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 Leggi tutto »

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 Leggi tutto »

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 Leggi tutto »

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 Leggi tutto »

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 Leggi tutto »

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 Leggi tutto »

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 Leggi tutto »

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 Leggi tutto »

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 Leggi tutto »

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 Leggi tutto »

His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, recently led a council meeting that underscored the leadership’s dedication to the stability and wellbeing of UAE citizens. The meeting focused on reviewing the latest governmental work, plans, developments, and initiatives. It also highlighted several projects aimed at meeting citizens’ needs and boosting their wellbeing by improving infrastructure, facilities, and community services. During this meeting, His Highness approved the ambitious Abu Dhabi Tourism Sector Strategy 2030. This strategy is set to transform …

Sheikh Khaled Leads Abu Dhabi Council Meeting With A Vision For Growth And Wellbeing Leggi tutto »

For the third consecutive year, the United Arab Emirates has clinched the top spot globally in the Global Entrepreneurship Monitor (GEM) report for the year 2023-2024. This remarkable achievement comes as the country achieved a record-breaking rate of 7.7, the highest in the history of the report, solidifying its position as the premier destination for starting and conducting new business ventures. The GEM report underscored the UAE‘s excellence across 12 out of 13 indicators globally, including funding for entrepreneurial projects, access to financing, market entry ease, infrastructure, research and development, knowledge transfer, government programmes, supportive …

UAE ranks first in world in Global Entrepreneurship Monitor 2024 report Leggi tutto »

From towering hotels to luxury residences The United Arab Emirates (UAE) already boasts an impressive skyline. But a slew of upcoming UAE megaprojects will take its grandeur to a higher notch. From Ciel Tower to Surf Abu Dhabi, here are the infrastructure projects that will transform the country in 2024 and beyond. Quality infrastructure According to the Global Competitive Report 2023, published by the World Economic Forum, the UAE ranks fourth in terms of infrastructure quality globally. UAE Minister of Energy and Infrastructure Suhail Mohamed Al Mazrouei recognized the importance of this milestone when he said, “The recognition is …

Upcoming infrastructure projects transforming the UAE in 2024 Leggi tutto »

His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, expressed his pride in these outstanding results and achievements via his official X account. Dubai: The UAE is ranked first regionally and 10th globally in the ‘Global Soft Power Index’ (GSPI) 2024.His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, expressed his pride in these outstanding results and achievements via his official X account. “The UAE’s ascent in global recognition continues unabated. Our 10th place ranking …

UAE ranked 10th in the world, 1st regionally in Global Soft Power Index 2024 Leggi tutto »

Bozzetti (EFG Consulting): “Confidiamo che Investopia Europe a Milano diventi un volano di investimenti da parte degli Emirati Arabi Uniti verso l’Italia”. Abu Dhabi, 29 febbraio 2024 – Durante l’ultima edizione di Investopia, attualmente in corso ad Abu Dhabi, alla presenza del Ministro dell’Economia degli Emirati Abdulla bin Touq Al Marri, del Viceministro delle Imprese e del Made in Italy Valentino Valentini e dell’Ambasciatore italiano negli Emirati Lorenzo Fanara è stata ufficialmente lanciata la seconda edizione di Investopia Europe, che si terrà a Milano il prossimo 10 maggio a Palazzo Mezzanotte. La piattaforma d’investimento nata …

AD ABU DHABI IL LANCIO UFFICIALE DI INVESTOPIA EUROPE Leggi tutto »

At the crossroads of a rapidly evolving global economy, Investopia 2024 emerges as a transformative platform to connect the worlds leading investors with value-creating opportunities in emerging economic sectors. Every year, the UAE is cementing its place as one of the epicenters of a dynamic shift in the global investment landscape. The inception of Investopia was driven by a clear vision: to navigate the evolving economic terrain amidst global uncertainties and to unearth opportunities in new economic sectors poised for exponential growth. The “why” behind Investopia’s vision is intricately connected to the “what” that defines …

Investopia 2024: Investing in the New Economy Growth Sectors Leggi tutto »

The decision to remove the Emirates from the Paris-based watchdog’s monitoring list was made after a comprehensive on-the-ground review The Financial Action Task Force, the global body that combats money laundering and terrorism financing, has removed the UAE from its “grey list” after significant reform progress.The decision to take the UAE off the Paris-based watchdog’s increased monitoring list was made after a comprehensive on-the-ground review of the Arab world’s second-largest economy. It was placed on the grey list in 2022.Barbados, Gibraltar and Uganda are the other three jurisdictions that are no longer on the grey list, the task …

UAE removed from Financial Action Task Force ‘grey list’ after reform progress Leggi tutto »

Deals with the country’s top 10 overseas trading partners also grew 26% The UAE’s non-oil foreign trade hit a record Dh3.5 trillion ($953 billion) in 2023, bolstered by its economic diversification plans despite a decline in the international movement of goods and services. The country’s trade with its top 10 most important foreign partners grew 26 per cent last year, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, said on social media platform X on Sunday. “We indicated at the beginning of 2023 that it will be a record year for the economy … and the …

UAE’s non-oil foreign trade hit record $953bn in 2023 Leggi tutto »

Emirate reports best-ever annual tourism performance, exceeding 2019 figure, amid continued expansion of its economy Dubai recorded its best-ever annual tourism performance in 2023, with international tourist arrivals to the emirate increasing by 19.4 per cent annually to 17.15 million, amid the continued expansion of its economy. Last year’s figure exceeded the previous record of 16.73 million visitors registered in 2019, according to the latest data published by Dubai’s Department of Economy and Tourism. “Dubai’s ability to constantly generate diverse and refreshingly novel travel and tourism experiences catering to a wide range of visitors has been …

Dubai welcomed a record 17 million international visitors in 2023 Leggi tutto »

Dr Sultan Al Jaber takes part in first trip which will take Adnoc workers from Abu Dhabi to Al Dhannah The first passenger journey on Etihad Rail’s route between Abu Dhabi and Al Dhannah took place on Thursday. Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and managing director and group chief executive of Adnoc, was among the first passengers. Once operational, the route, which was announced in November, will enable Adnoc workers to travel by train from Abu Dhabi to Al Dhannah, 250km west of the capital. “The development of passenger rail services between …

Etihad Rail makes first passenger journey between Abu Dhabi and Al Dhannah Leggi tutto »

TEMA DELLA SECONDA EDIZIONE: “DARE FORMA AGLI INVESTIMENTI E BUSINESS FUTURI” Dopo il grande successo dello scorso anno, il 10 maggio torna a Milano per la seconda edizione Investopia Europe, la piattaforma di investimento globale lanciata dal governo degli Emirati Arabi Uniti nel 2021 e approdata in Italia a maggio 2023 grazie alla partnership con EFG Consulting, società di consulenza strategica per i processi di internazionalizzazione con focus sul Medio Oriente. Titolo di quest’anno: “Dare forma agli investimenti e business futuri”. Investopia è un ecosistema in cui cresce l’economia di oggi e nasce quella di …

TORNA IL 10 MAGGIO A MILANO INVESTOPIA EUROPE, LA “DAVOS DEL MIDDLE EAST” Leggi tutto »

Global investment flows rose by 3 per cent last year to about $1.37 trillion The UAE ranked second after the US for greenfield foreign direct investment last year, as project announcements in the Emirates rose by 28 per cent, bolstering its position as a worldwide FDI hub despite global economic uncertainties, a UN report has said. Greenfield FDI flows into Saudi Arabia, the Arab world’s biggest economy, also jumped by 63 per cent last year, according to the report by the UN Conference on Trade and Development, released on Wednesday. “In West Asia, FDI remained stable (up 2 per …

UAE ranks second globally for greenfield FDI in 2023 Leggi tutto »

The two MoUs were signed with two companies that specialise in developing and manufacturing transportation systems, as well as designing mass transportation solutions for zero emissions Dubai’s Roads and Transport Authority (RTA) has signed two key memoranda of understanding (MoUs) aimed at developing new transportation systems. The first agreement will look at developing the Floc Duo Rail system, a driverless, eco-friendly double-track system that allows transportation units to move swiftly. The second will explore the development of a rail bus system, which travels on a bridge equipped with solar panels to generate the electricity needed …

Dubai: RTA inks strategic MoUs to develop duo rail system, rail bus project Leggi tutto »

The UAE‘s participation at the World Economic Forum in Davos highlighted the country’s commitment to leveraging artificial intelligence AI as a driving force for economic growth and sustainable development. In a powerful session titled “Generative AI: Steam Engine of the Fourth Industrial Revolution,” UAE Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, Omar Al Olama, emphasized the UAE’s unwavering dedication to harnessing the transformative power of AI. Al Olama underscored the UAE’s proactive role in recognizing AI’s immense potential, stating that the country has been investing heavily in AI for over two decades. This commitment has positioned the UAE as a global …

Generative AI: Steam Engine of the Fourth Industrial Revolution Leggi tutto »

The UAE’s TradeTech Initiative was launched at Davos 2023 in partnership with the World Economic Forum (WEF) to accelerate the adoption of technology in the global trading system The Future of Utilities report, published on the eve of the World Economic Forum’s Annual Meeting in Davos, found that grid readiness and the integration of renewables into the grid network is the biggest single threat to realising net zero ambitions in the power sector. The study, incorporating insights from nearly 600 industry experts worldwide, highlights a need for coordinated global action to expedite grid development. This …

Al Zeyoudi: UAE’s adoption of TradeTech is leading the way to deliver smarter, greener and more inclusive global trade Leggi tutto »