WEEKLY BUSINESS ROUNDUP - 29th October to 4th November 2022

COP27 begins in Sharm el-Sheikh Egypt
The World Meteorological Organisation’s (WMO) climate annual report said the global average temperature in 2022 was around 1.15C higher than pre-industrial levels.  The rate of rise in sea level doubled since 1993, and the past two and a half years, alone, accounted for 10% of the total rise in sea levels. More than 110 heads of state and government will begin discussions on energy security, green technology, how to cut emissions and more at COP 27 in Egypt from today. More than 50,000 representatives of government, agencies, civil society, and media are expected to attend.

World Bank expects UAE’s real GDP to grow by 5.9% in 2022
World Bank is positive that UAE’s top-notch infrastructure and robust business environment is likely to push UAE’s real GDP to grow by 5.9% in 2022. World Bank recently announced in the Gulf Economic Update that higher oil receipts played an important part in the gradual non-oil recovery; thereby bolstering fiscal revenue resulting in a fiscal surplus hovering around 4.4% of GDP in 2022.
 
Implementation of UAE Net Zero by 2050, strategic initiative to be revealed at COP 27
UAE’s participation in the 27th session of the Conference of the Parties will define the path to climate action. The UAE Minister for Climate Change and Environment revealed UAE’s intention to share the mechanisms for bringing into play strategic initiatives to achieve climate neutrality 2050 as part of its support for sustainable financing solutions for all sectors. The UAE has finalized the draft federal law on climate change, which will represent the federal framework and umbrella regulating standards for action for climate at the state level.
 
MoF discusses UAE’s economic and financial development with IMF Article IV Consultations’ Mission Chief
Leaders from the Ministry of Finance met Ali Al-Eyd, International Monetary Fund (IMF) Article IV Consultations’ Mission Chief, to talk about the UAE’s economic and financial developments. This meeting was part of IMF’s annual consultations to discuss the country’s overall economic performance. UAE expressed its keenness to accept IMF’s expert recommendations to move ahead in improving the financial mechanisms at a government level. UAE’s fiscal framework, coordination and financial operations were discussed during the meeting.
 
UAE, Indonesia develops cooperation in energy sector
The UAE Ministry of Energy and Infrastructure and the Indonesian Ministry of Energy and Mineral Resources signed a Declaration of Intent to enhance economic and social development between the two countries and exchange knowledge and data in the energy sector. Further, the Declaration includes the formation of teamwork in the energy sector between the UAE and Indonesia. The collaboration includes developing the electricity system, power stations, oil and gas, clean energy sectors and encouraging commercial activities in the energy sector.  
 
China-UAE bilateral trade rises 28% to exceed $64 bn during first 8 months of 2022
China – UAE bilateral trade exceeded US$ 64bn in the first eight months of 2022 recording 27.93% increase compared to 2021. China ranks as UAE’s largest non-oil trading partner while UAE is China’s second largest trading partner and the largest export market in the Arab region. The China – GCC Free Trade Agreement negotiations have entered the final stage and UAE & China are hopeful of collaborating on a high standard free trade agreement.
 

Germany’s industrial companies explore investment opportunities in UAE
At the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) 2022, Germany’s leading industrial companies were keen to explore investment opportunities in the UAE. Senior officials from Ministry of Industry and Advanced Technology introduced delegates to the Make it in the Emirates campaign thereby inviting industrialists, investors, innovators, and entrepreneurs to leverage UAE’s robust industrial capabilities.
 
Dubai Chamber of Commerce highlights changes introduced in new UAE Commercial Companies Law
At a recently organised workshop, Dubai Chamber of Commerce updated 83 participants from diverse sectors on the significant changes introduced in the new UAE Commercial Companies Law which came into effect in 2022. The workshop aimed to highlight the changes between the previous law and the new one enabling business to take informed decisions regarding impact and implementation.
 
Launch of the Dubai Fintech Summit announced
H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance, and President of DIFC announced the launch of the Dubai FinTech Summit, a global event expected to bring together more than 5000 experts to discuss the growth of the international financial industry. The Fintech Summit will be held on 8th and 9th May 2023 and will play a pivotal part in driving the future of finance in the UAE.

SEDD strengthens industrial capabilities in Sharjah
The Sharjah Economic Development Department has been committed in its efforts to enhance communication with the industrial sector and the business community. The team has carried out promotional field visits to inspect the workflow in factories, export programs and communication channels between the Department and stakeholders of industrial establishments.  The focus behind SEDD’s field visit initiative is to address the needs and assess the challenges facing the industrial business community in the emirate.