Economy

Ajman’s Department of Finance announced that it has witnessed the opening of 44 free bids in its electronic procurement system. Since the opening of the free bids, the system saw the registration of 525 suppliers in its ‘Supplier Portal’ from April to August 2021, a 55 percent increase from 337 …

A recent report by the Business Registration and Licensing sector of Dubai Economy revealed that 5,885 new licenses were issued during August 2021, a growth of 54% compared to the same period in 2020, when 3,829 licenses were issued. The figures reflect the ease of doing business in the Emirate, …

Dubai is attracting innovative and pioneering initiatives from chambers of commerce from around the world as it prepares to host the World Chambers Competition 2021, taking place during the 12th World Chambers Congress (12WCC) on 23-25 of November, 2021. The competition recognises and celebrates the achievements of these chambers, while …

The Central Bank of the UAE (CBUAE) has issued a new guidance on transaction monitoring and sanctions screening for its licensed financial institutions (LFIs). The Guidance aims to promote the understanding and effective implementation by LFIs of their statutory anti-money laundering and combatting the financing of terrorism (AML/CFT) obligations. The …

Margarete Schramböck, Austria’s Minister of Digital and Economic Affairs, has said that Expo 2020 Dubai paves the way for opening new markets, enhances international cooperation, and provides the opportunity to highlight the quality of research and development of Austrian innovations. On the occasion of the approaching inauguration of Expo 2020, …

Strategically located between Europe, Asia and Africa, and just an eight-hour flight away from half of the world’s population, the UAE’s position at a global crossroads has enabled it become a genuine economic hub – a fulcrum for trade, exchange, innovation and value creation. ‘Projects of the 50’, the landmark …

The Central Bank of the UAE (CBUAE) has announced that the gross banks’ assets, including bankers’ acceptances, rose by 0.8 percent, increasing from AED3,208.8 billion at the end of June 2021 to AED3,233.4 billion at the end of July 2021. Total Bank Deposits increased by 0.3 percent, increasing from AED1,908.6 …

The UAE Government has unveiled a global campaign, entitled ‘United Global Emirates’, to attract foreign investment and talents and promote the features that distinguish the UAE as one of the world’s most dynamic, competitive and innovative business hubs. The ‘United Global Emirates’ campaign will champion the world-class capabilities, services, infrastructure, …

The Abu Dhabi Department of Economic Development (ADDED) revealed that the Abu Dhabi government has decided to reduce the fees for economic activities in the emirate to AED 1,000. The decision included the reduction of the fees for establishing a commercial company and the documentation of incorporation contracts. The fees …

Dubai Financial Market (DFM) today announced that the minimum trading commission will be waived as of 1st of September 2021, as part of its numerous initiatives aimed at promoting retail investors’ participation in the market and enabling them to avail its lucrative investment opportunities that include a diversified range of …