WEEKLY BUSINESS ROUNDUP - 1st October 2023 to 7th October 2023

MOF, IMF explore developments in international monetary and financial systems

UAE’s Ministry of Finance (MoF) held a meeting with IMF Staff Mission to discuss on subjects ranging from government budgets and revenues to overall monetary policies to debt management to tax policies and legislations to government asset management. These discussions aim to enhance the performance of fiscal and monetary policies aligned with global best practices. 

 

UAE participates in the World Bank and IMF meetings in Marrakech

UAE is set to participate in the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) taking place in Marrakech, Kingdom of Morocco, from October 9 to 15, 2023. Delegates from 189 member countries in the IMF and WBG, including public sector officials from finance ministries and central banks, parliamentarians, representatives of the private sector, and academics, will be participating in the annual meetings in Marrakech to discuss the roadmap to economic developments.

 

UAE – Vietnam meeting convened to advance economic cooperation

The fifth UAE-Vietnam Joint Committee was hosted in Hanoi and senior diplomats and government officers from both sides joined forces to discuss a diverse range of sectors and areas of mutual interest especially in areas of trade, investment, digital technology, agriculture, energy, transport, higher education, culture, tourism, and labor. UAE is Vietnam’s leading trade partner in the Arab World, sharing US$8 billion in non-oil trade in 2022.

 

UAE and India sign MoU to bolster investment and collaboration in advanced technologies

Recently in a bid to increase cooperation in sustainable industrial development, UAE and India signed a Memorandum of Understanding (MoU) to strengthen the country’s position as a gateway for trade and logistics and facilitate industrial investments, technology transfer and enable the deployment of key technologies in industries. The MoU focuses on seven key areas, including supply chain resilience, renewable energy and energy efficiency, health and life sciences, space systems, AI, Industry 4.0 and advanced technologies, as well as standardisation and metrology.

 

UAE hotel establishments generated revenues of AED 26 billion between January to July 2023

During a meeting of the Emirates Tourism Council, it was reported that in the first seven months of 2023 hotel establishments in the UAE generated revenues of AED 26 billion, witnessing a growth of up to 24% compared to the corresponding period last year. It is estimated the country hosted 16 million guests in the period under review with more than 15% growth compared to the number of guests in the same period in 2022. 

 

UAE Circular Economy Council reviews report on private sector's contributions

The UAE Circular Economy Council reviewed the UAE Circular Economy Landscape Report for 2023 and evaluated the experience of the private sector in driving the circular economy. Best practices by the private sector were highlighted and officials discussed a number of topics focused on accelerating the implementation of the UAE Circular Economy Policy covering four key sectors: manufacturing, food, infrastructure and transport. UAE is committed towards promoting and strengthening the framework of the national circular economy. 

 

UAE, Malaysia discuss advancing relations to higher levels of strategic partnership

A UAE – Malaysia business roundtable was convened to explore opportunities for bilateral collaboration in trade, investment, and industrial development. Business leaders, investors and entrepreneurs from both countries seek to establish long term partnerships in high potential sectors for greater economic alignment. Malaysia ranks as the UAE’s 12th-largest global trade partner, while the UAE is Malaysia’s second-largest trade partner in the Arab world, accounting for 32% of Malaysia’s trade with Arab nations. The UAE is also the principal destination for Malaysian merchandise exports to the Arab world, accounting for 40% of Malaysia’s exports to the region. In 2022, bilateral non-oil trade reached US$4.8 billion compared to US$3.5 billion achieved in 2020, with 36% growth.

 

UAE Kyrgyzstan strengthen economic and energy cooperation

A high-level UAE delegation visited Kyrgyzstan to explore opportunities that will bolster cooperation between both countries in all fields. During the meeting officials from both sides discussed mechanisms to enhance joint-cooperation in various fields, especially renewable energy, transportation, and logistics services while also strengthening investment relations.

 

More than 160 B2B meetings arranged during trade mission to Jewellery & Gem WORLD Hong Kong show

Dubai International Chamber successfully coordinated more than 160 B2B meetings for 11 companies from Dubai as part of its recent trade mission to participate in the prestigious Jewellery & Gem WORLD Hong Kong show. The Chamber’s delegation included leading jewellery wholesalers, retailers, manufacturers, bullion dealers, and loose diamond and gemstone traders who conducted productive bilateral business meetings at the event. The Jewellery & Gem WORLD Hong Kong show is the world’s biggest jewellery exhibition and attracted over 3,000 suppliers from more than 50 countries.

 

Dubai retains top global ranking for attracting Greenfield FDI projects in H1 2023

As per Financial Times ‘fDi Markets’ data, Dubai has retained itself as the top global destination for attracting Greenfield Foreign Direct Investment (FDI) projects, with the emirate attracting 511 Greenfield projects in H1 2023. In H1 2023, Dubai’s global share in the attraction of Greenfield FDI projects stood at 6.58% - up from 3.83% over the same six-month period last year. Dubai has been successful in setting new benchmarks in global performance as an investment destination, surpassing Singapore by 325 projects.

 

70 countries to  gather in Abu Dhabi  for Regional Cybersecurity Week

UAE Cybersecurity Council will organise the Regional Cybersecurity Week 2023 from 8th to 12th October in Abu Dhabi, under the title “Cybersecurity Innovation and Industry Development.” The largest cyber event in the Arab and Islamic countries, sponsored by the United Arab Emirates, Regional Cybersecurity Week is expected to be attended by over 100 experts, and speakers from 70 countries, including the 57 member states of the Organisation of Islamic Cooperation (OIC), as well as 10 international organisations. The event will serve as a platform to discuss the best international strategies and experiences in the field of cybersecurity.