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THE ECONOMY - ECONOMIC DEVELOPMENT

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

UAE output, new orders up

Posted on 03/07/2013

Non-oil producing private sector companies in the UAE reported increased output and new order levels in June, a purchasing managers' survey showed on Tuesday. The HSBC purchasing managers' index, or PMI, which measures the performance of the manufacturing and services sectors in the non-oil private sector economy, dropped to 54.1 in June from 55.3 in May. An index reading above 50 indicates expansion of the sector, while one below that suggests contraction. "Payroll numbers rose solidly and ...  >>MORE

UAE ranks 14th in A.T. Kearney FDI Confidence Index serving as main hub for regional investment

Posted on 02/07/2013

The UAE moves up one place to claim 14th position in the latest A.T. Kearney Global Foreign Direct Investment Confidence Index (FDICI). A cautiously optimistic outlook based on realigned expectations, as well as the United States returning the top of the rankings, are the themes of the 2013 A.T. Kearney FDICI, a regular measure of senior executive sentiment at the world's largest companies. Conducted regularly over the last 15 years by global management consulting firm A.T. Kearney, the ...  >>MORE

DEC launches "Dubai Economic Outlook, Q4 2012" report

Posted on 30/06/2013

The Dubai Economic Council (DEC) has recently issued its report "Dubai Economic Outlook - Q4 2012", which follows a series of quarterly reports issued by the Council. It includes the most important macroeconomic indicators and data on key sectors in Dubai (real estate, tourism, foreign trade, finance). The report also includes some predictions based on standard models based on international best practices. The report begins by noting that the real economic growth rate of the emirate during the ...  >>MORE

UAE ranked eighth-most competitive nation in the world

Posted on 26/06/2013

The UAE has been ranked the eighth-most competitive nation in the world - and first in terms of government efficiency. The ranking in the 25th World Competitiveness Yearbook is the highest the country has achieved and puts it ahead of all other nations in the Middle East and North Africa. Qatar is next, in tenth place. Issued by Switzerland's International Institute of Management Development (IMD), the report ranks the United States as most competitive, followed by Switzerland and Hong Kong. ...  >>MORE

UAE among the world's best places to live, work and study, says paper

Posted on 25/06/2013

The UAE is country is among the world's best places to live, work and study. A flurry of news stories in the past few days reveals how the country's prosperity, stability and opportunity have combined to make the UAE one of the world's most attractive places, a local newspaper said yesterday. Related Citing the "evidence: A survey by YouGov, covering the whole Middle East and North Africa region, found that fully 90 per cent of young adults like the idea of working in the UAE, The National in ...  >>MORE

Foreign assets may hit US$50.7b

Posted on 25/06/2013

The net foreign assets of the UAE banking system are expected to reach US$50.7 billion (Dhs186.1 billion) this year and around US$60.8 billion (Dhs223.14 billion) next year compared with US$43.8 billion (Dhs160.75 billion) in 2012, according to a recent report by EFG-Hermes. The money supply in the UAE is likely to grow this year by around 5 per cent this year and 5.4 per cent in 2014 compared with 4.4 per cent last year, the group said, adding that the growth rate of the private sectorís bank ...  >>MORE

IMF issues concluding statement for 2013 following its meeting with UAE on Article IV

Posted on 24/06/2013

The International Monetary Fund (IMF) recently issued its delegation's final statement on Article IV discussions pertaining to the assessment of state members' financial and economic performance. The delegation's meetings with the UAE were held between April 30 to May 15, 2013. The report cited the positive indicators of the UAE's overall economy. The delegation projected a GDP growth rate of 3.6% for the UAE in 2013, which is a result of economic activities supported by investments, trade, ...  >>MORE

UAE notches its position in World Economic Map

Posted on 23/06/2013

The UAE has attained the economic boom and welfare for its citizens, and notably consolidated its position as main player in the world economic map despite the current global crisis and financial crunch. The UAE was ranked fifth in the world financial stability in the standard index of the World Economic Forum for Global Development in 2011. It was also classified 25th among the best world financial systems. The UAE was ranked first among the Arab countries and 19th globally in the Global ...  >>MORE

Abu Dhabi non-oil sector impresses, says UAE paper

Posted on 23/06/2013

Economic data released earlier this week confirm that Abu Dhabi continues to enjoy a solid improvement with enhanced growth across all sectors. The data from Statistics Centre Abu Dhabi shows that the emirate's gross domestic product (GDP) improved by 7.7 per cent year over year, reaching a record Dh911.59 billion in 2012, up from Dh846.68 billion in 2011. "While the data provide much food for thought, one trend that will please government officials and economics is that non-oil activities ...  >>MORE

Strengthening of partnership between UAE and Italy discussed

Posted on 18/06/2013

Rome: Sultan bin Saeed Al Mansouri, Minister of Economy, has discussed with the Italian Minister of Economic Development Italian Flavio Zanonato and his accompanying delegation, ways to strengthen economic and trade cooperation ties between the two countries. During the UAE minister's visit to Rome, the Emirati- Italian Joint Economic Forum, titled: "Investment and Strategic Partnership" was held. Al Mansouri stressed at the conference main axes of common economic cooperation in the presence ...  >>MORE

UAE Economy Minister and Montenegro Prime Minister explore prospects of joint investment

Posted on 13/06/2013

Podgorica: Visiting UAE Minister of Economy Sultan Al Mansouri today discussed with Prime Minister of Montenegro Milo Djukanovic ways of enhancing bilateral cooperation in various fields. The meeting reviewed agenda of the upcoming meeting of the joint economic committee. Djukanovic said his country was looking forward to draw lessons from the UAE development model, especially in economic competitiveness and government performance efficiency. He said the UAE policy of openness and diversified ...  >>MORE

UAE Minister in Kosovo to explore joint business and investment opportunities

Posted on 12/06/2013

Pristina: First Deputy Prime Minister of Kosovo Behgat Pacolli said that his country would never forget the honourable stances the UAE leadership and people showed towards the people of Kosovo during the hard times the country passed through. At a meeting with visiting UAE Minister of Economy Sultan Al Mansouri, Pacolli affirmed his country's desire to boost relations with the UAE, especially in areas of establishing joint investment projects that could increase trade exchange. For his part, ...  >>MORE

UAE Economy Minister meets Macedonian Prime Minister

Posted on 11/06/2013

Skobje-Macedonia: UAE Minister of Economy, Sultan bin Saeed Al Mansouri, has met Macedonian Prime Minister, Nikola Gruevski, during an official visit to the Western Balkans state. Welcoming the UAE delegation led by Al Mansouri, the Macedonian Prime Minister praised the UAE for its wise foreign policies, its interest in opening up to the world as well as in establishing partnerships that reflect close international cooperation and further reinforce its economic, trade and investment relations ...  >>MORE

Business Cycle Index reflects the improvement of the economy of the Emirate of Abu Dhabi

Posted on 09/06/2013

Economic conditions in the Emirate of Abu Dhabi have improved considerably during the first quarter of 2013, under strong government role to stimulate domestic demand and provide best investment prospects for investors and business to tap various opportunities in commercial, industrial, services and construction activities, with the aim of promoting business sectors and increasing their contribution to the development process, to achieve a high level of well-being and stability for citizens. ...  >>MORE

ADDED signs cooperation agreements with Khalifa Industrial Zone (Kizad)

Posted on 01/06/2013

Abu Dhabi Department of Economic Development (ADDED), represented by its two affiliates, the Abu Dhabi Business Center, and the Industry Development Bureau, at the Press Club of ADDED's Headquarters, signed two cooperation agreements for cooperation with "ZonesCorp" and Abu Dhabi Ports Company at "Kizad". The agreements aim at strengthening coordination and cooperation to simplify, facilitate and develop procedures for obtaining business and industry licenses and improve services for investors ...  >>MORE

Sharjah participates in UAE-Korea Economic Partnership Forum

Posted on 27/05/2013

A high-level delegation from Sharjah, led by Sheikh Sultan bin Ahmed Al Qasimi, Chairman of Sharjah Media Centre, began its participation yesterday at the third UAE-Korea Economic Partnership Forum, held in the South Korean capital Seoul on 27th and 28th May. Held under the patronage of Vice President and Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum, the forum aims to build on the excellent relations between the two countries and allow for the ...  >>MORE

UAE Ministry of Economy takes part in Global Services Forum in China

Posted on 27/05/2013

The UAE Ministry of Economy is participating in the Global Services Forum 2013, organised by UNCTAD together with the Ministry of Commerce of the People's Republic of China and The People's Government of Beijing Municipality, which runs for two days starting on Tuesday 28th May. The Global Services Forum will gather together prominent players in the services sector, from governments, the business world, and academia. Abdullah Al Saleh, Under-secretary of the Ministry of Economy will lead the ...  >>MORE

Sharjah eyes more Korean, Asian tourists and investments ahead of Seoul summit

Posted on 25/05/2013

The Third UAE-Korea Economic Partnership Forum that opens tomorrow will help provide a direct impetus to the travel and tourism industry in Sharjah and the UAE by way of more Korean and Asian tourists and investments in the promising tourism and hospitality sector, said Mohamed Ali Al Noman, Chairman, Sharjah Commerce and Tourism Development Authority. This came in the SCTDA Chairman's statement on the eve of the Third UAE-Korea Economic Partnership Forum, being held in the South Korean ...  >>MORE

Dubai Maritime City to be represented at UAE-Korea Economic Partnership Forum

Posted on 25/05/2013

Dubai Maritime City (DMC announced today that a high-level team led by Khamis Juma Buamim, Chairman of Drydocks World and Maritime World will participate in the UAE-Korea Economic Partnership Forum 2013. The event will be held under the patronage of the UAE Vice President and Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum from May 27-28, 2013 at Seoul, Korea. The event is supported by the UAE Ministry of Foreign Affairs, UAE Ministry of Foreign Trade, ...  >>MORE

Third UAE - Korea Economic Partnership Forum will commence on May 27 in Seoul

Posted on 23/05/2013

Under the patronage of Vice President and Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Third UAE - Korea Economic Partnership Forum begins on next Monday in South Korean Capital, Seoul. Minister of State, Abdulla Ghobash will be leading a UAE delegation of officials and representatives of the participating sectors and heads of governmental agencies, to the two-day event. The UAE - Korea Economic Partnership Forum, which has the full support of the ...  >>MORE

IMF stays upbeat on Dubai

Posted on 22/05/2013

The International Monetary Fund, or IMF, said on Tuesday that it was confident of Dubai's ability to meet all financial obligations given its track record of successfully managing payment rescheduling. Masood Ahmed, director of the IMF's Middle East and Central Asia Department, said Dubai government-related entities had so far managed debt rescheduling quite successfully since 2009. Speaking to reporters, Ahmed said debt levels in Dubai remained high with substantial debt roll to be witnessed ...  >>MORE

Al Mansouri highlights Ministry's economic achievements at press conference

Posted on 21/05/2013

Sultan Al Mansouri, Minister of Economy has stressed keenness of the Ministry on providing advanced interactive channels for customers to boost transparency and effective communication so as to upgrade level of services. He said at a press conference yesterday that the launch of the direct media briefing system reflects the work strategy of the Ministry based on dialogue and interaction with partners and customers. Al Mansouri said the ministry has generally contributed, thanks to the UAE's ...  >>MORE

Western Region Development Council highlights priorities to boost economy

Posted on 21/05/2013

The Western Region Development Council (WRDC) has indentified investment priorities aimed at accelerating Al Gharbia's economic development. Economic sectors targeted to receive massive investments include oil & gas, real estate, tourism, transport, chemicals, healthcare, education as well as government and community services. At a press conference announcing the staging of the first Al Gharbia Development Forum (AGDF), which is being held under the patronage of Sheikh Hamdan bin Zayed Al ...  >>MORE

UAE growth quickens to 4.4% in 2012

Posted on 20/05/2013

Economic growth in the UAE accelerated to 4.4 per cent in inflation-adjusted terms in 2012 from a downwardly revised 3.9 per cent the previous year as activity picked up across all sectors, its statistics office said on Sunday. "One of the most important factors is the role played by good and stable oil prices in general over the last year,” the National Bureau of Statistics in the OPEC member said in a data commentary. "All economic activities saw positive improvement in their growth rates ...  >>MORE

Ministry of Economy: Knowledge is Key to Economic Growth

Posted on 18/05/2013

Sultan bin Saeed Al Mansouri, UAE Minister of Economy, has stressed that knowledge today is crucial to production and economic growth around the world. This came in his opening speech at the 2nd "Economic Policy Development Forum", held under the banner "Sustainable Wealth Based on Knowledge" in Dubai. The Minister stated that the UAE's efforts in establishing a competitive knowledge-based economy have excelled . The UAE presented its ideas pertaining to the importance of establishing a ...  >>MORE

Business activities are growing in Dubai

Posted on 13/05/2013

The business activities in Dubai are on the growth track, the Department of Economic Development said on Sunday, announcing four per cent increase in the number of commercial licences which registered at 4.582 licences. In comparison with last year, the number of business licences issued in Dubai increased from the first quarter of 2012 to 4,582 licences in the same period in 2013 and across all business sectors including professional, commercial, travel and tourism. Mohammad Shael Al Sa'adi, ...  >>MORE

Abu Dhabi DED to organise Investment Forum in Paris

Posted on 08/05/2013

Abu Dhabi Department of Economic Development, is poised to organise the Abu Dhabi Investment Forum in Paris later this month, with the participation of a delegation of senior officials from a number of Abu Dhabi government departments, entities, councils and institutions. Nasser Ahmed Alsowaidi, Chairman Abu Dhabi Department of Economic Development is leading the delegation to the forum, which will be attended by more than 100 businessmen and investors in France. Alsowaidi, who is opening the ...  >>MORE

Dubai tops Rigzone’s best city list

Posted on 07/05/2013

Aberdeen/Houston: Dubai has emerged as the most desired location in which to work, according to nearly 8,000 oil and gas professionals responding to a survey by Rigzone, the leading online resource for oil and gas information, data and talent recruitment. North America's Calgary and Denver were the second and third most popular cities thanks to the work-life balances both cities provide. Each are able to offer easy access to mountain and modern-city lifestyles while being close to major ...  >>MORE

UAE stabilising Influence on markets

Posted on 07/05/2013

The Akhbar Al Sa'a (News of the Hour) bulletin has confirmed United Arab Emirates position on the global energy map by adjusting the movement of prices and securing the terms of the stability of the global economy. Under the title "Emirati oil policy balanced ", the bulletin said the role of the UAE is no longer limited to just being a major producer of oil and energy sources and its distribution to global market. Indeed, the role far exceeds this level and shifted decades ago to be one of the ...  >>MORE

First Abu Dhabi Competitiveness Report issued

Posted on 06/05/2013

Competitiveness Office of Abu Dhabi (COAD), a subsidiary of Abu Dhabi Department of Economic Development (ADDED) has issued the first competitiveness report, which aims to improve the business climate in the Emirate of Abu Dhabi. The report covers three regions of the Emirate of Abu Dhabi: Abu Dhabi, Al Ain and the Western Region. The report was disclosed during a ceremony held yesterday at Hyatt Park Hotel in Abu Dhabi. The event was graced by Nasser Ahmed Al Suwaidi, Chairman of ADDED, ...  >>MORE

Meeting of UAE-German commission begins in Berlin

Posted on 21/04/2013

Berlin: The 9th meeting of the UAE-German joint economic commission has started in Berlin under the chairmanship of UAE Economy Minister Sultan bin Saeed Al Mansouri and German Minister for Economics '&' Technology Philipp Roesler Al Mansouri said in a speech that the meeting reflects strength of relations between the UAE and Germany and culminates the directives of President His Highness Sheikh Khalifa bin Zayed Al Nahyan and Vice President and Prime Minister and Ruler of Dubai His Highness ...  >>MORE

Al Mansouri hails Sweden's innovation

Posted on 20/04/2013

Stockholm: Minister of Economy has hailed Sweden's global innovation leadership through an approach adopted by development and scientific research institutes. Al Mansouri who is leading a high profile UAE economic and trade delegation on a current visit to Sweden called for stronger cooperation and exchange of expertise on innovation-based business best practices between the UAE and Sweden. During a visit to Stockholm University and a research institute, the minister, noted that there are ...  >>MORE

UAE is Asia’s third strongest economy; Overtakes China and South Korea: Think-tank

Posted on 16/04/2013

The UAE's continuous improvement in competitiveness helped it to become Asia's third strongest economy, said a think-tank in its recently-released annual report. "The UAE's overall economic strength has surpassed China up to 3rd,” Boao Forum for Asia said in its Asian Competitiveness Annual Report 2013.' The results, based on a full-year study by the think-tank, of assessment of 37 Asian and Middle Eastern countries showed that the UAE was the 7th strongest economy of Asia last year but ...  >>MORE

UAE leads earnings surge

Posted on 11/04/2013

Corporate earnings in the GCC surged to US$55.4 billion in 2012 from US$52.3 billion in 2011 on the back of a strong performance by UAE firms "leading the race” by posting 28.8 per cent jump over the previous year. The growth in overall earnings in the region, at 4.5 per cent, however, is slower compared with a robust 26 per cent recorded in 2011, analysts said. Dubai outperformed with corporate earnings advancing 88.2 per cent in 2012, while Abu Dhabi grew 13.6 per cent. A recovery in the ...  >>MORE

UAE aims to make AIM global investment platform

Posted on 01/04/2013

The UAE economy has countless features and characteristics for foreign investors and the government will continue its efforts to make the Annual Investment Meeting (AIM) a true global investment platform, Minister of Economy Sultan bin Saeed Al Mansouri said in a statement. Al Mansouri said that the AIM has gained an ever increasing regional and international attention since its inception two years ago, especially in light of political, economic, financial and climate crises that still ...  >>MORE

UAE pavilion at Hannover Messe to feature 20 public and private organisations

Posted on 31/03/2013

Over 20 UAE key industrial partners will take part in Hannover Messe, the world's leading industrial fair, which will be held in Germany between 8 and 12 April. The UAE pavilion at the show will be under the umbrella of the Abu Dhabi Department of Economic Development, in collaboration with the Ministry of Economy. For the sixth consecutive time, Abu Dhabi DED has overseen the UAE pavilion in Hannover Messe, taking 20 partners from the country's core industries to participate. Dubbed as ...  >>MORE

UAE economy to grow 3.3 per cent in 2013

Posted on 30/03/2013

High public spending due to strong oil prices will ally with the UAE's position as a safe haven for investments to boost the country's economy by 3.3 per cent in 2013 despite lower crude output, a key Saudi bank has said, according to a report on the on-line newspaper Emirates 24/7. The UAE's real GDP rose by around 4.9 per cent in 2011 and 4.2 per cent in 2012 and growth is likely to remain relatively high this year while its fiscal system will continue to record large surpluses, Saudi ...  >>MORE

Lowest Risk Cities in the world: Dubai in Top 20

Posted on 26/03/2013

Dubai is among the top 20 and first in the region on a list of safest cities in the world for expatriates, according to a latest report released. A report released by Aon Hewitt, the global human resources company of Aon Plc, ranked Dubai 19th globally and 1st in the Middle East in the list of Lowest Risk Cities in the world to recruit, employ and redeploy talent. According to the ranking, the emirate is rated a lower risk city than Washington DC (ranked 25), Sydney (27), Brussels (27), Doha ...  >>MORE

UAE-Slovak economic relations to receive boost, Al Mansouri

Posted on 25/03/2013

Minister of Economy, Sultan bin Saeed Al Mansouri, and the First State Secretary of the Ministry of Economy of the Slovak Republic, Pavol Pavlis, yesterday discussed ways to enhance economic, trade and investment cooperation and relations between the two countries. The meeting discussed the establishment of a joint commission to enhance economic cooperation and relations between the business community of both countries The setting up of a representative trade office for the Slovak Republic in ...  >>MORE

UAE has its own formula of happiness: Public Works Minister

Posted on 20/03/2013

Minister of Public Works and member of the Follow up Committee of President Initiatives Dr. Abdullah Al Nuaimi said yesterday the UAE was proud to lead the Arab World and rank 17th globally in the World Happiness Report 2012 but noted that the UAE happiness formula was different than that of the Report. 'It is based on the vision of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, who is working diligently to deliver the highest living, economic and social standards to citizens,' he ...  >>MORE

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Quick List

UAE figures among top 10 M&A deals in Mena


UAE output, new orders up


UAE ranks 14th in A.T. Kearney FDI Confidence Index serving as main hub for regional investment


DEC launches "Dubai Economic Outlook, Q4 2012" report


UAE ranked eighth-most competitive nation in the world


UAE among the world's best places to live, work and study, says paper


Foreign assets may hit US$50.7b


IMF issues concluding statement for 2013 following its meeting with UAE on Article IV


UAE notches its position in World Economic Map


Abu Dhabi non-oil sector impresses, says UAE paper


Strengthening of partnership between UAE and Italy discussed


UAE Economy Minister and Montenegro Prime Minister explore prospects of joint investment


UAE Minister in Kosovo to explore joint business and investment opportunities


UAE Economy Minister meets Macedonian Prime Minister


Business Cycle Index reflects the improvement of the economy of the Emirate of Abu Dhabi


ADDED signs cooperation agreements with Khalifa Industrial Zone (Kizad)


Sharjah participates in UAE-Korea Economic Partnership Forum


UAE Ministry of Economy takes part in Global Services Forum in China


Sharjah eyes more Korean, Asian tourists and investments ahead of Seoul summit


Dubai Maritime City to be represented at UAE-Korea Economic Partnership Forum


Third UAE - Korea Economic Partnership Forum will commence on May 27 in Seoul


IMF stays upbeat on Dubai


Al Mansouri highlights Ministry's economic achievements at press conference


Western Region Development Council highlights priorities to boost economy


UAE growth quickens to 4.4% in 2012


Ministry of Economy: Knowledge is Key to Economic Growth


Business activities are growing in Dubai


Abu Dhabi DED to organise Investment Forum in Paris


Dubai tops Rigzone’s best city list


UAE stabilising Influence on markets


First Abu Dhabi Competitiveness Report issued


Meeting of UAE-German commission begins in Berlin


Al Mansouri hails Sweden's innovation


UAE is Asia’s third strongest economy; Overtakes China and South Korea: Think-tank


UAE leads earnings surge


UAE aims to make AIM global investment platform


UAE pavilion at Hannover Messe to feature 20 public and private organisations


UAE economy to grow 3.3 per cent in 2013


Lowest Risk Cities in the world: Dubai in Top 20


UAE-Slovak economic relations to receive boost, Al Mansouri


UAE has its own formula of happiness: Public Works Minister