Influx of tourists, government initiatives and technological advancements will spur economic growth, rating agency says The UAE’s economy is expected to expand by 4 per cent in 2024 and 3 per cent this year, driven by strong growth in its non-oil sector, according to a new report. The rising number of tourist arrivals, supportive government initiatives and increasing tech advancements are expected to spur the country’s economic expansion, S&P analysts said. Key contributors to the country’s economic growth in 2024 include wholesale trade, industry, real estate, construction, financial services and tourism, as well as oil and gas, Trevor …

UAE economy to expand 4% in 2024 on non-oil sector growth, S&P says Leggi tutto »

Development indicators in the emirate of Sharjah have achieved remarkable growth, as the total business licenses issued and renewed during the year 2022 grew by 5% compared to 2021, to more than 72,242 business licenses, according to the Sharjah Economic Development Department (SEDD) 2022 Annual Report. The report recorded a qualitative increase in “commercial, professional and industrial” licenses issued, at rates of 8%, 24%, and 9%, respectively, in 2022 compared to 2021. Also, businesswomen’s licenses in the emirate posted a growth of 15% during 2022. Additionally, the SEDD worked to regulate the conduct of economic …

Economic development indicators in Sharjah recording impressive growth Leggi tutto »

Strategic partnerships with private sector foster cutting-edge renewable projects Dubai: The Dubai Electricity and Water Authority (DEWA) is steadfastly supporting the directives of the UAE’s visionary leadership in pursuit of a sustainable economy that aligns with the national agenda. This commitment is manifested through strategic partnerships with the private sector, fostering the implementation of cutting-edge projects in clean and renewable energy, and hosting global events aimed at attracting investments to bolster sustainability, not only in the UAE but across the region. This is in line with the wise vision of High Highness Sheikh Mohamed bin …

How Dubai innovates on renewable projects to boost climate finance, support COP28 goals Leggi tutto »

Il Presidente del Consiglio dei Ministri, Giorgia Meloni, ha incontrato oggi il Presidente designato della Conferenza delle Nazioni Unite sui cambiamenti climatici (COP28), Dr. Sultan Al Jaber. Hanno concordato in particolare su come i cambiamenti climatici rappresentino una sfida importante per il nostro pianeta e per l’umanità e richiedano un’azione forte e ambiziosa da parte di tutti i Paesi per rafforzare i rispettivi 2030 Contributi determinati a livello nazionale (NDC’S) in tutte le dimensioni e a un ritmo molto più rapido, al fine di raggiungere gli obiettivi di lungo termine previsti dall’Accordo di Parigi. Il …

COP28, Meloni incontra Al Jaber Leggi tutto »

UAE had recorded an fiscal surplus in 2022, with a 31.8 per cent y-o-y growth revenues Abu Dhabi: The UAE Cabinet, on Monday, approved the federal 2024-2026 budget, totalling Dh192 billion. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai, chaired the UAE Cabinet meeting at Qasr Al Watan, Abu Dhabi. Sheikh Mohammed said, “The investment in social development and benefits represents 42 per cent of the budget, followed by government affairs, at 39 per cent. The rest of the budget was distributed to investments …

UAE Cabinet approves Dh192 billion 2024-2026 budget Leggi tutto »

They speak volumes about the dynamism and resilience of Abu Dhabi’s #economy. The non-oil sector surged by a remarkable 12.3%, propelling the total GDP to a 3.5% increase compared to the same period in 2022. Non-#oil activities in Abu Dhabi achieved a milestone, with real non-oil GDP reaching a record-breaking $41.9 billion, the highest since 2014. The preliminary figures indicate that Abu Dhabi’s real GDP in Q2 2023 soared to an all-time high of $78.1 billion, driven by robust growth in non-oil sectors. This surge boosted their contribution to the GDP to an impressive 53.7%, reflecting a …

The latest AbuDhabi GDP estimates for Q2 2023 are in Leggi tutto »

Middle East hospitality and residential development boom led by Saudi Arabia, UAE and Egypt Saudi Arabia, UAE and Egypt are the driving forces behind the Middle East’s $1.9tn hospitality and residential project development boom. Saudi Arabia, the UAE and Egypt account for 90 per cent ($1.7t) of investment in the Middle East, according to data released ahead of the Future Hospitality Summit, taking place in Abu Dhabi, until Wednesday September 27. Research by global independent real estate consultants Knight Frank reveals that Saudi Arabia is top of the region’s project investment table, with $1.2 trillion worth of …

Saudi Arabia, UAE and Egypt lead $1.9tn hospitality and residential push Leggi tutto »

Country has been aggressively pursuing its food security and sustainability initiatives to enhance self-sufficiency The UAE aims to increase the contribution of agriculture sectors in the economy by $10 billion (Dh36.7 billion) and create 20,000 jobs in the next five years, said Abdulla bin Touq al Marri, UAE’s Minister of Economy. While speaking during the fifth Future Food Forum in Dubai, the minister revealed seven key pillars to achieve the objective including localising innovation, fostering a UAE-first culture and food supply chain, making the UAE a global regulatory powerhouse ensuring that products are of higher …

UAE aims to create 20,000 jobs in agriculture: 7-point agenda to achieve targets revealed Leggi tutto »

Dr Sultan bin Ahmed Al Jaber, Minister of Industry & Advanced Technology and COP28 President-Designate has set out four pillars for the climate conference As the first country in the Middle East region to ratify the Paris Agreement, it is perhaps fitting that COP28 should be held in the UAE. The wealthy Gulf nation was the first regionally to commit to an economy-wide reduction in emissions, the first to announce a Net Zero by 2050 strategic initiative, and was just one of 25 countries in the world to revise its climate targets at Glasgow’s COP26 …

What are the four pillars of the COP28 UAE action agenda? Leggi tutto »

Geopolitical influence trumps economic gain as the UAE and Saudi Arabia’s accession to BRICS signals shifting alliances amid an emerging “new world order” The UAE and Saudi Arabia’s entry into the BRICS coalition may wield geopolitical advantage in the near term but promises limited economic gains, experts told Arabian Business. The two nations are expected to join the BRICS group of emerging economies in 2024, according to an announcement made at its annual summit in Johannesburg last month, raising many questions about what this could mean for the Gulf region and how the UAE and Saudi will be …

UAE, Saudi join BRICS amid ‘new world order’ of geopolitics, ‘limited’ economic gains take backseat Leggi tutto »

From the UAE to Saudi, these organisations are putting ESG at the heart of their own operations, and pioneering solutions to shape a more sustainable world While the Gulf nations are major oil and gas producers, they are increasingly playing a significant role in supporting global efforts to achieve net-zero with five of the six GCC states (Bahrain, Oman, Kuwait, Saudi and the UAE) committed to achieving net-zero targets. Many too, the UAE and Saudi especially, have made significant strides in rolling out low-carbon energy investments and initiatives and there are clear signs that financial …

Top 10 GCC companies pioneering in the sustainability space Leggi tutto »

From the UAE to Saudi, these organisations are putting ESG at the heart of their own operations, and pioneering solutions to shape a more sustainable world It will come as little surprise to hear that 38% of the Middle East and Africa region’s financial wealth is found in the countries that make up the Gulf Cooperation Council (GCC). That’s according to Boston Consulting Group’s (BCG’s) latest Global Wealth Report, now in its 23rd year, which also says that GCC nations of Saudi Arabia, United Arab Emirates, Kuwait, Qatar, Bahrain and Oman also has 27% of its wealth …

GCC wealth relies on UHNWIs, to reach US$3.5tn in 2027 – BCG Leggi tutto »

From pioneering vertical farms regionally to launching Food Tech Valley, the UAE is doubling down on efforts to reduce food imports and up local production When it comes to food, the UAE has long been reliant on others. Like other countries with desert climates, the Gulf country has resorted to dependence on food imports – importing 85% of its food supplies. But change is afoot. In line with its National Food Security Strategy 2051 targets, the UAE is looking to increase food production and agriculture in the country, adopt more advanced food technologies, and improve nutrition while …

How the UAE plans to triple food production, reduce imports Leggi tutto »

GCC’s Financial Wealth to Grow by 4.7% Annually, Reaching USD 3.5 Trillion by 2027 In a recent report by Boston Consulting Group, significant developments in the Gulf Cooperation Council’s (GCC countries are Saudi, #Oman, UAE, Qatar, Kuwait, Bahrain ) financial landscape have been unveiled. The GCC’s financial wealth is experiencing steady growth, projected to reach USD 3.5 trillion with a CAGR of 4.7% from 2022 to 2027. Notably, Ultra High Net Worth (UHNW) individuals contributed to 27% of the region’s wealth in 2022, playing a pivotal role in fostering #innovation and investment, thereby driving sustained …

report by Boston Consulting Group Leggi tutto »

Dubai has announced a Marine Transport Masterplan as it looks to make major updates by 2030 Dubai has announced major upgrades to marine transport in the city. A new masterplan will see huge increases to the number of passengers using marine transport and a massive lengthening of marine transport routes and extra stations. At the same time the city will introduce self-driving and 3D-printed electric abras. Dubai Marine Transport Master Plan 2030 Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, has approved the …

Dubai targets 22m passengers and 3D-printed electric abras as it unveils major marine transport upgrades Leggi tutto »

Una delegazione della Dubai Chamber of Commerce and Industry è stata a Milano nei giorni 7 e 8 settembre per una serie di incontri con importanti aziende italiane interessate al mercato degli Emirati Arabi Uniti (EAU) e per lanciare l’iniziativa International Partner Network. Guidata da Salem Shamsi, Vicepresidente – Global Markets della Dubai IChamber of Commerce e Noora Al Suwaidi, Direttrice Regionale – Europa e Americhe della stessa istituzione, la delegazione ha fatto tappa in Italia con l’obiettivo di promuovere opportunità commerciali transfrontaliere e per consolidare – tra i vari stake holder lombardi ed italiani …

LA DUBAI CHAMBER OF COMMERCE INCONTRA A MILANO LE AZIENDE ITALIANE PER APRIRE NUOVE OPPORTUNITA’ COMMERCIALI Leggi tutto »

The UAE is among the top 10 most powerful passports in the world for investment opportunities, thanks to its stable economy and focus on innovation, according to a new index by investment migration consultancy firm Global Citizen Solutions. The United Arab Emirates (UAE) has secured a remarkable position as the sixth most attractive destination globally and the top choice regionally for investment opportunities, according to a recent index published by Global Citizen Solutions, a leading investment migration consultancy firm.This achievement can be attributed to the UAE’s robust economy, unwavering commitment to innovation, and a host of other …

UAE first regionally and sixth globally in most popular country for investment opportunities Leggi tutto »

Dubai Chambers remains committed to supporting its members on their global expansion journeys in strategic markets around the world Dubai International Chamber revealed on Friday its plans for holding roadshows in Asia, Europe, and East and West Africa later this year to explore business opportunities. The chamber will also hold roadshows in the Baltic region, ASEAN countries, Turkey, and other African markets during 2024 Dubai International Chamber revealed on Friday its plans for holding roadshows in Asia, Europe, and East and West Africa later this year to explore business opportunities. The chamber will also hold roadshows in …

Dubai International Chamber outlines strategy for global expansion of 100 local businesses by 2024 Leggi tutto »

Dubai welcomes 8.55 million international visitors from Jan to June 2023 Dubai welcomed 8.55 million international overnight visitors in the first half of 2023, surpassing levels of H1 2019, when the emirate saw 8.36 million tourists. On a year-on-year basis, tourist numbers grew 20 per cent, data published by Dubai’s Department of Economy and Tourism (DET) showed. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council, said: “The remarkable surge in international visitors witnessed by Dubai in the first half of 2023 further demonstrates its emergence …

Dubai surpasses pre-pandemic international visitation levels in first half of 2023 Leggi tutto »

Goals of strategic plan 2023-2026 are in line with UAE Centennial objectives The Ministry of Finance has launched a four-year plan to help boost growth. The strategic plan 2023-2026 also focuses on financial empowerment, sustainability, innovation, financial leadership as well as future foresight, the Dubai Media Office, said on Sunday, quoting Sheikh Maktoum bin Mohammed, Deputy Prime Minister, Minister of Finance and First Deputy Ruler of Dubai. The strategic growth initiative is in line with the objectives of the UAE Centennial Plan 2071. “We will develop and implement sustainable financial policies to promote economic growth, create …

Ministry of Finance launches four-year plan to support economic growth Leggi tutto »

The UAE is seeking bilateral trade deals and partnerships to achieve its goals Dubai: The United Arab Emirates is looking to accelerate economic growth in the coming years as it seeks to double its gross domestic product to over $800 billion by the end of the decade. “The focus is to grow by 7 per cent,” Abdulla bin Touq Al Marri, the country’s economy minister, said in an interview with Bloomberg Television Thursday. “We need to double our economy to Dh3 trillion ($817 billion) by the end of 2030.” The country saw its economy grow …

UAE aims to grow economy 7%, reach over $800 billion by 2030 Leggi tutto »

Abu Dhabi renewable energy champion says oversubscribed bond ‘demonstrates investor confidence in sustainability credentials’ Masdar completed its first green bond issuance for $750m as the Abu Dhabi-based group prepares for intensified scrutiny as the global clean energy face of COP28 host the United Arab Emirates. Masdar said the first in what it plans to be a $3bn green bond programme was more than five times oversubscribed, “demonstrating investor confidence in Masdar’s financial strength and its 17 years of sustainability credentials”. The developer has one of the most ambitious agendas in global renewables, with a target …

UAE’s Masdar issues first $750m green bond as COP28 spotlight looms Leggi tutto »

Dubai’s impressive performance in various sectors has inspired confidence in the global community and major investors Dubai‘s economic progress during the first half of 2023 has exceeded expectations, according to a report reviewed by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council. The emirate welcomed more than 8.5 million international visitors, solidifying its status as the world’s leading tourist destination. Additionally, the Dubai Financial Market saw a significant rise of 14 percent, resulting in a AED71 billion gain in value. The real estate sector also experienced …

Dubai achieves ‘new levels of growth’ in first half of 2023 Leggi tutto »

UAE’s energy strategy first introduced in 2017 Updated strategy includes tripling renewables to 14 GW by 2030 Hydrogen to take off as costs come down in the next decade DUBAI, July 11 (Reuters) – The United Arab Emirates aims to produce 1.4 million tonnes of hydrogen annually by 2031 and expects the figure to increase tenfold to 15 million by 2050, an energy ministry official said on Tuesday. One of the world’s top oil exporters, the UAE is preparing to host the UN’s climate conference COP28 from the end of November and its climate credentials …

UAE’s revised energy strategy includes big hydrogen plans Leggi tutto »

DUBAI, July 5 (Reuters) – Foreign direct investment (FDI) flows into the United Arab Emirates rose 10% in 2022 from the previous year to a record $23 billion, the United Nations trade body said in a report on Wednesday. Globally, FDI fell 12% in the year, the United Nations Conference on Trade and Development (UNCTAD) report said in its World Investment Report 2023. The UAE, the Arab world’s second-biggest economy, attracted around 60% of total FDI into the six-member Gulf Cooperation Council (GCC) bloc, which more than doubled to $37 billion, UNCTAD said. FDI flows …

UAE attracts record $23 billion in foreign investment in 2022, UN report says Leggi tutto »