Eurozone May inflation dips to 6.1 percent post drop in energy prices

• Energy inflation dipped into negative territory, falling by 1.7 percent, compared with an increase of 2.4 percent in April.
• Food and alcohol were key in driving inflation, rising 12.5 percent in May, although lower than the 13.5 percent pace in April.

Saudi merchandize exports down 14.6% in Q1 as oil exports fall

• The value of exports amounted to SAR 313.5 billion ($83.6bn) in Q1 2023, down from SAR 367.1 billion ($97.86bn) in Q1 2022.
• The decrease originated mainly from oil exports, which fell by SAR 43.1 billion ($11.47bn) or 14.9 percent in the same period.

MoIAT, Shahin sign strategic partnership to enhance UAE’s green mobility

• According to the Global Electric Mobility Readiness Index (2022), the demand for electric vehicles in the UAE has been rising over the past few years.
• The report shows the UAE, which has more than 300 charging stations, has one of the largest charging-station-to-vehicle-ratios in the world.

IEA says renewable energy capacity to increase at record level in 2023

• Global additions of renewable energy capacity are expected to rise by 107 gigawatts to more than 440 GW in 2023.
• Newly installed solar and wind capacity is estimated to have save EU electricity consumers $107 billion between 2021-2023.

‘UAE rising as a key player in global hospitality’

• UAE's innovative adaptability attracts significant influx of international tourists, says Siegfried Nierhaus, Vice President Middle East, Deutsche Hospitality
• Dubai and Abu Dhabi have established themselves as top hospitality destinations for business and leisure. Hotel room occupancy may exceed expectations in 2023, he adds

One in five people willing to work are jobless in low-income countries

UAE implements corporate tax amidst mixed reactions

• Some experts deem the tax rate reasonable in global context, while others remain concerned about challenges the new tax regime could pose for family-owned businesses
• Experts see long-term gains including transparency, diversification, and investor appeal from the taxation, which aims to diversify UAE's revenue and strengthen its financial base

Equities sink as hardliners Republicans threaten US debt deal

• Expectations of higher borrowing costs boosted the dollar, seen also as a haven investment in times of economic turmoil.
• Oil prices sank for a second day running on weaker demand concerns in leading energy consumers China and the United States.

UAE Central Bank issues new guidelines for virtual assets

• It will assist LFIs' understanding of risks and effective implementation of their statutory anti-money laundering and combatting the financing of terrorism (AML/CFT) obligations.
• The guidance discusses the risks of dealing with VAs and VASPs and sets out clear descriptions of VAs, VASPs and VASP business models.

AD Ports signs MoU with Abu Dhabi Residents’ Office to lure talent

• Both the entities will develop a strategy on guiding relevant parties and employees about the benefits of the Golden Visa residency program
• The holders of Golden Visa will have access to exclusive offers and services, availabe across the different clusters and subsidiaries of AD Ports Group