WEEKLY BUSINESS ROUNDUP - 23rd September 2023 to 30th September 2023

Renewables jobs soar to 13.7 million in 2022, nearly doubled in past decade

International Renewable Energy Agency (IRENA) and the International Labour Organisation (ILO)’s latest report highlights global employment in renewable energy reached 13.7 million in 2022, marking one million increases since 2021 and up from a total of 7.3 million in 2012. Solar photovoltaics (PV) was the largest employer in 2022 reaching 4.9 million jobs, comprising more than a third of the total workforce in the renewable energy sector. Hydropower and biofuels had similar numbers of jobs as in 2021, around 2.5 million each, followed by wind power with 1.4 million jobs.

 

UAE launches cyber awareness campaign on Cybersecurity Awareness Month

UAE launched a cybersecurity awareness campaign to strengthen the cybersecurity culture, reinforce the significance of maintaining the safety of the digital space and highlight success stories from the cybersecurity experience. Launched by the UAE Cyber Security Council, this nationwide campaign aims to promote a culture of cyber awareness and build a community that is conscious of digital risks.

 

UAE economy to grow 3% in 2023 and 4% in 2024

As per credit rating agency analysts, the UAE government's implementation of economic and social initiatives is designed to set the pace for long term economic expansion. It is estimated the UAE economy is likely to grow 3% in 2023 and 4% in 2024, driven by the non-oil sector, especially strong growth in tourism, government initiatives, and technological advancements.

 

UAE’s MoE invites French companies to explore UAE’s opportunities 

UAE’s Minister of Economy met with executives, investors, and CEOs of leading French companies to bolster economic cooperation between Abu Dhabi and Paris at the private sector level. Focusing on new economic sectors, the meeting aimed at capitalising available opportunities that support the sustainable growth of both economies.

 

Institutional investors invest AED8 billion in UAE stocks since start of 2023

As per data from the Abu Dhabi Securities Exchange (ADX) and Dubai Financial Market (DFM), total purchases of local shares by institutional investors amounted to AED 232.15 billion, while total sales were AED 224.2 billion. Institutional investors optimism about the UAE stock market is evidenced by net purchases of nearly AED 8 billion in local shares during the first nine months of 2023. These figures reiterate the availability of broader investment opportunities, the strong growth trajectory of the national economy, and the attractiveness of listed national companies.

 

UAE and Thailand enhance trade and investment cooperation during high level meetings

During a high level meeting in Thailand, UAE and Thailand agreed to advance cooperation in a wide number of sectors, in particular trade, logistics, energy, travel and tourism. Both countries discussed strategies to bolster trade/investment flows and reviewed the progress of the Comprehensive Economic Partnership Agreement between the two nations, the negotiations for which are now on their fourth round.

 

MoIAT showcased new investment opportunities and incentives for industrial competitiveness and sustainability at ADIPEC 2023

At the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) 2023, the Ministry of Industry and Advanced Technology (MoIAT) is set to demonstrate a range of new incentives that support the sustainable growth of national industries. Under the canopy of the ‘Manufacturing and Industrialization Strategic Conference’ major local and international industrial companies will enhance opportunities for growth through the adoption of advanced technologies and 4IR solutions.

 

Dubai Chamber of Digital Economy set to host global tech and startup communities at Expand North Star

Dubai Chamber of Digital Economy is set to welcome global business players to Expand North Star, the world's largest gathering of startups and investors. The event is likely to connect the world's most sought-after startups with innovators, investors, entrepreneurs from across the globe to leverage the growth opportunities emerging in Dubai and catalyse the future of the digital economy. 

 

Abu Dhabi non-oil economy expands by 12.3% in Q2 2023

The Statistics Centre – Abu Dhabi (SCAD) announced Gross Domestic Product (GDP) estimates for Q2 2023 revealed 12.3% growth of the non-oil economy and 3.5% increase in the total GDP compared to the same period in 2022. Non-oil economic activities in Abu Dhabi marked significant growth in Q2 2023 leading the value of the emirate's real non-oil GDP to AED154 billion, the highest since 2014, where it surpassed AED 146 billion.