WEEKLY BUSINESS ROUNDUP - 8th October 2024 – 14th October 2024

UAE and Malaysia conclude CEPA trade deal; set to boost USD 4.9 bn trade partnership

The UAE and Malaysia concluded Comprehensive Economic Partnership Agreement (CEPA) talks seeking to eliminate or lower tariffs, reduce barriers to trade, promote private-sector collaboration and establish new pathways for investment. The two countries focus on strengthening economic ties and bolstering their USD 4.9bn non-oil trade relations. Further it is reported, UAE is the destination for 40% of Malaysia’s merchandise exports to the Arab world.

 

UAE likely to exceed renewable energy capacity ambitions for 2030

The International Energy Agency (IEA) revealed the UAE is expected to exceed its renewable energy capacity ambitions for 2030. It is reported that MENA countries’ combined ambition is to reach 201 GW of renewable capacity by 2030 and Saudi Arabia, Egypt and Algeria are responsible for approximately 60% of the region’s total ambition. Solar PV capacity in the Middle East and North Africa is expected to grow 84 GW by 2030, with more than 50% coming from Saudi Arabia and the UAE.

 

‘Plant the Emirates’ Program launched in the UAE to strengthen food security and organic produce

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE, and Ruler of Dubai launched the “Plant the Emirates” national programme to advance agricultural development and boost sustainable national food security in the UAE. The program also sets to build new partnerships with the private sector and expand green spaces in the UAE.

 

UAE approves AI policy

The UAE Cabinet has approved the country’s official stance on artificial intelligence (AI) policy internationally. The policy is set to strengthen the UAE’s global leadership in AI ensuring technological advancements drive improvement within society and bolster the utilisation of AI aligned with ethical, social, and environmental priorities. 

 

CBUAE’s National Summit on Financial Crime Compliance concludes in Abu Dhabi

The National Summit on Financial Crime Compliance saw around 45 high-level local and international experts and decision-makers from regulatory bodies and law enforcement authorities addressing vital topics in financial crime compliance and Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT). The Central Bank revealed they are in the process of launching the first-of-its-kind Supervisory Technology (SupTech) initiative in the region to enable early detection and the extent of exposure to money laundering operations, based on data assessment processes. 

 

UAE approves AED 71.5 billion federal budget for 2025, largest in history

Highlighting the strength of the UAE economy, the UAE Cabinet approved the largest federal budget in the country’s history for 2025 – AED 71.5 billion. The federal budget for 2024 was AED 64.06 billion - almost 1.6% more than the budget for 2023 (AED 63.066 billion). It is estimated most of the UAE's budget for 2025 would go to social development and pensions (39%) and government affairs (35.7%).

 

WTO: UAE plays ‘incredible role in world trade’

World Trade Organisation (WTO) affirms UAE investments in wide range of sectors will have major impact on economy amid signs of trade growth. UAE investments in diverse sectors like AI, digital services, sustainable development, and the green economy will be transformative in shaping the country’s future. The country’s strategic approach would enable it to leverage opportunities in the global trade system. 

 

Dubai aims to go cashless; digital payments offer USD 2.2bn boost

The Dubai Cashless Strategy aims for cashless transactions to account for 90% of all transactions by 2026, potentially boosting economic growth by over AED8bn (USD 2.2bn) annually through fintech innovation.

 

Abu Dhabi real estate sector sales forecast to hit USD 23.7bn in 2024

The Abu Dhabi Real Estate Centre revealed a strategic roadmap to increase Foreign Direct Investments (FDI), attract global investors and bolster investor confidence in the emirate’s real estate sector. Rental index and digital transformation are key to enhance the sector’s attractiveness and future GDP contribution The total value of real estate transactions in Abu Dhabi is expected to reach AED87bn (USD23.7bn) by the end of 2024. 

 

Abu Dhabi - richest city for sovereign wealth funds with USD 1.7tn in assets

As per Global SWF reports, Abu Dhabi has been named the world’s richest city in terms of sovereign wealth funds. The emirate boasts of USD1.7tn in assets managed by various SWFs headquartered in the city. Abu Dhabi now ranks above Oslo - which was home to the world’s largest SWF, the Government Pension Fund (GPF), managing more than USD 1.6tn in assets.