WEEKLY BUSINESS ROUNDUP - 14th May 2023 to 20th May 2023

World Bank forecasts UAE GDP to reach 3.4% in 2024

World Bank projects UAE GDP to reach 3.4% in 2024 from 2.8% in 2023 as the oil and non-oil sectors are likely to strengthen driven by enhanced domestic demand in tourism, real estate, construction, transportation, and manufacturing. This forecast reinforces UAE’s efforts in creating a business-friendly environment as it ranked 12 in the World Competitiveness Index in 2022 and led the world across several indices.

 

UAE bank investments hit all time high of AED 541 billion in February 2023

Central Bank of UAE reported bank investments in UAE hit AED541 billion by the end of February 2023. Year on year growth of 15.2% was reported, taking the investments to AED541.1 billion in February 2023, compared to about AED470.1 billion in February 2022.

 

UAE Banks Federation: UAE takes second spot globally in customer trust

It is reported UAE saw the use of digital banking services rise over 100% through several banking channels. UAE saw remarkable growth in the adoption of advanced banking technology which saw usage of banking services and products through various digital channels increase by 100%. Reports reveal the UAE ranks second globally - in terms of customer confidence in banks - at 84% in 2022.

 

UAE and Italy strengthen economic partnership

UAE and Italy explored opportunities to strengthen bilateral economic partnership and boost investment exchanges in various sectors like - renewable energy, tourism, and fintech. These efforts will establish new investment opportunities to drive sustainable economic growth through collaboration and partnerships between private sector entities of both countries.

 

MoEI fosters strategic partnerships in clean energy sector

Delegates from the Ministry of Energy and Infrastructure (MoEI) visited Germany and Netherlands to explore potential opportunities, strengthen existing partnerships and discuss goals in the space of energy transition, technology deployment, and potential projects. Multiple bilateral meetings with high-level officials were conducted to explore ways to enhance strategic partnerships, share knowledge, and promote investment opportunities in sustainable energy sources.

 

MoF announces UAE Cabinet Decision on treatment of natural persons in business activities

The Ministry of Finance announced issuance of UAE Cabinet Decision No. (49) of 2023 on the treatment of resident and non-resident individuals undertaking a business or business activity, for the Corporate Tax Law purposes. This decision clarifies the application of the Corporate Tax regime for natural persons ('individuals' in this context). The decision reinforces that only business or business-related activity income is taxed while personal income from employment, investments, and real-estate (without licensing requirements) is not subject to Corporate tax.

 

Dubai concludes Integrate Middle East 2023

Integrate Middle East was a 3 day event hosted in Dubai as a learning and networking platform for the Professional Audio Visual (Pro AV) integration value chain. The event served as an ideal opportunity to exchange key developments and best practices in the industry with leading experts in the sector.

 

Sharjah Chamber set to dispatch trade mission to India on 29th May

The Sharjah Chamber of Commerce & Industry (SCCI) is set to send a trade mission to India from 29th May to 2nd June, 2023. This initiative aims to bolster economic and trade cooperation, foster mutual investment, and establish promising partnerships between Sharjah and India. The Chamber is focused on  furthering its strategic goals by  venturing into new markets and driving global expansion.