Category: Economy

Ahmet Burak Daglioglu, Head of the Investment Office of the Turkish Presidency, said that the cumulative foreign direct investment from the United Arab Emirates to Turkiye has surged to $5.6 billion (AED 20.6 billion) from 2002 through August 2023.

Virtuzone, a Dubai-based company, has announced its investment of Dh50 million ($13.6 million) in a three-month programme aimed at providing free corporate tax registration and accounting services to small and medium sized businesses. The initiative is designed to assist these businesses in becoming compliant with the new tax regulations that came into effect in the UAE this year.

The rates for purchasing and selling currencies may vary when engaging in currency exchange within the open market. Presently, the exchange rate for the UAE Dirham (AED) in Pakistan is recorded at Rs75.29, indicating a decrease of Rs1.08 in comparison to the previous rate of Rs76.37

At the beginning of the week, the rates of precious metals experienced a significant increase due to the ongoing conflict between Israel and Palestine.

His Highness Sheikh Mansoor bin Mohammed bin Rashid Al Maktoum, Chairman of the Dubai Border Security Council, has today unveiled a platform that allows the public to report economic crimes. The objective of this initiative is to encourage community involvement in identifying and reporting such crimes, as they have detrimental effects on the wider community, the business sector, and the national economy as a whole.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and Irakli Garibashvili, Prime Minister of Georgia, today witnessed the signing of a Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Georgia. The CEPA aims to double non-oil trade from $481 million to $1.5 billion in five years.

In the first seven months of the year, hotel establishments in the UAE generated revenues of AED 26 billion, witnessing a growth of up to 24 percent compared to the corresponding period last year, revealed Abdullah bin Touq Al Marri, Minister of Economy and Head of the Emirates Tourism Council, during a meeting of the council.

Dubai Customs recently convened an extensive meeting with the courier and express shipping companies, aimed at bolstering the seamless operation of e-commerce activities and solidifying Dubai's position as a global e-commerce epicentre, aligning with the strategic objectives of Dubai's economic agenda.

In September, the non-oil private sector in the UAE experienced robust expansion due to the addition of new clients, competitive pricing, and strong underlying economic conditions, resulting in increased demand. The seasonally adjusted S&P Global purchasing managers’ index reading rose to 56.7, up from 55 in August, indicating a significant expansion in the non-oil private sector

The launch of villas on the island has resulted in property agents queuing up overnight to purchase units for their clients. However, the Dubai Land Department has recently recorded the sale of the first properties of Palm Jebel Ali, which will establish a new benchmark in upscale living in the emirate and become a highly sought-after address for millionaires and billionaires from around the world. The master developer, Nakheel Properties, initiated the sale of villas and plots on the Palm in mid-September, which witnessed an unprecedented demand from property brokers and investors. The first set of residential villas were sold out within hours of the launch, prompting the company to launch the second phase of villas on September 26.