WEEKLY BUSINESS ROUNDUP - 26th March 2023 – 1st April 2023

Public Forum 2023, WTO’s annual event, to discuss role of trade in creating a greener future

Under the theme ‘It is time for action’ the WTO’s Public Forum 2023 will discuss how digitalization, inclusive trade policies and the service sector can work cohesively  in supporting global environmental goals aimed at sustainability. The event is scheduled to take place from 12th to 15th September covering 3 key topics:

CBUAE:  Real GDP growth projected to expand by 4.3% in 2024

The Central Bank of UAE projected UAE’s annual real GDP growth is expected to expand by 4.3% in 2024. Following three quarters of high growth, the country had a solid footing in Q4 2022 backed by an economically active oil & non-oil sector. Real estate, construction and manufacturing sectors are estimated to be the main drivers of the economy’s strong performance. For 2023, CBUAE maintains its forecast to be unchanged at 3.9%.

 

Airport developments in Middle East entails US$151 billion in capital expenditure until 2040

Trusted sources of aviation market intelligence estimate the Middle East and Asia Pacific regions will account for 58% of the global air passenger demand in 2040. Reports reveal 425 major construction projects are underway in existing airports with US$450.7 billion in total committed expenditure globally along with 225 new airport projects. The total number of airport projects stands at 155 in the Middle East and the volume of investment is worth US$209.4 billion.

 

UAE Israel CEPA to come into effect on 1st April 2023

The UAE – Israel Comprehensive Economic Partnership Agreement which was signed on 31st May 2022 will come into effect from 1st April 2023 onwards. The coming into force of CEPA will  ensure tariffs are removed or reduced on more than 96% product lines covering 99% of the current value of traded goods between the UAE and Israel. UAE- Israel CEPA is the second foreign trade deal to be ratified after the successful rollout of the UAE-India CEPA in May 2022.

 

UAE wins bid; scheduled to host ICAO Conference on Aviation and Alternative Fuels

All member states of the Council of the International Civil Aviation Organisation (ICAO) unanimously accepted the UAE's bid to host the ICAO Conference on Aviation and Alternative Fuels. Organised every 7 years the UAE hosting the ICAO Conference on Aviation and Alternative Fuels turns the spotlight on UAE’s efforts to be sustainable and lead the climate action in the aviation sector. 

 

Canada-UAE Sovereign Wealth Fund Council launched

Canada and UAE have combined efforts to launch the Canada-UAE Sovereign Wealth Fund Council (SWFC). SWFC aims to harness the synergies between Canada and the UAE’s preeminent institutional investors to deliver superior risk-adjusted returns in support of common interests.  The Council will be pivotal in identifying opportunities for strategic capital collaboration and thought leadership between Canadian public Pension Funds (PPFs) and UAE Sovereign wealth funds (SWFs) in global markets. 

 

Annual Investment Meeting to discuss global market challenges and future investment opportunities

The 12th edition of AIM Global 2023 scheduled to be held from 8th to 10th May 2023 is expected to feature local and international events, forums, and conferences to add momentum to meaningful conversations on investment trends, challenges, and opportunities to boost sustainable growth of the global economy. The Annual Investment Meeting will focus on two main areas - Investment and Innovation & Technology - across diverse sectors. 

 

Expo 2020 Dubai expected to add AED154.9 billion to UAE economy from 2013-2042

Expo 2020 Dubai welcomed 24.1 million visitors during its six months run. The Expo event in Dubai and its legacy is expected to contribute AED154.9 billion (US$42.2 billion) of gross value added (GVA) to the UAE’s economy from 2013 to 2042. As per reports sectors contributing most to GVA are events organization and business services (AED75.5 billion/US$20.6 billion), construction (AED31.9 billion/US$8.7 billion), and restaurants and hotels (AED23.1 billion/US$6.3 billion). The pre-event phase contributed around one quarter of GVA, the event itself added almost 13%, while the major share of economic benefits – amounting to 62% – will be felt in the legacy phase through to 2042.

 

DFM, Dubai Chamber of Commerce launches programme to fast-track businesses to IPO

The Dubai Financial Market (DFM) and Dubai Chamber of Commerce in collaboration with regional and global advisors launched the ‘IPO Accelerator Program’ to handhold businesses on their path to growth and IPO in capital markets. This program, part of the Dubai Economic Agenda D33 sets out to strengthen Dubai’s leading position as a global commercial and financial hub.