UAE healthcare spending jumps to 5.67 pct of the country’s GDP
Total healthcare spend in the Middle East and Africa is growing at a higher rate – 42 percent – to $279 billion, due to lack of awareness on health issues, obesity and sedentary lifestyle.
Greater public awareness on health issues, common diseases and change in lifestyle habits could help reduce the overall global healthcare spend that last year reached $10.06 trillion and growing at a rate of 30 percent worldwide. This is about a tenth of the global gross domestic product (GDP) that last year reached $101.6 trillion.Healthcare spending in the UAE jumped 5.67 percent of the country’s GDP in 2020, up from 4.3 percent in 2019, according to World Bank. Healthcare spending by UAE residents is set to grow by nearly one-third in the coming years due to a rise in the ageing population and more people suffering from lifestyle diseases, according to Alpen Capital’s latest report on GCC healthcare, which shows the per capita healthcare spending in the UAE stood at $1,992.1 (Dh7,300) in 2020, the second highest in the GCC.
UAE: FTA launches corporate tax public awareness campaign
The Federal Tax Authority (FTA) has announced the launch of a public awareness campaign to help taxpayers understand and meet their obligations under the Corporate Tax Law.
This is part of FTA’s efforts to ensure a smooth implementation of Federal Decree-Law No.47 of 2022 on the Taxation of Corporations and Businesses (the “Corporate Tax Law”) which applies to financial years beginning on or after 1 June 2023.
The campaign builds on the Corporate Tax Public Awareness Program ran by the UAE Ministry of Finance between December 2022 and June 2023 with several awareness sessions and panel discussions focused on giving an overview of the Corporate Tax Law upon its issuing as well as clarifying the key features of the relating cabinet and ministerial decisions and their impact on businesses and corporations.
The FTA public awareness campaign includes a range of activities, with a series of physical and virtual awareness workshops to be held across the UAE and online starting from 12 July 2023 to maximise awareness and reach as many taxpayers as possible. The workshops reflect FTA’s key role as the competent authority responsible for the administration, collection, and enforcement of federal taxes.
Updated energy plan and hydrogen strategy affirm UAE’S commitment to sustainable economy
The updated version of the UAE Energy Strategy 2050 and the development of the National Hydrogen Strategy will boost the Emirates’ commitment towards achieving sustainable economic and social development, said Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and Cop28 President-designate.
The initiatives aim to strengthen the UAE’s climate action efforts, reduce emissions and mitigate the repercussions of climate change, state news agency Wam quoted Dr Al Jaber as saying on Tuesday.
“Over the last decade, the UAE has increased renewable energy capacity more than any other country in the world, and by 2030 aims to more than triple this capacity again to reach a total of 14.2 gigawatts,” said Dr Al Jaber, who is also managing director and group chief executive of Adnoc and chairman of Masdar.
Schengen visa exemption in focus: Kuwait foreign minister’s talks in Italy cover multiple topics
Kuwaiti Minister of Foreign Affairs Sheikh Salem Abdullah Al-Jaber Al-Sabah held talks on Tuesday with Italian Deputy Prime Minister and Foreign Minister Antonio Tajani on various issues of joint concern namely prospects of relieving Kuwaiti nationals of the Schengen visa.
The Kuwaiti foreign minister, heading a delegation and currently paying an official visit to Italy, conveyed greetings from the State of Kuwait political leadership to the Italian people and leadership, wishing them lasting progress and prosperity.
Official talks between the Kuwaiti and Italian sides addressed the close bilateral relations and means of boosting the ties in various spheres. The file of relieving Kuwaiti citizens of the Schengen visa topped topics of the official deliberations in addition to joint efforts to rally European support for this cause.
Bahrain and UK sign digital economy trade partnership
Bahrain’s economic ties with the UK have been further strengthened after the countries signed a digital economy partnership just a day after they struck a separate £1 billion ($1.27 billion) investment deal.
The new partnership will help ensure trade between the UK and Bahrain continues to be modernized and streamlined in sectors including fintech, cyber and space.
The Memorandum of Understanding, signed by the UK’s Business Secretary Kemi Badenoch and Bahrain’s Minister of Finance and National Economy Shaikh Salman bin Khalifa Al Khalifa, came after a Strategic Investment and Collaboration Partnership was inked to support the diversification of the Middle Eastern country’s economy, particularly in clean technology, business services and manufacturing.
Non-oil sector to drive Oman’s economic growth in 2023
Non-oil sector will drive Oman’s economic growth in 2023, thanks to positive momentum and rapid expansion in a range of sectors in the sultanate, according to a new report.
‘The outlook for Oman’s non-oil sector remains positive, buoyed by government infrastructure spending, a surge in tourist arrivals, and falling inflation,’ Emirates NBD, a leading bank of the UAE, said in a research report.
Emirates NBD forecasts Oman’s real GDP growth at 1.7 percent for 2023, following 4.3 percent in the previous year. For non-oil GDP, Emirates NBD forecasted a growth of 3.5 percent this year.
‘One of these (sectors) is tourism, with the sector bouncing back from the COVID-19 pandemic last year with 2.9mn visitors, marking an increase of 348 percent year-on-year and contributing to the 17.3 percent growth in restaurants and hotels GDP.