Browsing: economic diversification

Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), is set to acquire a majority stake of 54 per cent in MBC Group from the Ministry of Finance, represented by Istedamah Holding, for a total of $2B (SAR 7.5B).

The United Arab Emirates has secured a record-breaking $16 billion in greenfield foreign direct investment…

A recent study has highlighted the pivotal role AD Ports Group plays in driving economic…

Saudi Arabia and the UAE led MENA startup funding in September. The US data platform reported that the MENA startup sector raised $328.3M.

Emirates Development Bank (EDB), the primary financial driver of economic growth and industrial progress in the UAE, showcased its unique perspective on financing national development, fostering SME resilience, and adapting to the evolving treasury landscape at the ACT Middle East Treasury Summit 2024, which concluded today in Dubai.

UAE and Japan are negotiating a Comprehensive Economic Partnership Agreement (CEPA) to enhance their $17.3B trade relationship. President Sheikh Mohamed bin Zayed Al Nahyan emphasised that the ties between the two countries are founded on a long history of strategic cooperation across various sectors. He expressed hope that the CEPA discussions would strengthen these connections, creating new opportunities for collaboration and fostering sustainable economic growth.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has reviewed the cultural district project in Dubai South’s Azizi Venice community. Launched by Azizi Developments, this initiative seeks to enhance Dubai’s cultural and artistic scene while promoting innovation within the creative sector.

UAE has achieved notable progress in real estate transparency, with Dubai and Abu Dhabi featured among the top five global improvers in the 2024 Global Real Estate Transparency Index (GRETI) by JLL. The report highlights advances in digital capabilities, anti-money laundering regulations, and data accessibility, positioning the UAE as a regional leader in this field.

UAE’s tax authorities have noted a rise in VAT refund requests from tourists in the first half of 2024. The Federal Tax Authority (FTA) reported that the number of transactions processed through the digital VAT refund system for tourists surged to 2.7M in H1 2024, up from 2.55M in H1 2023.

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, confirmed that the UAE has made foreign trade a central element of its economic strategy, recognising its crucial role in boosting industrial production, enhancing global competitiveness of its products and services, and spurring innovation.