Dubai tops global charts in foreign investment: $12.8bn infusion and 38,500 jobs
Gulf: According to the Financial Times, Dubai emerged as the top destination worldwide for attracting Greenfield foreign direct investment (FDI) in the previous year.
The emirate’s robust economy benefited from an impressive inflow of $12.8 billion and the creation of nearly 38,500 new jobs.
Dubai’s consistent hold on the number one position globally for attracting Greenfield FDI projects in 2022 further reinforces its status as the premier hub for foreign direct investment. These findings were derived from the latest data featured in the 2022 Financial Times ‘fDi Markets’ report.
Having retained its top rank for the second consecutive year, Dubai experienced a remarkable 89.5 percent year-on-year growth in the total number of announced FDI projects during 2022. Simultaneously, the total FDI capital surged by 80.3 percent, further solidifying the emirate’s position as one of the top three global cities.
UAE economy hits one of fastest growth rates in the world: Central Bank
The UAE economy will pick up pace and grow at a faster pace next year as both oil and non-oil sectors would perform better, according to Central Bank’s annual report released on Wednesday.
The UAE’s gross domestic product (GDP) grew at 7.6 percent last year, one of the fastest growth rates in the world. The growth rate is likely to slow down to 3.9 percent this year but the pace will pick up again next year and GDP is projected to expand at 4.3 percent, showed the Central Bank of UAE’s (CBUAE) annual report.
UAE on course to grow into a bigger economic powerhouse under president
When the UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan said a few years ago that the country will celebrate when the last barrel of oil is shipped, he means it.
In his first year as President of the country, Sheikh Mohamed has focused on increasing the role of Emiratis in the different spectrums of life, strengthening human capital, signing Comprehensive Economic Partnership Agreements (CEPAs) to diverse the country’s economy from petrodollars as well as improving food safety and security of the country to make the country an economic powerhouse not just in the region but on a global scale.
In order to incorporate citizens in the workforce, especially in leadership roles, firms with 50 employees are required to increase the number of Emiratis in their skilled workforce by 1.0 percent every six months.
Iran, Qatar to enhance bilateral cooperation in transportation
Officials from Iran and Qatar emphasized the need for broadening and promoting mutual cooperation in the field of transportation.
Iranian Minister of Roads and Urban Development Mehrdad Bazrpash held talks with Qatar’s Minister of Transportation Jassim bin Saif bin Ahmed Al Sulaiti in the UAE capital of Abu Dhabi on Monday on the sidelines of International Middle East Rail Conference 2023 dubbed “Middle East Rail 2023”.
During the meeting, the two sides stressed the need to implement the memoranda of understanding (MoUs) inked previously between the two countries with the aim of removing barriers on the path of bilateral trade.
They emphasized the need for enhancing relations in the field of transportation, especially in the maritime sector.
Saudi-Bahraini panel meeting discuss several initiatives aimed at boosting bilateral relations
The Minister of Investment, Eng. Khalid Bin Abdulaziz Al-Falih headed the Saudi delegation at the meeting of the Coordination Committee for Investment, Environment, and Infrastructure, part of the Saudi-Bahraini Coordination Council, held in Manama, Bahrain.
The Bahraini side was headed by the Bahraini Minister of Transportation and Telecommunications Mohammed Bin Thamer Al-Kaabi and included representatives from both the government and private sectors.
The meeting discussed several initiatives aimed at strengthening bilateral relations, providing support for investment development, increasing trade and investment exchange, expanding the investment partnership, and reviewing investment opportunities in both countries.
The private sector was recognized as a significant partner in the development process, and both countries agreed to explore investment opportunities in vital sectors.
In addition, the Saudi-Bahraini Business Council was held on the sidelines of the Coordination Committee meeting, during which investment opportunities and ways to enhance intra-trade between the two countries were discussed.
Moody’s upgrades Oman, maintains positive outlook
Moody’s Investors Service has upgraded Oman’s ratings and maintained the positive outlook on the improvement in the country’s fiscal surplus as well as its spending restraint.
It upgraded the Government of Oman’s issuer and long-term senior unsecured ratings to Ba2 from Ba3 and upgraded the government’s senior unsecured medium-term note program rating to (P)Ba2 from (P)Ba3.
“The upgrade reflects the improvements in Oman’s debt burden and debt affordability metrics during 2022, mainly as a result of the large oil and gas revenue windfall, which increase the sovereign’s resilience to potential future shocks,” Moody’s said in a report on Monday.
Importantly, the strengthening of the fiscal metrics was supported by the government’s spending restraint and its decision to use the fiscal surplus and previously accumulated fiscal buffers to pay down debt, which in Moody’s view demonstrates an improving track record of fiscal policy effectiveness and governance strength.
The positive outlook captures the prospect that the improvements in the government’s debt metrics will be sustained over the next few years, despite lower oil prices, through maintenance of spending discipline and further implementation of fiscal and structural reforms.