Economy

Arab media underreports global economic developments and its possible impact on the local economy The global economy is slowing down. Accurate reporting on global economic developments is crucial to keep the public informed about its possible impact on the Arab region, a leading UK professor has warned. Fawaz Gerges, Professor …

Government-led policy initiatives and investments, improved growth prospects in trading partners, and preparation to host Expo 2020 are providing the bedrock for increased private sector credit and investment in Dubai. As a result, real GDP growth rates in the short to medium term are projected to reach 2.1%, 3.8% and …

H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, said that the UAE has been able to create a robust investment and economic environment due to the clear vision of the country’s leaders. Their keenness to ensure high levels of happiness for residents, visitors and investors, …

The Business Registration and Licensing, BRL, sector of the Dubai Department of Economic Development, DED, has issued 2,459 new licences in March 2019, a growth of 35.4 percent compared to March 2018 (1,816). According to the department, the new licences have created 9,661 jobs in the labour market. “Among the …

The UAE government, in cooperation with the World Economic Forum on the Middle East and North Africa (MENA), has become the first signatory to the “Scale 360” initiative, which aims at moving towards a more circular economy while using less natural resources and reducing pollution to tackle climate change. This …

Start-ups and other young companies can provide around 50 percent of all new job prospects in the market at the seed stage and those operating for two and a half years hiring an average of 12 workers. Several reports reveal that start-ups generate significant employment opportunities globally, helping drive immense …

Japan imported 22.102 million barrels of crude oil from the UAE in February 2019, data released on Tuesday by the Agency of Energy and Natural Resource in Tokyo showed. This accounts for 25.5 percent of Japan’s total crude imports, the agency that belongs to the Ministry of Economy, Trade and …

The import to the UAE of cigarettes not carrying ‘Digital Tax stamps’ will be banned as of May 2019 reaffirmed the Federal Tax Authority, FTA, during a training workshop. Taking place at the FTA’s Dubai headquarters, the workshop was held to introduce employees at customs agencies across the UAE to …

Top UAE bankers have affirmed their continued cooperation with the Debt Settlement Fund Initiative, aimed at easing debt burden for UAE nationals and ensuring decent life and familial stability in the society. The remarks made following the meeting His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu …

Free zones are now present in more than 80 percent of states in the world, including emerging countries, and comprise nearly 30 percent of global trade. Asia region consists of the largest number of free zones in the world, followed by North America, South America, and the Middle East. With …