Economy

The Ministry of Finance (MoF) recently signed a Memorandum of Understanding with Dubai SME, an integrated division of Dubai’s Department of Economic Development (Dubai Economy), to support the business sector and advance comprehensive and sustainable development in the country, Mariam Al Amiri, Under-Secretary, Financial Management Sector at MoF, and Saeed …

UAE Ministry of Economy announced that the amended Commercial Companies Law will come into effect on June 1st, 2021, allowing foreign investors and entrepreneurs to establish and fully own onshore companies. The UAE government has recently adopted an amendment to the Commercial Companies Law allowing 100 percent foreign ownership of …

The Central Bank of the UAE (CBUAE) imposed on 18th of April 2021, an administrative sanction on S&S Brokerage House operating in the UAE, pursuant to Decretal Federal Law No. (14) of 2018 Regarding the Central Bank and Organisation of Financial Institutions and Activities (as amended by Decretal Federal Law …

The Abu Dhabi National Oil Company (ADNOC), announced today, an investment of up to $318 million (AED1.16 billion) to connect newly drilled smart wells to the main production facilities at Bu Hasa, which will sustain production capacity of 650,000 barrels per day (bpd) at ADNOC’s largest onshore asset. The engineering, …

The FDI inflows to the UAE grew 44.2 percent in 2020 to $19.88 billion as compared to 2019, despite the fallout of the COVID-19 pandemic which has taken its toll on the global economy, according to a report by the Ministry of Economy. The cumulative value of foreign direct investments …

Mohammed bin Rashid: Despite the UN’s estimates that global foreign direct investment flows decreased by 42% in 2020 over COVID-19, the UAE witnessed 44% growth in FDI flows in 2020, compared to 2019, to reach AED73 billion.Good Crisis management is a guaranteed investment.

H.H. Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Supreme Council of Energy (DSCE), has issued Directive No. 3 of 2021 on the regulation of Liquefied Petroleum Gas (LPG) trading, in order to protect the environment and society, by implementing the highest standards of safety and security. This includes …

The UAE tourism sector has continued to recover during Q1, 2021, with the average hotel occupancy rates across the country nearing 63 percent, according to initial data released by the local tourist authorities. Average length of stay in hotels during Q1 increased 27.6 percent to 4.3 nights as compared to …

Reports from 5 specialised global institutions revealed that the UAE is among the 20 leading countries in 13 global competitiveness indexes related to entrepreneurship in 2020, a testament to the UAE’s forward-looking policies on entrepreneurship. According to the Federal Competitiveness and Statistics Centre (FCSC), the UAE’s international successes included top …

UAE financial markets on Thursday posted decent gains of about AED9.3 bn in market cap, driven by the realty and banking blue chips amid increased transactions that hit around AED1.44 billion. The upbeat sentiments saw Abu Dhabi Securities Exchange (ADX) closing higher around 0.59 pct at 6,152 pts and Dubai’s …