News

New government initiatives, stimulus expected to accelerate with higher oil prices IMF predicts growth to exceed 2% in 2019, approach 3% in 2020-21 Strengthening SMEs and encouraging more FDI top priorities The International Monetary Fund (IMF) recently concluded a mission to the UAE, releasing its findings on the state of the UAE economy. According to research, the IMF suggested that […]

Package of new projects includes a Sky Garden, bicycle lanes and promenades at Sheikh Zayed Road, Umm Suqeim and Jumeirah Beach New bicycle share programme to be developed with Careem Plans also account for current roadwork expansion projects across Dubai, and construction of new internal roads in residential areas His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and […]

The new fund will aid the substantial portfolio of tourism-related projects expected to be delivered over the coming years Ministry of Tourism (MoT) working with other ministries to activate new fund this year Current tourism tax levied on tourist-related activities stands at 4%, of which MoT receives 60% The Implementation Support & Follow-up Unit (ISFU), set up by the Diwan […]

The 6 sq km Creek Island destination is on track to welcome first tenants this year Creek Edge will comprise one 40-storey and one 20-storey tower, featuring 560 apartments Plans include a limited collection of waterfront duplex townhouses on the podium level Emaar Properties has unveiled plans for its waterfront residences at the upcoming Dubai Creek Harbour project. Creek Edge, […]

The AED 300 million My City Centre features 18,500 sq m of gross leasable area Mall will be one of the region’s most sustainable and home to 100th Carrefour hypermarket Plans to recycle at least 80% of operational waste and other eco-friendly initiatives Majid Al Futtaim opened the doors to its first shopping mall in Abu Dhabi. My City Centre […]

Plans include four premium and upscale hotels, and one mid-scale hotel in the city Hotels have already commenced online booking with strong customer response Over 1,300 keys to be added to inventory Emaar Properties’ hospitality and leisure arm, Emaar Hospitality Group, recently announced that it will open five new hotels in Dubai in 2019. This includes four hotels under its […]

Emirate aims to attract 1.5 million visitors by 2021 New deal to promote RAK’s famous beaches, forts and other sights Deal was signed by RAK TDA and the ECTAA Ras Al Khaimah Tourism Development Authority (RAK TDA) and the European Travel Agents’ and Tour Operators’ Associations (ECTAA) has entered into an agreement to boost European outbound tourism to the emirate […]

Project aims to be region’s largest fully integrated automotive hub Estimated to be complete by Q1 2020 Businesses eligible for 50-year long-tern leases A new automotive hub, Rahayel City, will be built in Abu Dhabi by Q1 2020 according to a report in Gulf News. Zones Corp, a government owned-entity unveiled the plans for the upcoming project – estimated to […]

The Global Wealth Migration Report for 2019, developed by AfrAsia Bank and New World Wealth, disclosed its wealth migration figures for the UAE recently. The report found that nearly 2,000 high net-worth individuals (HNWIs) – with assets worth at least US$1 million – moved to the UAE in 2018, representing a 2% increase compared to 2017. Dubai alone attracted over […]

A new report by the Institute of Chartered Accountants in England and Wales (ICAEW) suggested a marginal improvement in GCC GDP growth in 2019. According to the report, the GCC is expected to post an economic growth of 2.3 percent in 2019, up 0.3% from 2018, with the main source of growth coming from the non-oil sector. In spite of […]