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THE ECONOMY - ECONOMIC DEVELOPMENT

Dubai Economy Talks stress need for effective philanthropy and impact investments

Posted on 23/03/2017

‘Dubai Economy Talks 3-2017,' the third in a dialogue series hosted by Dubai Economy, was held today with the focus on ‘Fostering Effective Philanthropy and Investment in the UAE and Beyond.' Participants in the dialogue emphasised the importance of blending social and financial value, highlighting existing and emerging models in impact investment and community development worldwide and ways to take venture philanthropy in the UAE to the next level. The dialogue was held particularly in the ...  >>MORE

Dubai Department of Economic Development received 27,027 consumer complaints in 2016

Posted on 19/02/2017

The Department of Economic Development (DED) in Dubai received 27,027 consumer complaints in 2016, an increase of 23 percent compared to the 21,896 complaints received during the previous year. On an average the Ahlan Dubai call centre (600 54 5555) of DED received 2,252 complaints monthly as continued awareness campaigns by DED led to better understanding of consumer rights and responsibilities across the emirate. The Commercial Compliance and Consumer Protection (CCCP) sector, as part of ...  >>MORE

Dubai Chamber launches Dubai-Opoly to promote Dubai as global hub for business and trade

Posted on 13/02/2017

Dubai Chamber of Commerce and Industry announced that it has launched "Dubai-Opoly", a new recreational game as part of its efforts to promote Dubai as a global hub for business and trade. Modelled after the world-famous "Monopoly" board game, Dubai-Opoly will soon hit store shelves in the UAE and GCC region, and feature some of the emirate's most prominent landmarks and attractions. The new game complements the Dubai Chamber's efforts to strengthen the emirate's reputation as a thriving ...  >>MORE

UAE’s non-oil foreign trade recorded AED1.2 trillion in first 9 months of 2016

Posted on 02/02/2017

The UAE's non-oil foreign trade stood at AED1.172 trillion during the first nine months of 2016 (January-September), compared to AED1.170 trillion in the same period in 2015, showing a 0.1 percent growth. Preliminary data of the Federal Customs Authority, FCA, indicated that the share of imports in the UAE's total non-oil trade amounted to AED721.2 billion, compared to AED713.1 billion during the same period in 2015, recording a rise of 1 percent. Native gold and semi-processed gold topped ...  >>MORE

RAK's foreign trade grows by 38 percent in 5 years

Posted on 02/02/2017

Foreign trade in Ras al-Khaimah grew by 38 percent between 2011 and 2015, according to a study published by the local Chamber of Commerce and Industry, called "An analytical study about foreign trade in the emirate of Ras al-Khaimah". Dr. Ahmed Rashed Al Shamili, Assistant Director-General for Commercial Services and Business Development, stated that the study addressed several main topics, including the level of foreign trade during the last ten years. The increases in foreign trade in the ...  >>MORE

New businesses grew by 17.2% in Hatta in last 5 years

Posted on 29/01/2017

Hatta witnessed a 17.2 percent increase in the number of businesses between 2012 and 2016, with at least 944 businesses operating in the city by the end of 2016, a report compiled by the Department of Economic Development (DED) in Dubai stated. Trading companies accounted for 76.8 percent, or 725 of the businesses operating in the region, while 22.4 percent were professional firms, says the report issued by the Business Registration and Licensing (BRL) sector in DED. The report shows that the ...  >>MORE

UAE releases Global State of Future Report at World Economic Forum – Davos

Posted on 19/01/2017

The United Arab Emirates (UAE) released the State of the Future report, a first if its kind, on Wednesday in Davos containing over 100 forecasts for the next 40 years. The report was prepared in collaboration with 21 experts from organisations such as NASA, NYU Langone Medical Center, MIT, ConsenSys, and the SENS Research Foundation. It includes forecasts and explanations of trends in 7 key sectors such as Energy, Medicine, and Education. The predictions include artificial intelligence, ...  >>MORE

DED issues record licences in 2016 as improved ease of business promotes investment and expansion

Posted on 15/01/2017

The Department of Economic Development (DED) in Dubai has issued a record number of 26,707 new business licences in 2016 as the improved ease of doing business and increasing competitiveness in the emirate spurred optimism among investors and entrepreneurs. The results achieved by the Business Registration and Licensing (BRL) sector in DED point to commercial activity in the emirate growing sustainably with further investment and expansion continuing in various business sectors. The number of ...  >>MORE

UAE Economic Outlook 2017 to trace path to sustainability and further diversification

Posted on 11/01/2017

The long-term prospects for the UAE economy, drivers of economic strategy and role of the private sector will take centre stage at the UAE Economic Outlook 2017, to be held on 17th and 18th January in Dubai. Hosted by Dubai Department of Economic Development (DED) and the Abu Dhabi Department of Economic Development, the event will be held under the patronage of H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council. More than 300 ...  >>MORE

UAE seen among world's most profitable destinations, says report

Posted on 10/01/2017

The UAE announced on Monday the results of the economic indicators that chart the nation's accomplishments in foreign investment, innovation and entrepreneurship, development, competitiveness and the per capita gross national product (GNP), which reflect the UAE 2021 Vision to become among the best countries in the world during its 50th anniversary. The ratio of net foreign direct investment is based on the annual report of UNCTAD. The indicator rose from 2.66% in 2014 to 2.96% in 2015. ...  >>MORE

Dubai World Trade Centre awards AED725 m contract for One Central project

Posted on 05/01/2017

Dubai World Trade Centre has awarded Al Futtaim Carillion AED725 million contract to deliver phase 1A6 of One Central, a major development located between the current Dubai International Convention and Exhibition Centre and Emirates Towers in the heart of the city's Central Business district. This latest phase of One Central has a built up area of 182,500 square metres and comprises two Grade A office buildings of 12 and 8 storeys. The contract will begin this month and is scheduled for ...  >>MORE

UAE non-oil private sector continues growth momentum in December, says Emirates NBD

Posted on 05/01/2017

Growth momentum in the UAE's private sector non-oil activity continued to strengthen in December 2016, driven by improving economic conditions, according to Emirates NBD. Output rose at the "sharpest" pace to a 16-month high on back of new orders backed by growth of new export businesses, the bank's latest purchasing managers' index (PMI) revealed on Wednesday. On the price front, a further rise in input costs was registered but competitive pressures and promotional offers lead to decline in ...  >>MORE

Dubai Chamber of Commerce will launch five new initiatives in 2017

Posted on 28/12/2016

Dubai Chamber of Commerce and Industry will launch five new initiatives in 2017 to boost Start-ups and entrepreneurs, while efforts to foster innovation and develop Dubai's entrepreneurial ecosystem will remain a major priority for the chamber, revealed a senior official. "With the UAE's focus on instilling a spirit of innovation and entrepreneurship among young people under the directives of our wise leadership, Dubai Chamber is committed to supporting Dubai's entrepreneurial community, as ...  >>MORE

Dubai Islamic Economy Development Centre to proactively update Islamic economy strategy to boost GDP

Posted on 25/12/2016

To realise the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to position Dubai as the capital of the Islamic economy, the Dubai Islamic Economy Development Centre (DIEDC) needs to continually adapt its Islamic economy strategy to reflect emerging trends across the sector's dynamic pillars, emphasised Sultan bin Saeed Al Mansouri, Minister of Economy and Chairman of DIEDC. Al Mansouri made this comment while ...  >>MORE

Second Abu Dhabi Competitiveness Report 2016 launched

Posted on 20/12/2016

Due to the dramatic drop in oil prices in 2014, the decline in the emirate's growth expectations is inevitable, but such decline is expected to be mitigated by the contribution of non-petroleum commodities sectors which will reduce the impact of the decline in oil prices, according to the 2nd Abu Dhabi Competitiveness Report 2016, issued by the Department of Economic Development – Abu Dhabi (ADDED). The Abu Dhabi Competitiveness Report 2016 provides benchmarking against countries and regions ...  >>MORE

Opening day of Global Islamic Economy Summit 2016 witnesses launch of Awqaf International Organisation

Posted on 12/10/2016

In line with the directives and support of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs and the Future, has announced the launch of the Awqaf International Organisation (AIO), a first of its kind initiative regionally and globally, during the opening ceremony of the third Global Islamic Economy Summit (GIES 2016) held at the Madinat Jumeirah in Dubai. Instituted ...  >>MORE

UAE signs strategic MoU with South Korea to further promotion and protection of intellectual property

Posted on 09/10/2016

GENEVA: The Ministry of Economy has recently signed a strategic new Memorandum of Understanding (MoU) with the Korean Intellectual Property Office (KIPO) to further promote and protect intellectual property in the UAE. The MoU was signed by Mohammed Ahmed Bin Abdul Aziz Al Shehhi, Undersecretary for Economic Affairs and Choi Donggyou, Commissioner, KIPO on the side-lines of the 56th series of Meetings of the World Intellectual Property Organisation (WIPO), which opened last October 3 and will ...  >>MORE

UAE, Canada pledge to take economic, trade co-operation to new heights

Posted on 03/10/2016

OTTAWA: The UAE and Canada have restated their willingness to harness promising economic, trade, business and investment opportunities to raise their bilateral co-operation to new heights. The pledge for greater cooperation came at the conclusion of the first meeting of UAE-Canada Joint Economic Committee meetings, held in the Canadian capital, Ottawa. The two countries explored opportunities for joint co-operation in 11 sectors that serve development plans in both countries, as well as ways ...  >>MORE

UAE exports to hit AED1.3 trillion by end of 2016

Posted on 12/09/2016

ABU DHABI, 12th September, 2016 (WAM) The UAE Ministry of Economy is predicting a rise in the country's exports of goods and services by the end of this year to over AED1.3 trillion, compared with over AED1.25 trillion in 2015, an increase of 5%. This information came in a report issued by the ministry on the development of foreign trade for the second quarter, ending June 2016, under the title, "Analytical Report on the Monitoring and Follow-up and Analysis of Foreign Trade Developments - ...  >>MORE

Abu Dhabi's economy to remain resilient

Posted on 14/08/2016

Abu Dhabi's economy will remain resilient in the next two years and its fiscal position will remain extremely strong, S&P says in its latest outlook. S&P Global Ratings affirmed its 'AA' long-term and 'A-1+' short-term foreign and local currency sovereign credit ratings on the Emirate of Abu Dhabi due to strong fiscal and external positions. The exceptional strength of the government's net asset position provides a buffer to counter the negative impact of oil price declines on economic growth ...  >>MORE

Sharpest rise in Dubai private sector output for almost one-and-a-half years

Posted on 10/08/2016

Dubai private sector companies signalled a positive start to the third quarter of 2016, with overall business conditions improving at the fastest pace since March 2015. This was highlighted by a rise in the headline seasonally adjusted Emirates NBD Dubai Economy Tracker Index from 54.6 in June to 55.9 in July. The index – a composite indicator designed to give an accurate overview of operating conditions in the non-oil private sector economy – has signalled a recovery in operating conditions ...  >>MORE

Biannual report of Abu Dhabi economic activity records 4,787 new licenses

Posted on 09/08/2016

The overall number of new commercial licenses registered by the Abu Dhabi Department of Economic Development, ADDED's Abu Dhabi Business Centre, ADBC, during the first half of 2016 has reached 4,787. The first quarter has seen 2,339 licenses while the second quarter scored 2,448 licenses, which brought the overall number of licenses in the Emirate of Abu Dhabi to 110,445. ADBC's biannual report of 2016 on the activity of commercial licensing in the Emirate of Abu Dhabi said that the overall ...  >>MORE

UAE remains top investment destination for GCC citizens

Posted on 03/08/2016

The UAE has maintained its position as a top investment destination for citizens of the Gulf Cooperation Council, GCC, with 1,899 new licenses granted to GCC citizens to practice economic activities during 2015, leading to a total of 19,803 licenses by the end of 2015. Commercial licenses made the top of the economic activities' list, with a ratio of 78.1 percent, while professional licenses provided to GCC citizens represent a ratio of 15.6 percent, according to the 7th Annual Statistical ...  >>MORE

Priority for Emirati investments in ports, tourism sectors, says Kenyan FM

Posted on 29/07/2016

NAIROBI: Amina Mohamed, Kenya's Foreign Affairs Cabinet Secretary, met here on Thursday with Abdul Raziq Mohamed Hadi, UAE Ambassador to Nairobi. The cabinet secretary affirmed that her country places a priority to Emirati investments in ports, tourism and hospitality sectors. The meeting touched on bilateral relations and ways to enhance them, as well as the potential for facilitating recruitment of Kenyan manpower in the hotels and health fields. Mohamed said the two countries will soon ...  >>MORE

Over 8,000 new companies joined Dubai Chamber in H1 2016

Posted on 27/07/2016

This year, Dubai maintained its attractiveness to global investors as in the first half of 2016, over 8,000 new companies joined the membership of Dubai Chamber of Commerce and Industry bringing its total membership to 193,000 with a 4.3% growth. This new addition takes the non-profit business organisation membership closer to 200,000 while enhancing the Chamber's reputation as one of the largest chambers of commerce in the world. According to a report on its half-year activities, while the ...  >>MORE

Seasonal demand and expected projects lead to brighter business outlook in Dubai in Q2 2016

Posted on 27/07/2016

Expectations of acquiring new projects/orders, improvement in market conditions, higher demand due to the festival season and new customers have had a significant impact on the overall business outlook in Dubai, as shown in the quarterly business survey conducted by the Department of Economic Development (DED). The composite Business Confidence Index (BCI) of Dubai firms rose to 117.5 points during the second quarter (Q2) of 2016, up 7.4 points from the same quarter of 2015 and also higher ...  >>MORE

SEDD promotes Sharjah as sustainable economic destination

Posted on 26/07/2016

The Sharjah Economic Development Department (SEDD) is promoting Sharjah as a sustainable economic destination. The SEDD has participated in different local and international exhibitions and forums in the first half of this year. The department works on preparing and implying the economic plans, conducting economic studies, introducing investment systems, and providing the appropriate investment atmosphere by facilitating procedures on investors. It also works to strengthen trade and ...  >>MORE

DED witnesses substantial increase in new and renewed licenses in Q2, 2016

Posted on 21/07/2016

The Department of Economic Development, DED, in Dubai saw a substantial increase in the number of transactions related to business licenses as well as the number of licenses issued during the second quarter (Q2) of 2016. A total of 119,630 transactions were done during the period, which was 34.9 percent higher than 88,688 transactions carried out during the same period of the previous year, while the number of new licenses issued in the period also reached 6,391, an increase of 5.6 percent ...  >>MORE

UAE participates in 14th UNCTAD meeting

Posted on 19/07/2016

NAIROBI: The UAE represented by the Ministry of Economy, is participating in the 14th United Nations Conference on Trade and Development (UNCTAD), which began on 17th July in the Kenyan capital, Nairobi, and will conclude on 22nd July. The Ministry of Economy's delegation is headed by Juma Mohammed Al Kait, Assistant Under-Secretary for Foreign Trade Affairs; Aisha Al Kubaisi, Director of International Organisations Affairs in the Ministry of Economy; Hassan Isa Al Hosani, head of the UAE ...  >>MORE

Dubai business conditions strengthen in June: Emirates NBD Dubai Economy Tracker

Posted on 12/07/2016

The Emirates NBD Dubai Economy Tracker has said that business conditions strengthened in June amid the fastest rise in new work since March 2015. June data pointed to a sustained recovery in growth momentum across the Dubai private sector, led by improving business conditions in the travel and tourism and wholesale and retail sectors. At 54.6, up slightly from 54.5 in May, the headline seasonally adjusted Emirates NBD Dubai Economy Tracker Index picked up to its highest level since August ...  >>MORE

Abu Dhabi's economic performance report by sectoral and macro indicators

Posted on 11/07/2016

Abu Dhabi's macro economy saw robust performance in Q1 of 2016, reflecting continuous good growth rates at the end of 2015. Latest estimates issued by SCAD indicate that the GDP of Abu Dhabi, at the fixed prices, reached AED 196.1 billion in Q4 of 2015 with a growth rate of 7.7%, compared to the same period in 2014. These results appeared in Abu Dhabi's Economic Performance Report in Q1 of 2016 as per Abu Dhabi's sectoral and macro indicators. The report is issued by ADDED, the Abu Dhabi ...  >>MORE

UAE's non-oil sector expands at steady pace

Posted on 11/07/2016

The UAE non-oil private sector expanded at a steady pace in June fuelled by higher output and new orders, a new survey shows. The Emirates NBD UAE Purchasing Managers' Index - a composite indicator designed to give an accurate overview of operating conditions in the non-oil private sector economy - slipped to 53.4 in June, from 54.0 in May. While still pointing to growth of the non-oil private sector, the latest figure was much lower than the average over the past three years (56.3). The ...  >>MORE

DWTC events contributes AED 12 billion in Dubai’s economy during 2015

Posted on 28/06/2016

The latest Economic Impact Assessment report released by Dubai World Trade Centre, DWTC, has revealed that the spending associated with large-scale exhibitions, trade events, conventions and conferences hosted at DWTC in 2015, contributed AED 12 billion to retained value towards Dubai's economy, equivalent to 3.1 percent of the emirate's Gross Domestic Product, GDP. The 2015 annual report also focused on the cross-sectoral impact of MICE events driving incremental value across tourism, travel, ...  >>MORE

UAE partners with World Economic Forum to host annual meeting for shaping the future in November 2016

Posted on 27/06/2016

The UAE government yesterday signed an agreement with the World Economic Forum (WEF) to host the next four editions of the Annual Meeting for Shaping the Future. The first of these meetings will be hosted in Dubai on 13 and 14 November 2016, featuring 50 specialised councils and more than 700 experts with the aim of preparing a clear future agenda to tackle the many challenges the world faces today. The UAE-WEF partnership will aim to boost efforts of studying and foreseeing the future in a ...  >>MORE

Al Mansouri stresses importance of developing tools to regulate e-commerce and protect consumers' rights

Posted on 21/06/2016

Sultan bin Saeed Al Mansouri, Minister of Economy, has chaired the second meeting of the Supreme Committee for Consumer Protection for 2016 held at the Grand Hyatt Dubai Hotel. The agenda included recommendations on topics covered by the committee during the previous meetings, the most notable of which were proposals to adopt a certified guidance document and standardised contracts for electronics and criteria for auto garage approvals in the UAE as well as ways to organise training programmes ...  >>MORE

Ministry of Economy gets Cabinet approval for one-year extension on compliance with new Commercial Companies Law

Posted on 19/06/2016

The UAE Cabinet recently approved a proposal by Sultan bin Saeed Al Mansouri, Minister of Economy, to extend the period for existing companies in the UAE to comply with Federal Law No. 2 of 2015 on Commercial Companies by one more year. Companies established before the issuance of the new law under Article No. 374 were originally given from July 1, 2015 to June 30, 2016, to amend their Memorandum of Association and Articles of Association in compliance with the provisions of this law. ...  >>MORE

Abu Dhabi capitalising on economic strategies

Posted on 18/06/2016

The overall economic performance of Abu Dhabi during the third quarter of 2015 remained bullish as non-oil GDP in fixed prices rose to 7.1 per cent. In the same quarter the oil economy grew 3.9 per cent, said Ali Majed Al Mansouri, chairman of the Abu Dhabi Department of Economic Development, or Added. Speaking on the Abu Dhabi Plan, he said it provides a clear track to the vision of the wise leadership of Abu Dhabi, headed by the President, His Highness Sheikh Khalifa bin Zayed Al Nahyan, ...  >>MORE

Chief of Abu Dhabi Crown Prince's Court attends St Petersburg International Economic Forum

Posted on 18/06/2016

SAINT PETERSBURG, RUSSIA:H.H. Sheikh Hamed bin Zayed Al Nahyan, Chief of the Abu Dhabi Crown Prince's Court, has attended the St. Petersburg International Economic Forum (SPIEF 2016) which was held with the theme "Capitalising on the New Global Economic Reality". He attended the panel session during which Russian President Vladimir Putin delivered a speech. During the forum, H.H. Sheikh Hamed, who is accompanied by the UAE Ambassador to Russia, Omar Saif Ghobash, met with a number of CEOs of ...  >>MORE

Dubai's DED opens Sirage Exhibition

Posted on 18/06/2016

Director-General of Dubai's Department of Economic Development (DED) on Thursday opened the Sirage Exhibition, a Ramadan charity bazaar showcasing varied products from members of Dubai SME, a DED agency mandated to develop small and medium enterprise (SME) sector, and Dubai Exports, also a DED agency. Sirage Exhibition is part of Sirage, an annual corporate social responsibility (CSR) and humanitarian initiative, the first cycle of which will support the 'Reading Nation' initiative of His ...  >>MORE

In collaboration with the World Bank, ADDED releases the Doing Business Report 2016

Posted on 15/06/2016

The Abu Dhabi Department of Economic Development's Competitiveness Office of Abu Dhabi (COAD) has issued its 2016 Doing Business Report in collaboration with the World Bank (WB) and with full coordination with all government bodies and private establishments that are involved in the Report's six indexes, namely Starting a Business, dealing with Construction Permits, Registering Property, Enforcing Contracts, Getting Electricity and Trading Across Borders. Ali Majid Al Mansoori, ADDED's ...  >>MORE

DED launches 3 ‘Happiness Lounges’ to improve customer experience and service excellence

Posted on 05/06/2016

The Department of Economic Development (DED) in Dubai has launched ‘Happiness Lounges' in three of its service centres, creating an exceptional environment of high quality services and world-class efficiencies to customers visiting these centres for transactions related to business registration and licensing. The initiative follows the order of HH Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince and Chairman of the Executive Council of Dubai, to transform all service centres in ...  >>MORE

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Quick List

Dubai Economy Talks stress need for effective philanthropy and impact investments


Dubai Department of Economic Development received 27,027 consumer complaints in 2016


Dubai Chamber launches Dubai-Opoly to promote Dubai as global hub for business and trade


UAE’s non-oil foreign trade recorded AED1.2 trillion in first 9 months of 2016


RAK's foreign trade grows by 38 percent in 5 years


New businesses grew by 17.2% in Hatta in last 5 years


UAE releases Global State of Future Report at World Economic Forum – Davos


DED issues record licences in 2016 as improved ease of business promotes investment and expansion


UAE Economic Outlook 2017 to trace path to sustainability and further diversification


UAE seen among world's most profitable destinations, says report


Dubai World Trade Centre awards AED725 m contract for One Central project


UAE non-oil private sector continues growth momentum in December, says Emirates NBD


Dubai Chamber of Commerce will launch five new initiatives in 2017


Dubai Islamic Economy Development Centre to proactively update Islamic economy strategy to boost GDP


Second Abu Dhabi Competitiveness Report 2016 launched


Opening day of Global Islamic Economy Summit 2016 witnesses launch of Awqaf International Organisation


UAE signs strategic MoU with South Korea to further promotion and protection of intellectual property


UAE, Canada pledge to take economic, trade co-operation to new heights


UAE exports to hit AED1.3 trillion by end of 2016


Abu Dhabi's economy to remain resilient


Sharpest rise in Dubai private sector output for almost one-and-a-half years


Biannual report of Abu Dhabi economic activity records 4,787 new licenses


UAE remains top investment destination for GCC citizens


Priority for Emirati investments in ports, tourism sectors, says Kenyan FM


Over 8,000 new companies joined Dubai Chamber in H1 2016


Seasonal demand and expected projects lead to brighter business outlook in Dubai in Q2 2016


SEDD promotes Sharjah as sustainable economic destination


DED witnesses substantial increase in new and renewed licenses in Q2, 2016


UAE participates in 14th UNCTAD meeting


Dubai business conditions strengthen in June: Emirates NBD Dubai Economy Tracker


Abu Dhabi's economic performance report by sectoral and macro indicators


UAE's non-oil sector expands at steady pace


DWTC events contributes AED 12 billion in Dubai’s economy during 2015


UAE partners with World Economic Forum to host annual meeting for shaping the future in November 2016


Al Mansouri stresses importance of developing tools to regulate e-commerce and protect consumers' rights


Ministry of Economy gets Cabinet approval for one-year extension on compliance with new Commercial Companies Law


Abu Dhabi capitalising on economic strategies


Chief of Abu Dhabi Crown Prince's Court attends St Petersburg International Economic Forum


Dubai's DED opens Sirage Exhibition


In collaboration with the World Bank, ADDED releases the Doing Business Report 2016


DED launches 3 ‘Happiness Lounges’ to improve customer experience and service excellence