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THE ECONOMY - BUSINESS

Dubai Economic Council promotes fund to aid emirate’s small and medium-size enterprises

Posted on 21/03/2015

A new fund to help small businesses and start-ups is among ideas being considered by the Dubai Economic Council (DEC). It is one of a series of initiatives intended to increase the economic contribution of the emirate's small and medium-size enterprises in the next five years. The secretary general of the DEC, Hani Rashid Al Hamli, yesterday announced the proposal for the fund, which would be aimed at helping both start-ups and more established SMEs, in his opening address at the second SME ...  >>MORE

UAE to host first British Council Innovation Lab in Middle East

Posted on 10/03/2015

DUBAI, 10th March, 2015 (WAM) -- The British Council's Culture Shift Lab, a three-day programme that will offer nationals and residents in the UAE the opportunity to work together with industry experts to develop digital ideas, will be held in 'thejamjar' Art Gallery in Al Quoz, Dubai, from March 26th - 28th. Culture Shift is the British Council's global innovation programme where business ideas are generated and tested by designers, developers, innovators, individuals and groups from the ...  >>MORE

Abu Dhabi has become a centre of finance and business and a nurturing source of innovation and creativity: Nahyan bin Mubarak tells GFMF

Posted on 02/03/2015

The seventh Global Financial Markets Forum (GFMF), the annual conference organised by the National Bank of Abu Dhabi (NBAD), kicked-off yesterday in Abu Dhabi with speeches from UAE and global policy makers, asset managers, sovereign wealth funds (SWF), and bankers. Sheikh Nahyan bin Mubarak Al Nahyan, the UAE Minister of Culture, Youth, and Social Development, inaugurated the GFMF with a keynote speech, in which he said that "Abu Dhabi has become not only the centre of finance and business ...  >>MORE

Fujairah "A Great Place to Do Business", a conference in London is told

Posted on 19/02/2015

FUJAIRAH, 19th February, 2015 (WAM) -- The Emirate of Fujairah and the UAE are "a great place to do business", a London conference has been told. The message was delivered by Fujairah Media Group President and CEO Mekki Abdulla in a keynote address yesterday to the conference of the Association for International Broadcasters. "The World comes to Dubai, Abu Dhabi and increasingly Fujairah, just an hour's drive from Dubai on the Indian Ocean coast," he said, adding "The UAE and Fujairah are at ...  >>MORE

Dubai again tops Middle East as ‘dynamic city’

Posted on 09/02/2015

Dubai continues to be the most "dynamic” city within the Middle East for a second straight year in a global survey which ranks cities based on their real estate dynamic as well as related social-economic factors. But in the overall global charts, Dubai slipped from third spot to 13th, a decline brought about by the marked slowdown in its property market since the second half of last year. The City Momentum Index put together by the real estate consultancy JLL ranked London first globally, ...  >>MORE

New Delhi hosts first UAE-India Businessmen Forum

Posted on 07/02/2015

NEW DELHI -- India's capital, New Delhi, hosted the first UAE-India Businessmen's Forum on Thursday with participation by major UAE companies in India. Organised by the UAE Embassy in India, the forum was attended by Saed Mohammed Al Muhairi, Acting Charge d'Affaires at the UAE Embassy in India, Sheikh Saud Ali Al Mu'alla, Acting Commercial Attaché. Anil Wadhwa, Secretary for Middle East at the Indian Ministry of External Affairs, and Shailendra Singh, Joint Secretary of Department of ...  >>MORE

Dubai sees 13% rise in business licences in 2014

Posted on 25/01/2015

Investors continued to pursue new opportunities in Dubai during 2014 as the emirate recorded more than 13 per cent growth in business licences issued last year compared to 2013, the Department of Economic Development (DED) in Dubai announced on Saturday. The total number of licences increased to 21,358 in 2014 as against 18,848 in 2013, with industrial licences showing the biggest increase (27 per cent) followed by commercial and tourism licences at 16 per cent each and professional licences ...  >>MORE

Latest round of promising startups present to investors at DP World’s Turn8 event

Posted on 23/01/2015

DP World's TURN8 Seed Accelerator initiative, a unique collaboration between enterprise and innovators that encourages entrepreneurship and innovation, brought 10 winning startups and relevant industry investors under one roof at the Grosvenor House Hotel in Dubai this week. The Demo Day is held at the end of each round of TURN8, now in its third round with more than double the number of entrepreneurs making it through to the final stage compared to previous editions. This signals a positive ...  >>MORE

UK launches award to attract GCC retailers

Posted on 20/01/2015

LONDON: UK Trade and Investment, UKTI, yesterday launched the 2015 GREAT Business Award, offering owners of GCC-based retail businesses unique access to the UK market. The award seeks out candidates who will benefit from a bespoke, three-day programme of meetings with UKTI specialist advisors and leading retail sector figures to help build their companies in the UK. Applications will be reviewed by a highly respected panel of judges including British Ambassador to the UAE, Philip Parham, ...  >>MORE

Marka acquires Istithmar’s Retailcorp

Posted on 29/12/2014

Marka PJSC, the UAE's first public joint stock company focused on the fast growing retail and hospitality sectors, yesterday announced that it has agreed to acquire Retailcorp UAE LLC, a subsidiary of Istithmar (a Dubai World company), in a deal valued above Dh220 million subject to adjustments at final closing. Through the deal, Marka has cemented a solid foundation in the high-growth sports retail sector, the company said. The acquisition, which will be funded by a blend of the company's own ...  >>MORE

Sketchers picks Dubai as centre for Middle East operations

Posted on 24/12/2014

American company Sketchers has chosen Dubai for its operations' centre in the Middle East. During a visit to the emirate, Michael Greenberg, President of the company which specialises in sports clothing and footwear, said choosing Dubai as the base for the company's operations in the region was a strategic decision based on Dubai's attractiveness to investors, its accelerated economic growth, and its ability to keep up with international fashion trends. Greenberg added that he is impressed by ...  >>MORE

Shurooq strengthens US ties during Sharjah-US roundtable

Posted on 18/11/2014

Continuing its commitment to promoting Sharjah as a world-class destination for international investment, the Sharjah Investment and Development Authority, Shurooq, has concluded the Sharjah-US Business Roundtable, which was arranged in collaboration with the American Business Council of Dubai and the Northern Emirates at the Sharjah Chamber of Commerce and Industry on 16th of November. The event was attended by Sheikha Bodour bint Sultan Al Qasimi, Chairperson of Shurooq, Rob Waller, US ...  >>MORE

Dubai sees rise in trade licenses in Q3 2014 as smart services improve ease of business

Posted on 15/11/2014

Trade licences issued by Dubai's Department of Economic Development ( DED ) during the third quarter of 2014 increased by three per cent compared with the same period of 2013 as investors remained upbeat on business prospects in the emirate. The total number of new licences issued was 4,688 with industrial licences registering the biggest growth of 14%, followed by commercial licences (4%) and professional licences (1%) licences. Commercial licences accounted for 74% - the largest share - of ...  >>MORE

U.A.E. continues to lead regionally in World Bank Doing Business 2015 report

Posted on 05/11/2014

Dubai Trade, the premier cross-border trade facilitator, has welcomed the latest edition of the ‘Doing Business 2015' report, released by the World Bank and International Finance Corporation (IFC). As per the report, the U.A.E. saw a rise of three positions and is among the 10 economies in the world that have improved the most since the previous year. Sultan Ahmed bin Sulayem, Chairman of Ports, Freezones and Customs Corporation (PCFC) and DP World, welcomed the latest report, saying, "The ...  >>MORE

Abdul Aziz Al Ghurair receives Innovator of the Year Award at Gulf Business Industry Awards 2014

Posted on 24/10/2014

AbdulAziz Al Ghurair, CEO of Mashreq Bank and Chairman of the U.A.E. Banks Federation, has received the Innovator of the Year Award at Gulf Business Industry Awards 2014. Previously, Al Ghurair was the recipient of the ‘Lifetime Achievement Award' at the inaugural Gulf Business Awards. The Gulf Business Awards recognise the very best achievements of individuals and companies across various categories from the region's most economically-important sectors, including banking, real estate and ...  >>MORE

Ministry of Economy, Abu Dhabi DED and Khalifa Fund facilitate participation of U.A.E. SMEs at China Import and Export Fair

Posted on 10/10/2014

The Ministry of Economy, in collaboration with Abu Dhabi Department of Economic Development (DED) and the Khalifa Fund, is facilitating the participation of more than 60 U.A.E. SME's at the China Import and Export Fair (Canton Fair). The partnership aims to support the development of home-grown SMEs, help them gain exposure in foreign markets, and consolidate international collaborations. Chaired by the Ministry of Economy, a preparatory meeting was convened by Abu Dhabi DED and the Khalifa ...  >>MORE

Dubai SME launches Equity Investment Initiative to facilitate funding for start-ups and early stage development

Posted on 21/09/2014

Dubai SME, the agency of Dubai's Department of Economic Development (DED) mandated to develop the small and medium enterprise (SME) sector, has launched Equity Investment Initiative with the aim of unlocking investment and funding in SMEs and providing entrepreneurial projects with access to capital through equity participation of venture capitalists, angel investors, private equity companies etc. Dubai SME has been providing debt financing and loan facilities in the past 12 years as part of ...  >>MORE

Strong business growth expected for SMMES, says Dubai Tourism Chief

Posted on 20/09/2014

As Dubai moves forward in developments towards 2020, including the fulfilment of its ambitious tourism strategy and the gearing up to host the landmark Dubai Expo 2020, Start-ups and the Small, Micro and Medium Enterprises (SMMEs) are most likely to be the biggest beneficiaries, said Helal Saeed Almarri, Director General, Department of Tourism & Commerce Marketing; CEO, Dubai World Trade Centre and Dubai Expo 2020 Higher Committee member. Speaking at the Entrepreneurs' Organisation (EO) event ...  >>MORE

Dubai SME unveils innovative hub to promote entrepreneurial ideas and start-ups

Posted on 11/09/2014

Dubai SME, the agency of the Department of Economic Development (DED) mandated to develop the small and medium enterprise (SME) sector, has announced the launch of the Hamdan Innovation Incubator, a complete support environment to stimulate and foster innovative entrepreneurial projects in the nation's youth, under the patronage of H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council. To introduce the Hamdan Innovation Incubator ...  >>MORE

UAE consolidates its position as the Middle East’s business hub

Posted on 06/09/2014

With the historical win of the World Expo 2020 bid by Dubai followed by the anticipated economic activity worth billions of dirhams and over 270,000 jobs, U.A.E. has gained the reputation of being a competitive and significant player in world business. BR Communications FZE, a leading marketing consultancy, acknowledges that while the U.A.E. has always been an attractive tax-free haven for the expatriate community to work and establish businesses, this trend can be expected to grow to new ...  >>MORE

Record U.A.E. business growth in August

Posted on 04/09/2014

The non-oil private sector business activity in the U.A.E. expanded in August at the fastest pace on record as the country generated sharp gains in output and new business, a purchasing managers' survey by HSBC said on Wednesday. The HSBC U.A.E. Purchasing Managers' Index jumped to 58.4 points in August from 58.0 in July at the highest pace since the series began in August 2009. The seasonally adjusted index, compiled by HSBC and Markit Economics, is a composite indicator of U.A.E.'s non-oil ...  >>MORE

LinkedIn lists most influential U.A.E. brands

Posted on 03/09/2014

The lists includes Etihad Airways, Emirates airline, Jumeirah Group, Cleveland Clinic Abu Dhabi, Emaar, etisalat, National Bank of Abu Dhabi, du, Damac, and TASC Sourcing. LinkedIn, the world's largest professional network on the Internet, on Tuesday announced the top ten most influential brands headquartered in the U.A.E., based on engagement among LinkedIn's membership of 313 million professionals. The new ranking follows the announcement of LinkedIn's Content Marketing Score earlier in ...  >>MORE

Dubai Investments Park leases 950,000 sq. ft. of warehousing facilities in first half of 2014

Posted on 18/08/2014

Dubai Investments Park (DIP), the largest integrated commercial, industrial & residential community in the Middle East and wholly-owned by Dubai Investments PJSC, has leased over 950,000 square feet of warehousing facilities in the first six months of 2014. This corresponds to 10.5% increase in warehousing leases between January and June 2014, compared to the corresponding period last year. Of these, 60% of new leases include readymade facilities for light and medium industries, while 20% were ...  >>MORE

A record number of companies joined Dubai Chamber in H1 2014

Posted on 07/08/2014

Affirming its popularity with global investors, the Dubai Chamber of Commerce and Industry recorded substantial growth in its membership base in the first half of 2014. Between January and June, a total of 8,700 new companies joined Dubai Chamber, registering a 24.3 per cent increase over the same period in 2013 when 7,000 new members joined. This increased the total number of Dubai Chamber members to over 160,000 by the end of June, thus strengthening its position as one of the largest ...  >>MORE

SMEs employ 42% of Dubai workforce: DEC

Posted on 04/08/2014

The small and medium enterprises (SMEs) account for 95 per cent of the total enterprise population in Dubai and employs approximately 42 per cent of Dubai's workforce, according to the latest report released by the Dubai Economic Council (DEC). It said that despite their impact and importance in the economy, they are frequently confronted with market imperfections and face difficulties in obtaining capital and credit, especially whilst the business is in its infancy. The report revealed that ...  >>MORE

Mohammed bin Rashid stresses robustness of U.A.E. economy

Posted on 21/07/2014

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the U.A.E. and Ruler of Dubai, received heads of Arab and foreign business corporations in the U.A.E. and distinguished businessmen at Al Bahar Palace in Dubai. In presence of Dubai Deputy Ruler Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Sheikh Mohammed exchanged Ramadan greetings with more than 500 investors and businessmen who came to greet His Highness on the holy month. In a friendly ...  >>MORE

Abu Dhabi commercial space reflects growth

Posted on 16/07/2014

Abu Dhabi is showing promising growth in commercial and office spaces, surveys have shown. "Rental rates for Grade A office space saw small increases of up to four per cent in second quarter for fitted, and shell and core offices, respectively,” says a study by a leading property advisory firm Asteco. Landmark Tower, handed over in the third quarter of 2013, achieved net effective rental rates estimated at Dh1,700 per square metre for fully fitted space located on the Corniche. Rental rates ...  >>MORE

U.A.E. selected as exclusive centre for Qualification in Internal Audit Leadership exams to 2020

Posted on 16/07/2014

LONDON: The United Arab Emirates has been selected as an exclusive centre for Qualification in Internal Audit Leadership (QIAL) exams in the MENA region until 2020. The Institute of Internal Auditors (IIA) chose the U.A.E. to host the Beta testing stage, having met all specified criteria. The inaugural QIAL recipients have been honoured during IIA's International Conference held in London. According to Abu Dhabi Accountability Authority, three of the twelve candidates received the ...  >>MORE

DWC Business Park partners with key business groups to highlight world-class features & facilities

Posted on 07/07/2014

Dubai World Central (DWC), the world's first purpose-built aerotropolis, has partnered with major business organisations in U.A.E. in a bid to promote its rapidly expanding Business Park Free Zone to the country's growing business community. DWA said its DWC Business Park, under its recent collaborations, hosted various key business activities and functions as well as sponsored different main events of reputable business groups such as German Emirati Joint Council for Industry and Trade, ...  >>MORE

Capital Club Dubai in CNN's top 10 global private club line-up

Posted on 16/06/2014

Capital Club Dubai, the city's premier private city club, based in the Dubai International Financial Centre (DIFC), has become in CNN's list of the world's top private clubs in the world's major business cities including, in addition to Dubai, London, New York, Tokyo and Hong Kong. CNN, in its report titled '10 of the world's most exclusive members clubs', said the dynamic Capital Club Dubai has, since its opening in 2008, fast become the region's premier city club, serving not just Dubai's ...  >>MORE

Dubai named a global ‘City of Opportunity’

Posted on 22/05/2014

Dubai features this year as the only Middle-Eastern city in PwC's Cities of Opportunity report, ranking 16th overall in the latest study that takes the pulse of 30 cities at the heart of the world's economy and culture. Dubai ranked fifth in global affordability that measures cost of living, purchasing power and corporate tax rates, behind only San Francisco, Los Angeles, Johannesburg and Toronto. Dubai was also ranked 8th as an urban gateway, replacing Los Angeles in the Top 10, supported by ...  >>MORE

Confidence among Dubai businesses surges in Q1

Posted on 11/05/2014

Business confidence has been steadily on the rise in Dubai since the emirate won Expo 2020 bid last year. According to the quarterly business survey conducted by the Department of Economic Development, the Dubai business community has been significantly more optimistic during the first quarter of 2014, compared to the same period of the previous year – optimism is especially high among manufacturing and services firms. The composite Business Confidence Index for Dubai stood at 135.5 points in ...  >>MORE

DED to launch 120-day business licence

Posted on 30/04/2014

The Department of Economic Development (DED) will introduce a 120-day business licence starting from May 15 this year, the department announced on Tuesday. The new licencing service, which was announced during a press conference for the DED's Smart Initiative conference, allows businessmen to start their businesses immediately and complete the rest of the licensing requirements, which includes approvals from other government authorities, within a 120-day period. This option will be applicable ...  >>MORE

5th UAE-US Economic Policy Dialogue in Abu Dhabi concludes

Posted on 25/04/2014

The 5th UAE-US Economic Policy Dialogue attended by the government representatives of both countries has concluded in Abu Dhabi. The meeting focused on the economic policy issues of the two sides, exploring trade opportunities a boosting of trade ties between them. Khalid Al Gaith, Assistant Foreign Minister for Economic Affairs welcomed Charles H. Rivkin, US Assistant Secretary of State for Economic and Business Affairs, congratulating the two sides on the achievement attained since holding ...  >>MORE

Dubai FDI paves the way for Isle of Man company to set up local Representative Office

Posted on 25/04/2014

Dubai Investment Development Agency, Dubai FDI, an agency of the Department of Economic Development (DED), has successfully collaborated with SMP Trustees Limited, part of the SMP Partners Group based on the Isle of Man, to open a Representative Office of the Trust company in Dubai. The opening of the new office follows a partnership agreement signed between DED and the Isle of Man government in 2012 and a recent visit by a Dubai FDI delegation to the British Crown Dependency, known for its ...  >>MORE

UAE President issues federal Law No. 2 of 2014 on Small and Medium Enterprises

Posted on 14/04/2014

President His Highness Sheikh Khalifa bin Zayed Al Nahyan has issued Federal Law No. 2 of 2014, for the Small and Medium Enterprises (SMEs) sector, in order to regulate the relationship between all government institutions and entrepreneurs of small and medium enterprises sector - a key component of any successful knowledge-based economy. Commenting on the new law, Sultan bin Saeed Al Mansouri, Minister of Economy, in a statement, confirmed that the Federal Law No. 2 of 2014, concerning small ...  >>MORE

UAE’s corporate earnings robust

Posted on 09/04/2014

The UAE led overall earnings and contributed 4.4 per cent to the incremental rise in earnings, while Saudi Arabia came in second with a 6.8 per cent year-on-year growth. The UAE continued to outperform the GCC in corporate earnings' surge by contributing 4.4 per cent to overall growth as Dubai posted the region's highest earnings jump at 36.8 per cent year-on-year, a research report revealed on Tuesday. Corporate earnings in the GCC rose by 12.4 per cent year-on-year to US$61.8 billion in ...  >>MORE

Oxford Business Group launches new report on Abu Dhabi economy

Posted on 25/03/2014

Oxford Business Group (OBG) has launched a new reporting detailing Abu Dhabi's success in nurturing new economic sectors to broaden its economic base. 'The Report, Abu Dhabi 2014', features interviews with Deputy Prime Minister and Minister of Presidential Affairs, Sheikh Mansour bin Zayed Al Nahyan and the Minister of Foreign Affairs, Sheikh Abdullah bin Zayed Al Nahyan. Other prominent individuals include the Ruler's Representative in the Western Region, Sheikh Hamdan bin Zayed Al Nahyan, ...  >>MORE

British government to open Dubai SME business centre

Posted on 18/03/2014

The British government is launching a business centre in Dubai in April that will assist small to medium-sized companies from the United Kingdom in setting up local operations. "The UK-Dubai Business Centre is going to act as a place where small companies can set up and be incubated,” said Lord Ian Livingston, the UK's Minister of State for Trade and Investment. Livingston was speaking to the media at an event at the British Embassy in Dubai on Sunday evening. He is in the UAE plugging ...  >>MORE

DED issues 12% more business licenses in 3 months

Posted on 07/02/2014

Business licenses issued by the Department of Economic Development (DED) over the final three months of 2013 were 12 percent higher than those issued during the same period of 2012 as economic activity and investor confidence remained on an upward curve. The department issued a total of 4,573 licenses in the third quarter of 2013 as the tourism sector saw a 29 percent year-on-year increase in licensing activity with the commercial and professional sectors also witnessing 12 percent and 11 ...  >>MORE

Dubai SME, Shuaa Capital sign MoU

Posted on 26/01/2014

Dubai SME, an agency of the Department of Economic Development (DED), mandated to develop the small and medium enterprise (SME) sector in Dubai, and Shuaa Capital, the UAE's leading investment bank, signed a memorandum of understanding (MoU) to extend their collaboration in advising SMEs in 2014. The memorandum of understanding commits the two institutions to provide at least 20 of the Dubai SME 100 companies - a ranking of the top 100 SMEs in the Emirate of Dubai - with valuation advisory ...  >>MORE

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Quick List

Dubai Economic Council promotes fund to aid emirate’s small and medium-size enterprises


UAE to host first British Council Innovation Lab in Middle East


Abu Dhabi has become a centre of finance and business and a nurturing source of innovation and creativity: Nahyan bin Mubarak tells GFMF


Fujairah "A Great Place to Do Business", a conference in London is told


Dubai again tops Middle East as ‘dynamic city’


New Delhi hosts first UAE-India Businessmen Forum


Dubai sees 13% rise in business licences in 2014


Latest round of promising startups present to investors at DP World’s Turn8 event


UK launches award to attract GCC retailers


Marka acquires Istithmar’s Retailcorp


Sketchers picks Dubai as centre for Middle East operations


Shurooq strengthens US ties during Sharjah-US roundtable


Dubai sees rise in trade licenses in Q3 2014 as smart services improve ease of business


U.A.E. continues to lead regionally in World Bank Doing Business 2015 report


Abdul Aziz Al Ghurair receives Innovator of the Year Award at Gulf Business Industry Awards 2014


Ministry of Economy, Abu Dhabi DED and Khalifa Fund facilitate participation of U.A.E. SMEs at China Import and Export Fair


Dubai SME launches Equity Investment Initiative to facilitate funding for start-ups and early stage development


Strong business growth expected for SMMES, says Dubai Tourism Chief


Dubai SME unveils innovative hub to promote entrepreneurial ideas and start-ups


UAE consolidates its position as the Middle East’s business hub


Record U.A.E. business growth in August


LinkedIn lists most influential U.A.E. brands


Dubai Investments Park leases 950,000 sq. ft. of warehousing facilities in first half of 2014


A record number of companies joined Dubai Chamber in H1 2014


SMEs employ 42% of Dubai workforce: DEC


Mohammed bin Rashid stresses robustness of U.A.E. economy


Abu Dhabi commercial space reflects growth


U.A.E. selected as exclusive centre for Qualification in Internal Audit Leadership exams to 2020


DWC Business Park partners with key business groups to highlight world-class features & facilities


Capital Club Dubai in CNN's top 10 global private club line-up


Dubai named a global ‘City of Opportunity’


Confidence among Dubai businesses surges in Q1


DED to launch 120-day business licence


5th UAE-US Economic Policy Dialogue in Abu Dhabi concludes


Dubai FDI paves the way for Isle of Man company to set up local Representative Office


UAE President issues federal Law No. 2 of 2014 on Small and Medium Enterprises


UAE’s corporate earnings robust


Oxford Business Group launches new report on Abu Dhabi economy


British government to open Dubai SME business centre


DED issues 12% more business licenses in 3 months


Dubai SME, Shuaa Capital sign MoU