UAE economy to expand 5.4pc this year
Gulf: The UAE economy is flourishing again and is set to expand by an annual 5.4 percent this year, driven by the country’s success in containing the health and economic impacts of the coronavirus pandemic, the latest figures from the Central Bank of the UAE reveal.
The 2022 real gross domestic product growth estimate is higher than the 4.2 percent projection the CBUAE made in April, the banking regulator said in its 2021 annual report released on Monday.
The Arab world’s second-largest economy, which expanded 3.8 percent in 2021, is expected to grow another 4.2 percent in 2023 as growth momentum continues.
The country’s non-oil economy will expand by 4.3 percent this year after growing 5.3 percent last year. The growth is estimated to moderate to 3.9 percent next year, according to central bank data.
UAE and Japan explore strengthening economic, industrial and energy co-operation
The UAE and Japan are exploring ways to strengthen economic, energy and industrial co-operation in a bid to drive low-carbon growth opportunities, including studying the development of a hydrogen supply chain between the two countries.
Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, Special Envoy for Climate Change, and Abu Dhabi National Oil Company (Adnoc) managing director and group chief executive met senior Japanese government and business leaders during a three-day working visit to the country.
Dr Al Jaber met leading officials including Hagiuda Koichi, Minister of Economy, Trade and Industry; Tsuyoshi Yamaguchi, Minister of Environment; and Odawara Kiyoshi, State Minister of Foreign Affairs, the state-run Wam news agency reported on Tuesday.
Discussions focused on economic and industrial development, energy supply, hydrogen and climate action.
Dr Al Jaber reviewed continuing joint initiatives between the UAE and Japan in hydrogen and low-carbon blue ammonia and highlighted the two countries’ aim to use new commercially feasible technology to reduce carbon emissions.
“We are keen to bolster bilateral ties and further strengthen our relationship across multiple sectors, through public and private partnerships that will deliver mutually beneficial growth opportunities and create increased prosperity for both our peoples,” Dr Al Jaber said.
How the UAE went from boycotting Israel to investing billions in its economy
There was a time in the United Arab Emirates when the depiction of the Star of David on a t-shirt sold in local markets could prompt investigations by officials charged with policing the country’s boycott of Israel.
But much has changed since then. Nearly two years ago, the UAE formally ended its near-half-century boycott, and on Tuesday, it became the first Arab country to sign a free trade agreement with the Jewish state. The pact was described by UAE trade minister Thani Al Zeyoudi as “a new chapter in the history of the Middle East.”
If trade is a barometer of how serious the UAE is about its nascent partnership with Israel, then the numbers speak for themselves. The agreement would lift trade between the two nations to more than $10 billion within five years, from what Israel’s Central Bureau of Statistics says was about $1.2 billion last year.
Dubai SME launches ‘concept +’ business incubator
The Mohammed bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME), one of the agencies of the Department of Economy and Tourism (DET) in Dubai, has announced the launch of ‘Concept +,’ a new business incubator focusing on digital technology and supporting young people to develop their creative ideas into successful projects.
From attracting innovative ideas in emerging technologies and sectors to incubating them into commercially viable projects and guiding them through early-stage challenges, Concept + will provide a full range of support, including feasibility studies, legal and development consultancy, training and employment, co-working spaces, as well as access to investors, service providers, and partners, till the project attains the maturity to sustain growth.
The latest addition to the Dubai Business Incubator Network (DBIN) of business incubators and accelerators certified by Dubai SME, Concept + seeks to encourage young entrepreneurs unleash their creativity and reach their full potential. Tenants in the incubator will also receive marketing consultancy and support, including specialised spaces within the incubator to test-market products, and access to online as well as physical stores.
Qatar and India trade to diversify and witness exponential growth
Trade exchange between Qatar and India which stood at $15.3bn in the 2021-2022 financial year, will witness further exponential growth in the coming years with a renewed focus in diversified trading, India’s Vice-President H E Venkaiah Naidu said.
Addressing the India-Qatar Business Forum held on the occasion of his official visit to Qatar along with a high-profile Indian business delegation, Naidu said bilateral trade between both countries is currently dominated by the energy sector.
“Bilateral trade between India and Qatar has seen remarkable progress. Currently trade is dominated by energy, and our focus now is to expand in diversified trading.
Also, we’re seeing an increase in registered Indian businesses in Qatar, with over 15,000 businesses operating in the country. Over 100 Indian businesses are registered with the Qatar Financial Centre (QFC), and two companies at the Qatar Free Zones,” the Indian Vice-President said.
Economy on the upswing: Bahrain
The World Bank has raised its forecast for Bahrain’s economic growth this year to 3.5 percent, even as it sharply downgraded global growth prospects.
The institution’s latest growth projection for the kingdom, revealed yesterday in the June 2022 edition of its flagship Global Economic Prospects report, represents an upward revision of 0.3 percentage point from the January forecast (3.2 percent), mainly due to higher oil prices and improved prospects among the GCC economies.