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THE ECONOMY - ECONOMIC DEVELOPMENT

Innovation is driving force for further developing Islamic world: Al Mansouri

Posted on 09/11/2009

Istanbul - H.E. Sultan bin Saeed Al Mansouri, UAE Minister of Economy, said that innovation is the driving force for the development of the Islamic world. He was addressing the COMSEC Ministerial Meeting held in Istanbul. Al Mansouri urged Islamic nations to join hands and strengthen the level of coordination to explore promising investment opportunities. He also called for more cooperation in small and medium businesses, industries and agriculture. He said the Islamic world with a ...  >>MORE

COMSEC opened, Minister of Economy heads UAE delegation

Posted on 08/11/2009

Istanbul - Turkish President Abdullah Gul opened here yesterday morning the twenty-fifth meeting of the Permanent Ministerial Committee for Economic and Commercial Cooperation (COMCEC) of Organisation of Islamic Countries (OIC). The UAE delegation to the meeting is headed by Minister of Economy HE Sultan Bin Saeed Al Mansouri. The issues such as the global financial crisis, cooperation between member states and the fight against poverty are among the items topping the meeting's agenda. ...  >>MORE

Capital to spend US$1tn on major projects

Posted on 03/11/2009

Abu Dhabi will spend US$1 trillion (Dh3.67tn) on major infrastructure, property and manufacturing projects, the Minister of Economy said. The unprecedented infrastructure spending comes as the emirate speeds up its economic diversification plans in response to the global financial crisis, with projects valued at more than $100 billion under way. "The planned investments to be implemented through public and private partnerships in infrastructure, real estate and manufacturing sectors over ...  >>MORE

IMF praises UAE's handling of crisis

Posted on 02/11/2009

An International Monetary Fund (IMF) mission has praised the policies and measures taken by the UAE to overcome the fall out of the global financial crisis. The IMF mission is visiting the country within Article 4 consultation report to collect data and to be familiar with the economic developments for an assessment report. The mission met with Minister of State for Financial Affairs Obaid Humaid Al Tayer. It said financial policies have played an important role in supporting and ...  >>MORE

Abu Dhabi's inflation drops 1.2% in first nine month: SCAD

Posted on 25/10/2009

Statistics Centre- Abu Dhabi (SCAD) issued this week its first detailed report on consumer prices index (CPI) and the rate of inflation in the Emirate of Abu Dhabi. According to the report, the rate of inflation in the Emirate has dropped to only 1.17% during the first nine months of the current year, compared with the same period last year, as evident from the consumer price index. Statistics Centre - Abu Dhabi (SCAD) will be releasing its CPI report periodically, Considering that the report ...  >>MORE

UAE Minister of Economy visits Arab-British Chamber of Commerce in London

Posted on 23/10/2009

London - Minister of Economy HE Sultan bin Saeed Al Mansouri paid a visit yesterday to the Arab-British Chamber of Commerce in London, where he met a group of British investors and businessmen. During a reception, the minister talked about the economic status of the UAE and trade relations between the UAE and UK, referring to the memorandum of understanding, which was signed with the British side. Secretary-General and chief executive of the Arab-British Chamber of Commerce Dr. Afnan Al ...  >>MORE

Abu Dhabi Department of Economic Development and United Kingdom Trade and Investment Authority sign MoU

Posted on 23/10/2009

London - The Department of Economic Development (DED), Abu Dhabi and United Kingdom Trade and Investment Authority (UKTI), have signed a Memorandum of Understanding (MoU) on developing the emerging technological and trade opportunities. The agreement was signed by Nasser Ahmed Al Suwaidi, Chairman DED, and British Lord Mervyn Davies, Minister of state for Trade, Investment and Small Business in London. The signing ceremony was attended by H.E Sultan Bin Saeed Al Mansouri, UAE Minister of ...  >>MORE

UAE is keen to further boost ties with Britain: Al Mansouri

Posted on 22/10/2009

London - The UAE is ready to usher its bonds with Britain into a new chapter of close cooperation in socio-economic and cultural domains, UAE Minister of Economy H.E. Sultan bin Saeed Al Mansouri said here yesterday. "Current global economic developments require friendly countries to boost collective cooperation in order to build fortified defence lines against world economic changes,” the UAE minister said at the concluding session of the first meeting of the Emirati-British economic ...  >>MORE

UAE, UK conclude economic talks

Posted on 22/10/2009

London - The first meeting of the UAE-UK Joint Economic Committee (JEC) took place in London on 19-20 October 2009. The meeting was co-chaired by HE Engineer Sultan Bin Saeed Al Mansouri, UAE Minister of Economy, and the Rt Hon Lord Mandelson, UK First Secretary of State and Secretary of State for Business, Innovation and Skills, Lord President of the Council accompanied by Lord Davies, Minister of State for Trade, Investment and Small Business. This renewed assertion of the importance of ...  >>MORE

UAE at the forefront of other GCC states in implementing economic decisions

Posted on 22/10/2009

UAE positioned itself at the forefront of other Gulf Cooperation Council (GCC) states in the commitment for implementing the decisions of the Supreme Economic Council during the period from 2006 to 2008, a report released by GCC's Monetary and Financial Directorate showed. The report was unveiled at the 82nd meeting of the Committee on Financial and Economic Cooperation followed by a joint meeting between the Committee of Governors and Director General of the International Monetary Fund, ...  >>MORE

UAE, Britain explore avenues of joint economic cooperation

Posted on 21/10/2009

London - The UAE and Britain need to mobilise efforts for boosting joint economic cooperation, facilitating flow of investment and balanced increasing of trade exchange, UAE Minister of Economy H.E. Sultan bin Saeed Al Mansouri stressed here yesterday. The two close trade partners, he told the first meeting of the joint economic ministerial committee, are also demanded to open up new avenues of cooperation in the sector of small and medium scale enterprises. "This strategic meeting falls ...  >>MORE

UAE-Britain to meet in London next week for economic talks

Posted on 16/10/2009

Emirati and British officials will meet next week to explore mechanisms of boosting joint economic relations, opening up new investment opportunities and increasing trade exchange. The joint economic ministerial committee will meet in London on 19-20 October to discuss a raft of issues of mutual concern including the role of chambers of commerce and industry in hosting specialised trade fairs and events, facilitation of exchange of trade information and air transport between the two friendly ...  >>MORE

Mohamed Omar Abdullah: DED's plan 2012 in sync with priorities set by ‘Abu Dhabi 2030'

Posted on 12/10/2009

Abu Dhabi's Department of Economic Development has recently unveiled its Economic Strategic Plan (2008-2012) - the first economic plan following the release of the Economic Vision 2030. The five-year plan comes in line with the general economic guidelines set by the Executive Council of the emirate of Abu Dhabi, under the leadership of His Highness General Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, Deputy Supreme Commander of the UAE Armed Forces and Chairman of the Abu ...  >>MORE

Encouraging signs of global economic growth: UAE Minister of State for Financial Affairs

Posted on 07/10/2009

Istanbul - HE Obaid Humaid Al Tayer, UAE's Minister of State for Financial affairs, participated in the IMF's International Monetary and Financial Committee meetings held alongside the annual meetings of the IMF and World Bank in Istanbul. In a statement, HE Al Tayer referred to the world economic outlook, developments in global financial markets, policies that have been taken by IMF members and its effects on restoring economic stability and confidence to global markets. He said there are ...  >>MORE

Abu Dhabi councils join forces with WEF

Posted on 12/09/2009

Dalian: A delegation from the Abu Dhabi Urban Planning Council (UPC) and the Abu Dhabi Council for Economic Development (Adced) took part in the "Summer Davos" meeting of the World Economic Forum (WEF) in Dalian, China. The participation saw the launch of the regional strategic partnership between the UPC and the WEF. The newly forged partnership includes the participation of key UPC representatives at important platforms of the WEF, including its annual meeting in Davos in January 2010 and ...  >>MORE

UAE economic fundamentals provide cushion against crisis: Sultan

Posted on 10/09/2009

The diverse vibrant and resilient fundamentals of the UAE economy have provided strong cushion against the adverse implications of the world financial crunch, H.H. Dr Sheikh Sultan bin Mohammed Al Qasimi, Supreme Council member and Ruler of Sharjah, has affirmed. "These solid foundations and well-studied proactive precautionary measures adopted by the UAE government have helped alleviated the impact of the crisis on the domestic economy,” Sheikh Sultan said while addressing a gathering last ...  >>MORE

Global competitiveness report shows UAE improved rating

Posted on 09/09/2009

The World Economic Forum on Tuesday released its Global Competitiveness Report 2009-2010 showing that United Arab Emirates has significantly improved its competitive position moving up eight places. The country's improvement by eight places reflects a more favourable assessment of institutions and an upgrading of technological readiness and innovative capacity, moreover its financial markets resist the financial crisis better than many other countries, says a press release. A number of ...  >>MORE

Abu Dhabi Government spend up 21%

Posted on 09/09/2009

Abu Dhabi's economy remains strong despite the global financial crisis, said a new report by the Oxford Business Group (OBG). Government spending has risen by 21 per cent to Dh42.2 billion this year, which, the study says, is evidence that the emirate's financial situation is robust, especially in the light of the fall in oil prices. Social services accounted for 37 per cent of total spending, while education received 23 per cent. "The Report: Abu Dhabi 2009", which was launched at Emirates ...  >>MORE

UAE economy to grow for 3%: Minister

Posted on 07/09/2009

The UAE economy is expected to grow at least 3% by the end of this year despite the continuing global financial crisis, said UAE Minister of Foreign Trade Sheikha Lubna Al-Qasimi. The figure is compared to 7.4% in 2008, Al Qasimi said at a recent special Ramadan Gala Dinner held on Thursday at the Mina Al Salam Hotel in Dubai. She said the country's business councils, and local, regional and multinational companies are playing a crucial role in this growth. She cited key indicators that ...  >>MORE

Lubna Al Qasimi: UAE will achieve significant economic gains by the end of the current year

Posted on 06/09/2009

The UAE is poised to achieve once again significant economic gains by the end of the current year, Minister of Foreign Trade HE Sheikha Lubna Bint Khalid Al Qasimi has predicted. In an after-dinner-talk at the Ramadan banquet hosted by the ministry of foreign trade on Thursday evening in Dubai, Sheikha Lubna also said that there are strong economic pointers to establish the economic upswing. She noted that some of the prominent Consumer Confidence surveys recently have put UAE in the seventh ...  >>MORE

UAE non-oil economy rises 3.9% in 2008

Posted on 05/09/2009

The UAE's non-oil economy expanded by about 3.9 per cent in 2008 to extend a steady growth recorded over the past few years because of high government spending and private investment, official figures showed yesterday. Growth was slightly lower than the four per cent increase in 2007 but it remains relatively high considering the sharp slowdown in business activity in the fourth quarter of 2008 because of the global financial upheaval. The country's real gross domestic product (GDP) grew by ...  >>MORE

UAE inflation put at 2.9% in first 7 months

Posted on 28/08/2009

Inflation in the UAE stood at an average of around 2.9 per cent in the first seven months of 2009, dipping below one per cent for the month of July, official data showed yesterday. The consumer price index (CPI) stood at 114.16 in the first seven months of this year compared with 110.87 in the same period of 2008, an increase of 2.96 per cent, the Ministry of Economy said in its monthly inflation report. In July, the CPI edged up by only 0.28 per cent to 113.49, from 113.18 in July, 2008. ...  >>MORE

Global financial crisis hits UAE consumer spending

Posted on 24/08/2009

Growth in the UAE's consumer spending dipped to a five-year low in 2008 because of the global financial turmoil and a decline in prices of several goods in the final months of the year, official figures showed yesterday. But the per capita spending in the country remained the highest in the Arab World although the UAE is far outpaced by Qatar in terms of per capita income. The figures by the Ministry of Economy showed private final consumption, which covers spending by individuals and ...  >>MORE

Analysts laud UAE action to deal with global crisis

Posted on 24/08/2009

The UAE has one of the highest bailout-GDP ratios in the world, new research maintains, but economists and analysts Emirates Business spoke with refute the numbers, while lauding the policy response by the government. According to the global Bailout/Stimulus Tracker published by Grail Research, the UAE announced bailout packages amounting to US$52.6 billion (Dh193.2bn) between July 1, 2008 and July 17, 2009. This works out to 32.21 per cent of the country's GDP, which according to World Bank ...  >>MORE

UAE personal wealth hits record highs

Posted on 20/08/2009

A surge in oil prices to historical high levels allied with growing crude output to boost the UAE's GDP per capita income to a record Dh196,100 in 2008, one of the highest levels in the world, official figures showed yesterday. The per capita income last year was higher by nearly 16 per cent over the 2007 income of Dh168,900 and more than double its level of Dh90,400 in 2003, showed the figures released by the Ministry of Economy. Analysts expect the per capita income to decline this year ...  >>MORE

UAE ranks seventh country in regard to most optimistic economic recovery in world

Posted on 11/08/2009

The UAE ranks as the seventh most optimistic country in the world in the second quarter of 2009, according to a Nielsen Global Consumer Confidence Survey released today. The Nielsen Global Consumer Confidence Index, conducted in 28[1] markets in June 2009, rose to 82 - an increase of 5 points (from 77) from March 2009. The survey shows India registered the highest jump in consumer confidence, a 13-point leap from 99 in the March 2009 survey. Japan, South Korea, Hong Kong and Indonesia ...  >>MORE

Non-oil sector sees Dh4.4bn investment

Posted on 29/07/2009

The UAE pumped about Dh4.4 billion into the non-oil manufacturing sector in 2008 to signal a sharp recovery in such investments after a slowdown over the previous two years, according to official figures. Dubai was the largest investor in industrial projects last year while all other emirates recorded an upturn in such activities, the Ministry of Economy said. From Dh72.6bn at the end of 2007, total investments in the non-oil industrial sector surged to Dh77.04bn at the end of 2008. It was ...  >>MORE

UAE economy grew 7.4% in 2008

Posted on 27/07/2009

The UAE Central Bank said the country's economy grew 7.4 per cent in 2008, due to high oil prices and measures taken by the bank to support liquidity in the banking sector from September last year. Inflation jumped to 12.3 per cent in 2008 from 11.1 per cent in 2007, as a result of property rental prices rising by 13.4 per cent, the central bank said on Saturday in its annual report. The UAE's money supply growth was up 29.1 per cent in 2008, reaching Dh899.1 billion ($245 billion) by the ...  >>MORE

Statistics Centre Abu Dhabi announces results of economic surveys

Posted on 20/07/2009

The Statistics Centre-Abu Dhabi (SCAD) released yesterday the final results of six major surveys for the year 2007-2008 conducted in the emirate of Abu Dhabi covering a wide range of economic activities. The surveys included the financial sector activities (banks, insurance, money exchange, and financial brokerage companies), industrial activities (extraction, manufacturing industries, electricity, water), services activities (restaurants, hotels, education, health, real estate .etc), ...  >>MORE

Sharjah economic growth up by 9.3 percent in 2008

Posted on 16/07/2009

The Sharjah Economic Development Department has revealed the economic performance report for the emirate of Sharjah during 2008. According to the report, "formal" economic growth reached its highest margins since 2006, recording 10.2 per cent, an increase of Dh4.58 billion over 2005. The report also discussed the GDP according to the monetary value of the different sectors, with conversion industries recording Dh12.19 billion, the property and business services sectors at Dh9.24 billion, ...  >>MORE

UAE economy to start recovering next month on government support

Posted on 17/06/2009

The UAE economy will start to rebound next month in a gradual recovery that could stretch into next year, a top government official said on Tuesday. "The government's intervention and support in terms of monetary and economic policy will ensure a smooth recovery that will boost investment," Hamad Bu Amim, director-general of the Dubai Chamber of Commerce and Industry, told delegates at a seminar. He believes that the government's liquidity injection is a step forward that will help the ...  >>MORE

Dubai contributes more than 30% of the UAE economy

Posted on 17/06/2009

Dubai's economy represents more than 30 per cent of the UAE economy, with retailing and manufacturing comprising the largest shares, Ehsan Khoman, a researcher at the Dubai Chamber of Commerce and Industry, said at a conference yesterday. "Regionally, while Abu Dhabi contributed nearly 55 per cent of GDP in 2007 (with Dubai contributing just over 30 per cent), the overwhelming share of FDI investment has been in the Emirate of Dubai," he said. He noted that in terms of growth performance, ...  >>MORE

Emirates Competitiveness Council signs first MoU with U.S. Council on Competitiveness

Posted on 15/06/2009

The Emirates Competitiveness Council (ECC) has signed a Memorandum of Understanding (MoU) with the U.S. Council on Competitiveness in Washington. The agreement is the first the ECC has signed with another organization since its inception in May 2009. The MoU formalises a strategic partnership between the two councils, and will bring together leading experts to develop global competitiveness standards and practices, initiate public-private sector partnerships to promote sustainable economic ...  >>MORE

UAE, Uzbekistan sign protocol, MoU on economic cooperation

Posted on 13/06/2009

Tashkent - The United Arab Emirates and Uzbekistan signed an agreement on the amendment of the economic cooperation agreement and a Memorandum of Understanding (MoU) on economic, trade and investment cooperation. The amendment protocol was signed on Thursday by UAE Minister of Economy Sultan Al Mansouri and Uzbek First Deputy Prime Minister and Finance Minister Rustam Azimov. The MoU was signed by Al Mansouri and Uzbek Minister of Foreign Economic Relations, Investments, '&' Trade Elyor ...  >>MORE

UAE Economy Minister discuss cooperation Portuguese counterpart

Posted on 08/06/2009

UAE Economy Minister HE Engineer Sultan bin Saeed Al Mansouri and Portuguese Economy and Innovation Minister Manuel Pinho, discussed cooperation ties between the two countries and ways to boost them in all sectors and fields. Al Mansouri stressed in a meeting held here in his office that the UAE government was heading to support the innovative economic projects to boost competitive capacity of the national economy on the regional and international levels. He added that the UAE was able to cope ...  >>MORE

Economic crisis has ‘fundamentally changed’ capitalism: Dubai Holding report

Posted on 13/05/2009

The global economic crisis has "fundamentally changed" capitalism and the way governments and business view the world. That is the main conclusion to be drawn from an Economist Intelligence Unit report commissioned by Dubai Holding. The report, Risk and Regulation: A new era for capitalism', is based on the findings of a survey of 418 global senior executives. The survey found that almost 60% of respondents believe that capitalism is entering a new era of lower risk tolerance, higher ...  >>MORE

UAE annual growth rate 4.4-5% in 2010

Posted on 12/05/2009

The UAE's annual growth rate will be between 4.4 and five per cent in 2010 rather than the previous forecast of 6.7 per cent due to the global economic crisis and OPEC's cut in oil production, according to a leading economist. The country's real gross domestic product grew by 7.4 per cent in 2008, which was 0.3 per cent lower than the previous year, Robin Brew, Editorial Director and Chief Economist at the UK-based Economist Intelligence Unit, told "Emirates Business". "A return to previous ...  >>MORE

UAE is assessing fall out of global economic crisis

Posted on 11/05/2009

The UAE has devised a plan to assess the repercussions of the global financial crisis on the country, Minister of Economy H.E Sultan Al Mansouri said yesterday. "The Government has chalked out a joint plan in coordination with federal ministries and departments to evaluate the magnitude of impact of the international financial crunch in order to take required measures to overcome the crisis with the least possible losses,” he said without elaborating on these steps. The minister told reporters ...  >>MORE

Abu Dhabi aims at 7% growth

Posted on 11/05/2009

The Abu Dhabi Government said yesterday it expected to see growth in the second half of the year and into 2010. Abu Dhabi said in January it was aiming at seven per cent annual economic growth through to 2015 by developing its non-oil sector. "Growth in the near-term is going to happen,” Ahmad Abu Ghaida, the director of economic research at the Abu Dhabi Department of Economic Development told a news conference. "We have not seen a contraction, but growth is going to continue very soon. We ...  >>MORE

Dubai’s economy records 2pc growth

Posted on 23/04/2009

Dubai's economy recorded two per cent growth in the first quarter of this year compared to the same period in 2008, sending a clear signal that the emirate has weathered the worst phase of the financial crisis gripping the world, a top government official said on Wednesday. Dr Omar bin Sulaiman, Governor of the Dubai International Financial Centre, or DIFC, said that although it took a few months for Dubai to adjust to the abrupt slowdown after several years of consistent fast growth, the ...  >>MORE

UAE takes part at Arab-Sino businessperson's conference

Posted on 22/04/2009

Hangzhou - UAE is taking part at the third Arab - Chinese businesspersons' conference, which commenced today in the southern Chinese city of Hangzhou from. The three-day long event is held in the context of the Sino- Arab Cooperation forum. The UAE delegation is led by UAE Foreign Minister HE Sheikha Lubna Al Qasimi. Lubna stressed in her speech at the conference the strength of bilateral relations between China and the UAE in the political, economical and trade areas. "China occupies the ...  >>MORE

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Quick List

Innovation is driving force for further developing Islamic world: Al Mansouri


COMSEC opened, Minister of Economy heads UAE delegation


Capital to spend US$1tn on major projects


IMF praises UAE's handling of crisis


Abu Dhabi's inflation drops 1.2% in first nine month: SCAD


UAE Minister of Economy visits Arab-British Chamber of Commerce in London


Abu Dhabi Department of Economic Development and United Kingdom Trade and Investment Authority sign MoU


UAE is keen to further boost ties with Britain: Al Mansouri


UAE, UK conclude economic talks


UAE at the forefront of other GCC states in implementing economic decisions


UAE, Britain explore avenues of joint economic cooperation


UAE-Britain to meet in London next week for economic talks


Mohamed Omar Abdullah: DED's plan 2012 in sync with priorities set by ‘Abu Dhabi 2030'


Encouraging signs of global economic growth: UAE Minister of State for Financial Affairs


Abu Dhabi councils join forces with WEF


UAE economic fundamentals provide cushion against crisis: Sultan


Global competitiveness report shows UAE improved rating


Abu Dhabi Government spend up 21%


UAE economy to grow for 3%: Minister


Lubna Al Qasimi: UAE will achieve significant economic gains by the end of the current year


UAE non-oil economy rises 3.9% in 2008


UAE inflation put at 2.9% in first 7 months


Global financial crisis hits UAE consumer spending


Analysts laud UAE action to deal with global crisis


UAE personal wealth hits record highs


UAE ranks seventh country in regard to most optimistic economic recovery in world


Non-oil sector sees Dh4.4bn investment


UAE economy grew 7.4% in 2008


Statistics Centre Abu Dhabi announces results of economic surveys


Sharjah economic growth up by 9.3 percent in 2008


UAE economy to start recovering next month on government support


Dubai contributes more than 30% of the UAE economy


Emirates Competitiveness Council signs first MoU with U.S. Council on Competitiveness


UAE, Uzbekistan sign protocol, MoU on economic cooperation


UAE Economy Minister discuss cooperation Portuguese counterpart


Economic crisis has ‘fundamentally changed’ capitalism: Dubai Holding report


UAE annual growth rate 4.4-5% in 2010


UAE is assessing fall out of global economic crisis


Abu Dhabi aims at 7% growth


Dubai’s economy records 2pc growth


UAE takes part at Arab-Sino businessperson's conference