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THE ECONOMY - ECONOMIC DEVELOPMENT

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

UAE economy fared well in 2008: FCCI

Posted on 13/04/2009

The UAE economy navigated safely and confidently through the rough sea of the international financial crisis in 2008 which rocked most of the world economies, according to a report by the UAE Federation of Chambers of Commerce and Industry (FCCI). 'The UAE economy has made economic gains in various sectors despite obstacles the global trade faced in terms of non-oil exports and imports,' said Salah Al Shamsi, FCCI Chairman, in a forward at the FCCI 2008 report. 'Despite the diverse impact of ...  >>MORE

Abu Dhabi Council for Economic Development emphasizes support to SME

Posted on 05/04/2009

The Abu Dhabi Council for Economic Development (ADCED) has stressed that support to small and medium-sized enterprises (SME) should be prioritized by any efforts to counter the consequences of the global financial crisis on economy in the UAE in general and Abu Dhabi in particular. In a recent report on SME, ADCED called for doubling the efforts to ease the pressures of the financial crisis on SME through streamlining the re-structuring of their commitments as well as the direct injection of ...  >>MORE

UAE poised to survive crisis despite slower GDP growth

Posted on 02/03/2009

The UAE is well positioned to survive the economic crisis even though growth in the country's real Gross Domestic Product is likely to be only a fraction of what it was 
in 2008, the head of the Dubai 
Chamber of Commerce and Industry said on Sunday. "The country will continue to record surpluses, while inflation is expected to drop from 14 per cent in 2008 to eight to six per cent in 2009,” said Engineer Hamad Buamim, the chamber's Director-General. He added that the country's ...  >>MORE

Abu Dhabi Aims for 7 Per Cent Growth in Non-oil Sectors

Posted on 01/03/2009

Abu Dhabi is targetting a seven per cent growth rate in its non-oil sectors in the coming years, to achieve the goals set in its Vision 2030 document, according to Mohammed Omar Abdullah, Undersecretary of the Department of Planning and Economy (DPE). He made these observations while speaking at a workshop on the role of industry in economic development organised by the Higher Corporation for Specialised Economic Zones in collaboration with the DPE here on Friday. Pointing out that the ...  >>MORE

UAE least dependent on oil exports

Posted on 12/02/2009

The UAE is the least dependent of all the GCC states on oil exports, making its economy more robust, a new report suggests. The UAE ranks first among its five GCC counterparts in terms of non-oil contribution to all exports. The UAE's oil exports reached US$100.2 billion (Dh367 billion) in 2007 ranking it fourth among Opec producers. However, the UAE is the least dependent on oil exports, with a 58 per cent contribution by oil exports in the exports structure in 2007. The UAE ranked fourth ...  >>MORE

UAE Economy to Record 2.7pc Growth: Citigroup

Posted on 29/01/2009

A Citigroup forecast expects UAE's gross domestic product (GDP) to grow by 2.7 per cent in 2009. Declining sharply from estimated 6.7 per cent in 2008, as impact of global economic downturn spikes oil prices and the slump in nation's real estate sector. However, it sees economy rebounding to 5.2 per cent in 2010. The Citigroup's forecast is most optimistic outlook on the UAE economy, in recent weeks as most economists projected a bleak picture of the GCC's fastest growing economy, with ...  >>MORE

DWC Aviation City key to regional MRO growth

Posted on 23/01/2009

Dubai World Central (DWC) Aviation City will cater to the Middle East's burgeoning MRO industry as international experts predict that it will have the fastest ten-year annual growth rate of 8.9%, in comparison with the industry's annual average of 3.6%. These findings were a highlight at the two-day MRO Middle East Conference and Exhibition organised by Fairs '&' Exhibitions - organisers of the prestigious Dubai Air Show - at the Dubai Airport Expo Centre until 22 January. 'In spite of ...  >>MORE

Economy Minister confers with Bank of France Governor

Posted on 22/01/2009

Economy Minister H.E. Sultan bin Saeed Al Mansouri received in Abu Dhabi yesterday Christian Noyer, Governor of the Bank of France and discussed with him ways to enhance bilateral cooperation in economic, industrial and financial fields. The two sides also reviewed the current global financial crisis and its implications on commodity prices. Also discussed were means to boost cooperation, to exchange expertise and to increase trade exchange. - Emirates News Agency, WAM ...  >>MORE

Dubai tops 'Middle East Cities of the Future' ranking by fDi magazine

Posted on 22/01/2009

Dubai is top of the league in the Middle East Cities of the Future ranking by fDi magazine, scoring highest points for economic potential, business friendliness, infrastructure and quality of life. Dubai scored 471 amongst 20 cities in the region evaluated, with Jeddah, Abu Dhabi, Manama, Riyadh and Ras Al Khaimah in the next five places, respectively. Produced by the Financial Times group, fDi is the premier publication for the business of globalisation, and is regarded as the single most ...  >>MORE

UAE non-oil sector drives growth to record level in '08

Posted on 12/01/2009

The UAE economy soared by nearly 13.9 per cent to surpass the Dh800-billion-mark for the first time despite a sharp decline in oil prices in the last quarter of the year, semi-official estimates showed yesterday. Both the hydrocarbon and non-oil sector contributed to the growth which the report said showed the UAE has the potential to withstand lower crude prices and the repercussions of the devastating global financial crisis. From around Dh703bn in 2007, the country's nominal gross domestic ...  >>MORE

Abu Dhabi staunch in the face of crisis

Posted on 10/01/2009

Abu Dhabi is the economic powerhouse of the UAE, its prosperity founded on abundant hydrocarbon resources that generate around 60 per cent of the emirate's GDP. Despite its concentration on oil and gas, the steep fall in international oil prices poses little threat to the emirate's credit standing, thanks to its robust public finances. Moody's estimates that Abu Dhabi's fiscal break-even oil price is around US$30 per barrel, considerably below even today's depressed prices. Even if oil ...  >>MORE

Abu Dhabi’s Vision 2030 boosts morale, but the challenge will be in execution

Posted on 10/01/2009

The Abu Dhabi Vision 2030 document released on Wednesday last has come in as a morale booster amidst the all-pervasive economic gloomy signals, but the real challenge will be in the execution of the remarkable programmes envisaged in it, according to an expert. The document discloses that Abu Dhabi's real GDP per capita has grown by 20 per cent over the last four years and the emirate now has one of the highest incomes per capita internationally. The emirate is home to the world's sixth ...  >>MORE

Abu Dhabi Government Publishes Long Term Vision for Development of Emirate's Economy to 2030

Posted on 08/01/2009

Under the guidance of His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the UAB and Ruler of Abu Dhabi, and His Highness Sheikh Mohamed bin Zayed AI Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAB Armed Forces, the Government of Abu Dhabi announced yesterday the publication of a long-term plan for the transformation of the Emirate's economy, including a reduced reliance on the oil sector as a source of economic activity over time and a greater focus on ...  >>MORE

UAE, Namibia discuss joint cooperation

Posted on 28/12/2008

Economy Minister, Sultan bin Saeed Al-Mansouri has received Namibian Minister of Trade and Industry, Hage Geingob and discussed with him bilateral relations between the two countries and ways to boost them in the areas of economy, investment and industry. They stressed the need to boost the level of trade of exchange to commensurate with the economic development in both countries. The Namibian minister made a presentation about the existing investment opportunities in his country, ...  >>MORE

Dubai to boost public spending by 20pc, Merge Entities

Posted on 28/12/2008

xThe Government of Dubai plans to boost public spending by 20 per cent next year to stimulate the economy and keep pace with its infrastructure development targets, Nasser Al Sheikh, Director-General of Dubai's Department of Finance, told Khaleej Times in an exclusive interview on Saturday. To better-position itself to face challenges posed by the global economic crisis and its impact on the domestic economy, government also plans to merge and consolidate operations of some of its departments ...  >>MORE

Cabinet approves new organisational structure of the Ministry of Economy

Posted on 25/12/2008

The UAE Cabinet has approved the new organisational structure of the Ministry of Economy (MoE), which complements the ministry's Strategic Plan 2008-10. The new structure comes in line with the ministry's guidelines to update and strengthen its operational strategies to comply with the requirements of the coming phase. HE Engineer Sultan Bin Saeed Al Mansouri, Minister of Economy, said the new organizational structure marks a turning point in the history of the Ministry as it comes in line ...  >>MORE

Qatar, UAE to stay richest among Arab countries

Posted on 15/12/2008

Qatar and the UAE remained the wealthiest Arab nations in 2007 and are expected to maintain that position this year because of high growth in their economies, according to official estimates. Although they have recorded one of the highest population growth rates in the world over the past 10 years, strong performance of their hydrocarbon sector has allied with massive public and private investment to catapult the two countries to the forefront of the club of wealthy nations. The figures by ...  >>MORE

UAE cushioned by surge in oil revenue, strong fiscal position

Posted on 15/12/2008

A surge in the UAE's petrodollar earnings in 2008 will ally with its strong fiscal balance to offset losses from the global financial crisis, a key Saudi bank said yesterday. The massive overseas assets along with its diversified economy will also allow the UAE to maintain real growth in 2009 despite the global crisis and an expected decline in its oil output because of slackening world crude demand, the Saudi American Bank (Samba) said in its monthly economic bulletin. Citing estimates by ...  >>MORE

Economic diversification and openness drive UAE economy growth: Mansouri

Posted on 04/12/2008

HE Sultan Bin Saeed Al Mansouri, Minister of Economy, has said that concerted efforts to diversify the economy and a policy of openness adopted by the UAE's leadership have been the prime drivers in establishing the UAE as the second largest Arab economy. In an interview with Sama Dubai on the occasion of the UAE National Day, Al Mansouri said that the country's GDP rose from Dh6.5 billion in 1971 to Dh730 billion in 2007, an increase by 112 times, which is the result of the wise economic ...  >>MORE

UAE-China Joint Economic Committee sign minutes of 5th round of talks

Posted on 29/11/2008

The UAE and China signed the minutes of the 5th meeting of the Joint Economic Committee which concluded a round of talks in Abu Dhabi to further promote relations and find ways overcome barriers to achieving the goals set by bilateral agreements and MOUs. The minutes was signed on Thursday by Undersecretary of the Ministry of Economy Mohammed Ahmed Bin Abdul Aziz Al Shehhi and Vice Minister of Commerce of China Dr. Gao Hucheng who both led the talks. Al Shehi expressed satisfaction at the ...  >>MORE

UAE-China Joint Committee opens fifth round of talks in Abu Dhabi

Posted on 28/11/2008

The UAE-China Joint Economic Committee opened its fifth round of talks in Abu Dhabi yesterday with high ranking officials from both side attending the meeting. Under Secretary of the Ministry of Economy Mohammed Ahmed Bin Abdul Aziz Al Shehhi led the UAE side while Vice Minister of Commerce of China (PRC) Dr. Gao Hucheng led the Chinese side at the talks. The fifth round of talks draws major importance as it comes against the backdrop of exceptional global economic situations. The meeting ...  >>MORE

UAE, Italy sign minutes of joint economic committee's meetings

Posted on 26/11/2008

The UAE-Italy Joint Economic Committee concluded on Monday a series of meetings in Abu Dhabi with the signing of the minutes by UAE Minister of Economy Sultan Bin Saeed Al Mansouri and Italian State Minister for Foreign Trade Adolfo Urso. At the signing ceremony, Al Mansouri underscored the outcome of the meetings which he said contribute to stronger economic relations between the two countries and set a new beginning for cooperation and trade. The UAE and Italy, he added, are keen on ...  >>MORE

UAE records highest Arab FDI growth

Posted on 25/11/2008

The UAE has recorded the highest growth in foreign direct investment (FDI) in the Arab World over the past seven years because of a surge in its economy and the opening up of more sectors, according to official data. Between 2005 and 2007, the UAE also emerged as the second largest Arab capital exporter after Kuwait, with an outflow of more than US$20 billion (Dh7.34bn), nearly a third of the total outgoing Arab FDI, showed the report by the Kuwait-based Inter-Arab Investment Guarantee ...  >>MORE

Capital to grow more than 17% by year-end

Posted on 10/11/2008

Abu Dhabi's growth rate will exceed 17 per cent by the end of 2008 and the emirate's economy will remain strong despite the international financial meltdown, according to the head of the Department of Planning and Economy. "Abu Dhabi's strong economy will continue to grow and the capital will attempt to link up more with the global economy through the enhancement of the private sector's role," said Chairman Nasser bin Ahmed Al Suwaidi. "The Swiss KOF Index of Globalisation, which measures the ...  >>MORE

UAE economy strong enough to face global financial crisis

Posted on 06/11/2008

Following the decisions taken by the government in response to the international financial crisis, liquidity is available in the UAE, says Economy Minister Sultan bin Saeed Al Mansouri. And the economy is strong enough to deal with the repercussions of the global meltdown. "The UAE economy will enjoy a good growth rate but 2009 will be a real test for the global and UAE economies," Al Mansouri told Emirates Business at the International Talent Conference organised by etisalat. "There is full ...  >>MORE

Slower growth good for UAE, says S&P

Posted on 06/11/2008

The current liquidity squeeze and the consequent slowdown in economic growth can be positive for the UAE as it could alleviate infrastructure and resource bottlenecks that had been stoking inflationary pressures, Standard & Poor's (S&P's) Ratings Services said. A slower growth will also reduce the risk of a significant oversupply in the real estate market, the rating agency said in its latest report. S&P's said liquidity would remain tight in the medium term, resulting in a slow-down of ...  >>MORE

UAE looks forward to stronger Islamic cooperation on investments: Economy Minister

Posted on 25/10/2008

Istanbul - UAE Economy Minister Sultan Bin Saeed Al Mansouri said the UAE has one the Regions' most competitive economies in terms of attracting foreign investments. The UAE ranks 31st globally in Davos Global Competitiveness Index (GCI) for 2008-2009, issued by Davos World Economic Forum and first in the Middle East and North Africa (MENA) region and first on the Arab World Competitiveness Index. It also ranks 23rd globally on the Davos Business Competitiveness Index (BCI) for 2008. Al ...  >>MORE

UAE tops prosperity index in the Arab World

Posted on 16/10/2008

The UAE has been rated the best country in the Arab World in promoting prosperity and general satisfaction with life in a global survey of 104 states. The country – which was placed 28th in the world – owes its high ranking to Dubai's diversified economy, according to the report by the Legatum Institute. "Within the UAE, Dubai has moved past dependence on oil exports towards a more diversified economy based on attracting international capital and talent," says the institute, an independent ...  >>MORE

UAE improves ranking on Global Competitiveness Report

Posted on 15/10/2008

The United Arab Emirates has consolidated its position as one of the most competitive economies in the region, moving up by six positions to 31st place in the Global Competitiveness Report 2008 -2009, released by the World Economic Forum. Overall, the country improves its ranking across all pillars of the Growth Competitiveness Index (GCI), with a more stable macroeconomic environment and a better assessment of the quality of the educational system. The country's institutional environment ...  >>MORE

Minister calls for commitment to global standards

Posted on 15/10/2008

The UAE's Minister of Economy has urged all who are involved in the construction sector to undertake global standards in building design, and work towards sustainable development. Speaking Monday at the opening of the 31st General Assembly of the International Organization for Standardization in Dubai, HE Sultan Al Mansouri said: "The construction practices we set today are our legacy for future generation. "It is our responsibility to the upcoming generation and let us today resolve to ...  >>MORE

UAE economy sound despite global downturn: VP

Posted on 10/10/2008

Vice President and Prime Minister of UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum yesterday visited the Cityscape 2008 which ended later this evening. As he toured the exhibition's different sections, Sheikh Mohammed said he was satisfied with the level of participation by local and international developers, a sign of confidence on UAE's domestic economy. "Our national economy, banking sector and financial markets are sound. They draw their strength from a ...  >>MORE

Investment in Abu Dhabi - Opportunities and Prospects: DPE report

Posted on 10/10/2008

Over the past six years, Abu Dhabi's economy has experienced its profoundest and longest lasting upturn ever, as a result of higher oil prices on world markets, favourably impacting various economic sectors, which, in response, have lately been growing at record rates. In light of the huge structural and geographical transformations the global economy is currently undergoing, and with the increasingly intermingling economic interests of the world's nations, which have gone beyond ...  >>MORE

Non-oil sector to drive UAE GDP growth at 6% in 2009

Posted on 09/10/2008

The UAE economy will grow at a healthy pace of about six per cent in 2009 despite the global credit crunch, says a new report. This growth is mainly attributed to the good performance of the country's non-oil sector. Gross domestic product (GDP) has grown at an average annual real rate of about nine per cent since 2003. GDP per capita has increased by about 130 per cent since 2003, reaching an estimated US$57,000 (Dh209, 190) in 2008, according to figures released yesterday by investment bank ...  >>MORE

Rapid economic growth outpaces job rise rate

Posted on 07/10/2008

The UAE unemployment rate stood at around 3.45 per cent in 2007 and is projected to increase slightly in 2008 despite a double-digit growth in the domestic economy, official statistics showed yesterday. But the increase will not affect the UAE's position as having one of the lowest jobless rates in the world although it has one of the highest population growth rates, showed the figures by the Ministry of Economy. It gave no breakdown for 2008 or the previous two years but in 2005, Dubai had ...  >>MORE

Value to Abu Dhabi Projects to Hit $500b

Posted on 05/10/2008

Driven by a boom in real estate and tourism sectors, the total value of announced projects in Abu Dhabi is set to hit the $500 billion mark, Meed, a leading source of business intelligence in the Middle East, said. Contributing to the $500 billion portfolio are large-scale real estate projects including Al Raha Beach (Dh58 billion), Al Reem Island (Dh35 billion), Yas Islands (Dh146 billion) and the Dh100 billion Saadiyat Island development, Danet Abu Dhabi (Dh34 billion), Najmat Abu Dhabi ...  >>MORE

Investments in non-oil sectors accelerate UAE growth rate

Posted on 18/09/2008

Investment by the UAE government in the agriculture, industrial, real estate and service sectors has accelerated the country's growth rate, says the UAE Annual Social and Economic Report 2007 issued by the Ministry of Economy. External trade has also played a significant role in boosting the country's economy and constitutes a high percentage of the gross domestic product (GDP). "The increase in earnings due to exports and re-exports is attributed to successful policies and the free zones ...  >>MORE

UAE economy to grow by more than 7% in 2008

Posted on 09/09/2008

Strong crude oil prices and a surge in construction and other sectors will boost the UAE economy by at least seven per cent in real terms in 2008 but inflation is expected to worsen, an Arab League financial institution said yesterday. The country's real gross domestic product (GDP) swelled by 7.4 per cent in 2007 and is projected to record similar growth this year, the Abu Dhabi-based Arab Monetary Fund (AMF) said in its quarterly report. "Indications show that the UAE's economy will ...  >>MORE

Dubai Department of Economic Development launches new business directory

Posted on 06/08/2008

The Dubai Department of Economic Development (DED) has launched the Dubai Resources Business Directory 2008, the first of its kind official listing of businesses in Dubai. The business directory is presented in an easy-to-browse international format that allows one to check company listings by category or classification. It includes information on Dubai and a detailed map, restaurant guide, real estate guide, classification index, category index and advertisers' index. It also provides ...  >>MORE

UAE joins new IMF system to develop data

Posted on 03/08/2008

The UAE has joined the International Monetary Fund's General Data Dissemination System (GDDS), marking a major step forward in the development of its statistical network, the Washington-based IMF said yesterday. Comprehensive information on the UAE's statistical production and dissemination practices now appears on the IMF's Dissemination Standards Bulletin Board. "In June 2008, the Cabinet approved the UAE's participation in the GDDS for developing the country's statistical system. In this ...  >>MORE

Abu Dhabi DPE launches e-gate service

Posted on 15/07/2008

The Abu Dhabi Department of Planning and Economy (DPE) yesterday launched an online e-gate to upgrade performance and support ongoing five-year strategy for development in the emirate. The website-like gate includes information windows, which hopes to upgrade efficiency, ensure better co-ordination among DPE employees, update their data on Abu Dhabi's development strategy and enable them to serve the public better. DPE officials said the electronic gate is the latest in a series of initiatives ...  >>MORE

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Quick List

UAE takes part at Arab-Sino businessperson's conference


UAE economy fared well in 2008: FCCI


Abu Dhabi Council for Economic Development emphasizes support to SME


UAE poised to survive crisis despite slower GDP growth


Abu Dhabi Aims for 7 Per Cent Growth in Non-oil Sectors


UAE least dependent on oil exports


UAE Economy to Record 2.7pc Growth: Citigroup


DWC Aviation City key to regional MRO growth


Economy Minister confers with Bank of France Governor


Dubai tops 'Middle East Cities of the Future' ranking by fDi magazine


UAE non-oil sector drives growth to record level in '08


Abu Dhabi staunch in the face of crisis


Abu Dhabi’s Vision 2030 boosts morale, but the challenge will be in execution


Abu Dhabi Government Publishes Long Term Vision for Development of Emirate's Economy to 2030


UAE, Namibia discuss joint cooperation


Dubai to boost public spending by 20pc, Merge Entities


Cabinet approves new organisational structure of the Ministry of Economy


Qatar, UAE to stay richest among Arab countries


UAE cushioned by surge in oil revenue, strong fiscal position


Economic diversification and openness drive UAE economy growth: Mansouri


UAE-China Joint Economic Committee sign minutes of 5th round of talks


UAE-China Joint Committee opens fifth round of talks in Abu Dhabi


UAE, Italy sign minutes of joint economic committee's meetings


UAE records highest Arab FDI growth


Capital to grow more than 17% by year-end


UAE economy strong enough to face global financial crisis


Slower growth good for UAE, says S&P


UAE looks forward to stronger Islamic cooperation on investments: Economy Minister


UAE tops prosperity index in the Arab World


UAE improves ranking on Global Competitiveness Report


Minister calls for commitment to global standards


UAE economy sound despite global downturn: VP


Investment in Abu Dhabi - Opportunities and Prospects: DPE report


Non-oil sector to drive UAE GDP growth at 6% in 2009


Rapid economic growth outpaces job rise rate


Value to Abu Dhabi Projects to Hit $500b


Investments in non-oil sectors accelerate UAE growth rate


UAE economy to grow by more than 7% in 2008


Dubai Department of Economic Development launches new business directory


UAE joins new IMF system to develop data


Abu Dhabi DPE launches e-gate service