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 »

Ministry to ensure UAE remains an active investment hub in the region Abu Dhabi: His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, on Monday approved the establishment of a Ministry of Investment at a Cabinet meeting. Mohammed Hasan Al Suwaidi was appointed as the Minister of Investment, Sheikh Mohammed said. “The ministry has been established with an aim to develop the UAE’s investment vision, stimulate the investment environment and enhance the competitiveness of legislation to ensure the UAE remains a global investment hub and …

Ministry of Investment formed in UAE, Mohammed Hasan Al Suwaidi named minister Leggi tutto »

Dopo la performance sostenuta lo scorso anno (+20%), il valore dell’export italiano di beni proseguirà con una vivace dinamica anche quest’anno: nel 2023 le vendite oltre confine supereranno i 660 miliardi di euro grazie a una crescita attesa del 6,8%, per proseguire a un ritmo del 4,6% nel 2024 e del 3,8% medio annuo nel biennio successivo. Previsioni positive anche per l’export di servizi (+7%), sulla scia dell’ottima dinamica riportata nel 2022 grazie in particolare all’allentamento delle restrizioni che continua a favorire la piena ripresa del settore turistico e dei connessi servizi di trasporto. L’andamento …

Crescita sopra la media storica per l’Export ITALIANO Leggi tutto »

La relazione commerciale tra l’Italia e gli Emirati Arabi Uniti (EAU) continua a prosperare (+7,6 per cento di PIL nel 2022), trainata da un’economia in rapida crescita e da un mercato fiorente per i prodotti e i servizi italiani. Secondo gli ultimi dati ISTAT sull’interscambio tra Italia ed Emirati Arabi Uniti nel 2022, il commercio bilaterale ha raggiunto un traguardo significativo, ammontando a 8 miliardi di euro, con una crescita del 19% rispetto al 2021. L’aspetto più rilevante di questa relazione commerciale è il successo delle esportazioni italiane, che hanno raggiunto il record storico di …

Le esportazioni italiane negli Emirati Arabi Uniti raggiungono un nuovo record Leggi tutto »

Crown Prince: Forward planning and preparation are key elements of the sustainable development strategy adopted by Mohammed bin Rashid His Highness Sheikh Hamdan bin Mohammed emphasised the significance of forward planning and preparation, which are key elements of the sustainable development strategy adopted by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. This approach has been a key driver of Dubai’s rise as a leading global city as well as its ability to set new standards in future readiness and create an integrated …

Hamdan bin Mohammed approves new strategic projects to enhance Dubai’s competitiveness and future-readiness Leggi tutto »

The UAE’s exceptional economic performance has positioned it fourth on a global scale Dubai: His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, took to Twitter to announce that the UAE has secured a spot among the top 10 most competitive countries globally. The UAE claimed the leading position in the world for indicators such as global trade, city management, energy infrastructure, government adaptability, and the absence of bureaucracy, as revealed in the annual IMD World Competitiveness Yearbook released by the World Competitiveness Centre in …

UAE ranks among top 10 most competitive countries globally Leggi tutto »

Antonio Tajani says countries share many of the same regional concerns The UAE is a crucial partner in ensuring stability in the Mediterranean Sea, says Italian Deputy Prime Minister Antonio Tajani. Speaking to The National in Abu Dhabi on Sunday, Mr Tajani said co-operation between the two countries was “very positive”. The UAE and Italy share many concerns on “regional instabilities”, he said. Mr Tajani, also the country’s Foreign Minister, said Italy and the UAE were “firmly committed” to promoting a “global approach to migration, fighting against irregular flows and human trafficking”. “We share the same concerns on main regional …

UAE a vital partner for Mediterranean stability, says Italian Deputy Prime Minister Leggi tutto »

Al Jaber also announced more than 30 industrial projects worth over Dh6 billion Abu Dhabi: The UAE has unveiled a new plan to strengthen its industrial sector by announcing an additional Dh10 billion in offtake agreements. This move builds upon the previous Dh110 billion worth of procurement opportunities and brings the total value of products targeted for localization to Dh120 billion. Dr. Sultan bin Ahmed Al Jaber, the Minister of Industry and Advanced Technology, highlighted the achievements of the previous year’s forum, where national companies committed to investing Dh110 billion over the next decade to …

Make it in the Emirates Forum: UAE announces Dh10 billion in new offtake agreements Leggi tutto »

Vice President and Ruler of Dubai hails scheme as key to emirate’s grand vision for the future Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, on Wednesday approved a new master plan for Palm Jebel Ali – a luxury lifestyle mega project that will occupy an area twice the size of Palm Jumeirah. The long-planned tourist attraction – spearheaded by leading developer Nakheel – will include 80 hotels and resorts, green spaces and other leisure and retail amenities spanning 13.4 square kilometres. The project will add about 110km of coastline to Dubai, offering beachside …

Sheikh Mohammed approves master plan for Palm Jebel Ali mega project Leggi tutto »

Sector’s contribution to GDP set to cross Dh180 billion by year-end Abu Dhabi: The travel and tourism sector’s contribution to the UAE’s gross domestic product grew 60.2 per cent in 2022 to nearly Dh167 billion, it was revealed on Tuesday, and is set to reach Dh180.6 billion by the end of 2023, an 8.3 per cent growth over the previous year. An Economic Integration Committee meeting, chaired by Abdulla bin Touq Al Marri, Minister of Economy, and attended by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, discussed a range of …

Travel and tourism sector adds Dh167 billion to UAE economy in 2022 Leggi tutto »