UAE tops list of 89 countries, and ranks high for entrepreneurship and being open for business The UAE has been named the world’s most economically stable country in a new ranking. The country tops a list of 89 countries released by US News and World Report. The UAE also ranked high for ‘entrepreneurship’ (No 15) and ‘open for business’ (No 33). Under the ‘entrepreneurship’ category, the UAE scored an impressive 86.9/100 points for connectivity to the rest of the world. It also achieved a score of 90.7 for being entrepreneurial. The UAE also scored high for …

UAE named most economically stable country in the world Read More »

Globally, growth is expected to remain stable but lackluster, with projections of 3.2 percent for both 2024 and 2025  The UAE’s real GDP is anticipated to hold steady at 4 percent in 2024, with an increase to 5.1 percent projected for 2025, as reported by the IMF World Economic Outlook (WEO). This forecast was launched during the 2024 IMF/World Bank Group Annual Meetings, which also predicted that the economies of the Middle East and Central Asia will grow by 2.4 percent and 3.9 percent in 2024 and 2025, respectively. Global growth trends Globally, growth is expected …

UAE’s real GDP expected to expand by 5.1 percent in 2025, according to IMF Read More »

In 2023, the United Arab Emirates (UAE) saw its non-oil trade surge to a new high of 3.5 trillion dirhams ($952.93 billion), according to Prime Minister Sheikh Mohammed bin Rashid al-Maktoum, who shared the news on X this Sunday. The country witnessed a 12.6% increase in its non-oil goods trade compared to the previous year, with the export of goods and services breaking the 1 trillion dirham mark for the first time, as stated by Thani Al Zeyoudi, the Minister of Foreign Trade, in a separate update on social media. Beginning in 2021, the UAE, traditionally known for its oil exports, …

UAE’s non-oil trade hits record high, surpasses $952bn in 2023 Read More »

Il settore turistico degli Emirati Arabi Uniti sta registrando un’espansione senza precedenti, con stime che prevedono oltre 40 milioni di turisti entro il 2030. Questo flusso contribuirà con $100 miliardi all’economia del Paese, quasi il doppio rispetto ai $48 miliardi del 2023. Gli aspetti più rilevanti sono:– Crescita dell’ospitalità e del retail: L’ospitalità rappresenta il 45% della spesa turistica, con il settore retail che raggiungerà $18 miliardi entro il 2030, trainato principalmente dalla moda (oltre 70% della spesa turistica nel retail).– Settore elettronico in espansione: Le vendite di elettronica stanno crescendo a un tasso del 9% CAGR dal 2023 al 2028, grazie alla reputazione degli Emirati …

Il settore turistico degli Emirati Arabi Uniti prevede una crescita straordinaria: $100 miliardi di contributo all’economia entro il 2030. Read More »

The top six cities manage two-thirds of sovereign wealth fund capital globally, which amounted to $12.5 trillion in October Abu Dhabi emerged as the leading city that manages the most sovereign wealth fund capital globally at $1.7 trillion, as of October 2024. This capital is managed by various sovereign wealth funds including the Abu Dhabi Investment Authority (ADIA), Mubadala Investment Company (MIC), Abu Dhabi Developmental Holding Company (ADQ), and the Emirates Investment Authority (EIA). Abu Dhabi overtakes Oslo’s top spot The latest report from Global SWF reveals that Abu Dhabi now ranks slightly above Oslo, home to …

Abu Dhabi tops global charts with $1.7 trillion in assets under sovereign wealth fund management Read More »

AED27.859 billion, or 39 percent of the total budget, has been dedicated to the social development and pensions sector The UAE Cabinet, chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has approved the union general budget for the fiscal year 2025. The budget totals AED71.5 billion ($19.5 billion) in revenues and AED71.5 billion in estimated expenditures, maintaining a balanced approach between income and spending. This federal budget represents the largest in the UAE’s history, underscoring the robustness of the national economy and …

UAE Cabinet approves $19.5 billion federal budget for 2025, largest in country’s history Read More »

The UAE Space Agency will be the general secretariat for the council, responsible for providing technical and administrative support The UAE Cabinet, chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE  and Ruler of Dubai, approved the formation of the Supreme Space Council in its latest meeting, a permanent entity reporting directly to the cabinet. The cabinet noted that Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, and Minister of Defence, will chair the council. Council members The Supreme …

UAE sets up Supreme Space Council, Sheikh Hamdan to be chairman Read More »

The residential facilities will be spread over five areas A new master plan for Expo City Dubai with residential and business facilities for around 75,000 people was approved on Thursday by Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai. The plan aims to transform the city, which hosted ‘Expo 2020 Dubai’ and the UN Climate Change Conference (COP28), into a major driver of future growth for Dubai. Spanning 3.5sqkm over five districts, Expo City Dubai will have the capacity to house more than 35,000 residents and …

Look: Sheikh Mohammed approves master plan for Expo City Dubai with capacity for 75,000 people Read More »

The emirate attracted 508 greenfield foreign direct investment projects during the January-June period Dubai remained the world’s top destination for greenfield foreign direct investment projects in the first half of 2024, despite challenging global economic conditions, a study has shown. The emirate topped major financial centres such as London, Singapore and New York across a range of sectors, including tourism, real estate, artificial intelligence, headquarters, logistics and FinTech. The emirate attracted 508 greenfield FDI projects during the January-June period, representing a 6.2 per cent global share, growing from 5.7 per cent in the same period last year, Dubai Media Office …

Dubai ranked world’s first for greenfield FDI projects, beating London and New York Read More »

The non-oil sector is expected to grow by 4.6 percent year-on-year in 2024  The UAE is forecasted to experience an economic expansion of 4.8 percent in 2025. Scott Livermore, ICAEW economic advisor and chief economist and managing director of Oxford Economics Middle East, made this projection in a statement to the Emirates News Agency (WAM). Non-oil sector expansion Livermore highlighted that the non-oil sector is expected to grow by 4.6 percent year-on-year in 2024. He noted that industries outside oil, particularly travel and tourism, will continue to thrive, with visitor numbers to Dubai and traffic through DXB reaching …

UAE’s economy projected to grow 4.8 percent in 2025 driven by non-oil sector, tourism surge: Oxford Economics Read More »

Centers to advance best practices and address key economic challenges by harnessing power of AI Microsoft Corp. and G42 will establish two new centers in Abu Dhabi to advance their collective responsible AI goals. The centers are part of their partnership announced earlier this year. Co-founded and co-funded by G42 and Microsoft, with the endorsement of the UAE’s Artificial Intelligence and Advanced Technology Council (AIATC), the first center will identify, develop and advance best practices and industry standards for the responsible use of AI in the Middle East and the Global South. The second is …

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The campaign will launch in major cities including Cannes, Munich, Paris, London, Zurich, Geneva, and New York The UAE has recently launched its ambitious ‘Invest in the Emirates’ campaign, extending a global invitation to top innovators, talents and entrepreneurs to explore the unparalleled opportunities within the country’s dynamic business landscape. The campaign will launch in major cities including Cannes, Munich, Paris, London, Zurich, Geneva and New York. Introduced by Idris Elba, the ‘Invest in the Emirates’ campaign will invite entrepreneurs and business leaders to bring their ideas to the UAE where they can not only …

UAE’s ‘Invest in the Emirates’ campaign to attract world’s top innovators, talents and entrepreneurs Read More »

Financial, insurance sector activities topped non-oil economic activities with 7.9% growth Dubai: The UAE’s real gross domestic product (GDP) reached Dh430 billion during the first quarter of 2024, signalling a 3.4 per cent growth compared to Q1 2023, the Minister of Economy Abdulla bin Touq Al Marri announced. He stated that the UAE non-oil GDP grew by 4 per cent during the first quarter (compared to Q1 2023), with financial and insurance activities achieving a 7.9 per cent growth rate. The Ministry said that robust tourism inflows to the UAE also led to a 4.6 …

UAE’s GDP grows 3.4% to Dh430 billion in first quarter of 2024 Read More »

ABU DHABI, 8th September, 2024 (WAM) — The UAE’s tourism sector continues to record remarkable performance in international tourist arrivals and hotel bookings, aligning with the UAE Tourism Strategy 2031, which aims to attract AED100 billion in tourism investments and boost the sector’s contribution to the GDP to AED450 billion by 2031. In 2023, the tourism sector contributed 11.7 percent of the UAE’s GDP, totalling AED220 billion, and is expected to rise to 12 percent or AED236 billion in 2024, according to figures from the World Travel and Tourism Council (WTTC). The WTTC projects the …

UAE Tourism: Boosting investments to drive GDP growth Read More »

The UAE’s non-oil exports to its top 10 trade partners rose by 28.7 per cent, while trade with all other nations increased by 12.6 per cent The UAE’s non-oil foreign trade reached a record high of Dhs1.39tn ($379.85bn) in the first half of 2024, Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai said on X on Sunday, reflecting the country’s initiatives to reduce its reliance on oil “A few years ago, we set ambitious national economic goals, aiming for Dhs4tn in foreign trade by 2031 …

Historic high: UAE’s non-oil foreign trade tops Dhs1.4tn Read More »

Through the virtual power plant project, DEWA has integrated over 8 DERs with a total flexibility of around 3.3 MW The Dubai Electricity and Water Authority (DEWA) announced today the completion of its pilot virtual power plant project, the first of its kind in the region. The project is one of the authority’s pioneering initiatives that aim to revolutionize the management of distributed energy resources (DERs) and enhance energy sustainability. Saeed Mohammed Al Tayer, MD & CEO of DEWA, emphasized the importance of a resilient distribution network in ensuring a reliable and sustainable energy supply …

DEWA completes region’s first pilot virtual power plant project, revolutionizes energy management and sustainability Read More »

Dubai’s economic growth in the first quarter of the year mirrors the success story of 2023 Dubai’s gross domestic product (GDP) grew 3.2 percent in the first quarter of 2024 compared to the same period last year, adding more than AED115 billion ($31.3 billion) in GDP terms, it was announced on Tuesday. Several key sectors that constitute the basic pillars of the emirate’s economic system contributed to this growth. The transportation and storage sector, and the financial and insurance activities sector achieved identical growth rates of 5.6 percent, the trade sector logged a growth of …

Dubai’s GDP tops $31.3 billion in Q1 2024, grows 3.2 percent Read More »

Gli Emirati Arabi Uniti (UAE) offrono una moltitudine di incentivi per gli investitori, supportando attivamente l’imprenditorialità e incoraggiando la creazione di nuove aziende per diversificare le fonti di reddito nazionali. Migliorando continuamente il proprio ambiente economico per attirare investimenti esteri, gli UAE mirano a rafforzare il ruolo di questi investimenti nella loro economia nazionale Vantaggi e Incentivi Proprietà al 100% delle Aziende A seguito della promulgazione della Legge sulle Società Commerciali nel 2020, gli investitori di tutte le nazionalità possono stabilire e possedere completamente aziende negli Emirati Arabi Uniti senza bisogno di un agente nazionale …

Aprire un’azienda negli Emirati Arabi Uniti Read More »

The Arab world’s second-largest economy attracted $30.7 billion worth of FDI inflows last year, according to a report by Unctad The UAE was ranked the second-largest market after the US for greenfield foreign direct investment in 2023, according to a UN report, as the country continues to boost business with its investor-friendly policies. The Emirates made 1,323 greenfield FDI project announcements last year, up 33 per cent annually, said the UN Conference on Trade and Development in its 2024 World Investment Report released on Thursday. The US had 2,152 greenfield FDI project announcements last year, while the UK (1,184), India (1,058) and …

UAE ranks second globally for greenfield FDI projects in 2023 Read More »

Earlier this month, Opec+ agreed to extend most of its oil output cuts into next year to shore up the market The UAE will maintain its position as the fastest-growing economy in the Gulf Cooperation Council (GCC) region in 2024 and 2025 as it will be able to raise oil output sooner than other oil-producing countries in the Opec+ group, economists said. James Swanston, economist for the Mena region at Capital Economics, projected that the UAE’s GDP will grow 3.3 per cent this year and 5.5 per cent in 2025, surpassing its Gulf peers as …

UAE to remain fastest growing economy in GCC in 2024 and 2025 Read More »

An estimated 21,563 new job opportunities were created through FDI in the sector in 2023 Dubai has ranked No.1 globally out of 115 cities for foreign direct investment (FDI) capital inflows into cultural and creative industries’ projects and for creating job opportunities in these sectors, it was announced on Tuesday. The emirate attracted 898 FDI projects into the cultural and creative industries in 2023, almost double the figure registered in the previous year (451), with a total FDI capital inflow of AED11.8 billion ($3.2 billion), marking a 60 percent increase. Moreover, an estimated 21,563 new …

Dubai tops global list for FDI in cultural, creative industries with $3.2 billion inflows in 2023 Read More »

In 2023, Dubai welcomed 1,070 global greenfield FDI projects, 142 percent more than second-placed Singapore Dubai has once again reinforced its position as the world’s leading hub for foreign direct investment (FDI). According to the Financial Times Ltd’s ‘fDi Markets’ data, the emirate ranked No. 1 overall in attracting global greenfield FDI projects in 2023, the third successive year it has achieved this ranking. The emirate also stood No. 1 globally within key clusters, including consumer goods, energy, e-commerce, and tourism for greenfield FDI projects attraction, greenfield FDI capital attraction, and jobs created through FDI attraction. In …

Dubai once again ranks No. 1 for attracting greenfield FDI projects Read More »

Cresce l’interscambio tra Emirati e Italia, ma soprattutto il numero di aziende italiane che investono a Dubai come hub verso altri mercati strategici Sono oltre 600 le imprese italiane già presenti negli Emirati Arabi Uniti che, con un valore dell’interscambio da e per l’Italia di 8,7 miliardi di euro nel 2023 (in crescita dell’8,6% rispetto al 2022), rappresentano il principale mercato di sbocco del nostro export nel Medio Oriente. Esportiamo soprattutto macchinari, prodotti legati al lusso (abbigliamento, pelletteria, calzature, oreficeria e gioielli), prodotti per la casa e prodotti chimici, ma sempre di più si fanno …

Dubai porta d’ingresso verso Africa e Medio Oriente per le aziende italiane Read More »

Balance between collaboration and competition among GCC destinations promotes tourism growth During his participation at the Arabian Travel Market 2024 (ATM), Abdulla bin Touq Al Marri, UAE Minister of Economy, revealed that the UAE expects the tourism sector to contribute 12 percent of its gross domestic product (GDP) this year, equating to AED236 billion. “According to the World Travel & Tourism Council (WTTC), our tourism sector has been a dynamic force within our economy, contributing an impressive 11.7 percent to GDP (in 2023), amounting to AED220 billion,” Al Marri said. Gulf-wide collaboration in focus A panel discussion …

ATM 2024: Tourism set to account for 12 percent of UAE’s GDP in 2024 Read More »

Entrepreneurs serve as the catalysts, creators, and drivers of the new future, steering innovation, and economic transformation. The Future 100 initiative, championed by the UAE Ministry of Economy and the Government Development and the Future office, casts a spotlight on the human talent developing solutions propelling the UAE towards the most dynamic and competitive economy. Aligned with the Forward Economy pillar of the “We the UAE 2031” vision, this national initiative is crafted to identify, recognize, and accelerate the most exemplary companies in the UAE’s future economic sectors. Embracing future sectors and technologies is paramount …

BUILDING THE UAE’S FUTURE ECONOMIC SECTORS Read More »