WEEKLY BUSINESS ROUNDUP - 7th May 2023 – 13th May 2023

Global oil industry requires US$ 12.1 trillion in investments up to 2045

As per OPEC’s World Oil Outlook 2022, global energy demand is expected to surge by 23% by 2045. The oil industry alone will constitute 29% of the world’s energy needs by 2045 and require global investments to the tune of US$12.1 trillion between 2023 and 2045 – equating to more than $500 billion each year.

 

UAE dominates global rankings in 5 indexes

UAE has led in global indexes related to the realm of the Ministry of Energy and Infrastructure (MoEI). The country took the top spot in five indicators - Access to Electricity, Satisfaction with the Roads and Highways System, Energy Infrastructure, City Management, Access to Clean Fuels and Technologies for Cooking. These rankings are a strong indicator of UAE’s robust global positioning in the energy, infrastructure, transport, and housing sectors.

 

CBUAE: Number of registered employees on UAEWPS increased to 5.2 million in 2022

As per the 2022 Annual Report issued by the Central Bank of UAE the average number of registered employees on the UAE Wages Protection System (UAEWPS) increased to 5.2 million in 2022 from 4.2 million in 2021. Additionally, the total number of salaries increased from AED 46.4 million to AED 55.5 million, and there was also an increase in the value of salaries paid, amounting to AED 249.0 billion compared with AED 212.0 billion in 2021.

 

UAE leads with pragmatic approach to de-carbonization

UAE is focused on accelerating industrial decarbonisation and supporting net zero by 2050 targets leveraging technology. The Technology Transformation Program (TTP) launched by MoIAT aims to drive technological transformation within the industrial sector while the Industrial Technology Transformation Index (ITTI) was created to encourage companies to pursue digital transformation and seek green solutions by coupling it with in-country value program and financing solutions.

 

MoF issues decision on transfer documentation for corporate tax purposes

UAE’s Ministry of Finance issued the Ministerial Decision No (97) of 2023 on the Requirements for Maintaining Transfer Pricing Documentation which aims to promote transparency and fairness in the UAE's tax system. The transfer pricing documentation requirements help promote transparency in the UAE's tax system by providing clear guidance on navigating compliance requirements reinforcing the UAE's commitment to fostering an environment that encourages economic growth. 

 

FTA initiates Corporate Tax registration for Public Joint Stock Companies and Private Companies

As per Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses (“Corporate Tax Law”), which stipulates that Taxable Persons will be subject to Corporate Tax from the beginning of their first financial year that starts on or after 1st June 2023, Taxable Persons must register and obtain a Tax Registration Number for Corporate Tax purposes. The Federal Tax Authority (FTA) launched registration for Corporate Tax through the EmaraTax digital tax services platform for Public Joint Stock Companies and Private Companies starting from 15th May 2023. Corporate Tax registration for other categories of Taxable Persons will open at a future date.

 

232 international events set to take place at Dubai World Trade Centre

Reports reveal Dubai hosted 4.67 million visitors in Q1 2023 marking 17% increase from 3.97 million in Q1 2022. A leading regional events centre in the UAE, the Dubai World Trade Centre (DWTC) expects to host 232 major international events over the next few years. 

 

Deadline for disclosing insurance companies quarterly financial statements moved to June 2023

The Securities and Commodities Authority announced an extension of the deadline for disclosing the reviewed interim financial statements for Q1 2023 for listed insurance companies. The new deadline is 15th June 2023.

 

Ajman keen to collaborate with leading Chinese companies dealing with tech and clean energy

Ajman Chamber of Commerce and Industries (ACCI) highlighted its interest to provide key facilities available to Chinese companies looking to invest in Ajman and expand their footprint. The emirate is keen to enhance trade and investment with Chinese companies especially those dealing in areas of technology, clean and alternative energy, and waste-to-energy applications.

 

By end of Q1 2023 17,868 active licenses issued in Ras al Khaimah

As per reports, Ras Al Khaimah Department of Economic Development issued 17,868 active licenses by the end of Q1-2023 marking 2.1 % growth from 17,506 licenses issued during the same period in 2022.