WEEKLY BUSINESS ROUNDUP - 1st October to 7th October 2022

Investopia explores investment opportunities in the ME region
Partners at global investment platform ‘Investopia’ discussed challenges and opportunities pertaining to investments and the role of investments in the Middle East economy. Given UAE’s strong FDI inflow momentum, Investopia seeks to identify potential opportunities for FDI inflows and outflows which will accelerate the performance of the macro economy and the financial landscape of the country.
 
Top UAE banks set to post higher Q3 net profit
Reports suggest most UAE banks are likely to post higher net profit in Q3 2022 driven by higher interest rates and lower provisioning. Banks have recorded improved performance in H1 2022 backed by lower cost of risk and higher interest rates. The launch of targeted economic support scheme (TESS) helped the economy navigate Covid 19 triggered stress on risky loans while the operating environment of the economy recovered modestly.
 
UAE took part in 117th meeting of GCC Financial and Economic Cooperation Committee
A UAE delegation participated in the 117th meeting of the GCC Financial and Economic Cooperation Committee in Saudi Arabia to discuss the progress of work on GCC’s economic integration and topics pertaining to GCC Common Market. These meetings provide a vital platform to navigate the challenges facing the economic sector in GCC.
 
UAE e-commerce market likely to reach US$ 9.2billion by 2026
The value of the UAE e-commerce market is predicted to reach US$9.2 billion in 2026 while the total retail sales within the sector is projected to reach 12.6% by the same year, as per an analysis from the Dubai Chamber of Commerce. Key factors boosting e-commerce activity in the UAE are availability of apps, increased pricing transparency and growing loyalty reward programmes. Smartphones and tablets, accounted for huge majority of e-commerce transactions as the mobile retail market amounted to US$2.6 billion, accounting for 44% of the total e-commerce market value.
 
Regional market for sophisticated tech-based products could be worth US$ 125 billion
The regional manufacturing of 3 key products – advanced materials, advanced components and advanced products is estimated to be worth US$ 125 billion in revenues, by 2025, as per latest industry reports. Middle East countries are recommended to focus on localizing high-tech industries rather than depending on imports. Localizing tech will secure supply chain ecosystem within the region effectively.  
 
Dubai Chamber explores opportunities emerging in used car market
At the recently hosted Used Cars Showroom Business Group, members discussed market trends, opportunities and challenges emerging within Dubai’s used car market. Members of the group discussed various ways in which member companies could align their efforts to strengthen industry standards and serve customers. The group discussed effective ways to collaborate and unify their efforts to the evolving demands of car dealers and customers alike.
 
DMCC recognised as Global Free Zone of the Year 2022 for the eighth consecutive year
The world’s flagship freezone Dubai Multi Commodities Centre (DMCC) has been recognised as the Global Free Zone of the Year 2022 by the Financial Times fDi Magazine, for the eighth consecutive year. Receiving the most prestigious accolade deserving a freezone, DMCC reinforced its strength in increasing the count of small and large tenants and providing effective ecosystems that aid growth, marketing strategy & sustainability.
 
DAFZ reports 36% year-on-year rise in non-oil trade in 2021
Dubai Airport Freezone (DAFZ) reported 36% year-on-year increase in non-oil trade in 2021, reinforcing the emirate’s capabilities as a global hub for trade and commerce. Statistics revealed the free zone’s non-oil trade exceeded AED 162 billion in 2021 compared to AED 119 billion in 2020. These figures are indicative of Dubai’s steady and robust economic recovery in the post pandemic landscape.
 
Global financial leaders set to gather for Abu Dhabi Finance Week 2022
The ‘Abu Dhabi Finance Week (ADFW)’ is set to run between 14th November 2022 and 18th November 2022. Global financial leaders are set to gather for the event aiming to strengthen the emirate’s global stance as a financial hub. The innovative platform will provide global financial leaders opportunities to engage, connect and collaborate on various facets of change that will shape the future of digital finance.