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THE ECONOMY - ECONOMIC DEVELOPMENT

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

MoE seeks to build knowledge-based economy to contribute 5pc to GDP

Posted on 11/01/2015

The ministry of economy, in line with the federal government's ambitious UAE Vision 2021 and the seven-year National Agenda, is keenly interested in building an economy that is based on knowledge, innovation and creativity, and is led by a qualified cadre, in order to contribute 5 per cent to the UAE's gross domestic product (GDP ) by 2021, said Sultan bin Saeed Al Mansouri, Minister of Economy on Saturday. In his speech at an annual meeting of the ministry's employees and officials, Al ...  >>MORE

UAE turns into regional economic power in 10 years

Posted on 30/12/2014

A report on the online portal HotelandRest says that the United Arab Emirates, over the past ten years under the leadership of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, has turned into a major economic power in the region. The report said that the country has witnessed a transition from an oil based economy to a productive economy with enormous diversity in various fields. The report highlighted the fact that President His Highness Sheikh Khalifa has led the United Arab ...  >>MORE

UAE stands out among GCC peers: Barclays

Posted on 20/12/2014

The UAE stands out among its GCC peers as best equipped to cope with potentially prolonged weakness in oil prices given its diversified economy and solid buffers, Barclays said. The impact of falling oil prices on the UAE's external and fiscal positions is likely to remain manageable with the current account surplus to remain at 12.3 per cent and 6.8 per cent of the country's gross domestic product respectively, in 2014 and 2015, the bank said in an analytical study. The diversification of ...  >>MORE

Mohammed bin Rashid: UAE will benefit most from global transformations in 2015

Posted on 15/12/2014

Transformations and changes the world will witness in 2015 will produce positive outcomes for the UAE, given its diversified and vibrant economic base which benefits from international trade, strong confidence in the stability of the State and rich accumulated experiences in handling various events and changes, Vice President and Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum has stated. Sheikh Mohammed made his remarks while attending the Arab Strategy ...  >>MORE

UAE ranks among the most developed countries in the international indices

Posted on 08/12/2014

On December 2nd, 2014, the UAE celebrated its 43rd National Day. It has achieved, throughout its united journey, record-breaking rates of growth in all fields, which have placed it at the top in terms of global competitiveness, according to reports by specialised regional and international organisations. These reports have ranked the UAE as one of the most developed countries in the world, with happy and contented citizens and other residents, as well as sustainable growth in many other ...  >>MORE

UAE accounts for 86 per cent of GCC licenses for economic activities

Posted on 06/12/2014

The UAE scored the highest cumulative increase in the issuing of licences to GCC citizens, granting some 35,006 licences in 2013, accounting for 86 per cent of the total licences granted to the Gulf Cooperation Council for Arab States (GCC) to run businesses. The number of licences granted to citizens of the GCC to operate a variety of businesses surged to 40,753 licences in 2013, compared with 11,095 licences at the end of 2004, an increase of 267 per cent. According to a report prepared ...  >>MORE

Nahyan hails U.A.E.'s latest achievement in global competitiveness

Posted on 05/09/2014

Sheikh Nahyan bin Mubarak Al Nahyan, Minister of Culture, Youth and Community Development, on Thursday attributed the U.A.E.'s high ranking in the latest Global Competitiveness Report (GCR) to the solid foundations laid by the nation's founding father, the late Sheikh Zayed bin Sultan Al Nahyan, who created a unique human development model that has become a primary driver of the prosperity and progress of the country. Sheikh Nahyan, in a statement, also praised President His Highness Sheikh ...  >>MORE

U.A.E. ranks first in the world in terms of quality of roads, says Public Works Ministry

Posted on 04/09/2014

The high quality of road projects in U.A.E. enabled the country to rank first in the world in terms of quality of roads on the Global Competitiveness Index (GCI) for 2014-2015, thanks to the wise policies of the government and the directives of the wise leaders, President His Highness Sheikh Khalifa bin Zayed Al Nahyan, and Vice President and Prime Minister of U.A.E., and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, on winning the first place in all spheres, said Dr. ...  >>MORE

Mazrouei: U.A.E.'s high ranking in GCR is a testimony to its prominent standing globally

Posted on 04/09/2014

The minister of energy emphasised that the U.A.E. has laid down the rules of excellence, constructive work, and taking lead and initiative, for building the Emirati human being who is capable of delivering achievements in all fields thanks to instructions of the wise leadership spearheaded by President His Highness Sheikh Khalifa bin Zayed Al Nahyan, Vice President and Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum, Their Highnesses Supreme Council Members ...  >>MORE

Al Mansouri: U.A.E.'s progress in GCR demonstrates strong will and determination for success

Posted on 04/09/2014

Sultan bin Saeed Al Mansouri, Minister of Economy affirmed that the U.A.E. would have not made the successive landmark achievements globally if it had not for the far-sighted vision of the wise leadership led by President His Highness Sheikh Khalifa bin Zayed Al Nahyan, Vice President and Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum, and Their Highnesses Supreme Council Members and Rulers of Emirates. In a statement on the U.A.E.'s high score in the ...  >>MORE

U.A.E. jumps 7 positions on the World Economic Forum’s Global Competitiveness Report

Posted on 03/09/2014

Mohammed bin Rashid: under the leadership of Sheikh Khalifa our economy is constantly evolving; security and stability indicators are among the best in the world; the welfare of our citizens is our first priority - World Economic Forum: U.A.E. has made a remarkable progress in 78 sub-indicators during just one year The U.A.E. ranks first for the absence of inflation and the absence organised crime globally, second for the effectiveness of government spending and third in terms of absence of ...  >>MORE

Reem Al Hashimy lauds efforts by federal and local competitiveness teams

Posted on 03/09/2014

Following the recent launch of the Global Competitiveness Report for 2014-15 by the World Economic Forum, Reem bint Ibrahim Al Hashimy, Minister of State, and Chairwoman of the Emirates Competitiveness Council (ECC) has commended the efforts made by federal and local government organisations to step up performance of the U.A.E.'s competitiveness, leading the country to rank as the 12th most competitive nation globally for 2014-15, a jump of seven ranks from last year, and maintaining its ...  >>MORE

10th World Islamic Economic Forum introduces new features to celebrate Dubai as land of creativity and innovation

Posted on 27/08/2014

The World Islamic Economic Forum (WIEF) Foundation and Dubai Chamber of Commerce & Industry (Dubai Chamber) yesterday unveiled at a press conference in Kuala Lumpur details of the upcoming 10th WIEF which will be held in Dubai from October 28 to 30, 2014 at the Madinat Jumeirah Conference Centre. The annual forum will be hosted in Dubai for the first time following successes across the globe including Kuala Lumpur, Islamabad, Kuwait, Jakarta, Astana, Johor Bahru and London. Themed ‘Innovative ...  >>MORE

Dubai economic growth may hit 5.6%

Posted on 26/08/2014

Dubai's economic growth could hit as high as 5.6 per cent this year if the global economy stays vibrant but the emirate's rebounding real estate sector faces a short-term price correction, Phidar Advisory, a recently established advisory firm specialising in real estate, said on Monday. "The good news is that even if the global economy shows a tendency to apply the brakes, Dubai will continue show an upswing of 3.5 per cent GDP (gross domestic product) growth, and if it stays vibrant and ...  >>MORE

Dubai Economic Development Department launches Twitter account in English

Posted on 19/08/2014

The Dubai Economic Development Department (DED), represented by the Commercial Control and Consumer Protection Sector, has launched its official Twitter account ‘@dubaiconsumers' to receive complaints from consumers in English. The DED initiated the service to reach out to a large segment of consumers across the emirate of Dubai in particular, and the country in general. Abdul Aziz bin Hathboor, Director of the Consumer Protection Department at DED, said the DED launched its official page on ...  >>MORE

OBG's 2015 report will chart Dubai's bid to build on economic recovery

Posted on 12/08/2014

Dubai's two-fold campaign to step up preparations for the World Expo 2020 and increase the number of tourists visiting the emirate to 20million by the same year will be detailed in a forthcoming report to be produced by the global publishing firm, Oxford Business Group (OBG). The Dubai Chamber of Commerce and Industry has once again signed a Memorandum of Understanding (MoU) on research with OBG for the publisher's forthcoming report on the emirate. Under the MoU, Dubai Chamber will assist ...  >>MORE

U.A.E. non-oil sector robust

Posted on 06/08/2014

July data shows business activity, job creation continue to expand at solid rates The U.A.E.'s non-oil private sector business activity continued to witness strong performances in output, new orders and new export orders in, results of a survey by Markit Economics and HSBC Bank showed on Tuesday. Generally, growth across the indices remained marked despite easing slightly from the previous month. In addition, job creation, purchasing activity and stocks continued to expand at solid rates. ...  >>MORE

Dubai Islamic Economy Development Centre launches Global Islamic Economy Summit 2013 Report

Posted on 06/08/2014

The Dubai Islamic Economy Development Centre, DIEDC, in partnership with Thomson Reuters and the Dubai Chamber of Commerce and Industry, has launched a report outlining key findings from the Global Islamic Economy Summit, GIES, 2013. The GIES 2013 Review details the discussions of 25 sessions held at the summit and outlines key recommendations across the six pillars identified by DIEDC to articulate Dubai's vision of developing as the capital of Islamic economy. The pillars include Islamic ...  >>MORE

UAE officially joins membership of Development Assistance Committee of OECD

Posted on 09/07/2014

The U.A.E. has officially joined as a member of the Organisation for Economic Co-operation and Development (OECD). Sheikha Lubna bint Khalid Al Qasimi, Minister of Development and International Co-operation and Chairperson of the National Committee for the Coordination of Foreign Aid, said that the directives of the wise leadership to upgrade the various mechanisms and channels of partnership with relevant international organisations of international and humanitarian development, have ...  >>MORE

International Monetary Fund upbeat on Dubai

Posted on 08/07/2014

Sustained fiscal consolidation and brightening growth prospects have been strengthening Dubai's resilience to external shocks as the emirate gears up for an economic upswing averaging 5.6 per cent in the next six years, the International Monetary Fund said. The robust growth for Dubai in the coming years will be driven by big real estate projects and huge spend in preparation to host the Expo 2020 world's fair, the Washington-based Fund said in a report on Sunday as its chief Christine Lagarde ...  >>MORE

Upcoming OBG report on Dubai to show emirate's economic turnaround

Posted on 18/06/2014

Dubai s recovery story, which is set to receive a further boost as preparations for Expo 2020 gain momentum, will be charted in a forthcoming report to be produced by the global publishing firm, Oxford Business Group (OBG). OBG's 'The Report: Dubai 2015', which features interviews with H.H. Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Civil Aviation Authority and Chairman of Emirates Group, Mohammed bin Abdullah Al Gergawi, U.A.E. Minister for Cabinet Affairs, and Sultan bin Saeed Al ...  >>MORE

Economy Minister emphasises U.A.E. - Italy economic relations growing

Posted on 16/06/2014

MARCHE REGION, ITALY: U.A.E. Minister of Economy, Sultan bin Saeed Al Mansouri, has emphasised that the long-standing economic relations with Italy are growing fast as the two countries are working on opening new avenues to boost their cooperation, reciprocal investments and trade. "Figures of trade between the two friendly countries continue to grow and Italy has become today U.A.E.'s second largest trade partner in Europe. Non-oil trade between the two countries in 2013 stood at US$6.05 ...  >>MORE

Boost for Dubai’s Islamic industry

Posted on 14/06/2014

The board of the Dubai Islamic Economy Development Centre, or DIEDC, held a meeting to review the initiatives of government departments towards achieving Dubai's status as the capital of Islamic economy, as envisioned by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the U.A.E. and Ruler of Dubai. The meeting was in line with the directives of Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive ...  >>MORE

Abu Dhabi economy grew 5.2% in 2013

Posted on 04/06/2014

Abu Dhabi recorded 5.2 per cent growth in economy in 2013, as non-oil economy grew much stronger. Earlier, the official estimates for economic growth was higher than what the statistic Centre of Abu Dhabi has finally confirmed on Tuesday. There was optimism in the capital that economy may grow by 7.4 per cent. However, the economic growth in fixed prices grew to Dh672.7 billion in 2013 over Dh641.8 billion in 2012. The SCAD said on Tuesday, a much slower rate is still higher than 4.8 ...  >>MORE

UAE participates in New York Forum Africa in Gabon

Posted on 25/05/2014

Libreville, Gabon: The UAE is taking part in the New York Forum Africa (NYFA 2014) being held in Gabon's capital, Libreville, from 23-25 May. UAE Ambassador to Ethiopia and Permanent Representative at the African Union Dr. Yousuf Isa Al Sabri is leading the UAE's delegation to the third NYFA. The UAE's participation springs out of its policy for building economic ties and partnerships with Africa. The Forum, which is in its third edition, is being hosted by Gabon's President Ali Bongo ...  >>MORE

Hamed bin Zayed attends St. Petersburg International Economic

Posted on 24/05/2014

St. Petersburg: H.H. Sheikh Hamed bin Zayed Al Nahyan, Chief of Abu Dhabi Crown Prince's Court, attended the St. Petersburg International Economic Forum (SPIEF2014) in St. Petersburg, Russia. H.H. Sheikh Hamed joined heads of state, business leaders, CEOs, economic experts and more than 5000 participants from 30 countries at the forum which concludes on 24th May. The 2014 St. Petersburg International Economic Forum is being organised between 22nd-24th May to discuss issues relating to ...  >>MORE

S&P affirms Sharjah’s credit rating on per capita growth

Posted on 24/05/2014

The affirmation primarily reflects the solid growth in Sharjah's GDP per capita. "We also factor in the advantages of membership in the UAE, which include low external risks for Sharjah. We believe that, under certain circumstances, Sharjah would receive extraordinary financial support from the UAE if needed. We do not currently anticipate that such a need will arise, however,” S&P said in a statement. Sharjah is the third-largest member of the UAE in terms of population, GDP, and geographic ...  >>MORE

UAE calls Arab and Central Asian states to play a proactive role in reshaping the global economic landscape

Posted on 14/05/2014

Riyadh: Amid the backdrop of current world economic changes and challenges that could upset the balance of world economic powers, the UAE yesterday called on Arab and Central Asian states and Azerbaijan to play a proactive role in reshaping the global economic landscape and re-directing the economic gravity and weight towards the South. Addressing the First Forum on Economy and Cooperation of Arab Countries with the Central Asian States and the Republic of Azerbaijan hosted by the Kingdom of ...  >>MORE

Ahmed bin Saeed Al Maktoum: Dubai economy robust, signs are reassuring

Posted on 07/05/2014

H.H. Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Civil Aviation Authority and Chairman of Emirates Group, and Chairman of Dubai Supreme Fiscal Committee, yesterday affirmed that the measures, regulations and standards introduced by the government for property finance, on the local and the federal level, can protect the market against any volatilities, crises or bubbles in the property market. "The protection of property market is guaranteed by a number of laws and measures and the ...  >>MORE

International Monetary Fund may raise UAE growth estimate

Posted on 07/05/2014

Director of the IMF's Middle East and Central Asia department, said the UAE economy is benefiting from its role as one of the safe havens in the region and may record higher growth in 2014. The International Monetary Fund on Tuesday said it may improve its economic outlook for the UAE this year due to better growth prospects ahead. Masood Ahmed, director of the IMF's Middle East and Central Asia department, said the UAE economy is benefiting from its role as one of the safe havens in the ...  >>MORE

Fourth UAE-Korea Joint Economic Committee concludes two-day meeting

Posted on 01/05/2014

Seoul: The fourth UAE-Korea Joint Economic Committee yesterday concluded its fourth meeting in which the two sides sought to further strengthen trade and bilateral relations between the two countries. UAE high-level trade delegation to the meeting was led by the Sultan Bin Saeed Al Mansouri, Minister of Economy. The Korean delegation was led by Hyun Oh-seok, Deputy Prime Minister and Minister of Strategy and Finance. Senior representatives of private and public institutions and corporations ...  >>MORE

UAE targets world’s top 10 in GDP per capita income, Al Tayer says

Posted on 30/04/2014

The UAE has set its sights on increasing its gross national income per capita by 65 per cent by 2021, placing the country among the world's top ten economies per capita income, Obaid Humaid Al Tayer, Minister of State for Financial Affairs, told the Federal National Council on Tuesday. Al Tayer was responding to a question tabled by Ali Eisa Al Nuaimi, a member from Ajman, on the government's steps to achieve that target. The minister said the UAE, which aims to become the economic, tourist ...  >>MORE

Business Cycle Index 2013 revealed strong performance of sectors with expectations of high growth rates

Posted on 20/04/2014

The economic performance in the Emirate of Abu Dhabi improved significantly in 2013, driven particularly by the growth and development of real estate, tourism and trade sectors, amid expectations of continued stimulants of growth, backed by decision makers in the Government of Abu Dhabi. The results of the business cycle index for the Emirate of Abu Dhabi 2013, issued by the Studies Directorate of Abu Dhabi Department of Economic Development, showed that all sectors indicators reflected the ...  >>MORE

UAE participates in Hannover Messe 2014

Posted on 06/04/2014

UAE is participating in Hannover Messe 2014, the world's leading trade fair for industrial technology, which will open on Monday in the German city of Hannover. More than 6,000 exhibitors from all parts of the world will take part in the five-day exhibition, which is expected to be visited by more than 200,000 people. The lead theme and official motto for Hannover Messe 2014 is "Integrated Industry - NEXT STEPS". The UAE participation in this exhibition is led by the Ministry of Economy and ...  >>MORE

Qualitative performance must to achieve UAE Vision 2021: Al Mansouri

Posted on 05/04/2014

In line with UAE Vision 2021, and the national agenda to step-up the delivery of all government services, Sultan bin Saeed Al Mansouri, the UAE Minister of Economy, has reiterated his keenness to elevate the ministry's quality of services to world-class standards. Emphasising his commitment to conforming to the ‘Emirates Government Service Excellence Programme' to meet the aspirations and expectations of concerned stakeholders, he shared that the ministry's migration to e-services is nearing ...  >>MORE

Abu Dhabi ratings affirmed at ‘AA/A-1+’

Posted on 05/04/2014

Standard & Poor's Ratings Services affirmed its ‘AA/A-1+' long-and short-term foreign and local currency sovereign credit ratings on the Emirate of Abu Dhabi. The outlook is stable. The ratings on Abu Dhabi are supported by its strong fiscal and external positions, which afford it fiscal policy flexibility. The exceptional strength of its net asset positions also provides a buffer to counter the negative impact of oil price volatility on economic growth and government revenues, as well as on ...  >>MORE

Centre for Economic Growth launched in Abu Dhabi

Posted on 25/03/2014

Business leaders, senior officials and academic experts convened on Monday in Abu Dhabi for the launch of the Centre for Economic Growth (CEG) in partnership with the INSEAD international business school. The Centre for Economic Growth (CEG) is the first of its kind in the region as a collaboration between the region's private sector and a business school to provide research and publications on the key economic issues for the region, including enhancing economic growth and job creation. ...  >>MORE

UAE Economic Prospects Forum 2014 highlights UAE, Abu Dhabi and Dubai economies during the period 2013-2017

Posted on 04/02/2014

Abu Dhabi Department of Economic Development and Dubai Department of Economic Development organised yesterday at the Emirates Palace Hotel, in Abu Dhabi the "UAE Economic Prospects Forum 2014" which reviewed the future prospects for the UAE in the light of the economic indicators and the economic progress achieved by the national economy under the developments of the global economy. The forum was opened by Sultan Bin Saeed Al Mansouri, the Minister of Economy, in the presence of Nasser Ahmed ...  >>MORE

UAE to grow 4.5% in 2014, economy to remain strong

Posted on 03/02/2014

IMF raises growth outlook for Arab world's second largest economy. Driven by an ongoing momentum in the non-oil economy, the UAE economy will remain strong in 2014, the International Monetary Fund, or IMF, said as it revised upward the growth of Arab world's second largest economy to 4.5 per cent from 3.9 per cent forecast four months ago. The latest upbeat projection from the Washington-based organisation was in the wake of a recent UAE visit by an IMF mission led by Harald Finger to review ...  >>MORE

UAE Economic Prospects Forum 2014 to highlight UAE national economy developments

Posted on 29/01/2014

The UAE Economic Prospects Forum 2014 is set to be launched next Monday at the Emirates Palace Hotel in Abu Dhabi. The Forum will be organised by Abu Dhabi Department of Economic Development and Dubai Economic Development in Abu Dhabi and Dubai. The Forum aims at reviewing the economic prospects of the UAE for the year 2014, in the light of the new developments and future expectations of the global economy; and will also address the most important economic developments and future prospects in ...  >>MORE

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Quick List

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


MoE seeks to build knowledge-based economy to contribute 5pc to GDP


UAE turns into regional economic power in 10 years


UAE stands out among GCC peers: Barclays


Mohammed bin Rashid: UAE will benefit most from global transformations in 2015


UAE ranks among the most developed countries in the international indices


UAE accounts for 86 per cent of GCC licenses for economic activities


Nahyan hails U.A.E.'s latest achievement in global competitiveness


U.A.E. ranks first in the world in terms of quality of roads, says Public Works Ministry


Mazrouei: U.A.E.'s high ranking in GCR is a testimony to its prominent standing globally


Al Mansouri: U.A.E.'s progress in GCR demonstrates strong will and determination for success


U.A.E. jumps 7 positions on the World Economic Forum’s Global Competitiveness Report


Reem Al Hashimy lauds efforts by federal and local competitiveness teams


10th World Islamic Economic Forum introduces new features to celebrate Dubai as land of creativity and innovation


Dubai economic growth may hit 5.6%


Dubai Economic Development Department launches Twitter account in English


OBG's 2015 report will chart Dubai's bid to build on economic recovery


U.A.E. non-oil sector robust


Dubai Islamic Economy Development Centre launches Global Islamic Economy Summit 2013 Report


UAE officially joins membership of Development Assistance Committee of OECD


International Monetary Fund upbeat on Dubai


Upcoming OBG report on Dubai to show emirate's economic turnaround


Economy Minister emphasises U.A.E. - Italy economic relations growing


Boost for Dubai’s Islamic industry


Abu Dhabi economy grew 5.2% in 2013


UAE participates in New York Forum Africa in Gabon


Hamed bin Zayed attends St. Petersburg International Economic


S&P affirms Sharjah’s credit rating on per capita growth


UAE calls Arab and Central Asian states to play a proactive role in reshaping the global economic landscape


Ahmed bin Saeed Al Maktoum: Dubai economy robust, signs are reassuring


International Monetary Fund may raise UAE growth estimate


Fourth UAE-Korea Joint Economic Committee concludes two-day meeting


UAE targets world’s top 10 in GDP per capita income, Al Tayer says


Business Cycle Index 2013 revealed strong performance of sectors with expectations of high growth rates


UAE participates in Hannover Messe 2014


Qualitative performance must to achieve UAE Vision 2021: Al Mansouri


Abu Dhabi ratings affirmed at ‘AA/A-1+’


Centre for Economic Growth launched in Abu Dhabi


UAE Economic Prospects Forum 2014 highlights UAE, Abu Dhabi and Dubai economies during the period 2013-2017


UAE to grow 4.5% in 2014, economy to remain strong


UAE Economic Prospects Forum 2014 to highlight UAE national economy developments