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Bright outlook for UAE economy

All-out diversification and tax reform poised to further strengthen nation’s economy.

A partial recovery in oil prices coupled with an ongoing all-out diversification drive and the landmark tax reform, will help the UAE economy to gain increased momentum in 2018 to register 3.3 per cent growth.

After an expected slowdown to 1.7 per cent in 2017, such a vibrant pace of growth predicted for 2018 signifies a virtual turnaround for the economy with a two-fold growth, driven by a rebound in gross domestic product by Dubai and Abu Dhabi, analysts and economists said.

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Source: Khaleej Times

Calatrava-Designed Dubai Expo 2020 UAE Pavilion Construction Now Underway

With Expo 2020 now on the horizon, construction has begun on what promises to be one of the signature structures for the Dubai event. Modeled on a winning design submitted by Spanish architect Santiago Calatrava, who is known for striking, often all-white structures that blend futuristic silhouettes with organic inspirations, the pavilion will occupy a footprint of over 49,000 square feet across a total of four floors, topped by a hospitality lounge. Taking aesthetic inspiration from the feathered wings of a falcon in flight, the design is an attempt to embody the expo’s theme of Connecting Minds, Creating the Future.

From the perspective of Emirati officials, the proposed structure encapsulates the exact image that the host country wants to project onto the world stage. “The UAE Pavilion will undoubtedly be one of the most prominent attractions of Expo 2020, drawing in many millions to witness its futuristic design,” said Expo 2020 chairman Sheikh Ahmed bin Saeed Al Maktoum. “It will be a wonderful opportunity to share our Emirati culture and achievements while showcasing our ambitious vision for the future.”

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Source: Architectural Digest

Dubai enhances global appeal

For the first time, Dubai now ranks among the world’s Top 30 Cities in terms of commercial real estate activity, adding yet another recognition to its string of laurels.

Property consultant JLL’s annual Global Cities Ranking, ‘Global300′ survey, ranked the city 27th out of the 300 cities surveyed.

“Dubai has moved up the ranking in each successive year from 36th place in 2014 highlighting the city’s growing global influence and efforts to boost corporate attraction ahead of Expo 2020,” JLL said in its survey report. The survey focused on evaluating 300 cities that are centered on commercial real estate activity. Already at the forefront of integrating cutting-edge technology into everyday life, Dubai is about to fulfill its vision of becoming the World’s Smartest City by 2021, and ultimately the Happiest City in the world.

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Source: Khaleej Times

Dubai’s economy records growth in Q3 2017

Dubai’s economy has continued to grow despite the challenges posed by regional and global economic conditions, according to government statistics.

Dubai’s non-oil sector foreign trade increased to AED344 billion in Q3 2017, a 13 percent increase from the AED305 billion recorded in the same period of 2016. Re-exports, for their part, increased 34 percent to AED103 billion.

“Dubai’s resilience to external economic turbulence demonstrates the strong fundamentals of its economy and its ability to constantly find new avenues for growth,” said Sheikh Hamdan, Crown Prince of Dubai and chairman of the Executive Council.

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Source: Arabian Business

Dubai witnesses strong economic activity

Dubai – Economic activity in Dubai remained positive during the first nine months of this year with 10 new company licences being issued in every business hour.

As many as 15,268 new business licences were issued by Dubai’s Department of Economic Development including 1,152 in September alone as the emirate continued to attract investors looking at competitive locations.

Accounting for 65 per cent of the total, commercial licences took the lion’s share with 9,978 licences, followed by professional licence at 4,997 – accounting for 33 per cent of the total. While industrial and tourism licences made up one per cent and 0.9 per cent with 158 and 135 licences – respectively. The number of industrial and professional companies grew 5.3 per cent and 10.7 per cent, respectively.

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Source: Zawya

Dubai among world’s most powerful cities for talent, business

Dubia: Dubai has been ranked for the first time among the world’s most powerful cities for attracting expatriates and businesses.

In the latest Global Power City Index, which rates nearly 50 cities according to their “magnetism” or power to attract enterprises and human capital from around the world, Dubai was ranked the most powerful city in the Middle East and 23rd place globally, ahead of some popular destinations in the United States, Canada, Europe and Asia.

The annual index was first published in 2008 by the Mori Memorial Foundation’s Institute for Urban Strategies, a research body established by urban developer Mori Building.

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Source: Gulf News

Expo 2020 Dubai effect: Future rising

Construction activity in Dubai is expected to pick up substantially over the next few years with more than Dh350 billion worth of contracts to be awarded prior to Expo 2020.

According to figures released by BNC Network, and exclusively shared with Khaleej Times, around $97 billion (Dh356 billion) worth of contracts will be awarded in Dubai ahead of Expo 2020.

“This includes projects that have been announced and are in different stages of construction lifecycle. However, leading to Expo 2020 new projects are expected to be announced that may be awarded before the event,”.

Avind Gidwani, CEO of BNC Network, said. Gidwani disclosed that the expected size of infrastructure related contracts from both the public and private sector to be awarded prior to Expo is around $12.2 billion (Dh44.774 billion).

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Source: Khaleej Times

Expo 2020: contracts for themed pavilions to be awarded this year

Contracts to build the three major pavilions representing Expo 2020’s main themes of sustainability, opportunity and mobility, will be awarded in the fourth quarter of this year, says the event’s vice-president of real estate, Ahmed Al Katib.

Furthermore, a tender to build up to 30,000 car parking spaces around the outer elements of the site is due to be floated by the end of the current quarter.

The construction contracts are part of a package of almost Dh11 billion worth of contracts that Expo bosses have said they are planning to award this year.

Expo 2020 contracts for themed pavilions to be awarded this year

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Source: The National

Expo 2020: Giving small firms a slice of big action

The UAE has given a major boost to small and medium enterprises in food and beverage sector by unveiling ‘modified terms’ for SMEs to bid more competitively and generate Dh2 billion in sales from onsite food and beverages business at Expo. The proposed 30,000 square metres of front-of-house space for F&B on Expo site is expecting five million meals to keep Expo 2020 Dubai workforce to be fed during the six-month long event.

Expo 2020 Dubai estimates that 25 million visitors attending Expo from October 20, 2020 to April 10, 2021 will offer SMEs in the food and beverage sector an opportunity to exploit the huge business potential from the first World Expo in the Middle East, Africa and South Asia (MEASA) region.

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Source: Khaleej Times

 

How a focus on science can help the economy grow

Around the world, job creation is at the very core of any thriving, sustainable economy. It is an engine for development. Creating and nurturing a healthy job market that caters to all layers of society is key to economic success and fosters creativity, productivity and happiness. The UAE remains no exception to this rule.

This country has created a business environment that attracts a broad array of investors, businesses and high-skilled professionals from around the world. As a result, over the past few decades, Dubai has grown into a destination of choice for entrepreneurs, start-ups, small and medium enterprises and, generally, those eager to conduct business in the region and to tap into the possibilities offered by neighbouring markets.

Today the UAE ranks as the only country in the region to find its place among the world’s top 10 countries in terms of competitiveness and ease of doing business, a recent report by the IMD World Competitiveness Centre in Switzerland found.

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Source: The National

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