WEEKLY BUSINESS ROUNDUP - 21st May 2023 to 27th May 2023

UAE’s MoF issued three new ministerial decisions relating to corporate tax

The UAE Ministry of Finance has announced three new Ministerial Decisions for the purposes of Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses including Ministerial Decision No.114 of 2023 on the Accounting Standards and Methods; Ministerial Decision No.115 of 2023 on Pensions and Social Security Funds; and Ministerial Decision No.116 of 2023 on Participation Exemption. The 3 decisions are steps taken in a positive direction to provide a favourable and flexible corporate tax regime for the UAE business environment.

 

UAE – Czech Business Forum discuss trade and investment opportunities

The UAE – Czech Business Forum was held to discuss enhanced cooperation and potential opportunities for trade and investment between both countries. A high-level delegation from the UAE visited Czech Republic with the aim of expanding bilateral cooperation between the countries and their people. UAE is one of the largest economic partners of the Czech Republic and non-oil trade exchange exceeded US$1 billion in 2022 along with marked increase in Czech investment in the UAE.

 

UAE delegation at the Development Road Conference in Iraq

A high-level UAE delegation participated in the Development Road Conference in Iraq to discuss the Development Road initiative. The infrastructure project will link southern Iraq to the border with Turkiye, from where it will connect to rail and road networks in Europe. This project is expected to provide an “economic artery” that will boost investment across the region.

 

UAE and Poland discuss opportunities to enhance financial and economic cooperation

Key officials from UAE and Poland met to discuss economic developments and ways to boost economic cooperation between UAE and Poland. UAE is one of Poland's largest trading partners in the region and the volume of non-oil intra-trade between both countries amounted to about AED 3 billion during H1 2022, marking 22% growth compared to the same period in 2021.

 

UAE and Malaysia report non-oil trade worth AED 160 billion over a period of 10 years

As per the Federal Competitiveness and Statistics Centre (FCSC) non-oil foreign trade between UAE and Malaysia over a span of 10 years amounted to AED 160.2 billion. Imports between the two countries peaked AED 121.6 billion, amounting to 76%, exports on the other hand constituted 16.5% while re-exports made up 7.5%.  Between 2013 to 2022, UAE and Malaysia highlighted 6% growth on non-oil foreign trade - with trade reaching AED 16.98 billion by the end of 2022 compared to AED 16.06 billion in 2021.

 

UAE construction industry demonstrates confidence despite global challenges

As per a recent survey 89% of the construction sector decision makers are positive about market conditions over the next 12 months. While challenges exist in global construction sector, the UAE is backed by high proportion of work in the pipeline, with almost 46% businesses expecting the number of projects to increase by up to 20% over the next 12 months, while 34% expect it to go up by 20% or more.

 

Sharjah set to host 2nd UAE China Tyre & Auto Parts Expo

Sharjah is set to host the second edition of the UAE China Tyre & Auto Parts Expo starting 29th May. The 3-day exhibition is likely to be attended by more than 130 specialised Chinese factories and companies to foster collaborations within the tyres, auto parts, equipment, and accessories sectors. 

 

Ajman hotels report 3% increase in revenues in Q1 2023

Ajman hotels and service apartments recorded 3% growth in hotel revenues in Q1 2023 compared to the same period in 2022. This growth can be attributed to higher demand that is pushing the Average Daily Room (ADR) Rate and making investment in hotels and tourism industry more profitable. Boosting the hospitality and tourism sector is aligned to the emirate’s strategy to attract new investments and drive the launch of hospitality projects. 

 

Ajman – Turkiye Business Forum discusses trade & investment opportunities

The Ajman Turkiye Business Forum, organised by the Ajman Chamber of Commerce & Industry aims to discuss opportunities to increase the volume of trade and joint investment, expand business networks, develop strategic partnerships, and leverage promising opportunities and capabilities available in both Ajman and Türkiye. It is reported UAE and Türkiye are witnessing exceptional growth at the economic level, especially after the signing of CEPA in Q1 2023. It is estimated that non-oil trade exchange between the UAE and Türkiye reached AED 69.58 billion by the end of 2022 compared to AED 49.5 billion in 2021.

 

RAKEZ has over 18,000 companies from 100 countries

Ras Al Khaimah Economic Zone (RAKEZ) is home to over 18,000 companies from 100 countries representing more than 50 industries ranging from SMEs to large manufacturers. Cementing its position as a preferred hub for international trade, RAKEZ offers 6 focused zones to meet the needs of businesses across all sizes while providing an environment to expand their network.