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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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Abu Dhabi’s non-oil economy expands 8.6 per cent in first 9 months of 2023

The emirate’s economy reached its highest quarterly value at Dh290.5 billion in 2023 Abu Dhabi’s non-oil gross domestic product expanded 8.6 per cent in the first nine months of the year, supporting overall economic growth as the UAE capital continues with its diversification strategy. The emirate’s total GDP for the January-September period grew by 2.8 per cent on an annual basis, despite fluctuations in the world’s oil and gas markets, the Statistics Centre Abu Dhabi said on Friday. In the third quarter, the emirate’s economy “reached its highest quarterly value” at Dh290.5 billion ($79.1 billion), …

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STRENGTHENING BONDS

In an exclusive interview, Lorenzo Fanara, Ambassador of Italy to the UAE shares insights on the dynamic growth of political and trade relations between Italy and the UAE and the developments shaping this crucial partnership How have you seen the development of political and trade relations between Italy and the UAE since you assumed office? I can truly affirm that my first year as the Italian Ambassador to Abu Dhabi has been characterised by excellent developments in both political and commercial relations between Italy and the UAE. On the political front, relations notably strengthened with …

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How Dubai’s quaint region of Hatta became a global model for sustainable tourism

Environmental care permeates leisure, architecture, transport, energy projects, and more Dubai: The picturesque Hatta region of Dubai, nestled in the Hajar Mountains, is seeing a remarkable transformation. Driven by a visionary development plan, the region has emerged as an exemplary model for sustainable growth and cultural preservation, making it a destination that is steadily growing in popularity not just nationally but also globally. Named as one of the ’50 Most Beautiful Small Towns in the World’ by Condé Nast Traveler in May, Hatta is a testament to Dubai’s visionary leadership and commitment to balanced growth. …

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The UAE excels in transforming and building smart cities

The UAE is building several sustainable, smart, and energy-efficient cities The United Arab Emirates (UAE) has performed well in global rankings on creating smart cities. It is part of the its plan for digital transformation and a tool to diversify its economy. It is worth nothing  that the UAE is one of the leading countries in the field of digital transformation in the Arab world. With that said, the UAE is building several sustainable, smart, and energy-efficient cities. It is regulating renewable energy through technology and architectural design. The UAE’s first step in transforming traditional …

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UAE soars to the top, dominates regional aviation sector

Country ranked first among Arab and regional airlines, fifth worldwide The UAE has successfully maintained its leading position in the region and worldwide when it comes to the efficiency and quality of air transport services. Within the Middle East and North Africa (MENA) aviation industry, the UAE takes the lead and experiences consistent growth in the public sector, thanks to hosting major events that significantly contribute to boosting air traffic. Projections indicate a strong and positive growth trajectory in the aviation sector for 2024, as stated byKamil Al-Awadhi,  International Air Transport Association (IATA) regional vice-president …

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COP28, a Dubai si è scritta la storia

La COP28 di Dubai si è chiusa con un accordo di portata storica, che segna l’inizio della fine dell’era dei combustibili fossili. “Rendere possibile l’impossibile”, il principio che ha ispirato la leadership degli Emirati nel corso di cinquant’anni di crescita ininterrotta e record infranti, ha avuto un peso notevole anche nelle fasi finali del negoziato. Un successo che conferma il ruolo cruciale degli Emirati Arabi Uniti nel dialogo internazionale. È quello che Sultan Al Jaber, Presidente della COP28 e Ministro dell’Industria e delle Tecnologie avanzate, ha definito: “UAE consensus”, ossia quella capacità di catalizzare consensi e facilitare dialogo e  cooperazione tra Paesi che caratterizza …

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Director general of Government of Dubai Media Office Mona Al Marri on advancing sustainability through the power of ‘green media’

Industry’s strategy to raising awareness and embracing eco-friendliness The United Arab Emirates has mapped out its ambitious yet much-needed sustainability goals through its comprehensive UAE Net Zero by 2050. And to help advance these objectives, the government acknowledges the pivotal role that the media plays. In this interview, H.E. Mona Al Marri, director general of Government of Dubai Media Office, tells us how the media helps raise sustainability awareness. Moreover, she discusses what “green media” is and how industry players can integrate green practices into their operations. Economy Middle East: How can UAE media effectively raise …

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CONFERMATA LA PARTNERSHIP TRA MINISTERO DELL’ECONOMIA DEGLI EMIRATI E ARABI UNITI E EFG CONSULTING: TORNA A MILANO INVESTOPIA, LA DAVOS DEL MEDIO ORIENTE

TEMA DI QUESTA EDIZIONE “FRONTIERE ECONOMICHE EMERGENTI: INVESTIRE NEI SETTORI IN RAPIDA CRESCITA DELLA NUOVA ECONOMIA” Investopia, la piattaforma di investimento globale lanciata dal governo degli Emirati Arabi Uniti nel 2021 e approdata in Italia nel maggio 2023 grazie alla partnership con EFG Consulting, società di consulenza strategica per i processi di internazionalizzazione con focus verso i Paesi del Medio Oriente, annuncia la terza edizione del forum ad Abu Dhabi – che si terrà il 28 e 29 febbraio 2024 con il tema “Frontiere economiche emergenti: Investire nei settori in rapida crescita della nuova economia” …

CONFERMATA LA PARTNERSHIP TRA MINISTERO DELL’ECONOMIA DEGLI EMIRATI E ARABI UNITI E EFG CONSULTING: TORNA A MILANO INVESTOPIA, LA DAVOS DEL MEDIO ORIENTE Leggi tutto »

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Sheikh Mohammed sets out new UAE sustainability drive

Prime Minister and Ruler of Dubai unveils plans for electric cars, sustainable aviation fuel and the protection of biodiversity at UAE Cabinet meeting The UAE on Sunday set out a green-powered action plan aimed at driving efforts to achieve new environmental goals.Sheikh Mohammed bin Rashid, Prime Minister and Ruler of Dubai, set out the sustainability strategy at a meeting of the UAE Cabinet at Expo City Dubai, which is hosting the key Cop28 climate conference.He said 10 initiatives and decisions were approved during the ministerial gathering, including the adoption of a framework for the Biodiversity Strategy 2031. The …

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Largest CSP project in the world inaugurated in Dubai

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, marked a historic moment by inaugurating the world’s largest concentrated solar power (CSP) project, the fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park in Dubai. Spanning 950 megawatts (MW), this monumental project, with an investment of AED 15.78 billion, integrates three cutting-edge hybrid technologies: 600MW from a parabolic basin complex, 100MW from a CSP tower, and 250MW from photovoltaic solar panels. This landmark initiative, constructed under the independent power producer (IPP) model, …

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