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THE ECONOMY - ECONOMIC DEVELOPMENT

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

IMF report shows steady growth recovery for UAE

Posted on 22/05/2012

The UAE has weathered the global economic and financial crisis well due to strong fundamentals as well as timely policy responses, a new International Monetary Report shows. The UAE's GDP growth this year is expected to decline to 2.3 per cent, down from 4.9 per cent last year, as fiscal consolidation continues. Thwe UAE's GDP is expected to reach US$386 billion (Dh1.41 trillion) this year, up from US$360 billion (Dh1.32 trillion) last year, according to the report. The report also ...  >>MORE

Take steps for economic unity: Mansouri

Posted on 20/05/2012

UAE Minister of Economy Sultan bin Saeed Al Mansouri recently headed the UAE delegation to the 45th meeting of the Gulf Cooperation Council Committee for Trade Cooperation, held in Riyadh. Ministers discussed the common law to combat commercial fraud in the GCC, and the secretariat's note on self-financing of the Centre for Commercial Arbitration of the GCC countries. The meeting saw the recommendation to approve the adoption of the costs of the comprehensive study on the flow of goods to ...  >>MORE

UK-UAE Joint Economic Council considers 7 joint working teams

Posted on 17/05/2012

The second meeting of the UK-UAE Joint Economic Council discussed proposals to set up joint working teams on energy, education, health, infrastructure, finance and business, small and medium size enterprises and defence. The discussions took place in London at the meeting which was presided over by Nasser Bin Ahmed Al Suwaidi, Head of the Economic Development Department in Abu Dhabi. Lord Marland, Chair of the UK Business Ambassadors' Network and UK Minister at the Department of Energy ...  >>MORE

UAE economy grew 4.9% on high oil prices, safe haven status in 2011

Posted on 17/05/2012

The UAE's GDP is estimated to have grown 4.9 per cent last year, said the latest report by the International Monetary Fund (IMF), adding that the UAE economy continues to recover from the fallout of the global downturn. "The recovery of the economy is continuing despite the uncertain global economic environment. High oil prices and increased production, strong growth in Asia, and the UAE's perceived safe haven status in the context of the regional turmoil contributed to an estimated real GDP ...  >>MORE

Economy gets Dh8.8b boost by last year's Summer Surprises

Posted on 16/05/2012

More than four million people visited Dubai's summer attractions last year, boosting Dubai's economy by Dh8.8 billion, including Dh5.9 billion spent by regional and international visitors, and Dh2.9 billion spent by UAE residents. During the Dubai Summer Surprises (DSS) 2011 festival, an estimated four million people enjoyed DSS-related activities and events, with a total of 888,882 regional and international visitors and just over three million UAE residents attending, according to its ...  >>MORE

Economy Minister addresses ESCWA's 27th session

Posted on 10/05/2012

Beirut - UAE's approach for comprehensive development has become an example for countries of the region and the world at large, says Economy Minister Sultan bin Saeed Al Mansouri. Addressing the 27th Ministerial Session of the United Nations Economic and Social Commission for Western Asia (ESCWA) in Beirut yesterday, Al Mansouri, reviewed the UAE experience in development since the days of the late Sheikh Zayed bin Sultan Al Nahyan, saying priorities in building the nation were given to ...  >>MORE

UAE economy set to expand 2.3% this year

Posted on 03/05/2012

The UAE economy is expected to grow at 2.3 per cent this year, it was revealed by Masood Ahmed, IMF director for the Middle East, in Dubai on Wednesday. "Middle East North Africa, Afghanistan, and Pakistan (MENAP) region economies will grow one per cent more than the last year, thanks to the higher oil prices,” Masood said after presenting the regional economic outlook in Dubai. The GDP growth of these countries decreased in 2011 to 4 per cent but is projected to increase back up to 5 per ...  >>MORE

Dubai to lead UAE growth in 2013

Posted on 26/04/2012

Dubai is firmly moving towards a full recovery and is expected to spearhead real growth in the UAE economy in 2013, according to a Western study. The UAE's GDP, the second largest in the Arab world, surged by 4.7 per cent in 2011 after recording 3.2 per cent growth in 2010 and 3.7 per cent contraction in 2009, said the study by the Washington-based Institute for international Finance (IIF). IIF projected UAE GDP growth to slow down to 3.2 per cent in 2012 and 2013 due to slackening growth ...  >>MORE

UAE, Poland urged to tap huge potential for new ventures

Posted on 23/04/2012

The UAE minister of economy called for stronger economic cooperation between the UAE and Poland, pointing to energy, industry and tourism as the main areas of investment in each country. Sultan Al Mansouri was speaking at the UAE-Poland Business Forum organised by the Dubai Chamber of Commerce and Industry yesterday, attended by the Polish prime minister. "UAE trade with Poland in 2008 was in the region of US$500 million [Dh1.83 billion] annually and was low due to the global financial ...  >>MORE

The World Bank: Abu Dhabi No. 2 worldwide in time to enforce contracts

Posted on 22/04/2012

The Emirate of Abu Dhabi is No. 2 in the world for the time required to enforce business contracts, the World Bank's Doing Business 2012 Report has said. Time is one of three indicators used by the Report to measure Enforcing Contracts Effectiveness. It covers time required to file and serve the case, for trial and obtaining judgment, and to enforce the judgment. Courts of Abu Dhabi Judicial Department (ADJD) managed to make this development despite the increase in cases filed before them ...  >>MORE

Global recovery is ‘fragile’

Posted on 22/04/2012

The UAE has welcomed the slight recovery in global economy and the reduced threat of a sharp global slowdown, but warned that the recovery is ‘very fragile' that could easily be reversed. "There should, therefore, be no letup in efforts to restore confidence, reduce debt, and achieve the stability that is necessary for balanced and sustained growth,” Obaid Humaid Al Tayer, UAE Minister of State for Financial Affairs, said in a statement on behalf of the GCC and Middle Eastern nations at ...  >>MORE

DED sees 17% increase in licenses issued in March 2012

Posted on 16/04/2012

The Dubai Department of Economic Development (DED) issued 1,507 licences for various types of businesses in Dubai in March 2012, a 17% increase from the 1,284 licenses issued in March 2011, reflecting robust growth and stability across key economic sectors in the emirate. A majority of the new licences issued was in the tourism sector (156%), followed by the professional (18%) and commercial (16%) sectors. The total number of trade names issued in March 2012 reached 6,056, a 37% increase ...  >>MORE

UAE 2011 fiscal surplus put at Dh71.5 billion

Posted on 12/04/2012

A surge in oil prices turned a UAE fiscal deficit in 2010 to a surplus of around Dh71.5 billion in 2011 although public expenditure remained at one of its highest levels, according to a key Western finance organisation. The UAE suffered from a deficit in its consolidated financial account (CFA) of around Dh29.5 billion in 2010 as a result of lower oil prices and a sharp rise in spending as part of fiscal stimulus measures adopted by the second largest Arab economy in the wake of the 2008 ...  >>MORE

Dubai to spur UAE growth in 2012

Posted on 27/03/2012

The UAE economy is projected to grow by around 3.5 per cent in 2012 as a result of strong performance in Dubai's non-hydrocarbon sectors and massive public spending by Abu Dhabi, according to a key Saudi bank. Overall GDP growth in the UAE and its five partners in the Gulf Cooperation Council (GCC) will also be likely healthy this year, with a forecast 4.2 per cent, the Saudi American Bank Group (SAMBA) said in a new report. "Abu Dhabi's recent commitment to press ahead with large-scale ...  >>MORE

Abu Dhabi is on track to achieve growth targets

Posted on 22/03/2012

Abu Dhabi is on track to achieve its economic growth targets set in Vision 2030, said Mohammed Omar Abdullah, undersecretary, Abu Dhabi Department of Economic Development. "The annual economic growth rate of five to six per cent envisaged in Vision 2030 may not be met this year. It can fluctuate, however, on an average in the next 18-years, the target fixed will be achieved,” he said. Speaking to reporters after opening the Global Investment Forum organised by DED Abu Dhabi and ...  >>MORE

Economy to grow around 4% this year

Posted on 21/03/2012

The United Arab Emirates' economy is likely to expand nearly 4 per cent this year, Minister for Economy Sultan Bin Saeed Al-Mansoori said on Tuesday. "The UAE economy is expected to grow by almost 4 per cent in 2012,” he told a conference in the UAE capital. "This is an estimate” by the end of the year it could be better.” A merger between the Abu Dhabi and Dubai stock exchanges is still on the table, the United Arab Emirates' economy minister said on Tuesday, with a committee expected to ...  >>MORE

Dubai, Abu Dhabi most competitive cities in Middle East

Posted on 13/03/2012

Dubai and Abu Dhabi have got top positions in the Middle East in terms of the most competitive cities in the region, according to a latest research by the Economist Intelligence Unit (EIU). Commissioned by Citi, the report, entitled Hot Spots, analysed the characteristics of 120 cities worldwide. It measures competitiveness based on a city's ability to attract capital, business, talent and tourists. Globally, Dubai has got 40th ranking and Abu Dhabi 41st. New York was ranked as the most ...  >>MORE

UAE economy grew 3.3 pc in 2011

Posted on 12/03/2012

The UAE's economy grew an estimated 3.3 percent in 2011, the economy minister said on Sunday. The United Arab Emirates' economy grew an estimated 3.3 percent in 2011, the economy minister was quoted as saying on Sunday, slower than analysts had expected but still more than double the pace seen in the previous year. Economy Minister Sultan bin Saeed al-Mansouri said the UAE, one of the world's top five oil exporters, had faced unprecedented regional and global challenges last year. But he ...  >>MORE

Open sky policy boosts competitiveness of national economy, says UAE Economy Minister

Posted on 01/03/2012

UAE Economy Minister, Chairman of the Board of Directors of the General Civil Aviation Authority (GCAA) Sultan Al Mansouri has stressed the importance of open sky policy, being adopted by the UAE, and has contributed to boosting the economic status of the UAE as a strategic business hub. The UAE minister made the remark, while signing the air transport agreement with Comoro Islands' Foreign Minister Mohammed Bakri Abdul Fatah Sherif in the presence of Saif Mohammed Al Suwaidi, Director ...  >>MORE

Abu Dhabi hosts first UAE-US Economic Policies Forum on Thursday

Posted on 29/02/2012

Abu Dhabi will host on Thursday, 1st of March 2012, the first UAE-US Economic Policies Dialogue. The UAE side will be lead by Khaled Al Ghaith, Assistant UAE Foreign Minister for Economic Affairs, while the US team will be chaired by Jose Fernandez, Assistant Secretary of State for Economic, Energy, and Business Affairs. Top UAE-US officials will meet on Thursday to share ideas on effective mechanisms to advance economic cooperation to better serve common interests and embrace best ...  >>MORE

DED releases eight key indicators in 2011

Posted on 12/02/2012

The Department of Economic Development (DED) in Abu Dhabi, has released eight key indicators in 2011: the Consumer Confidence in Economic Performance Index, the National Family Conditions Observatory, the Business Cycle Index, the Confidence in Business Climate Index, the Labour Market Demand Trends Index, the industrial Index, the Financial Sector Index and the Foreign Trade and Exports Index. Most of these development indicators, revealed optimism of individuals in various categories ...  >>MORE

Department of Economic Development issues 14,360 licences In 2011

Posted on 09/02/2012

Key economic sectors and economic activity in Dubai remained stable and growing in 2011, with the Department of Economic Development (DED) issuing 14,360 business licenses during the year. The professional services sector, at seven per cent, accounted for the most number of licenses in 2011 followed by the tourism sector at five per cent. The top ten business activities in Dubai accounted for 12,527 - 24.8 per cent - of the 50,589 activities for which licenses were issued in 2011, compared to ...  >>MORE

Dubai will meet debt maturities in 2012, says report

Posted on 06/02/2012

Dubai will overcome its debt maturities in 2012 with the help of internal cash flow, asset sale and market refinancing, said a report. Lebanese Bank Audi analysts said in a report that Dubai is indeed likely to be able to manage the rollover of its 2012 debt maturities through a combination of internal cash generation, potential asset sales and market refinancing. Investment bank JP Morgan also said in a report last month that Dubai's government-related entities (GREs) can pay down or ...  >>MORE

UAE Minister of Economy discusses key economic issues at Davos

Posted on 29/01/2012

Davos - Sultan Al Mansoori, UAE Minister of Economy, said the Arab Spring, which began one year ago, presents challenges to the economies across the region, but also opportunities. Speaking to the Media at the World Economic Forum in Davos, he added that the UAE, as a stable, secure state, will see some immediate short-term benefits as investment flows to safe havens, but in the longer term, all economies in the Middle East will benefit. "The Arab Spring presents an opportunity for all ...  >>MORE

UAE proves keen to keep an edge

Posted on 23/01/2012

The UAE and South Korea have linked up in an effort to ensure the competitiveness of their national economies and maintain an edge over nearby rivals. The Emirates Competitiveness Council (ECC) has partnered its South Korean counterpart to boost productivity in the UAE economy. It has also signed research and development deals with universities in both countries intended to bolster strategic industries. The two countries are seeking to share expertise of economic management that has led to ...  >>MORE

UAE most diversified economy in Middle East

Posted on 23/01/2012

The UAE was the most diversified economy in the Middle East, more than many of the developed countries, according to IMD World Competitiveness Centre Index. The index ranked the emirate as the 26th most diversified economy in the world, more diversified than Norway (29), Hong Kong (30), Australia (32), Spain (45), Portugal (47), New Zealand (48), Luxembourg (51), Greece (54) and Russia (58). IMD rated Canada just one notch above the UAE, ranking it 25th most diversified economy globally. ...  >>MORE

The UAE is the second best Arab economy in 2011: Forbes - Middle East

Posted on 10/01/2012

The UAE has been ranked the second best Arab economy, according to "Forbes - Middle East" study 2011. According to the study, the high oil prices, witnessed during the past year, have contributed to the achievement of profitable revenue growth in the economies of the Arab oil-exporting countries, 7 of which topped the list of "2011 Top Performing Economies in the Arab Region." Saudi Arabia topped the list, followed by the UAE in the second place, Qatar in third place and Oman in fourth place. ...  >>MORE

Mohammed bin Rashid issues decree on fines levied on economic establishments

Posted on 09/01/2012

Vice-President and Prime Minister of UAE His Highness Sheikh Mohammed bin Rashid Al Maktoum, in his capacity as the Ruler of Dubai, has issued a decree on the value of fines imposed on the economic establishments in the Emirate of Dubai. The Decree No. 1/Year 2012 stipulates to reduce the amount of the fines in accordance with the rates and periods specified in the table annexed with it. The violations existed prior to the issue of the decree on 5th January 2012 only will be eligible for ...  >>MORE

Global uncertainty causes slump in UAE non-oil sector's output

Posted on 05/01/2012

Business growth in the UAE's non-oil private sector slumped to a four month low in December, according to the latest HSBC Purchasing Managers' Index (PMI). Output and new order growth both rose at weaker rates last month while employment levels stagnated, the report said. The situation is also unlikely to improve dramatically in the first quarter of 2012 because of the gloomy global economic scenario. The HSBC PMI, which measures business activity of 400 private firms in the UAE across ...  >>MORE

Abu Dhabi registers 893 firms

Posted on 02/01/2012

The Abu Dhabi Department of Economic Development (ADDED) registered 893 new construction firms under 42 categories last year, a statement said. It has also renewed 813 licences and modified 26. Licence renewals increased by 30 per cent compared to 623 renewals in 2010. Since the implementation of new regulations, 42 engineering consulting offices were classified in Abu Dhabi, whereas the number of registered and classified engineering consulting offices amounted to 684. Equal ...  >>MORE

UAE families see uptick in Q4 expenditure

Posted on 26/12/2011

Nearly half of UAE-citizen families in Abu Dhabi expect their monthly spending will go up in the fourth quarter of the year, according to opinion polls results. The findings further reveal that household borrowing in the capital went up 3.8 per cent and more than 19 per cent of expenditure accounts for payment of loan instalment. “Forty-eight per cent of citizen families, expected that their monthly expenditure would increase during the fourth quarter of this year,” according to the ...  >>MORE

MoE: Price-related complaints on the rise

Posted on 19/12/2011

The Ministry of Economy (MoE) has received 6,195 complaints related to price hikes this year and this includes 1,200 complaints, which were filed after the UAE President issued a decision to increase the salaries of federal authority staff earlier in the month. Dr Hashim Al Nuaimi, director of the Consumer Protection Department, said that the ministry had received 407 complaints in the first quarter, 598 in the second, 1,403 in the third and 258 during September and November. He explained ...  >>MORE

Al Mansoori: GCC common market is able to become an influential cluster on the global economic map

Posted on 15/12/2011

Sultan Al Mansoori, UAE Minister of Economy, said GCC countries have a golden opportunity to support the performance of the GCC common market to be an influential cluster in the international arena such as the European Common Market. He referred to the possibility of achieving this, especially as the Gulf economy has the ability to take advantage of various new economic opportunities in the world and always fully prepared for integration in the global economy. Al Mansoori was speaking during ...  >>MORE

UAE back in top 25 global rankings

Posted on 11/12/2011

The UAE has managed to overcome several obstacles to return to the Top 25 rankings of countries based on brand attributes established by FutureBrand in its 2012 Country Brand Index report. What makes it even more compelling is that this was achieved in a particularly volatile year for the neighbourhood. Lana Bdeir, managing director of FutureBrand Middle East and Africa, said: "Given the backdrop of the Arab Spring, the UAE has clearly come out as a secure place to live and work in the ...  >>MORE

UAE remains a major hub for foreign investment

Posted on 08/12/2011

The UAE plays a vital role in re-energising trade and investment worldwide and is now the regional headquarters of over 25 per cent of the top 500 companies in the world, said Shaikha Lubna Al Qasimi, Minister of Foreign Trade. Speaking at the official release of Why UAE, a new book about setting up business here, and the official launch of the UAE foreign trade relations map, Shaikha Lubna said the UAE is now diversifying its economy by relying on non-oil sectors. With regard to the ...  >>MORE

Dubai makes progress in cutting debt, but challenges remain

Posted on 07/12/2011

The Dubai government and its state-owned entities have come a long way in tackling its maturing debt during the last two years, with the government now facing significantly lower liabilities, rating agency Moody's Investor Services said yesterday. Despite the consistent improvement in governance, transparency and discipline shown by Dubai entities that resulted in the upgrading of credit ratings for some of these entities, Moody's said that some of these entities continue to face refinancing ...  >>MORE

Provisions of new companies law enhance economic competiveness: Al Mansouri

Posted on 05/12/2011

Sultan Al Mansouri, Minister of Economy, said the new companies' law issued by the cabinet yesterday contributes to enhance the competitiveness of the national economy at all local, regional and international levels as well as enhance the performance of the business environment and investment climate in the UAE. The Minister pointed to the importance of being a new law that keep pace with local and global economic developments and supports the economic openness and diversification policies. He ...  >>MORE

Abu Dhabi capital spending remains high in 2010

Posted on 05/12/2011

Abu Dhabi maintained high capital spending in 2010 as part of massive fiscal expansion measures taken by the oil-rich emirate to mitigate the effects of the 2008 global fiscal distress and slackening bank lending. Official data showed capital expenditure was as high as 38.3 per cent of total public spending in 2010, slightly lower than the previous year’s 39.2 per cent but much higher than the 35.7 per cent recorded in 2008. Analysts believe the size of capital spending last year was higher ...  >>MORE

UAE does not take any unilateral measures against Syria, says Minister of Economy

Posted on 01/12/2011

Engineer Sultan bin Saeed Al Mansouri, Minister of Economy, Chairman of the UAE General Civil Aviation Authority (GCAA), has refuted the reports of some TV channels that the Dubai government has prevented flights to Syria as a punitive measure in the light of current political events there. "As we refute this news we would like to emphasize that the UAE does not take any action unilaterally in this regard as it is a member of the Arab League and comply with all collective resolutions", he ...  >>MORE

UAE among 25 rapid growth markets

Posted on 29/11/2011

The UAE has been ranked among the world's 25 rapid growth markets (RGMs) – growing at 4.3 per cent over the past 10 years, according to a report by Ernst & Young. Qatar had the highest nominal GDP (US$) per capita at PPP in 2010 among the 25 RGMs, followed by the UAE. Over the past 10 years, Qatar has also been the fastest growing economy, with an average growth of 13 per cent per annum. Egypt's average growth was at 4.9 per cent, the UAE at 4.3 per cent and Saudi Arabia at almost 3.2 per ...  >>MORE

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Quick List

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


IMF report shows steady growth recovery for UAE


Take steps for economic unity: Mansouri


UK-UAE Joint Economic Council considers 7 joint working teams


UAE economy grew 4.9% on high oil prices, safe haven status in 2011


Economy gets Dh8.8b boost by last year's Summer Surprises


Economy Minister addresses ESCWA's 27th session


UAE economy set to expand 2.3% this year


Dubai to lead UAE growth in 2013


UAE, Poland urged to tap huge potential for new ventures


The World Bank: Abu Dhabi No. 2 worldwide in time to enforce contracts


Global recovery is ‘fragile’


DED sees 17% increase in licenses issued in March 2012


UAE 2011 fiscal surplus put at Dh71.5 billion


Dubai to spur UAE growth in 2012


Abu Dhabi is on track to achieve growth targets


Economy to grow around 4% this year


Dubai, Abu Dhabi most competitive cities in Middle East


UAE economy grew 3.3 pc in 2011


Open sky policy boosts competitiveness of national economy, says UAE Economy Minister


Abu Dhabi hosts first UAE-US Economic Policies Forum on Thursday


DED releases eight key indicators in 2011


Department of Economic Development issues 14,360 licences In 2011


Dubai will meet debt maturities in 2012, says report


UAE Minister of Economy discusses key economic issues at Davos


UAE proves keen to keep an edge


UAE most diversified economy in Middle East


The UAE is the second best Arab economy in 2011: Forbes - Middle East


Mohammed bin Rashid issues decree on fines levied on economic establishments


Global uncertainty causes slump in UAE non-oil sector's output


Abu Dhabi registers 893 firms


UAE families see uptick in Q4 expenditure


MoE: Price-related complaints on the rise


Al Mansoori: GCC common market is able to become an influential cluster on the global economic map


UAE back in top 25 global rankings


UAE remains a major hub for foreign investment


Dubai makes progress in cutting debt, but challenges remain


Provisions of new companies law enhance economic competiveness: Al Mansouri


Abu Dhabi capital spending remains high in 2010


UAE does not take any unilateral measures against Syria, says Minister of Economy


UAE among 25 rapid growth markets