WEEKLY BUSINESS ROUNDUP - 23rd October to 28th October 2022

EU, GCC experts initiate conversations on energy efficiency in construction
Ahead of COP 27, at a webinar titled "EU-GCC Webinar on Energy Efficiency in the Building Sector: A Key Driver for Net-Decarbonisation" 100 European and Gulf policymakers joined forces to build closer ties on climate change through exchange of best practices and by exploring untapped opportunities through partnerships. Discussions revolved around challenges of energy efficiency in the building sector and investment, finance & business models within the energy efficiency sector.
 
Oman announces visa free entry for GCC residents
A recent circular released by the Directorate General of Passports and Residence announced all residents in the GCC may enter the Sultanate of Oman without a visa and this rule is applicable to all commercial professions. Further the circular requires a resident’s visa in the GCC must be valid for at least three months to enter Oman.
 
MoF announces amendment of some provisions of Value Added Tax Decree Law
The UAE tax regime is set to evolve even further in 2023 and Federal Tax Authority (FTA) has made major amendments in the provisions of articles of Federal Decree Law No. 8 of 2017 on VAT and published Federal Decree Law No. (18) of 2022 (Gazette No. 736 on 28th September).  These provisions will be effective from 1st January 2023. It is reported that 25 articles have been amended and a new and important article - No. [79 bis] Statute of Limitations (SOL) - has been added. Taxable persons in the UAE are required to review amendments made to the VAT Decree Law and ensure implementation readiness by the effective date.

UAE participates in 7th annual meeting of AIIB Board of Governors
UAE took part in the 7th annual meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB) held virtually under the theme “Sustainable Infrastructure Toward a Connected World”. UAE’s Minister of Industry and Advanced Technology Dr. Sultan bin Ahmed Al Jaber and the UAE’s Governor represented the country at the AIIB Board of Governors. The Board discussed topics ranging from the bank’s agenda, projects financed by the bank, to challenges faced in financing development projects in Asia and possible solutions.
 
CBUAE completed the largest scale pilot of central bank digital currencies for real value transactions
The Central Bank of UAE completed the first and largest scale pilot of central bank digital currencies, being used by 20 commercial banks for real-value transactions on behalf of their corporate clients across borders, as part of “Project mBridge”. This project being the first pilot use of wholesale CBDCs in MENA reflects UAE Central Bank’s vision to create world class financial infrastructure and innovative payment systems to empower the country’s financial sector.

FTA discontinues use of e-Dirham
Effective from 30th October 2022, UAE’s Federal Tax Authority (FTA) has discontinued the eDirham option in paying taxes and replaced it with ‘Magnati’ a smart payment option from First Abu Dhabi  Bank. This decision is a response to suggestions from customers to provide them an easy to use, flexible, and efficient payment experience. Magnati’s advanced software solutions uses technological advent to provide an efficient payment service for FTA customers.
 
Dubai Dialogue 2022 explores benefits of embedding sustainability in supply chains
During the Dubai Dialogue 2022 conference which was organised by Dubai Chamber of Commerce’ Centre for Responsible Business, experts reinforced that businesses in the UAE and across the globe stand to benefit hugely from embedding sustainability into their supply chains. The conference was attended by over 150 participants from diverse economic sectors under the theme,” Embedding Sustainability across the Supply Chain” and highlighted best international practices, strategies, and technologies to make supply chain processes effective and environment friendly.
 
Dubai Future Labs exhibits new logistics robots at IROS 2022
Dubai Future Foundation’s applied research and development lab – Dubai Future Labs – demonstrated its leading innovations to the international research and robotics community at the International Conference on Intelligent Robots and Systems (IROS) 2022 held in Kyoto, Japan. Dubai Future Labs introduced two unmanned ground vehicles (UGV) developed by in-house talents for the logistics sector which included a last-mile delivery robot and an intralogistics vehicle. Cementing Dubai's position as an innovation hub, this conference paved the way for investors to explore opportunities in Dubai’s thriving ecosystem.

Sharjah Municipality announces more than 474 permits in the city’s marinas
Driven by efforts to enhance the cultural and visual appeal of the emirate, Sharjah Municipality announced that more than 474 people have been granted permission to use the marinas. With permission from Sharjah’s Monitoring and Inspection Department 253 parking spaces were allotted in the marina.