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THE ECONOMY - ECONOMIC DEVELOPMENT

Diversification ensures steady growth: Khalifa

Posted on 19/08/2002

The UAE is determined to build a balanced economic structure based on diversification of its sources of income to ensure steady growth in all sectors and improve the standard of living and income of citizens, according to Sheikh Khalifa bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces. "We are thinking about ways of confronting the future, when the oil dries out. The solution lies in diversifying the sources of our income," Sheikh Khalifa ...  >>MORE

Economic justice is key to global peace: Sultan

Posted on 18/08/2002

The world will not enjoy security and stability unless economic justice is achieved and maintained, a senior UAE warned today. ' Absence of economic justice will generate more violence and wars,' said Deputy Prime Minister Sheikh Sultan bin Zayed Al Nahyan, in remarks on the occasion of the organisation of a conference on 'Industrial and Economic Civilisation' to be held at Zayed Centre for Coordination and Fellow up (ZCCF) on Monday. Turning to the Palestinian cause, Sheikh Sultan said the ...  >>MORE

Investment activity in Sharjah rises

Posted on 03/08/2002

Volume of membership and transactions of the Sharjah Chamber of Commerce and Industry (SCCI) are on the increase, a sign that investment projects in various commercial, vocational and industrial fields have swollen. According to recent statistics by SCCI, the number of affiliation and membership renewal movements on its headquarters and branch offices in Kalba, Khorfakkan and Al Dhaid during the first half of the year have totalled 14,493 members, of which 1,998 are new members. An official ...  >>MORE

UAE ranks high in UN development scale

Posted on 30/07/2002

The UAE and Kuwait outpaced most other Arab and developing countries in a United Nations scale measuring national achievements in development, education, health and other fields and this status is set to record further improvement. In 2000, the UAE ranked 46th on the heels of Kuwait, which ranked 45th, in the UN Human Development Index (HDI) covering 173 advanced and developing countries. Although Kuwait maintained that position from the previous year, the UAE improved its rank from the 47th ...  >>MORE

UAE invests in human resources

Posted on 08/06/2002

The UAE has invested its financial and economic means to secure the principle needs for human development, a senior UAE official said. "The UAE has also introduced reforms in the mechanism of developmental and environmental institutions to make them more interactive and coherent with the international changes related to sustainable development," said Saif Saeed bin Saeed, Foreign Ministry Under Secretary and head of the UAE delegation to the fourth and final preparatory meeting for the world ...  >>MORE

ADCCI announces strategic five-year plan

Posted on 01/04/2002

The Abu Dhabi Chamber of Commerce and Industry has announced a strategic five-year plan to fulfil its increased responsibilities in the light of rapid development taking place in the economic and business fronts, globally, regionally and internationally. The salient features of the plan include, among others, steps to keep pace with the technological developments to transform the ADCCI into e-Chamber, to make effective contribution in improving and preparing the national manpower to face the ...  >>MORE

GCC moves closer to common mart

Posted on 31/03/2002

A modified economic pact endorsed by the GCC heads of state in Muscat late last year has set the ground for the creation of an historic common Gulf market that will turn the group into a powerful economic bloc. The pact, the text of which was obtained by Gulf News yesterday, envisages uniform economic and fiscal policies, stronger coordination in the oil and gas sector, and unification of investment laws in member states. The landmark economic accord, which was first signed in 1982, set next ...  >>MORE

UAE 'on right track to digital economy'

Posted on 06/03/2002

General Sheikh Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Defence Minister, yesterday said the UAE had made remarkable progress on the path to the digital economy and e-government, WAM reports from Dubai. "These efforts will place our country in the right direction towards the promising future," Sheikh Mohammed made his remarks during talks with a visiting U.S. trade delegation, led by deputy secretary of commerce Samuel Bodman. Sheikh Mohammed and Bodman exchanged views on ...  >>MORE

Gulf states urged to play major role

Posted on 03/03/2002

A leading Saudi official said the UAE is the region's pioneer in adapting its economy to the realty of the new world. "We have a great deal to learn from the experiences of this country. Dubai is a city where the effects of the New Economy are more apparent than any other part of our region. "We are part of this changing world, and our economies have to adopt as fast as possible in order to benefit from the new innovations and advances in technologies," said Dr. Abdulrahman Al Tuwaijri, ...  >>MORE

Growth mainly in non-oil sector in 2002: EIB study

Posted on 06/02/2002

Growth in oil exporting countries of the Gulf in 2002 can be expected mainly from the non-oil sector as oil prices are expected to decline because of reduced demand and the weak global economy. With dampened oil prices and reduced quotas, output will be lower in 2002 than 2001, restraining prospects for growth in the region in the current year, according to a new study by the Journal of the Emirates Industrial Bank, EIB. The study titled "Economic Outlook- Global and Oil Exporting ...  >>MORE

Sultan urges national firms to merge to face competition

Posted on 29/01/2002

Dr. Sheikh Sultan bin Khalifa Al Nahyan, Chairman of the Abu Dhabi Crown Prince's Court, Member of the Executive Council and Honorary President of the Abu Dhabi Chamber of Commerce and Industry, yesterday called on the national establishments to merge and transform into larger conglomerates to face the stiff competition from multinationals. Dr. Sheikh Sultan made this call in his inaugural speech today to the Expert Group meeting of the Economic and Social Commission for West Asia on ...  >>MORE

UAE to maintain development spending

Posted on 23/01/2002

The UAE has no plans to shelve development projects despite the uncertainty in the global oil markets, which followed the attacks on the U.S. It will pursue its policy of rationalising expenditure to avert large budget deficits, according to a senior official. Jouan Salim, Under Secretary of Abu Dhabi Finance Department, said he expected non-oil sectors this year to maintain the strong momentum of the past two years despite the weakening of oil prices and lower output by the UAE. In an ...  >>MORE

Dubai Strategy Board set up

Posted on 15/11/2001

The first Dubai Strategy Forum ended with the establishment of a Dubai Strategy Board, which is mandated to develop a strategic vision for Dubai. It will operate with General Sheikh Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Defence Minister, as its chairman and Sheikh Ahmed bin Saeed Al Maktoum as vice chairman. The announcement of the Board was made on 14 November at the closing of the three day Dubai Strategy Forum, a three day meeting including business leaders, senior ...  >>MORE

UAE economy achieves remarkable growth in 2000

Posted on 12/09/2001

The UAE economy achieved remarkable growth in 2000, benefiting from the increase in oil prices and production volumes, as a result of OPEC members adherence to their respective production quotas on the one hand and the increase in world oil demand on the other, according to the annual report of the Central Bank. The report, released yesterday, said that this has resulted in higher government revenues from oil exports, which in turn, was reflected in the narrowing of the deficit in the ...  >>MORE

New date fixed for Abu Dhabi World Economic Summit

Posted on 21/07/2001

The Abu Dhabi World Economic Summit scheduled to be held in Abu Dhabi November this year has now be postponed to March next year, according to the Abu Dhabi Chamber of Commerce and Industry (ADCCI) . The summit, on 'Globalisation and Economic Integration', to be held under the patronage of Sheikh Khalifa bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of Armed Forces, will now be held from March 3 to 6. The new date was announced at the 12th Crans Montana Forum held ...  >>MORE

Quality of life high in UAE: UN

Posted on 11/07/2001

The United Arab Emirates, UAE, was ranked the third among Arab countries in a United Nations Human Development report assessing the quality of life in 162 countries. The report ranks countries and territories studied in a human development index based on real income, life expectancy and educational standards. Researchers with the UN Development Programme examined income, education, life expectancy and health care in assessing the quality of life in the 162 countries. The report divided the ...  >>MORE

UAE ranks 45th in UN development index

Posted on 16/04/2001

Nearly 30 UAE educational institutions will take part in the 13th Gulf Education and Training Exhibition at the Dubai World Trade Centre from April 24-27. Education in the UAE has made great strides in the past several decades and the budget for 2000 reached Dh5.26 billion, according to a recent report, and the country ranks 45th in the United Nations Human Development Index. David Domoney, managing director of International Conferences and Exhibitions, organisers of the exhibition, said, ...  >>MORE

UAE economy records good growth: Hamdan bin Rashid

Posted on 14/03/2001

Sheikh Hamdan bin Rashid Al Maktoum, Dubai Deputy Ruler and Minister of Finance and Industry, said that the UAE economy has recorded noticeable growth in all fields in the year 2000. In an interview with Dubai-based Arabic newspaper 'Al Bayan' published yesterday, Sheikh Hamdan said that the policy of diversification of sources of income which the UAE is pursuing has begun to bear fruits and that non-oil sectors have begun to play a bigger role in the national economy. Sheikh Hamdan ...  >>MORE

Sharjah stemlimes licensing procedures

Posted on 10/03/2001

The Sharjah Economic Department has streamlined its licensing documentation in order to cut costs and save time and effort on the part of businessmen. The new procedure, launched last week, involves just one page of documentation with instructions in Arabic and English, Director-General Hamad Harith Al Midfa said. The revamp reflects the department's march towards a "new era of services". Effective this year, commercial registration is required only once rather than annually. Public notary ...  >>MORE

UAE has clear goals, says Mohammed

Posted on 30/01/2001

General Sheikh Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Defence Minister, said yesterday that the UAE has a clear vision and specified goals in pursuing its technological, scientific and economic development. In statements to the Abu Dhabi and Dubai Business TV channels, Gen. Sheikh Mohammed praised the wise leadership of the President, His Highness Sheikh Zayed bin Sultan Al Nahyan, and his keen desire to create a balanced society and to narrow the gap between the rich ...  >>MORE

Mohammed calls for equal rights, opportunity

Posted on 27/01/2001

General Sheikh Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Defence Minister, has called upon world leaders to rise to the responsibility dictated by the information age and resolve world conflicts on the basis of international legitimacy to create a world where all people enjoyed equal rights and opportunities. Speaking at the world economic forum under way here, Gen. Sheikh Mohammed said that since the information technology was to remove all borders and unite people around ...  >>MORE

UAE economy grew 14 per cent in 2000

Posted on 03/01/2001

UAE ECONOMY GREW 14 PER CENT IN 2000 The UAE's gross domestic product (GDP) grew 14 per cent in 2000 on the back of increased oil prices, a bank report published Tuesday said. According to the Emirates Industrial Bank, GDP reached Dh217 billion (US$59.1 billion) in 2000, up from Dh174 billion in 1999. The 14 per cent increase, not seen since the last oil boom in the 1980s, comes largely because of increased revenues from crude, which represented 38 per cent of GDP in 2000 against 27.5 per cent ...  >>MORE

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