best expatriate destinations - based on factors like bureaucracy, professional prospects, leisure options, travel, transport, job satisfaction, safety, healthcare, digital life, housing, wages, and job safety. The "Expat Insider 2022" report said the UAE achieved advanced positions in four key pillars and 11 indexes, out of five pillars and 17 indexes.

New incentives come into play for UAE’s Emirati SMEs
UAE government issued a ministerial resolution to cater to Emirati Small and Medium Enterprises (SMEs) with new incentives. Beneficiary companies should be members of accredited funds or programs that support SMEs in the UAE. The new incentives allow classifying 5 enterprises under 1 category per owner instead of 2 enterprises and enable 5-year classification under tier 1 category starting from the date of the licence issuance.

MoHRE: 9% growth in the count of UAE based private sector employees
The Ministry of Human Resources and Emiratisation (MoHRE) in its private sector workforce report stated that the number of UAE-based private sector employees surged by 9% in Q2 2022, compared to the same period last year. The number of private sector employees registered in MoHRE’s database by the end of Q2 totalled to 5,376,842. The increase in number of private sector employees can be attributed to the UAE job market’s competitiveness, government policies, strategic initiatives, and visa reforms. The number of new work permits issued during Q2 2022 marked 27% increase from Q2 2021.

UAE focused on strengthening food security through overseas agricultural investment operations
In a bid to enhance food security, the UAE is focused on expanding its agricultural investment operations in various countries. Strengthening overseas agricultural investments would bring into play strategic food crops like wheat, rice, vegetables, fruits, and livestock. Through cooperation with diverse global markets, comprehensive range of policies and varied sources UAE is diligent in its efforts towards expanding agriculture-based investments.

Dubai cements its position as global hub for talent & innovation
96% of the UAE’s tech workforce comprising immigrants and expats clearly highlights the country’s positioning as a tech driven hub. Reports from pre-Covid times suggest that the global shortage of tech professionals will hit 4.3 million by 2030. The outbreak of Covid has led to significant rise in demand for digital services in the last two years. Dubai’s foresight ensured the emirate was a preferred destination of choice for digital and tech experts’ way before Covid triggered rapid digitalization. Visa offerings in the UAE also play a pivotal part in luring tech experts to the country.  

Construction contracts in Ajman exceed AED 2.1 billion in value in H1 2022
The Department of Municipality and Planning in Ajman revealed that the value of construction contracts in the emirate exceeded AED 2.1 billion in the first half of 2022, higher than during the same period in the two previous years. Construction contracts in 2020 were valued at AED 800 million and AED 900 million in 2021. Compared to 2020 and 2021, construction contracts in the emirate grew by 11% in value, further building investor confidence.

RAK hospitality sector to increase number of hotel rooms to 12000 in 5 years
Ras Al Khaimah tourism sector expects to increase the number of hotel rooms to 12,747 over the next 5 years among 50 hotels and resorts. The emirate’s authorities are committed in supporting RAK hotels in implementing the country’s Emiratisation programme and attracting citizens to work in tourism and hospitality. Currently Ras Al Khaimah has more than 50 hotels comprising ten 5-star hotels, nine 4-star hotels, seven hotel-apartments, and 24 other accredited accommodation facilities.