RIYADH: Inflation in the UAE is forecasted to fall to 3.2 percent by the end of 2023, down from 4.8 percent last year, on price stabilization and the receding impacts of imported inflation globally, according to the minister for financial affairs.
Mohamed Hadi Al Hussaini said in a meeting held on the sidelines of the 2023 Spring Meetings of the World Bank Group and the International Monetary Fund that the UAE’s economic forecasts remain positive, with a growth of 3.9 percent projected by the end of this year.
Al Hussaini also noted that many countries in the region remain vulnerable to elevated global uncertainties, while rents and salaries are likely to contribute to this trend locally.
This is highlighted in the IMF Background Note, underpinning the need for regional collaboration efforts and collaboration with the Fund.
Dubai customs transactions reach 7 million in first quarter
Dubai witnessed a record of 7 million customs transactions in the first quarter of this year as the emirate aims to double its economy over the next decade and establish its position as one of the world's top three economic cities, as part of Dubai Economic Agenda D33.
Dubai Customs has stepped up its efforts to prevent counterfeit goods and safeguard intellectual property rights. The government department processed 112 cases of intellectual property issues in the first quarter of 2023, including 9.6 million counterfeit items worth 28.85 million dirhams ($7.85 million).
Furthermore, the government department proceeded to organize counterfeit products recycling activities, completing 24 recycling processes involving 43.78 thousand counterfeit items.
New platform to Enhance governance quality
Dubai also announced the launch of the Hub Nub application which is a new government communications mechanism that aims to facilitate instant, reliable, and effective communication between government leaders and decision-makers.
The new platform, established by Dubai Digital, was announced by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, crown prince of Dubai, which represents a paradigm change in government communications, and meets the requirement for quick decisions to improve governance quality, the Emirate News Agency WAM reported.
Hub Nub offers a variety of features, such as instant messaging, voice communications, video and audio conversations, and the ability to share photographs, documents, websites, and other material.
It is created in response to the government’s changing strategic imperatives in a rapidly evolving urban environment, as part of the Dubai government's efforts to shape its future and achieve goals outlined under the Dubai Economic Agenda.
G42 and Mubadala launch M42
On the technological front, Abu Dhabi-based AI technology holding group G42, and UAE’s state-owned investment company Mubadala announced the establishment of M42, which is a tech-enabled, integrated healthcare company.
M42 blends G42 Healthcare's medical and data-centric technology with Mubadala Health's facilities to give the most individualized, precise, and preventive care possible.
It is also expected to change the way treatment is given by bridging the gap between the most recent health tech developments and the clinical outcomes patients experience.
M42 will explore the opportunity for global expansion and collaborations with pharmaceutical, healthcare, and health tech leaders to offer high-quality treatment to global communities
Trade exchanges between the UAE and Kuwait to rise
The arrival of an Abu Dhabi Ports group container freight ship at Al Shuwaikh Port in Kuwait, also known as Al Barayed, has set the stage for further Kuwaiti-UAE economic exchanges, according to Issal Al-Mulla, Acting Director General of Kuwait Ports Authority.
Al Mulla stated that the event marked the beginning of a direct maritime navigational route between Khalifa Port and Al-Shuwaikh Port, Kuwait News Agency reported.
Ammar Al Shaiba, the acting CEO of the Abu Dhabi Group's marine sector, told KUNA that the opening of the route with Al Shuwaikh Port and Al Suiba Harbor will help to increase trade exchanges, logistical operations, and shipping between the UAE and Kuwait.