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THE ECONOMY - BUSINESS

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

Dubai Group completes 
$6billion debt restructuring

Posted on 24/01/2014

Lenders agreed to extend maturity dates to December 31, 2016 for secured facilities and to December 31, 2024 for partially secured and unsecured facilities. Dubai Holding, the global investment holding company, confirmed on Thursday that its financial services arm, Dubai Group, has reached final agreement with all financial lenders regarding the restructuring of approximately 
$6 billion of bank facilities. Another $4 billion of related party debt has been subordinated to the claims of ...  >>MORE

UAE companies foreign investments exceed US$100 billion

Posted on 15/01/2014

The Highflyers Forum, hosted by the Ministry of Economy in order to highlight the successes of more than 130 successful UAE companies that have operations and investments abroad, was held at the Mina A'Salam Hotel in Jumeirah, Dubai, UAE, on 14th January, under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, and was opened by Sultan bin Saeed Al-Mansouri, UAE Minister of Economy. The initiative by the ...  >>MORE

UAE's zero tolerance position on corruption and bribery pays rich dividends

Posted on 14/01/2014

The UAE's zero tolerance approach to crimes of corruption and bribery has paid rich dividends with the country being ranked as the least corrupt Arab country in the annual Corruption Perceptions Index published by Transparency International. The 2013 Index ranks the UAE at No. 26 globally out of total 177 countries surveyed, ahead of a number of developed countries. According to 999 Magazine's latest edition, this year's rankings confirm that the UAE remains a guiding light and a model of ...  >>MORE

Irish firm opens Dhs25m facility at DWC

Posted on 10/01/2014

Glenbeigh Records Management (GRM) on Thursday officially opened its facility at Dubai World Central (DWC), the world's first purpose-built aerotropolis, in the presence of Sheikh Ahmed Bin Saeed Al Maktoum, Chairman of Dubai Aviation City Corporation, and the Irish Prime Minister Enda Kenny, who is visiting the UAE as part of a trade mission to the Middle East. The event took place during the Enterprise Ireland Trade and Investment Mission to the Kingdom of Saudi Arabia, Qatar and the UAE. ...  >>MORE

UAE purchasing managers’ index dropped to 57.4 in December

Posted on 07/01/2014

The UAE's purchasing managers' index (PMI) declined to 57.4 in December, from a record high of 58.1 in November. The index, compiled by HSBC Holdings and Markit Economics, is a composite indicator of UAE's non-oil economy based on data compiled from monthly replies to questionnaires sent to purchasing executives in around 400 private sector companies in the UAE, representing manufacturing, services, construction and retail. "The HSBC PMI offers clear evidence that the UAE economy not only ...  >>MORE

A year of feats on varied fronts

Posted on 02/01/2014

The year 2013 not only turned out to be fruitful for the UAE on different fronts, but also effectively laid a foundation for future growth and prosperity, a UAE daily commented. "It was UAE Vice President, Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed Bin Rashid Al Maktoum who said, "We must look forward and anticipate the future, so that our country lead globally." The achievements and progress the country made during the year proves that actions perfectly match words, wrote ...  >>MORE

2013 Year in Review – BUSINESS

Posted on 30/12/2013

The UAE's status as the region's leading meetings, incentives, conferences and exhibitions (Mice) hub has played a key role in boosting visitor numbers and economic growth. Economy: Growth momentum looks set to pick up Economy on an upward trajectory spurred by non-oil sector investments, the trade and services sector, and the booming tourism industry The UAE, the Arab world's second largest economy, is set to finish 2013 at 4.5 per cent growth, at a pace faster than the forecast made by ...  >>MORE

UAE among 20 most attractive countries for merger and acquisition

Posted on 23/12/2013

UAE has gained eight places over the last five years and is currently ranked as the 19th most attractive country for M'&'A (merger '&' acquisition) activity, a report said. Advancements in technological development are responsible for driving the UAE's index score upwards, added the 2013 M'&'A Attractiveness Index published by Cass Business School, part of City University London. The annual report, released by Cass's M'&'A Research Centre, ranks 131 countries on their ability to attract and ...  >>MORE

Cafe2go to take the Camel Chino abroad

Posted on 23/12/2013

A Dubai cafe has said it is going one step further to promote a taste of UAE culture — by offering camel milk and meaty treats overseas. Cafe2go founder Jassim Al Bastaki said the trademark Camellos brand will carry its products — that will proudly display its "Made in the UAE” label — to foreigners. The cafe has struck franchise deals in nations such as South Africa, Spain, and Pakistan. It also plans to open shop in the US state of Cleveland. Cafe2go has grown to eight outlets in Dubai ...  >>MORE

Middle East women embark on corporate journey

Posted on 18/12/2013

The number of female entrepreneurs in the UAE is expected to grow significantly, but the Global Entrepreneurship Monitor (GEM) says that men are currently 2.8 times more likely to start-up a business than women, according to figures revealed at the SME Congress and Expo, which opened yesterday at the Abu Dhabi National Exhibition Centre (ADNEC). With Small and Medium Enterprises (SMEs) accounting for 60 per cent of Dubai's Gross Domestic Product (GDP), Booz '&' Company's "Empowering the Third ...  >>MORE

Abu Dhabi hosts UAE-Russia Economic Forum

Posted on 17/12/2013

Suhail Al Mazrouei, Minister of Energy, yesterday called on the UAE and Russia to expand and diversify their joint cooperation in utilisation of energy and renewable energy. He told the UAE-Russia Economic Forum organised by Abu Dhabi Chamber of Commerce and Industry (ADCCI) under the theme 'Energy Security under Market Fluctuations', that both the UAE and Russia have shown strong will to build strategic partnerships in the petroleum industries. Sergei Belyakov, Deputy Minister of Economic ...  >>MORE

Sharjah, India review investment opportunities in vital sectors in Emirate of Sharjah

Posted on 12/12/2013

Sharjah Investment and Development Authority (Shurooq) has concluded its first Sharjah-India Roundtable. Held at the Dubai World Trade Centre in collaboration with the Indian Business and Professional Council (IBPC), the Roundtable formed part of a series of roundtable events in line with the Authority's strategy to promote Sharjah as a leading business and investment hub in the region. The Roundtable, which took place on the 11th of December, was attended by Sheikha Bodour bint Sultan Al ...  >>MORE

Improving business climate and growing demand drive confidence across Dubai economy

Posted on 05/12/2013

Improvements in the business environment along with faster recovery in the real estate and construction sectors and an expected surge across tourism and retail have seen business sentiments rising remarkably in Dubai during the third quarter of 2013. The composite Business Confidence Index (BCI) stood at 141.6 points in Q3 2013, compared to 122.7 points in Q2 2012, in the quarterly business confidence survey conducted by the Department of Economic Development (DED) in Dubai. A ...  >>MORE

US companies look to Jafza for their Mideast presence

Posted on 23/11/2013

US companies see a lot of potential in Jafza, and are interested in setting up their Middle East base of operations in the Free Zone. The companies were briefed by a senior Jafza team led by Ibrahim al Janahi, Deputy CEO and Chief Commercial Officer Jafza and Economic Zones World, during Jafza's US Road Show 2013. The Jafza team, which also included Adil Al Zarooni, SVP Jafza Sales, and Ahmed bin Hareb, Senior Manager Sales for Americas Region, visited Washington DC, New York and Chicago, and ...  >>MORE

Kentucky team lauds Dubai growth

Posted on 22/11/2013

As part of their trade and cultural mission to Dubai, a strong Kentucky Chamber of Commerce delegation headed by the State's Governor Steve Beshear visited Dubai Chamber of Commerce and Industry on Wednesday during their week-long business trip of the emirate which focused on strengthening bilateral ties between the leaders of Kentucky and Dubai. Hamad Buamim, President and CEO, Dubai Chamber, received the Kentucky delegation which also included Jane Beshear, First Lady of Kentucky, Dave ...  >>MORE

Mohammed bin Rashid attends first session of Fifth Annual Investors Conference

Posted on 21/11/2013

The Vice President and Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, this morning attended the first session of the Fifth Annual Investors Conference held at Raffles Hotel, Dubai. The conference is organised by the Bank of America Merrill Lynch in collaboration with Falcon Dubai. The session began with a brief word from Alexander Wilmot-Sitwell, President, Europe and Emerging Markets (excluding Asia) at Bank of America Merrill Lynch. He welcomed the ...  >>MORE

Abu Dhabi Department of Economic Development releases General Business Climate Index Q2, 2013

Posted on 23/10/2013

The General Business Climate Index has gained some further 2 points in the second quarter of 2013, compared to the first quarter of the same year, about 57 and 55 points respectively, says a report of Abu Dhabi Department of Economic Development. This clearly reflects the continued optimistic outlook by different economic establishments on the performance of Abu Dhabi's economy during the first half of 2013, it added. According to the results of the General Business Climate Index issued by ...  >>MORE

Dubai Electronics trade registers 30 per cent growth

Posted on 23/10/2013

Dubai's electronics foreign trade during the first half of this year increased by 30 per cent, hitting Dh 136 billion, as compared to Dh104 billion for the same period in 2012. According to Dubai Customs, this was the result of a remarkable 32 per cent increase in imports to Dh 75 billion year on year, up from Dh 57 billion, as well as a 28 per cent growth in exports and re-exports to Dh 61 billion, compared with Dh 48 billion last year. In its latest statistics, Dubai Customs said that Dubai ...  >>MORE

Dubai soars as a lifestyle destination for investors

Posted on 20/10/2013

It is not just the return on investments that has overseas funds flowing into Dubai's properties — even the emirate's lifestyle options are proving to be a strong pull for investors. Dubai figured among the Top 5 global cities for its lifestyle choices according to a new report from the property consultancy Knight Frank. In fact, Dubai was ranked as the top city in terms of education options as well as the sunny climate. Apart from education and climate, the factors that Knight Frank took ...  >>MORE

Dubai SME reports 50% increase

Posted on 16/10/2013

Dubai SME witnessed a 50 per cent increase in membership this year, according to CEO Abdul Baset Al Janahi. Dubai SME was formed in 2002 as an agency in the Dubai Department of Economic Development (DED) with the goal of developing local entrepreneurship as an alternative career choice amongst the local residents. "Over the last 11 years, we have helped more than 13,000 Emirati entrepreneurs through our various services ranging from incubation, subsidised start-up (fee waivers & reductions), ...  >>MORE

UAE leadership committed to developing SMEs: Hazza

Posted on 10/10/2013

H.H. Sheikh Hazza bin Zayed Al Nahyan, National Security Advisor, and Deputy Chairman of Abu Dhabi Executive Council, affirmed on Wednesday the wise leadership's commitment to develop the small and medium size enterprises (SMEs) for its vital role in supporting and stabilising national economy and generating job opportunities for Emiratis. 'The Government of Abu Dhabi, under guidance of President His Highness Sheikh Khalifa bin Zayed Al Nahyan and close follow- up of His Highness General ...  >>MORE

Abu Dhabi Entrepreneurship Forum attracts regional and international delegates

Posted on 10/10/2013

The Abu Dhabi Entrepreneurship Forum 2013 (ADEF), has attracted massive attendance from regional and global delegates. The event is held under the patronage of His Highness General Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces. During his speech, special guest Chad Hurley, co-founder of global social video-sharing giant YouTube said: "I would like to express my delight and honour at participating in this forum, as it gives me ...  >>MORE

Dubai is world’s best city to invest

Posted on 01/10/2013

If good reputations can attract investments, most of the world's investors would be flocking to Dubai and Abu Dhabi. According to the Reputation Institute that surveyed 18,000 respondents last year, Dubai came on top of the cities to invest in. This position makes Dubai the strongest contender to host Expo 2020. Abu Dhabi came second. The two UAE cities beat other cities like Zurich, Geneva and New York. The respondents from the Group of Eight (G8) markets were surveyed based on their ...  >>MORE

5th Franchise UAE Expo generates deals worth over US$100 million

Posted on 30/09/2013

The 5th Franchise UAE Expo, the region's leading franchise, retail and SME trade event, generated deals worth over US$100 million and initiated moves that could translate into firm contracts. Over 80 per cent space in next year's edition has been booked, according to Franchise Middle East, organisers of the show. "The overwhelming response to the show has prompted us to target over 100 franchise brands for the next year's event, covering 16 sectors," said Mana Al Suwaidi, Chairman and CEO, ...  >>MORE

UAE tea business estimated at Dhs300m yearly

Posted on 26/09/2013

The consumption of tea in the UAE has risen over the past couple of years due to growing population and an intensifying focus on fitness and nutrition that tea complements. In the Emirates, tea ranks second only to water as the most consumed drink among residents. There are now over 4,000 coffee and tea houses catering to the local thirst for tea in the country, and cafes continue to emerge as lucrative businesses worth almost Dhs300 million a year. High tea uptake coupled with a projected 70 ...  >>MORE

Dubai to be home of Arab world’s first British Centre

Posted on 24/09/2013

Dubai and Abu Dhabi will have its own BBCs in the first and fourth quarters of 2014, respectively. The Dubai BBC will be created under the auspices of Dubai Economic Department, or DED, in partnership with SME Dubai and FDI Dubai. It is proposed that the Dubai centre will be situated in the DED's existing business centre. Initially, the BBC will accommodate up to 50 UK SME companies on a "hot desk” basis with office infrastructure and support. "Dubai has got one of the best British Business ...  >>MORE

Lehman collapse remarked a turning point in UAE legal structure

Posted on 10/09/2013

The direct effect of Lehman Brothers collapse was not dramatic in the UAE, but the bank's collapse was a turning point in the emirate's financial, business and legal structure. The UAE had witnessed an unprecedented boom before 2008, and the world economic crisis came as a wakeup call to the local market. The economic fallout from Lehman Brothers collapse led to the UAE recognising the need to upgrade and revised a number of laws and legislations addressing issues such as commercial ...  >>MORE

Dubai Chamber highlights issue of climate change and its impact on UAE business

Posted on 03/09/2013

In order to raise awareness of the impact of climate change on business in the UAE, Dubai Chamber of Commerce and Industry's Centre for Responsible Business has organised a session for its Sustainability Network members at its headquarters, in collaboration with Emirates Wildlife Society in association with the World Wildlife Fund (EWS-WWF). The seminar outlined the UAE's vision and strategy for energy and climate change and gave participants the opportunity to discuss any environmental ...  >>MORE

UAE companies putting reputation before profit, according to CGMA survey

Posted on 31/08/2013

Once the sole remit of the marketing and PR departments, reputational risk is now seen as a critical company-wide concern, according to a global survey by the Chartered Institute of Management Accountants (CIMA) and the American Institute of CPAs (AICPA). The survey of UAE finance leaders who hold the Chartered Global Management Accountant (CGMA) designation identified the demand for more transparency, competitor reputational failures and the rise in social media channels such as Facebook, ...  >>MORE

Mohamed bin Zayed issues resolution on reforming Board of Global Marketplace Abu Dhabi

Posted on 27/08/2013

His Highness General Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, has issued a decision on reforming the Board of Directors of Global Marketplace Abu Dhabi, chaired by Ahmed Ali Mohammed Al Sayegh. The decision stipulated that the Board of Directors included Mohammed Darwish Mohammed Al Khouri, Ali Majid Mubarak Al Mansouri, Ibrahim Obaid Al Za'abi and Mohammad Najm Al Qubaisi as members of the Board. According to the ...  >>MORE

Emrill announces facilities management contract for World Trade Centre Abu Dhabi

Posted on 27/08/2013

Emrill, yesterday announced the signing of a three year facilities management contract for The World Trade Centre Abu Dhabi with Aldar Properties PJSC. Ben Churchill, Managing Director, Emrill said: "We are excited to be able to offer our services to another world class community in the capital. Emrill are offering a unique solution with our years of facilities management expertise in the region to service and support this ambitious development." In addition to MEP ...  >>MORE

DED sets up new unit to strengthen investor outreach on business registration and licensing

Posted on 20/08/2013

The Business Registration and Licensing (BRL) sector in the Department of Economic Development (DED), Dubai, has set up an External Relations section as part of reaching out to potential investors and enabling them to set up and expand their businesses in Dubai. The new section focuses on attending local and international exhibitions to meet investors and provide information on the business registration and licensing options available in Dubai. Saeed Matar Al Marri, Deputy CEO of BRL said ...  >>MORE

Abu Dhabi Business Centre boosts its electronic approvals

Posted on 13/08/2013

DED's Abu Dhabi Business Centre (ADBC) has recently finalised the electronic connection procedures for all transactions related to commercial licensing with the UAE's Ministry of Foreign Affairs. Aimed at facilitating procedures, saving time and reducing required documents, the step brings the number of government bodies, who are now connected with the Venter to 12 and bringing the percentage of electronic approvals for commercial licenses to 76 per cent. The new step involved the activation ...  >>MORE

UAE corporate profits up 15% in H1

Posted on 12/08/2013

Banks and other companies listed in the UAE's bourse maintained their post-crisis recovery and reported a surge of nearly 15 per cent in their net profits in the first half of 2013, according to bourse figures published on Sunday. The combined net earnings of 74 banks and companies stood at around Dh25.2 billion in the first half of 2013 compared with Dh21.9 billion in the first half of 2012. The figures, published in the Arabic language daily Al Khaleej, showed the strong performance of ...  >>MORE

Franchise UAE Expo gets support from govt bodies

Posted on 11/08/2013

The 5th Franchise UAE Expo, which is being organised by Franchise Middle East, from September 25 to 26, has further boosted its standing with the prestigious UK Franchise Development Services giving it a 3-star rating, and local organisations like Khalifa Fund and Dubai SME extending their support. "The franchising model continues to produce success stories around the globe. More significantly, the world's eyes are focused on the Gulf because of the strong presence of smart and cash-rich ...  >>MORE

Dubai Chamber launches online Business Community

Posted on 07/08/2013

As part of its strategy to expand its global membership base and to promote Dubai as a major destination for business and finance, the Dubai Chamber of Commerce and Industry today launched an online business community, International Business Network (IBN), for global businesses looking to expand their footprint in Dubai and to do business in one of the fastest growing economies in the world. The online network, which also comes as part of the Chamber's strategy to enhance the competitiveness ...  >>MORE

Ease of business and improving market conditions boost business confidence in Dubai

Posted on 06/08/2013

A stable business outlook and improvements in the business environment have pushed the composite Business Confidence Index (BCI) for the second quarter of this year to 120.7 points in Dubai, a 14.6 points increase over the same period in 2012. BCI has also grown by 6.7 points between the first two quarters of 2013 as seen in the quarterly business confidence survey conducted by the Department of Economic Development (DED) in Dubai. Over 83% of the businesses in Dubai expect an increase or no ...  >>MORE

Dubai set to host UAE's first World Entrepreneurship Forum

Posted on 05/08/2013

Dubai SME, the agency of the Department of Economic Development (DED) in Dubai mandated to develop the small and medium enterprise (SME) sector, has signed a memorandum of understanding (MoU) with the World Entrepreneurship Forum to host the UAE chapter of the Forum to promote entrepreneurial idea exchange and networking in the region. Dubai will be the first city in the Middle East to host a local chapter of the World Entrepreneurship Forum in December 2013 and Dubai SME will be responsible ...  >>MORE

Waha Capital reports Dh 123.7 million net profit for first half of 2013

Posted on 03/08/2013

Waha Capital PJSC has recorded a first half net profit of Dh 123.7 million, with key investments and its financial services unit performing well. Waha Capital said, in a statement following a Board meeting in Abu Dhabi chaired by Hussain Jasim Al Nowais, Chairman of Waha Capital, and attended by the members of the Board of Directors and the executive management of the company, that "The rise in net profit was driven by solid performance by Waha Capital's direct investments in New York-listed ...  >>MORE

Dubai Investments reports net profit of Dh370m in H1, 2013

Posted on 03/08/2013

Dubai Investments PJSC [DI], reported a net profit of Dh 370 million for the first six months of 2013 surged by 116% compared to the similar period last year. DI net profit during the same period last year stood at Dh171m, the company said in an announcement. Consolidated total income for the first half of 2013 was higher at Dh1.29bn, as against Dh1.12bn for the comparable period last year. The company also announced that total assets as on June 30, 2013 stood at Dh12.58bn, while net worth ...  >>MORE

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Quick List

Dubai SME, Shuaa Capital sign MoU


Dubai Group completes 
$6billion debt restructuring


UAE companies foreign investments exceed US$100 billion


UAE's zero tolerance position on corruption and bribery pays rich dividends


Irish firm opens Dhs25m facility at DWC


UAE purchasing managers’ index dropped to 57.4 in December


A year of feats on varied fronts


2013 Year in Review – BUSINESS


UAE among 20 most attractive countries for merger and acquisition


Cafe2go to take the Camel Chino abroad


Middle East women embark on corporate journey


Abu Dhabi hosts UAE-Russia Economic Forum


Sharjah, India review investment opportunities in vital sectors in Emirate of Sharjah


Improving business climate and growing demand drive confidence across Dubai economy


US companies look to Jafza for their Mideast presence


Kentucky team lauds Dubai growth


Mohammed bin Rashid attends first session of Fifth Annual Investors Conference


Abu Dhabi Department of Economic Development releases General Business Climate Index Q2, 2013


Dubai Electronics trade registers 30 per cent growth


Dubai soars as a lifestyle destination for investors


Dubai SME reports 50% increase


UAE leadership committed to developing SMEs: Hazza


Abu Dhabi Entrepreneurship Forum attracts regional and international delegates


Dubai is world’s best city to invest


5th Franchise UAE Expo generates deals worth over US$100 million


UAE tea business estimated at Dhs300m yearly


Dubai to be home of Arab world’s first British Centre


Lehman collapse remarked a turning point in UAE legal structure


Dubai Chamber highlights issue of climate change and its impact on UAE business


UAE companies putting reputation before profit, according to CGMA survey


Mohamed bin Zayed issues resolution on reforming Board of Global Marketplace Abu Dhabi


Emrill announces facilities management contract for World Trade Centre Abu Dhabi


DED sets up new unit to strengthen investor outreach on business registration and licensing


Abu Dhabi Business Centre boosts its electronic approvals


UAE corporate profits up 15% in H1


Franchise UAE Expo gets support from govt bodies


Dubai Chamber launches online Business Community


Ease of business and improving market conditions boost business confidence in Dubai


Dubai set to host UAE's first World Entrepreneurship Forum


Waha Capital reports Dh 123.7 million net profit for first half of 2013


Dubai Investments reports net profit of Dh370m in H1, 2013