UAE economy progressing well in Global Competitiveness index

17 October 2018

The UAE maintained its spot as the most competitive economy in the Middle East and North Africa with high marks on macro-economic stability, infrastructure and technology, according to a new global report.

The country ranked 27th out of 140 countries in the World Economic Forum’s Global Competitiveness Report 2018 edition, the Geneva-based organisation said in a statement on Tuesday. Saudi Arabia ranked second in the region and 39th globally, up two places from its 2017 spot.

“A focus on intra-region connectivity, in … Read more ›

50 billion dirhams economic stimulus plan for Abu Dhabi now unveiled

17 September 2018

Abu Dhabi’s drive to accelerate its economic growth will come under the banner of Tomorrow 2021, the Crown Prince revealed on Sunday, in what marks the culmination of a summer of reforms aimed at preparing the emirate for a more prosperous future.

Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, said the plan includes “50 initiatives that reflect the priorities of citizens, residents and investors”. The move is part of an action … Read more ›

5 year retiree visa plan announced

17 September 2018

Abu Dhabi: The UAE Cabinet on Sunday approved a law that would allow expatriates to stay on in the country long after they retire.

The law, which will be in effect as of 2019, outlines the requirements to qualify for the long-term visa such as having an investment in a property worth Dh2 million, or having financial savings of no less than Dh1 million, or having an active income of no less than Dh20,000 per month. And as long as these conditions … 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 ›

Dh50 billion investment into new Abu Dhabi ‘Ghadan’ programme

06 June 2018

A massive Dh50 billion stimulus package for Abu Dhabi has been announced by Sheikh Mohammed bin Zayed, the Crown Prince.

Officials have been given just 90 days to create a detailed execution plan for the package, which seeks to transform the ease of doing business, and bring lasting economic benefits to Emiratis, residents and investors.

At the heart of the announcement are 10 initiatives, with the aim of accelerating the economy over the next three years.

They include allowing people to officially work … Read more ›