WEEKLY BUSINESS ROUNDUP - 5th November 2022 to 11th November 2022

 Global tourism estimated to reach 70% of pre – pandemic levels: UNWTO
At the Ministers’ Summit at World Travel Market high level delegates from 19 countries discussed global tourism’s most pressing issues and set the agenda for the future around ‘Rethinking Tourism’. UNWTO data revealed global tourism stands at 70% of pre pandemic levels and the tourism sector needs to rethink itself as a provider of employment and contributor to the economy while being cautious of the climate emergency.

Middle East retail sector expected to rise to US$ 308 bln in 2023 at a CAGR of 4%
The Middle East region’s retail sector reported cash payments declined to 20% in 2021 from 70% in 2017. Credit card payments on the other hand have surged from 16% in 2017 to 38% in 2021. Industry reports reveal the size of the GCC retail sector is expected to rise to $308 billion in 2023 at a compounded annual growth rate (CAGR) of 4% from $253.2 billion in 2018. Driven by expected increase in population and international tourists footfall, retail sales are likely to rise in 2023.
 
UAE FTA set to launch EmaraTax on 5th December
UAE’s Federal Tax Authority confirmed its intention to launch the EmaraTax platform on 5th December 2022. To minimise disruption to taxpayers FTA has planned for the migration to commence from the end of day on Wednesday, 30th November (coinciding with National Day holidays) to be available on 5th December. EmaraTax significantly enhances taxpayer access to the FTA’s services, payment of taxes and obtaining refunds.
 
FTA enhances its quality scheme; earns ISO 22301 for Business Continuity Management
FTA, in a bid to align its operating systems and services with the highest international quality standards earned the ISO 22301 for Business Continuity Management for its Business Continuity and Crisis Recovery System. Earning ISO 22301 highlights FTA’s commitment to implementing tech driven systems that accelerate efficiency and ensure continuity in service provision.
 
Highlights of UAE’s participation at G20 summit in Indonesia
UAE participated in the G20 summit that took place in Bali, Indonesia from 15 - 16 November to strengthen its role within the G20 framework. Indonesia’s G20 Presidency built a plan titled “Recover Together….Recover Stronger” aimed at focusing on three priority issues global health architecture, digital transformation, and sustainable energy transition which are in complete alignment with the UAE’s Next 50 strategies and plans.
 
MoE elaborates on new cooperatives law’s role in boosting economic competitiveness
Federal Decree-Law No. 6 of 2022 on cooperatives was issued to encourage members of the community to establish cooperatives in new sectors and diversify their operations to include various kinds such as consumption cooperatives, production cooperatives, employees' and professionals' cooperatives, community cooperatives, service cooperatives (financial and health), digital cooperatives, platform cooperatives, and other cooperatives approved by the Cabinet. UAE Ministry of Economy is positive that development in the cooperatives sector will enhance contribution to the UAE’s GDP and accelerate economic competitiveness. UAE aims to increase the contribution of cooperatives to the non-oil GDP by 5 percent by the year 2031, as compared to the sector’s current contribution of less than 1 percent. Moreover the number aims to increase number of members contributing to cooperative unions to nearly 500,000 from the current 100,435.
 
Gulfood Manufacturing concluded in UAE; underlines recovery in the food production/ service sectors
Leading global event Gulfood Manufacturing concluded in UAE highlighting the recovery in the food production and food service sectors and helping improve food security across the UAE, MENA and beyond. During the three-day event, UAE’s position as a global food manufacturing hub was reiterated with discussions around the International Islamic Food Processing Association (IFPA) relocating its head office to Dubai. More than 2500 exhibitors participated at Gulfood Manufacturing to showcase latest food products and solutions.
 
10th Dubai Precious Metals Conference explores trade, tech, and regulation impact on the sector
Dubai Multi Commodities Centre (DMCC) announced the launch of the 10th edition of the Dubai Precious Metals Conference (DPMC) which is one of the highly anticipated events in the precious metals, gems, and jewellery sector. DPMC 2022 is set to explore how the gold and precious metals industry will navigate the impact of technology, geopolitics, international trade agreements and the increasing focus of ESG issues.
 
SCCI organises World Quality Forum
Sharjah Chamber of Commerce and Industry (SCCI) organised the World Quality Forum to celebrate World Quality Day. This event brought to the fore the Chamber’s culture of excellence, its focus on quality and its keenness to implement and adopt quality across departments to improve the efficiency of its services.