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THE ECONOMY - ECONOMIC DEVELOPMENT

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

Ministry of Economy updates UAE 2014 Trade Statistics App as part of smart data services drive

Posted on 28/07/2015

The Ministry of Economy yesterday announced it has updated the UAE trade figures app up to the end of 2014, as part of its renewed focus on providing smart data services to residents and citizens of the country. The trade statistics application can be found on the ministry's official website (http://www.economy.ae). The step is in line with the ‘smart' directives of the UAE leadership that has urged the federal government ...  >>MORE

UAE to remain on growth trajectory

Posted on 24/07/2015

The UAE economy, less vulnerable to oil price fluctuations than its GCC peers, will stay on the growth trajectory in 2015 on the back of brisk diversification and increased government spending as inflation tends to drop to 3.3 per cent on expectation of sustained softening of rents. Focus Economics panellists expect the Arab world's second largest economy to grow 3.5 per cent in 2015, which is up 0.1 percentage points from June estimate. For 2016, the panel projects a gross domestic product ...  >>MORE

ADDED Chairman: UAE Economic Planning Forum 2015 represents common vision of economic development departments and Economy Ministry

Posted on 21/07/2015

Ali Majed Al Mansoori, Chairman of the Abu Dhabi Department of Economic Development, ADDED, has said that the second edition of the UAE Economic Planning Forum that will be held in Ras al-Khaimah represents the common vision shared by the departments of economic development, the Ministry of Economy and relevant entities, to reflect the objectives and foundations of the Government's Strategic Plan for 2021. In a statement delivered on the occasion of the forum's launch on the 7th of October ...  >>MORE

Abu Dhabi makes big strides in diversifying economy as oil price remains low

Posted on 21/07/2015

As Gulf economies take stock of continuing oil price turbulence, the Abu Dhabi government is boosting investments in the industrial and petrochemical sector to diversify income from fossil-fuel energy. From petrochemical projects to defence industries, the UAE has made strides in becoming one of the most non-oil dependent economies in the region. "The UAE is one of the most diversified economies of the region and ranks favourably on competitiveness indicators,” the IMF says. "Structural ...  >>MORE

Mohammed bin Rashid: We achieved the first goal of Dubai's plan to become world's capital of Islamic economy

Posted on 09/07/2015

Vice President and Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Wednesday said that the first goal of the strategy launched two years ago to develop and promote Dubai as the global capital of Islamic economy has been achieved. H.H. Sheikh Mohammed hailed the achievement made by Dubai as it has overtaken other financial centres in listing Islamic bonds on its exchanges. Sukuk listed on Dubai's exchanges, rose to Dh135 billion in 2015, said a recent ...  >>MORE

UAE economy to grow at a healthy rate this year: Standard Chartered

Posted on 08/07/2015

The UAE economy is expected to grow at a relatively healthy rate of 3.8 per cent in 2015, lower than the 2014 growth of 4.5 per cent, according to Standard Chartered' s Global Focus report. While Dubai's tourism and retail sectors are expected to face a more challenging environment, the outlook for the its trade sector dynamics is improving as the hub for 55 per cent of the region's trade, Dubai benefits from ongoing trade flows as well as GCC countries continue to spend on their economies. ...  >>MORE

UAE non-oil private sector activity growth eases in June

Posted on 06/07/2015

Non-oil private sector business activity growth in the UAE slowed to almost a two-year low in June on the back of slower output expansion and weaker growth in new orders, according to a survey released on Sunday. The seasonally-adjusted Emirates NBD UAE Purchasing Managers' Index, which covers manufacturing and services, fell to 22-month low of 54.7 points in June from 56.4 in May. The 50-point level separates growth from contraction in the survey of 400 firms. "Marked slowdowns in growth of ...  >>MORE

UAE economy minister, Iranian ambassador discuss strengthening economic relations

Posted on 28/06/2015

Sultan bin Saeed Al Mansouri, Minister of Economy, has received Mohammad Reza Fayyaz, Iran's Ambassador to the UAE, to discuss ways of enhancing economic relations between the two countries and engaging their private sectors in looking into investment opportunities and joint projects. During the meeting at his office, Al Mansouri received an invitation from Iran's Economic Affairs and Finance, Ali Tayeb-Nia, to lead a UAE delegation to Iran to discuss trade and economic relations. He noted ...  >>MORE

UAE ranked 5th in global readiness index

Posted on 26/06/2015

When it comes to dealing with change brought about by everything, from economic and political shocks, to long-term trends such as technologies and demographics, the UAE is the most prepared in the Arab world. The country has emerged number five in the KPMG 2015 Change Readiness Index, just behind Singapore, Switzerland, Hong Kong and Norway, and ahead of developed economies like United States, United Kingdom and Japan. It is the only Arab country that made it to the top five. Qatar, however, ...  >>MORE

UAE tops regional countries on inclusive growth

Posted on 25/06/2015

The UAE has topped countries in the Middle East and Africa (MEA) region for inclusive growth, with a score of 57.58, according to MasterCard's 2015 Middle East and Africa Inclusive Growth report. Factors including the UAE's diversification of its economy away from oil and gas, encouragement of entrepreneurship and the development of its education, health care and tourism sectors, creating more jobs, have resulted in the county's higher ranking for inclusive growth, or sustainable output growth ...  >>MORE

New orders, job creation drive UAE growth

Posted on 23/06/2015

Undeterred by lower oil prices, the UAE continued to witness growth by recording a surge in new orders as job creation hit a three-month high in May, Crédit Agricole Private Banking said on Monday. Along with the UAE, Saudi Arabia's output and new orders also expanded, but the growth rate of the Kingdom eased, said Crédit Agricole report, ‘Macro Comment — Mena Update'. "Interestingly in the UAE, once again, new orders and new export orders reflected strong growth, while job creation hit a ...  >>MORE

A note on the state of the UAE’s Economy by Mohammed bin Rashid Al Maktoum

Posted on 21/06/2015

I wanted in this brief note to highlight the current status of the United Arab Emirates' economy and to outline the course we are steering in the period to come. It is my aim this note, released ahead of the annual statistical reports, will increase transparency and accessibility for those interested in our national economy and will also give guidance regarding the most important economic indicators and trends in the UAE. Before reviewing the most important economic indicators and variables I ...  >>MORE

Minister of Economy: Target is to increase usage rate of smart services to 80pc by 2018

Posted on 21/06/2015

Sultan Saeed Al Mansouri, Minister of Economy, Chairman of the Board of Directors of the UAE Insurance Authority (IA), Securities and Commodities Authority (SCA) and the General Civil Aviation Authority (GCAA), has announced that all four establishments have successfully achieved a 100 percent shift to electronic services and seek to increase the usage rate of smart services to 80 percent by 2018. Al Mansouri's comments followed a review of the results of a recent report by the ...  >>MORE

UAE economy set to surge 4.4% to cross $440 billion

Posted on 19/06/2015

Robust non-oil activities, greater public sector spending and huge foreign reserves will propel the UAE's economic growth by 4.4 per cent to $440.18 billion in 2015 from $416.44 billion in 2014, Frost & Sullivan forecast in a study. "Diversification of the UAE economy has made it less vulnerable to oil price fluctuations, and heightened non-oil private sector performance will be the key factor that drives economic growth,” said Krishanu Banerjee, senior research analyst at Frost & Sullivan. ...  >>MORE

UAE Minister of Economy highlights Companies Law at Dubai Chamber meeting

Posted on 08/06/2015

As part of its efforts to facilitate a channel of communication between the public and private sectors, Dubai Chamber of Commerce and Industry organised an event for the business community with Sultan Al Mansouri, UAE Minister of Economy, who provided an overview of the new UAE Companies Law. The Talk Business at Breakfast meeting presided by Hamad Buamim, President and CEO of Dubai Chamber, was attended by hundreds of business people, setting an example of the cooperation Dubai Chamber ...  >>MORE

Emirates Competitiveness Council publishes special 5-year report on competitiveness

Posted on 01/06/2015

Emirates Competitiveness Council, ECC, has published a five-year overview of the council's achievements since its inception. The 148 pages book looks at the performance in the UAE in 10 key reports over the past five years. Some of the reports covered were the Global Competitiveness Report, published by the World Economic Forum, WEF, the Annual Competitiveness Book, published by the Institute of Management Development, IMD, in Geneva, Switzerland, the Global Innovation Index published by ...  >>MORE

MoF commends UAE’s lead in the World Competitiveness Yearbook 2015

Posted on 31/05/2015

The United Arab Emirates has ranked 12thglobally – and first in the MENA region - in the World Competitiveness Yearbook 2015in a report issued by the International Institute for Management Development. The UAE competed – and took the lead - among 60 other countries in three pillars: government efficiency, business efficiency, infrastructure and economic performance. The report shows that the UAE came in the top three for a number of areas of the World Competitiveness Yearbook 2015 for ...  >>MORE

Infrastructure investment key to tackling youth unemployment crisis

Posted on 25/05/2015

THE DEAD SEA, JORDAN: Majid Jafar, CEO of Crescent Petroleum and a member of the Global Agenda Council on the Middle East and North Africa at the World Economic Forum, has highlighted that the strategic infrastructure investment plays a critical role in supporting much-needed growth and development in the region in order to tackle the major challenge of youth unemployment. Speaking alongside former British Prime Minster Gordon Brown and the Vice Chairman of GE, John Rice, on the Plenary Panel ...  >>MORE

Bodour Al Qasimi encourages youth participation in World Economic Forum

Posted on 24/05/2015

DEAD SEA, JORDAN: Sheikha Bodour bint Sultan Al Qasimi, Chairperson of the Sharjah Investment and Development Authority (Shurooq), has called to provide young leaders with the opportunity to participate in the upcoming events of the World Economic Forum as key speakers, to talk about their views, ideas and aspirations. She also stressed the need to invest in qualified young people to stop the migration of Arab minds and empower them to become effective contributors to the economic, social, ...  >>MORE

UAE shares commitment to regional development through partnerships at World Economic Forum meeting

Posted on 24/05/2015

Education, youth employment, women's empowerment and public-private partnerships are key to ensuring sustainable economic growth and stability in the Arab world, according to Dr. Sultan bin Ahmed Sultan Al Jaber, UAE Minister of State, who led a high-level UAE delegation to the World Economic Forum on the Middle East and North Africa. The forum, being held in the Hashemite Kingdom of Jordan between 21-23 May, brought together 800 key MENA region leaders from government, business and civil ...  >>MORE

Bodour Al Qasimi to champion youth empowerment at World Economic Forum 2015

Posted on 20/05/2015

Sheikha Bodour bint Sultan Al Qasimi, Chairperson of the Sharjah Investment and Development Authority, Shurooq, will encourage youth empowerment during the upcoming World Economic Forum on the Middle East and North Africa, which will be held at the King Hussein bin Talal Convention Centre on the eastern shores of the Dead Sea, Jordan, from May 21st -23rd. Besides being the first Emirati woman to co-chair an event at the economic forum, Sheikha Bodour will take part in a panel discussion on the ...  >>MORE

Al Mansouri, Finnish counterpart plan to boost innovation, scientific research

Posted on 10/05/2015

Sultan bin Saeed Al Mansouri, Minister of Economy, has agreed with Finland's Economy Minister, Jan Vapaavuori, to strengthen cooperation between the two countries in the areas of scientific research and innovation. During the meeting held yesterday in the presence of the Finnish Ambassador to UAE, Ilkka-Pekka Simila, at Ritz Carlton Hotel, Dubai, the two ministers stressed the importance of business sectors in both countries to upgrade the level of joint cooperation. They also discussed ways ...  >>MORE

Mohammed bin Rashid: UAE is the most competitive market in the Middle East and amongst the top 10 globally

Posted on 08/05/2015

The UAE is the most competitive market in the Middle East and amongst the top 10 globally, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has affirmed. 'This did not happen by accident. Building on our heritage, our founding fathers charted the path for our nation's economic progress and prosperity more than 40 years ago. The UAE has always embraced competition and free market principles from our earliest days as a small ...  >>MORE

Mohammed bin Rashid issues Law on practicing economic activities in Dubai

Posted on 06/05/2015

In his capacity as Ruler of Dubai, Vice President and Prime Minister of the United Arab Emirates His Highness Sheikh Mohammed bin Rashid Al Maktoum has issued Law No (14) of 2015 partially amending Law No (13) of 2011 on the organisation and regulation of economic activities in Dubai and referred to hereafter as the Original Law. The new Law amended Articles No. (4), (6), (19) and (31) of the Original Law which include the authorities and responsibilities of Dubai's Department of Economic ...  >>MORE

ADDED issues annual report of development indicators survey for 2014

Posted on 22/04/2015

The Studies Department of the Department of Economic Development - Abu Dhabi, ADDED, has issued the annual report of the Development indicators survey for 2014, which includes the results of the consumer trust indicator in the economic performance, and local families conditions observatory, business training indicator, trust indicator in the business climate, indicator of the demand trends in the labour market, industrial performance indicator, foreign direct investment transparency indicator, ...  >>MORE

UAE's Sheikha Bodour Al Qasimi to co-chair World Economic Forum 2015 in Jordan

Posted on 05/04/2015

Sheikha Bodour bint Sultan Al Qasimi, Chairperson of Sharjah Investment and Development Authority (Shurooq), has been bestowed with the distinguished honour of co-chairing the World Economic Forum on the Middle East and North Africa, which will be held at the King Hussein bin Talal Convention Centre in the Dead Sea, Jordan, between 21-23 May 2015. This is the first time an Emirati woman has been chosen to co-chair the World Economic Forum, a premier event that engages business, political, ...  >>MORE

Dubai at forefront of world's dynamic emerging markets: DEC chief

Posted on 05/04/2015

Dubai is at the forefront of the world's dynamic emerging markets, according to the Secretary-General of Dubai Economic Council (DEC). "Dubai economy enjoys a competitive combination of cost, market and environmental advantages that create an ideal and attractive investment climate for local and FDI alike. In fact, these advantages not only rank Dubai as the Arabian Gulf's leading multi-purpose business centre and regional hub, but they place it at the forefront of the globe's dynamic ...  >>MORE

UAE-Spain Joint Economic Committee concludes in Granada

Posted on 19/03/2015

GRANADA: The 3rd session of the UAE-Spain Joint Economic Committee meetings in Granada, concluded yesterday under the co-chairmanship of Sultan bin Saeed Al Mansouri, UAE Minister of Economy, and Luis de Guindos Jurado, Spanish Minister of Economy and Competitiveness. The two sides signed a Memorandum of Understanding (MoU), which covered a number of issues of joint interest. This new year's edition represented important step in the field of enhancing the distinguished economic and trade ties ...  >>MORE

Economy Minister meets Spanish counterpart

Posted on 18/03/2015

GRANADA: UAE Economy Minister Sultan bin Saeed Al Mansouri met here yesterday with the Spanish Minister of Economy and Competitiveness, Luis de Guindos, and discussed with him ways to enhance bilateral relations, particularly in economic, commercial and investment domains. They also reviewed means to strengthen bonds between the business communities in the two countries and explored opportunities for joint projects in vital sectors. The meeting, held on the sidelines of the 3rd UAE-Spain ...  >>MORE

Sharjah ranked among world’s top ten small and medium-sized cities

Posted on 17/03/2015

Sharjah, the third largest city in the United Arab Emirates, has been ranked among the top ten small and medium-sized cities in the world in the Global Cities of the Future index for 2014/15 produced by FDI Intelligence, a division of the Financial Times Ltd. A report by Sharjah 24 stated that in the ‘Top 10 overall small and mid-sized cities' category, Sharjah came in ninth globally and third in the Middle East. The judgment was made using a composite of data related to economic potential, ...  >>MORE

UAE delegation views experiences of innovation centres in Finland

Posted on 05/03/2015

HELSINKI: A delegation from the UAE to Finland, headed by Sultan bin Saeed Al Mansouri, Minister of Economy, has been briefed on the experiences and objectives of a number of well-known innovation and creativity centres and their objectives for supporting and promoting innovation and encouraging research relevant to linking investments to innovation. The delegation's field visits included the Austrian company, Borealis' Innovation Centre Porvoo (Finland) and the headquarters of the Finnish ...  >>MORE

UAE Minister of Economy: "SMEs are playing dominant role in global economy"

Posted on 01/03/2015

Investments in small and medium-sized enterprises (SMEs) will be a key topic of discussion at the Annual Investment Meeting (AIM) 2015, to be held from 30 March to 1 April at the Dubai International Convention and Exhibition Centre under the patronage of Vice President and Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum. AIM 2015 will bring experts and officials from over 140 countries to discuss major topics related to Foreign Direct Investment (FDI), ...  >>MORE

Study: UAE voted as the most creative country in MENA

Posted on 19/02/2015

A study on education and innovation revealed that 56% of respondents voted the UAE as the most creative country in MENA, followed by Qatar (15%), Kingdom of Saudi Arabia (11%) and Egypt (8%). According to a study by Bayt.com, commissioned by Dubai Knowledge Village ; 'Education and Innovation in the Middle East and North Africa', 89% of MENA professionals agree that creative thinking is key to driving social and economic growth in their country, although 73% believe that creativity is ...  >>MORE

Abu Dhabi - Creating a sustainable future

Posted on 17/02/2015

The statement of Abu Dhabi government in its Economic Vision 2030 and its intent to "build a sustainable and diversified, high value-added economy that is well integrated into the global economy and that provides more accessible and higher-value opportunities for all its citizens and residents," encompasses economics and social development - two of the three organising principles of sustainable development, according to a publication of the Abu Dhabi Council for Economic Development, ADCED. An ...  >>MORE

UAE Ministry of Economy to support publication of ‘The Business Year: Abu Dhabi 2015’

Posted on 16/02/2015

The UAE Ministry of Economy has signed a memorandum of understanding (MoU) with the international business research company, The Business Year (TBY), to support the publication of The Business Year: Abu Dhabi 2015 as research partners. Mohamed Ahmed Bin Abdul Aziz Al Shehhi, Under-Secretary for Economic Affairs at the Ministry of Economy, signed the agreement with Betul Cakaloglu, Regional Director for TBY. The macroeconomic publication will be released in Q2 2015. With a circulation of 97,700 ...  >>MORE

Dubai, Abu Dhabi region’s most sustainable cities

Posted on 11/02/2015

Dubai is the most sustainable city in the region, followed by Abu Dhabi and Doha, respectively, according to the inaugural Sustainable Cities Index from ARCADIS, the leading global natural and build asset design and consultancy firm. The Index, which was conducted by the Centre for Economics and Business Research (Cebr) explores the three demands of social (People), environmental (Planet) and economic (Profit) to develop an indicative ranking of 50 of the world's leading cities. Across the ...  >>MORE

Al Mansouri: Building a knowledge-based economy is a top priority

Posted on 01/02/2015

Sultan bin Saeed Al Mansouri, Minister of Economy on Saturday, affirmed that building an economy that is based on knowledge, innovation and creativity, investment in science, technology and research is a top priority of the UAE and is in line with the federal government's ambitious Vision 2021 and its strategy for sustainable economic growth and competitiveness. In statements to WAM, Al Mansouri explained that knowledge in a knowledge-based economy accounts for the lion's share of added value, ...  >>MORE

Abu Dhabi economic growth to slow in 2015, says Moody’s

Posted on 30/01/2015

Abu Dhabi's economic growth will slow to below three per cent in 2015 due to lower oil prices. However, the emirate's prudent economic policies will mitigate any negative impact of lower global crude prices, says ratings agency Moody's Investors Services. "While the drop in oil prices will likely cause Abu Dhabi's (Aa2 stable) economic growth to slow in 2015 and put an end to four consecutive years of double-digit fiscal surpluses, the emirate's sizeable stock of foreign assets will help ...  >>MORE

Dubai ranks No. 5 globally in economic performance

Posted on 23/01/2015

Dubai ranks number five in performance among 300 world cities in the annual 2014 economic rankings of cities worldwide released on Thursday by the Brookings Institution and JPMorgan Chase. Macau, the Chinese territory known for its liberal leisure activities, outperformed the rest of the world's major cities economically last year, while four Turkish cities ranked among the top ten. Abu Dhabi and four other GCC cities also figured in the list. While Macau recorded a gross domestic product, ...  >>MORE

Al Mansouri: National initiative targets Dh750b in non-oil exports in 2021

Posted on 20/01/2015

Sultan Saeed Al Mansouri, Minister of Economy on Monday hailed the interest of the Ministerial Services Council, chaired by H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, in the national initiative for developing exports, which targets Dh750 billion in non-oil exports in 2021. Al Mansouri, who presented the initiative to the council for discussion at a meeting on Sunday, said that it is aimed at enhancing the UAE's non-oil trade balance ...  >>MORE

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Quick List

Ministry of Economy discusses cooperation with JETRO


Ministry of Economy updates UAE 2014 Trade Statistics App as part of smart data services drive


UAE to remain on growth trajectory


ADDED Chairman: UAE Economic Planning Forum 2015 represents common vision of economic development departments and Economy Ministry


Abu Dhabi makes big strides in diversifying economy as oil price remains low


Mohammed bin Rashid: We achieved the first goal of Dubai's plan to become world's capital of Islamic economy


UAE economy to grow at a healthy rate this year: Standard Chartered


UAE non-oil private sector activity growth eases in June


UAE economy minister, Iranian ambassador discuss strengthening economic relations


UAE ranked 5th in global readiness index


UAE tops regional countries on inclusive growth


New orders, job creation drive UAE growth


A note on the state of the UAE’s Economy by Mohammed bin Rashid Al Maktoum


Minister of Economy: Target is to increase usage rate of smart services to 80pc by 2018


UAE economy set to surge 4.4% to cross $440 billion


UAE Minister of Economy highlights Companies Law at Dubai Chamber meeting


Emirates Competitiveness Council publishes special 5-year report on competitiveness


MoF commends UAE’s lead in the World Competitiveness Yearbook 2015


Infrastructure investment key to tackling youth unemployment crisis


Bodour Al Qasimi encourages youth participation in World Economic Forum


UAE shares commitment to regional development through partnerships at World Economic Forum meeting


Bodour Al Qasimi to champion youth empowerment at World Economic Forum 2015


Al Mansouri, Finnish counterpart plan to boost innovation, scientific research


Mohammed bin Rashid: UAE is the most competitive market in the Middle East and amongst the top 10 globally


Mohammed bin Rashid issues Law on practicing economic activities in Dubai


ADDED issues annual report of development indicators survey for 2014


UAE's Sheikha Bodour Al Qasimi to co-chair World Economic Forum 2015 in Jordan


Dubai at forefront of world's dynamic emerging markets: DEC chief


UAE-Spain Joint Economic Committee concludes in Granada


Economy Minister meets Spanish counterpart


Sharjah ranked among world’s top ten small and medium-sized cities


UAE delegation views experiences of innovation centres in Finland


UAE Minister of Economy: "SMEs are playing dominant role in global economy"


Study: UAE voted as the most creative country in MENA


Abu Dhabi - Creating a sustainable future


UAE Ministry of Economy to support publication of ‘The Business Year: Abu Dhabi 2015’


Dubai, Abu Dhabi region’s most sustainable cities


Al Mansouri: Building a knowledge-based economy is a top priority


Abu Dhabi economic growth to slow in 2015, says Moody’s


Dubai ranks No. 5 globally in economic performance


Al Mansouri: National initiative targets Dh750b in non-oil exports in 2021