Tag Archives: UAE

Ministry of Economy discusses ways to reinforce economic & investment ties with Maldives

Image (12)Abu Dhabi, November 8, 2017

H.E. Engr. Sultan bin Saeed Al MansooriUAE Minister of Economy, has commended the growing trade relations between the UAE and the Republic of Maldives. The total volume of non-oil foreign trade between the two countries has progressively increased over the past five years, increasing by 12 percent from AED 422 million in 2015 to AED 475 million in 2016 (USD 129.2 million).

This came during H.E. Engr. Al Mansoori’s reception of a Maldivian delegation headed by H.E. Mohammed Saeed, Minister of Economic Development of the Republic of Maldives, in the presence of H.E. Juma Mohammed Al Kait, Assistant Undersecretary for the UAE Ministry of Economy’s Foreign Trade Affairs, and Hind Al Youha, Director of the Ministry’s Investment Department.

The meeting discussed possibilities for cooperation between the two countries in several sectors of common interest that are in line with their economic agendas. The most prominent were trade exchange; enhancing cooperation in aviation and tourism; and strengthening investments in tourism facilities and infrastructure as well as real-estate, renewable energy, innovation, and small and medium enterprises (SMEs).

H.E. Engr. Al Mansoori pointed out the significance of reinforcing cooperation in foreign trade, mainly in export and re-export activities, noting the need for continuous coordination and cooperation among concerned government and private sector entities from both countries in the coming period. H.E. also emphasized the importance of the UAE- Maldives Business Forum which will be held on December 18, 2017, in the UAE, which he said will showcase the numerous trade and investment opportunities in the Republic of Maldives.

The Minister further underscored how diversified investment cooperation between the UAE and the Maldives will open broad horizons for establishing development projects for the benefit of both sides especially in the sectors of tourism, hospitality, renewable energy, innovation, and SMEs which he said are considered important accelerators for economic growth. H.E. emphasized the UAE’s keenness to support ongoing development efforts in the Maldives and its readiness to share its vast knowledge and experience in various areas of economic development.

Development opportunities

For his part, H.E. Saeed said that the Republic of Maldives seeks to strengthen economic cooperation with the UAE, its largest trading partner in the region. He pointed out that tourism in the Maldives is considered an attractive and competitive sector at both the regional and global levels. He said that the sector is constantly expanding and ripe for significant investment and development with the potential to significantly benefit the UAE’s business and investment sectors which have leading experiences in this vital field.

H.E. added that the Maldives is focusing on enhancing the sectors of aviation, renewable energy, and real estate; developing new laws; and further developing free zones to encourage and attract more investments in various fields. He pointed out that these areas are also priorities under the UAE’s development policies, providing a strong and fertile basis for strengthening partnership and cooperation between the two countries.

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Themed ‘Overseeing the Future in Light of New Economic Changes’

Ruler of Ajman inaugurates 4th Emirates Economic Planning Forum

UAE, November 1, 2017 – Under the patronage and presence of His Highness Sheikh Humaid bin Rashid Al Nuaimi, Ruler of Ajman and Member of the Federal Supreme Council, the Department of Economic Development – Ajman inaugurated today (Wednesday, November 1, 2017) the 4th Emirates Economic Planning Forum-Ajman, with the support from the UAE Ministry of Economy and the Department of Economic Development – Abu Dhabi, the proponent of Emirates Economic Planning Forum. Themed ‘Overseeing the Future in Light of New Economic Changes’, the forum kicked off at the Emirates Hospitality Center in Ajman, in the presence of H.H. Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman, along with high-profile government officials and decision makers, His Excellency (H.E.) Dr. Abdullah bin Mohammed Belhaif Al Nuaimi, Minister of Infrastructure Development ; H.E Ali Majed Al Mansoori, Chairman of the Department of Economic Development  – Abu Dhabi; Sheikh Ahmed bin Humaid Al Nuaimi, Chairman of the Economic Development Department – Ajman; H.E Mohamed Alabbar, Chairman of Emaar Properties, Chairmen of the Departments of Economic Development in the UAE and other high-profile personalities.

H.H. Sheikh Humaid honored the Ministry of Economy, the Department of Economic Development – Abu Dhabi, the strategic partners and official sponsors of the 4th Emirates Economic Planning Forum-Ajman, in recognition of their valuable contributions in supporting the 4th Emirates Economic Planning Forum-Ajman, which embodies the integration between public and private sectors in order to promote economic development and achieve the objectives of UAE Vision 2021 in building a sustainable economy for present and future generations. The list of honorees list also included the government entities that supported the forum, including Ajman Free Zone and Ajman Chamber of Commerce and Industry, along with the platinum, gold and bronze sponsors.

In his opening speech, on behalf of H.E. Sultan bin Saeed Al Mansouri, UAE Minister of Economy, H.E. Dr. Abdullah bin Mohammed Belhaif Al Nuaimi, Minister of Infrastructure Development, said that in line with the UAE’s increased efforts to promote economic development, leading initiatives and pioneering development projects are being launched to drive progress and continue the exceptional achievements accomplished by the country since its establishment. This is part of the efforts to achieve set national objectives, under the leadership of His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE and His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and their brothers, the Rulers of the Emirates and members of the Supreme Council.

His Excellency stressed that the ‘Emirates Economic Planning Forum’ is an important annual meeting aimed to build strong partnerships between the various government entities involved in economic development at federal and local levels, especially for the Ministry of Economy and the Departments of Economic Development in the country. It provides an effective platform for promoting dialogue on development challenges and future strategies, sharing global trends in different areas of growth, and coordinating common frameworks to achieve best results on relevant economic indicators through sound economic planning–a wise approach to foresee the future and develop roadmaps to development to achieve the objectives.

H.E. explained that the national economy of the UAE has successfully maintained balanced growth rates and a stable economic environment that managed to face the challenges during the past years, thanks to the UAE’s ambitious and proactive vision based on flexibility, openness and economic diversification while meeting the requirements of sustainability. This will help the country in its move to build a diversified economy based on competitiveness, knowledge and innovation, and led by national competencies.

H.E. Al Nuaimi also highlighted prominent indicators and data that reflect the UAE’s economic growth—including real GDP growth of three percent in 2016 and is expected to further grow by 3.4 percent next year. Al Nuaimi added that the non-oil sectors were a major driver of the growth, as their share in the GDP increased to 70 percent at fixed prices, and 83 percent at the current prices for 2016. The growth of these sectors was recorded at 2.7 percent last year and is expected to increase to 3.1 percent in 2017 and 3.7 percent in 2018–reflecting the strength and soundness of the UAE’s development policies.

Al Nuaimi also stressed that in light of the continuing challenges and developments in the world and the closeness of achieving the goals of the UAE Vision 2021, the importance of exploring the future emerges as an effective tool in development planning and to explore the trends of the next phase to enable stakeholders to develop scenarios and alternatives to achieve our national targets. He pointed out that the theme ‘Overseeing the future in light of new economic changes’ is a major step towards focusing efforts on this mechanism, which is one of the most important practices directed by the wise leadership and represents one of the foundations of the work of the UAE government, which represents a long-term vision and comprehensive and expanded government work for future generations over the next five decades as it focuses on strengthening the reputation of the UAE globally.

His Excellency said that the plans and orientations during the next phase stem from the UAE’s vision and its multi-pronged development policies. At the forefront is the adoption of the basic concepts of creating the future such as innovation, knowledge, technology, scientific research and the techniques of the Fourth Industrial Revolution. These efforts also cover the continuous updating and development of legislative and regulatory frameworks that are related to economic development, such as industry, tourism, SMEs, the development of new sectors of the Islamic economy and the launch of initiatives that promote innovation–particularly the seven sectors identified by  the National Innovation Strategy, which cover Technology, Health, Education, Transport, Renewable Energy, Water and Space, in addition to supporting the private sector and enhancing its contribution as a key partner of the government in the process of development, particularly through CSR initiatives.

His Excellency Saif Mohammed Al Hajeri, Chairman of the Department of Economic Development – Abu Dhabi, noted in his speech that the forum, which has been held across the emirates of Fujairah, Ras Al Khaimah, Umm al-Quwain, and this year in Ajman, reflects the commitment to go forward in achieving integration and cooperation with an aim to enhance the prestigious position of our country and drive the development process led by the UAE in response to the directives of the wise leadership represented by His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE and His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, along with their Highnesses, the Rulers of the Emirates and Members of the Supreme Council.

Al Hajeri added, “As the global economy is currently witnesses to a slowdown in growth and sharp fluctuations in oil prices, we are facing a challenge to create new opportunities, accelerate economic diversification and reduce dependence on oil as a major source of income to ensure sustainable development and growth and increase well-being of the UAE society. We look with confidence to the 4th Emirates Economic Planning Forum, which will be an ideal platform to highlight the UAE wise leadership’s approach to building a diversified economy based on sustainability and competitiveness. The event focuses as well on the theme ‘Overseeing the Future in Light of New Economic Changes’ and reflects our commitment to focus and use our potential to invest in the future in line with the objectives of the UAE Vision 2021.”

His Highness Sheikh Ahmed Bin Humaid Al-Nuaimi, Chairman of the Department of Economic Development – Ajman noted that the 4th Emirates Economic Planning Forum is organized by DED Ajman with the support from the UAE Ministry of Economy and the Department of Economic Development – Abu Dhabi. The event reflects the common interest in enhancing government integration and driving the ambitious economic development process led by the UAE to make the country’s economy one of the most competitive economies in the world. This year’s edition strives to translate the forum’s slogan, ‘Integration, planning and partnership’–providing a strategic platform to explore the future in the light of the new economic transformations and successful national experiences in the field of economic planning with an aim to make the UAE one of the most advanced countries in the world.

Al Nuaimi concluded, “The first day’s session is expected to contribute to the forum’s success, which is an extension of previous editions that were organized by Fujairah, Ras Al Khaimah and Umm al-Quwain. We are committed to supporting the objectives of the forum, focusing on the enhancement of economic planning mechanisms to keep pace with the rapid changes of the 21st century. This will be done within the framework of the effective strategic partnership between government entities to ensure integrated economic plans and build a diversified, sustainable and competitive economy that is flexible in adopting new economic models conducive to development and sustainability, in line with the UAE Vision 2021. At the Department of Economic Development Ajman, we are keen to share our experiences in economic planning with the other departments of economic development in the country. We will be also highlighting the competitive features of Ajman, especially in the field of economic development. We are committed to supporting the joint efforts to implement the final recommendations in line with the ambitious aspirations to consolidate UAE’s position on the global economic map.”

The opening session started with the national anthem of the UAE, followed by a special video presentation highlighting the economic development process in the UAE. The first working session discussed the topic, ‘New Economic Transformations and Their Implications,’ wherein Her Excellency Dr. Aisha Butti Bin Bishr – Director General of the Smart Dubai Office discussed government transactions based on Blockchain technology.

The second working session focused on ‘Promoting economic growth and UAE competitiveness,’ which was tackled by Abdulla Nasser Lootah, Director General, Federal Competitiveness and Statistics Authority. He examined the country’s concerns considering regional and global challenges. Meanwhile, H.E. Huda Al Hashemi, Executive Director, Mohammad Bin Rashid Centre for Government Innovation, highlighted the role of innovation in enhancing competitiveness based on the UAE’s experience. Faisal Al Hammoudi, Director of Takamul, DED Abu Dhabi, shared key details about the Takamul Program, an initiative designed to encourage innovation in Abu Dhabi. The session concluded with a panel discussion led by Merza Hussain Hasan, CEO of World Bank.

The second day of the event will start off with two sessions. The first session is entitled, ‘The development planning process in Ajman’ and the second session will showcase ‘UAE’s plans and programs aimed at attracting investments.’ The second-day sessions are expected to be attended by senior government figures, key policy makers and officials from various Departments of Economic Development and other government departments.

 

USD 32 billion worth of urban construction projects being tendered in region

 GCC’s robust construction activities offer more growth prospects for Brazilian investors, says Arab-Brazilian Chamber of Commerce

UAE, September 13, 2017 – More new business opportunities in the GCC recently opened up for Brazilian investors with USD 32 billion worth of large-scale urban construction projects now being tendered in the region, according to the Arab-Brazilian Chamber of Commerce (ABCC).

The ABCC, which aims to foster economic, cultural, and tourism ties between Arabs and Brazilians, said that the report recently released by Dubai-based market research firm BNC Network is strong proof that the GCC remains a promising market for Brazilian businessmen. The report reveals that a total of 801 urban construction projects with a combined value of USD 32 billion is currently being tendered in the region. The same report also forecasts that the value of regional construction contracts will hit the USD 50.9-billion mark by the end of 2017.

“The year 2017 is proving to be an exciting time for vibrant and robust Arab-Brazilian ties. The urban construction projects as reported by BNC are another opportunity worth exploring by investors from the vast South American country, which will pave the way for more avenues to further flourish the relations between the Gulf countries and Brazil.We are closely coordinating with our partners to see how we can further facilitate the flow of information and knowledge between interested parties to maximize new prospects in the rapidly increasing construction activities in the region,” said Dr Michel Alaby, Secretary General and CEO, ABCC.

BNC attributes the ‘tremendous’ construction projects in the region to mega-events such as Dubai Expo 2020, as well as oil price stabilization, economic diversification policies, and higher living standards. It expects the total contract value to expand by 29 per cent to USD 65.6 billion in 2018, and by 1 per cent to USD 66 billion in 2019.

It also notes that the UAE remains the region’s construction industry hub, citing substantial contracts sealed during the second quarter of 2017 in the country such as the Deira Island Mall in Dubai; City Center – Al Zahia in Sharjah; and residential complexes Yas Acres in Abu Dhabi. A contract covering Danat Al Lawzi in Bahrain was successfully closed as well during the same period, the report adds.Image (8)

Realopedia launches online booking platform for developers at Cityscape 2017 in Dubai

E-marketplace a gateway for investors to book premium real estate projects with one click of a finger

UAE, September 12, 2017 – Realopedia, the global real estate e-marketplace established in Dubai, has launched its pioneering online booking platform for developers at the ongoing 16th Cityscape Global conference and exhibition at the Dubai World Trade Centre. The move is another reflection of the growing convergence and incorporation of property technology (PropTech) into the dynamic real estate market in Dubai, the UAE, and globally.

Realopedia, which is located at Stand No. S3A01 of the event’s venue, presents developers with substantial business growth opportunities via the newly launched online booking platform, in addition to offering them solutions to reach an extensive range of investors and customers.

As part of the Realopedia e-marketplace, registered developers within their set jurisdictions or areas can upload their inventory with an option to harness 3D and virtual reality (VR) technologies to give their prospective investors and customers a lifelike experience and a sense of what it is like to explore the actual units. These premium real estate projects can now be easily booked by property buyers – be it for their location, price, and features – with the click of a finger. The online booking platform has effectively made the cutting-edge e-marketplace a gateway for investors to quickly and conveniently reserve a property of their choice.

Laura Choueri, CEO and Founder, Realopedia, said: “We are excited to introduce this global platform to our developers as a new addition to our portfolio of technology-focused services. The launch comes at an opportune time when property buyers are using next-generation tools to access useful data. More and more tech-savvy investors are harnessing the full potential of contemporary and advanced tools to search for and purchase property according to their liking and taste instead of just relying heavily on traditional methods for information.”

“The online booking platform for developers is an innovative offering that will bring investors’ experience to the next level. In our online community, buyers can connect with registered agents and brokers, as well as reach out to agents who can represent them globally under DPAP, the ‘Developers Preferred Agents Program’,” she added.

Realopedia will introduce its ‘Make an Offer’ scheme for real estate agents, whose property is registered as per the regulations of Dubai Land Department and the Real Estate Regulatory Agency (RERA) in Dubai or official regulatory bodies in their respective countries. The exciting new concept is set to go live next month and is expected to give agents a big push in terms of promoting properties they have on offer.

Technology is increasingly being adopted within the UAE real estate market, with investors making use of digital tools to help them arrive at an informed decision. A latest HSBC survey shows that UAE home buyers go online to look for available properties (72 per cent); check the value of their current home (67 per cent); learn about taxes and regulations (65 per cent): research where to live (65 per cent), and explore prospective home prices (64 per cent). According to Choueri, this key trend of technology integration is only the beginning.

Realopedia has recently formed a first-of-a-kind strategic alliance with the region’s leading e-commerce site Souq.com, a subsidiary of Amazon.com, leveraging on its global accessibility and digital expertise to expand market reach for all its stakeholders and online users.

Falconcity of Wonders participates in the 16th edition of Cityscape Global

September 12, 2017 – The Dubai Land Department’s annual report for 2016 underscores the huge success of Dubai in particular in attracting property investors, registering a total of 60,595 real estate transactions collectively worth over AED 259 billion.

Falconcity of Wonders LLC will showcase the latest developments within its Falconcity of Wonders (FCW) multi purpose mega project during the 16th edition of City scape Global, the largest networking exhibition and conference dedicated to the real estate trade running from September 11 to 13, 2017 at the Dubai World Trade Centre. FCW covers over 41 million square feet featuring residential, tourist, entertainment and recreational components shaped in the form of the UAE’s national emblem – the Falcon –  which is fast emerging as a major landmark within Dubai’s iconic real estate landscape. As its name implies, the development will boast of local versions of the renowned Wonders of the World.

H.E. Salem Almoosa, Chairman and General Manager of Falconcity of Wonders LLC, said: “Cityscape Global provides valuable benchmarks for international real estate, particularly in the emerging markets. It is an important platform for the Middle East to maintain its stature as one of the world’s most in-demand property havens. With the UAE market currently firing on all cylinders, Falconcity of Wonders will take the opportunity to share its vision of growth for local and national real estate.”

Falconcity of Wonders will participate in Cityscape Global 2017 with a presence at Stand S3F10 /Sheikh Saeed Hall No. 03 of the venue. For more information please visit https://www.cityscapeglobal.com/en/home.htmlImage (6)

DSI proceeds with the final preparations to secure the approval of the Securities and Commodities Authority to initiate the 75% share capital reduction

Capital Restructuring Program

Phase 1 – Share Capital Reduction

  • The 75% Share Capital Reduction is expected to be completed within 6 to 7 weeks
  • The Share Capital Reduction through the cancellation of 1,714 million shares will be on a pro-rata basis and will apply to all DSI shareholders and will allow the Company to extinguish its total accumulated losses attributed to the owners of the parent

Phase 2 – Share Capital Increase

  • Upon completion of the 75% Share Capital Reduction, the Company will consecutively initiate the regulatory and financial procedures to complete the AED 500 million Capital Increase
  • The Capital Restructuring Program is expected to be completed by end of Q3 2017, whereby “Tabarak Investment LLC” will become the major strategic investor in the Company

UAE, June 20, 2017 – Drake & Scull International PJSC (“DSI” or the “Company”), a regional engineering and services leader announced today, that it will proceed with the final preparations to secure the approval of the Securities and Commodities Authority (SCA) to initiate the 75% share capital reduction.

The Company is preparing to fulfil the regulatory requirements to initiate the share capital reduction and to subsequently effectuate the cancellation of 1,714 million shares to extinguish its total accumulated losses attributed to the owners of the parent.

The latest developments represent a critical progress in the capital restructuring program that will enable the Company to resolve its liquidity challenges and to execute its turnaround strategy to stabilise the business and to pursue its growth objectives in the regional MEP sector.

Feras Kalthoum, Acting CFO, Drake & Scull International PJSC, commented:

This is a major milestone in our turnaround strategy announced at the outset of the fiscal year 2017.”

“We are proceeding with the preparations at full speed to secure SCA’s approval and to initiate the share capital reduction to strengthen our balance sheet and to achieve the strategic objectives of our capital restructuring program.”

“I am confident that by the end of Q3 2017 we will complete our program and we will generate substantial liquidity to reinvigorate our operations and most importantly to secure high-margin projects in the MEP sector mainly in our home market the UAE.”

 

Dubai Properties’ Dubai Wharf development draws tremendous investor response during the debut of Dubai Property Show in London  

By Anitha Lakshminarayanan

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UAE, March 4, 2015 – Dubai Properties, a leading real estate developer received an overwhelming response from property buyers and investors during its participation at the recently held Dubai Property Show 2015 at London’s Olympia. Welcoming the large number of visitors, the début edition of the exhibition was opened by H.H. Sheikh Mohammed Bin Maktoum Al Maktoum, First Secretary at the UAE Embassy in UK, in the presence of Emirati dignitaries H.E. Sultan Butti Bin Mejren,  Director General of Dubai Land Department (DLD), and Majida Ali Rashid, DLD’s Assistant Director General. The property show offered a unique platform for Dubai Properties to generate sales and inquiries for its landmark projects in Dubai.  During its participation at the recently held Dubai Property Show 2015 at London’s Olympia. Welcoming the large number of visitors, the début edition of the exhibition was opened by H.H. Sheikh Mohammed Bin Maktoum Al Maktoum, First Secretary at the UAE Embassy in UK, in the presence of Emirati dignitaries H.E. Sultan Butti Bin Mejren,  Director General of Dubai Land Department (DLD), and Majida Ali Rashid, DLD’s Assistant Director General. The property show offered a unique platform for Dubai Properties to generate sales and requests for its landmark projects in Dubai.

The Dubai Properties’ stand, which showcased its current portfolio of projects, generated a high number of footfalls during the three-day event.  Its AED 800 million mixed-use Dubai Wharf  specifically attracted strong interest from prospective investors. Located in the heart of Culture Village, Dubai Wharf  overlooks a canal promenade next to the historic Dubai Creek. Its unique and contemporary design, strategic location, and easy accessibility will put the modern development as the most sought-after lifestyle, dining and entertainment hub.

Abdulla Abushabieb, Executive Director Sales and Customer Service, Dubai Properties, said: “Dubai is a popular investment destination for British property seekers who are attracted to its tax-free economy, safe and secure living environment, and high standard of living. The Dubai Property Show was an excellent gateway for us to reach out to genuine investors and buyers and offer them our properties after assessing their requirements.”

“Dubai Properties’ registered  around 4000 visitors over the 3 days of the event, the  majority of who showed keen interest in our projects, especially in the residential segment. Dubai Wharf, in particular, received tremendous response from people who were looking forward to make Dubai as their second home. We are confident of converting the leads received during the show into actual sales,” added Abushabieb.

Dubai Properties has delivered some of the most popular residential and mixed-use developments in Dubai, including the Jumeirah Beach Residence, The Villa, Mudon and Layan in Dubailand, as well as The Executives Towers, Vision Tower and Bay Square at Business Bay.

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