WEEKLY BUSINESS ROUNDUP - 15th October to 21st October 2022

UAE signs industrial deals worth AED 260 million for local medical equipment manufacturing
UAE’s Ministry of Industry and Advanced Technology (MoIAT) has signed a pair of MoU worth AED 260 million between key pharmaceutical and medical devices companies in the UAE. These collaborations are aligned to the National Strategy for Industry and Advanced Technology and the ICV Program which seeks to attract manufacturers and investors to UAE’s pharmaceutical and medical equipment sector.

UAE & Germany foster strategic energy and industry partnership
A ceremonial event in Germany marks the arrival of the first-ever hydrogen-based ammonia test cargo from the UAE to Germany. This test delivery from the UAE signifies a key step forward in the establishment of a comprehensive hydrogen value chain between UAE and Germany. This move is a step in the right direction towards building future hydrogen supply between UAE and Germany.
 
Pension systems of UAE and Saudi Arabia witness improved scores in recent survey
As per the 14th annual Mercer CFA Institute Global Pension Index (MCGPI), UAE and Saudi Arabia’s pension systems have marked an improved score ranking 25th and 27th out of 44 systems, respectively. UAE’s overall index value improved from 59.6 in 2021 to 61.8 in 2022, jumping from C to C+. This increase is attributed to improved sustainability and the country’s generous retirement benefits

First meeting of the UAE- Saudi Business Council convened in Dubai
More than 40 business representatives attended the first UAE- Saudi Business Council to enable stronger interactions between business sectors and enhance trade and economic cooperation between the two countries. The Council works towards facilitating discussions on economic conditions, market, and investment opportunities across various sectors in the two countries.
 
Dubai, Abu Dhabi rise in rankings in the Global Cities Index
Kearney’s Global Cities index showcases Dubai retaining its number one spot in the MENA region while also rising one spot up to rank 22nd globally. These results are based on the impact of socio economic and political developments on cities and the momentum of business activity. Despite business activity slowing globally this year, MENA region has shown positive trends. Dubai topped the region in terms of cultural experience while Riyadh marked a 46- point increase in rankings and Doha a 17-point increase. Abu Dhabi number 9 in the global cities outlook in the Global Cities Index.
 
UAE’s MoF announces Excise Tax law amendments
UAE’s Ministry of Finance unveiled amendments to some provision of the Federal Decree-Law No 7 of 2017 on Excise Tax which come into effect from 14th October 2022. The amendments of some provisions of the law aim contribute to supporting the business community, facilitating fulfilment of obligations for taxable persons, minimizing tax avoidance, and addressing challenges related to the application of the excise tax.

UAE organizations participate in WUWM Conference in Abu Dhabi
In a bid to support food security in the UAE, organizations across UAE geared up to take part in the World Union of Wholesale Markets (WUWM) Conference at Abu Dhabi on 20th October 2022. The Conference provides a platform for industry leaders to arrive at viable solutions to risings concerns around the future of global food security. Held for the first time in the region, this conference provided a space for fresh food producers, retailers, food logistics companies, air and maritime freight providers, start-ups as well as local, national, and regional government representatives and policymakers to collaborate and work in a positive direction.
 
Dubai Customs and American Embassy discuss cooperation on fighting counterfeiting
Dubai Customs is committed to strengthen its cooperation with foreign diplomatic missions in the space of protecting intellectual property rights. During a virtual session with members from the American Embassy strategies to tackle piracy and counterfeiting were discussed. The highlight of the meeting was discussions around cooperation to tackle counterfeiting and recycling of counterfeit goods.
 
ADGM celebrated its 7th anniversary
UAE’s leading financial freezone ADGM completed seven successful years in building a vibrant business community in the country. The freezone has been instrumental in cementing its position as an investment and commercial hub on a global scale. The freezone provides an ecosystem for innovation in the financial landscape as opportunities around virtual assets, CleanTech, HealthTech and CyberTech thrive in this space.

ADDED reinforced its support to the manufacturing sector in enhancing non-oil exports from AED73.5 billion in 2021 to AED178.8bn by 2031
At the CEO’s Forum for Exporting Manufacturers, Abu Dhabi Department of Economic Development (ADDED) discussed strategies and solutions to accelerate manufacturers exports. ADDED reaffirmed its support to the manufacturing sector to boost Abu Dhabi’s non-oil exports from AED73.5 billion in 2021 to AED178.8bn by 2031; thereby providing a conducive ecosystem to achieve 143% increase.