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THE ECONOMY - BUSINESS

Jersey Minister arrives in Abu Dhabi for talks on Jersey's business links with UAE

Posted on 24/04/2012

Senator Philip Ozouf, Treasury Minister of the British Channel Island of Jersey, arrived in the UAE capital yesterday at the start of a three-day visit to the United Arab Emirates. During his visit, Ozouf is expected to meet with government officials and representatives of the local finance industry in Abu Dhabi and Dubai to discuss the further promotion of Jersey's business links with the UAE and the rest of the Gulf region. Jersey, a self-governing dependency of the British Crown, is a ...  >>MORE

Abu Dhabi starts e-licence from April 8

Posted on 02/04/2012

The Department of Economic Development (DED) in Abu Dhabi is due to start the process of issuing electronic trade licences on Sunday April 8. All clients will have to submit required documents in electronic format in future. Mohamed Moneef Al Mansouri, acting executive director of the Commercial Affairs Division at DED, said this measure is being introduced to speed up the process of issuing trade licences in Abu Dhabi. He said this measure will help reduce the procedures for issuing a ...  >>MORE

Replica of Wall Street bull set to charge into Dubai

Posted on 25/03/2012

The famed ‘Charging Bull', a New York icon on Wall Street, will have a UAE version later this year, Gulf News has learnt. On the sidelines of Art Dubai, Italian-American sculptor Arturo Di Modica told Gulf News: "Work has started on the sculpture. We haven't finalised the final location in the UAE as yet." Modica, who created the 3.5 tonne, 4.8-metre-long and 3.3-metre-high bronze sculpture in 1989 and the Shanghai Bull of the same size in 2010, is in Dubai as a guest of the art fair. ...  >>MORE

103,792 valid trade licenses listed in Abu Dhabi in 2011

Posted on 20/03/2012

The total number of valid trade licenses registered in the emirate of Abu Dhabi until late 2011 summed up to nearly 103,792. Out of this 62,747 were issued in Abu Dhabi, 30,363 in Al Ain and 10,682 in the Western Region. Mohamed Munif, Acting Executive Director of commercial affairs of DED, said in line with the Abu Dhabi Economic Vision 2030, DED has developed a clear strategy to promote the business sector in a manner that shifts the Emirate of Abu Dhabi into a real attraction for ...  >>MORE

Dubai means business campaign unveiled

Posted on 28/02/2012

Dubai has launched an international print and online campaign, ‘Dubai means business', which emphasises the opportunities that Dubai offers for business, from SMEs to large multinationals. "The campaign strongly demonstrates the energy, growth and opportunity that exist in Dubai,” said Ahmad Abdullah Al Shaikh, Director General of the Government of Dubai Media Office. "The UAE, and Dubai's, constant pursuit of excellence has solidified the leading global position it holds today. With half ...  >>MORE

Google to target UAE’s digital finance market

Posted on 22/02/2012

Google MENA announced on Tuesday the findings of a UAE-focused deep dive report which shows that search engines are the most used and most preferred tool for finance research, with almost half of online research for products such as bank accounts and personal loans starting from search engines. Additionally, close to 40 per cent of people report banking online on a monthly basis. Google commissioned the study into digital purchasing, researching and banking behaviours as part of its ...  >>MORE

Dubai SME announces top 100 SMEs in first-ever ranking initiative

Posted on 13/02/2012

Dubai SME, the agency of the Department of Economic Development in Dubai (DED) mandated to develop the small and medium enterprise (SME) sector, has announced the first-ever 'Dubai SME 100' ranking of companies in a ceremony held at the Dubai World Trade Centre. The companies that made into the first list of top 100 SMEs were honoured by H.H Sheikh Ahmad Bin Saeed Al Maktoum, Chairman of the Economic Sector Committee in Dubai, President of Dubai Civil Aviation and Chairman and Chief Executive ...  >>MORE

Gulf Capital secures Dh500 million revolver acquisition facility from ADCB

Posted on 08/02/2012

Gulf Capital and Abu Dhabi Commercial Bank ("ADCB") have signed yesterday a ground-breaking five-year revolving facility of Dh500 million to help finance Gulf Capital's growing pipeline of investments across its various business units, Gulf Capital said in a press release. Gulf Capital is one of the most active alternative asset managers in the Middle East, focused on investing in private equity, real estate, credit and mezzanine across the region. The new flexible medium-term revolver will ...  >>MORE

Abu Dhabi a promising hub for investments

Posted on 07/02/2012

The non-oil trade slid nine per cent year-on-year as Japanese exports to the UAE plummeted 11 per cent in first half of 2011 due to break-up in the industrial supply chain caused by massive earth quake and subsequent Tsunami, a top official said. However, the UAE and Japan bilateral trade has risen 30.50 per cent year-on-year during the six months ending June 30, 2011 to US$23.82 billion. "The UAE's overall exports to Japan during the same period made a marathon jump of 40 per cent ...  >>MORE

Red carpet for Gulf firms

Posted on 06/02/2012

Companies owned by GCC nationals other than UAE citizens and located anywhere in the Gulf will be allowed to open UAE branches with minimum paperwork and receive the same privileges granted to national-owned firms, according to a decision taken by the UAE Cabinet. The Cabinet meeting was chaired by His Highness Sheikh Mohammad Bin Rashid Al Maktoum, Vice- President and Prime Minister of the UAE and Ruler of Dubai yesterday. The move comes four years after the six Gulf countries entered ...  >>MORE

Robust surge in new orders spurs UAE business

Posted on 06/02/2012

Business conditions in the UAE's non-oil private sector improved in January after slipping to a four-month low in the previous month on "a robust rise in new orders,” a purchasing managers' survey showed on Sunday. The HSBC UAE Purchasing Managers' Index, which measures the performance of the manufacturing and services sectors, increased to 52.4 points last month from 51.7 in December. The adjusted index remains above the 50-point mark, which separates growth from contraction, the survey of ...  >>MORE

Dubai Holding Commercial Operations Group Confirms Repayment of US$500m bond

Posted on 26/01/2012

Dubai Holding Commercial Operations Group (DHCOG) confirmed today the repayment, on February 1, of a US $500 million bond and three scheduled coupon payments on its Medium Term Notes. Ahmad Bin Byat, Chief Executive Officer, Dubai Holding said: "Dubai Holding Commercial Operations will repay the US dollar bond, and make the coupon payments, from its internal cash flow. Today's announcements reaffirm DHCOGDHCOG's proven track record of meeting its financial obligations in full when they are ...  >>MORE

Dubai business mood surges in Q3

Posted on 28/11/2011

Dubai's business confidence surged in the third quarter of this year as businessmen flock back to the emirate and the domestic economy is back on track, fuelled by growth in many non-oil sectors. The business confidence index (BCI), a quarter survey of local businessmen conducted by the global business information firm Dun and Bradstreet, soared to 115 points in the third quarter from 100 points in the second quarter. The survey was conducted for Dubai Department of Economic Development ...  >>MORE

Dubai businesses bullish on fourth quarter: DED

Posted on 27/11/2011

Dubai businesses expect a stronger last quarter of 2011 and they have already beaten the global trend in earlier quarters of the year with positive profit and revenue growth, as well as confidence levels to match. The business community in the emirate expressed increasing optimism about business activity in the fourth quarter of the year, according to the findings of the most recent quarterly survey conducted by the Department of Economic Development, or DED. A representative sample of 500 ...  >>MORE

UAE law on bankruptcy nears final approval

Posted on 24/11/2011

A draft bankruptcy law designed to support companies in financial difficulties has been delivered to the Ministry of Justice as it reaches its final stages before enactment. The legislation will overhaul how the law deals with businesses and individuals with debt burdens they cannot pay. It is expected to map out a process for the restructuring of debt owed to creditors. "The Ministry of Finance expects that the new, untraditional features incorporated in this law will aid in promoting ...  >>MORE

Emirati entrepreneurs represent UAE at G20 Young Entrepreneur Summit in France

Posted on 02/11/2011

Nice, France - Eight of the UAE's brightest entrepreneurs are in Nice, France to participate in the G20 Young Entrepreneur Summit (G20 YES). The group, all currently developing their businesses with the support of the Khalifa Fund, is being supported at the Summit by Hussein Jassem Al Nowais, Chairman of the Khalifa Fund. The G20 Young Entrepreneur Summit (G20 YES) brings together more than 400 young entrepreneurs from G20 member and invited countries. This year, the Summit is being held in ...  >>MORE

UAE businesses required to switch to metric system from 11/11/11

Posted on 27/10/2011

From November 11, all UAE businesses must switch to the metric system, replacing the foot-pound or imperial system, as part of a global move to rationalise measurements, according to the latest government directive. The regulation, which takes effect on November 11, mandates companies to stop using the imperial, US Customary Units and any system of units other than the SI, in their official and commercial activities. Mohammad Saleh Badri, Acting Director General of the Emirates Authority ...  >>MORE

Dubai is Gulf hub for French firms

Posted on 26/10/2011

Trade between Gulf oil producers and France has nearly tripled over the past 10 years while the European country has sharply boosted its corporate presence in the region, mostly in Dubai, official data showed on Monday. From US$6.78 billion in 2011, two-way trade between the Gulf Cooperation Council (GCC) jumped to US$19.67 billion in 2010, showed the figures by the Saudi-based Federation of the GCC Chambers of Commerce and Industry (FGCCI). French companies have also steadily expanded ...  >>MORE

UAE companies bag 24 Stevies

Posted on 13/10/2011

The UAE outperformed big hitters including the UK and Germany at the 2011 Stevie International Business Awards. Local business collected 24 Stevies, good enough for third place behind the US (42) and South Korea (29). British companies won 22 awards, while German organisations came away with ten gongs. Shaikha Lubna Al Qasimi, Minister of Foreign Trade, said the achievement underlined the country's competitive and unique business climate. "The attainment of these rewards reflects the ...  >>MORE

Investment Corporation of Dubai to repay US$4 billion facility in full on maturity

Posted on 09/08/2011

The Investment Corporation of Dubai (ICD), the investment arm of the Government of Dubai, will repay in full the US$4bn, three year tranche of the US$6bn conventional and Islamic facilities signed on 21 August 2008, when it falls due on 21 August 2011, according to a statement by the Dubai Government Media Office. The maturing obligation will be repaid from internal sources derived principally from cash dividends received from ICD's operating subsidiaries. Mohammed Al Shaibani, Executive ...  >>MORE

Abu Dhabi's new financial heart starts to beat

Posted on 07/08/2011

Abu Dhabi's new financial heart on Sowwah Island is about to start beating as it gears up for its grand launch this year. The two towers released to tenants are almost completely taken up, and two of the island's major hotel developments are also nearing completion, said Peter Wilding, the associate director of Mubadala Real Estate and Hospitality. "We're almost full within those two towers," he said. "At the moment, I'm very enthusiastic about who has signed up." Due to Sowwah's ability ...  >>MORE

UAE takes lead of M'&'A deal volume with 32 deals in 1H2011, says Zawya

Posted on 03/08/2011

The UAE took the lead in terms of merger and acquisition deal volume in the Middle East and North Africa with 32 deals in 1H2011 compared to nine in 1H2010, resulting in a remarkable increase of 226%, according to a recent report by Zawya, the leading online provider of business intelligence on the MENA region. Targeted deal values in the UAE amounted to US$2.07 billion in 1H2011, compared to US$633.91 million in 1H2010, resulting in an increase of 226%, Zawya said in its MENA Mergers and ...  >>MORE

First Arab business index by Abu Dhabi

Posted on 31/05/2011

Abu Dhabi on Monday launched the Arab world's first business index as part of its ambitious long-term development strategy intended to attract capital, ensure viable growth and ease reliance on unpredictable oil sales. The Abu Dhabi Department of Economic Development (DED) invited scores of officials, bankers and businessmen to announce the launching of the index, which it said would provide more accurate economic data and help planners and businessmen take better economic and business ...  >>MORE

Finance House to open up shareholding to foreigners

Posted on 26/05/2011

Finance House PJSC (FH) has yesterday obtained all regulatory approvals to open up shareholding to foreign ownership, to the extent of 20% of its paid up equity share capital. An Extraordinary General Meeting (EGM) has been called for the 23rd of June, 2011, in order to amend the articles of association to comply with the requirements of Emirates Securities '&' Commodities Authority (ESCA), since under the present structure only UAE nationals enjoy the right to freely acquire and trade FH's ...  >>MORE

Abu Dhabi firms report lower profits

Posted on 16/05/2011

Lower earnings by nearly 30 companies listed on Abu Dhabi's bourse pulled down the combined income of most listed firms by 6.5 per cent in the first quarter of 2011 despite higher income by banks. Balance sheets published in the semi official daily Al Ittihad showed banks were one of two sectors to record higher net profits in the first quarter thanks to better investment income. The real estate sector, which was worst hit by the 2008 global financial crisis, recorded a surge in net income ...  >>MORE

Dubai fund to extend credit facilities

Posted on 02/05/2011

Dubai's US$20 billion financial support fund, set up in 2009 to help cash-strapped government owned companies, will now offer financial assistance to non-government entities to help them tide over liquidity problems. The Dubai Financial Support Fund "will grant loans and credit facilities to government and non-government entities.” The move follows a law of amendment issued by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of ...  >>MORE

12 UAE firms ranked on Forbes Global 2000 list

Posted on 24/04/2011

Twelve companies from the UAE have got place in The Forbes Global 2000 list of public companies based on their rankings for sales, profits, assets and market value. etisalat with sales of US$8.7 billion tops the list of the UAE companies and is ranked 449th. National Bank of Abu Dhabi stands at 825 (sales US$2.6bn), Emirates NBD at 876 (US$4.5bn) while First Gulf Bank holds 962 position (US$2.3bn). Other companies are DP World (1179, US$2.9 billion), Taqa (1287, US$5.8bn), Emaar Properties ...  >>MORE

Dubai Group to restructure about US$10b debt with creditors

Posted on 19/04/2011

Dubai Group, part of Dubai Holding, is restructuring about US$10 billion (Dh36.7 billion) in debts with creditors, a source close to the discussions said, but an agreement is far from close. Two sources familiar with the company's restructuring with banks said talks are still at a very early stage, contrary to a senior regional banker who said last week that a deal could be signed in the second quarter. The source close to the discussions, speaking on condition of anonymity, said the company ...  >>MORE

ADNEC begins commercial leasing of world famous Capital Gate tower

Posted on 07/04/2011

Abu Dhabi National Exhibitions Company (ADNEC), owner-developer of Capital Gate - Abu Dhabi's world famous signature tower, has launched commercial leasing of the tower. The 35-storey 160m Capital Gate (www.capitalgate.ae) offers approximately 15,000sqm of Grade A+ office space. The tower will also house the 5-star Hyatt Capital Gate hotel - Abu Dhabi's very first Hyatt property, occupying an area in excess of 25,000sqm. Capital Gate's office space is available on a shell-and-core basis to ...  >>MORE

Abu Dhabi tops Mideast meetings satisfaction: survey reports

Posted on 29/03/2011

International meetings buyers have ranked Abu Dhabi as delivering the greatest satisfaction of any regional destination in the 2011 Middle East Meetings Industry Research Report. The finding, which followed canvassing of more than 500 buyers, was revealed at the fifth Gulf Incentive, Business Travel '&' Meetings Exhibition (GIBTM) currently running at the Abu Dhabi National Exhibition Centre (ADNEC). With the UAE heading a ranking of 14 countries, Abu Dhabi then topped the breakdown for the ...  >>MORE

Dubai SME launches 'Dubai SME 100', first-ever ranking of leading small and medium enterprises

Posted on 15/03/2011

Dubai SME, an agency under the Dubai Department of Economic Development (DED) mandated to develop the small and medium enterprise (SME) sector, yesterday announced the launch of "Dubai SME 100", the first-ever ranking of top-performing and fast-growing SMEs in Dubai. The rankings aim to recognise and celebrate the SMEs that have made a difference to Dubai's economic landscape, while also establishing clear benchmarks to enable the creation of bigger, better, sustainable and globally-oriented ...  >>MORE

5 percent of SMEs in the UAE are utilising social media as a marketing tool to boost business

Posted on 06/03/2011

Less than 5 percent of small and medium businesses in the UAE are utilising social media regularly as a marketing tool, according to Zed Ayesh, Managing Director of Flagship Consultancy. Speaking at the 13th TECOM SME Builder workshop, Ayesh called on the Small and Medium Businesses in the UAE to start looking more seriously and sustainably at social media for boosting their sales. Ayesh added: "Marketing through social media allows small and medium businesses to communicate, educate and ...  >>MORE

UAE tops GCC M&A deals in January

Posted on 02/02/2011

Aldar topped the region's M&A and private placement deals in January, as the government rushed to save the beleaguered property firm. Overall, the UAE led the merger and acquisition transactions in the GCC, both in terms of value and in number. Capital IQ data shows that the first 30 days of this year saw 10 merger and acquisitions (M&A) and three private placement deals, with Abu Dhabi as the biggest investor. Out of the 10 M&A deals, seven are from the UAE, two are from Oman and one is ...  >>MORE

UAE Embassy Trade '&' Commercial Office conducts explores collaboration in Las Vegas

Posted on 13/01/2011

Representatives from the Trade '&' Commercial Office of the United Arab Emirates Embassy in Washington, DC recently visited Las Vegas, Nevada, where they met with local and state economic development and political officials to acknowledge the strong commercial ties between the UAE and Nevada, and discuss areas for future collaboration. The outreach and awareness mission was led by Saud Al Nowais, Commercial Counsellor and Director of the UAE Trade '&' Commercial Office at the UAE Embassy. Al ...  >>MORE

UAE private sector sees steady growth

Posted on 05/01/2011

The UAE's purchasing managers index (PMI), a composite indicator of the performance of the non-oil private sector, remained steady in December, indicating solid recovery in the sector. The index, compiled by HSBC Holdings and Markit Economics, was 53.8 in October and fell marginally to 52.9 in November and registered 53 in December. "The latest PMI reading suggests that the economy continues to normalise. The uptick in new orders is particularly encouraging but I still view this as a ...  >>MORE

75% UAE businesses project growth in 2011

Posted on 04/01/2011

Business leaders in the UAE are among the most optimistic and bullish about business prospects for 2011 with more than 75 per cent projecting growth. According to a survey by Grant Thornton, an accounting group, the business confidence in the emirate is at par with other world's fastest growing economies like India, Brazil and Germany, delivering scores of 75 or above. The International Business Report, an annual survey of 11,000 owners of private medium and large businesses in 39 countries ...  >>MORE

Mubadala to provide support to Emirates Foundation's new Civil Society Initiatives

Posted on 25/11/2010

The Emirates Foundation for Philanthropy announced yesterday that Mubadala, the strategic investment and development company, has agreed to provide financial and in-kind support to their new Civil Society Initiative. The Civil Society Initiative is intended to encourage Emirati social entrepreneurs to lead new projects in fields such as education, community development, environmental sustainability and public awareness, and to drive citizen participation to enrich the fabric of national civil ...  >>MORE

DED unwraps new offices at Business Village

Posted on 27/10/2010

The Dubai Economic Department, or DED, on Tuesday opened its new premises at Business Village. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, inaugurated the new facility which has been designed to reflect Dubai's resurgent confidence and optimism. The opening of new the building comes at a time when "Dubai enters its next level of growth having successfully emerged from one of the most challenging times for the global economy,” said Sami Dhaen Al Qamzi, ...  >>MORE

SMEs account for 85% of UAE businesses

Posted on 20/10/2010

Raza Meghji, partner, Grant Thornton UAE, said that as the Small and Medium-sized Enterprises (SME) sector currently accounts for more than 85% of all business in the UAE, it represents the primary driver of job creation and growth in the country and the biggest challenge faced by them is the access to finance, which was exacerbated by the global financial crisis. He stated: "By adopting IFRS for SMEs, small businesses in the UAE will be able to provide potential lenders and investors with ...  >>MORE

UAE top gainer in Gulf investor confidence survey

Posted on 19/10/2010

Investor confidence on the UAE improved substantially particularly on real estate and construction sectors, thanks largely to Dubai World restructuring and new bond issuances. According to Shuaa Capital's monthly GCC Investor Sentiment Report, the biggest gainer in third quarter was the UAE, which saw the largest rise among investors' confidence towards economic conditions. The Emirates' on balance figure increased by 30.7 per cent, rising to -8.8 per cent. However, according to investors, ...  >>MORE

UAE top ME acquirer in 2010

Posted on 11/10/2010

The UAE is "the most acquisitive Middle Eastern country” during the first nine months of 2010 by accounting for 57.8 per cent of the total mergers and acquisition (M&A) activity in the region, the latest Thomson Reuters Middle East Investment Banking Analysis said on Sunday. Kuwaiti companies are the most attractive to Middle Eastern acquirers, with 37 per cent of the activity, the report said. The UAE is followed by Qatar, Saudi Arabia, Egypt, Bahrain, Kuwait, Lebanon, Iran and Oman, as ...  >>MORE

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Quick List

Jersey Minister arrives in Abu Dhabi for talks on Jersey's business links with UAE


Abu Dhabi starts e-licence from April 8


Replica of Wall Street bull set to charge into Dubai


103,792 valid trade licenses listed in Abu Dhabi in 2011


Dubai means business campaign unveiled


Google to target UAE’s digital finance market


Dubai SME announces top 100 SMEs in first-ever ranking initiative


Gulf Capital secures Dh500 million revolver acquisition facility from ADCB


Abu Dhabi a promising hub for investments


Red carpet for Gulf firms


Robust surge in new orders spurs UAE business


Dubai Holding Commercial Operations Group Confirms Repayment of US$500m bond


Dubai business mood surges in Q3


Dubai businesses bullish on fourth quarter: DED


UAE law on bankruptcy nears final approval


Emirati entrepreneurs represent UAE at G20 Young Entrepreneur Summit in France


UAE businesses required to switch to metric system from 11/11/11


Dubai is Gulf hub for French firms


UAE companies bag 24 Stevies


Investment Corporation of Dubai to repay US$4 billion facility in full on maturity


Abu Dhabi's new financial heart starts to beat


UAE takes lead of M'&'A deal volume with 32 deals in 1H2011, says Zawya


First Arab business index by Abu Dhabi


Finance House to open up shareholding to foreigners


Abu Dhabi firms report lower profits


Dubai fund to extend credit facilities


12 UAE firms ranked on Forbes Global 2000 list


Dubai Group to restructure about US$10b debt with creditors


ADNEC begins commercial leasing of world famous Capital Gate tower


Abu Dhabi tops Mideast meetings satisfaction: survey reports


Dubai SME launches 'Dubai SME 100', first-ever ranking of leading small and medium enterprises


5 percent of SMEs in the UAE are utilising social media as a marketing tool to boost business


UAE tops GCC M&A deals in January


UAE Embassy Trade '&' Commercial Office conducts explores collaboration in Las Vegas


UAE private sector sees steady growth


75% UAE businesses project growth in 2011


Mubadala to provide support to Emirates Foundation's new Civil Society Initiatives


DED unwraps new offices at Business Village


SMEs account for 85% of UAE businesses


UAE top gainer in Gulf investor confidence survey


UAE top ME acquirer in 2010