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THE ECONOMY - ECONOMIC DEVELOPMENT

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

UAE leads Gulf Common Market Integration Efforts as announced by GCC General Secretariat Report

Posted on 20/03/2013

The GCC Secretariat recently issued its fifth annual statistical report The GCC Common Market's facts and figures. The report featured issues of GCC citizens that relate to the Gulf Common Market (GCM), such as residency, equality in the public and private spheres, protection and insurance, education, and health. Commenting on the report, Obaid Humaid Al Tayer, Minister of State for Financial Affairs, praised the considerable efforts made by the Secretariat in order to establish the necessary ...  >>MORE

5-year Abu Dhabi plan to spur UAE growth

Posted on 18/03/2013

Plans by Abu Dhabi to invest nearly Dh30 billion through its 2013-2017 development plan will spur growth in the UAE, create about 5,000 jobs and expand the non-hydrocarbon sector, according to an economic analyst. The plan, approved recently by the Abu Dhabi Executive Council (the emirate's cabinet), is part of a long-term development blueprint known as Vision 2030 that will push the emirate into a new era of socio-economic development. "The implementation of this plan is expected to result ...  >>MORE

UAE residents most positive on economy

Posted on 18/03/2013

Residents in the UAE are the most positive in the region in respect to their estimation of the country's current economic situation, albeit only 22 per cent of respondents in a survey claim that they are in a better position now compared to six months ago. The latest Middle East and North Africa Consumer Confidence Index, or CCI, Survey, shows that 64 per cent of the respondents believe that the economic situation will continue to improve while 71 per cent anticipate better business ...  >>MORE

UAE is the only window of opportunity in troubled world economy

Posted on 13/03/2013

The UAE is blessed with a stable investment environment supported by a sustainable economic growth, making it the only window of opportunity in the troubled world economy, a Russian radio has said. In a special report on the UAE, the Voice of Russia has mentioned that "the markets of the Gulf region, and specifically the United Arab Emirates, provide the best environment to attract international investments and give the only ray of hope in the world's dark economic tunnel." The report cited ...  >>MORE

UAE economy to top Dh1.5 trillion

Posted on 12/03/2013

The UAE economy is expected to continue achieving new records and cross the Dh1.5 trillion mark next year, Washington-based Institute for International Finance, or IIF, predicted. "The UAE economy is to continue its rise to reach US$395 billion in 2013 and a record high of around US$410 billion in 2014,” WAM said, quoting an IIF report. The report showed the UAE's gross domestic product, or GDP, grew to its highest ever level of around US$375 billion in current prices last year from US$352 ...  >>MORE

UAE maintains its position as second largest Arab economy

Posted on 11/03/2013

The UAE maintained its position as the second largest Arab economy in 2012 after its gross domestic product (GDP) swelled by US$23 billion in current prices, according to a Western report. The report by the Washington-based Institute for International Finance (IIF) showed the UAE has remained the second largest Arab economy after Saudi Arabia for more than 10 years because of a steady and rapid growth in its GDP as a result of high public spending, a surge in oil prices and a steady increase ...  >>MORE

GCC economy put at US$1.6 trillion in 2013

Posted on 11/03/2013

The economies of Gulf hydrocarbon producers will grow by around eight per cent to peak at nearly US$1.6 trillion in current prices this year while real growth is projected at about 3.6 per cent, according to regional forecasts. Real GDP growth this year, despite global uncertainty, will be a result of strong oil prices and high public spending, which will spur growth in many sectors and encourage the private sector to pump more investment, said the report by the Dammam-based Federation of GCC ...  >>MORE

Hazza bin Zayed highlights Abu Dhabi economic priorities

Posted on 10/03/2013

Abu Dhabi is finalising its second five-year plan which will take the emirate closer towards its long-term goal of creating a sustainable, diversified economy, according to Sheikh Hazza bin Zayed Al Nahyan, National Security Advisor and Vice Chairman of the Abu Dhabi Executive Council. Sheikh Hazza said that, over time, the emirate aimed to build a sustainable, free-market economy in which both the public and private sector would compete on an equal footing. He added that given the ...  >>MORE

Abu Dhabi Business Centre opens

Posted on 04/03/2013

Abu Dhabi's Department of Economic Development has announced yesterday the activation of the Abu Dhabi Business Centre (ADBC) which is part of ADDED, in the presence of Mohammed Omar Abdullah, ADDED Undersecretary, and a number of senior officials from various government authorities and council's across Abu Dhabi. ADDED's Undersecretary and senior officials across Abu Dhabi, went on a tour of the Centre and its various departments and were presented with key services provided by ADBC ...  >>MORE

ADDED announces results of 6 development indicators for 2012

Posted on 28/02/2013

Abu Dhabi Department of Economic Development, organized a discussion panel yesterday at its headquarters to announce the results of six development indicators; namely, Consumer Confidence in Economic Performance in the Emirate of Abu Dhabi, National Family Conditions, Confidence in Business Climate, Demand Trends in labour Market, Industrial and financial Sectors Indices. Forty people representing a number of governmental and semi-governmental organizations, banks and studies and research ...  >>MORE

ADDED launches its strategy to support and stimulate the private sector in Abu Dhabi (2013-2016)

Posted on 20/02/2013

Abu Dhabi Department of Economic Development (ADDED) launches its strategy to support and stimulate the private sector in Abu Dhabi (2013-2016) Abu Dhabi, 19 Feb. 2013 (WAM) - Abu Dhabi Department of Economic Development (ADDED) launched its Strategy to Support and Stimulate the Private Sector in the Emirate of Abu Dhabi (2013-2016), which aims at strengthening the role of the private sector, to enable it to contribute to the achievement of the objectives of the Economic Vision 2030 and raise ...  >>MORE

Abu Dhabi and Japan bolster ties with 10 new agreements and MoUs

Posted on 11/02/2013

Ten agreements and memoranda of understanding (MoUs) between government and semi-government agencies in Abu Dhabi and Japan, in the fields of research and studies, education, health, energy, investment and others, were signed yesterday at the Abu Dhabi Japan Economic Forum. Chairman of Abu Dhabi Department of Economic Development, Nasser Ahmed Al-Suwaidi, and Japan's Economy, Trade and Industry Minister, Toshimitsu Motegi, opened the forum at the Abu Dhabi InterContinental Hotel in presence of ...  >>MORE

UAE to grow 3.1% in 2013, says IMF

Posted on 10/02/2013

The International Monetary Fund (IMF) has predicted that the UAE's GDP will grow 3.1 per cent this year, as a result of economic, investment, trade, tourism and logistics activities. The fund expected that the non-oil sector will continue to prosper throughout 2013 with the aid of high levels of capitalisation and liquidity by the banking system in the UAE. An IMF delegation headed by Harold Finger met Younis Haji Al Khouri, Under Secretary of the Ministry of Finance (MoF) at its headquarters ...  >>MORE

Reem Al Hashemi discusses UAE investments potential in region

Posted on 09/02/2013

Reem Ibrahim Al Hashemi, Minister of State and Deputy Economy Minister Axel Kicillof of Argentina, yesterday discussed the potential of UAE investments in the region in addition to the enormous unconventional resource potential of the Vaca Muerta in Neuquen Province. The Argentine's Deputy Economy Minister Axel Kicillof was the member of the delegation headed by Federal Planning Minister Julio de Vido, who is visiting UAE to discuss ways of enhancing cooperation in hydrocarbons, mining, ...  >>MORE

UAE urges greater cooperation between MENA and EU

Posted on 04/02/2013

UAE's leaders have called for greater socio-economic collaboration to bridge the gap among civilisations and help boost cooperation between the Middle East and the European countries – as countries in both the region are facing major challenges. While some countries of the Middle East and North Africa are facing unprecedented socio-political and economic challenges, Europe is embroiled in a major economic crisis. UAE leaders on Sunday urged academicians at the two-day MENA Economic Forum to ...  >>MORE

UAE Economy Minister, German official discuss cooperation ties

Posted on 03/02/2013

Eng. Sultan Al Mansouri, Minister of Economy has discussed with Harry Galloway, Minister of Economy of the German Mecklenburg State, ways to strengthen the bilateral relations in the areas of industry, technology, investment, as well as small and medium enterprises. Al Mansouri said during the meeting held yesterday at the ministry in Dubai that the UAE has managed to succeed in liberalisation of the policies with all the countries worldwide, especially those with successful experiences such ...  >>MORE

UAE set to boost knowledge economy

Posted on 29/01/2013

Sultan bin Saeed Al Mansouri, Minister of Economy has said the UAE had scored the economic boom in the recent years, thanks to the wise vision of the leadership in diversifying the investment sectors. He added that such policies have cemented the UAE position as knowledge economic powerhouse and attractive to foreign investments. The remarks were made during the meeting with high profile Indonesian delegation led by Indonesian Minister of Tourism and Creative Economy Mari Elka Pangestuat at ...  >>MORE

etisalat CEO addresses WEF

Posted on 28/01/2013

Davos: Ahmad Abdulkarim Julfar, CEO of etisalat Group, has said at World Economic Forum (WEF) at Davos that customers have shifted their behaviour online, creating incentives for operators, legislators and the information communications technology (ICT) community as a whole to adapt their business and processes to keep pace. "Mobile has become an integral part of our customer's daily lives, shaping how they purchase, consume media, communicate with one another and even access public services ...  >>MORE

Abu Dhabi GDP crosses Dh1 trillion mark in 2011

Posted on 27/01/2013

Abu Dhabi's economy crossed Dh1 trillion mark for the first time in 2011, according to a survey released on Saturday. The emirate's gross economic output grew 29.9 per cent to Dh1,068.4 billion in 2011, said an economic survey carried out by Statistics Centre-Abu Dhabi, or Scad. The growth figures are in line with the general trends registered in the macro-economic indicators and estimates released earlier by the statistics gathering organisation. The results reflect the robustness and ...  >>MORE

UAE to focus on diversification and entrepreneurship in 2013

Posted on 26/01/2013

The UAE's economic diversification, industrialisation and the promotion of entrepreneurship will continue to be government focus throughout 2013, according to Eng Mohammed Ahmed bin Abdul Aziz Al Shehhi, Undersecretary, UAE Ministry of Economy. Speaking at the opening of the International Conference for the launch of the 7th cycle of the Mohammed bin Rashid Al Maktoum Business Award 2013 in Dubai, Al Shehhi further stressed that excellence was at the heart of the UAE's economic strategy and it ...  >>MORE

Ministry of Economy reviews the achievements of 2012 and signs performance agreements for 2013

Posted on 18/01/2013

Sultan bin Saeed Al Mansoori, Minister of Economy, attributed the success of different projects undertaken during 2012 to the joint efforts and cooperation of the employees in various departments who worked together to overcome obstacles and attain such great accomplishments. He said this during a review of the ministry's 2012 achievements and the signing of the performance agreements for 2013 in the presence of Mohammed Ahmed bin Abdul Aziz Al Shehhi, Director General of the Ministry, and a ...  >>MORE

Mohammed bin Rashid launches new platform for Islamic economic solutions to augment Dubai's Growth

Posted on 10/01/2013

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, yesterday announced a group of initiatives to set up a comprehensive platform of Islamic economy products and services aimed at integrating Islamic economy as part of the overall Dubai economy. The platform includes Islamic finance instruments, Islamic insurance, Islamic contracts' arbitration, Islamic food industry and trade standards (Halal food), and Islamic quality ...  >>MORE

Lubna lauds Sheikh Mohammed's Islamic economy vision as ''promising''

Posted on 10/01/2013

Sheikha Lubna bint Khalid Al Qasimi, Minister of Foreign Trade, yesterday praised the announcement of Vice President and Prime Minister of the UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum for integrating Islamic economy as a key sector of Dubai economy as a 'promising step forward' to boost assets and gains made by Dubai over the recent years. Sheikha Lubna the move would build on Dubai's success based on a well-planned and careful vision to push economic ...  >>MORE

Dubai has experience to become capital of Islamic Economy, says Dubai Crown Prince

Posted on 10/01/2013

The secret behind Dubai's success is the innovative vision of UAE Vice President and Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum, H. H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai has said. Tasked with the supervision over the development of Islamic economy to become one of the basic components of the Emirate of Dubai's economy, Sheikh Hamdan said: "The innovative vision of Sheikh Mohammed compels us to think in different ...  >>MORE

Mohammed bin Rashid's Islamic economy initiative will take UAE to new heights: Environment Minister

Posted on 10/01/2013

The 'Dubai: Capital of Islamic Economy' initiative constitutes an important qualitative addition that will take the national economy to new heights, according to Dr. Rashid Ahmed bin Fahad, Minister of Environment and Water. The minister said the initiative reflects HH's long-term strategic vision for boosting the prominent standing the UAE, in general, and Dubai, in particular, occupy as a regional and international financial hub, building on advanced corporate and legislative infrastructure ...  >>MORE

UAE ranks 4th in Davos Index

Posted on 09/01/2013

The UAE came 4th in Davos Index for the best countries of the world in terms of effective risk management, getting 5.47 points. The UAE came fifth worldwide and first in the Arab world among the most stable countries or the least country in terms of vulnerability to risks, according to a global risk report 2013 issued by the World Economic Forum on Tuesday. Here, the UAE got 3.28 points compared to 3.66 points to Singapore, which topped the list. Singapore also topped the list of the index ...  >>MORE

UAE private sector growth hits 19-month high in Dec

Posted on 08/01/2013

"It is a fitting reading to mark the end of a strong recovery year for the UAE. Good output growth, firm new orders from home and abroad and a pickup in job creation point to an economy that is growing at a solid pace and well placed to maintain momentum,” Simon Williams, chief economist for Middle East and North Africa at HSBC, said in the report. "While the UAE will still likely lag some of its neighbours, the economy enters 2013 at its most positive in five years,” Williams added. Business ...  >>MORE

Abu Dhabi's public revenue up 41% in 2011: Report

Posted on 06/01/2013

Total public revenue in the Emirate of Abu Dhabi in 2011 surged by almost 41% driven by higher world oil prices, according the emirate's Department of Economic Development. The report about public revenue noted the marked change in the contribution of oil revenues within the structure of public revenue in the emirate, as oil contribution amounted to 90.6%, closer to the levels that prevailed prior to the global financial crisis. This was attributed to the continuous improvement in global oil ...  >>MORE

UAE expat remittances up 15%

Posted on 03/01/2013

Remittances from the UAE are on track to record 15 per cent growth in 2012 to US$12.87 billion, surpassing the overall GCC growth rate in outflows at 12.57 per cent. Y. Sudhir Kumar Shetty, chief operating officer — Global Operations, UAE Exchange, said while remittances from the UAE are estimated to rise from US$11.19 billion to US$12.874 billion in 2012, money transferred by expatriates from across the GCC rose to US$82.96 billion from US$73.69 billion. India, given the strong population of ...  >>MORE

Abu Dhabi and Dubai top "Cities of the Future" list for 2013

Posted on 31/12/2012

Abu Dhabi and Dubai have headed the Arab Region's "Cities of the Future" list for 2012/2013. Financial Times Foreign Direct Investment (FDI) Research Unit, in its findings revealed that Dubai ranked first followed by Abu Dhabi as a preferred investment destination, in most survey aspects, notably the immense financial and infrastructural potential both emirates enjoy, making them a suitable, if not a perfect, business environment. One of the most important aspects affecting foreign ...  >>MORE

UAE economy to grow by 3.25-5 per cent

Posted on 31/12/2012

The UAE economy is expected to grow at a rate between 3.25 to 5 per cent in 2013 in a world still grappling with economic and financial challenges. And much of that growth is a result of government projects tendered in 2013, according to experts interviewed by Gulf News. According to Dr Waddah Taha, chief analyst and economist at Zarouni Group, the closer estimate of UAE growth would be between 3.25 to 3.5 per cent for 2013. "I am optimistic yet cautious about international challenges and ...  >>MORE

Abu Dhabi's manufacturing industries growth rate doubled in 2011, says Abu Dhabi Economic Report 2012

Posted on 30/12/2012

Abu Dhabi's manufacturing industries rate of growth doubled in 2011 as it rose to 22% compared 11% in 2010. This reflects the success of the efforts exerted by the Government of Abu Dhabi to develop the industrial sector, and other promising industries, which will constitute one of the main pillars of economic diversification for the implementation of the Abu Dhabi Economic Vision 2030. The Abu Dhabi Economic Report 2012, issued by Abu Dhabi Department of Economic Development, contains six ...  >>MORE

DED registers 15% increase in licences

Posted on 26/12/2012

The Department of Economic Development (DED) witnessed a 15 per cent increase in licences issued in November 2012 compared to the same month of 2011 as economic activity continued to pick up steam in the emirate. While 1,110 licences were issued in November 2011, 1,278 were issued in November 2012 reflecting increasing confidence in Dubai and its growth prospects within the investor community. Services continued to grow into a strategic component of Dubai economy as was evident from the ...  >>MORE

DED launches Competitiveness Office to enhance global rankings of Dubai and the UAE

Posted on 20/12/2012

The Department of Economic Development (DED) in Dubai has announced the launch of the Dubai Competitiveness Office as directed by HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council. Khalid Al Kassim, Deputy Director General for Executive Affairs at DED, has also been named the Director of the new office. The new office aims to enhance the competitiveness of UAE in general and Dubai in particular on the regional and international ...  >>MORE

Al Mansouri chairs UAE-Azeri Joint Economic Committee meeting

Posted on 19/12/2012

The fourth meeting of the UAE-Azerbaijan Joint Economic Committee held yesterday in Dubai was inaugurated by the UAE Minister of Economy, Sultan Bin Saeed Al Mansouri, and Minister of Economic Development of Azerbaijan, Shahin Mustafayev, in the presence of senior officials from both countries. The meeting discussed the current economic situation in the two countries and the potential for expanding their standing trade and economic relations. Al Mansouri and Mustafayev signed the closing ...  >>MORE

UAE economy to cross Dh1.4t

Posted on 18/12/2012

The UAE's economy is set to climb to its highest level of around Dh1.4 trillion at current prices in 2012 to maintain its position as the largest Arab economy after Saudi Arabia, the Federation of GCC Chambers of Commerce and Industry has forecast. At that level, the UAE will account for more than a fifth of the combined gross domestic product, or GDP, of the GCC, forecast at around US$1.5 trillion, its highest ever, according to the latest issue of the "Why Dubai” study released by Dubai FDI, ...  >>MORE

UAE moves up M&A Maturity Index ranking

Posted on 17/12/2012

The UAE has moved up six places in just five years to come in 20th in the 2012 M&A Maturity Index. The top three most attractive markets in which to do M&A are currently the US, Singapore and the UK, with Asian countries now making up half of the top ten M&A locations. The annual index, published by the M&A Research Centre at Cass Business School in collaboration with Ernst & Young, ranks 148 countries on their ability to attract both domestic and cross border M&A deals. The rankings are based ...  >>MORE

UAE’s economy continues to grow robustly: IIF

Posted on 11/12/2012

The UAE is continuing to grow robustly on a base of economic diversity and constant recovery, according to a recent report by the Institute of International Finance (IIF). The UAE benefited a lot from its strong position as a regionally secure refuge while the non-oil economy continued to grow strongly in parallel of the efforts for expanding the base of economic growth, the report added. The Institute said the real gross domestic product of the UAE is expected to grow by 4.2 per cent this ...  >>MORE

UAE growth to remain stable in 2013, says Merrill Lynch

Posted on 05/12/2012

Merrill Lynch on Tuesday put its 2013 GDP growth forecast for UAE at a stable 3.2 per cent, citing a steadily recovering domestic economy and a better year for emerging markets Although the forecast is in line with the modest global growth rate of 3.2 per cent, it warned of risks, including a tough first half for the Eurozone. "Locally, [there's] a fair amount of stability post the crisis,” said Johannes Jooste, head of strategy, chief investment officer at Merrill Lynch Wealth Management, ...  >>MORE

UAE enters 5th decade stronger

Posted on 03/12/2012

Like most other economies, the UAE suffered from a slowdown in 2009 because of the 2008 global financial crisis but its GDP is rebounding by over three per cent this year and is projected to maintain high growth in 2013. The UAE is entering its fifth decade on a stronger footing, armed by recovering oil prices and massive overseas assets. Despite varied scenarios about its economic performance in 2009, with some involving a slowdown and others saying there was a contraction, the fact is that ...  >>MORE

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Quick List

UAE has its own formula of happiness: Public Works Minister


UAE leads Gulf Common Market Integration Efforts as announced by GCC General Secretariat Report


5-year Abu Dhabi plan to spur UAE growth


UAE residents most positive on economy


UAE is the only window of opportunity in troubled world economy


UAE economy to top Dh1.5 trillion


UAE maintains its position as second largest Arab economy


GCC economy put at US$1.6 trillion in 2013


Hazza bin Zayed highlights Abu Dhabi economic priorities


Abu Dhabi Business Centre opens


ADDED announces results of 6 development indicators for 2012


ADDED launches its strategy to support and stimulate the private sector in Abu Dhabi (2013-2016)


Abu Dhabi and Japan bolster ties with 10 new agreements and MoUs


UAE to grow 3.1% in 2013, says IMF


Reem Al Hashemi discusses UAE investments potential in region


UAE urges greater cooperation between MENA and EU


UAE Economy Minister, German official discuss cooperation ties


UAE set to boost knowledge economy


etisalat CEO addresses WEF


Abu Dhabi GDP crosses Dh1 trillion mark in 2011


UAE to focus on diversification and entrepreneurship in 2013


Ministry of Economy reviews the achievements of 2012 and signs performance agreements for 2013


Mohammed bin Rashid launches new platform for Islamic economic solutions to augment Dubai's Growth


Lubna lauds Sheikh Mohammed's Islamic economy vision as ''promising''


Dubai has experience to become capital of Islamic Economy, says Dubai Crown Prince


Mohammed bin Rashid's Islamic economy initiative will take UAE to new heights: Environment Minister


UAE ranks 4th in Davos Index


UAE private sector growth hits 19-month high in Dec


Abu Dhabi's public revenue up 41% in 2011: Report


UAE expat remittances up 15%


Abu Dhabi and Dubai top "Cities of the Future" list for 2013


UAE economy to grow by 3.25-5 per cent


Abu Dhabi's manufacturing industries growth rate doubled in 2011, says Abu Dhabi Economic Report 2012


DED registers 15% increase in licences


DED launches Competitiveness Office to enhance global rankings of Dubai and the UAE


Al Mansouri chairs UAE-Azeri Joint Economic Committee meeting


UAE economy to cross Dh1.4t


UAE moves up M&A Maturity Index ranking


UAE’s economy continues to grow robustly: IIF


UAE growth to remain stable in 2013, says Merrill Lynch


UAE enters 5th decade stronger