Dubai budget emphasises social aspect of development

Dubai: The Dh46.1 billion annual budget of Dubai approved by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai on Sunday, focuses on maximum resource allocation social aspect of development in the emirate.

“The benefit of the budget has reflected the directives of Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, who emphasised the need for attention to the social aspect and development of investment incentives, which contributed to the high ranking in global competitiveness,” said Abdul Rahman Saleh Al Saleh, Director General of Government of Dubai’s Department of finance.

Dubai budget emphasises social aspect of development

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Source: Gulf News

Dubai Expo 2020 focuses on delivery, awards contracts

Expo 2020 Dubai has awarded 72 new tenders through its dedicated online eSourcing portal to local, regional and international companies as work steps up on the global mega event.

Among the winners were UAE-based online recruiters Bayt.com, global expertise design company Thinkwell Group, and open innovation experts Nine Sigma, a statement said.

It added that a number of home-grown small and medium sized enterprises (SMEs) have also won Expo 2020 deals including Delma Interiors, which is fitting out offices at the Expo site in Dubai South, in preparation for the next stage of development in 2016.

Dubai Expo 2020 focuses on delivery, awards contracts

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Source: Arabian Business

Expo to help Dubai to grow faster than China by 2020

Dubai’s rate of economic growth will exceed China’s in 2020, as the Expo lifts tourism and business activity in the emirate, officials say.

The prediction from the Dubai Department of Economic Development envisages a growth rate of 6.6 per cent for the emirate in 2020 – faster than China at 6.33 per cent.

“In the lead-up to the Expo, Dubai’s economy is actually going to overtake China’s,” said Raed Safadi, director of economic research and policy at the DDED.

For that to happen, “by 2020, Dubai has to be the world’s most business-friendly city, and its preferred investment destination”, Mr Safadi said at the UAE Economic Outlook Forum in Abu Dhabi on Tuesday.

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Source: The National

Dubai Expo 2020 forecast to add $23.4bn to UAE’s GDP

Dubai Expo 2020 will add more than $23 billion to the UAE’s gross domestic product (GDP), boosting it by about five percent, according to a new report by investment bank Arqaam Capital.

The research note said Dubai Expo 2020 will be “bigger and better” than the recently concluded Milan Expo 2015, with a more pronounced effect on GDP.

Jaap Meijer, managing director – research at Arqaam Capital, said: “While Expo 2020 is expected to cost $9.4bn to stage, almost double the investment of Milan Expo 2015, we see it as an overall positive stimulus to the economy.

Dubai Expo 2020 forecast to add $23.4bn to UAE's GDP

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Source: Arabian Business

Foreign direct investment becomes a priority for the UAE

In spite of the region’s attractive markets, foreign investment in the UAE has been slowed by certain local regulations. This is starting to change, however, as FDI becomes a priority for the country

Having experienced its strongest economic year since formation, coupled with Dubai’s bid to host Expo 2020, the UAE has positioned itself as one of the world’s most promising investment destinations for foreign companies. In 2014, inward FDI saw a 25 percent year-on-year increase to reach $13bn, accounting for approximately 40 percent of the total inward FDI of the GCC region.

The UAE maintains a position as the major trade and investment hub for a large geographic region, which includes not only the Middle East and North Africa (MENA), but also southern Asia, central Asia, and sub-Saharan Africa. In the World Bank’s Doing business 2015 report, the UAE ranked 22nd out of 189 economies, up three places on last year’s list. This makes the UAE the best country in the Middle East in which to do business.

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Source: European CEO

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