Embassy of the United Arab Emirates in France
3, Rue de Lota, 75116 Paris, France
Tel: + 33 1 443 40200;
Fax: + 33 1 475 56104
Email: ambassade.emirates@wanadoo.fr
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THE ECONOMY - ECONOMIC DEVELOPMENT
Third UAE - Korea Economic Partnership Forum will commence on May 27 in Seoul
posted on 23/05/2013
 Under the patronage of Vice President and Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Third UAE - Korea Economic Partnership Forum begins on next Monday in South Korean Capital, Seoul.
Minister of State, Abdulla Ghobash will be leading a UAE delegation of officials and representatives of the participating sectors and heads of governmental agencies, to the two-day event.
The UAE - Korea Economic Partnership Forum, which has the full support of the Ministry of Foreign Affairs, Ministry of Economy, Federation of UAE Chambers of Commerce and Industry, Department of Economic Development and Dubai FDI, aims to build special economic partnerships with South Korea and develop strong relationships in different sectors to attract more investment opportunities to both countries, in addition to enhance the bilateral cooperation in different fields and also benefit from the investment opportunities that the forum will offer to the private and public sectors and the free zones in the country.
After the great success that the UAE - Korea Economic Partnership Forum achieved back in 2006 and 2007 in Seoul, many of governmental authorities, organisations and businessmen were keen to participate in the coming edition.
The importance of this event lies in the direct and indirect opportunities it promises for companies, economic institutions and investors who are taking part in this event. The forum will also shed the light on the potential economic productivity and employment opportunities in each country in order to activate the investment in joint projects.
This forum has the full support of many governmental associations in the UAE and South Korea, especially that the UAE now has the expertise, the infrastructure and a lot of investment opportunities. Those features undoubtedly allow more opportunities for cooperation and investment between the two countries taking into consideration the strategic geographical location of the country.
The forum will also include a trade exhibition that will feature a number of meetings and discussions between businessmen and major Korean companies in addition to a number of investors. The exhibition is also expected to attract a number of companies from different sectors like the trade sector, IT, Manufacturing, Tourism, Healthcare, Power, Finance, Aviation, Construction and Real Estate. Emirates News Agency, WAM
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IMF stays upbeat on Dubai
posted on 22/05/2013
 The International Monetary Fund, or IMF, said on Tuesday that it was confident of Dubai's ability to meet all financial obligations given its track record of successfully managing payment rescheduling.
Masood Ahmed, director of the IMF's Middle East and Central Asia Department, said Dubai government-related entities had so far managed debt rescheduling quite successfully since 2009.
Speaking to reporters, Ahmed said debt levels in Dubai remained high with substantial debt roll to be witnessed over the next few years.
Calling for better communication between the emirate and the investors, Ahmed said Dubai was on track to record a four per cent growth in 2013 on the back of a bounce back in construction and logistics industries.
According to IMF estimates, Dubai and its entities spent about US$113 billion to transform the emirate into a sought-after global tourism and commercial hub.
Ahmed also observed that Dubai needed to keep a moderate pace in its property sector to keep at bay a boom-bust scenario.
Launching IMF's Regional Economic Outlook Update for the Middle East North Africa, Afghanistan, and Pakistan region, or Menap, Ahmed said oil producers were expected to scale back the rate of production from an average of 5.7 per cent in 2012 to 3.2 percent this year.
"This is due to modest global oil demand; however, continued strong public spending is expected to support non-oil growth at comfortable levels in many of these countries.
Ahmed said the GCC states would see growth ease from six per cent in 2012 to four per cent this year and next.
According to the report, last year's subdued growth in Menap oil importers is expected to improve by three per cent in 2013. However this will not be sufficient to make sizeable inroads into the region's large unemployment pool.
The IMF report also highlights the need for Arab countries in transition, still undergoing social unrest, impaired economic conditions, and complex political transition; to undertake difficult economic policy choices implemented in a socially balanced way.
Ahmed said resolute policy action, across the region, would be necessary this year, for both oil exporter and oil importer countries.
"For Menap oil exporters, further strengthening of fiscal and external positions will be important to reduce their vulnerability to potential material oil price decline.
The IMF's baseline scenario for oil prices in 2013 is US$100 a barrel, lower than the levels at which Iran, Bahrain and Algeria can balance their budget.
"For Arab countries in transition, decisive policy action will be essential, given diminished fiscal and foreign exchange buffers. Recent subsidy reforms in some countries, paired with measures to implement more targeted social protection, have begun to reduce fiscal and international reserve pressures, Ahmed said.
Jeff Singer, CEO of DIFC Authority, pointed out that the IMF report indicated the need for job creation in the region and for policymakers to design and implement a bold agenda of structural reforms. Khaleej Times
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Al Mansouri highlights Ministry's economic achievements at press conference
posted on 21/05/2013
 Sultan Al Mansouri, Minister of Economy has stressed keenness of the Ministry on providing advanced interactive channels for customers to boost transparency and effective communication so as to upgrade level of services.
He said at a press conference yesterday that the launch of the direct media briefing system reflects the work strategy of the Ministry based on dialogue and interaction with partners and customers.
Al Mansouri said the ministry has generally contributed, thanks to the UAE's wise leadership economic policies, to the growth of national economy in 2012 by 3 per cent despite the global economic crisis and slow recovery of major economies. He added that the growth of non oil sectors was about 3.1 per cent, an indication of continuous positive diversification policies.
He said the total foreign trade over the first nine months of 2012 stood at Dh783.5 billion against Dh684.9 in the same period in 2011. The imports stood at Dh495.1 billion in 2012 compared to Dh439.6 in corresponding period in 2011.
On transforming to the knowledge economy and innovative and creative policy, the UAE minister said the Ministry streamlines and regulates development of Small and Medium Business Enterprises (SME), and national entrepreneurship, being major tools to build the knowledge economy based on the innovation and creativity.
Regarding the economic legislations, he said that the Ministry was keen on developing the economic laws to ensure balanced growth with observation of local requirements and adherence to the international laws such as the World Trade Organisation and free trade laws.
He noted that the Ministry has submitted a memo to cancel the federal law No. 2 of 1989 to allow the GCC citizens exercise retail and wholesale trade. Emirates News Agency, WAM
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Western Region Development Council highlights priorities to boost economy
posted on 21/05/2013
 The Western Region Development Council (WRDC) has indentified investment priorities aimed at accelerating Al Gharbia's economic development.
Economic sectors targeted to receive massive investments include oil & gas, real estate, tourism, transport, chemicals, healthcare, education as well as government and community services.
At a press conference announcing the staging of the first Al Gharbia Development Forum (AGDF), which is being held under the patronage of Sheikh Hamdan bin Zayed Al Nahyan, the Ruler's Representative in the Western Region, Mohamed Hamad bin Azzan Al Mazrouei, Acting Undersecretary of the Ruler's Representative Court in the Western Region and Director General of WRDC praised the efforts of the Higher Leadership in supporting Al Gharbia, the Western Region of Abu Dhabi Emirate, which is witnessing massive developments following the directives of His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE and the support of General Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, Deputy Supreme Commander of the UAE Armed Forces and Chairman of the Abu Dhabi Executive Council.
Al Mazrouei highlighted the allocation of Dhs330 billion from the Abu Dhabi Executive Council for the implementation of major development projects in the whole emirate, including the Western Region, in the next five years.
He mentioned that these investments, among other strategic developments, will be the subject of various panel discussions and expert presentations at the Al Gharbia Development Forum, the first dedicated event aimed at dissecting the economic prospects of the region which is scheduled to take place on 27 May 2013.
Obaid Khalfan Al Mazrouei, Investment Promotion and Public Relations Director at WRDC stressed the importance of the Forum by saying, "It is within the Council's strategic priorities to promote Al Gharbia not only locally but regionally and internationally as well. The Council is working at a steady pace in accordance with strategic plans that stress the importance of region, offering valuable consultation and support services in order to drive investment into the region as well as create an ideal investment environment that will transform Al Gharbia.
Al Mazrouei said the Council has launched the Al Gharbia Portal, which is a comprehensive website that provides general information the region. It also serves as a data bank of relevant economic information needed by investors seeking to establish a business presence in the region.
The portal is also aimed at supporting small and medium sized enterprises in co-operation with Khalifa Fund for Enterprise Development.
"In addition, we have recently launched the first edition of the Al Gharbia Investor Guidebook, which introduces the investment environment in Al Gharbia, providing a step-by-step guide to investing in the region highlighting the leading economic sectors and investment opportunities and positioning Al Gharbia as the ultimate investment destination, Al Mazrouei added. The Gulf Today
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UAE growth quickens to 4.4% in 2012
posted on 20/05/2013
Economic growth in the UAE accelerated to 4.4 per cent in inflation-adjusted terms in 2012 from a downwardly revised 3.9 per cent the previous year as activity picked up across all sectors, its statistics office said on Sunday.
"One of the most important factors is the role played by good and stable oil prices in general over the last year, the National Bureau of Statistics in the OPEC member said in a data commentary.
"All economic activities saw positive improvement in their growth rates in 2012, which has positively reflected on the value of the country's GDP (gross domestic product), it said.
Oil prices averaged US$112 per barrel last year, up from US$109 in 2011, the office said, adding that the non-oil sector share on the Gulf country's real GDP was estimated at 67.3 per cent in 2012. REUTERS / Khaleej Times
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Ministry of Economy: Knowledge is Key to Economic Growth
posted on 18/05/2013
Sultan bin Saeed Al Mansouri, UAE Minister of Economy, has stressed that knowledge today is crucial to production and economic growth around the world. This came in his opening speech at the 2nd "Economic Policy Development Forum", held under the banner "Sustainable Wealth Based on Knowledge" in Dubai.
The Minister stated that the UAE's efforts in establishing a competitive knowledge-based economy have excelled . The UAE presented its ideas pertaining to the importance of establishing a common GCC strategy in knowledge-based economy.
Mr. Al Mansouri clarified during the forum, which was organized by the Ministry of Economy in cooperation with The Kuwait Knowledge-based Economy Center, that this revolutionary transition from traditional to knowledge-based economy has reflected positively on the domestic and international scene . It has increased production, created jobs and employed innovation and excellence in management.
Mohammad Saleh Shelwah, Assistant Undersecretary for Economic Policies Affairs at the Ministry of Economy, stated on his part that the Ministry ensured that the topic of the current forum reflects the global trend in knowledge-based economy. The forum facilitates the exchange of expertise with officials and experts in the field.
The first session of the forum revolved around a number of topics including the definition of Knowledge-Based Economy, partnerships with the private sector, and mechanisms to develop SMEs.
The second session included the topic "Defining, Measuring and Emiratising Productive Knowledge in Corporations". The topic is considered the basis for decision-makers in defining the size and requirements of human resources . It also discusses the infrastructural capital in public organizations, and ways to turn the work environment in the UAE into one of the best corporate environments in the region.
The second session also discussed educational curricula in academic organizations and building productive knowledge in society in the UAE in order to establish a competitive knowledge-based economy. Emirates News Agency, WAM
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Business activities are growing in Dubai
posted on 13/05/2013
 The business activities in Dubai are on the growth track, the Department of Economic Development said on Sunday, announcing four per cent increase in the number of commercial licences which registered at 4.582 licences.
In comparison with last year, the number of business licences issued in Dubai increased from the first quarter of 2012 to 4,582 licences in the same period in 2013 and across all business sectors including professional, commercial, travel and tourism.
Mohammad Shael Al Sa'adi, chief executive officer of the DED's Business Registration and Licensing Sector, told Gulf News that DED is joining all efforts towards easing the procedures of issuing business licences in Dubai.
"Easing licensing issuance is part of our strategic goals to enhance Dubai's capabilities in facilitating economic activity and growth. "
While the total number of commercial activities has reported at 11, 461 licences in the first quarter of 2013, general trade was leading the list of the top 10 licensed activities by 619 licences followed by dyes and paints at 301 licenses.
In the tourism sector, Inbound tourism was the leader with 39 licences, followed by Travel and tourism agencies, according to DED.
Translating this growth, Saeed Matar Al Marri, Deputy CEO of Business Registration & Licensing (BRL) sector in DED, said: "Confidence in Dubai is on an upswing with the emirate emphasising on overall competitiveness and sustained investment in infrastructure.
While existing businesses in Dubai are venturing further out and spreading their wings, a growing number of investors are also sensing the ideal conditions to step forward, he added. Gulf News
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Abu Dhabi DED to organise Investment Forum in Paris
posted on 08/05/2013
 Abu Dhabi Department of Economic Development, is poised to organise the Abu Dhabi Investment Forum in Paris later this month, with the participation of a delegation of senior officials from a number of Abu Dhabi government departments, entities, councils and institutions.
Nasser Ahmed Alsowaidi, Chairman Abu Dhabi Department of Economic Development is leading the delegation to the forum, which will be attended by more than 100 businessmen and investors in France.
Alsowaidi, who is opening the forum on May 22, will highlight the investment opportunities offered by the Emirate's package of development projects in a number of strategic sectors such as industry, infrastructure, finance and trade, alternative energy, education and other sub sectors, undertaken by the Government of Abu Dhabi, which are considered as an important factor in attracting foreign direct investment.
Mohamad Omar Abdulla the Undersecretary of Abu Dhabi Department of Economic Development said that the Forum is part of a number of activities organised abroad by ADDED in cooperation with concerned government entities in the Emirate of Abu Dhabi, with focus on a number of friendly countries which maintain close and growing economic relations with the Emirate of Abu Dhabi in many areas.
He explained the importance of this forum especially that France ranked as the second most important investor in the Emirate of Abu Dhabi in 2009 with investments of Dh 3.2 billion, and accounted for 7.4% of total foreign direct investment in the Emirate, according to the last foreign investment survey conducted in 2009.
He added that the Forum will also discuss the strengthening of cooperation between France and Abu Dhabi in many strategic economic sectors, which will contribute to increasing the levels of investment and bilateral trade between the two sides, to match the level of political relations between the two friendly countries.
The Undersecretary indicated that Abu Dhabi's continuous government support for development projects, and the recently announced investments of Dh 330 billion for the next five years, constitute great motivation for foreign investors to benefit from the spectrum of investment opportunities, particularly in the sectors of infrastructure, tourism, industry, business and finance, trade and alternative energy.
Alain Azouaou, the French Ambassador to the United Arab Emirates, in turn emphasised that the timing of Abu Dhabi Investment Forum in Paris is, appropriate, and consonant with the economic boom in the Emirate of Abu Dhabi, in view of the economic growth and development which undergoes many sectors, particularly energy, industry, infrastructure, trade, which act as an important factor for attracting more investments to the Emirate.
The ambassador said that the Forum would undoubtedly be an important stage and a turning point, in the economic relations between France and the Emirate of Abu Dhabi, as it concentrates on several strategic sectors, which are of interest to both sides. - Emirates News Agency, WAM
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Dubai tops Rigzones best city list
posted on 07/05/2013
Aberdeen/Houston: Dubai has emerged as the most desired location in which to work, according to nearly 8,000 oil and gas professionals responding to a survey by Rigzone, the leading online resource for oil and gas information, data and talent recruitment.
North America's Calgary and Denver were the second and third most popular cities thanks to the work-life balances both cities provide. Each are able to offer easy access to mountain and modern-city lifestyles while being close to major conventional and unconventional oil and gas reserves with a broad mix of majors and independents located in each.
Positions four through 10 on the list are dominated by Asia with Singapore, Jakarta, Mumbai and Kuala Lumpur ranking fourth, fifth, eighth and ninth respectively. Western European employment hubs in the sector such as Aberdeen or Stavanger or fast growing Eastern European centres such as Baku, Azerbaijan, failed to make it onto the list. Egypt's Cairo grabbed the tenth spot.
Paul Caplan, President of Rigzone, said: "Oil and gas professionals have always understood the potential for travel and foreign postings that this global industry offers. The decision now is not so much where in the world energy professionals wish to base their career, but how many locations will they choose during their careers.
More on the Top 10 Oil and Gas Cities can be found on Rigzone.
Rigzone, a Dice Holdings Inc. service, is a leading online resource for the oil and gas industry delivering content, data, advertising and career services. Dedicated to bringing upstream oil and gas news and data, including in-depth information on exploration, drilling and production markets to organizations tackling the energy challenge, its online community of highly-skilled and experienced energy professionals is unmatched.
Dubai's economy is set to expand 4.6 per cent, on average, between 2012 and 2015, more than twice the growth of the previous four years, according to government forecasts
Dubai plans to double the number of visitors to 20 million by 2020 and triple annual revenue from the industry to Dhs300 billion, the government said in an e-mailed statement, citing a tourism plan to build developments and infrastructure. Agencies/The Gulf Today
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UAE stabilising Influence on markets
posted on 07/05/2013
 The Akhbar Al Sa'a (News of the Hour) bulletin has confirmed United Arab Emirates position on the global energy map by adjusting the movement of prices and securing the terms of the stability of the global economy.
Under the title "Emirati oil policy balanced ", the bulletin said the role of the UAE is no longer limited to just being a major producer of oil and energy sources and its distribution to global market. Indeed, the role far exceeds this level and shifted decades ago to be one of the countries with a pivotal role in ensuring global energy security.
The bulletin issued by The Emirates Centre for Strategic Studies And Research explained that this role was due in a large part to the nature of the balanced energy policies pursued by the UAE which seeks to achieve a number of objectives. It primarily seeks to ensure national energy security and take into account the conditions of sustainable development and associated environmental and human balance for future generations. The country aims to meet the requirements of the stability of world oil markets.
The bulletin stated that through these policies, the UAE has achieved many successes that exceed the range limits of the conventional energy sector and expand to the sector of new and renewable energy, which has witnessed extensive development over the past decades making it one of the world's most valuable investments in order to diversify energy sources away from oil and other fossil fuels, which is a role model to meet the future requirements of energy security and stability around the world.
The Japanese Prime Minister, Shinzo Abe, on the sidelines of his recent visit to Abu Dhabi, asserted the importance of the role played by the UAE currently in stabilising the world in the field of energy. He noted that the opportunities for cooperation in the energy field of both traditional and non-traditional fuel sources has great potential.
Akhbar Al Sa'a ( News Hour Bulletin) added that because these statements have been issued by a senior official in Japan, one of the major consuming countries for energy at the global level, they are considered conclusive evidence of the important role played by the UAE on the global energy map. Its policy in the field of energy has already become a cornerstone of the stability of global energy markets and associated variables, especially when it comes to the performance of the general global economy which has become more volatile since the beginning of the financial crisis and is sensitive to any changes in those markets. Oil prices rose to record levels in 2008, which was one of the factors that precipitated the outbreak of the financial crisis. Therefore, these energy policies are one of the most important factors of stability or disorder in the performance of the global economy.
In conclusion, the bulletin affirmed that the oil policies pursued by the UAE in the context of its membership of OPEC played an important role in controlling the movement of prices at the beginning of the crisis. In securing the terms of the stability of the global economy, they still play the same role now and will continue to do so in the future. - Emirates News Agency, WAM
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First Abu Dhabi Competitiveness Report issued
posted on 06/05/2013
 Competitiveness Office of Abu Dhabi (COAD), a subsidiary of Abu Dhabi Department of Economic Development (ADDED) has issued the first competitiveness report, which aims to improve the business climate in the Emirate of Abu Dhabi.
The report covers three regions of the Emirate of Abu Dhabi: Abu Dhabi, Al Ain and the Western Region.
The report was disclosed during a ceremony held yesterday at Hyatt Park Hotel in Abu Dhabi. The event was graced by Nasser Ahmed Al Suwaidi, Chairman of ADDED, Moghair Al Khaili, Director General of the Abu Dhabi Education Council, Mohammed Omer Abdullah, Under Secretary of ADDED and a number of senior officials.
It aims to measure the competitiveness of the Emirate of Abu Dhabi through a number of global benchmark and highlight the main challenges and success factors of the emirate from the competitiveness perspectives, and make recommendations to address these challenges and improve the competitive position of the current competitive status through adoption of initiatives of the Government of Abu Dhabi and achieve full production capacity.
A number of strategic partners including The Abu Dhabi Chamber of Commerce and Industry, Abu Dhabi Council for Economic Development, Abu Dhabi Committee for Technology Development, the Abu Dhabi Authority for Tourism and Culture, the Municipality of Al Ain City, Khalifa Fund for Enterprise Development, The National Bureau of Statistics and Statistics Centre - Abu Dhabi and the Western Region Development Council.
Nasser Al Suwaidi, ADDED's chairman, said the report will enhance competitive environment for the emirate. "In the light of regional and international competiveness and ambitious objectives of the Abu Dhabi leadership that aspires to make Abu Dhabi as a regional business and investment hub, the ADDED has to review the competitive specifications of the Abu Dhabi Emirate economy." Mohammad Omar Abdullah, ADDED's undersecretary, said the launch of the report coincides with a number of important government initiatives, noting that the economy should be diversified so that developing sectors can provide a fixed contribution to GDP.
He underlined that the commitment of ADDED to implement the roadmap chalked out by President His Highness Sheikh Khalifa bin Zayed Al Nahyan and followed up by His Highness General Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.
"Abu Dhabi has the highest standard of living relative to global standards and benchmarking. When adjusting the GDP on oil and gas, the rest of other sectors combined account for 40 per cent of the economy, which raises the importance of diversification for the Emirate," the reported revealed.
It added that the growth in non-oil sectors in the local economy, especially the high skill goods and services, is quite essential for the long-term sustainability, as Abu Dhabi plans to be less dependent on hydrocarbons in the future." according to the report.
The report noted oil and gas sectors still contribute significantly to the Emirate of Abu Dhabi's GDP by 60 per cent, while employing less than 15 per cent of the population.
Amongst the main success of the Emirate of Abu Dhabi were the establishment and development of free economic zones with logistic services and suitable industrial parks and cities including KIZAD.
The report stressed that there are four areas in Abu Dhabi with varying industrial activities: manufacturing, agricultural processing, chemicals, building materials, technological and environmental industries. - Emirates News Agency, WAM
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Meeting of UAE-German commission begins in Berlin
posted on 21/04/2013
 Berlin: The 9th meeting of the UAE-German joint economic commission has started in Berlin under the chairmanship of UAE Economy Minister Sultan bin Saeed Al Mansouri and German Minister for Economics '&' Technology Philipp Roesler
Al Mansouri said in a speech that the meeting reflects strength of relations between the UAE and Germany and culminates the directives of President His Highness Sheikh Khalifa bin Zayed Al Nahyan and Vice President and Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum
"We are keen on stepping up our cooperation into new levels, particularly in the fields of technology, innovation, knowledge-based economy, Small '&' Medium Enterprises, renewable energy, petrochemicals, healthcare, specifications, railways, tourism, financial services and insurance." Al Mansour said the UAE is the only country in the region that has strategic partnership with Germany. It is Germany's largest trade partner in the Gulf
According to Al Mansouri, bilateral trade between UAE and Germany surged by 125 percent between 2004 and 2012. Trade in 2012 broke the 10.5 billion Euros, thanks to presence of over 1,000 German companies in the UAE. Emirates News Agency, WAM
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Al Mansouri hails Sweden's innovation
posted on 20/04/2013
 Stockholm: Minister of Economy has hailed Sweden's global innovation leadership through an approach adopted by development and scientific research institutes.
Al Mansouri who is leading a high profile UAE economic and trade delegation on a current visit to Sweden called for stronger cooperation and exchange of expertise on innovation-based business best practices between the UAE and Sweden.
During a visit to Stockholm University and a research institute, the minister, noted that there are many venues for cooperation on intellectual property, SMEs and scientific research to drive the UAE to the transition to a knowledge-based economy.
The UAE encourages scientific research and innovation as an essential part of the business community.
Al Mansouri expressed hopes that the Swedish experience innovation would be transferred to the UAE's private and public sectors.
The purpose of the Swedish Innovation Strategy is to contribute to a climate with the best possible conditions for innovation in Sweden with year 2020 in sight. People and organisations in industry, the public sector and civil society will be able to develop and more effectively contribute to new or improved solutions meeting needs and demand.
The minister noted the partnership between the UAE's Borouge company and Borealis company.
This partnership is based on the highest standards for creativity and innovation and aims to double the UAE's polyethylene and polypropylene annual production, according to Obaid Saeed Al Dhaheri, the Vice President for International Affairs of Borouge, a leading provider of innovative, value creating plastics solutions and a joint venture between the Abu Dhabi National Oil Company (ADNOC) and Borealis, a leading provider of chemical and innovative plastics solutions, Borouge is a groundbreaking international partnership at the forefront of the next generation of plastics innovation.
For her part, the ambassador of the UAE to Sweden, Najla Al Qassimi, emphasised that the UAE' policy is based on opening up to all countries of the world. Emirates News Agency, WAM
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UAE is Asias third strongest economy; Overtakes China and South Korea: Think-tank
posted on 16/04/2013
 The UAE's continuous improvement in competitiveness helped it to become Asia's third strongest economy, said a think-tank in its recently-released annual report.
"The UAE's overall economic strength has surpassed China up to 3rd, Boao Forum for Asia said in its Asian Competitiveness Annual Report 2013.'
The results, based on a full-year study by the think-tank, of assessment of 37 Asian and Middle Eastern countries showed that the UAE was the 7th strongest economy of Asia last year but improved its ranking further in 2012 to third, surpassing China, South Korea, Taiwan and Qatar
Overall, the rankings of the UAE, Saudi Arabia, Bahrain, Qatar, Kuwait, and Kazakhstan outstripped Asean emerging economies, especially the UAE who came in at 6th thanks to its rapid economic development, healthy economic environment, low inflation and unemployment rate, a government debt to GDP standing at 16.9 per cent and national savings over 30 per cent.
"The UAE's economy developed more productively compared with other oil-export West Asian countries, despite a mild 5.2 per cent economic growth rate. Additionally, its inflation rate is only 0.88 per cent, unemployment rate four per cent and government debts to GDP ratio as low as 16.89 per cent. With a stable industrial structure and low risky financial environment, the United Arab Emirates ranked high, Boao report said.
Amongst other Middle Eastern and Central Asian resource-export economies, Bahrain ranks 7th, Kazakhstan 9th, Oman 10th and Kuwait, Saudi Arabia and Qatar from 12th-14th. Jordan performs poorly amongst Middle East economies at 24th
In the category of competitiveness, the UAE was rated 6th among 37 Asian countries, ahead of China, Japan, Malaysia, Saudi Arabia, Qatar, Kuwait, Turkey and other countries.
The emirate's ranking jumped from 14th in 2011 to 6th in 2012. The top ranking is dominated by "East Asian Tigers namely Hong Kong, Singapore, Taiwan and South Korea and Australia.
Regionally, Hong Kong and Singapore retained their first and second positions, respectively, for the second consecutive year. Other economies in the top ten include China, Taiwan, Korea, Bahrain, Australia, Kazakhstan and Oman.
The UAE was rated 27th in rankings of Commercial and Administrative Efficiency Indicator for Asian Economies. In the development of infrastructure development, the emirate dropped three places to be rated 8th in the Asian region
"The UAE improved its infrastructure construction somewhat, but its greatly reduced power supply pulled down its ranking, Boao Forum report said.
In the sub-index of Human Capital and Innovation Capability, the emirate was rated 17th in the report.
Boao report said: Middle Eastern and central Asian oil export countries benefited from the oil price hike in 2012
The rise of oil prices contributed to the Middle East's oil export economies and pushed their rankings upwards. Emirates 24|7
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UAE leads earnings surge
posted on 11/04/2013
 Corporate earnings in the GCC surged to US$55.4 billion in 2012 from US$52.3 billion in 2011 on the back of a strong performance by UAE firms "leading the race by posting 28.8 per cent jump over the previous year.
The growth in overall earnings in the region, at 4.5 per cent, however, is slower compared with a robust 26 per cent recorded in 2011, analysts said.
Dubai outperformed with corporate earnings advancing 88.2 per cent in 2012, while Abu Dhabi grew 13.6 per cent. A recovery in the real estate segment helped both markets to continue the momentum from 2011.
Saudi Arabia remained the biggest contributor to overall GCC earnings, constituting 46 per cent in 2012, followed by the UAE and Qatar contributing 21.2 per cent and 18.7 per cent, respectively, Global Investment House said in its "GCC Earning Review 2012. As the UAE continued its strong performance from 2011, rising 28.8 per cent in 2012, driven by a real estate sector recovery that boosted the earnings in 2012, Bahrain was the worst performing market by posting a decline of 34.6 per cent in earnings, the research said.
However, compared to 2011 when the UAE reported a two-fold increase, or 104 per cent, in corporate earnings led by a recovery in real estate and improvement in bank earnings, the growth in 2012 was at a slower pace. After recording a robust growth in 2011, Saudi Arabia's earnings growth remained flat in 2012 with Tadawul All Share Index recording no growth despite huge government driven large expenditure witnessed during the year. Overall, the GCC banking sector continued to grow despite tighter regulatory environment.
The petrochemical sector, which fell 16.8 per cent, weighed heavily on the overall profitability. "Companies in the sector were hurt by price volatility in petrochemical products along with weak demand. But a strong performance of the banks and financial Services sector, which rose 11.9 per cent, restricted the decline in overall earnings, the review said.
"Kuwait witnessed a 12 per cent growth in earnings, supported by the oil and gas and insurance sectors. Oman's earnings rose by 14.3 per cent as a result of buoyant performance across major sectors. Bahrain and Qatar were the only countries to witness a decline in earnings in 2012. Bahrain was the worst performer in the GCC region, declining 34.6 per cent in 2012 owing to deterioration across majority of sectors. On the other hand, Qatar saw a marginal decline of 0.3 per cent led by decline in real estate sector earnings.
The surge in Abu Dhabi corporate earnings was led by sector heavyweights, banking, real estate and telecommunication, which grew 9.3 per cent, 104.4 per cent and 12.9 per cent, respectively. Banking sector remained the biggest segment in 2012, constituting 58.4 per cent of total earnings, followed by telecommunications (22.3 per cent) and real estate (7.3 per cent).
The remarkable performance of Dubai market was mainly led by a recovery in the real estate sector, which surged 282 per cent in 2012. Banking went up 24.1 per cent, telecommunications (up 80.4 per cent) and insurance (up 16.4 per cent) sectors also remained buoyant. The banking sector was the biggest contributor to Dubai's total earnings in 2012 at 47.5 per cent. The real estate sector accounted for 20.2 per cent, while telecommunications constituted 15.4 per cent of total incremental earnings, the review reveals.
Dubai's banking and investment and financial services sector witnessed a recovery due to an improvement due to lower provisioning and higher lending activity during 2012, the report said. Khaleej Times
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UAE aims to make AIM global investment platform
posted on 01/04/2013
 The UAE economy has countless features and characteristics for foreign investors and the government will continue its efforts to make the Annual Investment Meeting (AIM) a true global investment platform, Minister of Economy Sultan bin Saeed Al Mansouri said in a statement.
Al Mansouri said that the AIM has gained an ever increasing regional and international attention since its inception two years ago, especially in light of political, economic, financial and climate crises that still threaten the future of the world. He also stressed on the importance of the third edition of this meeting, which be held on April 30.
The AIM has become a comprehensive platform in bringing the attention of government, decision makers, private sector and other related entities including the civil society as it offers exclusive discussions to exchange views between participants from around the world. This event is also important as it allows the concluding of trade deals and ratification of the agreements between the countries of the world.
The minister said that the UAE has become a strategic hub for foreign investments and leading international establishments, thanks to its solid economic fundamentals and wise economic policies that are based on openness, diversity and flexibility. Today, the UAE enjoys a leading status as a pivotal destination for investments.
Al Mansouri said the "Investment Map Project is the latest initiative launched by the ministry aimed at attracting foreign investment capital and promoting the UAE among investors. Furthermore, it enlightens potential businessmen from around the globe about investment opportunities and to better understand the realities here.
He said the ministry is keen to develop the economic legislative system in the country as it continues to work on putting the final touches on a number of draft laws to enhance the UAE business performance; most notably the foreign investment law, corporate, industry and small and medium enterprises, competition and intellectual property rights protection. All these draft laws are in their final stages.
Al Mansouri hailed the efforts of Ministry of Foreign Trade in making this meeting a success in its past editions. The Ministry of Foreign Trade (MOFT) was the host of this event, however Ministry of Economy (MoE) will now host this event as MOFT tasks were shifted to MoE as per the new cabinet formation. The MoE will build on efforts to make this event a destination for investors from around the world.
He said that the AIM draws a true picture of the global economic landscape in light of the crises and challenges. It also monitors the repercussions of these crises on foreign direct investment, referring to the accelerated change in the international economy in light of the multiplicity of attractive investment destinations. The new realities require concerted efforts and professional implementation of creativity and innovation in planning for future projects.
Al Mansouri emphasised on promising investment opportunities in the aviation, tourism and hospitality, retail, health care, industry, oil and gas, renewable energy, financial services, logistics and education.
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UAE pavilion at Hannover Messe to feature 20 public and private organisations
posted on 31/03/2013
 Over 20 UAE key industrial partners will take part in Hannover Messe, the world's leading industrial fair, which will be held in Germany between 8 and 12 April.
The UAE pavilion at the show will be under the umbrella of the Abu Dhabi Department of Economic Development, in collaboration with the Ministry of Economy.
For the sixth consecutive time, Abu Dhabi DED has overseen the UAE pavilion in Hannover Messe, taking 20 partners from the country's core industries to participate.
Dubbed as "home away from home", the 650-square meter UAE pavilion, will act as a meeting place for the Emirati delegates and the world's top executives and policymakers.
Abu Dhabi DED will organise, on the fringes of Hannover Messe, the 2nd investment and business forum, which is aimed at acquainting investors and businessmen on the UAE Vision 2021.
Economy Minister Sultan bin Saeed Al Mansouri said the ministry's participation in Hannover Messe 2013 sends a strong message about its commitment to promote the country's commercial and economic interests in international arenas.
Mohammed Omer Abdullah, Under Secretary of the Abu Dhabi DED, described Hannover Messe as one of the most prominent industrial events in the world and a key forum for the business community and industrial policy makers.
The Hannover Fair is one of the main specialised fairs in fields of industrial innovation and technology, as it involves more than 6,000 exhibitors, and is visited by more than 200, 000 people over the five days show. Emirates News Agency, WAM
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UAE economy to grow 3.3 per cent in 2013
posted on 30/03/2013
 High public spending due to strong oil prices will ally with the UAE's position as a safe haven for investments to boost the country's economy by 3.3 per cent in 2013 despite lower crude output, a key Saudi bank has said, according to a report on the on-line newspaper Emirates 24/7.
The UAE's real GDP rose by around 4.9 per cent in 2011 and 4.2 per cent in 2012 and growth is likely to remain relatively high this year while its fiscal system will continue to record large surpluses, Saudi American Bank group (SAMBA) said.
Releasing its monthly bulletin this week, SAMBA said the UAE has benefited from what it described as its "safe haven" position, given the political developments in MENA region.
This has encouraged capital flows and helped boost confidence, particularly as it coincided with higher oil prices and a healthy increase in both oil (4.6 per cent) and NGL (9.8 per cent) production in Abu Dhabi last year, the SAMBA report said.
Together with strong public spending, this helped boost overall UAE real GDP growth to an estimated 4.2 per cent in 2012, it added.
"Looking ahead, the push from rising hydrocarbons output will drop off sharply, but sustained improvements in Dubai's traditional activities and rising public spending should help maintain positive momentum," SAMBA said.
"This will be aided by the recent recovery in real estate and confidence, although the debt overhang and weak credit growth will remain headwinds. Overall we expect the UAE economy to grow by another 3.3 per cent this year." A breakdown showed most of the 2013 growth would be in the non-oil sector, which could expand by around 4.1 per cent. Growth in the hydrocarbon sector was put at 1.5 per cent, far below the 2012 growth of 5.9 per cent.
In current prices, the report showed the UAE GDP would rise by 4.6 per cent to a record high of about $395.8 billion in 2013 from $378.3 billion in 2012.
The Emirates 24/7 story on the SAMBA report said it expected an "increasing shift" towards higher capital, including off budget, and social spending as the country responds to both strong revenues and reduced requirements for GRE support.
It said overall consolidated spending may not increase by much this year, but the economy should feel the benefits of it more strongly.
This includes progress with the raft of development projects approved by the Abu Dhabi Executive Council last year as well as a resumption of capital spending in Dubai. There the government has recently announced the restart of US $1.1 billion worth of previously postponed projects, and plans to develop Mohammed bin Rashid City which will include the world's largest shopping mall and hotels, according to SAMBA.
"Oil revenues will be impacted by likely production declines and a possible dip in prices, but will remain large and bolstered by revenues from increased external assets, mainly held by the Abu Dhabi Investment Authority," it said.
"The consolidated fiscal accounts should remain comfortably in surplus, albeit dipping from an estimated 4.7 per cent of GDP in 2012 to around 3 per cent this year." Emirates News Agency, WAM
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Lowest Risk Cities in the world: Dubai in Top 20
posted on 26/03/2013
 Dubai is among the top 20 and first in the region on a list of safest cities in the world for expatriates, according to a latest report released.
A report released by Aon Hewitt, the global human resources company of Aon Plc, ranked Dubai 19th globally and 1st in the Middle East in the list of Lowest Risk Cities in the world to recruit, employ and redeploy talent.
According to the ranking, the emirate is rated a lower risk city than Washington DC (ranked 25), Sydney (27), Brussels (27), Doha (31), Paris (36), Frankfurt (37), Tokyo (43), and Seoul (47) among others.
The emirate also saw its ranking improving from 29th in 2012 to 19th in 2013 among the lowest risk cities.
NR, a PR consultant in Dubai, said she feels safer and happier here in Dubai despite spending a big part of her life in Europe. "I have spent around five years in London and other major European cities, but the development and growth I have seen here makes Dubai a real 21st century city.
Aon Hewitt's 2013 People Risk Index measures the risk that organisation face with recruitment, employment and relocation in 138 cities worldwide by analysing factors such as demographics, access to education, talent development, employment practice and government regulations.
In the Middle East ranking, Dubai is followed by Doha (31), Muscat (50), Riyadh (53), Manama (57), Amman (83), Cairo (117), Tehran (125), Baghdad (133), Sana'a (137) and Damascus (138).
Globally, New York has been rated the lowest risk city for the second consecutive year for recruiting, employing and relocating employees.
New York is followed by Singapore (2), Toronto (3), Montreal (4), London (4), Los Angeles (6), Copenhagen (7), Hong Kong (7), Zurich (9), Vancouver (10), Boston (10), Chicago (10), San Diego (13), San Francisco (13), Stockholm (15), Amsterdam (16), Oslo (16), Dallas (16), Dubai (19), Houston (19), Melbourne (21), Miami (21), Philadelphia (21), Seattle (21), Atlanta (25) and Washington DC in the list of top 25 lowest risk cities by Aon Hewitt for 2013. Emirates 24|7
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UAE-Slovak economic relations to receive boost, Al Mansouri
posted on 25/03/2013
 Minister of Economy, Sultan bin Saeed Al Mansouri, and the First State Secretary of the Ministry of Economy of the Slovak Republic, Pavol Pavlis, yesterday discussed ways to enhance economic, trade and investment cooperation and relations between the two countries.
The meeting discussed the establishment of a joint commission to enhance economic cooperation and relations between the business community of both countries
The setting up of a representative trade office for the Slovak Republic in the UAE was also discussed at the meeting.
Al Mansouri expressed the Ministry's preparedness to provide facilities for the office which he said will give a boost to relations between the two countries and to trade exchange which stood at Dh567 million by the end of 2011. The figure, Al Mansouri said, is modest and does not reflect the potentials and aspirations of both countries
The minister briefed the Slovak official on the advantages of investing in the UAE which he said represents a gateway between the East and the West at the centre of the world.
For his part, the Slovak official praised the UAE for the measures it took to contain the consequences of the global financial and accelerate recovery
He noted that the UAE managed to consolidate its global economic position, thanks to the vision of the wise leadership
He further expressed hopes for better trade and economic relations with the UAE. Emirates News Agency, WAM
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UAE has its own formula of happiness: Public Works Minister
posted on 20/03/2013
 Minister of Public Works and member of the Follow up Committee of President Initiatives Dr. Abdullah Al Nuaimi said yesterday the UAE was proud to lead the Arab World and rank 17th globally in the World Happiness Report 2012 but noted that the UAE happiness formula was different than that of the Report.
'It is based on the vision of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, who is working diligently to deliver the highest living, economic and social standards to citizens,' he told 'Quality of Life in UAE' conference in Ajman.
He spoke in detail about the rationale of establishing the follow up Committee of the President Initiatives. He said the Committee is guided in its action by an in-depth study of vital projects of paramount priorities in sectors like housing, roads and other social and economic progress and welfare projects.
The second phase of the Committee action plan, he added, would envisage a package of health, religious and cultural development projects including mosques, hospitals and cultural centres.
The current phase, he said, focuses on the housing sector where 3000 villas for citizens are being built in various parts of the country.
The conference will highlight the UAE's leading regional and global position in terms of various aspects that relate to quality of life, and the tremendous efforts exerted by the country's various entities to secure stability and a decent living for all members of the community.
The World Happiness Report was unveiled during the 'Happiness Conference' held by the United Nations, with a list that included 50 countries - four of which were Arab countries, namely the UAE (17), Saudi Arabia (26), Kuwait (29) and Qatar (31). In the report, the UAE ranked above nations such as Britain (18) and Iceland (20).
Denmark ranked first followed by Finland, Norway and the Netherlands. The report assesses quality of life, a measurement that takes into account a range of factors that include health insurance, family, work and other social factors. Emirates News Agency, WAM
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UAE leads Gulf Common Market Integration Efforts as announced by GCC General Secretariat Report
posted on 20/03/2013
 The GCC Secretariat recently issued its fifth annual statistical report The GCC Common Market's facts and figures. The report featured issues of GCC citizens that relate to the Gulf Common Market (GCM), such as residency, equality in the public and private spheres, protection and insurance, education, and health.
Commenting on the report, Obaid Humaid Al Tayer, Minister of State for Financial Affairs, praised the considerable efforts made by the Secretariat in order to establish the necessary logistical requirements to support the commitment of all related parties in implementing the decisions of the Supreme Council, and to ensure the maximum benefit possible for the GCC citizens.
The report highlighted the GCC states' commitment to achieve equality of treatment within the GCC for citizens' movement and residence, by allowing them to move between counties using their personal IDs. This is important in promoting common commercial relations and in consolidating social interdependence. In fact, the statistics of the General Secretariat showed that citizens who moved within the GCC countries in 2011 exceeded 13 million.
Furthermore, the report revealed the decisions of the Supreme Council to grant full equality for GCC citizens regarding their employment in government sectors, social insurance, and pension plans as well the exclusion of any restrictions preventing this positive step. The report showed the presence of 17,000 citizens working in the public sector in other Member States in the year 2011, whereby the UAE received more than 4000 of them, a ratio of 24% on a GCC level. As for those employed in the private sector in the other Member States, the number of GCC employees amounted to 24,000 in the year 2011 with a total of 1,230 employees in the UAE.
The statistics have also shown that the number of beneficiaries of the equalised pension systems in other Member States reached 9,140 citizens by the end of the year 2011, where the UAE presented these plans to 4,012 GCC nationals, a ratio of 44 %. Furthermore, with regards to social insurance systems, 6,069 citizens received them during 2011 with 1,230 citizens in the UAE alone, a ratio of 20%.
As for the education sector, the report revealed that the number of students from the GCC receiving an education in other Member States amounted for 16,696 students at the elementary level, 12,777 students in middle school along with 8,529 students in the secondary level in 2011. In addition, with regards to the higher education sector, statistics showed that the number of students enrolled in institutions of higher education in other Member States reached 6,107 in 2011.
The report also revealed statistics regarding property ownership which indicated that GCC ownership in other Member States amounted to 93,767 registered cases by the end of 2011 compared to 77,804 cases in 2010.
The UAE was ranked first in attracting GCC nationals to own land during the year 2011, with the number of real estate ownership reaching to 10,873; a ratio of 67.5% on the GCC level. Until 2011, the cumulative number of GCC, non- Emirati ownership in the UAE reached 44,902.
With regard to economic, investment and service activities, the Supreme Council's wise decisions provided an opportunity for the GCC citizens to obtain licenses to practice economic activities in the other GCC countries, where the cumulative number of such licenses reached 34,428 licenses until 2011. The UAE is considered to be the GCC's leading donor country for such licenses until 2011, reaching 28,909 licenses, or 84%. In addition, statistics indicate that the UAE's commercial banks are the most prevalent in the GCC up to 2011, where their branches make up approximately 27% of GCC bank branches in other Member States.
Following the decision of the Supreme Council at its seventh session, GCC investors are allowed to obtain loans from banks and industrial development funds of Member States. The value of those loans reached USD 1.4 billion by the end of the year 2011.
In areas of trading and buying stocks and the establishment of joint stock companies, the number of companies that have permission to trade their stocks for GCC nationals amounted to 661 joint-stock companies in 2011, with a capital up to about USD 220 billion. The UAE topped GCC states for attracting shareholders from the Gulf, which reached 212,243 contributors with a rate of 46.5% of the total equity.
Al Tayer reiterated that the UAE has all the elements to attract investments from around the world, given its adoption of global economic and investment practices, and the bilateral trade agreements signed by the UAE that enables it to be one of the most prominent investment destinations on the international and regional levels especially across Gulf investments.
With regard to inter-GCC trade, the Gulf Free Trade Zone and r the GCC Customs Union regulations and policies adopted in this area have had the prominent role in promoting the smooth movement of goods and services and transportation between Member States. In addition, it helped promote national products and activate the role of the private sector in the development of the exports of the GCC countries, which was evident through the large volume of bilateral trade of USD 6 billion in 1984 compared to over USD 85 billion in 2011.
This has amounted led to a rise in intraregional exports from the UAE to the rest of the GCC, which was registered at USD 9,626.2 dollars in 2011 with a growth rate of 9% for exports in 2010, while the value of imports reached US 7,575.7 billion dollars in 2011, an increase of 26% from 2010.
As for the unified Gulf standard specifications, the GCC Standardisation Organisation works towards preparing, adopting and publishing the unified GCC standards for goods and products, where it managed until 2011 to put 6,510 specs and a unified and supported Gulf list. Emirates News Agency, WAM
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5-year Abu Dhabi plan to spur UAE growth
posted on 18/03/2013
 Plans by Abu Dhabi to invest nearly Dh30 billion through its 2013-2017 development plan will spur growth in the UAE, create about 5,000 jobs and expand the non-hydrocarbon sector, according to an economic analyst.
The plan, approved recently by the Abu Dhabi Executive Council (the emirate's cabinet), is part of a long-term development blueprint known as Vision 2030 that will push the emirate into a new era of socio-economic development.
"The implementation of this plan is expected to result in radical changes both at the social and economic levels. The foremost objective of the plan is to enhance citizen welfare, said Mohammed Al Asumi, a well-known economist based in the UAE.
"The five-year plan will also contribute, through its huge investments, to developing non-oil sectors toward diversifying the sources of national revenue and in providing job opportunities for citizens. According to estimates, about 5,000 jobs will be created in
2013 alone, which signifies absorbing large numbers of UAE national graduates into the process of development, he said in an article published by the Abu Dhabi-based Emirates Centre for Strategic Studies and Research.
He said the investments would also contribute to increasing the pace of growth in Abu Dhabi and the UAE in general. Although growth for 2013 is expected to be four percent, the International Monetary Fun
(IMF) estimates that the rate will increase to 6.4 percent toward the end of this plan, Asumi added.
"The new investments will be mostly directed toward non-oil sectors, especially in construction and services, said Asumi, a former adviser for the Dubai Executive Office and ex-manager of the Economic Research Section of the Emirates Industrial Bank.
He noted that the plan envisages offering Dh three billion in housing loans for 1,500 nationals in 2013, which means supplying this sector "with investments that will contribute to its recovery and increase its share of GDP.
In addition to housing, infrastructure projects will account for a large proportion of these investments, particularly the planned expansion of Abu Dhabi International Airport and the completion of road and communication projects, including the Etihad Rail network, which will be an important addition to the transportation sector in the country, he said.
Among the UAE's main projects which the Executive Council places on top of its list of priorities are those dedicated to sustainable development, such as those related to development of alternative sources of energy (solar energy in particular), the funding of initiatives to preserve the environment, and the establishment of key industries.
This approach, Asumi said, comes as a completion of measures to ward off the impact of the global financial crisis, which the country has managed to overcome.
Citing official data, he said the ratio of development spending in Abu Dhabi increased significantly to reach 15.2 percent in 2011, amounting to Dh27.3 billion compared to Dh23.7 billion in 2010, thus rising to pre-crisis levels.
"This has contributed to the completion of many development projects across various sectors in recent years. Given the close integration of the country's economic and political constituents, the development projects will extend to include the rest of the emirates since the Follow-up Committee of the initiatives taken by the President has recently approved the launch of several vital projects in different emirates, he said.
"In another significant gesture, the five-year plan provides for the necessity of forging a partnership with the private sector, which means taking into consideration the growing role of the private sector, particularly in large projects and in providing job opportunities for UAE nationals, which is a strategic objective that the country seeks to achieve.
Asumi said this approach aims to support economic diversification, which possesses significant capacities, as an important component of development.
He stressed that the private sector should take advantage and increase its investments in development and productive sectors and to contribute to providing job opportunities.
"Hence, we find that the plan includes a comprehensive investment vision that will result in radical, structural changes not only for the national economy of Abu Dhabi but the whole country
. this means that infrastructure will become more developed and pave the way for more development projects and national and foreign investment by 2017.
We are also expected to see a large improvement in the standards of living in the country and the availability of job opportunities for its citizens. Emirates 24|7
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UAE residents most positive on economy
posted on 18/03/2013
 Residents in the UAE are the most positive in the region in respect to their estimation of the country's current economic situation, albeit only 22 per cent of respondents in a survey claim that they are in a better position now compared to six months ago.
The latest Middle East and North Africa Consumer Confidence Index, or CCI, Survey, shows that 64 per cent of the respondents believe that the economic situation will continue to improve while 71 per cent anticipate better business conditions.
The Washington-based Institute for International Finance, or IIF, predicted recently that the UAE economy is expected to continue achieving new records and cross the Dh1.5 trillion mark next year.
"The UAE economy is to continue its rise to reach US$395 billion in 2013 and a record high of around US$410 billion in 2014, the IIF report said.
According to UAE Minister of Economy Sultan bin Saeed Al Mansouri, the country's economy is expected to sustain an annual growth rate above four per cent in 2013.
The survey conducted by Bayt.com and YouGov, a research and consulting organisation, shows that 44 per cent of respondents in the UAE are of the opinion that the economic situation has improved in the last six months, and 43 per cent claiming that business conditions now are either "good or "very good, with 46 per cent thinking there will be more jobs available.
As far as their current financial situation is concerned, 46 per cent of UAE respondents say that there has been no change in the past six months, while 22 per cent claim there has been an improvement; almost half (49 per cent) say that their savings have depleted in comparison to last year. However, with 56 per cent believing that things will be better in the coming six months, the UAE is one of the most optimistic countries in the region. Despite this optimism, 71 per cent believe that the cost of living in the country will increase within the same timeframe, according to the survey.
The majority of UAE residents (48 per cent) are not considering buying a personal vehicle in the next 12 months. Of the 39 per cent who claim they are looking to make a purchase, 45 per cent will choose to buy a new vehicle, while 46 per cent will opt for a used one. In terms of property, only 23 per cent are looking to invest; interests lie in buying new apartments.
Overall, in the Middle East North Africa, or Mena, 44 per cent of professionals expect their personal finances to improve in the next six months while 55 per cent of residents believe business conditions will also become better.
Only 18 per cent of respondents across the Mena region claim that they are in a better financial position now than they were six months ago. Only 15 per cent across the region say that their savings have increased in the last year, with 25 per cent saying they have remained the same. However, hope for the future is high, with 44 per cent expecting their financial situation to improve in the next six months, the survey results show.
Conversely, 78 per cent believe that the cost of living in their country will increase. Only 32 per cent will look to buy a vehicle in the next 12 months (of which the majority (48 per cent) will opt for a used vehicle), and only 20 per cent are looking to buy property within the same time frame. Those intending to invest in property will primarily look for new (57 per cent) apartments.
In terms of smaller purchases, desktop or laptop computers remain the most popular anticipated purchase (27 per cent), followed by furniture (18 per cent) and LCD or plasma televisions (17 per cent).
According to respondents, the UAE ranks fifth in the Mena region in terms of company growth in the last six months, with 36 per cent stating there are now more employees than before. Four in ten respondents (44 per cent) believe their company will hire in the next six months. Khaleej Times
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UAE is the only window of opportunity in troubled world economy
posted on 13/03/2013
 The UAE is blessed with a stable investment environment supported by a sustainable economic growth, making it the only window of opportunity in the troubled world economy, a Russian radio has said.
In a special report on the UAE, the Voice of Russia has mentioned that "the markets of the Gulf region, and specifically the United Arab Emirates, provide the best environment to attract international investments and give the only ray of hope in the world's dark economic tunnel." The report cited the UAE's booming economy; high growth rates; positive performance indicators in non-oil sectors, such as tourism, trade and logistics; and high oil prices as factors that reinforce the UAE's ability to attract investments and to gain investors' confidence.
Citing data from the latest World Bank Report "Doing Business 2013", the Voice of Russia has noted that the UAE was ranked first out of 185 countries for having the easiest tax structure, retaining its position as number one in the MENA region for ease of doing business.
The Russian radio has praised the UAE's dynamic tax system and easy procedures, citing the efforts exerted by the UAE government to improve the investment climate and facilitate the procedures necessary to start businesses. Emirates News Agency, WAM
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