Abu Dhabi records 363% growth in FDI in the real estate sector during H1 2023

• Saadiyat Island claimed the top spot with 34%, followed by Yas Island at 28%, Al Jurf at 12%, Al Reem Island at 11%, and Al Shamkha area at 8%
• Earlier in June, Fortinbras Enterprises, a New York-based firm, made a strategic investment in Peninsula Real Estate, an Abu Dhabi-based property investment company

UAE plays an active role in shaping better future for societies, says minister

• The UAE is also committed to enhancing human resources’ contribution to sustainable development.
• The minister applauded all G20 members for “their dedication and commitment to the objectives and vision of the forum.”

UAE newsrooms lagging in adoption of AI: study

• Algorithmic journalism refers to the automated gathering, production, and publishing of news based on programmed algorithms
• Impeding factors included traditional approach to transitioning into new technologies by editors content with beginner-level AI systems

Electric vehicles, lithium-ion, solar batteries become new drivers of China’s foreign trade

• These "new three" industries have contributed to an impressive 61.6 percent year-on-year increase in total export value during the first half of 2023
• A combination of factors, such as production innovation and favorable policies, has facilitated the export growth of these sectors

Middle East, major buyer of Basmati rice, could be hit by India’s rice ban

• Middle Eastern countries are one of the major importers of India’s basmati rice - a variety of long, slender-grained aromatic rice
• Earlier this year, Iran, Saudi Arabia and Iran accounted for 50 percent of total shipments of India’s export of this variety

ADCB logs 23% Q2 net profit

• The bank’s interest income reached $797 million marking a 14 percent YoY increase
• The cost to income ratio improved by 450 basis points YoY to 32.0 percent

Dates exports from Saudi Arabia hit $342m in 2022, marking a 5.4% surge

• The upward trajectory continued with Saudi dates exports rising by 2.5 percent year on year in the first quarter of 2023
• In 2022, the Kingdom's dates exports surged by a remarkable 121 percent compared to 2016

G42, Cerebras unveil world’s largest supercomputer for AI training, deal worth $100m

US, Arab League discuss Middle East, Israeli-Palestinian conflict

• US-Arab League discussed reducing tensions in regional conflicts, climate change and health security.
• The US condemned the attack on the Swedish Embassy in Baghdad and urged the Iraqi government to protect foreign missions.

UAE Corporate Tax: Workshop identifies conditions for determining taxable, exempt persons

• Key topics covered during the workshop include the Small Business Relief designed to support start-ups and other small or micro businesses
• The topics also included corporate tax in free zones; determination of taxable income; transitional rules; taxable businesses and business activities of individuals