Jewels of Emirates Show begins in Sharjah

• The Expo Centre Sharjah with the support of the Sharjah Chamber of Commerce and Industry (SCCI) is hosting the event.
• Sheikh Majid bin Faisal bin Khalid Al Qasimi, First Deputy Chairman of the Chamber, inaugurated the exhibition.

US Senate all set to pass debt deal bill as default almost avoided

• The bill passed the House on Wednesday with a big majority of 314 votes to 117 -- putting it on a glide path to the White House.
• The Senate has to agree unanimously to fast-track legislation and any individual member can draw out consideration of a bill for days.

UAE exports to reach $544bn by 2030, says Standard Chartered report

• The report forecasts the global trade industry to reach US$32 trillion by 2030, with a projected growth rate of five percent.
• The report said that corridors anchored in Asia, Africa, and the Middle East are expected to outpace the global trade growth rate.

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