The contribution of Dubai government bodies was worth Dhs552.51m, while federal government entities granted contracts worth Dhs88.2m
The country remains the leading recipient of global FDI in the GCC, attracting 61 per cent of all foreign investments into the region last year
The World Bank has forecasted a 2.8 per cent growth in the UAE’s real GDP for this year
According to SCAD estimates, Abu Dhabi’s non-oil GDP (at constant prices) surpassed the highest quarterly value of the past nine years, reaching Dhs146bn in Q1 2023
The statistics authority attributed the growth of the economy to innovative economic initiatives related to non-oil sectors and activities
The Dubai 10X initiative has played a pivotal role in the development of 42 key projects aimed at elevating government services
The licence scheme will enhance the country’s competitiveness and boost growth while encouraging the digital transformation of the economy
The driver behind the changes in Saudi Arabia’s cost of living is an increase in the cost of groceries and personal care items
The two countries agreed on new plans in the field of entrepreneurship, including programs and facilities to foster startup growth
The deal accounts for more than half of the $10bn investment agreements that were signed on the first day of the Arab-China business conference
Ukraine presented its economic transformation strategy and invited UAE funds to participate in the development of its wealth fund
The agreement with Cambodia will reduce or remove tariffs, eliminate barriers to trade and create new avenues for strategic investment
The fund projected that Saudi Arabia would swing to a deficit in 2023 on lower oil revenue
The chamber is supporting Dubai’s digital transformation while cementing its status as the global digital economy hub
The first quarter saw the chamber achieve its goal of establishing more than 100 business groups from various sectors and economic activities
According to the latest DET data, Dubai recorded an increase of over 30 per cent in new business licenses issued during Q1 2023 compared to the same period in 2022
The new feature forms part of the steps the FTA has taken to ensure a smooth implementation of the corporate tax law
The Saudi Industrial Development Fund supported over 100 beneficiaries through the industrial fund’s academic and advisory programmes
The country’s fiscal and debt positions strengthened in 2022 on the back of higher oil prices and budget consolidation measures
The central bank said the net foreign assets dropped to SAR1.54tn in April from SAR1.57tn the previous month
The UAE has so far concluded four CEPAs with India, Israel, Indonesia and Turkey and the first two have already come into force
H.E Liron Zaslansky, Consul General of Israel in Dubai shares her thoughts on the strong relationship between the two states and avenues for further growth
The partnership is expected to create new investment opportunities to support sustainable economic growth
The Emirati dirham was issued as the UAE’s official currency replacing a mix of international currencies which had been in circulation in the emirates
The decision aims to clarify the application of the corporate tax regime for individuals and ensures that only business income is taxed
The economies of the Gulf Cooperation Council are projected to grow by 2.5 per cent in 2023 and 3.2 per cent in 2024
The Sydney office is the second to be inaugurated in 2023 and expands the chamber’s global network to 17 representation offices
The city’s non-oil sectors witnessed significant growth of Dhs43bn in 2022 and contributed 50 per cent to the overall GDP
Economic expansion was driven by a 5.8 per cent increase in non-oil activities
The country is the UAE’s second-largest trading partner in Africa, accounting for 8 per cent of total non-oil trade with the continent