UAE companies launch 300 products
The Make it in the Emirates Forum, the latest initiative of the Ministry of Industry and Advanced Technology (MoIAT), held in association with the Abu Dhabi Department of Economic Development (ADDED), began on June 21. The two-day event has witnessed the attendance of major local and international industrial companies, UAE government entities and financial institutions operating in the UAE. Twelve national companies introduced 300 products for local production and procurement at the event, highlighting the UAE’s efforts to become a hub for global industries. These products introduced for local production will contribute over Dhs6bn to the national GDP annually.
UAE is most competitive economy in the arab world
The UAE is the most competitive country in the Arab world, according to the 2022 IMD World Competitiveness Ranking. Published every year by the IMD Business School in Switzerland, the study that included 63 countries, placed the UAE in the 12th spot globally, ahead of Luxembourg, Canada, Germany, Iceland and China, among other major economies. The UAE also emerged as the 8th most competitive economy in Europe, Middle East and Africa, just behind Denmark, Switzerland, Sweden, Netherlands, Finland, Norway and Ireland. Overall, Denmark landed the first position globally, followed by Switzerland, Singapore, Sweden and Hong Kong in the top five. The economies included in the study were rated according to several factors, including government, economic and business efficiency, as well as infrastructure. The UAE was rated highly in government efficiency at 88.31, the third highest in the world. It also earned significant points in business efficiency at 70.98, ranked 17th globally, but scored lower in infrastructure at 62.53, which is ranked 26th globally.
‘Make it in the Emirates’ set to add dh6b annually to economy
Major industry players welcomed the inaugural ‘Make it in the Emirates’ forum and said the initiative will further strengthen manufacturing base and benefit the UAE economy by adding at least Dh6 billion annually to the gross domestic product. The two-day forum, which began on Tuesday with major announcements from leading Abu Dhabi-based groups, discussed opportunities for partnership and cooperation in the industrial sector to reduce dependence on imported products and promote local economy. It attracted a large number of local and international industrial companies, government entities, financing institutions, and investors. About 12 of the country’s leading companies identified more than 300 products across 11 sectors to be manufactured locally. They committed Dh110 billion in potential purchase agreements for local manufacturers.
Dubai’s ‘next priorities’ include boosting the digital economy
Dubai’s ‘next priorities’ will include the development of the digital economy as well as access to new markets, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, said during a visit to the Dubai Chambers. The Dubai Crown Prince emphasised the importance of working continuously to consolidate Dubai’s position as an attractive business and investment destination. Sheikh Hamdan bin Mohammed said: “The Dubai Chambers have played a significant role in Dubai’s economic development. Today, we look forward to maximise this role in the field of digital economy, technical investments, and building new global economic opportunities.” “Our next priorities are: the sustainability of our family businesses, the development of our digital economy, and access to new markets. All government and private entities will work as one team to achieve these priorities.”
Bahrain in talks for cloud computing, FDI deals
Bahrain is in advanced talks for investment deals with cloud computing companies from the United States, China and the United Arab Emirates, an Economic Development Board executive said, as the country seeks to diversify its oil-based economy. Cloud computing and foreign direct investment are key planks of Bahrain’s economic recovery programme that aims to grow non-oil gross domestic product by 5% this year and includes $30 billion in strategic projects. The plans come as regional economic heavyweights Saudi Arabia and the UAE are also banking on technology to diversify their oil-dependent economies.
Oman’s economy growing at an accelerating pace
The State Budget’s public revenue registered an increase by 29.6 percent reaching OMR11.195 billion at the end of 2021 compared to the approved budget of OMR8.640 billion. The rise is attributed to the improvement of oil prices in international markets. Actual public spending by the end of 2021 went up by 14.1 percent to reach OMR12.418 billion compared to the estimates of the approved public spending of OMR10.880 billion. This rise is attributed to an increase in investment expenditure by 32.6 percent, contributions and other expenses by 9 percent and the current expenditure of government units by 4.2 percent. Actual deficit by the end of 2021 reached OMR1.223 billion, comprising a decline by 45.4 percent compared to the estimated deficit of OMR2.240 billion as a result of the improvement in oil prices and the rise in oil revenue. This came during the press conference organised by the Ministry of Finance to highlight the main financial indicators for Oman in 2021 and the financial performance of this year till May 2022. Sultan Salim Al Habsi, Minister of Finance, stressed in his statement that the government was able, through a set of measures, most notably the implementation of the economic stimulus plan and social protection initiatives, to implement a series of measures that enhance economic performance and contribute to reducing the repercussion on the private sector and protect segments of society from direct effects of financial measures.