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UAE non-oil economy strengthened in September on new order boost

UAE non-oil economy strengthened in September on new order boost

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

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Dubai records sale of first properties on Palm Jebel Ali; plot price revealed

Dubai records sale of first properties on Palm Jebel Ali; plot price revealed

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.

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Dubai Chamber Of Digital Economy Launches ‘Business In Dubai’ Platform

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

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

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 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.