SME sector is a major factor of regional economic growth

His Excellency Mohammed Al Gergawi, Minister of Cabinet Affairs and the president of the organizing committee of Middle East SME, a forum for SMEs, emphasized that the forum, which is the largest in the region, reflects the UAE Leadership’s support to the youth in view of the importance of this sector in the future economic growth in the region. Read more

IMF latest annual assessment of UAE economy

Non-oil recovery strengthens, despite weak construction and real estate sectors

Government-related entities still pose risks

Fiscal consolidation should increase government’s room for maneuver

Growth in the United Arab Emirates is expected to moderate to 2.3 percent in 2012 as oil production levels peak, the IMF says in its latest annual assessment of the economy. However, nonhydrocarbon growth is strengthening as the country’s dependency on oil declines. Read more

Trade licenses issued in Dubai rose by 26% in April 2012

Increase in licenses relates to a higher level of interest in commercial and professional activities

The number of trade licenses issued by the Department of Economic Development (DED) in April 2012 reached 1,459, an increase of 26 per cent over the same period in 2011. The commercial sector accounted for the highest increase in number of licenses (29%) followed by the professional (24%) and tourism (18%) sectors, compared to April 2011. Read more

Business Confidence Index for Dubai indicates optimistic outlook

Businesses in Dubai confident of improved sales and activity, says DED survey

Manufacturing tops Business Confidence Index for the first quarter of 2012

Businesses across Dubai remain upbeat on growth and revenues with expectations riding high especially in the Manufacturing sector, as reflected in the quarterly business survey conducted by the Department of Economic Development (DED) during the first three months of 2012. Read more

Number of trade licences issued in Dubai grows 27%

Number of licences issued by DED in Q1 2012 grows 27% to 4,343

Highlights the stability and growth of the key economic sectors in the emirate

The number of trade licenses issued by the Department of Economic Development (DED) during the first three months of 2012 reached 4,343, registering an increase of 27 per cent over the same period in 2011. The tourism sector accounted for the highest increase in number of licenses (213%) followed by the industrial (71%), commercial and professional (26% each) sectors, compared to the first quarter of 2011. Read more

UAE growth rate estimated at 3.5% in 2012, GIC

Gulf Investment Corporation (GIC) expects GCC countries to record a combined growth rate of 5.3% this year.

It also forecasted Kingdom of Saudi Arabia to record a growth rate of 5.5%, Qatar (7% ), Kuwait (5.5%), Sultanate of Oman (4.5%), United Arab Emirates (UAE) (3.5% ) and Bahrain (3%).

According to the GIC, the GCC countries capitalized on the decline in euro currency translations, as the European currency was hurt by the sovereign debt crisis.

IMF updates economic outlook for MENAP

IMF expects GCC to continue to be regional growth driver with GDP growth projected at 5.3% in 2012

Continued growth across the MENA region in 2012 despite the strain of historic transitions

Hosted by the Dubai International Financial Centre (DIFC), the financial and business hub connecting the region’s emerging markets with the developed markets of Europe, Asia and the Americas, the International Monetary Fund (IMF) launched today its Regional Economic Outlook Update for the Middle East North Africa, Afghanistan, and Pakistan region (MENAP). Read more

Consumer confidence in Dubai remains strong

Overall consumer confidence in Dubai remained robust during the first quarter of 2012, driven largely by a positive outlook on personal finance and strong optimism on job prospects, according to the quarterly consumer confidence index (CCI) published by the Department of Economic Development.

Indicating that Dubai and its economy continues to invoke positive sentiment and trust among investors, CCI remained at a higher than average level of 124 percentage points during the first three months of the year. Read more

17% increase in business licenses issued in Dubai

The Dubai Department of Economic Development (DED) issued 1,507 business licences for various types of businesses in Dubai in March 2012, a 17% increase from the 1,284 licenses issued in March 2011, reflecting robust growth and stability across key economic sectors in the emirate. A majority of the new business  licences issued was in the tourism sector (156%), followed by the professional (18%) and commercial (16%) sectors. Read more

Dubai Senior Officials honoured by Sheikh Hamdan Bin Mohammed

Sheikh Hamdan Bin Mohammed honours past leaders of DED for their pioneering stewardship

DED celebrates 20 years of steering economic diversification and development in Dubai

His Highness Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Dubai Crown Prince, honoured their Excellencies Mohammed Al Gergawi, UAE Minister of Cabinet Affairs, and Mohamed Alabbar, Chairman of Emaar Properties, with a commemorative trophy during his visit to the Department of Economic Development (DED), Government of Dubai, recently. The two senior officials were honoured for their pioneering leadership of DED, particularly during the early years of the Department. Read more

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