Ras Al Khaimah Economic Zone (RAKEZ) and Amazon UAE have signed an MoU to enable businesses registered within the hub to sell their products to millions of customers across the UAE on Amazon.ae.
Category: Economy
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Abu Dhabi’s non-oil economy grows 12.3% in second quarter to hit highest level since 2014
The gross domestic product (GDP) of the Emirate experienced a significant boost of 3.5% overall. Specifically, Abu Dhabi's non-oil GDP saw a remarkable annual growth of 12.3% in the second quarter of this year, reaching a total of Dh154 billion ($41.96 billion).
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Dubai Chamber Of Digital Economy Launches ‘Business In Dubai’ Platform
Dubai Chamber of Digital Economy, one of the three chambers operating under the umbrella of Dubai Chambers, has launched ‘Business in Dubai,’ a new platform designed to further enhance Dubai’s favourable business environment by simplifying a range of processes for companies seeking to launch or expand their activities in the emirate. The initiative comes as part of the chamber’s drive to ensure an enabling business environment that empowers digital companies to thrive and contribute to the goals of the Dubai Economic Agenda (D33).
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Economic Integration Committee discusses an array of initiatives aimed at solidifying UAE’s position as a permanent hub for global talent in new economy sectors
The Economic Integration Committee held its fourth meeting for the year 2023, chaired by Abdulla bin Touq Al Marri, Minister of Economy. Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and the representatives of the UAE’s local economic development departments also attended the meeting.
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AED 123.3 bn market size of 100 investment opportunities under ‘Abu Dhabi Channel Partners’ to enhance industrial ecosystem: ADDED
Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development (ADDED) has unveiled that ADDED will provide 100 investment opportunities, with a combined market size of AED 123.3 billion (US Dollar 33.5 billion) by 2027 under the ‘Abu Dhabi Channel Partners’, launched as part of Abu Dhabi Industrial Strategy’s (ADIS) initiatives to enhance industrial ecosystem by providing detailed guides of investment opportunities and tailored incentives packages to address the needs of key players and investors.
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Saudi Arabia revises growth forecast for 2023 and 2024 as spending rises
Saudi Arabia, the largest economy in the Arab world, has revised its growth forecast for 2023 and anticipates a budget deficit this year as it increases spending to achieve its diversification goals. According to a preliminary budget statement from the Ministry of Finance, the kingdom expects a minimal real gross domestic product growth of 0.03 percent this year, primarily due to a voluntary reduction in oil production.
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UAE: Petrol, diesel prices for October 2023 announced
The fuel price committee of the United Arab Emirates has officially declared the petrol and diesel prices for the month of October in the year 2023
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Euro area annual inflation down to 4.3%
According to a preliminary estimate from Eurostat, the statistical office of the European Union, it is anticipated that the annual inflation rate in the Euro area will decrease to 4.3% in September 2023, down from 5.2% in August.
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UAE: Impact of corporate tax on free zone entities
active income, passive income, and other income. Active income refers to income derived from core income generating activities, while passive income refers to income derived from assets held by the free zone entity. Other income includes income derived from sources other than core income generating activities or assets held by the free zone entity.
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Hotel and Residential Projects in the MENA Region Surpass a Combined Value of $1.9 Trillion
Hotel and Residential Projects in the MENA Region Surpass a Combined Value of $1.9 Trillion
The value of hospitality and residential projects under development in the MENA region has crossed $1.9tn, with Saudi Arabia, the UAE, and Egypt accounting for 90 percent ($1.7tn) of the investments, according to a report by real estate consultancy firm Knight Frank. The latest data from Knight Frank shows that hospitality projects worth $1.2tn are under development in Saudi Arabia, the UAE accounts for $300bn, and Egypt $200bn.