UAE Ministry of Economy reported that 18,280 customers were served by the Customer Service Center in Abu Dhabi during 2009. Companies represented the majority at 11,617 customers – 63.5 per cent of the total – followed by certificates of origin (3,785 – 20.8%), trade mark enquiries (1,545 – 8.5%) and trade agencies (1,333 – 7.2%).

His Excellency Mohammed Ahmed Bin Abdul Aziz Al Shihhi, Director General of the Ministry of Economy, said the Customer Service Center is one of the Ministry’s key initiatives to provide an ideal investment environment supported by integrated infrastructure to strengthen the culture of excellence and to be in line with the leadership’s vision and the national charter 2021.

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The latest BofA Merrill Lynch Global Research report, titled “BofA ML Economics – Global Economic Weekly: Cooling Core” dated 8 March, authored by the Global Economics Team at BofA Merrill Lynch Global Research focuses on backdrop in inflation worldwide. According the report, global economy continues to motor along in a modest recovery despite the distortions that have been introduced in the global data recently. Most regions continue to participate in a broad-based rebound in the manufacturing sector.

Important chapters of the report cover economic developments around the world.

Global Cooling core
A key part of the global economic forecast is that spare capacity will cause core inflation (ie, excluding food and energy) to continue to drop in most countries. This benign inflation backdrop means most central banks can focus on growth, delaying any tightening well into the economic recovery. Two years ahead, with core inflation well below target, a number of central banks will be in the odd position of seeking to boost inflation.

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UAE finance minister said today that the federal government will support Dubai as it grapples with a $26 billion debt restructuring and expects the matter to be resolved soon, reported Reuters.

• UAE government to support Dubai, sees resolution: report
• Dubai World In Informal Debt Plan Meetings With Creditors-Sources

The government of Abu Dhabi has noted the recent action taken by Moody’s Investors Service to downgrade the ratings of several Abu Dhabi’s government-related issuers. Commenting on the move the Undersecretary of Abu Dhabi’s Department of Finance,  H.E. Hamad al Hurr Al- Suwaidi said, “We obviously disagree with the reasoning involved in a number of Moody’s decisions, especially those concerning TDIC, Mubadala, and IPIC “.

He asserted that there has been absolutely no change in any aspect of government support for those three companies. His Excellency also reiterated that the government continues to support Taqa. “Taqa is majority-owned by the government, provides almost all of Abu Dhabi’s water and electricity supply, and plays an important role in the Emirate’s energy policy.”

“The three companies TDIC, Mubadala, and IPIC are 100% government-owned and they each play a crucial role in the government’s strategy for diversifying the economy. They are irreplaceable.” His Excellency said.

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SHUAA Capital today issued its GCC Investor Sentiment Report, the only report of its kind for the Gulf markets. The SHUAA GCC Investor Confidence Index and its country sub-indices have a range between 0 and 200. A number greater than 100 represents positive sentiment while a number lower than 100 represents negative sentiment.

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The Emirates Institution for Advanced Science and Technology (EIAST) is a key sponsor of World Space Risk Forum 2010 being held until March 3, 2010, in Dubai. This is part of strategic direction of EIAST to promote the space industry in the United Arab Emirates.

World Space Risk Forum brings together space business leaders from around the world to exchange ideas and develop solutions of mutual interest in the risk management and insurance of space risks. Four key areas are being discussed: Technical Developments in the Space Industry; Impact of the Global Economy on the Space Industry; Legal and Regulatory Environment within the Space Industry and Outlook over the next three decades for the Space Industry.

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The UAE Ministry of Economy today launched the Fifth Gulf Consumer Protection Day under the Theme “Be Aware of Your Rights”. The event is organized in cooperation with local and federal authorities associated with Consumer Protection.

His Excellency Eng. Sultan Al Mansouri, UAE Minister of Economy, said: “Protecting the rights of consumers is essential to drive business growth as it enhances market confidence and trust. The Gulf Consumer Protection Day will ensure that the public is well-educated and informed about the most efficient methods to protect their rights as consumers. The Ministry is committed to consumer protection and regards it as a top priority for achieving market stability.”

Dr Hashim Al Nuaimi, Director of Consumer Protection Department, MOE, attended the launch representing H.E Eng. Mohammed Ahmed Abdul Aziz Al Shehi, Director General of MOE, along with other senior executives and officials in UAE.

Dr. Al Nuaimi said: “The launch reflects the intention of the UAE and other Gulf countries to achieve new heights in consumer protection, as it is vital for overall development. The UAE was among the first countries in the region to issue a federal law No. 24 to protect consumers. The Ministry of Economy is taking concerted efforts to ensure consumer protection, and maintain fair competition in the market.”

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In line with the directions of His Excellency Sultan Bin Saeed Al Mansouri, UAE Minister of Economy, a strategic meeting for executive directors, head of departments and consultants at the Ministry was held by His Excellency Mohammed Ahmed Bin Abdul Aziz Al Shihhi, Director General of the Ministry, to discuss the mechanisms and plans for implementing the Ministry’s strategy for 2010 in line with the UAE national Charter.

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Economic Zones World flagship, Jafza will collaborate with the Dubai Economic Council (DEC) and Dubai Statistics Centre to conduct a World Bank ‘Enterprise Level Survey’ (ELS). The ELS is widely considered to be the world’s most comprehensive company-level research tool to analyze micro-economics of emerging markets and developing economies.

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• Minister of Economy emphasizes the strength of UAE Economy and Commends ability of Dubai economy to deal with global challenges
• Invites Airbus to leverage country’s potential

His Excellency Sultan Bin Saeed Al Mansouri, Minister of Economy, said the UAE economy is strong and offers strong investment opportunities across varied sectors including aviation. He also Commended the ability of Dubai economy to deal with global challenges.

He presented the robust outlook of the national economy at a meeting with the Prime Minister of Bottom Saxony His Excellency Christian Woolf and an accompanying German delegation. He also invited Airbus, which has an operational base in Bottom Saxony, to leverage the capabilities offered by the UAE. Read more