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 ›

New laws introduced in favour of foreign business ownership and visa regulations have a positive impact on possibilities for expatriates to own properties in UAE.

03 October 2018

The UAE has introduced new laws this year that effectively widen the range of possibilities for expatriates to be more deeply involved in the long-term economic growth of the country. Many of the policy changes mainly concern foreign business ownership, visa regulations and curbing the cost of living.

In a country where 80 per cent of the population is made up of foreign residents from all over the world, the new regulations are viewed as crucial in efforts to tap further … 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 ›

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 ›

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 ›