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News

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

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 …

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

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 …

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

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 …

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

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 …

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BUILDING THE UAE’S FUTURE ECONOMIC SECTORS

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 …

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

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 …

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UAE ranks first in world in Global Entrepreneurship Monitor 2024 report

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 …

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Upcoming infrastructure projects transforming the UAE in 2024

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 …

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UAE ranked 10th in the world, 1st regionally in Global Soft Power Index 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. 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 …

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AD ABU DHABI IL LANCIO UFFICIALE DI INVESTOPIA EUROPE

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 …

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Investopia 2024: Investing in the New Economy Growth Sectors

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 …

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

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 …

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

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 …

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Dubai welcomed a record 17 million international visitors in 2023

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 …

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

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 …

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

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 …

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UAE ranks second globally for greenfield FDI in 2023

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 …

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

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 …

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Generative AI: Steam Engine of the Fourth Industrial Revolution

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 …

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

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 …

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Competition between Gulf economies benefits whole region, UAE economic minister tells Arab News

DAVOS: Gulf economies are benefiting from competition and continue to show signs of growth because of competitiveness in the Middle East region, the UAE economy minister told Arab News on Wednesday. Abdulla bin Touq Al-Marri, who was speaking on a panel at the World Economic Forum in Davos, said that competition within the Gulf economies was a good thing, and that their trajectories were on an upward path, even in the face of current high interest rates and inflation.“If you look at three years ago, competition was there and competition is always going to be …

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TAQA and Bloomberg Media launch Future of Utilities report at 54th World Economic Forum annual meeting

Abu Dhabi National Energy Company PJSC (TAQA), one of the largest listed integrated utilities in Europe, the Middle East and Africa, and Bloomberg Media have launched a global study focused on the future of the utilities sector 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 …

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The UAE participates in the World Economic Forum Davos 2024

UAE presence comprises over 100 prominent figures, including corporate leaders, private sector and government officials The UAE announces its participation in the 53rd edition of the World Economic Forum (WEF) 2024, which will be held in Davos, Switzerland between 15 and 19 January. This year’s participation of the UAE is characterized by the involvement of more than 100 personalities, including heads of national companies and corporate leaders, leading private sector firms, government officials, and senior business leaders, whereas 80% of the participation from the country is from major national companies and the private sector. UAE’s …

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Dubai named world’s best destination by Tripadvisor, yet again

Dubai, for a third year in a row, has been voted the world’s best travel destination by users of the travel app Online travel booking giant, Tripadvisor, says its community users have ranked Dubai, yet again, as the world’s top travel destination. Dubai came out tops in the 2024 Travelers’ Choice Awards Best of the Best winners for a third year in a row in the top destinations category. Tripadvisor says that “winners in this category are destinations whose hotels, restaurants and things to do received a high volume of above-and-beyond reviews and opinions from our …

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UAE Cabinet approves 2024 development plan with sustainability as a pillar

UAE Cabinet approves 2024 development plan with sustainability as a pillar The Cabinet approved the UAE’s 2024 plan, during its first meeting of the year on Friday. The plan, as set out by President Sheikh Mohamed on Union Day, will focus on implementing national priorities. A key pillar of the plan is continuing national efforts to keep sustainability at the forefront of development, to honour the UAE Founding Father, the late Sheikh Zayed bin Sultan Al Nahyan, as announced at Expo City Dubai in December. Sheikh Mohammed bin Rashid, Prime Minister and Ruler of Dubai, said that 2024 …

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