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THE ECONOMY - ECONOMIC DEVELOPMENT

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

UAE reaffirms 7.4% real growth for 2007

Posted on 10/07/2008

The UAE Ministry of Economy yesterday reaffirmed that the real economic growth during last year had stood at 7.4 per cent. It denied reports that it had downgraded the growth rate. "The Ministry has not released any new report about economic growth in the country other than it issued in last March in which it set real economic growth at 7.4 per cent in 2007 compared to 2006," said Rashid Al Suwaidi, Assistant Undersecretary for Planning and Statistics. An agency report said the ministry had ...  >>MORE

Abu Dhabi Economic Development Council calls for measures to streamline investments

Posted on 03/07/2008

The Abu Dhabi Economic Development Council has called for new but stringent measures to streamline local investments in a manner that would curb the operations and existence of bogus investment companies. In a report released in Abu Dhabi yesterday, the council stressed the need for concerned authorities to create robust investment machinery so as to stop investors falling prey to investment rackets. The report was prompted by a recent case unveiled by the Abu Dhabi police in which an "owner" ...  >>MORE

Al Mansouri calls for closer ties with Mediterranean countries

Posted on 02/07/2008

Sultan bin Saeed Al Mansouri, UAE Minister of Economy, has highlighted the importance of greater co-operation between the GCC and Mediterranean countries at the 6th edition of the Euro-Mediterranean Annual Conference held in Milan. The event was attended by several international dignitaries including Franco Frattini, the Italian Minister of Foreign Affairs. Al Mansouri was the primary speaker at the opening session of the conference. He stressed on the importance of the Euro-Mediterranean ...  >>MORE

UAE inflation to stabilise, no plan to revalue dirham

Posted on 30/06/2008

Inflation in the United Arab Emirates, which pegs its currency to the dollar, is stabilising and likely US interest rate hikes will lift the ailing greenback, the UAE central bank governor said on Sunday. Speaking to Reuters on the sidelines of the annual central bankers' meeting in Basel, Sultan Nasser al-Suweidi said Gulf Arab oil producers are "very firm" concerning their dollar pegs and have no plans to revalue their currencies. Inflation in the UAE hit 11.1 per cent in 2007, its highest ...  >>MORE

DPE announces initial results of family, income survey

Posted on 24/06/2008

Spending on rents, fuel and energy in Abu Dhabi emirate devours 34.46 per cent of UAE national or an expatriate family income annually. Butti Al Qubaisi, executive director for planning and statistic affairs at the Department of Planning and Economy (DPE), said at a press conference held Monday that the transport and communication take 19.59 of family spending, while food, drink and smoking constitute 14.91 of the income annually. Spending on commodities and other services represents about 10.3 ...  >>MORE

Minister of Economy arrives in Algeria

Posted on 24/06/2008

Minister of Economy HE Sultan bin Saeed al Mansouri arrived in Algeria on Monday heading UAE delegation to participate in the sixth meeting of the UAE-Algeria joint committee due to start tomorrow in the Algerian capital. Upon arrival, Al Mansouri and the accompanying delegation were received by the Algerian Finance minister Kareem Judi, UAE ambassador to Algeria Ahmed Mahmoud al-Housni, Algerian ambassador to UAE Hamid Chabira and other officials. In a statement made to media persons shortly ...  >>MORE

Strong wealth fund growth boosts UAE fiscal stability

Posted on 24/06/2008

When oil prices were as low as US$10-20 a barrel two decades ago, the UAE seriously considered borrowing from the local market to finance its swelling budget deficit. But the plan was shelved in favour of painful spending cuts. Such reductions, however, could not be maintained for a long time because of the rising domestic development needs and a seven per cent growth in the population. As a result, the deficit in the country sharply widened. Yet authorities still never considered borrowing or ...  >>MORE

Expat influx benefits economy

Posted on 18/06/2008

The influx of expatriates into the UAE is benefiting its economy and is expected to gain momentum in the coming years because of an economic upswing, according to a semi-official study. Foreigners currently outnumber the UAE national population by nearly four to one and their presence here has turned the Gulf oil producer from a tiny country into a middle-sized nation on par with Denmark and other medium European states, said the study by the state-run Emirates Industrial Bank (EIB). The study ...  >>MORE

ADCCI participates in the Arab-Turkish economic Forum

Posted on 16/06/2008

Chairman of the Abu Dhabi Chamber of Commerce and Industry (ADCCI) Salah Salem Al-Shamisi has called on the Turkish industrialists to invest in the emirate of Abu Dhabi. Speaking at the 3rd Arab-Turkish Economic Forum, which concluded in Istanbul yesterday, Al-Shamsi said that the Abu Dhabi provides several incentives to investors and businessmen to start industrial ventures in the emirate. He called on the participants to benefit from the economic boom and the diversification drive being ...  >>MORE

ADCED publishes survey results on country's economy

Posted on 09/06/2008

The Abu Dhabi Council for Economic Development (ADCED) said that UAE has achieved substantial progress in 'pioneering projects', thus attaining a higher position on the global level during last year. A survey carried out by ADCED on projects of this category around the world during 2006 and 2007, proved that UAE went up the ladders in several areas of sustainable and pioneering projects in comparison to 42 other countries. The Council has published the survey results in its weekly report. – ...  >>MORE

ADCED launches strategic plan

Posted on 21/05/2008

Abu Dhabi Council for Economic Development the council launched its strategy plan for 2008-2012. The strategy comes as part of the 2030 economic vision for the Emirate of Abu Dhabi. The council was established to facilitate economic diversification and growth through greater understanding, cooperation and engagement between the public and private sectors of Abu Dhabi. ADCED Vision concentrates on private and public partnership to accelerate Abu Dhabi's positioning as a sustainable and ...  >>MORE

Abu Dhabi unveils 5-year strategic plan

Posted on 14/05/2008

The Abu Dhabi Department of Planning has unveiled a five- year strategic plan aimed at attaining an even greater economic growth in the emirate. Speaking at a press conference yesterday, Nasser Ahmed Al Suweidi, Chairman of the Abu Dhabi Department of Planning said: "In line with the vision of President HH Sheikh Khalifa bin Zayed Al Nahyan, the Emirate of Abu Dhabi is keen to achieve the highest possible indices of economic growth. This strategic plan is set to stimulate growth in various ...  >>MORE

Abu Dhabi's US$105 billion economy could triple by 2025

Posted on 12/05/2008

The US$105 billion economy of Abu Dhabi, the world's fifth-largest oil producer, could triple in value during the next 17 years, underpinned by energy sales and investment, state-owned Emirates News Agency (WAM) reported. Gross domestic product could surge to US$300 billion by 2025, the emirate's Department of Planning & Economy said in a report, according to WAM on Saturday. Oil accounts for 59 percent of GDP, and GDP per capita is US$74,000, the second-highest in the world, WAM said. "A ...  >>MORE

RAK GDP grows by more than 50 % over the last four years.

Posted on 28/01/2008

Ras Al Khaimah's Gross Domestic Product (GDP) has grown by more than 50% over the last four years and the fast- growing emirate, riding a wave of massive inward investments, is expected to clock an annual growth rate of over 15% in the next few years, Ras Al Khaimah Investment Authority (RAKIA) announced at the Ras Al Khaimah Conference 2008 which started off at the Al Hamra Fort Hotel here today. Delivering the keynote address at the conference, Dr. Khater Massaad, Advisor to RAK Crown ...  >>MORE

UAE economy sees 16% growth this year

Posted on 11/12/2007

The UAE economy is expected to expand by at least 16 per cent in 2007 on higher oil prices and new investments, according to the International Monetary Fund. In a new report released in December, the IMF says at least US$22 billion (Dh80.8bn) will be pumped into the UAE economy every year over the next decade, including a total of US$35bn (Dh128bn) into oil and gas projects. But it warned that the UAE's rapid growth has been expensive, with inflation soaring to record levels. "The UAE has ...  >>MORE

UAE economy has achieved tremendous growth: Minister

Posted on 12/11/2007

The UAE's ability to create modern and sophisticated infrastructure had played an important role in enhancing productivity, and had prompted remarkable accomplishments in the areas of social services", said UAE Minister of Economy Sheikha Lubna Al Qasimi. "The results are tremendous and reflect the huge efforts that have been made to create a balanced economic base through the creation of an investment map that promotes the development of various sectors in the UAE", the Minister said in a ...  >>MORE

Ministry of Economy seeks to increase UAE's competitiveness

Posted on 09/08/2007

The Ministry of Economy announced yesterday its strategic framework for 2008-2010 targets increasing competitiveness of the UAE economy, achieving balanced development by diversifying sources of income, and leveraging existing economic strengths to build future capabilities. One of the key objectives of the ministry is to create more opportunities for the UAE Nationals to increase their role in the private sector. Unveiling details of the strategic framework, Sheikha Lubna Al Qasimi, Minister ...  >>MORE

'Radical transformation' under way in Abu Dhabi

Posted on 15/07/2007

A 'radical transformation' of the structure of the government and economy of Abu Dhabi is now under way, according to Mohammed Ahmed Al Bowardi, secretary general of the Abu Dhabi Executive Council. Writing in the latest issue of Capital Letter, the quarterly magazine of the British Business Group in Abu Dhabi, he says that: "building on the foundations created by the UAE's founder-the late Sheikh Zayed bin Sultan Al Nahyan, and in accordance with the guidance provided by President HH Sheikh ...  >>MORE

UAE's economic fortunes rising

Posted on 08/07/2007

Recently released international statistics point out to extraordinary progress of the UAE economy. These sources include but are not limited to the International Monetary Fund (IMF) plus the Bank for International Settlements. The UAE economy now ranks the second largest economy in the Arab region, larger than that of either Egypt or Algeria. Only the gross domestic product (GDP) of Saudi Arabia outweighs that of the UAE. It is projected that the UAE's real (adjusted for inflation) GDP would ...  >>MORE

Abu Dhabi to embark upon US$175 billion diversification programme

Posted on 26/06/2007

Abu Dhabi's ambitious diversification programme from its reliance on hydrocarbons reserves is well under way and will take place in the form of public-private partnerships, with developments, encompassing tourism, energy, real estate and social programmes, according to a new authoritative economy report published by Oxford Business Group on the UAE capital. Created by Oxford Business Group (OBG), the UK-based publishing, research and consultancy services company, the book's findings will be ...  >>MORE

US-Arab Chamber releases special report on UAE

Posted on 21/06/2007

Washington - In recognition of the UAE's role as the number one export destination in the Middle East for the United States, the National U.S.-Arab Chamber of Commerce (NUSACC) released on Tuesday a first-of-its-kind Special Report on opportunities in the United Arab Emirates. The 40-page analysis in U.S.-Arab Tradeline ( http://www.nusacc.org/tluae/index.html )focuses on trade and investment opportunities in ...  >>MORE

UAE, UNDP boost cooperation, ink MoU

Posted on 23/05/2007

Abu Dhabi Planning and Economic Department and United Nations Development Programme - UNDP- signed today a memorandum of understanding -MoU- to boost cooperation in planning, scientific research and methodologies employed to implement a master development plan as well as to meet the demands of researchers and other staff members working for the department. The MoU was signed by Undersecretary at Abu Dhabi Planning and Economic Department Mohammed Omar Abdullah and UNDP's Resident ...  >>MORE

Ministry of Economy launches Millennium Development Goals Report

Posted on 01/05/2007

The UAE Ministry of Economy launched Monday the Second Report on the Millennium Development Goals (MDGs). Several federal and local parties have joined hands in drafting the Report, which briefly illustrate the measures taken by the government towards achieving the MDGs, and the achievements made in various fields. In the preface, Sheikha Lubna Bint Khalid Al Qasimi, Minister of Economy, said the Report clearly demonstrates that the UAE has made great strides in achieving the MDGs, to an ...  >>MORE

DED issues 1036 licences in January

Posted on 21/03/2007

The Department of Economic Development (DED) issued 1,036 licences in January 2007, 152 more than the number of licences issued in the same month last year, signalling the inception of several new businesses in Dubai this year. The Economic Affairs Division at DED prepared the comprehensive report on the number of licences issued by the Business Registration Division for January. The licences were issued in four categories -- commercial, professional, industrial and tourism. The ...  >>MORE

President holds talks with Azeri leader

Posted on 21/11/2006

President His Highness Shaikh Khalifa Bin Zayed Al Nahyan yesterday held talks with the visiting Azeri President Ilham Aliyev. They reviewed bilateral relations and explored ways to further bolster economic, investment and tourism cooperation in the best interests of the Azeri and UAE people. Shaikh Khalifa and President Aliyev discussed international and regional issues of mutual concern. President Aliyev expressed his country's keen interest in developing economic and investment relations. ...  >>MORE

UAE cooperation with Azerbaijan to be enhanced

Posted on 21/11/2006

The UAE and the Republic of Azerbaijan signed 11 agreements in the capital yesterday, pertaining to cooperation in the fields of economy, legal, military, health, education and sports. "The trade balance between the two countries is in the vicinity of Dh700 million, and we seek to push that figure further," said Shaikha Lubna Al Qasimi, UAE Minister of Economy, before signing two agreements with the Azerbaijani minister of economic development, Haider Babayev. The ministers signed an ...  >>MORE

Abu Dhabi Council for Economic Development hold its first meeting

Posted on 18/09/2006

The Abu Dhabi Council for Economic Development (ADCED) held its first meeting today at the Court of the Abu Dhabi Crown Prince, which was presided over by General Sheikh Mohammed bin Zayed Al Nahyan, Abu Dhabi Crown Prince, Deputy Supreme Commander of the UAE Armed Forces and Chairman of the Abu Dhabi Executive Council. Sheikh Mohammed was briefed on the council's objectives, which emanate from the vision of President H.H Sheikh Khalifa bin Zayed Al Nahyan of realizing economic growth in Abu ...  >>MORE

UAE set to spend US$154 billion by 2008 to propel growth

Posted on 20/05/2006

The UAE is estimated to spend about US$154 billion (Dh565 billion) between now and mid-2008 to boost future growth, according to a report by Standard Chartered Bank. This marks a significant improvement in fiscal policy, as the UAE and other countries in the region are showing a strong desire to spend money – to help boost their economies' long-term potential. More importantly, this spending is no longer focused purely on developing the region's oil and gas reserves. Instead, much of the ...  >>MORE

Lubna calls for removing obstacles before GCC economic integration

Posted on 15/05/2006

Sheikha Lubna Al Qasimi, Minister of Economy, called today for clearing all obstacles before the GCC economic and trade integration. 'Although GCC countries are keen to implement all recommendations, but aspirations are now set on removing restrictions to ensure easy flexibility of putting these resolutions in place,' Sheikha Lubna told the 34th meeting of the GCC Trade Cooperation Committee which opened in Abu Dhabi yesterday. Sheikha Lubna also stressed the need for fixing a time-frame for ...  >>MORE

UAE economy to grow by 14 per cent

Posted on 14/05/2006

The UAE's nominal GDP is expected to grow nearly 14 per cent to Dh559.3 billion this year from Dh491 billion last year, which according to an International Monetary Fund (IMF) report makes it the second biggest Arab economy after Saudi Arabia. Fuelled by high oil revenues, the 13.91 per cent growth would make the UAE the fastest growing economy in the world, bypassing Asian giants China and India. "High oil prices have boosted regional liquidity, fuelling booms in local stock and real estate ...  >>MORE

Lubna Al Qasimi inaugurates UAE-German Forum

Posted on 10/05/2006

Munich - Sheikha Lubna Al Qasimi, UAE Minister of Economy, and Jochin Fleming, Secretary General of German Economy and Technology Ministry, inaugurated yesterday the exhibition associated with the second UAE-German Economic Partnership Forum being held here with the participation of over 150 government and private organizations from both countries. Sheikha Lubna, head of the UAE delegation to the Forum, accompanied by Dr. Fleming and a number of VIPs from both sides, toured the exhibition ...  >>MORE

UAE inflation highest in the Gulf

Posted on 08/05/2006

Inflationary pressure is likely to intensify in GCC countries due to adjustments in domestic prices for petroleum products and wage increases as budget surpluses continue to grow, according to the International Monetary Fund. Inflation rate in the UAE will be the highest among the GCC countries at 5.5 per cent followed by Kuwait (3.5 per cent), Qatar (2.8 per cent), Bahrain (2 per cent), Oman (1.1 per cent) and Saudi Arabia (1 per cent). The consumer price index in the GCC countries jumped ...  >>MORE

UAE, Indonesia sign cooperation agreement

Posted on 02/05/2006

The UAE and Indonesia have agreed to boost their economic and trading ties and establish joint investment ventures. Under an agreement concluded in Abu Dhabi yesterday between the UAE Federation of Chambers of Commerce and Industry and the Indonesian Chamber of Commerce and Industry, the two countries agreed to encourage economic and investment cooperation between their respective business entities for their mutual benefits. The signing ceremony at the Emirates Palace yesterday was attended ...  >>MORE

UAE to issue competition law: Lubna Al Qasimi

Posted on 30/04/2006

Minister of Economy, Sheikha Lubna Al Qasimi, has said that the UAE government is currently drafting a competition law in line with the strategy of the UAE government to create an enabling business environment that is conducive to economic growth. The Minister made the statement on Thursday at the closing meeting of the World Trade Organisation, during which the UAE trade policy was reviewed. She said the UAE is always striving to achieve economic growth and prosperity and believes in open ...  >>MORE

WTO praises excellent performance of UAE economy

Posted on 29/04/2006

The World Trade Organisation (WTO) and its members have commended United Arab Emirates for its strong economic expansion and successful diversification strategy. "I congratulate the UAE on the openness of its trade regime and encourage it to pursue its reforms, including further improvement of its multilateral commitments, with a view to enhancing the transparency and predictability of its trade regime, and its adherence to WTO principles. I invite Members to assist the UAE by keeping their ...  >>MORE

Arab world and international community need a new outlook: Lubna

Posted on 23/04/2006

Sheikha Lubna Al Qasimi Minister of Economy has said that the Arab World and the international community need a new outlook in order to build bridges and cultivate the tremendous untapped opportunities available for the two sides. Addressing the fifth anniversary of the Arab International Women's Forum which was held in London on Thursday, Sheikha Lubna said the two sides needed effective communication so as to deepen and widen mutual cooperation with the ultimate aim of exploiting current ...  >>MORE

UAE,OECD explore prospects of joint cooperation

Posted on 10/04/2006

Sultan bin Saeed Al Mansouri, Minister of Government Sector Development held talks YESTERDAY with visiting Deputy Secretary-General of the Organisation for Economic Cooperation and Development (OECD) Mr. Richard Hecklinger over prospects of joint cooperation and the possibility of benefiting from experiences of OECD member states in development of government sector. The meeting reviewed agenda of the upcoming World Economic Forum (WEF) scheduled to be held next month in Sharm El Sheikh in ...  >>MORE

Central Bank Governor expects 8% Economic Growth

Posted on 13/03/2006

UAE Central Bank Governor expects an economic growth of "no less than 8%" and a recess of inflation to 4% during the current year. Governor Nassir Saleh Al Suwaidi made these forecasts after inaugurating a Central Bank-sponsored symposium on the UAE securities market. "The anticipated decline in inflation is based on an expected recess in real estate rents due to an abundant supply of residential units which will become palpable in the third quarter of this year", he said. Al Suwaidi said ...  >>MORE

Dubai Customs continues robust growth

Posted on 19/02/2006

Dubai Customs, one the Middle East region's leading Customs Authority, continued its robust growth in 2005 by processing more than 2.8 million Bill of Entry (BoE) transactions related to imports, exports and re-exports, thus registering an increase of 14.03 per cent when compared to 2004, according to reports in the UAE's dailies. Dubai Customs Director-General Ahmad Butti Ahmad said the increase of BoE transactions in 2005 was a reflection of the growth in non-oil trade in the emirate. "The ...  >>MORE

Removal of tariffs will boost trade

Posted on 17/02/2006

Inter-Arab trade is poised for growth with the elimination of tariffs on Arab goods and the Greater Arab Free Trade Area (Gafta) becoming a reality, but several barriers continue to hamper trade, Arab ministers and officials said yesterday. They made a strong plea to enhance the services trade among Arab states and dismantle non-tariff barriers. "The Arab countries have eliminated all tariffs on goods and we have achieved the creation of the Gafta. The value of trade among Arab countries ...  >>MORE

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Quick List

Abu Dhabi DPE launches e-gate service


UAE reaffirms 7.4% real growth for 2007


Abu Dhabi Economic Development Council calls for measures to streamline investments


Al Mansouri calls for closer ties with Mediterranean countries


UAE inflation to stabilise, no plan to revalue dirham


DPE announces initial results of family, income survey


Minister of Economy arrives in Algeria


Strong wealth fund growth boosts UAE fiscal stability


Expat influx benefits economy


ADCCI participates in the Arab-Turkish economic Forum


ADCED publishes survey results on country's economy


ADCED launches strategic plan


Abu Dhabi unveils 5-year strategic plan


Abu Dhabi's US$105 billion economy could triple by 2025


RAK GDP grows by more than 50 % over the last four years.


UAE economy sees 16% growth this year


UAE economy has achieved tremendous growth: Minister


Ministry of Economy seeks to increase UAE's competitiveness


'Radical transformation' under way in Abu Dhabi


UAE's economic fortunes rising


Abu Dhabi to embark upon US$175 billion diversification programme


US-Arab Chamber releases special report on UAE


UAE, UNDP boost cooperation, ink MoU


Ministry of Economy launches Millennium Development Goals Report


DED issues 1036 licences in January


President holds talks with Azeri leader


UAE cooperation with Azerbaijan to be enhanced


Abu Dhabi Council for Economic Development hold its first meeting


UAE set to spend US$154 billion by 2008 to propel growth


Lubna calls for removing obstacles before GCC economic integration


UAE economy to grow by 14 per cent


Lubna Al Qasimi inaugurates UAE-German Forum


UAE inflation highest in the Gulf


UAE, Indonesia sign cooperation agreement


UAE to issue competition law: Lubna Al Qasimi


WTO praises excellent performance of UAE economy


Arab world and international community need a new outlook: Lubna


UAE,OECD explore prospects of joint cooperation


Central Bank Governor expects 8% Economic Growth


Dubai Customs continues robust growth


Removal of tariffs will boost trade