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THE ECONOMY - ECONOMIC DEVELOPMENT

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

UAE poised for another year of strong growth

Posted on 24/01/2014

The UAE economy enjoyed a robust growth of 4.6 per cent last year and is expected grow at the similar rate in 2014 according to the latest forecast by Emirates NBD's economic research section. "Looking ahead, we expect growth at a similar pace [like last year] this year. The oil sector is unlikely to contribute significantly to the UAE's growth in 2014, as substantial increases to crude output in 2011-2013 are now in the base, and supply from Iran, Iraq and Libya is expected to rise this year. ...  >>MORE

Diversification is central to Abu Dhabi economic strategy: ADCED Director-General

Posted on 24/01/2014

Diversification is central to Abu Dhabi's economic strategy. By decreasing reliance on the oil sector, which is subject to price volatility, steady long-term growth can be maintained, according to Fahad Saeed Al Raqbani, Director-General of the Abu Dhabi Council for Economic Development, quoted in the latest edition of the Economic Review.
"By 2030 we are targeting a 64 percent contribution from the non-oil sector to Abu Dhabi's total GDP. In order to achieve this aim, the industrial ...  >>MORE

Dubai is third most dynamic city in the world

Posted on 23/01/2014

The new City Momentum Index released by Jones Lang LaSalle names San Francisco, London and Dubai as the three most vibrant cities. Not just steady GDP growth but a soaring real estate industry and the halo of Expo 2020 have combined to catapult Dubai to third place in the list of the world's most dynamic cities compiled by Jones Lang LaSalle.The new City Momentum Index released by the realtor names San Francisco, London and Dubai as the three most vibrant cities, displaying strong short-term ...  >>MORE

Abu Dhabi economy is resilient: Moody’s

Posted on 20/01/2014

In a recent report, global ratings agency Moody's Investors Service has hailed Abu Dhabi's economic stability and the emirate's prudent management of its hydrocarbon wealth, maintaining that Abu Dhabi's credit strengths includes economic resilience to global downturns. In a report published on January 16, 2014, Moody's says that Abu Dhabi's Aa2 rating with stable outlook is primarily supported by the prudent management of the proceeds from its vast hydrocarbon reserves. In particular, the ...  >>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

Al Mansouri: UAE is today a credible driving force of world economic growth

Posted on 13/01/2014

The UAE economy is today playing an influential role in regional and international arenas and is seen as a reliable driving force of world economic growth and a major world trade and business hub, Sultan bin Saeed Al Mansouri, Minister of Economy, has affirmed yesterday. Ata meeting with Air Vice Marshal Rashad Mohamed Salem Al Saedi, Commander of the National Defence College and students, Al Mansouri said 'The UAE is striving to sharpen its economic competitive edge to build a knowledge-based ...  >>MORE

Department of Economic Development releases Economic Report of the Emirate of Abu Dhabi 2013

Posted on 13/01/2014

Abu Dhabi's GDP at current prices rose by 7.7% to mark Dh 911.6 billion at the end of 2012, compared to Dh 846.7 billion in 2011, albeit relatively better economic performance during 2011 as GDP achieved a nominal growth rate of 32%. The Economic Report of the Emirate of Abu Dhabi 2013 issued by the Studies Directorate of the Department of Economic Development, has interpreted this relative growth through low growth rate achieved by the extractive industry activity in 2012, which amounted to ...  >>MORE

Sharjah gets long-term rating from Moody's and Standard '&' Poor's

Posted on 09/01/2014

In the presence of Sheikh Mohamed bin Saud Al Qasimi, Chairman of Sharjah Finance Department and Member of the Sharjah Executive Council, the Sharjah Finance Department announced yesterday its credit rating based on the classification of the two leading international credit rating agencies, Moody's and Standard '&' Poor's. Moody's has assigned Sharjah a long-term rating of A3, with a stable outlook. Standard '&' Poor's has assigned Sharjah a long-term rating of A, also with a stable outlook. ...  >>MORE

Abu Dhabi on course with diversification as non-oil economy records expansion

Posted on 28/12/2013

Abu Dhabi's non-oil economy grew at a compound rate of 6.9 per cent a year in the five years to 2012. The growth lifted the share of the emirate's economy unrelated to hydrocarbons to 48 per cent, according to the Department of Economic Development. The emirate's 2030 Economic Vision calls for the non-oil sector to reach 64 per cent of the economy by 2030, compared with 44 per cent in 2010. The emirate's economic activity unrelated to oil and gas rose to USUS$88.5 billion by the end of 2012, ...  >>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

DED Ajman issues annual economic report 2013

Posted on 05/12/2013

Overall, real GDP increased by 4 per cent in Ajman, placing the emirate's growth rate close to the UAE's overall rate of 4.4 per cent in 2012, according to the report issued in Arabic and English languages by the Department of Economic Development (DED) in Ajman. The report refers to the economic indicators of the Emirate of Ajman in 2012 compared to the previous years to document the development in the Emirate as per official statistics. Sheikh Ahmed bin Humaid, chairman of Ajman's ...  >>MORE

UAE again among Arab world’s economically freest nations, says Canadian report

Posted on 01/12/2013

The UAE is among the Arab world's economically freest nations for the second year in a row, a report says, although its rating has declined slightly from last year. Bahrain, the UAE, and Jordan have the most economic freedom in the Middle East, according to a report by Canada's Fraser Institute. All three countries have an overall ranking of eight out of 10 in the institute's Economic Freedom of the Arab World survey this year, which tracks five key economic measures. The UAE and Bahrain ...  >>MORE

Economy Minister receives Kentucky Governor

Posted on 24/11/2013

Sultan bin Saeed Al Mansouri, Minister of Economy, has received the visiting U.S, Kentucky Governor Steve Beshear, and his accompanying delegation. During the meeting, they discussed the bilateral economic relations and ways to boost them in the future between the U.A.E and the U.S.A. Abdullah Al Saleh, Under-Secretary of the Ministry of Economy for Foreign Sector, a number of U.S senior officials and Ministry of Economy officials attended the meeting. Al Mansouri hailed the facilities ...  >>MORE

Summit on Global Agenda 2013 draws to successful conclusion in Abu Dhabi

Posted on 21/11/2013

The World Economic Forum's 6th Summit on the Global Agenda successfully concluded in the UAE's capital, Abu Dhabi, earlier today after three days of brainstorming and dialogue. More than 900 participants from 80 countries discussed some of the most pressing issues on the global agenda, including hyperconnectivity, population demographics, the development agenda and the rise of megacities. Summit Co-Chair Sultan Al Mansouri, UAE Minister of Economy, delivered remarks at the Closing Plenary, ...  >>MORE

UAE supports forums which serve global economy

Posted on 20/11/2013

General Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces received at Yas Hotel, Klaus Schwab, Executive Chairman of the World Economic Forum (WEF) who is visiting the UAE to attend the summit on the Global Agenda. Sheikh Mohammed welcomed Klaus Schawb and wished success to the summit in identifying initiatives for boosting economic cooperation and confronting economic challenges. He said the UAE supports such forums which ...  >>MORE

Sultan Al Mansouri delivers keynote at the Summit on the Global Agenda 2013 in Abu Dhabi

Posted on 19/11/2013

Summit Co-Chairs Sultan Al Mansouri, Minister of Economy, and Nasser Alsowaidi, Chairman Abu Dhabi Department of Economic Development, both delivered opening remarks at the Summit on the Global Agenda 2013, being held from 18-20 November at Yas Marina Circuit in Abu Dhabi. Also in attendance at the Summit's Opening Plenary session were Mohammed Al Gergawi, Minister of Cabinet Affairs, Suhail Al Mazrouei, Minister of Energy, Dr Rashid Ahmed bin Fahad, Minister of Environment and Water; and ...  >>MORE

UAE's economy to grow by 4.5% this year, says Economy Minister Sultan Al Mansouri

Posted on 19/11/2013

The UAE's gross domestic product (GDP) is expected to grow between 4 per cent and 4.5 per cent this year, according to Sultan Bin Saeed Al Mansouri, Minister of Economy. "The UAE remains committed to its on-going development and diversification of its economy in keeping with its Vision 2021, which seeks to make the UAE one of the best countries in the world by 2021," Al Mansouri told Gulf News. Al Mansouri said despite IMF predictions of weaker global oil prices next year, the UAE's economy ...  >>MORE

UAE helps solve world’s biggest challenges

Posted on 18/11/2013

This week more than 900 people are gathering in the UAE capital for the World Economic Forum's Summit on the Global Agenda. Described as the world's largest brainstorming session, this year's summit will see participants from more than 80 countries come together to discuss issues as diverse as climate change, youth employment and the impact of disruptive technologies. The summit comes at an important moment in global affairs. Historic changes are taking place in the global system and the ...  >>MORE

UAE will continue to invest in human capital, and physical and legal infrastructures: Mohammed bin Rashid

Posted on 13/11/2013

Vice President and Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, has underlined the human factor as the foundation of the development system in the UAE and stated that the country will continue to invest in human resources, update the legal and regulatory frameworks, and further strengthen infrastructure, pursuing new levels of development. "Our country has shown utmost flexibility in coping with surrounding variables. Due to its precise goal-bound ...  >>MORE

Dubai heads for fastest growth in six year

Posted on 07/11/2013

Dubai's economy is headed for the fastest expansion in six years, with the gross domestic product surging to 4.9 per cent in the first half, buoyed by vibrant growth in trade and tourism, the government's Statistics Department said on Wednesday. Dubai's real GDP grew to Dh169 billion in the first half of 2013 from Dh161 billion in the first half of 2012, and growth covered almost all non-hydrocarbon sectors. With such an accelerated growth rate, Dubai has gained a new momentum to make a ...  >>MORE

Economy of Dubai is on sound footing

Posted on 04/11/2013

Dubai's economy is likely to develop along the same path regardless of whether Dubai is awarded the right to host Expo 2020 on Nov.27. According to the EFG Hermes — Mena Research report, the UAE moves along the credit cycle and the country's banks' earnings are likely to accelerate due to pick-up in loan growth. This would enhance UAE banks' book values and increase their capacity to lend. Moreover, our banks' team expects that the actual financing drawdown for the Expo is likely to commence ...  >>MORE

UAE's economy will blossom despite the US crisis, doldrums in Europe, slow in China

Posted on 02/11/2013

A set of indications show that the UAE's economy will blossom despite the US crisis, the doldrums in Europe and a slowing China, according to an editorial published by Khaleej Times on Friday. 'The Institute of International Finance's assessment that the UAE's GDP is growing by 4.7 per cent in 2013, up from the earlier estimate of 3.9 per cent, comes as no surprise. There have been several indications that the economy would blossom despite the US crisis, the doldrums in Europe and a slowing ...  >>MORE

UAE hogs economic limelight

Posted on 31/10/2013

The UAE has moved to No 4 position globally in the ‘Trading Across Borders' category, up from its fifth rank in 2013, according to Ease of Doing Business Report 2014 released by the World Bank and the International Finance Corporation. The UAE has also retained its top position in the Middle East and North Africa region in the same category. The country jumped three slots this year to the 23rd place in the world. Out of 189 economies ranked for this year's report, the UAE was ranked the best ...  >>MORE

Dubai consumers optimistic about improvement of living conditions, says DED report

Posted on 29/10/2013

Dubai's consumers are optimistic about the better job opportunity in the coming 12 months, according to the quarterly consumer confidence survey conducted by the Department of Economic Development (DED) during the third quarter of 2013. While 83 per cent of the respondents rated current job prospects as excellent or good, 84 per cent showed strong confidence in the living conditions. More consumers see the state of economy improving in the next 12 months, while the percentage of those who ...  >>MORE

UAE economy to grow faster

Posted on 29/10/2013

The UAE economy will grow at a pace faster than anticipated on higher than expected oil output and high government spending during the first three quarters of this year. The Institute of International Finance, or IIF, a global association of more than 470 financial institutions, on Monday raised its 2013 growth forecast for UAE to 4.7 per cent from 3.9 per cent previously. The non-hydrocarbon real GDP growth is also forecast to accelerate from 4.1 per cent in 2012 to 4.6 per cent in 2013, ...  >>MORE

Dubai shows new wave of economic growth

Posted on 27/10/2013

The report Dubai Economic Outlook (DEO), Quarter 2/ 2013 issued by the Secretariat General of the Dubai Economic Council (DEC) indicated second quarter growth is better than in the first quarter of the year. The report estimated the growth rate of real gross domestic product (GDP) to Dubai in the second quarter of 2013 by 4.7 per cent compared to the corresponding 2012 quarter. The growth was due to four sectors: wholesale and retail, transportation, manufacturing, and real estate. Lower ...  >>MORE

Abu Dhabi FDI climbs 7.8%

Posted on 27/10/2013

Foreign direct investment, or FDI, in Abu Dhabi increased by 7.8 per cent to Dh52.2 billion in 2011, according to the results of surveys of foreign investment in the emirate. According to the results of the index of transparency in the policy of foreign investment, which is issued by the Department of Studies of the Department of Economic Development — Abu Dhabi, the value of the general index reached to 67.3 points on a scale of 100. However, the value of the index has largely expressed ...  >>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 and Abu Dhabi are among the best cities in the world for investors, UAE Paper

Posted on 04/10/2013

It's official. Dubai and Abu Dhabi are among the best cities in the world for investors, according to Abu Dhabi based 'The National' in yesterday's editorial. It continued, "According to the New York-based Reputation Institute's City RepTrak report, which is based on a survey last year among 18,000 respondents from the G8 countries, both cities beat some of the world's most reputable metropolitan areas such as Zurich, Geneva and New York. Their ranking is based on several factors including ...  >>MORE

Department of Economic Development - Abu Dhabi begins work on 2nd five-year economic plan

Posted on 03/10/2013

The Higher Committee supervising the preparation of the second five-year economic plan for the emirate of Abu Dhabi (2013-2017) has held its first meeting at the headquarters of the Department of Economic Development - Abu Dhabi (ADDED), as part of its efforts towards the implementation of Abu Dhabi's 2030 economic vision which is based on five-year economic plans. The meeting was chaired by Mohammed Omar Abdullah, Undersecretary of the Department, and was attended by members of the Committee ...  >>MORE

Department of Economic Development - Abu Dhabi and strategic partners officially launch Abu Dhabi Economic Media Club

Posted on 30/09/2013

The Department of Economic Development - Abu Dhabi, DED, has officially launched the Abu Dhabi Media Club, with the participation of each of the Statistics Centre - Abu Dhabi (SCAD), Abu Dhabi Quality and Conformity Council (QCC), the Higher Corporation for Specialised Economic Zones (HCSEZ), the Abu Dhabi Council for Economic Development (ADCED) and the National Bank of Abu Dhabi (NBAD) as official club sponsors. The ceremony to inaugurate the club, organised by the DED at its headquarters, ...  >>MORE

UAE seeks cooperation with Norway in energy and technology: Al Mansouri

Posted on 25/09/2013

Sultan bin Saeed Al Mansouri, Minister of Economy, yesterday stated that the UAE, as part of its quest to move towards a knowledge-based economy, was interested in building constructive relations of cooperation with Norway in areas of energy and technology. Al Mansouri made his remarks during a meeting with the visiting Norwegian Minister of Trade and Industry, Trond Giske, discussing prospects of bilateral cooperation in various sectors including trade, economy and investment. The minister ...  >>MORE

UAE economy most vibrant in ME: Mansoori

Posted on 24/09/2013

The UAE's economy remains the most competitive in the Arab region, in line with the UAE Vision 2021 to be one of the best performing countries globally, said the Minister of Economy, Sultan Al Mansoori on Monday. He went on to say that Small Medium Enterprises (SMEs) play an important role in the country's economy, having contributed an estimated 60 per cent of the UAE's GDP in 2011. Mansoori was speaking at the side-line of the Fourth SME and Innovation Forum that opened in Dubai on Monday ...  >>MORE

GCC economic growth to reach 4% this year, UAE to grow 3.5% in 2013 and 4% in 2014: Euler Hermes

Posted on 23/09/2013

Global economic trends, trade development and the key role played by the Gulf Cooperation Council (GCC) countries in the international markets, were highlighted yesterday by Euler Hermes during the inaugural Trade Credit Insurance Summit underway in Dubai, UAE. Presenting preliminary results of the Euler Hermes International Trade Observatory, focused on Mediterranean and GCC country economies, Ludovic Subran, Euler Hermes chief economist, highlighted several key themes. "World GDP growth by ...  >>MORE

Over 7,000 new companies join Dubai Chamber in H1 2013

Posted on 18/07/2013

In the first half of 2013, Dubai Chamber of Commerce and Industry (Dubai Chamber) recorded solid and consistent growth across all its operations, with its members' exports and re-export activities increasing by 7%, compared to the same period in 2012. Dubai Chamber says the half year figures covering January 1 to June 30, 2013 highlight the continued strong performance of Dubai's trade sector and the overall positive business environment and confidence of the business community. According to ...  >>MORE

UAE revenues peak at Dh494b: IMF

Posted on 10/07/2013

High crude prices allied with an increase in non-oil export earnings to boost the UAE's total budget revenues to their highest level of Dh494 billion in 2012, according to the International Monetary Fund (IMF). The 2012 income was nearly 12.5 per cent above the 2011 revenue of about Dh439.6 billion, the Washington-based Fund said in a report following a visit to the UAE by IMF team to prepare for its 2013 IV article on the country. A breakdown showed oil export earnings surged to a record ...  >>MORE

UAE Ministry of Economy signs six-year MoU with Austrian Patent Office

Posted on 07/07/2013

Vienna: The UAE Ministry of Economy and the Austrian Patent Office have signed a Memorandum of Understanding (MoU) on cooperation on the procedures relating to granting patents, protecting intellectual property, training examiners and improving relating services. The six-year MoU was signed by Undersecretary of the Ministry of Economy, Mohammed Ahmed Al Shehhi, and President of the Austrian Patent Office, Friedrich Rodler, in Vienna. Al Shehhi, in a statement, said the MoU is in line with ...  >>MORE

Abu Dhabi Competitiveness Office signs MoU with University of Fribourg, Switzerland

Posted on 07/07/2013

The Abu Dhabi Department of Economic Development and the Competitiveness Office of Abu Dhabi (COAD) has signed a Memorandum of Understanding (MoU) with the Centre for Competitiveness at the University of Fribourg, Switzerland. The MoU will help to promote and strengthen cooperative relations between COAD and the Centre for Competitiveness as well as collaborating on knowledge sharing and exchange of competitiveness strategies. The MoU was signed by Mohamed Omar Abdulla, Undersecretary of the ...  >>MORE

UAE tops in Arab world, 38th in the world in accordance with Global Innovation Index 2013

Posted on 04/07/2013

The United Arab Emirates has been ranked first in Arab world and 38 in the world, according to the Global Innovation Index (GII) 2013, issued by Cornell University and INSEAD, a leading international business school and the World Intellectual Property Organisation (WIPO), a specialised agency of the United Nations. The Global Innovation Index combines this year between the experiences of INSEAD partners such as Booz '&' Company and the Confederation of Indian Industry, in addition to advisory ...  >>MORE

UAE figures among top 10 M&A deals in Mena

Posted on 03/07/2013

The UAE accounted for three deals in the list of the 10 best merger and acquisition (M&A) deals in the Middle East and Africa Region (Mena) in the first half of this year. The Emirates Global Aluminum topped the list, while Al Dar Sorouh Properties came 6th and Majid Al Futtaim Holding came 8th, according to Merger market Report titled "Mergers and acquisitions in the first quarter of 2013.” The value of the UAE merger and acquisition deals rose by 708.6 per cent from 18 deals valued at ...  >>MORE

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Quick List

UAE Economic Prospects Forum 2014 to highlight UAE national economy developments


UAE poised for another year of strong growth


Diversification is central to Abu Dhabi economic strategy: ADCED Director-General


Dubai is third most dynamic city in the world


Abu Dhabi economy is resilient: Moody’s


UAE companies foreign investments exceed US$100 billion


Al Mansouri: UAE is today a credible driving force of world economic growth


Department of Economic Development releases Economic Report of the Emirate of Abu Dhabi 2013


Sharjah gets long-term rating from Moody's and Standard '&' Poor's


Abu Dhabi on course with diversification as non-oil economy records expansion


Improving business climate and growing demand drive confidence across Dubai economy


DED Ajman issues annual economic report 2013


UAE again among Arab world’s economically freest nations, says Canadian report


Economy Minister receives Kentucky Governor


Summit on Global Agenda 2013 draws to successful conclusion in Abu Dhabi


UAE supports forums which serve global economy


Sultan Al Mansouri delivers keynote at the Summit on the Global Agenda 2013 in Abu Dhabi


UAE's economy to grow by 4.5% this year, says Economy Minister Sultan Al Mansouri


UAE helps solve world’s biggest challenges


UAE will continue to invest in human capital, and physical and legal infrastructures: Mohammed bin Rashid


Dubai heads for fastest growth in six year


Economy of Dubai is on sound footing


UAE's economy will blossom despite the US crisis, doldrums in Europe, slow in China


UAE hogs economic limelight


Dubai consumers optimistic about improvement of living conditions, says DED report


UAE economy to grow faster


Dubai shows new wave of economic growth


Abu Dhabi FDI climbs 7.8%


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


Dubai and Abu Dhabi are among the best cities in the world for investors, UAE Paper


Department of Economic Development - Abu Dhabi begins work on 2nd five-year economic plan


Department of Economic Development - Abu Dhabi and strategic partners officially launch Abu Dhabi Economic Media Club


UAE seeks cooperation with Norway in energy and technology: Al Mansouri


UAE economy most vibrant in ME: Mansoori


GCC economic growth to reach 4% this year, UAE to grow 3.5% in 2013 and 4% in 2014: Euler Hermes


Over 7,000 new companies join Dubai Chamber in H1 2013


UAE revenues peak at Dh494b: IMF


UAE Ministry of Economy signs six-year MoU with Austrian Patent Office


Abu Dhabi Competitiveness Office signs MoU with University of Fribourg, Switzerland


UAE tops in Arab world, 38th in the world in accordance with Global Innovation Index 2013


UAE figures among top 10 M&A deals in Mena