New regulations to promote efficiency, transparency, and investor confidence in UAE’s business sector

Preparations are underway to launch a batch of new laws in a bid to improve and modernize the current legislative system and further enhance the business environment in line with the UAE strategic vision for 2010, maintained Sultan Bin Saeed Al Mansouri, UAE Minister of Economy, in his keynote address at the Dubai Chamber of Commerce ‘&’ Industry Networking Suhoor held on Sunday at Mina Salam hotel in Dubai. Read more

Al Mansouri Reiterates Commitment to Learning from International Best Practices in Defining SMEs

As part of its efforts to streamline the small and medium enterprises (SME) sector in the country and integrating international best practices in sector development, the Ministry of Economy recently organised discussions between a high profile delegation from South Korea and various stakeholders in the UAE. Read more

Consumer price inflation at 2.54% during first seven months of 2010

Statistics Center Abu Dhabi (SCAD) has released its monthly report of the consumer price index for the month of July 2010, using the price data of 2007 as the base year. The bulletin reports CPI data according to the types and levels households’ of welfare. Read more

Dubai’s inflation rises in first half

Dubai’s inflation rate jumped to a record 0.64 per cent in the first half, compared to the same period of 2009, the Dubai Statistics Centre said.

The emirate recorded a modest change in its annual June inflation at 0.51 per cent against 0.48 per cent in May. Read more

Inflation in Abu Dhabi Up 2.5% during the First Half of 2010

According to the SCAD’s report, the average rise in consumer prices for the first half of 2010 was 2.50%, compared to the same period of 2009 as evident from the advance in the CPI for the period January-June 2010 to 117.92 points, up from 115.04 points over the same period of 2009, according to the Statistics Center – Abu Dhabi (SCAD).

SCAD has released its Monthly Report of the Consumer Price Index for the month of June 2010, using the price data of 2007 as the base year. For the first time, the bulletin reports CPI data according to the types and levels of welfare of households. Read more

DED issues 1369 licences in May 2010

The Dubai Department of Economic Development (DED) issued 1,369 licences for various types of businesses in Dubai in May 2010, highlighting a 63 per cent increase compared to the same month in 2009. Most of the licences were issued in the commercial sector (1,024) followed by the professional sector (310) and industry (27).

Ali Ibrahim, Deputy Director General for Economic Sector Development at DED, said: “The number of licences issued is an indicator of the robust economic performance of Dubai. The licensed activities cover all aspects of the economy highlighting the focus of DED to work towards strengthening all key economic sectors. The figures also highlight the further growth of small and medium enterprises (SMEs), which are regarded as a key pillar of the economy.” Ready made garments’ led the list of the top 10 licensed activities in the commercial category with 170 licences issued followed by Perfumes and cosmetics’ with 138 and General trade’ with 130. Restaurants’ led the list of the top 10 licensed activities in the professional category with 46 licences issued in May 2010 followed by Residences and building cleaning services’ with 36; and Caf s’, Selling snacks’, and Men’s barber’ with 25 each. Read more

UAE is boosting its economic achievements through economic diversification

Sheikha Lubna bint Khalid Al Qasimi, Minister of Foreign Trade, has said that United Arab Emirates is working to enhance its successful economic experiences through expanding the base of economic diversification.

She noted during her meeting with officials from Trade Development Alliance in Greater Seattle [which is an alliance of a number of cities, corporations, and unions in the Greater Seattle Area] at the end of her tour of a number of U.S. states that UAE has succeeded in strategically utilizing its oil resources through building an advanced infrastructure and a diverse and advanced economy that relies on industrial and modern sectors such as renewable energy and others, pointing out to new strategic projects that are being undertaken by the state, that include a Nuclear Power Plant for peaceful purposes and a Railway network that will link a number of regional countries in the region. Read more

Abu Dhabi inflation rate at 3.02 in May

According to the May issue of the Monthly Consumer Price Index (CPI) Report issued by Statistics Centre – Abu Dhabi (SCAD), the year-over-year inflation rate for May 2010 was 3.02%, as the index accelerated from 114.75 points in May 2009 to 118.22 points in April 2010.

The report also revealed that the average inflation rate in consumer prices for the period January-May 2010 compared to the same period of 2009 was 2.33%, as evident from the advance in the CPI for the period January-May 2010 to 117.81 points, up from 115.12 points over the same period of 2009. Read more

Foreign Trade Ministry provides 2009 Commercial Data on its website

The Ministry of Foreign Trade has completed uploading the UAE’s 2009 foreign trade data on its Foreign Trade Information Service Provider [FTISP], available on the Ministry’s website.

With the new service, users may now obtain information about the UAE’s foreign trade statistics and data from 1998 up until last year.

The free service offers users the opportunity to get complete information about the flow of commodities in export and re-export activities and imports for the year 2009 and the past ten years between the United Arab Emirates and approximately 202 countries and economic entities. The information provided, which is categorized in a unified and simple format, includes the names of traded commodities and their values. Read more

Sri Lanka Business Council event highlights investment opportunities in Sri Lanka

The Sri Lanka Business Council (Dubai & Northern Emirates) hosted a successful dinner and networking event last week to discuss investment opportunities and to welcome Mr. Sarath Wijesinghe, Sri Lanka’s newly appointed ambassador to the UAE.

The event, attended by the country’s top Sri Lankan businessmen and professionals, highlighted the growing trade between the UAE and Sri Lanka as well as the various investment opportunities available to UAE investors in Sri Lanka.

“UAE remains to be our largest trading partner in the Middle East with a combined trade valued at US$ 527million in 2009,“ said Ambassador Wijesinghe. Our most popular export product in the UAE is tea, but demand for Sri Lankan textile, clothing and other agricultural products are also on the rise. The end of the decades long civil war not only increased Sri Lanka’s production capability but also attracted foreign investors who want to take advantage of the lucrative opportunities in various sectors of the economy. Read more

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