UAE Weekly Business News 01/05/23

Gateway Group's UAE Weekly Business News. Abu Dhabi and Dubai trade, investment and economy headlines.

Welcome to Gateway Group's weekly collection of business highlights from Abu Dhabi and Dubai. It's the ideal way of staying informed about crucial UAE business news, conveniently in one place.

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UAE Weekly Business News, Issue 134. 1st May 2023.

UAE free zones news headlines

• Abu Dhabi Airports Free Zone reports two-fold increase in leased-out spaces, properties (WAM 25/04/2023)

UAE employment, visa and Emiratisation news

• UAE’s marking of International Workers’ Day embodies culture of respect for all workers (WAM 30/04/2023)

• UAE banks to employ 5,000 Emiratis by 2026 (Khaleej Times 28/04/2023)

• Private sector given June 30 as deadline for half-yearly Emiratisation targets (WAM 26/04/2023)

UAE business and economy news

• Abu Dhabi targets 24 million visitors by 2023 (WAM 01/05/2023)

• AD Ports Group announces purchase of vessels following strategic agreements (WAM 01/05/2023)

• Getting ahead will be handy before UAE corporate tax sets in (The National 01/05/2023)

• UAE Government launches 'Generative AI' guide to facilitate adoption of AI technology (WAM 30/04/2023)

• RTA awards contract for constructing internal roads in Al Qusais Industrial Areas (Government of Dubai Media Office 30/04/2023)

• UAE leads GCC markets with $3.2b IPO proceeds in first quarter (The National 30/04/2023)

• Federal Tax Authority board reviews corporate tax implementation progress (The National 30/04/2023)

• UAE launches guide on adopting AI technology in key sectors (The National 30/04/2023)

• DET to showcase Dubai’s diverse sustainability platforms at Arabian Travel Market

• UAE President meets Mohammed bin Rashid at Al Marmoom in Dubai (WAM 29/04/2023)

• AI research and development central to UAE’s economic diversification, sustainable growth and global competitiveness strategy - COP28 President-Designate (WAM 29/04/2023)

• COP28 UAE Higher Committee reviews strategic priorities and progress on upcoming milestones (WAM 29/04/2023)

• Sultan AlNeyadi makes history as the first Arab astronaut to complete a spacewalk on the ISS (WAM 29/04/2023)

• Dubai registered record 11,597 real estate sales last month (WAM 28/04/2023)

• ADIHEX announces guidelines for buying, selling knives, bows and arrows (WAM 28/04/2023)

• Mohammed bin Rashid appoints Maktoum bin Mohammed as First Deputy Ruler of Dubai and Ahmed bin Mohammed as Second Deputy Ruler of Dubai (WAM 28/04/2023)

• UAE to host WTO Parliamentary Conference next year (WAM 28/04/2023)

• UAE Banks Federation approves 2023 strategy for banking sector development (WAM 28/04/2023)

• MoF issues decisions on permanent establishment for non-resident person and maintaining audited financial statements (WAM 28/04/2023)

• KEZAD Group, Al Ghurair Foods sign lease agreements for over AED1b mega projects (WAM 28/04/2023)

• Dubai records over AED10.8b in weeklong real estate transactions (WAM 28/04/2023)

• MENA region’s first sustainable electric aircraft manufacturing facility to launch in Abu Dhabi (WAM 28/04/2023)

• UAE non-residents given clarity over corporate tax rules (The National 28/04/2023)

• Al Ansari IPO shows how equity markets can support family businesses (The National 28/04/2023)

• Bookings and travel demand on the rise in Dubai (The National 28/04/2023)

• Dubai university takes action after students use ChatGPT (The National 28/04/2023)

• UAE-India flights: Etihad plans to connect to six more destinations in country (Khaleej Times 28/04/2023)

• Banking sector driving UAE financial markets following positive earnings announcements (WAM 27/04/2023)

• Ministry of Climate Change and Environment unveils results of Second UAE ‘National Air Pollutant Inventory Study (WAM 27/04/2023)

• Dubai next global hedge fund hub (WAM 27/04/2023)

• Annual Investment Meeting 2023 highlights opportunities to stimulate FDI flows (WAM 27/04/2023)

• Abu Dhabi International Airport welcomes first SF Express flight (WAM 27/04/2023)

• QCC granted 5,303 conformity certificates, registered 84 products, and issued 35 Trust Mark licences (WAM 27/04/2023)

• CABSAT 2023 to showcase innovative technologies in production and broadcast sector with major players (WAM 27/04/2023)

• Hamed Al Zaabi highlights UAE's strong progress in combatting money laundering, terrorist financing (WAM 27/04/2023)

• Mansour bin Zayed issues decision to approve 71 farm-based economic activities (WAM 27/04/2023)

• Dubai’s international higher education institutions register annual enrolement growth of 8% (WAM 27/04/2023)

• Dubai Central Laboratory is reference lab for food product validity assessment studies for Marks & Spencer in Dubai (WAM 27/04/2023)

• Middle East airports pushing sustainability and innovation agenda (WAM 27/04/2023)

• UAE to host the 2023 ACFE Fraud Conference Middle East (WAM 27/04/2023)

• NYU Abu Dhabi researchers develop first-ever ingestible electroceutical device to control appetite (WAM 27/04/2023)

• 80% growth in corporate contracts authenticated before notary public: ADJD (WAM 27/04/2023)

• Mubadala seeks infrastructure and property deals in global push (The National 27/04/2023)

• UAE tech companies among fastest-growing in Middle East (The National 27/04/2023)

• Heavy fines helping to combat money laundering in UAE (The National 27/04/2023)

• Dubai: Fear of eviction, rising rents push residents to buy properties (Khaleej Times 27/04/2023)

• Dubai property: British, Indian, and Russian buyers lead real estate market; Pakistanis slip out of top 10 (Khaleej Times 27/04/2023)

• UAE flights: Emirates to ramp up China operations after it opens for international travel (Khaleej Times 27/04/2023)

• Integrate Middle East to discuss impact of the latest technologies on the education and training sector (WAM 26/04/2023)

• Dubai Customs dealt with 112 cases of 10 million counterfeit goods worth AED29m in Q1 2023 (WAM 26/04/2023)

• MoEI backs UAE Maritime Week to build a skilled workforce for a strong maritime economy (WAM 26/04/2023)

• Xlinks’ first-of-a-kind renewable energy project secures backing from TAQA and Octopus Energy (WAM 26/04/2023)

• EGA, RECAPP by Veolia to boost aluminium recycling in UAE schools and universities (WAM 26/04/2023)

• Borouge 2 plant turnaround project successfully completed (WAM 26/04/2023)

• UAE launches Domestic Dirhams Islamic Treasury Sukuk with size of AED1.1b (WAM 26/04/2023)

• Mohammed bin Rashid visits MBRSC, announces Rashid 2 new Emirati lunar mission (WAM 26/04/2023)

• Crisis and Emergency Management Summit 2023 to discuss current issues, future mitigation mechanisms (WAM 26/04/2023)

• Dubai developer to build $82m cruise ship-style residence (The National 26/04/2023)

• UAE homebuyers opt for fixed-rate mortgages to offset rising costs (The National 26/04/2023)

• India-UAE travels: Air India adds more flights to Dubai from Delhi, Mumbai (Khaleej Times 26/04/2023)

• UAE plays key role in creating investment opportunities: Minister of Economy (WAM 25/04/2023)

• ADDED, Wio Bank to support growth of SMEs (WAM 25/04/2023)

• ADNOC L&S helps deliver energy to the world (WAM 25/04/2023)

• DEWA, RTA to enhance transition towards green economy Ministry of Education announces UAE's Green Education Partnership Roadmap in preparation for COP28 (WAM 25/04/2023)

• Dubai Endowment, DLD launch innovative endowment initiative for real estate developers

• Dubai Metro's success goes beyond passenger numbers (WAM 25/04/2023)

• Developers urged to dedicate one unit from properties to support good causes (The National 25/04/2023)

• Industry Development Council discusses Make it in the Emirates incentives (The National 25/04/2023)

• UAE, GCC IPO pipeline to remain robust in the near future: study (Khaleej Times 25/04/2023)

• Minister of Economy emphasises need to create investment opportunities in new economy (WAM 24/04/2023)

• EWEC leading energy sector decarbonisation efforts and driving towards net zero (WAM 24/04/2023)

• Emirates to expand global network with launch of services to Montréal in July (WAM 24/04/2023)

• Fitch upgrades United Arab Bank's VR to 'b+' and affirms IDR at 'BBB+’, outlook stable (WAM 24/04/2023)

• Arabian Travel Market's 30th edition focuses on technology with 54.7% more sector participation (WAM 24/04/2023)

• Barakah Nuclear Energy Plant’s Unit 2 back online to provide continuous clean electricity (WAM 24/04/2023)

• Dubai Customs continues goods clearance services 24/7, 365 days a year (WAM 24/04/2023)

• A significant week for the UAE in space (WAM 24/04/2023)

• UAE among top 12 in World Bank's Logistics Performance Index 2023 (The National 24/04/2023)

UAE Mergers & Acquisitions news

• Amanat Holdings completes acquisition of majority stake in Sukoon (WAM 26/04/2023)

• Multiply Group signs binding commitment to acquire 55% stake in Media 247 (WAM 25/04/2023)

• Maqta Gateway acquires TTEK Inc. to serve international markets with single window solution (WAM 24/04/2023)

UAE Financial Results

• National Marine Dredging Group achieves 366% growth in net profit in Q1 2023 to AED303m (WAM 28/04/2023)

• Al Tayer receives Deputy Prime Minister of Turkmenistan (WAM 28/04/2023)

• Dubai Financial Market announces 30% upsurge in Q1 2023 net profit to AED35.6m (WAM 28/04/2023)

• Borouge posts first-quarter revenue of $1.38b (The National 28/04/2023)

• Mashreq reports net profit of AED1.6b with a 96% increase in operating profits for Q1 2023 (WAM 27/04/2023)

• Emirates Islamic reports record net profit of AED601m for Q1 2023 (WAM 27/04/2023)

• FAB reports net profit of AED3.9b in Q1 2023 (WAM 27/04/2023)

• Emirates NBD's Q1 2023 profit doubled to a record AED6b (WAM 27/04/2023)

• DP World reports gross volume growth of 3.7% on like-for-like in Q1 2023 (WAM 27/04/2023)

• RAKBANK's net profit rises by 105% to AED450m in Q1 2023 (WAM 26/04/2023)

• National Bank of Fujairah's net profit surges 151.8% to AED152m in Q1 2023 (WAM 26/04/2023)

• ADIB's Q1 2023 net profit grew by 54% YoY to AED1.1b (WAM 26/04/2023)

UAE bilateral trade news

• Minister of Economy discusses enhancing cooperation with Moroccan officials (WAM 30/04/2023)

• UAE participates in Joint Annual Meeting of Arab Financial Institutions (WAM 30/04/2023)

• Dubai Press Club receives delegation of media students from Damascus University (WAM 30/04/2023)

• Dubai International Chamber concludes trade mission to London's Retail Technology Show (WAM 30/04/2023)

• UAE participates in second Tashkent International Investment Forum in Uzbekistan (WAM 29/04/2023)

• IsDB,Uzbekistan sign US$396.7m financing agreements to boost infrastructure, rural development, education (WAM 28/04/2023)

• UAE President sends written letter to President of Central African Republic which included an invitation to COP28 (WAM 28/04/2023)

• UAE President sends written letter to Senegalese President and invitation to COP28 (WAM 28/04/2023)

• UAE's larger space missions are on track (WAM 28/04/2023)

• ADNOC L&S expands its global operations at Philippines LNG Import Terminal (WAM 27/04/2023)

• UAE and Cambodia conclude Comprehensive Economic Partnership Agreement (WAM 27/04/2023)

• AD Ports Group, Congo discuss future cooperation (WAM 27/04/2023)

• UAE President extends personal COP28 invite to President of Argentina (WAM 27/04/2023)

• ADSB to participate at upcoming IMDEX 2023 in Singapore (WAM 26/04/2023)

• DEWA, Canada’s Xanadu discuss cooperation in quantum computing (WAM 26/04/2023)

• Abu Dhabi’s Taqa invests $31m in British start-up Xlinks First (The National 26/04/2023)

• UAE, EU discuss boosting bilateral ties (WAM 25/04/2023)

• Over 200 Chinese business leaders attend DMCC's China Business Day (WAM 25/04/2023)

• UAEU establishes research collaboration with 140 Japanese universities, academic institutions (WAM 25/04/2023)

• Judicial Department in Abu Dhabi receives French Judicial School Delegation (WAM 24/04/2023)

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Written by Jenny Hunt

Founder, Gateway Group, Abu Dhabi & Dubai, United Arab Emirates

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