The residential facilities will be spread over five areas A new master plan for Expo City Dubai with residential and business facilities for around 75,000 people was approved on Thursday by Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai. The plan aims to transform the city, which hosted ‘Expo 2020 Dubai’ and the UN Climate Change Conference (COP28), into a major driver of future growth for Dubai. Spanning 3.5sqkm over five districts, Expo City Dubai will have the capacity to house more than 35,000 residents and …

Look: Sheikh Mohammed approves master plan for Expo City Dubai with capacity for 75,000 people Leggi tutto »

The emirate attracted 508 greenfield foreign direct investment projects during the January-June period Dubai remained the world’s top destination for greenfield foreign direct investment projects in the first half of 2024, despite challenging global economic conditions, a study has shown. The emirate topped major financial centres such as London, Singapore and New York across a range of sectors, including tourism, real estate, artificial intelligence, headquarters, logistics and FinTech. The emirate attracted 508 greenfield FDI projects during the January-June period, representing a 6.2 per cent global share, growing from 5.7 per cent in the same period last year, Dubai Media Office …

Dubai ranked world’s first for greenfield FDI projects, beating London and New York Leggi tutto »

The non-oil sector is expected to grow by 4.6 percent year-on-year in 2024  The UAE is forecasted to experience an economic expansion of 4.8 percent in 2025. Scott Livermore, ICAEW economic advisor and chief economist and managing director of Oxford Economics Middle East, made this projection in a statement to the Emirates News Agency (WAM). Non-oil sector expansion Livermore highlighted that the non-oil sector is expected to grow by 4.6 percent year-on-year in 2024. He noted that industries outside oil, particularly travel and tourism, will continue to thrive, with visitor numbers to Dubai and traffic through DXB reaching …

UAE’s economy projected to grow 4.8 percent in 2025 driven by non-oil sector, tourism surge: Oxford Economics Leggi tutto »

Centers to advance best practices and address key economic challenges by harnessing power of AI Microsoft Corp. and G42 will establish two new centers in Abu Dhabi to advance their collective responsible AI goals. The centers are part of their partnership announced earlier this year. Co-founded and co-funded by G42 and Microsoft, with the endorsement of the UAE’s Artificial Intelligence and Advanced Technology Council (AIATC), the first center will identify, develop and advance best practices and industry standards for the responsible use of AI in the Middle East and the Global South. The second is …

UAE’s AI firm G42, Microsoft to launch two AI centers in Abu Dhabi Leggi tutto »

The campaign will launch in major cities including Cannes, Munich, Paris, London, Zurich, Geneva, and New York The UAE has recently launched its ambitious ‘Invest in the Emirates’ campaign, extending a global invitation to top innovators, talents and entrepreneurs to explore the unparalleled opportunities within the country’s dynamic business landscape. The campaign will launch in major cities including Cannes, Munich, Paris, London, Zurich, Geneva and New York. Introduced by Idris Elba, the ‘Invest in the Emirates’ campaign will invite entrepreneurs and business leaders to bring their ideas to the UAE where they can not only …

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Financial, insurance sector activities topped non-oil economic activities with 7.9% growth Dubai: The UAE’s real gross domestic product (GDP) reached Dh430 billion during the first quarter of 2024, signalling a 3.4 per cent growth compared to Q1 2023, the Minister of Economy Abdulla bin Touq Al Marri announced. He stated that the UAE non-oil GDP grew by 4 per cent during the first quarter (compared to Q1 2023), with financial and insurance activities achieving a 7.9 per cent growth rate. The Ministry said that robust tourism inflows to the UAE also led to a 4.6 …

UAE’s GDP grows 3.4% to Dh430 billion in first quarter of 2024 Leggi tutto »

ABU DHABI, 8th September, 2024 (WAM) — The UAE’s tourism sector continues to record remarkable performance in international tourist arrivals and hotel bookings, aligning with the UAE Tourism Strategy 2031, which aims to attract AED100 billion in tourism investments and boost the sector’s contribution to the GDP to AED450 billion by 2031. In 2023, the tourism sector contributed 11.7 percent of the UAE’s GDP, totalling AED220 billion, and is expected to rise to 12 percent or AED236 billion in 2024, according to figures from the World Travel and Tourism Council (WTTC). The WTTC projects the …

UAE Tourism: Boosting investments to drive GDP growth Leggi tutto »

The UAE’s non-oil exports to its top 10 trade partners rose by 28.7 per cent, while trade with all other nations increased by 12.6 per cent The UAE’s non-oil foreign trade reached a record high of Dhs1.39tn ($379.85bn) in the first half of 2024, Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai said on X on Sunday, reflecting the country’s initiatives to reduce its reliance on oil “A few years ago, we set ambitious national economic goals, aiming for Dhs4tn in foreign trade by 2031 …

Historic high: UAE’s non-oil foreign trade tops Dhs1.4tn Leggi tutto »

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 »