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THE ECONOMY - ECONOMIC DEVELOPMENT

Ministry of Economy gets Cabinet approval for one-year extension on compliance with new Commercial Companies Law

Posted on 19/06/2016

The UAE Cabinet recently approved a proposal by Sultan bin Saeed Al Mansouri, Minister of Economy, to extend the period for existing companies in the UAE to comply with Federal Law No. 2 of 2015 on Commercial Companies by one more year. Companies established before the issuance of the new law under Article No. 374 were originally given from July 1, 2015 to June 30, 2016, to amend their Memorandum of Association and Articles of Association in compliance with the provisions of this law. ...  >>MORE

Abu Dhabi capitalising on economic strategies

Posted on 18/06/2016

The overall economic performance of Abu Dhabi during the third quarter of 2015 remained bullish as non-oil GDP in fixed prices rose to 7.1 per cent. In the same quarter the oil economy grew 3.9 per cent, said Ali Majed Al Mansouri, chairman of the Abu Dhabi Department of Economic Development, or Added. Speaking on the Abu Dhabi Plan, he said it provides a clear track to the vision of the wise leadership of Abu Dhabi, headed by the President, His Highness Sheikh Khalifa bin Zayed Al Nahyan, ...  >>MORE

Chief of Abu Dhabi Crown Prince's Court attends St Petersburg International Economic Forum

Posted on 18/06/2016

SAINT PETERSBURG, RUSSIA:H.H. Sheikh Hamed bin Zayed Al Nahyan, Chief of the Abu Dhabi Crown Prince's Court, has attended the St. Petersburg International Economic Forum (SPIEF 2016) which was held with the theme "Capitalising on the New Global Economic Reality". He attended the panel session during which Russian President Vladimir Putin delivered a speech. During the forum, H.H. Sheikh Hamed, who is accompanied by the UAE Ambassador to Russia, Omar Saif Ghobash, met with a number of CEOs of ...  >>MORE

Dubai's DED opens Sirage Exhibition

Posted on 18/06/2016

Director-General of Dubai's Department of Economic Development (DED) on Thursday opened the Sirage Exhibition, a Ramadan charity bazaar showcasing varied products from members of Dubai SME, a DED agency mandated to develop small and medium enterprise (SME) sector, and Dubai Exports, also a DED agency. Sirage Exhibition is part of Sirage, an annual corporate social responsibility (CSR) and humanitarian initiative, the first cycle of which will support the 'Reading Nation' initiative of His ...  >>MORE

In collaboration with the World Bank, ADDED releases the Doing Business Report 2016

Posted on 15/06/2016

The Abu Dhabi Department of Economic Development's Competitiveness Office of Abu Dhabi (COAD) has issued its 2016 Doing Business Report in collaboration with the World Bank (WB) and with full coordination with all government bodies and private establishments that are involved in the Report's six indexes, namely Starting a Business, dealing with Construction Permits, Registering Property, Enforcing Contracts, Getting Electricity and Trading Across Borders. Ali Majid Al Mansoori, ADDED's ...  >>MORE

DED launches 3 ‘Happiness Lounges’ to improve customer experience and service excellence

Posted on 05/06/2016

The Department of Economic Development (DED) in Dubai has launched ‘Happiness Lounges' in three of its service centres, creating an exceptional environment of high quality services and world-class efficiencies to customers visiting these centres for transactions related to business registration and licensing. The initiative follows the order of HH Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince and Chairman of the Executive Council of Dubai, to transform all service centres in ...  >>MORE

UAE private sector activity hits a high note

Posted on 05/06/2016

The UAE's non-oil private sector seems to have regained some momentum during the second quarter, with activity hitting the fastest pace in eight months during May. But, worryingly, employment gains are still bound within a narrow range. The gains were "helped by a pick-up in new business growth”, according to the findings from a survey sponsored by Emirates NBD and produced by Markit. However, the data pointed to areas of underlying fragility, as both employment and input buying rose only ...  >>MORE

Ajman businesses upbeat on higher growth

Posted on 01/06/2016

A majority of companies in Ajman expects either stability in economic conditions or higher growth rates with the construction sector sounding most upbeat, according to a business confidence index for the first quarter released by the Department of Economic Development in Ajman. The index, which maintained a stable and optimistic outlook, was based on data collected through a sample survey of companies operating in Ajman. The index recorded 109 points given the higher growth rates achieved by ...  >>MORE

DED Dubai launches Arabic directory on economic activities

Posted on 31/05/2016

The Department of Economic Development (DED) in Dubai has published an Arabic directory on the various economic activities licensed in Dubai, as part of department's efforts to help businessmen and investors save time and improve overall ease of doing business as well as competitiveness in the emirate. The initiative which is aimed at promoting sustainable economic development of Dubai has been taken in cooperation with the Etisalat and Dar Al-Hafiz Foundation for Publishing and Distribution. ...  >>MORE

‘DEDTalks’ launches a new platform for idea exchange on economic policy and strategies in Dubai

Posted on 23/05/2016

The Department of Economic Development, DED, in Dubai launched yesterday ‘DEDTalks', a knowledge exchange platform for thought leaders and decision-makers from the public and private sectors to meet regularly and share experiences, ideas, analyses and best practices relating to the economy and doing business. DEDTalks is the latest initiative from DED for continued engagement with the private sector, as it pursues a broad economic agenda centred around productivity, sustainability, innovation ...  >>MORE

Ministry of Economy signs media partnership agreement with ‘El Economista’

Posted on 23/05/2016

The Ministry of Economy has signed a Memorandum of Understanding, MoU, with publishing firm ‘MyM merchan', one of the partners of Spanish newspaper and website, ‘El Economista,' to publish a special supplement about the UAE economy in print and on its website in both Spanish and English. The MoU was signed by Mohammed Ahmed bin Abdul Aziz Al Shehhi, Under-Secretary of the Ministry of Economy for Economic Affairs, and MyM merchan's Chief Editor, Eva Martin, in the presence of co-publisher, ...  >>MORE

Dubai is an exceptional model of the role of state as a growth enabler: DEC

Posted on 19/05/2016

Hani Al Hamli, Secretary-General at Dubai Economic Council, stated that ‘Growth enabler' role of the state has multi-faces meanings; it might indicate to the possibility of doing something, or encouragement, or support, or incentify. In advanced economies, the government ideally plays the role of ‘regulator' and in some conditions as an ‘intervenor'. From Dubai and UAE perspective; however, the stated role implies all these aspects, precisely it cited how to make the private sector a genuine ...  >>MORE

UAE, Latvia sign economic cooperation deal

Posted on 09/05/2016

The UAE and the Republic of Latvia yesterday signed an economic cooperation agreement to strengthen economic, trade and technical cooperation between the two countries. Sultan bin Saeed Al Mansouri, the UAE Minister of Economy, and Arvils Aseradens, Minister for Economics and Deputy Prime Minister of Latvia, signed the agreement in the presence of Eng. Mohammed Ahmed bin Abdul Aziz Al Shehhi, Under-Secretary of the Ministry of Economy for Economic Affairs, and the delegation accompanying the ...  >>MORE

Italian President honours Undersecretary of the Ministry of Economy of UAE with Order of the Star of Italy

Posted on 04/05/2016

Italian President, Sergio Mattarella, has bestowed the Order of the Star of Italy upon Mohammed Ahmed Bin Abdul Aziz Al Shehhi, Undersecretary of the Ministry of Economy, in recognition of his exceptional efforts in supporting and strengthening business and trade co-operation between the UAE and Italy. Liborio Stellino, Ambassador of Italy to the UAE, decorated Al Shehhi with the medal at a ceremony attended by a number of diplomats. The Italian ambassador praised Al Shehhi's role in ...  >>MORE

Minister of Economy, Georgia's Prime Minister call for signing economic and joint technical cooperation agreement

Posted on 14/04/2016

The UAE and Georgia have called for signing an economic and technical cooperation agreement between the two countries to establish a joint economic committee to strengthen communication and facilitate entry of the UAE and Georgian businessmen and investors to both markets. This came during the meeting between Sultan bin Saeed Al Mansouri, Minister of Economy and Georgia's Prime Minister, Giorgi Kvirikashvili. They discussed ways to strengthen economic relations between the two countries. The ...  >>MORE

2015 total direct foreign investment in Abu Dhabi estimated to grow by 8.9%: ADDED

Posted on 12/04/2016

In 2014, the overall growth of foreign direct investment in the Emirate of Abu Dhabi grew by 12.8% to AED 81.1 billion, compared to AED71.9 billion in 2013. The figures came as part of the final findings of the field foreign investment survey carried out by the Statistics Centre – Abu Dhabi, SCAD. The survey covered direct foreign investment for economic activity, the portfolio and other foreign investments in the different regions of the emirate. The findings also included direct foreign ...  >>MORE

UAE PMI picks up to four-month high

Posted on 06/04/2016

March data signalled a second consecutive pick-up in the rate of improvement in the health of the UAE's non-oil private sector. Business conditions improved at the strongest pace in four months, mainly driven by sharper rises in output and new orders. Notably, total new work increased more quickly in spite of a renewed fall in exports. Both employment and input stocks remained in growth territory, but the respective rates of expansion eased slightly. On the price front, input costs rose only ...  >>MORE

UAE economy maintains strong growth due to prudent financial policies and sound economic methodology

Posted on 27/03/2016

While oil-exporting countries face significant challenges as result of global economic turbulences and falling oil prices, the UAE continues to achieve new levels of economic growth. This comes as a direct result of the UAE wise leadership's forward-looking vision and its precise predictions of the region's developments-which contribute in facing growing global economic challenges, through developing and putting in place prudent financial policies and sound economic methodology that promotes ...  >>MORE

UAE Economy Minister says Sudan can be 'food basket of Arabs'

Posted on 27/03/2016

Sultan bin Saeed Al Mansouri, Minister of Economy, has stressed that Sudan is capable of becoming the food basket of the Arab region and called for joint efforts to promote promising investment opportunities in the country's agriculture and food industry. He was speaking during a meeting with Ambassador of Sudan to the UAE, Mohammed Amin Abdullah Al Kareb, in the presence of ministry officials. They discussed ways of enhancing cooperation about food security, a priority for the UAE. Al ...  >>MORE

Abu Dhabi economy show continuous good performance of non-oil sectors

Posted on 24/03/2016

By the end of Q3 of 2015, Abu Dhabi's GDP (with fixed prices) was about AED200 billion, with a growth rate of 5.5%, compared to the same period during 2014, according to the latest estimates from the Abu Dhabi Statistics Centre. Through the outstanding performance of its activities, the non-oil sector contributed to strengthening Abu Dhabi's economic performance noticeably during Q3 of 2015, where the growth rate of non-oil GDP with fixed prices was 7.1%, compared to 3.9% for oil GDP. This is ...  >>MORE

New and renewable energy initiatives are essential for attracting foreign capital to UAE: Al Mansouri

Posted on 07/03/2016

Dubai, 7th March, 2016 (WAM): Sultan bin Saeed Al Mansouri, UAE Minister of Economy, has hailed the UAE, as a safe and sought-after investment magnet, due to its security and safety elements and political stability, in the midst of the region's political and economic tensions. He further said that the UAE's advanced infrastructure and strong legislative system has boosted its position as a unique destination for Foreign Direct Investment (FDI). Al Mansouri pointed out that the Ministry aims to ...  >>MORE

Ministry of Economy and Shurooq join hands to boost business and investment opportunities

Posted on 01/03/2016

The Ministry of Economy and the Sharjah Investment and Development Authority, Shurooq, yesterday signed a Memorandum of Understanding, MoU, to strengthen ties, increase commercial, economic cooperation and expand investment opportunities in Sharjah. The MoU was signed by Sheikha Bodour bint Sultan Al Qasimi, Chairperson of Sharjah Investment and Development Authority (Shurooq), and Sultan Al Mansouri, Minister of Economy in the presence of Mohammed Ahmed Bin Abdul Aziz Al Shehhi, ...  >>MORE

UAE's Ministry of Economy, Korea Institute of Patent Information sign MoU for IP administration

Posted on 28/02/2016

ABU DHABI, 28th February 2016 (WAM) --- The UAE Ministry of Economy has signed a contract and a Memorandum of Understanding with Korea Institute of Patent Information (KIPI) to develop its digital patent processing system and enhance the IT infrastructure for intellectual property. The MoU was signed in Seoul by Mohammed Ahmed Al Shehhi, Undersecretary of the Economy Ministry for Economic Affairs, and Choi Dong-gyou, Commissioner of Korea Intellectual Property Office (KIPO), while the contract ...  >>MORE

UAE's diversified economy weathers drop in oil price

Posted on 27/02/2016

The UAE's more diversified economy and strong foreign reserve position makes it one of the best-positioned countries to withstand the low oil price environment, according to a latest research note. Key service sectors such as tourism and aviation are continuing to see growth, although slowly, says GCC Economic Update issued by Abu Dhabi Commercial Bank. "There are initial indications that Dubai's investment programme has gathered pace into 2016, with a number of projects awarded including ...  >>MORE

UAE, GRULAC group discuss stronger economic cooperation

Posted on 19/01/2016

Sultan bin Saeed Al Mansouri, Minister of Economy of the UAE, has met a delegation from the Group of Latin America and Caribbean Countries (GRULAC) to discuss ways of promoting economic and trade ties. The minister said that there are many opportunities for co-operation between the two sides especially in sectors in which they have a competitive advantage, such as energy, renewable energy, agriculture, tourism, and aviation. He confirmed that the UAE takes great interest in building stronger ...  >>MORE

Summit on the Global Agenda 2015 to tackle global challenges

Posted on 26/10/2015

The eighth Summit on the Global Agenda begins today, with over 900 world-leading experts from academia, government, business, civil society and the media convening with the goal of formulating ideas and actions to address some of the world's toughest challenges. Held in partnership with the Government of the United Arab Emirates, the Co-Chairs of the Summit are Sultan Saeed Nasser Al Mansouri, Minister of Economy of the United Arab Emirates, and Ali Majed Al Mansouri, Chairman, Abu Dhabi ...  >>MORE

Abu Dhabi’s success is a blueprint for other emerging economies

Posted on 25/10/2015

Not a single Fortune 500 company had its headquarters in Abu Dhabi in 1970. The total population was about 66,000, and the city's first international airport had just opened on a sandy airstrip. Today, more than two million visitors pass through Abu Dhabi International Airport every month. The emirate's GDP has grown almost 200-fold since the formation of the UAE, the population has surpassed two million and a quarter of the Fortune 500 companies have regional headquarters in the UAE. This ...  >>MORE

UAE's per capita ranked fifth richest in world

Posted on 25/10/2015

The UAE has become the world's fifth richest country per capita measured by the value of its built environment according to the latest Global Built Asset Wealth Index published by Arcadis, the leading global Design & Consultancy firm for natural and built assets. The UAE makes up the top five behind Qatar, Singapore, Hong Kong and Japan, with built assets of $140,500 for every citizen. The index, which was compiled for Arcadis by the Centre for Economics and Business Research (Cebr), ...  >>MORE

Al Tayer holds a series of discussions with finance ministers and officials from IMF and World Bank

Posted on 11/10/2015

LIMA, PERU: Ahead of the annual meetings of the World Bank Group (WBG) and International Monetary Fund (IMF), Obaid Humaid Al Tayer, Minister of State for Financial Affairs headed the UAE delegation participating in the Deauville Partnership Finance Ministers' meeting. Al Tayer met with a number of finance ministers as well as the Fund and Bank's international officials for the Middle East and North Africa region. During the meeting, Younis Haji Al Khoori, Under Secretary of the Ministry of ...  >>MORE

UAE 17th in WEF’s global competitiveness rankings

Posted on 01/10/2015

The World Economic Forum (WEF) has singled out the Emirates' economy as being "significantly more diversified than other GCC countries” in its latest ranking of states according to their competitiveness. The WEF global competitiveness report ranked this country 17th in the world, scoring highly on infrastructure, the strength of its institutions and its power as a trading hub. "The UAE's excellent macroeconomic environment, highly developed infrastructure and strong institutions provide a ...  >>MORE

Innovation, alternative energy and smart services high on UAE Economic Planning Forum's agenda

Posted on 27/09/2015

The organising committee of the second edition of the UAE Economic Planning Forum (EPF) yesterday announced the final agenda of the forum that will be held under the patronage of His Highness Sheikh Saud bin Saqr Al Qassimi, Member of the Supreme Council and Ruler of Ras Al Khaimah. Organised by the Ras Al Khaimah Department of Economic Development at the initiative of the Abu Dhabi Department of Economic Development (ADDED) and supported by the UAE Ministry of Economy, the forum will run from ...  >>MORE

Dubai is world's 5th fastest growing city economy: Report

Posted on 20/08/2015

Dubai has been ranked among the top 10 cities that are powering economic growth within their nations, according to a report by the Brookings Institution. The report by the leading American think tank has ranked Dubai fifth worldwide for 2014, up from 18th position in the previous year. The report said Dubai's growth was boosted by a 4.7 per cent annual rise in employment. The emirate also recorded the fastest growth relative to its national economy with a 4.5 per cent rise in gross domestic ...  >>MORE

UAE economy set for ‘soft landing’ this year, analysts say

Posted on 18/08/2015

The UAE economy is set for a "soft landing” this year, as growth slows to its lowest rate in six years, say analysts from Bank of America Merrill Lynch. "Soft landing” is an industry term for a slowdown in economic growth that does not worsen inflation and unemployment. "Economic activity [in the UAE] has started to show signs of weakness,” wrote Jean-Michel Saliba, an economist at the bank, in a research note. "It is likely to face headwinds … due to a confluence of low oil prices, a less ...  >>MORE

General Index of Confidence in the business climate reflects optimism about economic conditions in Abu Dhabi in Q2

Posted on 05/08/2015

The general index of confidence in the business climate in the Emirate of Abu Dhabi maintained its level during the first quarter of 2015 compared to the fourth quarter of 2014, with 61 and 63 respectively as a reflection of the results of both the current situation index and the future situation index with 56 and 64 respectively during the first quarter of 2015. The directions of the general index of confidence in the business climate and its sub-indexes issued by the Studies Division of the ...  >>MORE

IMF lauds UAE’s fiscal consolidation efforts

Posted on 05/08/2015

The UAE authority's efforts to consolidate the fiscal position is appropriate and would reduce fiscal vulnerability and ensure intergenerational equity, the IMF said in its staff report on the UAE. The UAE has introduced a number of measures from the beginning of this year to reduce government expenditures through energy subsidy reforms. Last month the government removed fuel subsidies in the country which is expected to save about US$7 billion (Dh25.7 billion). Total subsidies and transfers ...  >>MORE

UAE non-oil sector rebounds

Posted on 05/08/2015

The UAE's non-oil private sector regained some of the lost growth momentum in July as business conditions improved at a faster pace in the emirate, a corporate survey revealed. Latest data showed that business activity growth in the UAE's non-oil private sector rebounded last month from a 22-month low in June as output and new orders rose at sharper rates, contributing to a robust overall improvement in business conditions. The seasonally-adjusted Emirates NBD UAE Purchasing Managers' ...  >>MORE

With prominent UAE contribution, UN reaches ground-breaking agreement on Sustainable Development Goals

Posted on 04/08/2015

NEW YORK: With a prominent UAE contribution, the United Nations yesterday concluded negotiations on the landmark Sustainable Development Goals (SDGs), the most far-reaching international decision on development in the 70-year history of the organisation. The goals specify outcomes to be achieved by 2030 across a broad range of social, environmental, and economic areas. Reflecting its international leadership, the UAE was notably credited for driving new goals on gender equality and ...  >>MORE

OFID: UAE is on track towards reaching MDGs on time

Posted on 04/08/2015

Vienna: UAE's Economic Vision 2030, a robust capital spending plan on education, healthcare, industry, tourism, infrastructure, and renewable energy projects, generated Millennium Development Goals (MDG) progress and put the country on track towards reaching most of the MDGs on time, according to the annual report of the Opec Fund for International Development (OFID) for 2014. The report, issued yesterday, said the UAE's GDP in 2014 was supported mainly by its perceived safe-haven status amid ...  >>MORE

DCCI registers 8,830 new companies in H1

Posted on 03/08/2015

In the first half of 2014, the Dubai Chamber of Commerce and Industry (DCCI) has registered a substantial growth in its membership base, which the non-profit business facilitator accredits to Dubai's rising profile as a sound business destination and its attractiveness to global investors. Between January and June, a total of 8,830 new companies joined Dubai Chamber, which can be attributed to a record number of 335 international delegation visits to the Chamber. This brought the total number ...  >>MORE

Economic Performance of the Emirate of Abu Dhabi Follow-up Report Q1, 2015

Posted on 02/08/2015

Ali Majid Al-Mansouri, Chairman of the Department of Economic Development (DED) Abu Dhabi, has said that the local economy of the Emirate of Abu Dhabi has recorded new overall economic growth levels last year registering noticeable improvement in the non-oil sectors performance and showing a real growth of the GDP at 5.8% in the first quarter of 2014. On the occasion of the issuance of the "Economic Performance of the Emirate of Abu Dhabi Follow-Up Report" by the Economic Development ...  >>MORE

Ministry of Economy discusses cooperation with JETRO

Posted on 29/07/2015

Juma Mohammed Al Kit, Assistant Under-Secretary of UAE Ministry of Economy for Foreign Trade, has discussed with a delegation from the Central Office of Japan External Trade Organisation, JETRO, in a meeting held at the Ministry's headquarters in Abu Dhabi, ways to enhance trade and investment relations and promote communication between the business community in the two countries. The Japanese delegation included Masayoshi Watanabe, the former Managing Director of JETRO Dubai & MENA, the ...  >>MORE

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Quick List

Ministry of Economy gets Cabinet approval for one-year extension on compliance with new Commercial Companies Law


Abu Dhabi capitalising on economic strategies


Chief of Abu Dhabi Crown Prince's Court attends St Petersburg International Economic Forum


Dubai's DED opens Sirage Exhibition


In collaboration with the World Bank, ADDED releases the Doing Business Report 2016


DED launches 3 ‘Happiness Lounges’ to improve customer experience and service excellence


UAE private sector activity hits a high note


Ajman businesses upbeat on higher growth


DED Dubai launches Arabic directory on economic activities


‘DEDTalks’ launches a new platform for idea exchange on economic policy and strategies in Dubai


Ministry of Economy signs media partnership agreement with ‘El Economista’


Dubai is an exceptional model of the role of state as a growth enabler: DEC


UAE, Latvia sign economic cooperation deal


Italian President honours Undersecretary of the Ministry of Economy of UAE with Order of the Star of Italy


Minister of Economy, Georgia's Prime Minister call for signing economic and joint technical cooperation agreement


2015 total direct foreign investment in Abu Dhabi estimated to grow by 8.9%: ADDED


UAE PMI picks up to four-month high


UAE economy maintains strong growth due to prudent financial policies and sound economic methodology


UAE Economy Minister says Sudan can be 'food basket of Arabs'


Abu Dhabi economy show continuous good performance of non-oil sectors


New and renewable energy initiatives are essential for attracting foreign capital to UAE: Al Mansouri


Ministry of Economy and Shurooq join hands to boost business and investment opportunities


UAE's Ministry of Economy, Korea Institute of Patent Information sign MoU for IP administration


UAE's diversified economy weathers drop in oil price


UAE, GRULAC group discuss stronger economic cooperation


Summit on the Global Agenda 2015 to tackle global challenges


Abu Dhabi’s success is a blueprint for other emerging economies


UAE's per capita ranked fifth richest in world


Al Tayer holds a series of discussions with finance ministers and officials from IMF and World Bank


UAE 17th in WEF’s global competitiveness rankings


Innovation, alternative energy and smart services high on UAE Economic Planning Forum's agenda


Dubai is world's 5th fastest growing city economy: Report


UAE economy set for ‘soft landing’ this year, analysts say


General Index of Confidence in the business climate reflects optimism about economic conditions in Abu Dhabi in Q2


IMF lauds UAE’s fiscal consolidation efforts


UAE non-oil sector rebounds


With prominent UAE contribution, UN reaches ground-breaking agreement on Sustainable Development Goals


OFID: UAE is on track towards reaching MDGs on time


DCCI registers 8,830 new companies in H1


Economic Performance of the Emirate of Abu Dhabi Follow-up Report Q1, 2015


Ministry of Economy discusses cooperation with JETRO