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THE ECONOMY - ECONOMIC DEVELOPMENT

UAE tops 'satisfaction' poll in Arab World

Posted on 26/04/2011

The UAE residents are the most satisfied with their lives in the Arab world, even more than the residents of Britain, France, Germany, Singapore, Hong Kong, Italy among others, according to a global survey. Around 55 per cent of the UAE residents believe they are "thriving” while compared to 54 per cent in the UK, 44 per cent in Germany, 42 per cent in France and 37 per cent in Italy and Singapore, Gallup's recently-released global survey data showed. The UAE was ranked 16th worldwide in ...  >>MORE

UAE is strategic partner and a gateway for Australia to the Middle East, says Al Mansouri

Posted on 24/04/2011

Sydney - UAE Minister of Economy Sultan Saeed Al Mansouri has emphasised the attractive investment environment of the UAE and invited Australian companies to visit the UAE to explore investment opportunities in various economic sectors such as industry, petrochemicals, tourism, health, education, agriculture, telecommunication and transportation. Al Mansouri who headed a delegation to Australia made the remarks at the lunch organised by Barry O'Farrell the Premier of New South Wales who ...  >>MORE

Inflation in Dubai up 0.74% in Q1

Posted on 17/04/2011

Inflation rate in the Emirate of Dubai rose to record 0.74 % in the first quarter of 2011 compared to the same period of 2010, according Dubai Statistics Centre (DSC). 'This is due to the increase in the prices of Transport group by 9.72%, Food and Non-Alcoholic Beverages group by 5.64%, Education group by 3.41%, Health group by 3.40%, Restaurants and Hotels group by 3.13%, Alcoholic Beverages and Tobacco group by 2.21%, Miscellaneous Goods and Services group by 1.33% Furnishings, Household ...  >>MORE

Abu Dhabi targets 7% annual growth

Posted on 12/04/2011

Abu Dhabi plans to grow by an average of 7 per cent a year until 2015 and 6 per cent a year thereafter, supported by economic diversification and a reduced dependence on oil, a bond prospectus showed yesterday. The capital, which accounts for most of the country's oil wealth, would expand at total growth in gross domestic product of over 500 per cent by 2030, a prospectus by Mubadala, seen by Reuters, showed. "The 2030 Economic Vision seeks to grow Abu Dhabi's GDP by an average of seven per ...  >>MORE

Dubai top city for Ultra High Net Worth people

Posted on 11/04/2011

Dubai has been ranked 11th among the top 40 cities for ultra high net worth individuals (UHNWIs) and is expected to strengthen its position in the next 10 years, according to Knight Frank and Citi Private Bank's Wealth Report. The report's Attitude Survey 2011 ranked Riyadh 30th and Abu Dhabi 34th. However, the former will lose its place to Doha (38), while the latter will still retain the same rank in 2021. In the global cities index, however, Dubai was ranked at No. 32 out of 40 cities, ...  >>MORE

UAE ranked 7th on Government Spending Efficiency by WEF

Posted on 28/03/2011

The UAE has been ranked seventh in the world in terms of efficiency of government spending, according to the 2010-2011 Global Competitiveness Report of the World Economic Forum (WEF). Of the 139 countries covered by the report, UAE has been ranked in top 10 in efficiency of government spending for the second consecutive time. The report commended the UAE's ability to enhance the efficiency of its government spending and transparency, two essential elements that determine competitiveness of ...  >>MORE

UAE Economy Minister calls for new initiatives for market stability

Posted on 28/03/2011

Minister of Economy Sultan bin Saeed Al Mansouri has called on all major shopping outlets in the country to coordinate and communicate with the ministry to launch new initiatives that will strengthen the capacity of the consumer and support stability in markets in tandem with the recent initiative of the ministry in collaboration with the Union Co-operative Society to introduce promotions and lower prices on many basic food items. Sultan bin Saeed Al Mansouri said this in a meeting held ...  >>MORE

UAE targets African sectors

Posted on 24/03/2011

The UAE is to boost investment across Africa as a key plank in its efforts to diversify the economy. Sultan al Mansouri, the Minister of Economy, announced the plan at the opening of the Common Market for Eastern and Southern African (Comesa) Investment Forum, which is being held in Dubai for the first time. "UAE investment in Africa is expected to increase significantly in the coming years, with the UAE increasing its economic diversification efforts," said Mr al Mansouri. "Comesa, with ...  >>MORE

UAE to strengthen economic relations with US

Posted on 23/03/2011

Sultan bin Saeed Al Mansouri, UAE Minister of Economy, discussed with Robert Hormats, Under-Secretary of State for Economic Affairs of the US, ways of enhancing economic cooperation between the two countries. The meeting was attended by Mohammed Ahmed bin Abdul Aziz Al Shehhi, Undersecretary of the Ministry of Economy and a high level American delegation. During the meeting, Al Mansouri briefed the American delegation on the UAE's focused initiatives to develop SMEs and to spread the ...  >>MORE

Abu Dhabi sees 7% growth in 2011

Posted on 22/03/2011

Abu Dhabi's economy expanded by around 7.6 per cent in 2010 and is expected to grow by nearly seven per cent this year in line with the emirate's 2008-2012 development plan, an official was reported on Monday as saying. From around Dh517.8 billion in 2010, the emirate's real GDP is projected to rise to Dh554 billion in 2011, said Mohammed Omar Abdullah, undersecretary of the Abu Dhabi Economic Development Department. Real GDP had swelled by 7.6 per cent from about Dh481 billion in 2009 ...  >>MORE

Dubai's economy up 2.2% last year amid global growth

Posted on 21/03/2011

Dubai's economy is expected to have grown by around 2.2 per cent in real terms last year, emerging from a similar contraction in the previous year, the statistics office said on Sunday. The global financial crisis affected projects worth billions of dollars in the UAE. But recovery in trade flows and tourism was seen helping lift 2010 growth of the emirate, which accounts for almost a third of the UAE's gross domestic product. "The GDP for the first nine months of 2010 increased by 2.4 per ...  >>MORE

IMF praises UAE government's plan to upgrade infrastructure northern Emirates

Posted on 11/03/2011

Taline Koranchelian of the International Monetary Fund (IMF) said the UAE "government's plan to upgrade the infrastructure in the northern Emirates is a step towards more inclusive economic development. Replacing the current subsidies on water and electricity with explicit cash transfers to lower-income households should also be considered. The government intends to launch active labour-market policies to create jobs for nationals." Taline Koranchelian's remarks came in a statement on March 7th ...  >>MORE

NMC, DED sign agreement to unify names of media-related activities

Posted on 11/03/2011

The Dubai Department of Economic Development (DED) and the National Media Council (NMC) have signed a co-operation agreement to form a committee to unify all names related to media activities. Director General of the National Media Council Ibrahim Al Abed and Director General and Sami Dhaen Al Qamzi, Director General of Dubai Department of Economic Development signed the agreement. Officials from DED and NMC attended the ceremony held, recently, at DED headquarters in Deira. "As per the ...  >>MORE

Al Mansouri: Ministry of Economy is always keen to adopt latest technologies

Posted on 09/03/2011

Sultan bin Saeed Al Mansouri, UAE Minister of Economy has emphasised the importance of adopting the latest technologies to enhance competitiveness and increase productivity. He was commenting on the winning of the Open Group Arabia Award by the UAE Ministry of Economy's IT Department for its continuous adoption of the latest technologies in institutional planning. Making his remarks on this honour, Mohammed Ahmed Bin Abdul Aziz Al Shihhi, Undersecretary of the Ministry of Economy said: ...  >>MORE

IMF expects UAE economy to grow at 3.25% amid challenges

Posted on 08/03/2011

The International Monetary Fund (IMF) expects the UAE's economy to grow at 3.25 per cent this year although regional events could put additional pressure on corporates. Despite higher international food prices, CPI inflation is expected to remain moderate at 4 per cent, as rents continue to decline, IMF said. Taline Koranchelian, head of an IMF delegation that concluded a visit to the UAE on Monday said, Non-oil GDP growth is projected to accelerate from 2 per cent in 2010 to 3.25 per cent ...  >>MORE

UAE economy to grow 3.3% in 2011

Posted on 07/03/2011

The UAE economy grew by around 1.5 per cent in 2010 and is projected to rebound sharply by nearly 3.3 per cent in 2011 because of higher hydrocarbon earnings and improved trade and tourism in Dubai, a key Saudi bank has said. Although the country's stock markets have come under pressure by unrest sweeping through the Arab region, turbulence is not expected to spread to the UAE given its massive wealth and low inflation rates, the Saudi American Bank Group (SAMBA) said in its latest regional ...  >>MORE

Incubators proposed to help put Gulf industries on global map

Posted on 27/02/2011

Sultan bin Saeed Al Mansouri, Minister of Economy, has announced a strategic initiative to create partnerships in industrial incubators among members of the Arab Organisation for Industry and Mining. The industrial incubators are intended to be the nuclei of innovations and attract foreign investments to Arab countries. Al Mansouri announced the initiative while opening a seminar on the "Promotion of industrial incubators in the Arab countries," organised by the Ministry of Economy in ...  >>MORE

Dubai economy grew 2.5%

Posted on 21/02/2011

Dubai's economy grew 2.5 per cent in the first nine months of 2010, compared with the same period of 2009, the head of the Gulf Arab emirate's statistics office was quoted as saying on Sunday. Arif Obaid Al Muhairi, Executive Director at the Dubai Statistics Centre, said that wholesale and retail sectors were the main growth drivers, the website http://www.dsc.gov.ae showed. Last October, Muhairi forecast Dubai's GDP ...  >>MORE

Company ownership law by 201-end: Mansoori

Posted on 20/02/2011

UAE Minister of Economy Sultan Bin Saeed Al Mansoori clarified on Wednesday media reports that new company ownership law could be issued by 2011-end but there was no mention of 100 per cent ownership to foreigners. Media reports said earlier in the day that the new company law may allow 100 ownership to expatriates outside the free zones. A statement issued on behalf of Al Mansoori said that the minister was "misrepresented” regarding full foreign ownership. The Minister reiterated that ...  >>MORE

UAE growth expected to exceed 3% as tourism, services rebound

Posted on 08/02/2011

The UAE economy should grow by more than 3 per cent this year and its banking sector is able to weather difficulties in the foreseeable future, a Central Bank official said on Monday. The country's economy was hit by some debt woes last year and the Central Bank's growth forecast for this year would be below rates seen before the global financial crisis. However, the economic outlook has been boosted by rising oil prices and after Dubai World, Dubai's flagship conglomerate, sealed a deal to ...  >>MORE

Abu Dhabi Department of Economic Development issued 9979 new licenses in 2010

Posted on 26/01/2011

Abu Dhabi Department of Economic Development issued 9979 new licenses in 2010. Out of those 8772 are commercial, 893 professional, 161 vocational, 146 creative, 6 industrial, and one agricultural and animal livestock. The registered commercial licenses were totalled 102,063 by end of last year, DED announced yesterday. According to the annual report by Commercial Licenses Directorate, which is part of the DED's Commercial Affairs Section, 67829 licenses were renewed last year: 47704 ...  >>MORE

Abu Dhabi seeks joint economic partnerships with Bangladesh and Portugal

Posted on 24/01/2011

Abu Dhabi Chamber of Commerce and Industry (ADCCI) held separate economic talks with Sheikh Hasina Wajed, Prime Minister of Bangladesh and Jose Socrates, Prime Minister of Portugal, to explore prospects of joint economic, trade and investment cooperation. Fatima Al Jaber, member of the ADCCI's board, expressed the ADCCI's readiness to establish joint ventures with Bangladeshi firms, set up new joint partnerships and deliver premium services to Bangladeshi firms operating in Abu Dhabi to help ...  >>MORE

Singapore and Abu Dhabi explore collaboration in semi-conductors, water and wastewater management

Posted on 23/01/2011

The 5th Abu Dhabi-Singapore Joint Forum (ADSJF) held in Singapore saw the two governments underscored their commitment to further improve bilateral economic relations. This included exploring potential collaboration in two new sectors: semiconductors, and water and wastewater management. Water scarcity is a rising global concern, and a significant long-term challenge for Abu Dhabi. With its rapidly expanding population and urbanisation, Abu Dhabi faces the possibility of its natural and ...  >>MORE

UAE and Syria signs MoUs for consumer protection, export development

Posted on 16/01/2011

Damascus - UAE and Syria signed on Thursday two memoranda of understanding, each for consumer protection and export development. The MoUs were signed at the end of the Emirati-Syrian Joint Ministerial Committee meetings in Damascus. The first MoU was signed between the Ministries of Economy in both countries, while the second MoU was signed between the Export Development and Promotion Agency in Syria and the UAE Ministry of Economy. Both sides also signed with initials an agreement for ...  >>MORE

Abu Dhabi and Japan set up Abu Dhabi-Japan Economic Council

Posted on 12/01/2011

Abu Dhabi and Japan signed yesterday an agreement for establishing Abu Dhabi-Japan Economic Council (AJEC). Nasser Al Suwaidi, Chairman of the Department of Economic Development, and Iwao Okamoto, President of Japan Cooperation Centre for the Middle East (JCCME), inked the agreement in the presence of Akihiro Ohata, the Minister of Economy, Trade and Industry of Japan, Mohammed Omar Abdullah, Undersecretary of Abu Dhabi Department of Economic Development and Tsunehisa Katsumata, Chairman, The ...  >>MORE

UAE economy exceeds Dh1 trillion for first time

Posted on 11/01/2011

The UAE's nominal economy climbed above Dh1 trillion in 2010 for the first time since the country was established four decades ago following a sharp rise in crude prices and expansion in non-oil sectors, according to an official study. The country's gross domestic product swelled by around 6.2 per cent in current prices in 2010 compared with only about 1.3 per cent in 2009, said the study issued by the Emirates Industrial Bank (EIB) yesterday. "The UAE's GDP in current prices surpassed the ...  >>MORE

Trade recovery lifts Dubai outlook

Posted on 29/12/2010

A rebound in global trade, the resolution of Dubai World's debt restructuring and improved investor sentiment are prompting economists to take a fresh look at Dubai's growth prospects. In October, the IMF raised its GDP growth estimates for the emirate to 0.5 per cent this year and 2 per cent next year. Other regional economists have made similar moves, reflecting a sea change from the uncertainty that plagued their forecasts at the beginning of the year. "The growth the UAE economy will ...  >>MORE

Al Mansouri: UAE has built a unique investment environment, diversification and advanced infrastructure

Posted on 23/12/2010

Sultan bin Saeed Al Mansouri, UAE Minister of Economy inaugurated yesterday the Commercial Attaches and Business Councils Forum at the Intercontinental, Festival city in the presence of more than 90 commercial attaches and 30 business councils from 26 countries. The Forum highlighted the investment environment in the UAE and the features and facilities offered to investors and it also highlighted the investment law and its role in enhancing the investment climate in the UAE. In his key ...  >>MORE

UAE economy seen up by 2.4% in 2010

Posted on 19/12/2010

The UAE economy is projected to rebound by around 2.4 per cent in 2010 after shrinking by nearly one per cent in 2009, according to an official report. The forecasts by the Abu Dhabi-based Arab Monetary Fund (AMF), a key Arab League establishment, are identical to those by the International Monetary Fund (IMF), which estimated real GDP growth in the UAE at 2.4 per cent this year. The IMF expected the GDP to pick up by nearly 3.2 per cent in 2011. "The UAE's real GDP is expected to expand by ...  >>MORE

UAE has no real budget gap

Posted on 16/12/2010

The UAE is not suffering from a real deficit in its federal budget as revenue not normally does not include return from the country's massive overseas assets and surplus oil income diverted by Adnoc to those funds, analysts say. Since more than 80 per cent of the federal budget is financed by Abu Dhabi, the country's main hydrocarbon producer, the federal budget could run only a nominal shortfall which could be easily covered by additional contributions. "When they talk about a deficit in ...  >>MORE

Standard Chartered Bank expects UAE growth at 4.0 per cent in 2011

Posted on 13/12/2010

2010 was challenging, but it was nevertheless a year of economic recovery for the UAE, according to Standard Chartered Bank 'Economic Outlook 2011'. 'We estimate 2010 growth at 3.0%. The economy should gain momentum in 2011, but it is unlikely to boom - we expect a growth rate of 4.0%, the report expected. 'The main contributors to GDP are hydrocarbons (29.2%), ‘other services' (13%), manufacturing (16%), construction (11%), trade (9%) and financial services (6%). We expect Dubai's ...  >>MORE

UAE signs MoU with Korea to boost technical cooperation in SMEs

Posted on 09/12/2010

UAE Minister of Economy Sultan bin Saeed Al Mansouri has urged UAE companies to benefit from the Korean experience in the SMEs and to seize from the advanced economic relations that UAE built with South Korea. The minister also assured Ministry's progress in developing the performance of SME sector through building strategic cooperation with best experienced countries in the world such as Korea, Italy and Germany and others. He said during the ceremony of signing a memorandum of ...  >>MORE

Dubai economy poised to grow 4.6% next year

Posted on 09/12/2010

The Dubai economy is forecast to grow at 4.6 per cent next year and 6 per cent in 2012, according to research by the Dubai Chamber of Commerce and Industry (DCCI). This growth will come at a price, however, as the UAE inflation rate is expected to reach 2.5 per cent in 2011 and 3.5 per cent in 2015, according to Dr. Eisa Abdul Galil, Senior Manager of Economic Research at DCCI. Estimates of Dubai's real GDP growth rate in 2010 range from 0.8 to 2.3 per cent. Trade contributed 238 per cent ...  >>MORE

UAE is committed to build distinguished bilateral relations with Italy: Al Mansoori

Posted on 06/12/2010

Sultan bin Saeed Al Mansoori, UAE Minister of Economy, has discussed with Franco Frattini, the visiting Italian Foreign Minister, ways of enhancing cooperation relations between the two countries in various sectors especially the economic ones. During the meeting both parties addressed the bilateral relations between the two countries. Mr Al Mansoori said UAE is committed to build distinguished bilateral relations with Italy and to activate joint cooperation in various economic sectors. He ...  >>MORE

UAE enters new year on strong footing

Posted on 01/12/2010

Like most other economies, the UAE suffered from a sharp slowdown in 2009 because of the 2009 global financial crisis but its GDP is rebounding by nearly 2.4-2.5 per cent this year and is projected to pick up in 2011. After a difficult year in terms of economic and financial performance, the UAE is back on track this year and is entering its 40th anniversary in 2011 on a stronger footing, armed by recovering oil prices and massive overseas assets. Despite varied scenarios about its economic ...  >>MORE

Dubai plans to open up assets to private sector

Posted on 29/11/2010

Debt is no longer a big concern for Dubai's economy as some of the leading government-owned entities have made significant progress in restructuring their obligations, Sheikh Ahmad Bin Saeed Al Maktoum, Chairman of the Dubai Supreme Fiscal Committee, said on Sunday. Addressing a media briefing attended by His Highness Sheikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, Sheikh Ahmad said: "Dubai World is now on a sound financial footing, and ...  >>MORE

Diversification helped UAE survive crisis: says Al Mansouri

Posted on 29/11/2010

As the UAE emerges from the global financial crisis, the country is planning a new strategy to ensure its economic growth. This will not only include the expansion of its industrial base, but the opening of new markets in Africa and Asia. "Diversifying our economic resources and activities is the key and this is one of the most important lessons we've learnt from the crisis. In 2009, the non-oil sector's contribution to GDP, for the first time in the history of the UAE, hit 71 per cent. It ...  >>MORE

Al Mansouri, Vietnamese Minister discuss cooperation framework

Posted on 29/11/2010

UAE Minister of Economy Sultan bin Saeed Al Mansouri discussed with Vietnamese Investment and Planning Minister Vo Hong Phuc ways to boost the economic, investment, and trade exchange between the two countries. During the meeting held at the sideline of meeting of joint committee, which concluded its first sessions in the Vietnamese Capital, Hanoi, the two sides explored possibility of increasing UAE investments in Vietnam, especially in the energy, petrochemicals, infrastructure, roads, ...  >>MORE

Dubai plans to open assets to private sector

Posted on 28/11/2010

Dubai Government said it is planning to open up leading Dubai-owned companies for public equity participation. "Dubai will seek to diversify its funding sources though both debt and equity capital," Sheikh Ahmad Bin Saeed Al Maktoum, Chairman of Supreme Fiscal Committee and Chairman of Dubai Civil Aviation Authority and Chairman and Chief Executive of Emirates Airline and Group told a news gathering on Sunday. "I ask you all to, like us, keep your focus on the future. Because the future in ...  >>MORE

Dubai economy up 2.3% in first six months of 2010

Posted on 24/11/2010

Dubai's economy grew by 2.3 per cent in the first six months of 2010 according to numbers shared exclusively with this website by Arif Obaid Al Muhairi, Executive Director of the Statistics Centre of Dubai. Speaking to this website Muhairi said, "The sectors of manufacturing, transport, logistics, services, wholesale and retail trade, hotels, restaurants and government services achieved positive growth and contributed significantly to enhance the economy of the emirate.” Al Muhairi added, ...  >>MORE

Abu Dhabi outlook stable: S&P

Posted on 23/11/2010

Standard & Poor's rating agency affirmed on Monday its stable outlook for the Abu Dhabi economy with AA and A-1+ ratings for long term and short term sovereign credit respectively. It said that the Abu Dhabi economy was weathering the global downturn "well, despite increased contingent liabilities from the financial sector and Dubai." "The stable outlook balances the emirate's strong financial position and prudent policies against geopolitical risks, contingent liabilities, and potential ...  >>MORE

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Quick List

UAE tops 'satisfaction' poll in Arab World


UAE is strategic partner and a gateway for Australia to the Middle East, says Al Mansouri


Inflation in Dubai up 0.74% in Q1


Abu Dhabi targets 7% annual growth


Dubai top city for Ultra High Net Worth people


UAE ranked 7th on Government Spending Efficiency by WEF


UAE Economy Minister calls for new initiatives for market stability


UAE targets African sectors


UAE to strengthen economic relations with US


Abu Dhabi sees 7% growth in 2011


Dubai's economy up 2.2% last year amid global growth


IMF praises UAE government's plan to upgrade infrastructure northern Emirates


NMC, DED sign agreement to unify names of media-related activities


Al Mansouri: Ministry of Economy is always keen to adopt latest technologies


IMF expects UAE economy to grow at 3.25% amid challenges


UAE economy to grow 3.3% in 2011


Incubators proposed to help put Gulf industries on global map


Dubai economy grew 2.5%


Company ownership law by 201-end: Mansoori


UAE growth expected to exceed 3% as tourism, services rebound


Abu Dhabi Department of Economic Development issued 9979 new licenses in 2010


Abu Dhabi seeks joint economic partnerships with Bangladesh and Portugal


Singapore and Abu Dhabi explore collaboration in semi-conductors, water and wastewater management


UAE and Syria signs MoUs for consumer protection, export development


Abu Dhabi and Japan set up Abu Dhabi-Japan Economic Council


UAE economy exceeds Dh1 trillion for first time


Trade recovery lifts Dubai outlook


Al Mansouri: UAE has built a unique investment environment, diversification and advanced infrastructure


UAE economy seen up by 2.4% in 2010


UAE has no real budget gap


Standard Chartered Bank expects UAE growth at 4.0 per cent in 2011


UAE signs MoU with Korea to boost technical cooperation in SMEs


Dubai economy poised to grow 4.6% next year


UAE is committed to build distinguished bilateral relations with Italy: Al Mansoori


UAE enters new year on strong footing


Dubai plans to open up assets to private sector


Diversification helped UAE survive crisis: says Al Mansouri


Al Mansouri, Vietnamese Minister discuss cooperation framework


Dubai plans to open assets to private sector


Dubai economy up 2.3% in first six months of 2010


Abu Dhabi outlook stable: S&P