WEEKLY BUSINESS ROUNDUP - 18th February 2023 to 24th February 2023

UAE, Egypt, Jordan, and Bahrain sign US$2 billion worth of industrial agreements

At the third Higher Committee meeting of the Industrial Partnership for Sustainable Economic Development, UAE, Egypt, Jordan, and Bahrain based companies signed industrial agreements amounting to an investment value worth more than US$2billion. This move is a step in the right direction to collaborate regional efforts and achieve integrated sustainable development. 

 

MoF launches third phase of Digital Procurement Platform (DPP)

MoF introduced the third phase of the Digital Procurement Platform (DPP) and 32 ministries and federal entities have started deploying the DPP. DPP digitalises the procurement process across UAE federal entities, bringing federal entities and registered suppliers on a single platform, where all stages of the procurement process including announcement, bidding, and following up on tenders, placing purchase orders, and generating invoices, can be completed online.

 

UAE and Saudi non-oil trade jumps 9% in 2022

The Federal Center for Competitiveness and Statistics reported non-oil trade exchange between the UAE and Saudi Arabia experienced a growth rate of 9% in 2022 amounting to AED136.09 billion, compared to AED124.6 billion at the end of 2021. Between 2013 to 2022 non-oil trade between UAE and Saudi increased 70% with total non-oil trade amounting to AED 975.5 billion over a period of 10 years.

 

UAE and India mark first anniversary of signing CEPA 

UAE and India marked the first anniversary of the signing of the Comprehensive Economic Partnership Agreement (CEPA) recently. A delegation from The Federation of Indian Chambers of Commerce and Industry (FICCI) comprising more than 100 exporters, start-ups and business owners was received by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade to explore the market, interact with buyers and find potential customers in the UAE. It is expected that the UAE-India CEPA will push bilateral non-oil trade beyond US$100 billion by the end of 2030.

 

UAE and Spain discuss investment exchange opportunities in technology, food security, transformative industries

UAE and Spain keen to enhance the existing cooperation as part of their respective economic development visions. UAE and Spain’s non-oil trade exchanges exceeded US$2.6 billion in 2022 and the UAE’s non-oil exports to Spain totalled US$360 million last year while re-exports amounted to US$181 million.

 

Non-oil trade between UAE and Kuwait surges 87% over a decade

As per data released by the UAE’s Federal Competitiveness and Statistics Centre (FCSC) non-oil foreign trade between UAE and Kuwait has recorded 87% growth over a period of 10 years. Valued at AED 23.3bn in 2013 non-oil foreign trade between both countries reached AED 43bn by the end of 2022. Of the non-oil trade between UAE and Kuwait re-exports were valued at AED 21.9bn, non-oil exports stood at Dhs14.2bn, and imports amounted to Dhs7.3bn.

 

More than 66 million passengers received in Dubai in 2022

Outnumbering earlier forecasts of 64.3 million passengers in 2022, Dubai went on to receive more than 66 million passengers in 2022. Driven by strong momentum in Q4 2022 number of passengers grew 127% year-on-year totaling to 66,069,981. Q4 2022 recorded as Dubai Airports busiest period since 2019. Retaining its spot as the world’s busiest airport, in 2021, Dubai received 29.1 million passengers.

 

DIFC registers highest ever revenue in 2022

Dubai International Financial Center’s (DIFC) recorded its highest revenue amounting to AED 1.06bn in 2022. The financial freezone’s combined revenue topped AED 1bn marking 18% year-on-year growth from AED 897mn in 2021. In 2022, the total number of new companies registered in DIFC surpassed 1000 for the first time ever, amounting to 1,084 new firms.

 

More than 5000 exhibitors to participate in Gulfood 2023

The 28th edition of Gulfood, the largest food & beverage sourcing event in the world, was hosted in Dubai between February 20th – 24th. The event saw participation from more than 5000 exhibitors across 120 countries. Gulfood enables local entrepreneurs and small and medium-sized companies to strengthen their connect with international companies, buyers and vendors, government and trade delegations which will eventually drive the expansion of the F&B sector in Dubai.

 

Dubai Chamber of Commerce marked 20% increase in membership in 2022

Dubai Chamber of Commerce recorded 20% increase in its membership in 2022 with total membership amounting to 347,600. Almost 56000 members joined during the year. Moreover, the exports and re-exports of Dubai Chamber of Commerce members grew 20% in 2022 amounting to AED272.7 billion reinforcing the resilience of Dubai’s traders and their capacity to venture with their exports into new markets. 

 

‘Paper One Show’ ends on a high note with 60% more participants

The eight edition of ‘Paper One Show’ ended on a positive note, reinforcing its significance as one of the key regional events in the paper industry. The event recorded 60% increase in footfall over the previous editions as 160+ major international and regional paper dealers and manufacturers from 30 countries attended the show this year. The latest paper and cardboard products, supplies for printing and packaging machines, equipment, and production lines, in addition to raw materials such as chemicals, packaging and printing paper, inks, hygiene paper products, and many innovative products and technologies were showcased at the ‘Paper One Show’. 

 

1536 farms qualified for ‘AD G.A.P’ Certificate

Abu Dhabi Good Agricultural Practices (AD G.A.P) certified 1536 farms by the end of 2022. Of the certified farms 751 farms (48.9%) are from Al Ain followed by 521 farms (33.9%) from Al Dhafra region and 264 (17.2%) from Abu Dhabi region. The Abu Dhabi Agriculture and Food Safety Authority (ADAFSA) directs its efforts to implement Good Agricultural Practices to ensure food safety and security, sustainable environmental management and maintain the welfare of farms' workers.