Month: September 2023

Mohammad Ali Rashed Lootah: “Strengthening our standing in the European market reflects a further significant milestone that will allow us to capitalise on the possibilities generated by the Dubai Economic Agenda and bring us nearer to achieving the objectives of the emirate’s five-year foreign trade plan.”
“Our new office in Milan is set to drive further growth in Dubai’s non-oil trade with Italy and other European countries, as well as greater strategic investments from businesses in both markets,” says a statement from the company.
“We are happy to see the establishment of a representative office for Dubai International Chamber in Milan,” said Naser Al Khaja. This underscores our shared objective of fostering links and economic prospects, as well as creating a network of trade and investment between two vibrant markets.

The Milan office will cultivate close ties with significant players in the public and private sectors and offer the Italian business community highly targeted help.
The opening of the new office is a component of the ‘Dubai Global’ strategy, which aims to draw new business, investment, and talent to the emirate while facilitating the expansion of Dubai-based enterprises into key worldwide markets.
In 2022, bilateral non-oil commerce between Dubai and Italy reached AED 33.7 billion, an increase of 7% from the previous year.
During the first seven months of 2023, 228 new Italian firms registered with the Dubai Chamber of Commerce, up 49% over the corresponding time in 2022. With the recent additions, there are now 1,758 member companies from Italy overall.

To promote commerce and investment between Dubai and Italy, the Dubai International Chamber, one of the three chambers functioning under the Dubai Chambers umbrella, opened a new representative office in Milan. Following the opening of its London office in June, the opening further expands the chamber’s footprint in Europe and brings the total number of its international representative offices up to 23 worldwide.

The opening of the new office is a component of the ‘Dubai Global’ initiative, which was unveiled by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai, and aims to create a networked system of 50 representative offices globally by 2030.

The project aims to facilitate the international expansion of Dubai-based businesses into 30 priority countries while strengthening Dubai’s status as one of the top commercial centres in the world by luring investments, talent, and new business to the emirate.

Naser Al Khaja, Charge d’affaires at the UAE Embassy in Italy, and Salem Al Shamsi, Vice President of Global Markets at Dubai Chambers, participated in the official inauguration ceremony for the Milan office in the presence of esteemed members of the Italian business community.

Strengthening our footprint in the European market constitutes another crucial step that will allow us to take advantage of the opportunities presented by the Dubai Economic Agenda and bring more businesses to the region to achieve objectives of emirates five year foreign trade plan, said Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers.

Our new office in Milan is expected to spur additional strategic investments from companies in both markets as well as further expansion in Dubai’s non-oil commerce with Italy and other European nations. I have faith that this strategic opening will further strengthen our already close bilateral ties.

“Over the years, the UAE has successfully built strong relationships with Italian companies and institutions,” said Naser Al Khaja, Charge d’affaires of the UAE Embassy in Italy. With the inauguration of the Dubai International Chamber’s representative office in Milan, we are happy to see how these collaborations have grown. This affirms our shared objective of fostering ties and business prospects between the two nations as well as creating a network of trade and investment between them.

In accordance with the UAE’s comprehensive vision and its balanced approach to economic and social development, he continued, “I think efforts such as these help in improving the distinguished connection between the UAE and Italy, drawing mutual investments, and establishing new partnerships and business projects throughout a variety of key knowledge- and innovation-driven sectors.

The Milan office, the ninth international representative office for the chamber to establish since the year’s beginning, will foster close ties with significant public and private sector players and provide a wide variety of assistance to the Italian business community.

The opening contributes to the objectives of the ‘Dubai Global’ initiative, which aims to draw foreign businesses, SMEs, investors, and international talent to Dubai by showing the emirate’s competitive advantages, sharing market intelligence, and enhancing engagement with important international stakeholders.

Dubai and Italy’s bilateral non-oil commerce reached AED 33.7 billion in 2022, an increase of 7% from the previous year. The number of Italian member businesses at Dubai Chamber of Commerce increased by 228 over the course of the first seven months of 2023, a 49% rise over the same period in 2022 and bringing the total to 1,758.

Machinery, precious stones and metals, aluminum, tobacco, auto parts, footwear, and leather goods are some of the major trade industries between the UAE and Italy. By seeing and seizing on fresh trade and investment opportunities in sectors including pharmaceuticals, agribusiness, the automotive industry, and consumer goods, Dubai International Chamber seeks to further strengthen the commercial links between the two nations.

Due to its advantageous location and top-notch logistical infrastructure, Dubai has become a top trading location for Italian businesses with international aspirations. The emirate provides easy access to more than 2.2 billion consumers and acts as a springboard for Italian companies to grow their presence throughout the Middle East and beyond. As part of its efforts to increase non-oil international trade to AED 2 trillion by 2026, in line with the challenging goals of the emirate’s five-year trade plan, Dubai International Chamber remains committed to enhancing bilateral trade and investment with Italy.

The objective of the MoU is to assist and advance businesswomen in the economic and investment sphere.

– It is Jadwa Investment’s first collaboration with a local businesswomen’s council.
A Memorandum of Understanding has been struck between the Abu Dhabi Businesswomen Council (ADBWC), a division of the Abu Dhabi Chamber of Commerce and Industry (ADCCI), and Jadwa Investment, a prominent investment management and advising firm in the MENA area. In order to encourage and empower businesswomen, foster the expansion of their enterprises, and increase their visibility in the economic and investment scene, the MoU seeks to discover opportunities for cooperative cooperation.

The MoU was signed at the Chamber’s Building, marking Jadwa Investment’s first collaboration with a businesswomen council in the area.

Along with other members of the Council and Jadwa Investment, the ceremony was attended by Her Excellency Marwa Al Mansouri, a board member of the Abu Dhabi Businesswomen Council, and Mohammed Al Aswad, the company’s head of international relations.

According to the conditions of the Memorandum of Understanding, the two organizations will collaborate to support female business owners and SMEs. Together, the Council and Jadwa Investment will put on events including forums, conferences, forums, workshops, seminars, lectures, and more to further their shared objectives. They will also showcase the services offered by each party, exchange experiences, consultations, and studies that are pertinent to their shared interests.

The Abu Dhabi Businesswomen Council is always eager to work with different organizations to empower businesswomen and assure the growth and prosperity of their projects and businesses, according to Her Excellency Marwa Al Mansouri, a board member of the organization. This is essential for promoting the Emirate of Abu Dhabi’s sustainable economic growth and elevating women’s status as force-multipliers for change, innovation, and the UAE’s future.

“The Council’s cooperation with Jadwa Investment, one of the biggest investment management and investment services firms in the MENA region, is a unique chance to empower women in all areas of finance, business, trade, investment, and all business sectors,” Her Excellency continued.

In the MENA region, Jadwa Investment is a pioneering business in the fields of investment management and investment advice services. It offers a variety of investment alternatives to its clients that are in line with the rules and guidelines of Islamic Sharia.

Meat, grains, and dairy items all saw declines, but sugar slightly increased.
According to the UN’s Food and Agriculture Organization, global food prices dropped in August as vegetable oil prices fell in response to declining import demand globally and an abundance of offers from significant producers. However, rice prices increased.

According to the UN organization, the FAO Food Price Index, which measures the monthly change in the international prices of a variety of food commodities, average 121.4 points in August, down 2.1% from July and up to 24% from its top in March 2022.

In contrast, the FAO’s rice index increased 9.8% on a monthly basis to reach a nominal high not seen in 15 years. According to FAO, this was caused by “trade disruptions following India, the world’s largest rice exporter, banning Indica white rice exports.”

“Uncertainty about the ban’s duration as well as worries over limitations on exports caused supply-chain actors to hold-on to stocks, renegotiate contracts, or cease submitting price offers, thus restricting most trade to small volumes and previously concluded sales,” it stated.

As the price of vegetable oils surged, the total index increased from a two-year low in May to 123.9 in July.

“The decrease [in August] was driven by falling price indices for dairy goods, vegetable oils, meat, and cereals, while the sugar price index increased moderately.

The vegetable oil price index fell by 3.1%, reversing a significant 12.1% increase in July that was primarily driven by an 8% reduction in the price of sunflower oil.

While soy oil prices declined as soy bean harvest conditions in the US improved, palm oil prices only slightly decreased despite leading South-East Asian producers’ seasonally higher output.

As double-digit food inflation affects poorer households and worsens food insecurity over time, it will have a negative impact on the expansion of Mena economies this year, according to a World Bank analysis published in April.

The analysis, which looked at the effects of rising food costs on the region, predicted that nearly eight million children under the age of five will go hungry this year and that one in five people living in developing nations in the Mena region will experience food insecurity.
August saw a 0.7% decrease in cereal prices from July as both the price of wheat and coarse grains fell globally by 3.8% and 3.4% respectively.

Prices for both sorghum and maize dropped for the seventh consecutive month, reaching their lowest level since September 2020. Prices for barley somewhat increased.

The dairy price index was down 4% from July, marking the eighth consecutive month of declines, and up to 22.4% below levels recorded during the same period in 2022.

Skimmed milk powder costs touched their lowest point since mid-2020, while prices for other dairy products fell internationally. Whole milk powder prices fell the greatest. Prices for cheese and butter both decreased.

Meanwhile, rising worries about how the El Nino weather phenomena could affect prospects for global output drove the sugar price index up 1.3% month over month and as high as 34.1% from a year earlier. The price of all forms of meat decreased, with the meat price index falling by 3% from July and by 5.4% from the same month last year.

The largest overseas market and worldwide production hub for a tech company is China.
As China prepares to extend its ban on the use of iPhones to state-owned businesses and organizations with the support of the government, Apple shares dropped by roughly 3% on Thursday, wiping out $190 billion in market value in only two days.

The Cupertino, California-based company’s shares experienced their worst two-day decline in a month, falling 6.4%.

The largest component of the main US market indices is Apple, which has contributed to a wider sell-off that was partly spurred by a long list of problems in China.

The second-largest economy in the world has been in decline due to a lengthy real estate market crisis, which is endangering the demand for anything from commodities to consumer goods.

On Wednesday, it was revealed that employees of central government agencies had been instructed not to use their iPhones while at work or to bring them into the workplace.

The next day, it was revealed that Beijing intended to extend the ban on the use of iPhones in sensitive sections of state-owned businesses and government-backed agencies, a sign of mounting difficulties for Apple in its biggest foreign market and base of operations worldwide.

Beijing also plans to apply that limitation far more extensively to a large number of state-owned companies and other government-controlled organizations, according to people with knowledge of the situation.

Apple’s problems are made worse by rising US Treasury yields as bonds decline due to concerns that the US Federal Reserve would need to intensify its fight against inflation given how strong the US economy is.

The news is having a significant impact on the markets, and investors are dumping everything from semiconductors to US-listed Chinese equities to mega-cap technologies.

As one poor Apple ruins a number of mega-cap tech firms, the Nasdaq is falling, according to Edward Moya, senior market analyst at Oanda.

Apple’s development story is highly dependent on China, and if the crackdown in Beijing worsens, that might be problematic for the many other mega-cap tech businesses that also depend on China.

The timing of the proposed ban, according to Bank of America analyst Wamsi Mohan, is “interesting” given the recent release of Huawei Technologies’ premium 5G smartphone.

With Huawei’s Mate 60 Pro being powered by 7nm chips from Semiconductor Manufacturing International, the new device’s disassembly reveals that Beijing appears to be making early strides in a national push to sidestep US efforts to curb its rise.
If Beijing implements a ban, several additional US technology businesses that rely on Chinese sales and production may be impacted by the unprecedented blockade.

On Thursday, Apple suppliers traded lower on all continents as numerous sources corroborated China’s most recent moves.

The impact of a “iPhone ban is way overblown,” in the opinion of bullish analysts like Daniel Ives of Wedbush Securities, because it would only apply to fewer than 500,000 of the 45 million iPhones he projects will be sold in the nation during the following 12 months.

“Despite the loud noise, Apple has seen massive share gains in the China smartphone market,” Mr. Ives, who has an overweight rating on the stock

According to Amit Daryanani of Evercore ISI, Apple is unlikely to experience a major financial effect as a result of China’s restrictions.

Since most iPhones are made in the country, where most government officials work, it would be difficult for the country to take more serious action against Apple without impacting jobs there.