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THE ECONOMY - ECONOMIC DEVELOPMENT


Nahyan hails U.A.E.'s latest achievement in global competitiveness


posted on 05/09/2014

Sheikh Nahyan bin Mubarak Al Nahyan, Minister of Culture, Youth and Community Development, on Thursday attributed the U.A.E.'s high ranking in the latest Global Competitiveness Report (GCR) to the solid foundations laid by the nation's founding father, the late Sheikh Zayed bin Sultan Al Nahyan, who created a unique human development model that has become a primary driver of the prosperity and progress of the country.
Sheikh Nahyan, in a statement, also praised President His Highness Sheikh Khalifa bin Zayed Al Nahyan, Vice President and Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum, Their Highnesses the Supreme Council Members and Rulers of the Emirates, and General Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the U.A.E. Armed Forces, for providing a favourable environment that encourages excellence and nurtures creativity in all spheres of development in U.A.E.
In the latest Global Competitiveness Report (GCR) 2014-2015 issued by the World Economic Forum (Davos), U.A.E. advanced seven places in the overall competitiveness of its economy within just one year, becoming the 12th most competitive nation globally, after ranking in 19th position last year, and now is ranked first in the world in terms of the high quality of its roads on the Global Competitiveness Index (GCI) for 2014-2015 and in the absence of organised crime, as well as in the lack of inflation.
Sheikh Nahyan also said that U.A.E.'s achievements are not new, accidental, or just plain chance, rather they are based on the leadership's wise visions, careful planning of strategies and performance-enhancing programmes for advancing work in line with international standards and earning the country a top place in the global competitiveness report.
The U.A.E.'s new achievement in global competitiveness is but the latest in a series of steps towards further progress, Sheikh Nahyan noted. http://www.wam.ae/en/news/general-economics-emirates/1395269249202.html

SUBIR | NOTICIAS MS RECIENTES (WAM)


U.A.E. ranks first in the world in terms of quality of roads, says Public Works Ministry


posted on 04/09/2014

The high quality of road projects in U.A.E. enabled the country to rank first in the world in terms of quality of roads on the Global Competitiveness Index (GCI) for 2014-2015, thanks to the wise policies of the government and the directives of the wise leaders, President His Highness Sheikh Khalifa bin Zayed Al Nahyan, and Vice President and Prime Minister of U.A.E., and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, on winning the first place in all spheres, said Dr. Abdullah bin Mohammed Belhaif Al Nuaimi, Minister of Public Works.
Al Nuaimi was commenting on the U.A.E.'s ranking in the Global Competitiveness Report 2014-2015, issued by World Economic Forum (WEF) in 2014-2015, in which the country advanced seven places in the overall competitiveness of its economy within just one year.
The Ministry of Public Works, in coordination with Emirates Competitiveness Council, adopted the quality of roads as a global index for achieving the first place in response to the directives of H.H. Sheikh Mohammed bin Rashid on charging ministries with the responsibility of achieving the first places on global indices.
Quality of roads is the second part of the second pillar, i.e., infrastructure, of GCI which assess the quality of roads in a certain country on scale of 1 to 7, with one being extremely underdeveloped and 7 being extensive and efficient among the best in the world.
Minister Al Nuaimi also noted that the federal ministry has constructed 800 km of federal roads across U.A.E. and is working on a strategic initiative to complete the connection of all municipalities and residential areas with the high-quality federal road network, in line with the directives of H.H. Sheikh Khalifa bin Zayed and H.H. Sheikh Mohammed bin Rashid for ensuring the highest quality of life for all Emiratis and residents and the social cohesion of the country.
According to the GCI methodology used by WEF in the its latest report on global competitiveness, extensive and efficient infrastructure is critical for ensuring the effective functioning of the economy, as it is an important factor in determining the location of economic activity and the kinds of activities or sectors that can develop within a country.
The Global Competitiveness Report 2014-2015 assesses the competitiveness landscape of 144 economies, providing insight into the drivers of their productivity and prosperity. The Report series remains the most comprehensive assessment of national competitiveness worldwide. – Emirates News Agency, WAM – http://www.wam.ae/en/news/general-economics emirates/1395269215883.html

SUBIR | NOTICIAS MS RECIENTES (WAM)


Mazrouei: U.A.E.'s high ranking in GCR is a testimony to its prominent standing globally


posted on 04/09/2014

The minister of energy emphasised that the U.A.E. has laid down the rules of excellence, constructive work, and taking lead and initiative, for building the Emirati human being who is capable of delivering achievements in all fields thanks to instructions of the wise leadership spearheaded by President His Highness Sheikh Khalifa bin Zayed Al Nahyan, Vice President and Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum, Their Highnesses Supreme Council Members and Rulers of Emirates, and close follow up of His Highness General Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the U.A.E. Armed Forces.
Suhail bin Mohammed Al Mazrouei was commenting on the U.A.E. high ranking on the latest Global Competitiveness Report 2014-2015 issued by the World Economic Forum in which the U.A.E. was rated as the 12th most competitive nation globally. It also leads all the Middle East and North African (MENA) countries.
Mazrouei congratulated the wise leadership and the U.A.E. people on the honourable achievement, saying :' It is a source of proud to every Emirati and a testimony of the international community to the prominent place the U.A.E. occupies. The U.A.E. has joined the club of advanced countries in terms of investment in human resources and other areas.' 'The high ranking is no strange to a government chaired by HH Sheikh Mohammed bin Rashid Al Maktoum who leveraged the government work to the international standing and encouraged all to work as one team, pushing the U.A.E. to top ranking ahead of many industrialised countries,' he added. – Emirates News Agency, WAM –
http://www.wam.ae/en/news/emirates/1395269196251.html

SUBIR | NOTICIAS MS RECIENTES (WAM)


Al Mansouri: U.A.E.'s progress in GCR demonstrates strong will and determination for success


posted on 04/09/2014

Sultan bin Saeed Al Mansouri, Minister of Economy affirmed that the U.A.E. would have not made the successive landmark achievements globally if it had not for the far-sighted vision of the wise leadership led by President His Highness Sheikh Khalifa bin Zayed Al Nahyan, Vice President and Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum, and Their Highnesses Supreme Council Members and Rulers of Emirates.
In a statement on the U.A.E.'s high score in the Global Competitiveness Report (GCR) issued by the World Economic Forum in 2014- 2015, the minister said: 'The U.A.E. advance of 7 places in the overall competitiveness of its economy within just one year, becoming the 12th most competitive nation globally, ahead of countries such as Denmark, Canada and South Korea, underlines the solid will and determination and endless ambition of our wise leadership and the dedication of the U.A.E. people to enhance its leading role regionally as well as globally.' 'Day by day, the U.A.E. is proving that it is a stand-alone case in everything and a source of inspiration in politics, economy, development, progress and other areas.
The U.A.E. rests only with the top rank and its future ambitious plans and visions are always seeking the first place in all fields,' he added.
He indicated that the U.A.E. Government was striving to be a leader in different key economic sectors to deliver sustainable economic development and the advanced ranking it scored in the Global Competitiveness Report spoke volume for the success of these efforts.
He stated that his ministry was acting upon instructions of the federal government and its agenda the U.A.E. Vision 2021 seeks to achieve.
'The advanced ranking the U.A.E. has achieved in the GCR has placed a heavy responsibility on us to maintain excellence and leadership and build upon them to deliver more achievements,' he stated. – Emirates News Agency, WAM –
http://www.wam.ae/en/news/economics/1395269200909.html


SUBIR | NOTICIAS MS RECIENTES (WAM)


U.A.E. jumps 7 positions on the World Economic Forum’s Global Competitiveness Report


posted on 03/09/2014

Mohammed bin Rashid: under the leadership of Sheikh Khalifa our economy is constantly evolving; security and stability indicators are among the best in the world; the welfare of our citizens is our first priority - World Economic Forum: U.A.E. has made a remarkable progress in 78 sub-indicators during just one year The U.A.E. ranks first for the absence of inflation and the absence organised crime globally, second for the effectiveness of government spending and third in terms of absence of government bureaucracy; it also rated as having the third best infrastructure and the world - Mohammed bin Rashid: All agendas, strategies and plans, are subject to continuous review and evaluation in such a manner that reflects our growing aspirations in all sectors.
- Mohammed bin Rashid: A big thanks to federal and local teams working as one for the progress of the U.A.E..
- Mohammed bin Rashid: the well-being and prosperity of our citizens has been, and always will remain at the centre of our focus and priority. Our message to those around us is that the key to stability lies in the creation of real development.
- The U.A.E. jumps 7 ranks in the latest Global Competitiveness Report 2014-2015 issued by the World Economic Forum.
- The U.A.E. is the 12th most competitive nation globally ahead of developed economies such as Canada, Denmark and South Korea.
DUBAI, 3rd Sep. 2014 (WAM) - His Highness Sheikh Mohammed bin Rashid Al Maktoum, U.A.E. Vice President and Prime Minister and Ruler of Dubai, affirms that the U.A.E. under the leadership of His Highness Sheikh Khalifa bin Zayed Al Nahyan, is advancing steadily and dramatically across development indicators, reflecting the areas where our economy is progressing ... notably, security and stability indicators are among the best in the world... and the welfare of our citizens is our first priority. His Highness also added that the U.A.E. government is constantly monitoring these global indicators issued by reputable international organisations. Retreating is not an option in our government.
His Highness's comments came in the wake of the results of the Global Competitiveness Report issued by the World Economic Forum in 2014- 2015 in which the U.A.E. advances 7 places in the overall competitiveness of its economy within just one year, becoming the 12th most competitive nation globally, ahead of countries such as Denmark, Canada and South Korea. The U.A.E. impressively leads globally in a number of indicators: 1st globally in quality of the roads and the absence of organised crime, 1st globally for having the lowest rate of inflation, 2nd globally for government procurement of advanced technology, 2nd globally for the effectiveness of government spending, and the impact of taxes on investment and the lack of trade barriers; it also ranks 2nd for the quality of its infrastructure in the aviation sector. The U.A.E. also came in 3rd place globally on indicators such as citizens' confidence in government and leadership, the absence of government bureaucracy, the quality of ports, efficiency of customs procedures, attracting technology through foreign direct investment (FDI); Significantly, for the knowledge economy, U.A.E. ranked 3rd globally for attracting professional talent. Overall, the U.A.E. improved its performance in 78 indicators out of 114.
His Highness Sheikh Mohammed bin Rashid Al Maktoum further commented that the U.A.E. has progressed in several areas because of the hard work of federal and local teams who are working as one, equipped with a vision that extends to the year 2021; our agendas and sector strategies change continuously as our ambitions keep growing.
His Highness also said, "Despite the many challenges facing our region, our main focus has been, and will remains on progressing in our nation, and developing our economy for the on-going welfare of our citizens. Our message to those around us is that the key to true stability lies in the creation of real development." The U.A.E. showed significant success in all overarching pillars of the report, over the last year. It ranked 2nd in up from 4th in Basic Requirements which measures the readiness of regulations and institutions, infrastructure, health and primary education; In Efficiency Enhancers which evaluates the efficiency and effectiveness of higher education systems, labour market, financial market and technological readiness, the U.A.E. ranked 14th globally up from 20th, and 21st up from 24th in Innovation and Sophistication.
The GCR assesses 144 countries on their ability to provide high levels of prosperity and welfare to its citizens, along a series of performance indicators which evaluates the country's ability to provide the suitable infrastructure for investments. The U.A.E. is currently ahead of developed economies such as Denmark, Canada, France, South Korea and Taiwan, as well as being ahead of countries such as Brazil, Russia, India and China. The nation also leads all the Middle East and North African (MENA) countries.
The country's performance in the latest edition of GCR reflects the concerted and comprehensive national competitiveness strategy and its alignment with the economic and social objectives for the ultimate well-being and prosperity of the U.A.E..
The U.A.E. places high value on the private sector and investors and has unrelentingly tried to ensure a safe context in which to conduct businesses. A fact that was borne out by the report which shows that the U.A.E. is among the safest places to do business, not just in the Middle East, but indeed, internationally.
Our excellent performance can be attributed to the successful policies and breadth of businesses which have created a talented, highly diverse, stable, and competitive business environment across the U.A.E.. This is complemented by the generally high degree of trust in government and safety and security in the U.A.E.. Together these attributes have given U.A.E. a competitive advantage over most other countries. – Emirates News Agency, WAM – http://www.wam.ae/en/news/emirates-international/1395269176197.html

SUBIR | NOTICIAS MS RECIENTES (WAM)


Reem Al Hashimy lauds efforts by federal and local competitiveness teams


posted on 03/09/2014

Following the recent launch of the Global Competitiveness Report for 2014-15 by the World Economic Forum, Reem bint Ibrahim Al Hashimy, Minister of State, and Chairwoman of the Emirates Competitiveness Council (ECC) has commended the efforts made by federal and local government organisations to step up performance of the U.A.E.'s competitiveness, leading the country to rank as the 12th most competitive nation globally for 2014-15, a jump of seven ranks from last year, and maintaining its regional lead.
Al Hashimy said efforts by different government teams led to the significant improvement in results of competitiveness indicators, with quality of the country's public institutions climbing 4 ranks from last year to become the 7th globally.
"This report is an international testimony to the U.A.E.'s global lead and position among the world's most advanced and innovative countries and this achievement could have not been achieved without the vision of our leadership who aspires to realise the ultimate goal of the U.A.E. Vision 2021 of making U.A.E. the best country in the world by 2021." She added by saying: "I thank all individual and organisations who contributed in supporting U.A.E.'s competitiveness, as well as the teams in different government institutions. All government institutions deserve to be commended for working together to achieve this remarkable result." Abdullah Lootah, ECC Secretary General, said the surge in the country's ranking year by year comes with more challenges to maintain this lead.
"We have a lot to do in holding this top position and in doing better. We will step up our efforts and work with the concerned institutions to ensure that the U.A.E. remains in the top all the time," he added.
Rankings of competitiveness in the Global Competitiveness Report are determined by two main factors; the Executive Opinion Survey and the data measuring performance of countries in vital areas such as healthcare, education, market size, patents, research and innovation programs.
Lootah underlined the important role of the private sector in improving the country's competitiveness rankings.
The ECC maintains continuous communication with national and international companies, chambers and business councils in the U.A.E. such as the British and French business councils.
The Global Competitiveness Report assesses the competitiveness landscape of different world economies, providing insight into the drivers of their productivity and prosperity. The Report series remains the most comprehensive assessment of national competitiveness worldwide.
The Emirates Competitiveness Council (ECC) is a U.A.E. federal government organisation that serves as a conduit between the public and private sectors to strengthen the U.A.E.'s competitiveness by actively informing policy creation and process development of federal and local government bodies to become more globally competitive.
It is committed to on-going partnership with the private sector to fortify its position as a leading centre for global businesses and to support effective policies, procedures and legislation to advance the U.A.E.'s competitiveness, regional and global leadership, and future prosperity. – Emirates News Agency, WAM –
http://www.wam.ae/en/news/emiratesinternational/1395269176243.html

SUBIR | NOTICIAS MS RECIENTES (WAM)


10th World Islamic Economic Forum introduces new features to celebrate Dubai as land of creativity and innovation


posted on 27/08/2014

The World Islamic Economic Forum (WIEF) Foundation and Dubai Chamber of Commerce & Industry (Dubai Chamber) yesterday unveiled at a press conference in Kuala Lumpur details of the upcoming 10th WIEF which will be held in Dubai from October 28 to 30, 2014 at the Madinat Jumeirah Conference Centre. The annual forum will be hosted in Dubai for the first time following successes across the globe including Kuala Lumpur, Islamabad, Kuwait, Jakarta, Astana, Johor Bahru and London.
Themed ‘Innovative Partnerships for Economic Growth', the Forum aims to forge greater collaboration between nations, bringing a new era of prosperity for the global economy. Innovative partnerships is an important dimension required to recognise and develop different models for economic growth, offering tremendous opportunities for players with varying expertise and resources to join forces to create joint ventures that are greater in value than the sum of their parts.
Recognised for its significant contributions to progress in the global Islamic economy over the last 10 years, the annual forum will highlight Dubai's pursuit to play a key role in shaping the US$ 8 trillion Islamic economy, and introduce new features to celebrate Dubai as the land of creativity and city which embraces the culture of innovation. The new features include: Ideapad: Technology & Innovation Showcase – Platform for entrepreneurs and innovators to give a 15-minute pitch on stage to capture the attention, interest, and potentially, investment, of the forum's international audience Business Exchange – Business match-making programme where selected companies give a three-minute pitch about their business, followed by a networking session with delegates There will also be a specialised session on the second day of the Forum to inaugurate and drive the Halal bio-economy agenda focusing on food security, healthcare and well-being of the global Muslim community. ‘Mobilising Capital from Waqf, Pension Funds and Unit Trusts: Developing Best Practices' is another thought-provoking panel discussion which will be introduced at the 10th WIEF.
These new features will complement the current programme which includes panel discussions, Masterclass sessions, networking events and the Marketplace of Creative Arts Festival (MOCAFest).
Key topics of the 10th WIEF include: Global Economic Outlook: Developing a Resilient Model for Developing Economies Global Financial Landscape Islamic Finance's Pivotal Role in Enabling Trade & Streamlining the Halal Supply Chain Socialising Education and the Role of Universities Retaining Young Talents Sustainable Urban Planning – Creating Smart Infrastructure and Holistic Communities Rise of Women Entrepreneurs – Developing a Peer Network The Honourable (Hon.) Tun Musa Hitam, Chairman of the WIEF Foundation, said; "The Islamic economy is not insulated from happenings around the world and our focus, at the World Islamic Economic Forum Foundation, is bringing to the fore opportunities which will ensure continued progress for the economy and the people. Three ways we can achieve this are by exploring prospects in smaller, non-majority Muslim markets, leveraging the continued growth of Islamic finance and, represented in our theme for 10th WIEF, forging innovative partnerships for business success." "The upcoming 2015 Asean integration, as well as the increasing purchasing power of Muslim consumers, underscores the strong growth potential of the Islamic economy. Our priority for the 10th WIEF is bringing global leaders, businesses and all members of the community together to realise these opportunities for sustainable development worldwide. We all have a part to play," he added.
Abdul Rahman Saif Al Ghurair, Chairman of the Dubai Chamber of Commerce & Industry, said, "The Arab world offers one of the most comprehensive and attractive Islamic capital market systems in the world, and Dubai, already the region's key business hub, is the gateway for businesses to unlock the potential of the Islamic economy across the Gulf and wider Middle East." "The close collaboration between the WIEF Foundation, Dubai Chamber of Commerce & Industry, and Dubai Capital of Islamic Economy in preparation for this forum is testament to the success formula of innovative partners for economic growth, and we are confident that more such partnerships will be forged when global leaders and businesses converge in Dubai for the 10th WIEF," he added.
Discussions around economic and social matters continue to be key areas of focus at the annual Forum which is the largest international gathering of heads of government, economic experts and stakeholders to share experiences and knowledge about Islamic economy. The 10th WIEF which is expected to be attended by more than 2,500 participants from 140 countries, will offer a global platform to form innovative partnerships based on the seven pillars of the Dubai Capital of Islamic Economy initiative launched in 2013: Islamic finance, Halal food industry, Halal tourism, Islamic digital economy, Capital of Islamic art and design, Centre for Islamic economy standards and certification, and International centre for Islamic information and education.
The 10th WIEF continues to attract international partners and welcomes more organisations to be part of this prestigious, global Forum through various packages. Benefits include special access to key delegates, usage of Forum assets and resources, as well as numerous branding and communication opportunities.
In addition to the annual WIEF, the Foundation also organises and hosts roundtables, workshops, leadership programmes, business networking forums, internship and scholarship programmes and more such activities to educate, empower, exchange expertise and address economic challenges in a more personalised scale. – Emirates News Agency, WAM - http://www.wam.ae/en/news/economics/1395268945256.html

SUBIR | NOTICIAS MS RECIENTES (WAM)


Dubai economic growth may hit 5.6%


posted on 26/08/2014

Dubai's economic growth could hit as high as 5.6 per cent this year if the global economy stays vibrant but the emirate's rebounding real estate sector faces a short-term price correction, Phidar Advisory, a recently established advisory firm specialising in real estate, said on Monday.
"The good news is that even if the global economy shows a tendency to apply the brakes, Dubai will continue show an upswing of 3.5 per cent GDP (gross domestic product) growth, and if it stays vibrant and robust then the emirate could hit as high as 5.6 per cent annually,” Phidar said quoting International Monetary Fund sources.
The IMF predicted in a recent report that Dubai's ability to finance its debts had improved because of stronger economic growth and more conservative spending, but warned that the emirate would still be vulnerable in a major downturn of the global economy.
The Institute of International Finance also endorsed this view in its latest forecast. "We see Dubai growing at 5.6 per cent in 2014, driven by tourism, transportation, and trade,” said Garbis Iradian, deputy director for Africa and the Middle East at the IIF.
In 2014-second quarter, residential sales prices and rents were still on the rise, but the rate of growth slowed dramatically for both sale prices and lease rates, leading to yield compression, Phidar Advisory report said.
Thee report states that as many as 30,000 additional units are needed in Dubai through 2018 to maintain rent stability. Phidar claimed that the figure is based on its internal monitoring of announced, launched, stalled and on-going projects.
Thee report said that nominal prices for single family homes declined four per cent and apartments declined 0.6 per cent according to transaction data for the first six weeks of 2014 third quarter.
Phidar's House Price Index reflects real prices adjusted in representative projects across Dubai that have been completed since 2009.
"Residential development opportunities are still ample in Dubai, but the market would benefit exponentially from developer specialisation, particularly in the most under-supplied assets. In this case middle-income housing could be a tangible and powerful catalyst,” said the report.
Phidar said that over this period another 15,000 units could be reactivated from stalled projects thereby creating a viable supply gap of as much as 20,000 units.
"While there are indications that transaction volumes are declining, the slack in the information in this sector makes it difficult to obtain a precise figure. All too often off-plan sales are not factored in because they are not reported consistently. Processing lags and inconsistent reporting create similar challenges to collecting and analysing real estate mortgage data,” the report said.
The report observed that after the U.A.E. Central Bank implemented mortgage restrictions linked to borrower's age, payment caps and maximum LTVs (loan-to-value ratio), mortgage-backed demand tapered. "This action was ostensibly taken to cool ‘hot' money and was mandated. What is worrying is the possible fall in transparency: after over 12 years of reporting Real Estate Mortgage data separately, the U.A.E. Central Bank consolidated Real Estate Mortgage data together with Loans, Advances, and Overdrafts in the quarterly Statistical Bulletin. Dubai real estate transaction data published through REIDIN, does not distinguish between refinance activity and new sales, so mortgage trends on a city or national level are difficult to quantify,” it said.
Phidar said individual properties in Dubai should trade at a trade at a six plus per cent yield to account for increased risk profile. However, the average net yields for individual properties compressed to 5.6 per cent and 4.5 per cent for apartments and villas.
Net yields have compressed and that it could be a step too far, it said. Market transparency appears to be regressing and that could increase the risk profile. Since speculation pays a major role in this market the property sector will continue to display volatility. "In the short term, this will likely lead to a price correction, following a two-year period of exuberant investor sentiment.”
Asiya Investments is also of the view that Dubai's property market is susceptible to overheating risks. "Fundamental factors indicate that prices should be increasing in Dubai. However, it is not clear to what extent the current growth rate of prices is sustainable.”
Phidar report also suggests that long term capital appreciation due to strong demographics is a foreseeable scenario but the current supply trends and affordability constraints will pose challenges to sustained long-term growth. – Khaleej Times – http://www.khaleejtimes.com/biz/inside.asp?xfile=/data/uaebusiness/2014/August/uaebusiness_August269.xml§ion=uaebusiness
Dubai economic growth may hit 5.6%
Dubai's economic growth could hit as high as 5.6 per cent this year if the global economy stays vibrant but the emirate's rebounding real estate sector faces a short-term price correction, Phidar Advisory, a recently established advisory firm specialising in real estate, said on Monday.
"The good news is that even if the global economy shows a tendency to apply the brakes, Dubai will continue show an upswing of 3.5 per cent GDP (gross domestic product) growth, and if it stays vibrant and robust then the emirate could hit as high as 5.6 per cent annually,” Phidar said quoting International Monetary Fund sources.
The IMF predicted in a recent report that Dubai's ability to finance its debts had improved because of stronger economic growth and more conservative spending, but warned that the emirate would still be vulnerable in a major downturn of the global economy.
The Institute of International Finance also endorsed this view in its latest forecast. "We see Dubai growing at 5.6 per cent in 2014, driven by tourism, transportation, and trade,” said Garbis Iradian, deputy director for Africa and the Middle East at the IIF.
In 2014-second quarter, residential sales prices and rents were still on the rise, but the rate of growth slowed dramatically for both sale prices and lease rates, leading to yield compression, Phidar Advisory report said.
Thee report states that as many as 30,000 additional units are needed in Dubai through 2018 to maintain rent stability. Phidar claimed that the figure is based on its internal monitoring of announced, launched, stalled and on-going projects.
Thee report said that nominal prices for single family homes declined four per cent and apartments declined 0.6 per cent according to transaction data for the first six weeks of 2014 third quarter.
Phidar's House Price Index reflects real prices adjusted in representative projects across Dubai that have been completed since 2009.
"Residential development opportunities are still ample in Dubai, but the market would benefit exponentially from developer specialisation, particularly in the most under-supplied assets. In this case middle-income housing could be a tangible and powerful catalyst,” said the report.
Phidar said that over this period another 15,000 units could be reactivated from stalled projects thereby creating a viable supply gap of as much as 20,000 units.
"While there are indications that transaction volumes are declining, the slack in the information in this sector makes it difficult to obtain a precise figure. All too often off-plan sales are not factored in because they are not reported consistently. Processing lags and inconsistent reporting create similar challenges to collecting and analysing real estate mortgage data,” the report said.
The report observed that after the U.A.E. Central Bank implemented mortgage restrictions linked to borrower's age, payment caps and maximum LTVs (loan-to-value ratio), mortgage-backed demand tapered. "This action was ostensibly taken to cool ‘hot' money and was mandated. What is worrying is the possible fall in transparency: after over 12 years of reporting Real Estate Mortgage data separately, the U.A.E. Central Bank consolidated Real Estate Mortgage data together with Loans, Advances, and Overdrafts in the quarterly Statistical Bulletin. Dubai real estate transaction data published through REIDIN, does not distinguish between refinance activity and new sales, so mortgage trends on a city or national level are difficult to quantify,” it said.
Phidar said individual properties in Dubai should trade at a trade at a six plus per cent yield to account for increased risk profile. However, the average net yields for individual properties compressed to 5.6 per cent and 4.5 per cent for apartments and villas.
Net yields have compressed and that it could be a step too far, it said. Market transparency appears to be regressing and that could increase the risk profile. Since speculation pays a major role in this market the property sector will continue to display volatility. "In the short term, this will likely lead to a price correction, following a two-year period of exuberant investor sentiment.”
Asiya Investments is also of the view that Dubai's property market is susceptible to overheating risks. "Fundamental factors indicate that prices should be increasing in Dubai. However, it is not clear to what extent the current growth rate of prices is sustainable.”
Phidar report also suggests that long term capital appreciation due to strong demographics is a foreseeable scenario but the current supply trends and affordability constraints will pose challenges to sustained long-term growth. – Khaleej Times – http://www.khaleejtimes.com/biz/inside.asp?xfile=/data/uaebusiness/2014/August/uaebusiness_August269.xml§ion=uaebusiness

SUBIR | NOTICIAS MS RECIENTES (WAM)


Dubai Economic Development Department launches Twitter account in English


posted on 19/08/2014

The Dubai Economic Development Department (DED), represented by the Commercial Control and Consumer Protection Sector, has launched its official Twitter account ‘@dubaiconsumers' to receive complaints from consumers in English.
The DED initiated the service to reach out to a large segment of consumers across the emirate of Dubai in particular, and the country in general.
Abdul Aziz bin Hathboor, Director of the Consumer Protection Department at DED, said the DED launched its official page on Twitter in English after the Consumer Protection's Arabic page attracted a large number of consumers.
"The English Twitter account will ease up the communication mechanism for consumers when contacting the DED regarding their comments, complaints, or even their feedback about products and commodities available in the local markets,” bin Hathboor pointed out.
Bin Hathboor said that the Consumer Protection page in English reflects how much the Commercial Control and Consumer Protection Sector is concerned with getting in touch with all categories of the society members by interacting with the consumers directly, attending to their inquiries, and solving their problems.
He said the page received a number of complaints related to automobiles, electronics, car rental, furniture and coffee shops, regarding warranty infringement and non-commitment to contract terms.
According to bin Hathboor, the English account is a qualitative stride ahead, which adds to the contact channels with the Commercial Control and Consumer Protection Sector.
The various channels to contact the DED now include the call centre at 600545555; email: consumerrights@dubaided.gov.ae; Sallati programme, which is a smart phone application through which consumers can contact the sector and lodge their complaints. – Khaleej Times - http://www.khaleejtimes.com/kt-article-display-1.asp?xfile=data/government/2014/August/government_August26.xml§ion=government

SUBIR | NOTICIAS MS RECIENTES (WAM)


OBG's 2015 report will chart Dubai's bid to build on economic recovery


posted on 12/08/2014

Dubai's two-fold campaign to step up preparations for the World Expo 2020 and increase the number of tourists visiting the emirate to 20million by the same year will be detailed in a forthcoming report to be produced by the global publishing firm, Oxford Business Group (OBG).
The Dubai Chamber of Commerce and Industry has once again signed a Memorandum of Understanding (MoU) on research with OBG for the publisher's forthcoming report on the emirate. Under the MoU, Dubai Chamber will assist OBG's senior analysts with access to the firm's resources for a third consecutive year to compile The Report: Dubai 2015.
The Report: Dubai 2015 will chart the construction work under way at Dubai International Airport and Al Maktoum International Airport at Dubai World Central, which is already providing a welcome increase in capacity. The publication will also shine the spotlight on Dubai's efforts to encourage growth among small and medium-sized enterprises (SMEs) through incentives and initiatives, such as the setting up of business incubators.
Hamad Buamim, President and CEO of Dubai Chamber, said that the broad-based nature of the emirate's recovery sits well with investors.
"While 2013 brought heightened activity on the trade front and across Dubai's tourism industry, we also witnessed positive performances in real estate, retail and manufacturing. I expect our partnership with OBG to look at what's next for these areas of business and how investors can benefit in light of the opportunities arising from the build-up to Expo 2020," added Mr Buamim.
OBG's Regional Director, Jana Treeck, said 2013 brought several indications that Dubai's recovery was gathering momentum, led by the upgrades awarded to U.A.E.
"The decision taken by the New York-based MSCI Global Equity Indices last June to elevate the U.A.E. from frontier to emerging market status was particularly significant and paved the way for other agencies to follow suit," she said. "Our new report will explore the significance of the upgrades, with a focus on the new investment channels which are now available to the emirates. I am delighted that the Dubai Chamber of Commerce and Industry 's team will contribute to our analysis on this and other topics, which are of huge importance to them also." Renewed activity in projects previously hit by delays was another hallmark of Dubai's financial turnaround, said OBG's Country Director Basak Pasali.
"Investors will note with interest the new regulations governing the emirate's property market and the introduction of business-friendly measures, such as the Dubai Smart Government initiative," she added. "The strength of Dubai's recovery, which comes as the emirate's preparations for Expo 2020 begin in earnest, is evident; as I'm sure our research with the Dubai Chamber of Commerce and Industry will show." The Report: Dubai 2015 will be a vital guide to the many facets of the emirate, including its macroeconomics, infrastructure, banking and other sectoral developments. It will also contain a wide range of interviews with leading political, economic and business representatives, including the Secretary General of the Gulf Cooperation Council (GCC) Abdul Latif Al Zayani, Singapore's Minister of Trade and Industry Lim Hng Kiang and the Director General of the Dubai Land Department Sultan Bin Mejren. The publication will be available in print or online. – Emirates News Agency, WAM –
http://www.wam.ae/en/news/economics-emirates/1395268534565.html

SUBIR | NOTICIAS MS RECIENTES (WAM)


U.A.E. non-oil sector robust


posted on 06/08/2014

July data shows business activity, job creation continue to expand at solid rates
The U.A.E.'s non-oil private sector business activity continued to witness strong performances in output, new orders and new export orders in, results of a survey by Markit Economics and HSBC Bank showed on Tuesday.
Generally, growth across the indices remained marked despite easing slightly from the previous month. In addition, job creation, purchasing activity and stocks continued to expand at solid rates.
The July data signalled a further strong improvement in operating conditions in the U.A.E. non-oil producing private sector, despite easing slightly from the previous month. The headline index posted at 58.0 during the month, down just slightly from 58.2 in June. The reading was well above the long-run series average. It stayed close to a peak of 58.3 points hit in April, which was the highest level since the survey was launched in August 2009. A reading above 50 points in the survey of 400 private sector firms indicates expansion and below 50, contraction.
Both new orders and export orders rose strongly in July, led by greater demand levels, but the rate of expansion was weaker from June. As a result, firms continued to raise their employment levels in July and the rate of job creation remained solid.
Output growth dropped to 61.6 points in July from 63.3 points in the previous month, while new orders growth fell more moderately. Employment growth slowed slightly but stayed comfortably in positive territory. Input price inflation edged down to 55.0 points while output price growth increased slightly but was still negative at 49.5 points
Simon Williams, chief economist for Middle East and North Africa at HSBC, said the July data is another very strong number for a U.A.E. economy that is still in the sweet spot. "Prices are stable, growth is good and high readings for new orders show demand still building momentum.”
The survey shows that the non-oil private sector output in the U.A.E. continued to grow during July in line with the historical trend. "The pace of growth did not match that of June's record high, but remained sharp overall as firms ramped up output in order to meet burgeoning levels of new business.” In tandem with this growth in output, the level of new orders and new export orders also increased strongly during the month, the bank said.
"As with output, the rates of expansion were slightly weaker than in the previous month. Panellists generally commented on strong economic conditions as the main factor contributing to greater demand levels,” the survey report said.
In light of rising output and stronger demand, firms continued to increase their payroll numbers in July. In line with the other indices, growth slowed slightly. That said, the rate of job creation remained solid. Despite this increase, the level of work-in-hand at U.A.E. non-oil producing private sector firms accumulated at the sharpest rate in the series history as companies struggled to keep pace with the rapidly expanding level of new orders and sales volumes.
Despite strong market conditions, firms reduced their selling prices for the fourth month in succession in July as they sought to win customers in a competitive environment. Overall input prices faced by the U.A.E. non-oil private sector continued to increase. Purchase cost inflation eased marginally, while wage inflation quickened fractionally. Purchase prices remained the dominant factor in the level of overall costs, as overall input prices rose at a slightly slower pace. Panellists linked higher prices to increased raw material costs and strong demand. Meanwhile, suppliers' delivery times shortened at a weaker pace.
Purchasing managers continued to ramp up their buying activity during July, with firms commenting on expected growth in demand as the motivating factor. Pre-production inventories also expanded during the month, although both grew at slower rates than in June. – Khaleej Times - http://www.khaleejtimes.com/biz/inside.asp?xfile=/data/uaebusiness/2014/August/uaebusiness_August52.xml§ion=uaebusiness

SUBIR | NOTICIAS MS RECIENTES (WAM)


Dubai Islamic Economy Development Centre launches Global Islamic Economy Summit 2013 Report


posted on 06/08/2014

The Dubai Islamic Economy Development Centre, DIEDC, in partnership with Thomson Reuters and the Dubai Chamber of Commerce and Industry, has launched a report outlining key findings from the Global Islamic Economy Summit, GIES, 2013.
The GIES 2013 Review details the discussions of 25 sessions held at the summit and outlines key recommendations across the six pillars identified by DIEDC to articulate Dubai's vision of developing as the capital of Islamic economy. The pillars include Islamic finance, Halal food, Halal travel, Halal lifestyle, SME development and Islamic economy infrastructure.
Essa Kazim, Secretary-General of DIEDC, said, "GIES 2013 Review is a valuable repository of information on the effectiveness and efficiency of efforts by industry leaders to drive the global Islamic economy, and serves as a roadmap for its growth. We are proud to share with the world the milestones Dubai has achieved in positioning itself as the capital of the Islamic economy. We will continue to bridge ideas and aspirations to achieve better outcomes at the Islamic Economy Summit 2015." A consensus highlighted in the review is that global growth of the Islamic economy must revolve around a more integrated interplay of three Cs: Common standards, Convergence, and Cross-border trade, or risk inefficiency and slower growth if the status quo of fragmented markets and disparate efforts persist.
It goes on to say that development of the Islamic economy has to yield to common standards and governance structures, notwithstanding cross-country differences. This is imperative for the Halal sector where the multiplicity of certification and accreditation standards is a handicap for market players, which are predominantly SMEs struggling to grow and reach new markets.
For Islamic finance, common standards and contract templates for banking, capital market, Takaful, and asset management will facilitate higher levels of cross-border flows currently blocked by different Sharia interpretations and legal practices.
The review reflects repeated calls for 'passporting' regimes to be implemented to break down barriers to cross-border flows, especially for funds and the coordination of Takaful operators. At the same time, convergence of the Islamic finance and Halal sectors is recognised as being long overdue, with the Islamic finance industry being asked to dedicate more resources to the financial requirements of SMEs in the Halal sectors. These SMEs, in turn, need to upgrade their business savvy to appeal better to potential investors and financiers.
Common standards and convergence will lead to greater cross-border links, while at the same time, trade barriers must be reduced through preferential trade agreements, especially to increase intra-OIC trade.
GIES 2013 Review has detailed key recommendations for each of the six pillars of the Islamic economy. While speaking in different terms, Islamic finance and the Halal sectors recognise that what the ‘Halal' or ‘Sharia-compliant' labels represent will require transformation; this includes the management of Awqaf (endowments). In the Halal sector, there is a clear shift towards ‘Tayyab' (wholesome) that incorporates a concern for animal well-being, organic food, and end-to-end sustainable value chains. In Islamic finance, the focus is towards moving from ‘form' to ‘form and substance', where Islamic banks, Takaful operators and fund managers are recognising the need to take back the ‘ethical' label in order to gain a larger and mainstream market share.
The review also presents recommendations based on key insights from industry leaders for the fledgling sectors of Halal travel and lifestyle. – Emirates News Agency, WAM - http://www.wam.ae/en/news/economics/1395268364973.html

SUBIR | NOTICIAS MS RECIENTES (WAM)


UAE officially joins membership of Development Assistance Committee of OECD


posted on 09/07/2014

The U.A.E. has officially joined as a member of the Organisation for Economic Co-operation and Development (OECD).
Sheikha Lubna bint Khalid Al Qasimi, Minister of Development and International Co-operation and Chairperson of the National Committee for the Coordination of Foreign Aid, said that the directives of the wise leadership to upgrade the various mechanisms and channels of partnership with relevant international organisations of international and humanitarian development, have contributed to strengthening the leading position of the U.A.E. in the most important platforms for international institutional humanitarian work.
Sheikha Lubna explained that the U.A.E.'s accession to the Development Assistance Committee, DAC, confirms the U.A.E.'s influential role in the field of international development, which culminated in it achieving the first rank as the most generous donor state in the world for development assistance, compared to its national income, for last year, 2013.
She added that the directives of the wise leadership, represented by 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, and the intensive follow-up of His Highness General Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the U.A.E. Armed Forces, along with sponsorship of the developmental and humanitarian role of the U.A.E. on the international arena, made it ranked in a significant position, gaining the recognition of various international humanitarian and development organisations.
The Committee is considered a global forum to put forward topics related to development cooperation and fight against poverty in developing countries, and the formulation of policies and strategies relating to foreign aid, whereby the U.A.E. joining the committee will contribute to strengthening its international status in terms of international development as a major donor, in addition to benefiting from the best practices of humanitarian and development work in the world. . – Emirates News Agency, WAM – Read more: http://www.wam.ae/en/news/emirates/1395267542871.html

SUBIR | NOTICIAS MS RECIENTES (WAM)


International Monetary Fund upbeat on Dubai


posted on 08/07/2014

Sustained fiscal consolidation and brightening growth prospects have been strengthening Dubai's resilience to external shocks as the emirate gears up for an economic upswing averaging 5.6 per cent in the next six years, the International Monetary Fund said.
The robust growth for Dubai in the coming years will be driven by big real estate projects and huge spend in preparation to host the Expo 2020 world's fair, the Washington-based Fund said in a report on Sunday as its chief Christine Lagarde sounded more upbeat about the global economic activity by noting that it should strengthen in the second half of this year and accelerate in 2015.
The IMF also sounded very positive about Dubai's ability to finance its debts as a result of stronger growth and more conservative spending.
However, the IMF hinted that Dubai's growth would only be 3.5 per cent and would be vulnerable if the global economy came under stress again.
The IMF's forecast for Dubai appears brighter in comparison with the outlook presented by Bank of America Merrill Lynch on Thursday. The bank predicted that Dubai's economic recovery had become more entrenched, and the 2020 Expo bid provided the emirate critical upside potential with the gross domestic product on track to accelerate to five per cent in 2014-15. The bank argued that Dubai's recovery is helped by high oil prices, support from the external sector, accommodative monetary policy, the rebound in the real estate sector, steady yet uneven progress on government related entities' restructuring and a mild fiscal consolidation drive.
The IMF report forecasts that Dubai's government finances would swing to a small surplus of 0.5 per cent of GDP in 2014, turning positive for the first time since 2006, from an estimated deficit of 0.3 per cent in 2013. The IMF cautioned that Dubai needed to introduce further measures to shield its real estate market from an increase in speculative demand that could cloud the U.A.E.'s buoyant economic outlook.
The overall scenario is that the U.A.E. is likely to cut its fiscal spending to Dh317 billion in 2014 from a record Dh324 billion in 2013. The country's budget stance is still too expansionary to save enough wealth for future generations, the IMF said.
The Fund said Dubai's government debt is expected under a baseline scenario to fall gradually to 41.6 per cent of GDP in 2019 from 60.2 per cent last year, the IMF said in its report prepared after annual consultations with the U.A.E. authorities.
That would be well below a peak of 66 per cent in 2009, when a property market crash pushed Dubai to the brink of default.
However, despite the overall solid economic outlook for the U.A.E., the IMF identified "potential risks from rapidly rising residential real estate prices and, more broadly, from the economy's dependence on the global oil market, albeit some recent progress in economic diversification has been achieved. The U.A.E. does possess sizeable buffers should it need to absorb a shock, the IMF said, warning that Dubai's real estate sector, specifically, continues to be a source of concern. "The strengthening real estate cycle, particularly in the Dubai residential market, could attract increased speculative demand, creating the risk of unsustainable price dynamics and an eventual, potentially disruptive correction,” the IMF said.
The IMF cautioned that U.A.E.'s economic and financial policies should continue to aim at mitigating the risk of "a renewed cycle of exuberance”, and at strengthening the fiscal position. "Efforts in deleveraging and restructuring GREs should continue.”
The IMF noted that monetary policy in coming years is expected to tighten under the US dollar peg, helping the U.A.E. mitigate the risk of potentially large private credit growth, and could be supported by macro-prudential tightening should deposit and credit growth accelerate further.
On real estate, the Fund said further measures, such as setting higher fees for reselling properties within a short time, and restrictions on reselling off-plan properties, are warranted, particularly if rapid price increases continue. "These measures could be supported by targeted macro prudential tightening in case real estate lending picks up further.”
On the U.A.E.'s financial stability, the IMF observed that its banking system maintained significant capital and liquidity buffers. – Khaleej Times – Read more: http://www.khaleejtimes.com/biz/inside.asp?section=uaebusiness&xfile=/data/uaebusiness/2014/July/uaebusiness_July67.xml

SUBIR | NOTICIAS MS RECIENTES (WAM)


Upcoming OBG report on Dubai to show emirate's economic turnaround


posted on 18/06/2014

Dubai s recovery story, which is set to receive a further boost as preparations for Expo 2020 gain momentum, will be charted in a forthcoming report to be produced by the global publishing firm, Oxford Business Group (OBG).
OBG's 'The Report: Dubai 2015', which features interviews with H.H. Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Civil Aviation Authority and Chairman of Emirates Group, Mohammed bin Abdullah Al Gergawi, U.A.E. Minister for Cabinet Affairs, and Sultan bin Saeed Al Mansouri, U.A.E. Minister of Economy, will highlight the list of infrastructure and transport projects earmarked for development, many of which bode well for tourism and logistics expansion in the Emirate and across the GCC. The publication will also explore Dubai s efforts to further strengthen its position as a global Islamic hub, against a backdrop of rising demand for Shari ah-compliant financial services.
The Group's Regional Director, Jana Treeck, said 2014 was proving to be a pivotal year for Dubai, with its dramatic financial turnaround generating newfound investor confidence. "Expo 2020 is galvanising construction activity, while new regulations governing Dubai s real estate market have helped to improve investor sentiment," she said.
"Our new report will look in detail at the many exciting projects under way in the Emirate, including its airport developments, tramline initiative and metro extension, which will be instrumental in driving new growth at this exciting time." OBG s Country Director, Basak Pasali, said, "Even before the outcome of the Expo 2020 bid was known, Dubai s economy was already expanding across the sectors." – Emirates News Agency, WAM

SUBIR | NOTICIAS MS RECIENTES (WAM)


Economy Minister emphasises U.A.E. - Italy economic relations growing


posted on 16/06/2014

MARCHE REGION, ITALY: U.A.E. Minister of Economy, Sultan bin Saeed Al Mansouri, has emphasised that the long-standing economic relations with Italy are growing fast as the two countries are working on opening new avenues to boost their cooperation, reciprocal investments and trade.
"Figures of trade between the two friendly countries continue to grow and Italy has become today U.A.E.'s second largest trade partner in Europe. Non-oil trade between the two countries in 2013 stood at US$6.05 billion, but we believe that in the future there will be big promising opportunities that will enable us to increase this figure. Recently, a number of memorandums of understanding (MoUs) were signed by the two countries on major sectors and also on cultural, arts and media cooperation," said Minister Al Mansouri in his opening remarks at the Italy-U.A.E. Business Forum, organised in Marche Region, Italy, on Sunday under the theme "Our vision, our future - From Milano Expo 2015 to Dubai Expo 2020." U.A.E. is bolstering its competitiveness through building a knowledge-based economy and transforming itself into a regional research and development (R&D) hub, Minister Al Mansouri added noting also that the government encourages entrepreneurship in industrial, tourism and industrial sectors.
The minister also noted that more than 200 Italian companies are operating in U.A.E. which became the top destination in the Middle East and North Africa (MENA) for foreign direct investments thanks to the favourable relevant legislations, tax exemption and easy money transfer.
"In the past few years, Italian companies were awarded contracts worth more than US$12 billion in U.A.E.'s oil and gas, infrastructure and other sectors." He noted that the recent Italian government's removal of restrictions on entry visa for U.A.E. nationals has strengthened the relations between the two countries.
"U.A.E. has also proved to be an attractive destination for Italian tourists. Nine daily flights operated by Etihad Airways and Emirates Airline between U.A.E. and Italy. In Dubai alone, hotels received more than 123,000 Italian tourists in 2013," added Minister Al Mansouri. – Emirates News Agency, WAM

SUBIR | NOTICIAS MS RECIENTES (WAM)


Boost for Dubai’s Islamic industry


posted on 14/06/2014

The board of the Dubai Islamic Economy Development Centre, or DIEDC, held a meeting to review the initiatives of government departments towards achieving Dubai's status as the capital of Islamic economy, as envisioned by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the U.A.E. and Ruler of Dubai.
The meeting was in line with the directives of Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council.
Mohammed Abdullah Al Gergawi, Chairman of the Executive Office of Sheikh Mohammed bin Rashid Al Maktoum, Chairman of the Board of the DIEDC and U.A.E. Minister for Cabinet Affairs, chaired the review meeting.
Addressing the board members, he said: "In accordance with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, the cooperation we are witnessing among different sectors and the unique partnerships between public and private sector entities engaged in this landmark initiative are crucial to strengthening Dubai's status as a global capital of the Islamic economy.”
He added: "We have great expectations of a bright future for the Islamic economy. We need to commit to focusing our energies towards specific targets. The U.A.E. is steadily moving towards becoming a unique world model for different sectors of the Islamic economy.”
Abdullah Mohammed Al Awar, chief executive officer of the DIEDC, opened the board meeting with a detailed presentation on the centre's activities for the first half of 2014. The initiatives implemented by Dubai Municipality, the Dubai Department of Economic Development (DED), Tecom Investments and Dubai Silicon Oasis Authority towards supporting "Dubai: Capital of Islamic Economy” were also assessed.
Issa Kazim, secretary-general of the DIEDC, said: "The initiatives that have been set in place successfully enhance Dubai's credibility as a global financial centre, and attract fresh investment opportunities that will lead to shaping a prosperous Islamic economy.”
He added: "The DIEDC's strong strategic pillars that span different key economic sectors have given Dubai a headstart in its efforts to evolve into a global capital of the Islamic economy. Dubai has proven to be a perfect platform for business and financial institutions, thanks to the governing regulations and the global legislative infrastructure. The Islamic economy will no doubt contribute significantly to Dubai's financial performance and accelerate GDP growth in the years to come.”
The board approved the DED's proposal to establish a global centre for the governance of Islamic institutions and organisations. The DED also recommended forging global partnerships to position the emirate as a manufacturing and re-distribution hub for halal products.
Malek Al Malek, chief executive officer of Tecom Business Parks, proposed a "business incubator” for entrepreneurs and SMEs working in the digital Islamic economy domain. The DIEDC board, for its part, recommended constituting a Sharia committee to offer consultancy and accreditation of digital content. Tecom Investments also presented a plan to identify and develop a specific cluster for the establishment of halal industries within Dubai Industrial City.
Dr Mohammed Al Zarouni, vice-chairman and chief executive officer of the Dubai Silicon Oasis Authority, also presented a plan to establish a business incubator to support entrepreneurs and SMEs working in the digital Islamic economy space.
Economic Zones World, represented by Jafza and TechnoPark, proposed the development of halal products through creating an enabling environment for companies operating out of Jafza and TechnoPark. The issue of gaining accreditation for the food standards that are adopted in the country was also examined.
Additionally, the DIEDC board reviewed the latest developments in establishing a global accreditation centre for certifying slaughterhouses, research labs, and other institutions engaged in the halal industry.
The board concluded its meeting with a call for the activation of activities built around knowledge, education and research. – Khaleej Times - http://www.khaleejtimes.com/biz/inside.asp?xfile=/data/uaebusiness/2014/June/uaebusiness_June187.xml§ion=uaebusiness

SUBIR | NOTICIAS MS RECIENTES (WAM)


Abu Dhabi economy grew 5.2% in 2013


posted on 04/06/2014

Abu Dhabi recorded 5.2 per cent growth in economy in 2013, as non-oil economy grew much stronger.
Earlier, the official estimates for economic growth was higher than what the statistic Centre of Abu Dhabi has finally confirmed on Tuesday. There was optimism in the capital that economy may grow by 7.4 per cent.
However, the economic growth in fixed prices grew to Dh672.7 billion in 2013 over Dh641.8 billion in 2012.
The SCAD said on Tuesday, a much slower rate is still higher than 4.8 percent achieved in 2012. The contribution of the hydrocarbon sector to Abu Dhabi's GDP slid to 51.4 per cent in 2013 from 52.4 percent in the previous year, SCAD said.
The lower contribution of oil and gas sector to the economy is a sign of encouragement as leaders and policy-makers in Abu Dhabi have drawn ambitious plans to achieve economic diversification, away from oil dominated economy, by venturing into knowledge-based economy, under Abu Dhabi Economic Vision 2030.
The statistical agency has also confirmed that the added value for the oil and gas industry for 2012 was Dh352 billion in 2013 over Dh252 billion in 2012.
According to the Centre's estimates regarding petroleum GDP for 2013 was Dh363 billion and growing at 3.21 per cent.
The growth rate of the non-petroleum activities was 5.9 per cent in 2012 compared with 7.4 per cent, which is Dh343.7 billion, according to the initial data of 2013.
The Centre stated that the contribution of crude oil and natural gas to the GDP of 2012 was 52.4 per cent compared with 52.9 per cent in 2011, whereas the initial data of 2013 revealed 51.4 per cent.
The Centre indicated that there is an increase in the total contribution of the non-petroleum activities 48.6 per cent according to the estimations of 2013 over 47.6 per cent in 2012.
The details provided by Abu Dhabi Statistics Centre revealed that the construction and building sector has emerged as the second biggest industry in Abu Dhabi whose contribution to the GDP was 12.1 per cent in 2013.
However, the contribution of the financial sector grew to 5.9 per cent in 2013 compared with 4.9 per cent in 2012, showing Abu Dhabi's financial prowess.
The estimates for 2013 revealed that the contribution of the real-estate sector to the GDP was 5.1 per cent compared with 4.7 per cent in 2012, showing growth in the sector which has witnessed local as well as foreign investment into the sector which saw a slower growth after economic crisis of 2008.
The information and telecommunications sector has jumped from -2.1 per cent in 2012 to 13.2 per cent in 2013, showing a tremendous growth. – Khaleej Times – Read more: http://www.khaleejtimes.com/biz/inside.asp?xfile=/data/uaebusiness/2014/June/uaebusiness_June39.xml§ion=uaebusiness

SUBIR | NOTICIAS MS RECIENTES (WAM)


UAE participates in New York Forum Africa in Gabon


posted on 25/05/2014

Libreville, Gabon: The UAE is taking part in the New York Forum Africa (NYFA 2014) being held in Gabon's capital, Libreville, from 23-25 May.
UAE Ambassador to Ethiopia and Permanent Representative at the African Union Dr. Yousuf Isa Al Sabri is leading the UAE's delegation to the third NYFA.
The UAE's participation springs out of its policy for building economic ties and partnerships with Africa.
The Forum, which is in its third edition, is being hosted by Gabon's President Ali Bongo Ondimba and attended by several African and world leaders to discuss Africa's transformation in all its facets.
Held under the theme 'Transformation of a Continent', the world's leading pan-African business summit focuses on unlocking the competitiveness of the African economy through building value chains around the transformation of the continent's natural resources, including its human capital.
The inaugural New York Forum Africa in 2012 was about recognising Africa's economic achievements and understanding the opportunities for business and investors. The New York Forum Africa 2013 focused on the hard work needed to make the opportunities a reality, with an emphasis on the six imperatives for African economies to grow (independence, investment, incubation, innovation, infrastructure and inspiration), where participants worked together to create an action plan, and to sign new partnerships between the public and private sector.
Founded in 2010 by Richard Attias, the New York Forum is a New York-based organisation that brings together top political and business leaders from around the world. – Emirates News Agency, WAM

SUBIR | NOTICIAS MS RECIENTES (WAM)


Hamed bin Zayed attends St. Petersburg International Economic


posted on 24/05/2014

St. Petersburg: H.H. Sheikh Hamed bin Zayed Al Nahyan, Chief of Abu Dhabi Crown Prince's Court, attended the St. Petersburg International Economic Forum (SPIEF2014) in St. Petersburg, Russia.
H.H. Sheikh Hamed joined heads of state, business leaders, CEOs, economic experts and more than 5000 participants from 30 countries at the forum which concludes on 24th May.
The 2014 St. Petersburg International Economic Forum is being organised between 22nd-24th May to discuss issues relating to global economy and the Russian economy.
During his participation in the forum, H.H. Sheikh Hamed bin Zayed met with Russian President, Vladimir Putin, a number of senior Russian officials, heads of states, CEOs of international corporations involved in investment and development.
During the meetings, there were friendly exchanges on a number of matters of common interest, and on international efforts to establish a common ground for all countries in order to enable them to ensure continuous development, the respect for mutual interests, confidence building as well as cooperation relations and the exchange of expertise between all parties involved in the process of development.
During the meetings, H.H. Sheikh Hamed bin Zayed affirmed that U.A.E. has established its global position in terms of investment and economy through a favourite economic environment and flexible and transparent legislations.
He noted that U.A.E. looks forward to wider cooperation with other countries and global corporations on partnerships, and welcomes the interest of these corporations in expanding their presence in U.A.E. markets.
The good relations founded on mutual respect and interests between U.A.E. and the rest of the world have significantly contributed to confidence building and the interest of all other countries and global investors in having presence in U.A.E. for establishing giant and successful economic joint ventures and investment programmes in partnership with national corporations, explained H.H. Sheikh Hamed.
This success, H.H. Sheikh Hamed bin Zayed went on to say, was possible thanks to U.A.E's economic potential and economic policies based on openness, diversification, flexibility, and structural, legislative and logistic incentives which have boosted the smooth flow of investments.
H.H. Sheikh Hamed bin Zayed stressed on the need for maximum efforts by countries and economic organisations to bolster the opportunities for economic and trade cooperation between countries, create significant opportunities for joint investments and provide economic information and indices which make it easier for financial capital to make appropriate and successful decisions that serve global economic growth.
The highlight of the St. Petersburg International Economic Forum 2014 was the Global CEO Summit during which included a session under the theme 'Challenges And Solutions: Addressing Obstacles To Business-Driven Growth', where chief executives from the world's leading economies discussed key topics on the global agenda, including issues relating to international trade, investment and infrastructure, financial regulation, transparency and quality management practices, social investment and employment.
Another session of the Global CEO Summit was under the theme 'Translating Challenges Into Opportunities: Acting Together', where participants discussed the systemic issues related to improving the business environment and investment climate, de-off-shorising the Russian economy, and Russia's financial system development in line with the priorities of the global economic agenda. – Emirates News Agency, WAM

SUBIR | NOTICIAS MS RECIENTES (WAM)


S&P affirms Sharjah’s credit rating on per capita growth


posted on 24/05/2014

The affirmation primarily reflects the solid growth in Sharjah's GDP per capita. "We also factor in the advantages of membership in the UAE, which include low external risks for Sharjah. We believe that, under certain circumstances, Sharjah would receive extraordinary financial support from the UAE if needed. We do not currently anticipate that such a need will arise, however,” S&P said in a statement.
Sharjah is the third-largest member of the UAE in terms of population, GDP, and geographic area. It has approximately 10 per cent of the UAE's total population and accounted for about five per cent of the UAE's GDP for 2013, according to S&P.
"The fundamentals of the real economy are strong... supported by a relatively diverse production base. The four largest sectors are real estate and business services [about 20 per cent]; manufacturing [16 per cent]; mining, quarrying, and energy [13 per cent]; and wholesale and retail trade [12 per cent]. We estimate GDP per capita at $25,000 in 2013. We estimate real economic growth at about five per cent this year, in line with trends in neighbouring emirates. Our estimate for real per capita GDP growth, which is a weighted average for the period 2008-17, stands at four per cent. This is relatively high compared with peers with similar wealth.”
"The Sharjah government's budget is small, largely because the federal budget covers a large share of public services. We estimate that Sharjah government expenditures will equate to eight per cent of GDP in 2014. The government's revenue base is similarly small — at about six per cent of GDP — but relatively diverse, in our view.”
"In our opinion, Sharjah's general government deficit will likely widen to more than two per cent of GDP in 2014, from 1.3 per cent in 2013, as capital expenditures expand. We think the government will post modest deficits of less than two per cent of GDP during 2014-17. In our baseline scenario, we expect that government borrowing will be limited to that required for capital spending, and that net government debt will average seven per cent of GDP over 2014-17. Nevertheless, due to the small size of the overall budget, government interest expenditures are high relative to government revenues. We think this ratio will average about 12 per cent in 2014-2017, absent revenue growth better than we currently expect.”
"The stable outlook balances our view that Sharjah's relatively high GDP per capita will benefit from the UAE's robust growth against the Sharjah government's rising interest burden. We expect the UAE's system of fiscal federalism to continue supporting Sharjah and covering its basic services.” – Khaleej Times - http://www.khaleejtimes.com/kt-article-display-1.asp?xfile=data/uaebusiness/2014/May/uaebusiness_May359.xml§ion=uaebusiness

SUBIR | NOTICIAS MS RECIENTES (WAM)


UAE calls Arab and Central Asian states to play a proactive role in reshaping the global economic landscape


posted on 14/05/2014

Riyadh: Amid the backdrop of current world economic changes and challenges that could upset the balance of world economic powers, the UAE yesterday called on Arab and Central Asian states and Azerbaijan to play a proactive role in reshaping the global economic landscape and re-directing the economic gravity and weight towards the South.
Addressing the First Forum on Economy and Cooperation of Arab Countries with the Central Asian States and the Republic of Azerbaijan hosted by the Kingdom of Saudi Arabia, Sultan bin Saeed Al Mansouri, UAE Minister of Economy, stressed the need for expanding the scope of joint cooperation between these countries in order to form a vibrant, effective economic alliance with the world order.
The minister, who chaired the UAE delegation to the forum, said these states need creative ideas to boost economic cooperation, and increase inter-state trade and joint investment. According to him, the private sector role should be maximised as a strategic partner and key player in turning economic cooperation policies into tangible reality through adoption of a clear action plan.
'The two regions have tremendous potential and resources, promising investment opportunities and strategic geographic location. They also need to share expertise in areas of trade, economy, investment and to leverage economic cooperation in key sectors like industry, agriculture, food, SMEs and others in order to address regional and international economic challenges,' Al Mansouri added.
'The First Forum can lay the foundation for a new chapter of ties between the two regions in all fields, particularly in economic, trade and investment areas for serving interests of peoples of the two regions. The Forum provides a fitting opportunity to establish a strong relationship, extend bridges of constructive cooperation between all stakeholders, and set principles and agenda for future meaningful dialogue between the two regions which can create together an effective economic giant in the international landscape,' Al Mansouri noted.
Held under the theme ' Prospects of Investment and Trade Exchange, the forum attracted ministers of foreign affairs, finance, economy, investment from 27 states and seven major financial and investment institutions in the Arab World, Central Asia and Azerbaijan to explore key common agenda in political, economic, social, cultural and academic fields.
Delegates called for finding a peaceful solution to the issue of the three UAE islands: Greater and Lesser Tunbs and Abu Musa, occupied by Iran.
Prince Saud Al-Faisal, Saudi Minister of Foreign Affairs, inaugurated yesterday the activities of the Forum, stressing that the meeting is of a particular importance since it is convened within the activity and significant development of Arab relations with other countries and regional groups throughout our world in order to strengthen and develop these relations, including relations of the Arab world with the Central Asian Republics and Azerbaijan.
The Minister of Foreign Affairs said that 'when we meet today, we have a very clear and specific goal we have to achieve by activating all available means to revitalise our relations, breathing life into our channels of communication and activating cooperation mechanisms emanating from our common historical ties and to establish flourishing future relations.
Prince Saud Al-Faisal further said that 'we all have to develop a road map to ensure steady growth to enhance communication and cultural convergence between our countries by holding exhibitions, conventions, common cultural forums and intensify cooperation between universities and research centres as well as to provide opportunity for students and young people to get acquainted and exchange visions and ideas and awaken their sense of what connects our culture of historical legacy and the common interests. – Emirates News Agency, WAM

SUBIR | NOTICIAS MS RECIENTES (WAM)


Ahmed bin Saeed Al Maktoum: Dubai economy robust, signs are reassuring


posted on 07/05/2014

H.H. Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Civil Aviation Authority and Chairman of Emirates Group, and Chairman of Dubai Supreme Fiscal Committee, yesterday affirmed that the measures, regulations and standards introduced by the government for property finance, on the local and the federal level, can protect the market against any volatilities, crises or bubbles in the property market.
"The protection of property market is guaranteed by a number of laws and measures and the economy of Dubai is robust and the signs are reassuring and very good," said Sheikh Ahmed bin Saeed at a press conference in Dubai on the fringe of the Arab Travel Market in Dubai.
"The real growth of Dubai economy in 2014 is no less than 4 per cent in light of the current indications, which is a very good rate in the general economic situation. Results announced by firms. The growth of transactions at Dubai Financial Market, the growth of property market, tourism and air traffic reflect this fact." Sheikh Ahmed affirmed that as a commitment by its government, Dubai will repay all its obligations including all its debt on schedule.
Growth in Dubai economy varies from one sector to another and will exceed four per cent in some sectors as more firms, such as Nakheel, repay their obligations and debts ahead of schedule while some firms are re-launching planned projects.
Property market is governed by supply and demand, Sheikh Ahmed said ruling out that the government will resort to imposing fees or taxes to fund their obligations. – Emirates News Agency, WAM

SUBIR | NOTICIAS MS RECIENTES (WAM)


International Monetary Fund may raise UAE growth estimate


posted on 07/05/2014

Director of the IMF's Middle East and Central Asia department, said the UAE economy is benefiting from its role as one of the safe havens in the region and may record higher growth in 2014.
The International Monetary Fund on Tuesday said it may improve its economic outlook for the UAE this year due to better growth prospects ahead.
Masood Ahmed, director of the IMF's Middle East and Central Asia department, said the UAE economy is benefiting from its role as one of the safe havens in the region and may record higher growth in 2014. The fund forecasts a 4.4 per cent growth for the emirate this year.
"The oil-exporting nations including the UAE, Yemen and Algeria may see another year of robust economic activity driven by growth in non-oil sectors,” Ahmed said during a presentation to launch the regional economic outlook update for the Middle East and North Africa here on Tuesday.
He said GCC countries will drive the growth in the region due to broader activity in non-oil sectors. However, he warned that geopolitical tensions and the Russia-Ukraine crisis may impact the growth in the region.
"If there is sharp slowdown in Russia due to the increasing tension with Ukraine and possible economic sanctions, it will have a negative impact in the region. We have already reduced the growth prospects for Russia from 1.3 per cent to zero,” he said.
About the US Federal Reserve's tapering, he said it will not impact the GCC due to limited borrowing needs of the region.
Earlier, delivering his opening address, Dubai Economic Council secretary-general Hani Al Hamli said the Middle East offers strategic importance to the world economy. He attributed rich tributes to His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, for his policy initiatives on the economic front.
"The government initiatives on the Islamic economy, World Expo 2020 and Smart Government, among others, will put Dubai in better position for higher growth in years to come,” he said.
Dubai property
Ahmed hailed the various government initiatives to curb an abnormal hike in Dubai property prices and said authorities should consider stricter measures to discourage real estate speculation. "I think it is time to consider some stronger measures to check flipping and speculation in real estate sector,” he said.
Referring to Hong Kong and Singapore, which imposed 15 per cent and 30 per cent taxes, respectively, on property sales made within a year of purchase, the IMF director said the authorities in Dubai should adopt similar strict measures to check speculative transactions. "There is evidence that property prices in the emirate have been rising at a very rapid pace over the past 18 months,” he said.
Mohamed Lahouel, chief economist of Dubai's Department of Economic Development, at a panel discussion also echoed the same views and said that property prices are becoming "unrealistic”.
"It's important for Dubai to worry about the impact of speculative property transactions, and not aim for the maximum GDP growth rate,” he said.
Abdulla Hashim, senior vice-president of Digital Services at etisalat, who was also present at the event, said Dubai has developed an excellent infrastructure over a period of time and there is need to sustain this development for a longer period of time by stabilising the GDP growth rate.
Deutsche Bank chief executive for the Middle East and North Africa Askok Aram, who was also part of the panel, said global markets are positive on the Gulf region and it is evident in recent bonds launch activity including the 15-year bond issued by the Government of Dubai.
"Investors across the globe have a strong view towards the GCC region due to massive infrastructure spending and growth prospects. Investors from US, Europe, Japan, China and Korea are trying to develop close contacts in the GCC region.”
He said there is a shift in economic activity from West to East as 70 per cent of GCC oil is going to Asian powerhouses — China, Japan, Korea and India. "Most of the ships are moving towards the east as the Asia and Gulf region is engaged in close cooperation in the hydrocarbon sector.” – Khaleej Times – Read more: http://www.khaleejtimes.com/kt-article-display-1.asp?xfile=data/uaebusiness/2014/May/uaebusiness_May109.xml§ion=uaebusiness

SUBIR | NOTICIAS MS RECIENTES (WAM)


Fourth UAE-Korea Joint Economic Committee concludes two-day meeting


posted on 01/05/2014

Seoul: The fourth UAE-Korea Joint Economic Committee yesterday concluded its fourth meeting in which the two sides sought to further strengthen trade and bilateral relations between the two countries.
UAE high-level trade delegation to the meeting was led by the Sultan Bin Saeed Al Mansouri, Minister of Economy. The Korean delegation was led by Hyun Oh-seok, Deputy Prime Minister and Minister of Strategy and Finance. Senior representatives of private and public institutions and corporations from the two countries participated in the discussions.
During the fourth Economic Joint Committee meeting, both sides reviewed the implementation of the activities identified at the previous meeting. The two parties exchanged views on ways to enhance cooperation in diverse fields including industry, renewable energy, construction, infrastructure, healthcare and medical services, science and technology, small and medium enterprises, innovation, investment, environment, agriculture, education, civil aviation, tourism, financial services, insurance, Islamic economics and education.
In his keynote speech at the meeting, Al Mansouri said, "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, are keenly interested in developing the country's external relations especially with allies and developed countries. Our interest in consolidating relations with South Korea, a developed nation with advanced expertise in modern technology, stems from our leadership's wise vision. We are confident that investing in this synergy will contribute to achieving the goals of comprehensive and sustainable development in the UAE" Minister Al Mansouri added, "The relationship between the UAE and South Korea is unique and goes back to more than 30 years. Today, our nations have established a strategic partnership, the success of which is validated by numbers. By the end of 2012, the volume of trade exchanged between the two countries reached US$7.76 billion, exceeding US$3.432 billion, which was made in 2010. Moreover, according to statistics released in 2012, 102 Korean businesses, 386 trading agencies and 1,056 brands are currently registered with the Ministry of Economy.
"On the tourism and immigration front, the number of travellers between the UAE and Korea has doubled from 50,000 in 2008 to 100,000 in 2012. The number of Korean residents and visitors to the UAE has witnessed a 200 per cent growth in the span of four years whereas the number of Emirati tourists to Korea increased by 18 per cent in 2012." Al Mansouri called on Koreans to invest in the UAE in the fields where they are most innovative, namely industry and technology. He stressed that the UAE holds a promising future for the manufacturing and technology sector driven by the country's leadership, which seeks to ensure the contribution of those two sectors to the country's GDP.
The Minister of Economy also invited the Korean government and private sector leaders to benefit from EXPO 2020, which is set to offer a global exposure for participating companies. – Emirates News Agency, WAM

SUBIR | NOTICIAS MS RECIENTES (WAM)