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THE ECONOMY - ECONOMIC DEVELOPMENT


Ministry of Economy discusses cooperation with JETRO


posted on 29/07/2015

Juma Mohammed Al Kit, Assistant Under-Secretary of UAE Ministry of Economy for Foreign Trade, has discussed with a delegation from the Central Office of Japan External Trade Organisation, JETRO, in a meeting held at the Ministry's headquarters in Abu Dhabi, ways to enhance trade and investment relations and promote communication between the business community in the two countries.
The Japanese delegation included Masayoshi Watanabe, the former Managing Director of JETRO Dubai & MENA, the Central Office of Japan External Trade Organisation (JETRO) for the Middle East and North Africa Region, and Masami, who will be the new Director of the Regional Office in Dubai.
Al Kit commended the distinguished efforts of Watanabe during his tenure in Dubai that contributed to the development of trade and investment relations between the UAE and Japan, which saw remarkable developments during the past period.
He stressed the UAE's keenness to strengthen the partnership with Japan by working to increase trade exchange and investment cooperation and focus on the importance of the role played by the private sector in promoting the trade exchange between them.
Al Kit said that the relationship between the UAE and Japan witnessed significant developments over the past few years, citing that Japan is among the top five trade partners of the UAE and the volume of the non-oil trade touched $14 billion dollars at the end of 2014. The figures reflect the depth and strong commercial relationship between the two countries.
He called on the Japanese side to intensify the presence of the Japanese private sector in various trade and investment events, which are held in the country. They provide an opportunity to meet with investors from around the world to discuss the areas of partnership, cooperation and investment.
For his part, the Japanese official praised the level of relations between the two friendly countries and the efforts of sustainable development in the UAE, noting the keenness of the Government of Japan to promote trade and investment cooperation with the UAE. He also underlined the importance of development of communication and cooperation between the public and private sectors of the two sides to enhance trade and investment relations. – Emirates News Agency, WAM - http://www.wam.ae/en/news/economics/1395283756201.html

SUBIR | NOTICIAS MS RECIENTES (WAM)


Ministry of Economy updates UAE 2014 Trade Statistics App as part of smart data services drive


posted on 28/07/2015

The Ministry of Economy yesterday announced it has updated the UAE trade figures app up to the end of 2014, as part of its renewed focus on providing smart data services to residents and citizens of the country. The trade statistics application can be found on the ministry's official website (http://www.economy.ae).
The step is in line with the ‘smart' directives of the UAE leadership that has urged the federal government to further reach out to the public through the regular launch of innovative services and continued updating of various apps and e-services. The trade statistics application is an important tool for individuals, businesses and public institutions for obtaining up-to-date numbers that are crucial to all trade transactions in the current business landscape.
Abdullah Al Saleh, Under-Secretary of the Ministry of Economy for Foreign Trade and Industry, said: "In line with the federal government directives, the Ministry of Economy is working to achieve the highest level of transparency and competitiveness. The current update fulfils a long-perceived need for recent and relevant information in the trading sector.
"With the help of the economic experts at the Ministry, we have revised the trade statistics application to include all data and information gathered up to the end of 2014. We are keen to provide an integrated IT platform that will help investors and businessmen in the UAE plan out their economic and investment policies and strategies for the wider benefit of the country and its trade with global partners."
Al Saleh pointed out that application is the first-of-its-kind in the region to display trade data in an extremely interactive, user-friendly and dynamic manner. The app also helps save time and effort with its ability to make a number of comparisons based on different time periods, geographical areas, and types of commodities.
The Under-Secretary also shared that in addition to the updated 2014 trade statistics, the revisions also included comprehensive data on commodity flows for non-oil goods, as well as exports, re-exports and imports of the UAE with more than 220 countries extending from 1999 until 2014. Furthermore, the information can be easily extracted and exported to various desktop applications such as the MS Office suite of Excel and Word, as well as the PDF format, among others.
Notably, the application was first launched in 2010 to provide a modern and user-friendly platform for foreign trade statistics. The number of application users every month currently averages between 1,000 and 1,500 from the UAE and several other countries globally, including India, Brazil, the US, China, Saudi Arabia, Switzerland, and Italy. – Emirates News Agency, WAM - http://www.wam.ae/en/news/economics/1395283689997.html

SUBIR | NOTICIAS MS RECIENTES (WAM)


UAE to remain on growth trajectory


posted on 24/07/2015

The UAE economy, less vulnerable to oil price fluctuations than its GCC peers, will stay on the growth trajectory in 2015 on the back of brisk diversification and increased government spending as inflation tends to drop to 3.3 per cent on expectation of sustained softening of rents.
Focus Economics panellists expect the Arab world's second largest economy to grow 3.5 per cent in 2015, which is up 0.1 percentage points from June estimate. For 2016, the panel projects a gross domestic product (GDP) growth of 3.6 per cent, and foresees inflation to average 2.8 per cent.
In 2014, UAE's economy posted yet another robust growth rate by expanding 4.6, an improvement over the 4.3 per cent expansion recorded in 2013.
"Diversification of the UAE's economy has made it less vulnerable to oil price fluctuations compared to its regional peers. 2014's expansion came on the back of an improvement in exports and government spending, while private consumption was lacklustre," Focus Economics analysts said.
The upbeat forecast was based on economic data from the second quarter which shows that business conditions in the UAE's non-oil private-sector economy continued to improve. Although the purchasing managers' index, or PMI, inched down in June, the rate of business expansion remains strong.
In sum, the UAE is set to continue to perform strongly in 2015 in the backdrop of a favourable business environment as well as an increase in government spending, they argued.
In May, inflation was stable at April's 4.3 per cent and thus remained at an over five-year high. "The upward trend in inflation that has been observed lately reflects an increase in housing costs. However, looking forward, panellists see inflation dropping to 3.3 per cent on expectations that real estate prices and rents will ease this year. Next year, the panel foresees inflation to average 2.8 per cent."
The expansion of UAE's economy in 2014 came on the back of an improvement in the external sector, while domestic demand deteriorated over the previous year. Private consumption swung from a six per cent increase in 2013 to a 0.3 per cent decrease in 2014, while growth in government spending accelerated from 1.4 per cent in 2013 to 3.7 per cent in 2014.
Fixed investment recorded a 3.6 per cent expansion, which was significantly down from the 8.3 per cent increase observed in the previous year.
"On the external side of the economy, exports expanded 8.2 per cent in 2014, which marked a significant improvement over the 4.5 per cent increase seen in 2013," they said.
In contrast, growth in imports dropped from 6.5 per cent in 2013 to 6.1 per cent in 2014. The government expects the economy to expand between 4.0 per cent and 4.5 per cent in 2015.
According to Focus Economics, growth in the Middle East North Africa, or Mena, region is expected to accelerate to 3.4 per cent in 2016, which is unchanged from the previous month's estimate.
Qatar is expected to be the best performer in 2015, followed by Morocco, the panelists said.
Among the major economies, along with the UAE, Egypt will likely grow the fastest, with a projected expansion of 4.0 per cent. At the other end of the spectrum, Iran and Yemen are expected to be the worst performers. – Khaleej Times - http://www.khaleejtimes.com/business/economy/uae-to-remain-on-growth-trajectory

SUBIR | NOTICIAS MS RECIENTES (WAM)


ADDED Chairman: UAE Economic Planning Forum 2015 represents common vision of economic development departments and Economy Ministry


posted on 21/07/2015

Ali Majed Al Mansoori, Chairman of the Abu Dhabi Department of Economic Development, ADDED, has said that the second edition of the UAE Economic Planning Forum that will be held in Ras al-Khaimah represents the common vision shared by the departments of economic development, the Ministry of Economy and relevant entities, to reflect the objectives and foundations of the Government's Strategic Plan for 2021.
In a statement delivered on the occasion of the forum's launch on the 7th of October 2015 under the patronage of H.H. Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras al-Khaimah, Al Mansoori said that ADDED is keen on guaranteeing the success of this important yearly event by strengthening common collaboration and integration between the Ministry of Economy and local departments of economic development in order to achieve the forum's objectives and reflect the role of each contributing entity in achieving sustainable economic development for the state in all fields.
He also pointed out the importance of this year's forum that constitutes a prominent step to following up on the outcomes of the forum's first edition, held in Fujairah. The second edition is also an important extension that guarantees communication between all departments of economic development in the country. It is an event where all the concerned bodies can discuss and consider all issues pertaining to the strategic economic plans of each emirate, in order to unify goals and common efforts.
The ADDED Chairman highlighted the great success achieved by the forum's first edition, which was held under the patronage of H.H. Sheikh Hamad bin Mohammed Al Sharqi, Supreme Council Member and Ruler of Fujairah. The support received by the forum reflects the great interest of the UAE government and local departments in all emirates in achieving the forum's objectives aimed at guaranteeing integrity in economic planning, implementing development projects and strengthening the economic status of the state both regionally and internationally.
Mr Al Mansoori said that the second edition is to focus on innovation and creativity to build a diversified and sustainable economy that can cope with the state's wise directions and its ambitious strategy. This would contribute to the creation of an investment environment that attracts foreign investments and leads to the transfer and nation-wide adoption of technology.
He expressed his appreciation of the efforts of the Department of Economic Development of Ras al-Khaimah for hosting this year's edition and sparing no effort to guarantee the success of the event. The UAE Economic Planning Forum constitutes a common platform for all participating state-linked stakeholders that would gather to propose initiatives, ideas, projects and ambitious plans based on creativity and innovation.
Rashed Ali Al Zaabi, Executive Director of the Planning and Statistics Sector of ADDED, said that the common goal of all stakeholders engaged in achieving the UAE government's strategic plan was the serious pursuit of opportunities and incentives, recognising the challenges present in the ever-changing local and international work environment, finding the necessary innovative and creative solutions in order to advance the path of development, and increasing the state's competitiveness both regionally and internationally.
Al Zaabi pointed out that the items on the agenda of the second edition of the UAE Economic Planning Forum focus on the qualitative experiences of each emirate in order to share knowledge to support and strengthen the national economy. This would be reflected in the strong integrity and active communication between all the stakeholders that are working in the field of economic development at the state level in order to build a common ground to prepare future plans, strategies and visions. – Emirates News Agency, WAM –http://www.wam.ae/en/news/general/1395283491062.html

SUBIR | NOTICIAS MS RECIENTES (WAM)


Abu Dhabi makes big strides in diversifying economy as oil price remains low


posted on 21/07/2015

As Gulf economies take stock of continuing oil price turbulence, the Abu Dhabi government is boosting investments in the industrial and petrochemical sector to diversify income from fossil-fuel energy.
From petrochemical projects to defence industries, the UAE has made strides in becoming one of the most non-oil dependent economies in the region.
"The UAE is one of the most diversified economies of the region and ranks favourably on competitiveness indicators,” the IMF says. "Structural reforms should aim at further diversifying the economy and accelerating private sector-led job creation for nationals.”
The industrialisation efforts are part of Abu Dhabi's 2030 Vision, which counts on non-oil industries to play a significant role in supporting the economy.
As part of Abu Dhabi's Economic Vision 2030, the contribution of the non-oil sector is aimed to be 64 per cent of GDP. In 2013, non-oil activities contributed 45 per cent to the emirate's GDP, versus 43 per cent in 2012, according to the Economic Report of the Emirate of Abu Dhabi 2014.
The manufacturing industries sector in Abu Dhabi accounted for 12.6 per cent of the emirate's non-oil GDP in 2013.
Petrochemicals and plastics remain the top manufacturing sector, accounting for about half of the manufacturing industries' production and 73 per cent of its fixed capital formation. It is followed by the basic metal industries (iron and aluminium), which account for 11 per cent of the production value of manufacturing industries sector.
"Dubai has been traditionally the leader of the diversification effort, but Abu Dhabi has found its own competitive niches in different segments and it is natural to focus on the non-oil sector in the current period of low oil prices,” says Razan Nasser, a senior economist at HSBC Middle East.
For example, the plastics firm Borouge plans to reach a petrochemical production capacity of 4.5 million tonnes a year by 2016 as the country's biggest petchems producer undertakes a US$4.5 billion expansion despite the oil price rout. Borouge 3, which had an initial start last year, will increase output to 4 million tonnes of petrochemicals a year by the end of this year from the current level of more than 2 million tonnes per year. Abu Dhabi-based Borouge is a joint venture between state-run energy firm Abu Dhabi National Oil Company and Austria's petrochemical company Borealis.
Meanwhile, the state-owned Emirates Global Aluminium (EGA) is spending $5.2bn to boost capacity at its smelter in Dubai and build an alumina refinery in Abu Dhabi. EGA, the world's fifth-largest aluminium producer, was formed last year by the merger of Dubai Aluminium (Dubal) and Abu Dhabi's Emirates Aluminium (Emal).
EGA is adding about 40,000 tonnes per year to the 1 million tonnes per year smelter plant at Dubai due for start-up in 2017 and it is building a 2.2 million tonnes per year alumina refinery in Al Taweelah in Abu Dhabi set for start-up in the first quarter of 2018.
All of these expansion projects at EGA, which reached a capacity of 2.4 million tonnes per year last year, are part of plans to become the fourth-largest aluminium producer globally in the next two to three years.
"Currently, projects in chemicals, plastics and related products dominate manufacturing value added in Abu Dhabi. These are oil-related [petrochem] and energy intensive,” says Dima Jardaneh, an economist and director of research at investment bank EFG-Hermes in Dubai. "To more effectively diversify the manufacturing sector away from oil, there needs to be an emphasis on projects that are not oil-related.
"I believe that Abu Dhabi plans to expand efforts in this direction. For example, manufacturing clusters around basic metals, the aerospace industry, and health and pharma, albeit these efforts are still at early stages.”
Abu Dhabi has also been keen to develop the aerospace efforts and defines the industry as part of its Vision 2030. At this year's edition of the International Defence Exhibition (Idex) in Abu Dhabi a large portion of deals went to UAE-based defence companies as part of government plans to carve up a local industry and create jobs for nationals. The newly-formed Emirates Defence Industries Company, Tawazun and Abu Dhabi Ship Building were among the local winners awarded contracts alongside foreign firms such as the US-based Boeing, Europe's Airbus Defence, and the French-Italian aerospace manufacturer Thales Alenia Space.
Strata, a company owned by strategic investment company Mubadala, will make parts worth $80 million for Airbus this year and is expected to eventually produce composite parts for the A350 and A320.
Al Ain-based Strata, which also manufactures parts for Airbus's rival Boeing, won deals with the two plane makers worth $5bn to make parts for their aircraft at the Dubai air show in 2013.
At the Khalifa Industrial Zone, where Emal and other industries are based, there are a number of projects that will support diversification efforts.
Abu Dhabi Ports this year signed an agreement with a unit of FourWinds Group to build a steel foundry to produce car parts at the capital's Kizad free zone, with Germany's car parts maker Continental Teves agreeing to buy the full output of the first production line.
The Abu Dhabi-based Senaat conglomerate is developing a Dh1.1bn steel plant that will create 370 jobs in Kizad through a joint venture with two Japanese steel makers, JFE Steel and Marubeni-Itochu Steel.
"With the introduction of Abu Dhabi Vision 2030, the AD government is in pursuit of economic diversification and sustainable growth,” says Alp Eke, senior economist at National Bank of Abu Dhabi.
"In my opinion AD is on the right track and is able to reach ambitious goals of Vision 2030 with projects like Khalifa Industrial Zone, Abu Dhabi Midfield Terminal, and Etihad Rail,” Mr Eke says.
"These projects will reduce reliance on oil sector, facilitate trade and transportation, will boost activity, enable direct and indirect economic growth.” – The National - http://www.thenational.ae/business/economy/abu-dhabi-makes-big-strides-in-diversifying-economy-as-oil-price-remains-low#full

SUBIR | NOTICIAS MS RECIENTES (WAM)


Mohammed bin Rashid: We achieved the first goal of Dubai's plan to become world's capital of Islamic economy


posted on 09/07/2015

Vice President and Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Wednesday said that the first goal of the strategy launched two years ago to develop and promote Dubai as the global capital of Islamic economy has been achieved.
H.H. Sheikh Mohammed hailed the achievement made by Dubai as it has overtaken other financial centres in listing Islamic bonds on its exchanges. Sukuk listed on Dubai's exchanges, rose to Dh135 billion in 2015, said a recent study published by Thomson Reuters.
Sheikh Mohammed bin Rashid made these remarks as he chaired a meeting of the board of directors of Dubai Islamic Economy Development Centre.
"When we launched our plan to become the world's capital of Islamic economy two years ago, some brothers had doubts. But today we have achieved the first goal even before the date we had set. We have a clear vision for our next achievement in 2020."
"Islamic finance is the most important sector of Islamic economy and Sukuk are one of the most important tools of this sector. Today we are the world's biggest centres for Sukuk, but our vision is even wider and more comprehensive as it takes in seven major sectors of Islamic economy," H.H. Sheikh Mohammed bin Rashid added.
"Thanks to its steady growth, increasing assets and straightforward principles, Islamic economy has become an established reality within the system of global economy. Through the huge economic opportunities provided by Islamic economy, and the massive partnerships that it can create, Islamic economy can provide a key to further stability and development in our region."
H.H. Sheikh Mohammed bin Rashid added, "We want an Islamic economy that has a global vision and local cadres to serve our national economic interests because the fast-paced global economic developments make it mandatory for us to quicken the pace of diversifying our national economy."
H.H. Sheikh Hamdan H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, who oversees the initiative to turn Dubai to the global capital of Islamic economy, attended the meeting and emphasised that Dubai will become the global reference for all forms of Islamic finance by 2020. "We have accumulated experience, a clear roadmap and strategic partners at home and overseas to carry out the directives of His Highness Sheikh Mohammed bin Rashid to make Dubai the benchmark for Islamic economy."
"Dubai's strategy for Islamic economy is achieving its goals. The plan to make Dubai the world's capital of Islamic economy includes not only Islamic products and financial tools but also Islamic commodities, services and knowledge. Several initiatives were launched for these sectors. Dubai Islamic Economy Development Centre will launch new initiatives in the coming period to accelerate action on the set plan," H.H. Sheikh Hamdan bin Rashid added.
Sukuk listed on Dubai's two exchanges, Nasdaq Dubai and Dubai Financial Market, rose to US$36.7 billion (Dh134.38 billion), according to Thomson Reuters data.
Nasdaq Dubai accounts for the substantial chunk of US$33 billion, while Dubai Financial Market accounts for US$2.75 billion.
This put Dubai ahead of the world's three traditional Sukuk centres: Malaysia, with US$26.6 billion listed on Bursa Malaysia and the Labuan free trade zone, the Irish Stock Exchange with US$25.7 billion, and the London Stock Exchange with US$25.1 billion.
Mohammed bin Abdullah Al Gergawi, Minister for Cabinet Affairs and Chairman of the Dubai Islamic Economy Development Centre, noted that the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, and the incessant follow-up by H.H. Sheikh Hamdan bin Mohammed bin Rashid, for turning Dubai into the global capital of Islamic economy, were effective in making this world-class achievement that has come three years ahead of the emirate's plan in which 2018 was the target year.
"We have an extensive and solid relationship with a wide range of international investors. We also have one of the world's best regulatory and procedural environments. We have a clear plan that is backed by all government departments. We expect action in all Islamic economic sectors to pick up speed in the coming period in line with the directives of H.H. Sheikh Mohammed bin Rashid to achieve the goals that we set in 2013, before 2020," Al Gergawi added. – Emirates News Agency, WAM – http://www.wam.ae/en/news/emirates/1395283064926.html

SUBIR | NOTICIAS MS RECIENTES (WAM)


UAE economy to grow at a healthy rate this year: Standard Chartered


posted on 08/07/2015

The UAE economy is expected to grow at a relatively healthy rate of 3.8 per cent in 2015, lower than the 2014 growth of 4.5 per cent, according to Standard Chartered' s Global Focus report.
While Dubai's tourism and retail sectors are expected to face a more challenging environment, the outlook for the its trade sector dynamics is improving as the hub for 55 per cent of the region's trade, Dubai benefits from ongoing trade flows as well as GCC countries continue to spend on their economies.
"We now estimate that Dubai's trade sector will grow by a more robust 7 per cent in 2015 (against our earlier projections of 4.5 per cent) as improving regional trade dynamics support trade flows through Dubai ports,” said Shady Shaher, an economist with Standard Chartered.
A combination of factors has impacted the outlook for Dubai's tourism and associated retail sectors. A slump in the number of Russian tourists and a drop in their spending has impacted both tourism and retail business. Data from Network International, a payments solutions provider shows that retail spending by Russians fell 52 per cent in the first quarter of this year.
"We believe the growth rate for tourism and associated retail sectors will drop to 4.2 per cent this year from almost 8.5 per cent in 2014,” said Shaher.
The UAE's hydrocarbon sector is largely centred in Abu Dhabi which controls 95 per cent of crude production and exports. Weaker oil prices mean reduced oil receipts contributing to weaker nominal growth impacting spending. But Opec data shows that the UAE is now producing almost 2.9 million barrels of oil per day against Standard Chartered's earlier forecast of 2.6 million barrels a day.
"Our outlook for Abu Dhabi government spending in 2015 has shifted. We now expect it to be maintained at or around similar levels of 2014,” said Shaher.
Latest inflation data shows Dubai's inflation rose to 4.2 per cent in April, near its five-year high while inflation in Abu Dhabi was at a 6-year high of 5.3 per cent. "Inflation is a key risk for 2015 growth. We view inflation numbers as a lagging indicator for cost of housing, which were slow to capture rising rents in 2015. We believe both rents and house prices to moderate this year,” he said. – Gulf News - http://gulfnews.com/business/economy/uae-economy-to-grow-at-a-healthy-rate-this-year-standard-chartered-1.1546761

SUBIR | NOTICIAS MS RECIENTES (WAM)


UAE non-oil private sector activity growth eases in June


posted on 06/07/2015

Non-oil private sector business activity growth in the UAE slowed to almost a two-year low in June on the back of slower output expansion and weaker growth in new orders, according to a survey released on Sunday.
The seasonally-adjusted Emirates NBD UAE Purchasing Managers' Index, which covers manufacturing and services, fell to 22-month low of 54.7 points in June from 56.4 in May. The 50-point level separates growth from contraction in the survey of 400 firms.
"Marked slowdowns in growth of output and new business were at the forefront of the overall deceleration, while employment continued to rise at a solid pace,” the survey report said.
The survey, sponsored by Emirates NBD and produced by Markit, contains original data collected from a monthly survey of business conditions in the UAE non-oil private sector.
Khatija Haque, head of Mena research at Emirates NBD, said although the June PMI data was the softest in two years, it signals solid growth in the non-oil private sector.
"Furthermore, it is difficult to determine whether the softening will continue into third quarter, particularly when bearing in mind the Islamic calendar. We attribute some of the slowdown in the June data to the start of the holy month of Ramadan, and we would expect to get a clearer picture of underlying growth momentum later in the year.”
Frost & Sullivan has predicted in a study that in the second half of 2015, the UAE economy is projected to grow by 4.5 per cent to record an annual growth of 4.4 per cent in 2015.
"Robust non-oil activities, greater public sector spending and huge foreign reserves will propel the UAE's economic growth by 4.4 per cent to US$440.18 billion in 2015 from US$416.44 billion in 2014,” it said.
"Diversification of the UAE economy has made it less vulnerable to oil price fluctuations, and heightened non-oil private sector performance will be the key factor that drives economic growth,” said Krishanu Banerjee, senior research analyst at Frost & Sullivan.
According to the key findings of the Emirates NBD-Markit survey, output rose further in June, but the rate of expansion eased sharply while new orders increased at slowest pace since April 2012. In June, cost pressures eased for a second month running.
The data indicated that the overall slowdown was mirrored by weaker expansions in output and new orders during June. Activity growth eased to a 20-month low, while new work inflows rose at the slowest pace since April 2012. However, the respective rates of increase remained marked overall.
Improved marketing strategies, new client wins and new product launches all helped to boost demand conditions, which in turn led to another expansion in output, according to panellists.
"A weaker rise in new export work contributed to slower growth of total new business in June. The latest increase was the weakest since the end of 2013, but remained broadly in line with the average recorded over nearly six years of data collection. Similarly, UAE non-oil private sector firms raised their input buying more slowly in the latest period,” it said.
"Although solid overall, the rate of expansion was the least marked in nearly two year,” it added.
While pre-production inventories rose only modestly, the rate of job creation was little-changed from the solid pace seen in the previous two months during June.
"Those companies that hired additional staff commented on the opening of new branches and efforts to expand operating capacity. Total input costs faced by UAE non-oil private sector businesses increased for the third straight month in June, albeit only fractionally. The rate of inflation was muted relative to the long-run trend, helped by slower rises in both purchase prices and staff costs in the latest period,” said the report. – Khaleej Times - http://www.khaleejtimes.com/biz/inside.asp?xfile=/data/uaebusiness/2015/July/uaebusiness_July49.xml§ion=uaebusiness

SUBIR | NOTICIAS MS RECIENTES (WAM)


UAE economy minister, Iranian ambassador discuss strengthening economic relations


posted on 28/06/2015

Sultan bin Saeed Al Mansouri, Minister of Economy, has received Mohammad Reza Fayyaz, Iran's Ambassador to the UAE, to discuss ways of enhancing economic relations between the two countries and engaging their private sectors in looking into investment opportunities and joint projects.
During the meeting at his office, Al Mansouri received an invitation from Iran's Economic Affairs and Finance, Ali Tayeb-Nia, to lead a UAE delegation to Iran to discuss trade and economic relations.
He noted that the efforts of the Higher UAE-Iranian Joint Commission focused on enhancing economic relations led to the signing of an agreement on setting up an Emirati-Iranian business council and a memorandum of understanding between the Federation of UAE Chambers of Commerce and Industry and Iran Chamber of Commerce, Industries and Mines.
Noting that the two countries are making efforts to expand their cooperation in various economic, investment and industrial spheres, Al Mansouri added that Iran comes fourth in terms of the relative importance for the UAE's foreign trade with non-oil trade between the two countries amounting to US$17 billion in 2014.
Underscoring the importance of promoting cooperation in civil aviation with Iran, the UAE minister noted that 200 flights a week are being operated between the two countries to boost tourism and enhance cooperation between their business communities.
Ambassador Fayyaz stressed that Al Mansouri's visit to Iran is important for looking into investment opportunities in Iranian cities as well as for promoting investments in the UAE. – Emirates News Agency, WAM – http://www.wam.ae/en/news/emirates/1395282542463.html

SUBIR | NOTICIAS MS RECIENTES (WAM)


UAE ranked 5th in global readiness index


posted on 26/06/2015

When it comes to dealing with change brought about by everything, from economic and political shocks, to long-term trends such as technologies and demographics, the UAE is the most prepared in the Arab world.
The country has emerged number five in the KPMG 2015 Change Readiness Index, just behind Singapore, Switzerland, Hong Kong and Norway, and ahead of developed economies like United States, United Kingdom and Japan.
It is the only Arab country that made it to the top five. Qatar, however, is trailing behind in the seventh place.
Produced in partnership with Oxford Economics, the index rated 127 countries for their capability to prepare for or respond to change caused by financial crises, political shocks and natural disasters.
It looked at the business environment, technology access, as well as fiscal, regulatory and security capabilities, among several other indicators, of 127 countries.
The UAE scored highly in terms of economic openness, which is ranked third in the world, as well as in business environment (ranked 4th), infrastructure (4th), technology infrastructure (4th), labour market (5th) and economic diversification (9th).
"[The] UAE's non-oil sector has been growing rapidly, largely due to initiatives by the government to boost the private and government sector,” noted Vikas Papriwal, head of markets, KPMG Lower Gulf.
His Highness Sheikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, had earlier announced that 2014 was the UAE's strongest economic year.
He said the country has "anticipated many global economic scenarios, and built a range of economic policies in order to be better prepared and equipped to manage a range of variables.”
"Today we have a robust and diversified economic base, great confidence in the environment and the stability of our country, sureness and expertise to deal with a range of scenarios, and great optimism about the future and the projects we have launched,” the ruler said in a note released on June 20. – Gulf News - http://gulfnews.com/business/economy/uae-ranked-5th-in-global-readiness-index-1.1540602

SUBIR | NOTICIAS MS RECIENTES (WAM)


UAE tops regional countries on inclusive growth


posted on 25/06/2015

The UAE has topped countries in the Middle East and Africa (MEA) region for inclusive growth, with a score of 57.58, according to MasterCard's 2015 Middle East and Africa Inclusive Growth report.
Factors including the UAE's diversification of its economy away from oil and gas, encouragement of entrepreneurship and the development of its education, health care and tourism sectors, creating more jobs, have resulted in the county's higher ranking for inclusive growth, or sustainable output growth that is broad-based across economic sectors, creating productive employment opportunities and reducing poverty, as defined in the report.
The report, which covers 34 countries, aims to benchmark developing nations in the MEA region against the developed countries of the Organisation for Economic Cooperation and Development (OECD).
The UAE's score is 6.8 points behind the OECD average of 64.38, according to the report.
The UAE was followed by Qatar, with an index score of 55.2, Bahrain (54.56), Saudi Arabia (51.45) and Oman (50.9). Next came Tunisia, Lebanon, Botswana, Jordan, Kuwait, South Africa, Egypt, Namibia, Morocco, Cote d'Ivoire, Rwanda, Kenya, Ghana, Zambia and Senegal.
Present conditions that are driving the region's inclusive growth include economic growth, expanding economic opportunity and equality of outcomes, while the enabling conditions are employment and productivity, access to economic opportunity, governance and youth.
In the Middle East, inclusive growth is critical for social equality and well-being, as well as basic social and political stability, according to the report. "Three core and interlinked areas have to be addressed in this context: managing the ‘youth bulge', enabling the private sector, and improving governance and rule of law.”
Yasar Jarrar, co-author of the report and vice chair of the Global Agenda Council on the Future of Government, said that inclusive growth is arguably the solution for economic development concerns in the MEA region.
"When income distribution and opportunities are equalised, countries will be able to boost local consumption, power growth, and reduce poverty and unemployment, while also seeing a rise in social and economic mobility, leading to an expanding, dynamic and increasingly prosperous middle class,” he said in a statement.
While some countries in the region have taken steps to grow their economies, the current economic development models are "not fit for purpose anymore” amid challenges including political instability, growing economic divide, social unrest, and rising youth aspirations and demands, according to the report.
"These difficult conditions will continue to hamper the ambitions of regional governments and citizens until a more robust, and inclusive growth model is successfully developed and adopted. The sharp drop in oil prices recently has further highlighted these concerns and brought the region — again — into question in terms of future growth and sustainability,” MasterCard stated. – Gulf News - http://gulfnews.com/business/economy/uae-tops-regional-countries-on-inclusive-growth-1.1540388

SUBIR | NOTICIAS MS RECIENTES (WAM)


New orders, job creation drive UAE growth


posted on 23/06/2015

Undeterred by lower oil prices, the UAE continued to witness growth by recording a surge in new orders as job creation hit a three-month high in May, Crédit Agricole Private Banking said on Monday.
Along with the UAE, Saudi Arabia's output and new orders also expanded, but the growth rate of the Kingdom eased, said Crédit Agricole report, ‘Macro Comment — Mena Update'.
"Interestingly in the UAE, once again, new orders and new export orders reflected strong growth, while job creation hit a three-month high. This is reflected in the UAE's non-oil private sector PMI (purchasing managers index) which did not decline significantly in May (56.4) compared to 56.8 in April. On the other hand, input costs rose, contrasting with a slight decline in output prices charged by companies,” the bank said.
The bank noted that it is too early to infer from this latest change that a downward trend in the CPI (consumer price index) indices has started.
"We can see that the UAE's CPI was up 4.2 per cent year-on-year in April, which is the same as in Dubai where inflation can be an issue. Nevertheless, we can say that the UAE is yet to fully feel the pinch of the lower oil price across its relatively diversified economy in comparison to GCC peers,” said Dr Paul Wetterwald, chief economist, Crédit Agricole Private Banking.
"Similarly in Saudi Arabia, output and new orders expanded, but the rate of growth and pace of job creation eased somewhat during the month. It was interesting to note that the Kingdom's headline PMI last month (57.0) was at its lowest level since May 2014. While the most recent data in the PMI series still depicts a growing non-oil private sector economy, our estimate of growth in Saudi Arabia is more conservative,” said Wetterwald.
"For example, based inter alia on the latest Saudi Arabia Monetary Authority statistics, we get a Q1 2015 nominal GDP growth estimate.”
According to Wetterwald, the recent softening of world food prices should bring significant benefits to GCC consumers. This is indicated by the Food and Agriculture Organisation (FAO) food price index in May 2015, which was down 20.7 per cent year-over-year and 1.4 per cent month-on-month.
Crédit Agricole's observation on the UAE and Saudi Arabian growth has been complemented by data from HSBC's PMI survey. According to HSBC data, private sector business conditions and sentiment in the UAE and Saudi Arabia continue to be largely unaffected by falling oil prices.
The UAE's non-oil private sector continued to record robust growth in May even though the headline index dipped to 56.4 from 56.8 in April. Saudi Arabia's headline PMI fell to 57 in May from 58.3 in April, but it indicated another robust improvement in business conditions, said Markit Economics, which carried out the survey. – Khaleej Times - http://www.khaleejtimes.com/biz/inside.asp?xfile=/data/uaebusiness/2015/June/uaebusiness_June194.xml§ion=uaebusiness

SUBIR | NOTICIAS MS RECIENTES (WAM)


A note on the state of the UAE’s Economy by Mohammed bin Rashid Al Maktoum


posted on 21/06/2015

I wanted in this brief note to highlight the current status of the United Arab Emirates' economy and to outline the course we are steering in the period to come. It is my aim this note, released ahead of the annual statistical reports, will increase transparency and accessibility for those interested in our national economy and will also give guidance regarding the most important economic indicators and trends in the UAE.
Before reviewing the most important economic indicators and variables I wish to refer to several key points: Firstly, the UAE has anticipated many global economic scenarios, and built a range of economic policies in order to be better prepared and equipped to manage a range of variables; it has diversified its economy to reduce its dependence on oil, built more balanced management of global economic forces, and established a clear policy of openness and cooperation in order to align with the interests of other global players.
Secondly, 2014 was the strongest year economically for the UAE, and the country is set to continue to perform strongly in 2015. Today we have a robust and diversified economic base, great confidence in the environment and the stability of our country, sureness and expertise to deal with a range of scenarios, and great optimism about the future and the projects we have launched.
Thirdly, there is a regional need for a real economic and developmental movement, and serious steps must be taken to achieve economic integration in the Gulf to ensure the stability of the whole region. I am confident that the future of the Arab World is dependent upon realising a great developmental and economic revival, led by the Gulf States working in co-operation and achieved in cooperation with our brothers and friends.
Fourthly, the major challenges facing the region make it a necessity to implement a clear and executable Arab economic vision, launch significant economic projects, and utilise the human and natural resources of the Arab World more effectively. We must address the imbalances of the region in a comprehensive manner, covering economics, politics and security. We must understand that real and sustainable development is the only guarantee for future stability in the Arab world.
I move with you now to review the most important indicators of our state's economy, where the new numbers from the National Bureau of Statistics, which will be announced in the few days to come, indicate that 2014 was the strongest year economically for the UAE since its foundation, with a growth in Real Gross Domestic Product of 4.6%, and with Nominal Gross Domestic Product reaching Dh 1.47 trillion.
We expect to continue to achieve strong growth in 2015 as work continues on a large number of infrastructure projects, such as the expansion of national airports totalling Dh 100 billion and building the Union Rail Network, a project worth Dh 40 billion, in addition to roads and transport projects, new and improved tourist facilities, electronic infrastructure, real estate, and financial services.
The non-oil sector has experienced positive growth during the first quarter of 2015. The continuing rise in government spending and investment and the increase in government and private capital, which amounted to Dh 353 billion in 2014, also indicate continued strong growth in 2015.
The UAE will also adhere to its long-term strategy to diversify its national economy, as the non-oil sector has achieved strong growth rates in GDP (at current prices) of 8.1% in 2014. The contribution of the non-oil sector to the national economy has reached 68.6% of the constant-price GDP.
We have put in place all the necessary plans to take that contribution to as high as 80% in 2021 through intensive investment in the industrial and tourism sectors, air and maritime transport, import and re-export, as well as supporting a range of projects and initiatives based on the knowledge economy.
By developing new sectors, such as the Islamic Economy, and investing in innovation, content development and other such activities, our aim is to build towards economic diversity in 2021 in order to strengthen the economic and financial stability of the UAE and fortify ourselves against the inherent fluctuations and instabilities of world markets.
The UAE in 2014 also continued to capitalise on its strategic location and strong infrastructure in enhancing its import and export systems, as our exports – inclusive of re-exports – reached Dh 376 billion, while our imports reached some Dh 700 billion. The UAE continues to lead the Middle Eastern countries as the region's largest trading partner with the world's top 10 global economies.
The strategic plans I have launched since I assumed the role of Prime Minister in 2006 have achieved many of their goals and objectives, as national production has risen from Dh 1.3 trillion in 2006 to Dh 2.5 trillion in 2014.
The total manpower in the national labour market in 2014 reached 275,000 citizens, and we are aiming to take that number to 460,000 citizens by 2021.
Production reached some Dh 450 billion in the manufacturing industries in 2014, up from Dh 230 billion in 2006, and production in the construction sector reached Dh 295 billion in 2014, up from Dh 155 billion in 2006.
The UAE in 2014 continued to attract great talent, leading the world as a preferred destination for talent and skills according to reports, with total compensation paid to employees in 2014 reaching Dh 410 billion in all sectors, including Dh 82 billion in the government sector.
The UAE will continue implementing a long-term plan facilitating our transition to a knowledge economy – an area where the UAE is currently leading the Arab World – as we aim to triple national spending on research and development before 2021, increase the number of workers in that sector from the current 22% to 40% of the workforce over the next six years, and take the UAE from being the top of Arab countries in the Global Innovation index to be within the top ten countries in the world in 2021 in that same index.
The decrease in the oil prices has had a positive impact on the growth of many economic sectors in the UAE in 2014, as current-price growth rates for the transport and storage sector amounted to 10%, up from 7.9% in the previous year; the wholesale and retail sector was at 8%, up from 6.8% in the previous year, and the construction sector 6.1%, a substantial rise from 3.4%. This shows clearly the UAE's economy is distinguished by its resilience.
The financial sector has seen double-digit growth in 2014 of some 15%, with contributions to gross domestic product reaching Dh 122 billion. Our banking sector also continued its positive growth and expansion as the total number of banks active in the country reached 57 banks in addition to the presence of 122 representative offices of foreign banks and total assets of about Dh 2.38 trillion at the beginning of 2015.
In the tourism sector, the UAE has continued to launch a wide range of tourism projects and entertainment destinations with some 20 million tourists visiting the seven emirates according to statistics issued by the local tourist authorities. The sector continues to consolidate the country's status as one of the world's most important travel destinations with the support of the transportation, aviation, marketing and exhibitions industries and bolstered by the UAE's strong international relations and many international friendships.
I would like to end my note by emphasising that we are continuing to work to achieve better standards of living for our people, providing the best environment for our investors, and creating the best destination for our visitors. The UAE continues to approach the world with open arms, providing a safe, productive and stable environment, supportive of regional and global initiatives that aim to achieve good for the people and stability for the nations of the world.
Mohammed bin Rashid Al Maktoum Vice President, Prime Minister of the UAE, Ruler of Dubai 20th of June, 2015. – Emirates News Agency, WAM – http://www.wam.ae/en/news/emirates/1395282138504.html

SUBIR | NOTICIAS MS RECIENTES (WAM)


Minister of Economy: Target is to increase usage rate of smart services to 80pc by 2018


posted on 21/06/2015

Sultan Saeed Al Mansouri, Minister of Economy, Chairman of the Board of Directors of the UAE Insurance Authority (IA), Securities and Commodities Authority (SCA) and the General Civil Aviation Authority (GCAA), has announced that all four establishments have successfully achieved a 100 percent shift to electronic services and seek to increase the usage rate of smart services to 80 percent by 2018.
Al Mansouri's comments followed a review of the results of a recent report by the Telecommunications Regulatory Authority (TRA) on the smart transition of federal agencies and affiliated departments to eServices.
Al Mansouri said, "We are very pleased with the results because they validate the significant developments we are currently witnessing in the United Arab Emirates under the wise leadership of the 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."
Al Mansouri added, "The Ministry of Economy, Insurance Authority, Securities and Commodities Authority and the General Civil Aviation Authority have proven that they possess the capabilities and competencies required to live up to the aspirations of our leaders and elevate the level of services to contribute to the happiness of the citizens and residents of the country. Furthermore, the four authorities are seeking to increase their usage rate of smart services to 80 percent by 2018."
Al Mansouri also expressed his gratitude for all teams involved in the smooth transition to eServices. He noted that the results of the report demonstrated the high levels of responsiveness and commitment of the employees at the four establishments to adhere to the timeframe set by the UAE Prime Minister two years ago.
Applauding the milestone, the minister also stressed that achieving a 100 percent shift to eServices across 62 priority government services is a "phenomenal achievement" and endorses the UAE's leading status as a role model for development and progress on a global platform. – Emirates News Agency, WAM – http://www.wam.ae/en/news/emirates/1395282127402.html

SUBIR | NOTICIAS MS RECIENTES (WAM)


UAE economy set to surge 4.4% to cross $440 billion


posted on 19/06/2015

Robust non-oil activities, greater public sector spending and huge foreign reserves will propel the UAE's economic growth by 4.4 per cent to $440.18 billion in 2015 from $416.44 billion in 2014, Frost & Sullivan forecast in a study.
"Diversification of the UAE economy has made it less vulnerable to oil price fluctuations, and heightened non-oil private sector performance will be the key factor that drives economic growth,” said Krishanu Banerjee, senior research analyst at Frost & Sullivan.
In the second half of 2015, the UAE economy is projected to grow by 4.5 per cent to record an annual growth of 4.4 per cent in 2015. In 2014, the gross domestic product of the UAE surged 4.3 per cent to $416.44 billion, according to Frost & Sullivan estimates.
"Along with increased non-oil activities, greater public sector spending and a large amount of foreign reserves will contribute to the country's economic well-being,” said Banerjee.
Frost & Sullivan's forecast for the UAE is more bullish than World Bank's latest projection. In its Mena Economic Indicator report, the World Bank noted that UAE's real GDP growth would slow from 4.7 per cent in 2014 to 3.1 per cent in 2015 due to a decline in oil prices.
Recently, the International Monetary Fund (IMF) has revised the UAE's growth outlook for this year and the next to 3.2 per cent. However, the Fund forecast in its latest regional outlook report that the UAE's non-oil GDP to grow at 4.4 per cent in 2015 and 4.5 per cent in 2016.
Across the Middle East and Africa region, a robust improvement in consumption demand, generous government support, and rise in public sector infrastructure spending are expected to result in steady growth in 2015, said the study that highlights the up trends and downtrends in MEA emerging markets.
However, for Middle Eastern economies, implementing pragmatic macroeconomic policies to stabilise global oil prices at $50 to $60 per barrel is likely to remain a key challenge to revenue growth, said the study.
"Even so, the region is anticipated to witness around five per cent growth this year due to the gradual shift in investment to non-oil sectors. Steady inflation will bolster private consumption and further support the region's progress,” it said.
Frost & Sullivan study said that owing to favourable government policies and the stable improvement in private sector performance, the Saudi economy saw moderate growth in first half of 2015, despite falling oil revenue. The Purchasing Managers' Index (PMI) already went up from 58.5 in February to 60.1 in March this year, signifying an expansion in business activity in the non-oil private sector. "Thus, all signs point towards business sentiments staying bullish in the second half for Saudi Arabia.”
In 2015, Saudi GDP is expected to grow at a slower pace by 2.8 per cent to $791.4 billion from $772.07 billion in the previous year. In 2014, the kingdom's economy grew by 3.6 per cent.
In Egypt, nearly three per cent of growth is expected in second half of 2015 with the GDP reaching $320.97 billion from$ 305.87 billion in 2014.
"Nevertheless, risk factors will remain due to the impending transition in political system that has not yet occurred because the Supreme Court delayed the parliamentary elections. The political uncertainty is subduing demand, which in turn has decreased output in the country's non-oil private sector and hampered employment. Besides, a weak domestic currency is boosting input costs and a situational turnaround is unlikely in the next six months,” Frost & Sullivan said. – Khaleej Times - http://www.khaleejtimes.com/kt-article-display-1.asp?xfile=data/uaebusiness/2015/June/uaebusiness_June167.xml§ion=uaebusiness

SUBIR | NOTICIAS MS RECIENTES (WAM)


UAE Minister of Economy highlights Companies Law at Dubai Chamber meeting


posted on 08/06/2015

As part of its efforts to facilitate a channel of communication between the public and private sectors, Dubai Chamber of Commerce and Industry organised an event for the business community with Sultan Al Mansouri, UAE Minister of Economy, who provided an overview of the new UAE Companies Law.
The Talk Business at Breakfast meeting presided by Hamad Buamim, President and CEO of Dubai Chamber, was attended by hundreds of business people, setting an example of the cooperation Dubai Chamber facilitates between the Government and private sector at both the federal and local level.
The Minister of Economy spoke about the UAE economy and business environment and then in detail about the new UAE Companies Law.
Al Mansouri said the UAE is pursuing its vision to be among the best countries in the world by 2021. "As part of this goal and the continued growth of the economy, key drivers of entrepreneurship, small and medium size enterprises (SMEs) and innovation are a strategic priority for the Ministry moving forward, he said. Around 94% of UAE companies are SMEs and these contribute to over 60% of national GDP," he elaborated.
He said currently 96.3% of UAE Government services are smart, but that the target was to achieve 100%, and he encouraged everyone in the business community to use these smart services to help facilitate further growth.
Al Mansouri said that the UAE was a leading country in the Arab world for foreign investment. FDI inflows have risen to $11.85 billion in 2014 from $4 billion in 2009. Key sectors for investment include petrochemicals, alternative energy, transport and infrastructure, manufacturing, healthcare and education, defence and aerospace, real estate and construction, tourism and agriculture and water.
Moving to the legal framework, the Minister highlighted some important laws that are currently in process, including the Commercial Fraud, Foreign Investment, Arbitration and Anti-dumping laws. He said the Companies Law was one of the most challenging laws the UAE Government has passed, taking over 20 years of consultation and involving numerous departments and stakeholders across all seven emirates.
In total the law contains 378 articles divided into 12 chapters, regarding the general provision of companies, individual companies, Limited Liability Companies, public joint stock companies, private joint stock companies, companies and special organisations, conversion and mergers and acquisitions, expiration, foreign companies, inspection of companies, sanctions and transitional and financial provision.
The law was approved by the Federal National Council in April and contributes to the development of the business environment, increases competitiveness and enhances corporate governance.
On his part, Hamad Buamim, President and CEO, Dubai Chamber, welcomed the law saying: "The new Companies Law strengthens the protection of shareholders, increases transparency and the disclosure of financial data. Generally, it will improve the competitiveness of the economy, as well as the performance of the business environment.
"Our policy advocacy unit was part of the consultation process and it works hard to review and advise draft commercial, financial and economic legislation with regards to its impact on the business community. Last year we gave recommendations on 21 different laws at federal, ministerial and local level. This is a very important job and as the voice of the business community, we work to ensure the private sector is properly represented," Buamim said. – Emirates News Agency, WAM - http://www.wam.ae/en/news/economics/1395281582373.html

SUBIR | NOTICIAS MS RECIENTES (WAM)


Emirates Competitiveness Council publishes special 5-year report on competitiveness


posted on 01/06/2015

Emirates Competitiveness Council, ECC, has published a five-year overview of the council's achievements since its inception. The 148 pages book looks at the performance in the UAE in 10 key reports over the past five years.
Some of the reports covered were the Global Competitiveness Report, published by the World Economic Forum, WEF, the Annual Competitiveness Book, published by the Institute of Management Development, IMD, in Geneva, Switzerland, the Global Innovation Index published by INSEAD, the Ease Of Doing Business Report published by the World Bank and several other reports published by the WEF, the United Nations and other global originations.
The ECC book highlighted the UAE's performance in various indicators across different reports. It highlights special emphasis on indicators that improved over the years as a result of procedural reforms and improvements in process and services.
For example, in the Ease of Doing Business Report, the UAE moved up the rank from 47th in 2009 to become 22nd in 2015's edition of the report.
Targeted for the general public, the book is presented using simple language and supported by various visual illustrations such as tables, charts, images and infographics throughout the book. Over 500 copies of the book were distributed to federal and local government entities, top private sector decision makers and to visitors to the council. Feedback from readers has been extremely positive as many considered the book as a great reference on the UAE's achievements in its journey to enhance and promote competitiveness. – Emirates News Agency, WAM - http://www.wam.ae/en/news/emirates/1395281275115.html

SUBIR | NOTICIAS MS RECIENTES (WAM)


MoF commends UAE’s lead in the World Competitiveness Yearbook 2015


posted on 31/05/2015

The United Arab Emirates has ranked 12thglobally – and first in the MENA region - in the World Competitiveness Yearbook 2015in a report issued by the International Institute for Management Development.
The UAE competed – and took the lead - among 60 other countries in three pillars: government efficiency, business efficiency, infrastructure and economic performance.
The report shows that the UAE came in the top three for a number of areas of the World Competitiveness Yearbook 2015 for Government Efficiency including: first place in ‘Public Finance Policies'; second place in ‘Quality of Government Decisions', and; second place in ‘Adaptability of Government Policy'.
As for the Business Efficiency component, the UAE ranked first in the ‘Need for economic and social reforms'' and second in the ‘Attitudes toward globalisation', which monitors UAE organisations and institutions activities on a global scale.
Under the Infrastructure and Economic Performance components, the UAE retained the first position in the ‘Quality of air transportation' for the second year in a row and achieved fifth place in the ‘Diversification of the economy' -two ranks compared to 2014. In addition, the UAE advanced two places globally to second in terms of its image abroad as one of the best countries in the field of purposeful business.
The results achieved for the UAE in the Global Competitiveness Report are driven by the Ministry of Finance's (MoF) commitment to the directives of the UAE's wise leadership, achieving its vision of the general federal budget as well as its direction towards developing the health, education and social sectors across the country. The 2015 general budget was close to Dh49.1 billion - 49% of which were allocated to social and development projects. This has all contributed to the UAE taking the global lead and coming in first in the ‘Need for economic and social reforms'.
Commenting on this national achievement, Obaid Humaid Al Tayer, Minister of State for Financial Affairs said, "The UAE continues to demonstrate its global competitive capabilities in various economic and social fields, following the directives of the UAE's wise leadership and the strategic vision aimed at strengthening the country's position to become one of the best places in the world to do business by 2021."
Al Tayer added, "We believe that people contribute to change and development; this achievement would not have been possible without the commitment of our staff which is why the Ministry invested in human capabilities across areas such as operations, financial regulations and legislation. At the same time, the Ministry is committed to strengthening the nation's investment attractiveness and the overall business environment and so shall continue to work closely alongside local federal entities and the private sector."
Younis Haji Al Khoori, Undersecretary of MoF and Chairman of the Government Financial Policy Coordination Council said, "The Ministry conducted several studies that have proven the importance of establishing a joint working group between MoF and local financial entities in meeting the requirements of the International Monetary Fund (IMF) in government finance statistics and linking local systems to the federal system. The Council's continuous efforts led to a number of successes that have all played a key role in strengthening the UAE's overall competitive position in government financial fields."
Al Khoori highlighted the projects adopted by the Ministry that have supported the UAE's ability to achieve leading results in various global competitiveness reports. These include projects on the consolidation of financial data on a local level, developing the Emirates Gate of GFS reports, the plan to shift to GFS 2014 as well as the consolidation of the fiscal policy on a local level.
Khalid Ali Al Bustani, Assistant Undersecretary of International Financial Relations at MoF, stressed the Ministry's commitment to develop its relations with various global organisations and financial institutions to adopt international best practice to align them with the policies of the UAE. He also said that MoF is keen to acquaint its international partners to the UAE's successes and its expertise in the financial field.
The IMD World Competitiveness Yearbook measures how well countries manage all their resources and competencies to facilitate long-term value creation. The overall ranking released in 2015 reflects more than 300 criteria, approximately two-thirds of which are based on statistical indicators and one-third on an exclusive IMD survey of over 6,000 international executives. – Emirates News Agency, WAM - http://www.wam.ae/en/news/emirates/1395281222788.html

SUBIR | NOTICIAS MS RECIENTES (WAM)


Infrastructure investment key to tackling youth unemployment crisis


posted on 25/05/2015

THE DEAD SEA, JORDAN: Majid Jafar, CEO of Crescent Petroleum and a member of the Global Agenda Council on the Middle East and North Africa at the World Economic Forum, has highlighted that the strategic infrastructure investment plays a critical role in supporting much-needed growth and development in the region in order to tackle the major challenge of youth unemployment.
Speaking alongside former British Prime Minster Gordon Brown and the Vice Chairman of GE, John Rice, on the Plenary Panel entitled "Infrastructure for Development" on the final day of the Forum's MENA Summit at the Dead Sea in Jordan, Jafar described the key drivers of strategic investment into regional infrastructure, with a particular focus on power generation, regulatory challenges, and the role and duty of the region's private sector companies in partnering with governments in solving the infrastructure challenges of today, and creating the jobs and prosperity for tomorrow: "The key regional social and economic challenges, especially demand for jobs for young people, require new era of public-private partnership in infrastructure to support the over US$100 billion needed for investment and maintenance each year in the MENA region."
With youth unemployment rates rising in the region to 29.8% in 2015, Jafar stated that for every US$1bn invested in the region on infrastructure, over 110,000 jobs could be created in the oil-importing countries, or 26,000 jobs in the GCC, or 49,000 jobs in developing oil exporting countries. Annual spending needs of US$106 billion includes US$46 billion of new investment and US$59 billion of maintenance, and by meeting the investment needs, according to the World Bank, the MENA region could generate 2.5 million additional jobs.
Seeing infrastructure development as essential to provide the millions of jobs needed in a young and growing region, providing hope, stability and livelihoods, and encouraging entrepreneurship, Majid Jafar stressed the gap in such investments in the Middle East region compared to other developing regions: "On average across the MENA Region, about 5 per cent of GDP is allocated to infrastructure, whereas the proportion in China is three times higher at 15 percent. Tackling energy subsidy reform in our region can free up hundreds of billions of dollars for productive investment that will lead to more jobs, higher standards of living, and stronger economic competitiveness for our region's future," Jafar added.
The Infrastructure Development plenary and the World Economic Forum MENA 2015 Dead Sea Summit brings together over 1,000 leaders from government, business and civil society, to evaluate solutions to some of the defining regional issues, and the shared economic, social, environmental and geostrategic goals which will require multi-stakeholder approaches. – Emirates News Agency, WAM –
http://www.wam.ae/en/news/economics/1395281002248.html

SUBIR | NOTICIAS MS RECIENTES (WAM)


Bodour Al Qasimi encourages youth participation in World Economic Forum


posted on 24/05/2015

DEAD SEA, JORDAN: Sheikha Bodour bint Sultan Al Qasimi, Chairperson of the Sharjah Investment and Development Authority (Shurooq), has called to provide young leaders with the opportunity to participate in the upcoming events of the World Economic Forum as key speakers, to talk about their views, ideas and aspirations.
She also stressed the need to invest in qualified young people to stop the migration of Arab minds and empower them to become effective contributors to the economic, social, and political development of their nations, and to achieve prosperity and peace in the region.
Sheikha Bodour's call came during her participation in the World Economic Forum on the Middle East and North Africa, which concluded yesterday (Saturday) at the King Hussein bin Talal Convention in the Dead Sea, Jordan, in the presence of more than 900 key government, business and civil society leaders representing 50 countries from the region and beyond.
Speaking in the panel discussion titled ‘The Youth Imperative: What Shifts Are Necessary to equip the region's youth for a future of peace and prosperity?' on the second day, Sheikha Bodour said, "There is no better investment than in youth and in empowering them in their home countries, especially given that the Arab world is replete with creative young minds that often resort to migrating abroad due to lack of opportunities at home."
She emphasised the importance of offering a platform for young people in the World Economic Forum and their taking part as speakers in such an important international event, in order to play a role in shaping their own future and solving their problems, notably unemployment, and finding practical solutions to the challenges facing the region a move that will raise hope in the hearts of young people and help them escape the circle of frustration and despair.
Sheikha Bodour Al Qasimi, the first Emirati woman to co-chair the world economic event, was joined in the session by Kuwaiti businessman Omar Al Ghanim, CEO of Al Ghanim Industries, Carolina de Borbon Parma, Head and Representative for Partnerships, Switzerland, UNRWA, and Mahmoud Jibril, Leader of the National Forces Alliance of Libya.
Attending the event were Her Majesty Queen Rania Al Abdullah of Jordan, His Royal Highness Crown Prince Al Hussein bin Abdullah II, and from the UAE Dr Sultan Ahmed Al Jaber, Minister of State, along with a number of Emirati figures and a delegation from the Emirate of Sharjah, composed of representatives from various government departments and authorities, as well as an elite group of Arab and global figures.
Sheikha Bodour Al Qasimi highlighted that Arab youth should be seen as a national wealth and a great opportunity to achieve development and prosperity in the region rather than a problem to solve, calling for concerted efforts between Arab governments and people to push ahead with the development process. She said, "Its collective responsibility, not just the governments' responsibility. I think everyone should play a role parents, governments, the private sector and civil society."
On the first day of the forum, Sheikha Bodour Al Qasimi took part in a closed-door panel discussion at the Young Global Leaders Community Bonding event, held as part of the Forum of Young Global Leaders. She delivered a key speech in which she called for a plan of action for youth empowerment and full engagement with all walks of life in the Arab world, while encouraging Arab youth to regain their right to realise their dreams and create a future of their choice.
The Forum of Young Global Leaders - an integral part of the World Economic Forum and part of the larger New Champions community - aims to make a positive impact on the global agenda by engaging the YGL community in initiatives and dialogues related to specific global challenges they collectively identify with.
The YGL forum is a unique, multi-stakeholder community of more than 900 exceptional young leaders from all backgrounds, nationalities and stakeholder groups. Bold, brave, action-oriented and entrepreneurial, these individuals commit both their time and talent to make the world a better place.
The 2015 World Economic Forum on the Middle East and North Africa, which was held under the theme of ‘Creating a Regional Framework for Prosperity and Peace through Public-Private Cooperation', is an international platform and institution committed to improving the state of the world through public-private cooperation in the spirit of global citizenship. – Emirates News Agency, WAM –
http://www.wam.ae/en/news/emirates/1395280949125.html

SUBIR | NOTICIAS MS RECIENTES (WAM)


UAE shares commitment to regional development through partnerships at World Economic Forum meeting


posted on 24/05/2015

Education, youth employment, women's empowerment and public-private partnerships are key to ensuring sustainable economic growth and stability in the Arab world, according to Dr. Sultan bin Ahmed Sultan Al Jaber, UAE Minister of State, who led a high-level UAE delegation to the World Economic Forum on the Middle East and North Africa.
The forum, being held in the Hashemite Kingdom of Jordan between 21-23 May, brought together 800 key MENA region leaders from government, business and civil society to support a comprehensive blueprint for prosperity and peace, based on a framework for public-private cooperation.
Dr Al Jaber said, "The UAE leadership has long recognised the critical importance of transitioning from a resource based economy to an economy that is based on knowledge and innovation. A highly educated, skilled and motivated workforce has the capability to jump-start economic growth and foster job creation and entrepreneurship.
"The UAE, in line with our leadership's vision, is committed to contributing to the region's economic growth and stability. Achieving this goal requires public and private partnerships, with a particular emphasis on the advancement of youth, education and women's empowerment."
During the forum, Dr Al Jaber and the UAE delegation met with His Majesty King Abdullah II of Jordan and discussed the long standing political and trade ties between the two countries.
"The UAE commends His Majesty King Abdullah II for hosting a conference aimed at catalysing partnerships to enhance regional security and growth. These are objectives that are closely shared between the UAE, Jordan and the broader region".
Al Jaber also met with Jordan's Minister of Energy and Mineral Resources, Ibrahim Saif. Together they discussed the onshore 117MW Taflia Wind Farm project, which Masdar has a 31 per cent shareholding. The project, due to be completed later this year, will be the first utility-scale renewable energy project in Jordan, and will account for almost 10 percent of the country's 2020 renewable energy target and increase its total power generation capacity by three percent.
Dr Al Jaber also met with Professor Klaus Schwab, founder and executive chairman of the World Economic Forum, to discuss the upcoming Summit on the Global Agenda, which will take place in Abu Dhabi in October. The Summit will bring together public and private sector leaders of the World Economic Forum's Network of Global Agenda Councils, comprising more than 80 groups of experts from academia, business, civil society, international organisations and government.
The World Economic Forum on the Middle East and North Africa was attended by Their Royal Majesties King Abdullah II and Queen Rania Al Abdullah of Jordan. The conference built on recent initiatives by leaders in the region and internationally, and provided a high-level public-private coordination platform to respond to shared economic, societal and geopolitical challenges.
The policy reform momentum in many countries including Jordan, Egypt, Tunisia and Morocco was a focus of the meeting, along with the attendant infrastructure, energy and investment partnerships with the Gulf Cooperation Council countries and international financial institutions and the role of the private sector in economic development. High-level discussions on regional security and humanitarian challenges were also held.
The UAE delegation to the Forum comprised government officials and business leaders, including Sheikha Budoor bint Sultan Al Qasimi, Chairperson of the Sharjah Investment and Development Authority (Shurooq); Ibrahim Al Mahmoud, Vice Chairperson of Abu Dhabi Chamber of Commerce; Mohamed Alabbar, Chairman of Emaar Properties; Jamal Al Ghurari, Managing Director of Gulf Sugar; Abdullah Saeed bin Thani, Chairman of Thani Investment Group; Noura Al Kaabi, CEO, Media Zone Authority-Abu Dhabi; Dr Ahmed Behoul, Masdar CEO, and Fahad al Tafaq, Director of the Department of Economic Affairs and International Cooperation - UAE Ministry of Foreign Affairs. – Emirates News Agency, WAM –
http://www.wam.ae/en/news/emirates/1395280945272.html

SUBIR | NOTICIAS MS RECIENTES (WAM)


Bodour Al Qasimi to champion youth empowerment at World Economic Forum 2015


posted on 20/05/2015

Sheikha Bodour bint Sultan Al Qasimi, Chairperson of the Sharjah Investment and Development Authority, Shurooq, will encourage youth empowerment during the upcoming World Economic Forum on the Middle East and North Africa, which will be held at the King Hussein bin Talal Convention Centre on the eastern shores of the Dead Sea, Jordan, from May 21st -23rd.
Besides being the first Emirati woman to co-chair an event at the economic forum, Sheikha Bodour will take part in a panel discussion on the second day entitled, ‘The Youth Imperative: What Shifts Are Necessary to equip the region's youth for a future of peace and prosperity?' She will emphasise the vital need to encourage and empower the younger generation to become active contributors to the economic, social, and political development of their nations. Sheikha Bodour will also speak at a Young Global Leaders Community Bonding event on May 21st.
Speaking about the upcoming event, Sheikha Bodour remarked, "The Arab region has no shortage of young talent, but the challenge is to effectively utilise such talent and invest it in the development process both locally and regionally. As the youth population constitutes over 55% of the total population in the Arab world, it is crucial that we engage young people in core issues, instilling in them hope and optimism while harnessing their abilities and energy to create real and lasting peace and prosperity in the region."
An esteemed line-up of global figures will join Sheikha Bodour as co-chairs of the World Economic Forum on the Middle East and North Africa.
A delegation from the Emirate of Sharjah, composed of representatives from various government departments and authorities, will also be in attendance to share and discuss different ideas, as well as exchange experiences with other participants, including political, intellectual, business and technology leaders from around the world.
The World Economic Forum is an international institution committed to improving the state of the world through public-private cooperation in the spirit of global citizenship. Incorporated as a not-for-profit foundation in 1971 and headquartered in Geneva, Switzerland, the forum features business, political, academic and other leaders of society who aim to shape global, regional and industry agendas.
Entitled ‘Creating a Regional Framework for Prosperity and Peace through Public-Private Cooperation', the 2015 World Economic Forum on the Middle East and North Africa will bring together more than 800 key government, business, and civil society leaders from the region and beyond, to support a comprehensive and forward-looking vision for prosperity and peace. The World Economic Forum on the Middle East and North Africa issues economic indices in competitiveness, business environment, labour force and market performance. – Emirates News Agency, WAM –
http://www.wam.ae/en/news/emirates/1395280794620.html

SUBIR | NOTICIAS MS RECIENTES (WAM)


Al Mansouri, Finnish counterpart plan to boost innovation, scientific research


posted on 10/05/2015

Sultan bin Saeed Al Mansouri, Minister of Economy, has agreed with Finland's Economy Minister, Jan Vapaavuori, to strengthen cooperation between the two countries in the areas of scientific research and innovation.
During the meeting held yesterday in the presence of the Finnish Ambassador to UAE, Ilkka-Pekka Simila, at Ritz Carlton Hotel, Dubai, the two ministers stressed the importance of business sectors in both countries to upgrade the level of joint cooperation.
They also discussed ways to develop economic cooperation between the two countries, focusing on areas of knowledge-driven economy and innovation.
Al Mansouri noted, "Finland has an outstanding track record at the international level in the fields of advanced technology, innovation, research and development, making it an important partner for the UAE in its quest to achieve a transition to a sustainable knowledge-based economy as a strategic national option."
He pointed out that the trend towards the adoption of innovation as the basis for economy was based upon the directives of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, which were translated by the Cabinet to make 2015 a year of innovation, adding that this declaration was followed by the intensification of national efforts in this area from the Ministry of Economy and various government agencies.
Al Mansouri referred to the visit of Finnish President Sauli Niinisto to the UAE last April, and his meeting with UAE Vice President and Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, which confirmed the level of Finland's interest in strengthening the bonds of cooperation with the UAE in various fields.
He also emphasised the positive results achieved by his official visit to Finland at the head of an economic and a government delegation comprising various stakeholders from the public and private sectors last February. The UAE Minister said that the delegation met with Finnish Prime Minister Alexander Stubb and a group of senior government officials and CEOs of major companies to discuss ways to develop relations and to review bilateral investment possibilities of common interest.
Al Mansouri said that the visit came within the framework of the UAE national endeavour to become acquainted with the distinctive Finnish experiences and practices in a number of sectors and areas, including innovation and education, as well as to discuss ways to promote joint economic and investments between the two countries.
Further, the UAE Minister said there were a number of investment opportunities that could enhance the volume of trade exchanges between the two friendly countries, noting that the exchange of trade stood at US$576.3 million in 2013, a figure that does not reflect the status of the historic friendship between the two countries.
For his part, the Finnish Minister commended the Schengen visa waiver for UAE citizens, which he said would have a far reaching economic impact on the EURO zone, including Finland, and on the UAE, in terms of tourism and investment.
The two sides also discussed the possibility of opening more avenues for Small and Medium Enterprise projects, given their vital impact on all successful economies throughout the world.
The Finnish Economy Minister hailed the UAE's leading role in the field of innovation and creativity in the Middle East, West Asia and Africa, and welcomed the UAE's interest in Finnish expertise and innovation. He said that the secret of his country's success in this area is due to its partnerships with friendly countries and existing partnerships between the public and private sectors. - Emirates News Agency, WAM –
http://www.wam.ae/en/news/economics/1395280340243.html

SUBIR | NOTICIAS MS RECIENTES (WAM)


Mohammed bin Rashid: UAE is the most competitive market in the Middle East and amongst the top 10 globally


posted on 08/05/2015

The UAE is the most competitive market in the Middle East and amongst the top 10 globally, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has affirmed.
'This did not happen by accident. Building on our heritage, our founding fathers charted the path for our nation's economic progress and prosperity more than 40 years ago. The UAE has always embraced competition and free market principles from our earliest days as a small trading post until today, Sheikh Mohamed said in the forward of the Emirates Group annual report 2014-2015.
HH said,' If we want the best talent, the best companies, and the best opportunities for our country, there is no room for protectionism. We have to be imaginative and innovative.
'If we want successful industries, we must invest in the right infrastructure and base our decisions on market need and commercial funding. Above all, we must never rest on our laurels.
'Dubai's strategy for economic development and diversification has always been underpinned by these principles. In the aviation sector, the UAE's Open Skies policy has brought over 140 airlines to operate at Dubai International airport today, connecting our city to 260 other cities spanning six continents around the world. Emirates, our home carrier, has to compete in an open marketplace with all of these other airlines. No short cuts, no protection, no subsidies. It must stand on its own feet and work hard to stay ahead of the competition.
'To date, Emirates and dnata have generated dividends of AED 14.6 billion for the Dubai government. Those dividends have been ploughed back into the economy, helping fund essential infrastructure projects including the various phases of expansion at Dubai International airport and Dubai World Central.
'In 2013, aviation contributed US$26.7 billion to Dubai's GDP, supporting 416,550 jobs. By 2020, aviation is projected to support over 750,000 jobs and contribute US$53.1 billion to GDP.
'This is not a surprise. Although Dubai and the UAE have thriving seaports, given our geography, air transport will remain the most important means of access for international travellers, as well as for the shipment of time-critical goods for the foreseeable future. That is why we invest in the aviation sector with a strategic long-term view, and strive to make every facet of this sector world-class, based on international best practice.
'Economic success is of course only one indicator when we look at the overall picture and the long-term goals of Dubai and the UAE, just as the Emirates Group's strong financial track record is only one aspect of its success.
'The well-being of our citizens and residents remain a top priority. I'm proud that the UAE is ranked the 14th happiest country in the world, and 1st among Arab countries, in the second United Nations World Happiness Report, which covers 156 nations. Just as I'm proud that our home grown companies like the Emirates Group, attract the most talented people from around the globe to live and work here the UAE, making our country one of the world's most diverse, competitive, and dynamic.
' Ours is an environment that encourages enterprise, and we will continue to build a country where citizens and residents can enjoy peace and prosperity, and where the public and private sectors work together to achieve meaningful results for the communities we serve. ' http://www.wam.ae/en/news/economics/1395280295995.html

SUBIR | NOTICIAS MS RECIENTES (WAM)


Mohammed bin Rashid issues Law on practicing economic activities in Dubai


posted on 06/05/2015

In his capacity as Ruler of Dubai, Vice President and Prime Minister of the United Arab Emirates His Highness Sheikh Mohammed bin Rashid Al Maktoum has issued Law No (14) of 2015 partially amending Law No (13) of 2011 on the organisation and regulation of economic activities in Dubai and referred to hereafter as the Original Law.
The new Law amended Articles No. (4), (6), (19) and (31) of the Original Law which include the authorities and responsibilities of Dubai's Department of Economic Development, licensing, establishment's obligations and settlements by conciliation.
The new Law defined the authorities and responsibilities of Dubai's Department of Economic Development to include: establishing the rules and regulations for licensing, registering and listing businesses in the commercial register, organising and regulating economic activities in Dubai including retail sector.
Further, Dubai's Department of Economic Development is responsible for describing and classifying economic activities according to the world's most advanced systems, issuing commercial permits for advertising and marketing activities, regulating working hours for businesses and attestation of companies' article of association and their amendments, duly.
The Law also authorises Dubai's Department of Economic Development to establish, operate, oversee and enforce an electronic system to measure sales volume. Dubai's Department of Economic Development is also competent to inspect violation of intellectual property rights, combat commercial fraud, manage trademarks and protection of trademarks, consumer protection and monitor and inspect commercial entities including retail outlets to insure abidance to applied laws and licensing terms and conditions.
Article (6) of the Law stipulates that no natural or moral person may practice economic activity in the emirate of Dubai unless though a duly registered establishment and after obtaining a license from Dubai's Department of Economic Development and the Department.
The Law also prescribed the commercial establishment's obligations to include: abidance to all laws, rules, regulations and resolutions applied in the emirate of Dubai, informing the Department within ten days about any change, update or amendment occurs in the establishment's information or legal documents submitted upon registration, using the commercial name approved on the establishment's license in all business transactions and enabling the Department's employees to enter the establishment's facilities, review its records and perform his legal duties.
The Law also obliges the establishments to submit any data, information and/or statistics to Dubai's Department of Economic Development upon request, declare and register its selective country of origin and abide to the Department's decisions on violations within the period of time granted.
Pursuant to Article (31) of the Law, Dubai's Department of Economic Development may enter settlements by conciliation with the violating establishment conditionally the establishment submits a request for settlement within six months from the date of violation, discharges 50% of the fine due and enjoys a one-year clear record of similar violations starting from the date committing the violation subject to the settlement. The establishment must abide to the settlement's terms and conditions within the period specified by Dubai's Department of Economic Development otherwise the settlement is considered null.
This Law annuls any other legislation that contradicts or challenges its provisions. The Law is to be published in the Official gazette and considered valid from the date of publication. - Emirates News Agency, WAM –http://www.wam.ae/en/news/emirates/1395280162565.html

SUBIR | NOTICIAS MS RECIENTES (WAM)