WEEKLY BUSINESS ROUNDUP - 19th November 2022 to 25th November 2022

SME and start-ups in UAE likely to report boost worth US$17.1 billion from hyperscale cloud computing
Hyperscale cloud computing expected to provide UAE based SMEs and start-ups US$17.1billion worth of economic benefits from 2022 and 2030 – amounting to the equivalent of 4% of the country’s 2021 gross domestic product (GDP). Impact of Hyperscale Cloud report on UAE SMEs revealed 74% of SMEs and start-ups in the country continue to use manual processes and basic communication tools thereby highlighting potential for companies to benefit from cloud computing technologies.

U.S.-UAE deal on cross-border data flows shows potential cooperation in digital economy
Recognising potential for stronger collaboration in the digital economy US and UAE signed a joint statement on cross border data flows. The joint statement intends to prevent misuse of data and recognises that, through a system of interoperability, both protection of consumers as well as maximizing the opportunities for data to produce benefits for society can be achieved.  Both governments commit to pursue maximum protection of citizen’s data while focusing on interoperability – bilaterally and multilaterally.
 
Federal Law regulating link between renewable energy production units to electrical grid approved
The Ministry of Energy and Infrastructure has announced the approval of the federal law regulating the linkage of distributed renewable energy production units to the electrical grid. This law enables production of electricity from renewable sources and contributes to UAE’s objectives of diversifying renewable energy sources, implementing optimal utilisation of natural resources to cut emissions and achieving carbon neutrality.

UAE Banks Federation reiterates the importance of supporting SMEs
During a webinar titled "Changing Landscape of SME Banking in the UAE", organised by the UAE Banks Federation, key officials discussed ways to support the small and medium enterprise sectors by facilitating SME’s access to banking services, providing them with the necessary funding and enabling them to play an important role in driving various economic sectors and creating more jobs.

World Corporate Summit features 1500 global business leaders
The World Corporate Summit hosted in Dubai features 1500 business leaders from across the globe to exchange ideas and build partnerships that will impact the global economy positively. This 20-day summit features over 100 dialogues as round table discussions, as well as networking events and private gala dinners to discuss on business sectors ranging from finance, education, health, sports, media, technology and industry.
 
Global intellectual property filings hit new records in 2021, as per WIPO
Asia is reported to be driving growth in intellectual property. Patents, trademarks, and designs reached record levels in 2021 globally. Reports reveal there has been “continued and sustained growth” in intellectual property filings. WIPO’s latest World Intellectual Property Indicators report indicates that innovators filed 3.4 million patent applications globally last year, which was up 3.6 per cent from 2020 – with Asia driving more than two-thirds of requests.
 
Abu Dhabi Airports announces 4.7 million passenger traffic in Q3 2022
Abu Dhabi Airports released passenger traffic results for Q3 2022. Passenger traffic totalled to 4.7 million marking a 250% increase compared to 1.3 million passengers in Q3 2021. Across its 5 airports, Abu Dhabi reported footfall of 10,982,114 passengers by 30th September 2022. These figures are equivalent to passenger traffic in 2020 and 2021 combined and Abu Dhabi Airports expects to close 2022 with an excess of 15 million passengers.
 
Abu Dhabi’s GDP expands 11.2% in H1 2022: SCAD
Statistics Centre - Abu Dhabi (SCAD)’s data demonstrates expansion of Abu Dhabi's Gross Domestic Product (GDP) in the first half of 2022, reaching 11.2% compared to the same period last year. This growth is indicative of the Emirate’s strong economic performance and the economy’s ability to maintain competitiveness and sustain growth despite global economic challenges. The quarterly GDP growth rate reached its highest value in six years, during Q2 2022, when it hit 11.7%  compared to the same quarter last year.
 
Abu Dhabi Finance Week (ADFW) announces successful conclusion
Abu Dhabi Finance Week (ADFW) concluded on a high note as the local, regional, and international financial community discussed notable outcomes which would address challenges faced by investors, regulators and start-ups in the financial sector. The event brought together 8,200+ participants including 500+ global dignitaries, 300 regional and international speakers, several asset management companies in charge of managing trillions of assets under management, and over 100+ start-ups.