Further news on the stimulus plan to spur growth in Abu Dhabi

23 July 2018

The Abu Dhabi Department of Economic Development is implementing seven of the 10 strategic initiatives linked to a three-year Dh50 billion stimulus package for the emirate unveiled in June, its head told The National on Sunday.

The package, announced by Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, is aimed at supporting entrepreneurs, small to medium sized businesses and the private sector by bolstering growth, attracting more foreign direct investment and … Read more ›

Reduced prices and optimistic economic outlook provide excellent investment opportunities

12 July 2018

Residential sales and rental prices fell in most neighbourhoods across Abu Dhabi in the first six months of 2018, albeit at a slower pace witnessed in previous months as market sentiment improves on the back of rising oil prices, according to a new report published on Thursday.

Average apartment rental prices were “modest” for the most part, with year-on-year decreases ranging from around 3 to 9 per cent in different locations during the first half of the year, according to real … Read more ›

Eid Al Fitr 2018 holiday announced for UAE private sector

12 June 2018

The Eid Al Fitr holiday for private sector employees will be Shawwal 1-2, the Ministry of Human Resources and Emiratisation announced on Tuesday.

Depending on when Eid begins, Shawwal 1 will either coincide with Friday, June 15, or Saturday, June 16.

“It is decided that the first and second days of the month of Shawwal 1439 Hijri shall be a paid vacation for all private sector employees on the occasion of Eid Al Fitr,” a circular issued by Minister Nasser Al Hameli … Read more ›

Eid Al Fitr holiday announced – for public sector

12 June 2018

The Eid Al Fitr holiday has been announced for the UAE public sector.

The first day of the holiday will begin on Thursday, June 14, and will last until Shawwal 3, the Federal Authority For Government Human Resources announced.

Depending on when Eid begins, Shawwal 3 will either coincide with Sunday, June 17 or Monday, June 18.

If Eid falls on Friday (making Ramadan 29 days), government ministries and departments will be closed until Sunday, with work resuming on Monday. Should it fall … Read more ›

“Abu Dhabi to return to growth this year” – S&P Global Ratings

11 June 2018

S&P Global Ratings has affirmed its ratings for Abu Dhabi on the back of its net asset position and has forecast a return to economic growth for the emirate in 2018, thanks to higher oil prices and government spending.

“The ratings are supported by Abu Dhabi’s strong fiscal and external positions,” S&P said in a report released on Sunday. “The exceptional strength of the government’s net asset position provides a buffer to counteract the impact of oil price swings on economic … Read more ›

Stimulus plan to spur growth in Abu Dhabi

07 June 2018

UAE construction and property stocks rose on Wednesday after the Abu Dhabi Crown Prince revealed a three-year, Dh50 billion stimulus package and 10 initiatives that will ease business, create jobs and boost growth.

The Abu Dhabi Company for Building Materials or Bildco rose 7.27 per cent in Abu Dhabi, while the emirate’s biggest real estate developer Aldar gained 1.5 per cent, helping the overall index increase 0.77 per cent. In Dubai, contractor Arabtec climbed 3.9 per cent.

Included in the ten initiatives is … Read more ›