Economy

UAE tightens toys safety code

UAE tightens toys safety code

UAE’s Emirates Authority for Standardization & Metrology approves new mandatory standards for toys Primary goal to ensure safety of kids using these products UAE toys market estimated at AED 1.8 billion (USD 490 million) with average spending of a child by AED 1300 (USD 354) per year Emirates Authority for […]

 
 

Sheikh Mohammed launches Dubai Plan 2021

Sheikh Mohammed launches Dubai Plan 2021

Vice President and Prime Minister of the UAE and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, has launched the Dubai Plan 2021. Launching Dubai Plan 2021 is the beginning of a new phase of sustainable and systematic developments in all vital sectors in the emirate of […]

 
 

Destination Dubai 2020 outlines critical factors shaping the emirate’s economy in the next six years

Destination Dubai 2020 outlines critical factors shaping the emirate’s economy in the next six years

MEED’s Destination Dubai 2020 outlines critical factors shaping the emirate’s economy in the next six years • Major developments to keep Dubai’s growth rate growing by at least five per cent in the coming years • Tourism sector’s contribution to Dubai’s economy expected to triple to $82bn by 2020 MEED […]

 
 

Falling oil prices bode well for airlines industry profits: IATA

Falling oil prices bode well for airlines industry profits: IATA

The recent slump in international oil prices has rejuvenated many financial sectors in various parts of the world and aviation industry is one of them. The International Air Transport Association (IATA) announced on Wednesday an outlook for improved industry profitability in its Economic Performance of the Air Transport Industry report. […]

 
 

MENA financial institutions in war against cyber crimes

MENA financial institutions in war against cyber crimes

The outgoing Year 2014 presented a major threat of cyber crimes including hacktivism and spread of western cyber issues to the financial institutions operating in the Middle East and North Africa (MENA) region and future challenges keep haunting the bigwigs of the U.A.E. financial sector. The questions in the minds […]

 
 

Etihad Airways added 200,000 jobs in U.S. in a decade

Etihad Airways added 200,000 jobs in U.S. in a decade

James Hogan, President and Chief Executive Officer Etihad Airways, has said that in over a decade, the Etihad Airways contributed more than 200,000 employment opportunities to the United States job market. The Etihad Airways CEO said in a statement issued on Tuesday that a decade of orders by Etihad Airways […]

 
 

Top 10 things to consider before buying a Villa in Dubai

Top 10 things to consider before buying a Villa in Dubai

Top 10 things to consider before buying a Villa in Dubai Dubai is a melting pot of cultures, offering a comfortable living experience of a high quality. Constantly soaring to new heights and offering a plethora of options in all aspects from housing and education, to recreation and dining, Dubai […]

 
 

Visa tops demand among MENA shoppers on Ramadan, Eid

Visa tops demand among MENA shoppers on Ramadan, Eid

MENA shoppers prefer VISA cards A visible surge has been recorded in the demand for Visa debit, credit, and prepaid cards off-late as shoppers across the Middle East and North Africa (MENA) region opted for electronic payment method on the occasions of Ramadan and Eid-ul-Fitr this year. According to a […]

 
 

Middle East SWFs viewing West with caution, shift investment strategies

Middle East SWFs viewing West with caution, shift investment strategies

2015 will prove to be an active year for SWFs (Sovereign Wealth Funds) in the Middle East, says KPMG Report – UAE is home to one of the largest SWFs in the world – Low interest rates, evolving investment strategies and a growing appetite for alternative asset classes causing shift […]

 
 

UAE-based KEF Holdings to invest AED900 million in India

UAE-based KEF Holdings to invest AED900 million in India

KEF Holdings, a UAE-based multinational holding company that specializes in innovative offsite construction technology, has announced the launch of its India operations with investments of more than AED900 million to be made over the next five years. KEF Holdings said the investments will be channeled through its two business verticals, […]

 
 

Dubai-based Beehive launches region’s first P2P online lending platform for SMEs

Dubai-based Beehive launches region’s first P2P online lending platform for SMEs

Beehive to launch first peer-to-peer lending platform for SMEs in UAE Former Group CEO of Emirates NBDRick Pudner is part of the team set to transform lending in the UAE through the use of innovative peer-to-peer technology Dubai-based Beehive officially launched the region’s first peer-to-peer (P2P) online lending platform today, […]

 
 

UAE aims to become one of the Most Innovative Countries in the World

UAE aims to become one of the Most Innovative Countries in the World

The UAE will become one of the most innovative countries in the world through a focus on seven sectors: renewable energy, transport, education, health, technology, water and space. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, launched a […]

 
 

Commodity prices to soften further through 2015, says World Bank [Infographic]

Commodity prices to soften further through 2015, says World Bank [Infographic]

Declines in commodity prices likely to continue through 2015, says WB report Prices of most commodities, particularly oil, are expected to remain weak for the remainder of this year and through much of 2015, says the World Bank’s recently released Commodity Markets Outlook report. Growing concern over a slowdown in […]

 
 

Global Wealth Rise to a New Record $263tn in 2014

Global Wealth Rise to a New Record $263tn in 2014

Global household wealth increases by 8.3% to USD 263 trillion, driven by wealth growth in the United States and Europe The world’s rich is getting richer, with 0.7% of the rich now owning more than 48% of global wealth – according to the latest Credit Suisse Global Wealth Report. The […]

 
 

Emirates NBD lists $500 million bond on NASDAQ Dubai

Emirates NBD lists $500 million bond on NASDAQ Dubai

Prominent banking group is now largest issuer on the exchange by total value of conventional bonds, at 2.25 billion dollars Bond underlines the exchange’s growth as centre of fixed income activity His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Emirates NBD, today rang the market-opening bell to celebrate […]

 
 

Fujairah to Emerge as Newest Global Energy Hub, says UAE Minister

Fujairah to Emerge as Newest Global Energy Hub, says UAE Minister

Fujairah, one of the seven Emirate of the UAE is to emerge as a leading Energy Hub. Fujairah, which has built the largest oil export terminal on the Indian Ocean and has plans for one of the largest LNG regasification plants, is positioned to emerge as a leading global energy […]

 
 

Dubai Launches New Destination Island ‘La Mer’ at Cityscape Global 2014

Dubai Launches New Destination Island ‘La Mer’ at Cityscape Global 2014

Dubai-based real estate development company, Meraas Holding, today launched ‘La Mer’, a mixed-use development that will take shape in Dubai’s exclusive beachfront district Jumeirah in the vicinity of Pearl Jumeirah Island. Construction of “La Mer” is set to commence in Q4 2014. Conceptualized to integrate a minimalist and contemporary design, […]

 
 

MENA Visa Cardholders spend nearly $4 Billion during Ramadan and Eid

MENA Visa Cardholders spend nearly $4 Billion during Ramadan and Eid

Cardholders across Middle East and North Africa spent nearly US$4 billion on their Visa debit, prepaid and credit cards during the Holy month of Ramadan and Eid – says VISA in their latest report. Supermarkets, Financial institutions, Jewellery, Clothing Stores and Government Services emerge as top 5 categories for Visa […]

 
 

UAE retail sector surges with 33 percent growth forecast for 2015

UAE retail sector surges with 33 percent growth forecast for 2015

Retail construction will increase to meet demand and other GCC countries benefit from retail ripple effect, says new report The United Arab Emirates retail sector is expected to grow over 33 percent by 2015, according to a September 2014 report by Ventures Middle East released in conjunction with The Big […]

 
 

Government IT Spending Fuels Saudi Arabia’s Innovation Economy

Government IT Spending Fuels Saudi Arabia’s Innovation Economy

Massive Government ICT investments transforming Saudi Arabia’s innovation economy, enhancing development, business growth and productivity. Saudi IT Market Set to Top USD 14 Billion by 2017with Government Sector Fastest-Growing Industry Vertical: IDC More than 500 of Kingdom’s Organisations Set to Attend GITEX Technology Week 2014 Government ICT investment is transforming Kingdom […]

 
 

UAE Expats prefer saving money outside the country

UAE Expats prefer saving money outside the country

Poll highlights untapped opportunity for UAE banks to attract savers AED1.4 trillion (USD 381 billion) is the total bank deposits in UAE banks. Almost half of UAE residents surveyed by compareit4me.com, a UAE-based finance comparison website, said they choose to save their money in bank accounts outside their country of residence. […]

 
 

First All-Female Business Process Services Center Opened in Saudi Arabia

First All-Female Business Process Services Center Opened in Saudi Arabia

Saudi Aramco, GE and TCS inaugurate Saudi Arabia’s first all-female business process services center   Center will create 3,000 local jobs for Saudi women with the first batch of recruits commencing work 3,200 square meter center in Riyadh provides new business model, offering improved operational efficiency for customers. Saudi Aramco […]

 
 

GCC Still Reliant on Oil Revenues despite Efforts to Diversify

GCC Still Reliant on Oil Revenues despite Efforts to Diversify

Hydrocarbon revenues in KSA and Kuwait make up to 90% plus of total Revenues Leading GCC economies remain susceptible to fluctuations in global energy prices Alkhabeer Capital, an asset management and investment firm based in Saudi Arabia, has published its latest report on GCC budget analysis and government spending behaviors […]

 
 

Dubai Parks & Resorts to open in 2016

Dubai Parks & Resorts to open in 2016

Dubai-based development company Meraas Holding today unveiled the blueprint for Dubai Parks & Resorts project that is set to take shape in Jebel Ali. Phase 1 to Feature Three Theme Parks – Motiongate Dubai, Bollywood Parks Dubai, and LEGOLAND Dubai, Themed Family Hotel, Retail and Dining District Slated to Open in […]

 
 

Massive growth potential for Sukuk market in Gulf region: report

Massive growth potential for Sukuk market in Gulf region: report

Massive growth potential for Sukuk market in Gulf region, states Dubai Chamber report The global Sukuk industry is expected to be one of the fastest growing segments of the Islamic finance industry with huge growth potential in the Gulf Cooperation Council (GCC) region; particularly in Dubai where Sukuks are expected […]

 
 

The Expat Debt Trap

The Expat Debt Trap

Debt accumulating amongst expats in the UAE seems to be, yet again on the increase. Moving to a new location can be an expensive process and it can be all too easy to start spending beyond your means. All too often expats live like they are on a constant holiday. […]

 
 

MidEast investors to spend $180 billion in Global Real Estate markets

MidEast investors to spend $180 billion in Global Real Estate markets

Middle East Investors to Spend US$180 Billion in Global Real Estate Markets Over Next Decade: CBRE – Sovereign Wealth Funds Poised for Major Impact on Global Property Markets – Europe Clear Favorite with 80% of Expected Allocation – $85bn to Flow into UK; Italy Germany, France, Spain also Key Targets […]

 
 

World Cup boost Dubai’s Food Retail Sector

World Cup boost Dubai’s Food Retail Sector

Findings Confirm Positive Impact of Soccer World Cup on Dubai’s Food Retail Sector Soccer World Cup has kick started in Brazil and the next one month will keep billions of fan across the globe shuttle to and fro between high waves of enthrallments and disappointments.  Nevertheless, this mega event of […]

 
 

Middle East to Drive Global Energy Security for the Next 30 Years

Middle East to Drive Global Energy Security for the Next 30 Years

As Global Energy Consumption is Set to Rise 41 Percent by 2035, ADIPEC 2014’s Theme is “Challenges and Opportunities for the Next 30 Years” The 17th edition of the Abu Dhabi International Petroleum Exhibition & Conference (ADIPEC 2014) will kick off from 10 to 13 of November. RELATED: UAE-World’s Renewable Energy […]

 
 

Cybercrime in the Middle East: A Peep Into Future

Cybercrime in the Middle East: A Peep Into Future

Cybercrime appears to be the second most common form of economic crime in the Middle East; Read on to find out how the cyber-security services and laws help you brace against cybercrimes. A study by Cisco’s Middle East ICT Security Study 2014 noted strong adoption of smart devices in the […]

 
 

Saudi eCommerce rise 43% in Q1 of 2014, highest growth rate in the MENA region

Saudi eCommerce rise 43% in Q1 of 2014, highest growth rate in the MENA region

The Kingdom of Saudi Arabia (KSA) has registered a record overall growth of 43% in eCommerce in Q1 of 2014 compared to the same period last year, making it the highest growth rate in the MENA region, according to estimates by Visa. The overall growth was driven by increases in […]

 
 

The Growth of The Hospitality Sector, Courtesy Dubai Expo 2020

The Growth of The Hospitality Sector, Courtesy Dubai Expo 2020

The ongoing excitement for Dubai Expo 2020 has had numerous positive effects on the economy of the UAE, especially on the hospitality industry. With the anticipated arrival of 25 million visitors during the six-month period of the convention, Dubai Government is expecting a spike in the demand for hotel rooms, […]

 
 

Interview: Rich Pearson, SVP, Elance-oDesk

Interview: Rich Pearson, SVP, Elance-oDesk

Freelancing, specifically online freelancing, is still a tiny part of the global staffing industry, which is estimated to be $422 billion. Last year the combined online staffing industry was $1.5 billion and this number is expected to grow to $25 billion in the next 5 years. A Bayt.com survey has […]

 
 

European Football Market to Exceed $25bn For The First Time

European Football Market to Exceed $25bn For The First Time

European football market grows again, to exceed $25bn for the first time, with the ‘big five’ leagues surpassing the $12bn mark. Middle East remains a key source and stimulator of revenue growth.   The European football market grew in 2012/13, to exceed $25bn in revenue for the first time.  It […]

 
 

ArabNET Digital Summit Keynote Speech puts Spotlight on Entrepreneurship Ecosystem

ArabNET Digital Summit Keynote Speech puts Spotlight on Entrepreneurship Ecosystem

ArabNET Digital Summit 2014 today opened with a keynote address by the CEO of twofour54, the commercial arm of the Media Zone Authority – Abu Dhabi. The speech spotlighted the creation of a thriving entrepreneurship ecosystem. “Despite good progress SMEs still face significant challenges in our region” – Noura Al Kaabi, […]

 
 

GCC urged to reduce dependence on commodities

GCC urged to reduce dependence on commodities

GCC economies must invest in exports to reduce dependence on commodities Falling oil prices will pose a challenge to GCC hydrocarbon exporters unless governments step up their diversification efforts and develop more export industries, according to a new report by ICAEW. In its latest quarterly Economic Insight report, produced by its partner, […]

 
 

Philippines to become trillion dollar economy by 2030

Philippines to become trillion dollar economy by 2030

Philippines economy to more than double over next decade, says IHS research. According to the World Bank, Philippines has been among the emerging markets in the region given its sound economic fundamentals and highly-skilled workforce. The economy of the Philippines is the 4th largest economy in South East Asia and the […]

 
 

Work Less Play More is Key to Achieving Business Success: Research

Work Less Play More is Key to Achieving Business Success: Research

New report by Cielo, a global strategic recruitment & talent management partner, quantifies the impact of talent management on business output. Encouraging employees to spend less time at work is one of the most important ways to get more out of a Middle East workforce, reveals research released today by […]

 
 

Abu Dhabi government owned IPIC posts $2.15bn profit in 2013

Abu Dhabi government owned IPIC posts $2.15bn profit in 2013

IPIC reports AED 7.9 billion (US$ 2.15 billion) of net profit for the year 2013 International Petroleum Investment Company (IPIC), the public joint stock company wholly owned by the Government of the Emirate of Abu Dhabi, released today the highlights of its full-year, consolidated financial statements for 2013. Key financial […]

 
 

IHS Forum Identifies Key Points for Middle East Economic Growth

IHS Forum Identifies Key Points for Middle East Economic Growth

As far as economic prosperity is concerned, one doesn’t have to look towards the otherwise conventional Western countries nor towards the Far East, in China. It’s in the Middle East that the treasure trove of economic prosperity lies with new highs being expected in the forthcoming two decades. Scott Key, […]

 
 
 
 
 

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