Economy

His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, has approved a series of incentive packages totaling up to AED1 billion for local and international Agriculture Technology, AgTech, companies to build and grow a presence in Abu …

Dubai’s external non-oil trade in 2018 reached AED1.3 trillion despite challenges facing global trade growth resulting from trade tensions between major economic powers and a global growth slowdown that has led to currency rate volatility in developing countries. The latest trade figures show that Dubai is moving forward steadily as …

A UAE newspaper has said that the UAE government’s announcement that the dates for public holidays in 2019 and 2020 will be identical for the public and private sectors is an encouraging move with implications far beyond planning time off work. The Cabinet clarified in a tweet that the decision …

The Commercial Compliance and Consumer Protection , CCCP, sector in the Department of Economic Development in Dubai, DED, closed down 13,948 social media accounts in 2018 as part of protecting trademarks and the integrity of e-commerce in line with the strategy to enhance competitiveness and sustainable business growth in Dubai. …

China has lifted its fiscal deficit target to 2.8 percent of GDP for 2019, up by 0.2 percentage points compared with 2018, Chinese Premier Li Keqiang said in his government work report on Tuesday, Xinhua News Agency reported. The budgetary deficit is projected at 2.76 trillion yuan (US$412 billion), with …

The UAE is set to welcome 8.92 million visitors from the top five source markets by 2023, according to research by Arabian Travel Market, ATM. According to data published ahead of ATM, which takes place at Dubai World Trade Centre from 28th April to 1st May, 2019, Expo 2020 and …

DMCC, world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise, has signed a Memorandum of Understanding, MoU, with West Bengal Industrial Development Corporation, WBIDC, Government of West Bengal, in India. Feryal Ahmadi, Chief Operating Officer of DMCC, and Vandana Yadav IAS, Managing Director of WBIDC, …

According to analysts at EuroMonitor International, the beauty and health market was worth $ 32.4 billion in 2018 and is expected to reach $ 34.9 billion in 2019, reaching $ 43.4 billion in 2022, at a growth rate of 7.5%. In the UAE, consumers spent $ 2.1 billion (AED 7.34 …

The Federal Tax Authority, FTA, has clarified that donations, grants and sponsorships are outside the scope of Value Added Tax, VAT, only when no benefit is received in return. Any benefit in return for such payments will be subject to VAT, the authority said. The authority had issued a new …

The UAE banking sector is set to have a powerful new banking group following the decision of Abu Dhabi Commercial Bank (ADCB) and Union National Bank (UNB) to merge and together to acquire Al Hilal Bank. The transaction, which has been recommended unanimously to shareholders by the boards of ADCB …