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THE ECONOMY - ECONOMIC DEVELOPMENT

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

The leadership's economic strategy boosts UAE position: Al Mansouri

Posted on 29/11/2012

Economy Minister Sultan Al Mansouri said the UAE's economic strategy since the inception of Union to date has managed to diversify the sources of income, liberalise the economy and catapult the UAE to the rank of the second largest Arab economy. He added the GDP surged from Dh6.5 billion in 1971 to over Dh1 trillion in 2010, up by 150 folds. Per capita jumped from Dh100, 000 in 1975 to Dh132, 000 in 2010. The inflation percentage dropped by 8 per cent in 1979 to 0. 88 per cent in 2010. The ...  >>MORE

Abu Dhabi non oil sector's contribution set to increase effectively by 2030

Posted on 29/11/2012

The Undersecretary of the Economic Development Department- Abu Dhabi Mohammed Omar Abdulla has expected the Abu Dhabi non oil sector's contribution to the economy would rise by 64 per cent by 2030, thanks to the development of productive sectors, especially the industry, tourism, telecommunications and transport. The remark was made during a meeting organised by National Media Council (NMC) yesterday morning with 65 journalists from 25 countries, who are visiting the UAE upon the invitation ...  >>MORE

UAE economy to reap oil windfall gains

Posted on 25/11/2012

The UAE economy will benefit greatly from the high oil prices during 2012 although given the investment programmes and handout schemes which were announced during 2011, much of the money has already been earmarked for spending, say experts. "Still, Abu Dhabi — and by extension the UAE — should benefit from achieving a healthy budget surplus, despite the generous spending plans,” Samuel Cizsuk, Consultant at the UK-based KBC Process Technology Ltd told Gulf News. "Thanks to high oil prices ...  >>MORE

UAE, Bahrain top economic freedom list

Posted on 22/11/2012

Toronto: Bahrain and the United Arab Emirates (UAE) are home to the highest levels of economic freedom among Arab nations, according to the annual Economic Freedom of the Arab World report. The report published by the Fraser Institute, Canada's leading public policy think-tank, in partnership with the Friedrich Naumann Foundation for Liberty (FNF) and the International Research Foundation (IRF) of Oman. Bahrain, which ranked first last year, improved its overall score to 8.1 out of 10 from ...  >>MORE

New exhibition puts financial literacy in the spotlight

Posted on 19/11/2012

The importance of financial literacy continues to be a hot topic in the UAE, with the Abu Dhabi Council for Economic Development (ADCED) this week expanding its Dirhami campaign to include an interactive exhibition at Marina Mall. Designed as a maze, the exhibition asks participants a range of questions on money management, both personally and professionally, with the aim of reaching the end of the maze successfully. "Following our success in raising financial awareness among hundreds of ...  >>MORE

ADDCI and Alberta eye wider economic cooperation

Posted on 18/11/2012

Ways to promote trade and investment relations between Abu Dhabi and Canada's Alberta Province were discussed by President of Abu Dhabi Chamber of Commerce and Industry (ADCCI) and visiting International and Intergovernmental Relations Minister at the Alberta government Cal Dallas. "The Canadian senior official's visit provides an outstanding opportunity to enhance trade and industrial cooperation and to update the Canadian delegation on Abu Dhabi's plans for future projects as part of Abu ...  >>MORE

Summit on The Global Agenda 2012 concludes with call for world leaders to take a global view

Posted on 15/11/2012

The World Economic Forum's fifth Summit on the Global Agenda ended yesterday with a call for world leaders to take a long-term global perspective and not be too focused on domestic problems. Klaus Schwab, Founder and Executive Chairman, World Economic Forum, warned in the closing session that "2013 will be a very crucial year, with many rupture points". Relaying the concerns of Summit participants, he added: "I appeal to the world's leadership, particularly in those countries with new leaders ...  >>MORE

UAE tops MENA in prosperity rankings

Posted on 11/11/2012

Jeddah - Middle East and North Africa (MENA) countries span the Legatum Prosperity Index rankings. The United Arab Emirates, for example, ranks in the top 30 overall, while Iraq and Afghanistan—two new countries in the Index this year —rank within the bottom 15 countries in the Index according to a report published by the Saudi Gazette The best performers are Jordan, Kuwait and the United Arab Emirates. Among the worst performers are Afghanistan, Syria, and Iran, where more than 40 percent of ...  >>MORE

UAE expected to grow 3% despite global uncertainty

Posted on 08/11/2012

The UAE economy is expected to grow three per cent in the year 2012 despite global economic uncertainty and a recent dip in oil prices, a top economic manager said. "We have put the crisis behind us. Preparing for the next phase of development, we have managed to successfully forge ahead with new plans and strategies,” said Mohammed Ahmed bin Abdulaziz Al Shehhi, Undersecretary at the UAE Ministry of Economy, in a keynote speech at the Standard and Poor's Leader's Forum, in Abu Dhabi on ...  >>MORE

Solid increase in UAE’s non-oil private sector output

Posted on 06/11/2012

The UAE's purchasing managers' index (PMI), a composite indicator of the performance of the non-oil private sector recorded a level of 53.8 in October, unchanged from the September level. The index, compiled by HSBC Holdings and Markit Economics signalled a solid improvement in operating conditions during the latest survey period reflecting optimistic sentiment; output was up moderately, despite robust expansions in new orders. At 53.8, unchanged from September, Output at UAE non-oil private ...  >>MORE

Abu Dhabi earns Dh393b from oil exports in 2011

Posted on 06/11/2012

Abu Dhabi's GDP grew 6.8 per cent in 2011 on constant prices due to robust growth in crude oil and natural gas, financial and insurance, and manufacturing sectors. Oil, gas and oil products exports rose to Dh393.439 billion, while non-oil exports climbed to Dh11.478 billion in the year. The growth was led by the hydrocarbon sector, which expanded 9.4 per cent. The financial and insurance sector grew 10.5 per cent, while manufacturing jumped 9.8 per cent in the year marred by the global ...  >>MORE

UAE stays most prosperous Arab country

Posted on 31/10/2012

The UAE maintained its status as the most prosperous country in the Arab world and ranked amongst thirty overall ‘Top Performers' worldwide, according to the Legatum Institute's annual prosperity index released on Tuesday. The UAE was ranked 29th worldwide, dropping two places over the last year's ranking but still retained its top position in the Middle East and North Africa (Mena). The Emirates was ranked 47th worldwide in 2009. The Legatum Prosperity Index is based on assessment of global ...  >>MORE

Capital ranked ‘most productive’

Posted on 17/10/2012

Abu Dhabi was ranked the "most productive” economy and was chosen as one of 27 "cities of opportunity” by one of the world's leading accounting firms. The UAE capital came ahead of New York, San Francisco, Los Angeles and Chicago for productivity in the annual report released by PricewaterhouseCoopers, or PwC, and the Partnership for New York City. PwC's "Cities of Opportunities 2012” report has analysed the performance of 27 cities at the centre of finance, commerce and culture and studies ...  >>MORE

Abu Dhabi hailed as one of world's 'Cities of Opportunity'

Posted on 16/10/2012

Abu Dhabi was chosen as one of 27 "cities of opportunity" in an annual ranking conducted by one of the world's leading accounting firms. The capital, the only Middle East city included in the survey, was ranked the "most productive", based on the amount of GDP produced by each worker in the city. PricewaterhouseCoopers puts the UAE capital ahead of New York, San Francisco, Los Angeles and Chicago for productivity. The ranking, which rates cities according to 10 criteria, one of which is ...  >>MORE

Sharjah's economy expected to grow significantly over next four years - Shurooq

Posted on 16/10/2012

The emirate of Sharjah has chosen four key sectors to fuel its economic growth over the next four years, according to a recent study released by the Sharjah Investment and Development Authority (Shurooq). The key sectors are travel and tourism, transport and logistics, healthcare, and environment, in addition to other sectors which are projected to offer the most significant investment potential based on Sharjah's competitive advantages and unique characteristics. "Sharjah is capitalising now ...  >>MORE

UAE economy right on track

Posted on 07/10/2012

Abu Dhabi and Dubai are staging a gradual recovery from a slowdown, helped by high oil prices, accommodative monetary policy and fiscal policies in mild consolidation drive, Bank of America Merrill Lynch, or BofA ML, Global Research said. "We thus see upside to our conservative real gross domestic product, or GDP, growth projections for the UAE of three per cent for 2012 and 2013,” the bank said in a statement. The International Monetary Fund has estimated the GDP to grow by 3.5 per cent for ...  >>MORE

UAE economy grows as new orders surge

Posted on 04/10/2012

Non-oil business activity of the UAE private sector rose in September as new orders surged to a 15-month high, a purchasing managers' survey showed on Wednesday. The UAE Purchasing Managers' Index, or PMI, rose in September to 53.8 points, up from 53.3 in the month before, reflecting the economy's steady pace of growth amid increasing signs of a global slowdown, the HSBC said on Wednesday. "Non-oil private sector business activity in the UAE strengthened in September, compared to the month ...  >>MORE

Abu Dhabi announces results of Economic Horizons of Abu Dhabi 2012 - 2016 report

Posted on 25/09/2012

Economic Development Department of Abu Dhabi launched the results of Economic Horizons of Abu Dhabi 2012 - 2016 report, in attendance of Mohammed Omar Abdullah, Undersecretary of the Department, as well as a number of high officials and businessmen in the emirate. Mohammad Omar Abdullah, after declaring the results in a press conference, asserted that the emirate's economy is undergoing a new phase of progress and improvement, and transformation towards diversification on the route of ...  >>MORE

Cost of living in Dubai rising rapidly

Posted on 16/09/2012

The cost of living in Dubai is rising rapidly compared with that in other countries, an international cost of living survey revealed yesterday. According to the latest global study by UBS, Dubai is now the 22nd most expensive city in the world - five places higher on UBS's rankings than it was last year - and still the most expensive city in the Middle East. However, prices in the city remain comparatively lower than they were in UBS's 2009 study, when the city came 19th in the world. ...  >>MORE

Key economic indicators show UAE is well placed

Posted on 13/09/2012

The continuation of the turnaround of the UAE economy in 2012 from 2011 is a welcome relief, however availability of liquidity will remain the key to the turnaround, the CEO of Daman Investments, one of the leading UAE-based investment management companies, said on Wednesday. Shehab Gargash was commenting on the current and future financial landscape and the company's updates while releasing the Daman Investments GCC Economic Report 2012 at a media roundtable in Dubai. In his analysis, ...  >>MORE

Ministry of Economy signs MoUs with Canada to promote innovation in SME sector

Posted on 12/09/2012

The UAE's Ministry of Economy and Canada's MaRS Discovery District of Toronto, Ontario, and Sustainable Development Technology - Canada (SDTC) signed separate memorandums of understanding (MoU) to establish strategic partnerships aimed at fostering innovation and R'&'D, and accelerating the growth of small and medium enterprises (SMEs), in accordance with the UAE's strategy to build competitive knowledge-based economy. The agreements will facilitate exchange of information in the SME sector, ...  >>MORE

E-govt database system launched

Posted on 05/09/2012

In the fast face moving industry for economic development, Ministry of Economy in cooperation of the information Economic Centre launches an electronic data base system. This will serve the industry, Commerce, Tourism, Agriculture and Investment of the country which represent a fundamental axis of the national economy. The Economic Data Base System (DBS) was inaugurated and established in the presence of the Nasser Al Suwaidi Director of Licensing Department of the Ministry of Economy and the ...  >>MORE

DED issues 1426 trade licenses in July 2012

Posted on 28/08/2012

The Department of Economic Development (DED) has issued 1426 trade licenses in July 2012 showing an increase of 9 per cent over the same period last year. The professional sector accounted for the highest increase in number of licenses (29%) followed by the commercial (4%), industry and tourism sectors, compared to July 2011. According to the figures released by the department, the increase in licenses relates to a higher level of interest in commercial and professional activities among ...  >>MORE

Dubai voted 13th most important city in the world

Posted on 23/08/2012

Dubai has been voted as the 13th most important global city and the eight fastest growing city in importance for high net worth individuals (HNWIs) by Knight Frank and Citi Private Bank. According to the Wealth Report 2012, Dubai has been ranked 10th in the quality of life category ahead of Barcelona, Madrid, Vienna, Toronto and Dallas. In the knowledge and influence category, the emirate holds the 11th position, while it is ranked seventh in the economic activity category. The Wealth Report ...  >>MORE

DED survey shows confidence growing among exporters and manufacturers in Dubai

Posted on 15/08/2012

Stronger optimism among exporters, manufacturers and a number of retailers gearing for busier days ahead are the highlights of the latest quarterly business survey conducted by the Department of Economic Development (DED) in late June 2012. The survey reveals that half of the businesses in Dubai expect the third quarter of 2012 to bring in increased sales and profits while 20pc see stable sales. Sales expectations are especially higher among small and medium enterprises (SMEs) but large ...  >>MORE

UAE economic growth on sound footing

Posted on 26/07/2012

The UAE ranks as the third-most competitive economy in the region after Qatar and Saudi Arabia, the latest study by Dubai Chamber of Commerce and Industry (DCCI) finds. According to the World Economic Forum's Global Competitiveness Report 2011/12, the UAE ranks 27th out of 142 countries, below Switzerland (in the 1st place), United States (5th), Qatar (14th) and Saudi Arabia (17th), but higher than other regional peers, such as Oman (32nd), Kuwait (34th), Bahrain (37th) and Egypt (94th). ...  >>MORE

DEC calls for macroeconomic model for Dubai

Posted on 26/07/2012

The Dubai Economic Council called for a macroeconomic model for the emirate that factors important economic sectors The Dubai Economic Council, or DEC, which comprises leading businessmen and officials representing vital sectors of the economy, called for a macroeconomic model for the emirate that factors important economic sectors such as real estate, construction, and oil and gas sectors, as well as free zones, which need to be included. In a statement, the DEC said that due to the complex ...  >>MORE

Dubai on strong economic footing: Merrill Lynch

Posted on 19/07/2012

Dubai's diversification model has right mix to re-accelerate growth, said Bank of America Merrill Lynch in a report entitled "GCC 2020: Time to Shift Gears”. The report observed that more endowed countries such as Saudi Arabia, Qatar and the UAE have better chances to outperform their regional peers in economic growth. BofA Merrill Lynch economists said that Dubai is set on course to outperform growth projections driven by job creation, improved funding and solid execution of its ...  >>MORE

UAE ranked 1st on Arab level as the Innovation-based Economy

Posted on 04/07/2012

The World Economic Forum placed UAE first on the Arab level and 23rd on global level for the sixth consecutive year in the category of the Innovation-based Economy. The Global Competitiveness Report 2011-2012 released yesterday assessed the ability of the world countries to promote innovation and knowledge in order to push their economies to compete globally. – Emirates News Agency, WAM ...  >>MORE

Dubai makes strong progress with drop in credit risk: Analyst

Posted on 24/06/2012

Dubai's default risk dropped almost four times more than the Middle East average this month as a series of debt repayment agreements showed government-related companies are benefiting from an economic recovery. The cost of insuring the emirate's debt for five years retreated 40 basis points in June to 355 yesterday, according to data provider CMA. That compares with an 11 basis-point decline in average credit default swaps in the Middle East to 320, while contracts for the Group of 10 nations ...  >>MORE

Abu Dhabi spending at all time high

Posted on 21/06/2012

Abu Dhabi, buoyed by a surge in oil revenue, boosted public spending to an all time high in 2011 and the increase was in both current and development expenditure, according to the IMF. The increase was in both current expenditure and development spending, which climbed to its highest level of more than Dh7 billion as the emirate appeared to be pursuing post-crisis fiscal expansionary measures. Despite a sharp rise in oil income, the emirate's fiscal balance recorded a deficit albeit less ...  >>MORE

UAE records 15% surge in outward remittances

Posted on 21/06/2012

The UAE recorded an ‘extremely high annual growth rate of 15 per cent in outward remittances' which has helped to lessen the pressure of currency appreciation, experts said in new study released on Tuesday. While remittance flows to countries in the Middle East and Africa region grew by 2.6 per cent, the slowest among all developing regions due to the uncertainties and civil unrest triggered by the Arab Spring, the GCC countries accounted for more than 25 per cent of inward remittances to the ...  >>MORE

UAE corporates have ample cash cushions

Posted on 18/06/2012

The non-financial corporate sector in the UAE is showing signs of fiscal improvement, albeit stress testing indicates continued vulnerabilities to global financial conditions, particularly in the real estate sector, the International Monetary Fund, or IMF, said. The Washington-based fund said in its country report on the UAE, that the corporate-financial link is important for the Emirates. Total assets of 53 listed non-financial corporates decreased slightly to US$127 billion in the third ...  >>MORE

UAE Minister of Economy showcases features of investment environment to Spanish investors

Posted on 16/06/2012

Barcelona - Sultan Al Mansoori, UAE Minister of Economy, has showcased the economic fundamentals and features of the investment environment of the UAE in front of Spanish officials, on the sidelines of his visit to Barcelona. This came during a meeting organized by the Chamber of Commerce and Industry OF Barcelona in the presence of Miquel Valls, the President of the Chamber and a number of senior officials from both the public and private sectors. In his presentation Al Mansoori shed light ...  >>MORE

Al Mansouri: UAE's economy expected to grow by 3% this year

Posted on 05/06/2012

The Minister of Economy Sultan Bin Saeed Al Mansouri said the UAE's Gross Domestic Product (GDP) is expected to grow by 3% this year with inflation to reach 1.1% as the Ministry is preparing to issue a number of laws to boost the economy based on the UAE's interest in advancing economic diversification policies. Speaking at a news briefing in Dubai to reveal the UAE's GDP data for 2011, the minister said he expected inflation in the UAE to reach 1.1% this year. By the end of 2011, the ...  >>MORE

RAK growth at 8% last year

Posted on 04/06/2012

Ras Al Khaimah is taking measures to spur growth by developing tourism and other non-oil sector and believes it will benefit from tourism expansion in any other emirate, its ruler was quoted on Sunday as saying. "I don't feel there is competition between the emirates. Dubai is benefiting from Abu Dhabi and Abu Dhabi is benefitting from Dubai. The growth of Dubai for me represents an opportunity,” HH Sheikh Saud bin Saqr Al Qasimi told the Dubai-based Arabian Business magazine in an ...  >>MORE

Reem Al-Hashimy celebrates UAE strides in Global competitiveness

Posted on 02/06/2012

Expressing her jubilation on UAE's recognisable progress in its global competitiveness ranking this year, Reem Al-Hashimy, Minister of State and Chairwoman of the Emirates Competitiveness Council has said on-going government investment in infrastructure, education, knowledge industries as well as the reforms and improvements to the business environment are key pillars in the government's strategy for better future competitiveness. According to the IMD World Competitiveness Yearbook 2012, the ...  >>MORE

UAE climbs up in economic competitive rankings

Posted on 31/05/2012

Reliable infrastructure, a business-friendly environment and a dynamic economy are the key attractiveness indicators that have helped the UAE climb 12 places to 16 in the 2012 World Competitiveness Yearbook (WCY) rankings. The WCY rankings measure how well countries manage their economies and human resources to increase their prosperity. The survey is conducted by IMD, a global business school based in Switzerland. The most competitive of the 59 ranked economies in 2012 was Hong Kong, ...  >>MORE

Dubai's economy gets strong push from trade flows and tourism

Posted on 30/05/2012

Dubai's economy grew 3.4 per cent in real terms in 2011, helped by strong trade flows and rising tourist numbers, the emirate's statistics office said Tuesday. Dubai saw its foreign trade jump by a record 22 per cent in 2011, driven by strong flows with Asia, while passenger traffic at its main airport rose 8 per cent to nearly 51 million. This year the number of passengers at Dubai International surged 14 per cent to 18.8 million in January-April from the same period a year ago. Cargo ...  >>MORE

UAE, South Korea seek to take commercial ties to next level

Posted on 23/05/2012

Trade between South Korea and the UAE in 2012 is poised to top last year's figure of US$20 billion, buoyed by their growing commercial ties, a top UAE official said yesterday. "South Korean President Lee Myung-bak has already made two state visits to the UAE in less than two years (and) with the support of President His Highness Sheikh Khalifa Bin Zayed Al Nahyan and Sheikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, (South ...  >>MORE

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Quick List

UAE enters 5th decade stronger


The leadership's economic strategy boosts UAE position: Al Mansouri


Abu Dhabi non oil sector's contribution set to increase effectively by 2030


UAE economy to reap oil windfall gains


UAE, Bahrain top economic freedom list


New exhibition puts financial literacy in the spotlight


ADDCI and Alberta eye wider economic cooperation


Summit on The Global Agenda 2012 concludes with call for world leaders to take a global view


UAE tops MENA in prosperity rankings


UAE expected to grow 3% despite global uncertainty


Solid increase in UAE’s non-oil private sector output


Abu Dhabi earns Dh393b from oil exports in 2011


UAE stays most prosperous Arab country


Capital ranked ‘most productive’


Abu Dhabi hailed as one of world's 'Cities of Opportunity'


Sharjah's economy expected to grow significantly over next four years - Shurooq


UAE economy right on track


UAE economy grows as new orders surge


Abu Dhabi announces results of Economic Horizons of Abu Dhabi 2012 - 2016 report


Cost of living in Dubai rising rapidly


Key economic indicators show UAE is well placed


Ministry of Economy signs MoUs with Canada to promote innovation in SME sector


E-govt database system launched


DED issues 1426 trade licenses in July 2012


Dubai voted 13th most important city in the world


DED survey shows confidence growing among exporters and manufacturers in Dubai


UAE economic growth on sound footing


DEC calls for macroeconomic model for Dubai


Dubai on strong economic footing: Merrill Lynch


UAE ranked 1st on Arab level as the Innovation-based Economy


Dubai makes strong progress with drop in credit risk: Analyst


Abu Dhabi spending at all time high


UAE records 15% surge in outward remittances


UAE corporates have ample cash cushions


UAE Minister of Economy showcases features of investment environment to Spanish investors


Al Mansouri: UAE's economy expected to grow by 3% this year


RAK growth at 8% last year


Reem Al-Hashimy celebrates UAE strides in Global competitiveness


UAE climbs up in economic competitive rankings


Dubai's economy gets strong push from trade flows and tourism


UAE, South Korea seek to take commercial ties to next level