Onjo Simson

  The UAE’s signing of a Comprehensive Economic Partnership Agreement (Cepa) with Mauritius denotes an important step in bolstering trade relations between this country and other African nations by eliminating tariffs while also improving accessibility; a feat that is expected to transform the economies of these two partners. Mauritius will become a significant player in enabling smoother trade flows and spurring economic growth by getting rid of 99% of tariffs on imports coming from UAE. Simultaneously, UAE will do away with 97% of the tariffs; this underlines a mutual vision for advancing economic growth and opening up avenues for its people to prosper. The agreement is set to drive bi-lateral trade higher than its current mark in light of the fact that trade that is not oil related surged by 82.5 percent yearly hitting $76 million between these two countries. This partnership simply indicates a strategic relocation related to diversifying economic relations and gets along with t...

Given its robust performance and sustained economic stability amidst worldwide uncertainties, UAE's economy expects incredible growth by the second part of 2024. In 2023, the GDP of the country escalated to AED1.68 trillion or 3.6% over the previous year, while the non-oil GDP stood at AED1.25 trillion showing a growth rate of 6.2%. The mentioned performance is what cemented United Arab Emirates’ fifth topmost position in terms of real GDP growth worldwide and showed that its economic strategies work. The World Bank on the other hand projects UAE's GDP growth rates to be around 3.9% soon but rising to 4.1% come 2025. Another institution that agrees with such optimism is International Monetary Fund as it predicts that by 2024, there will be 4% more prosperity in store for Dubai. Driven by flourishing sectors such as tourism, construction, manufacturing, and financial services, these statistics illustrate UAE’s durable and vibrant economic tactics. High economic performance in th...

  Dr. Thani bin Ahmed Al Zeyoudi, the Minister of State for Foreign Trade avers on how UAE is currently reaping the rewards of their diligent leadership by recording an impressive 35% increase in foreign direct investment (FDI) inflows this year. Considering the situation whereby world investment rates fell by 2% during this precise year, such an increase in UAE comes as unexpectedly significant. Due to the CEPA named after comprehensive economic partnership agreement, along with several MoU's signed altogether, UAE have primarily developed her international FDI appeal to now stand at position 11 globally based on UNCTAD's 2024 World Investment Report. Focusing on innovation and creating strategic clusters has made UAE make an enabling environment that lures top-notch companies and promotes economic development. To further underscore its visionary strategy, the UAE has set out a challenging target of increasing non-oil foreign trade to more than Dh4 trillion by 2031. In this re...

  In the 2024 World Competitive Report, the UAE recorded notable advancements in various economic and social indicators. The nation was positioned in the top ten globally with respect to over 90 main and sub-factors, particularly excelling in areas like industrial disputes, labor force expansion, household consumption-real growth, leading in 11 aspects .It is important to recognize that the country has reached the second position on important indicators such as tourism receipts, female representation in parliament, and government policy adaptability showing it is devoted to diversity as well as progressive governance practices. This also cements UAE’s dynamic and competitive global reputation by ranking third, fourth, and fifth on different indices such as immigration laws, overall productivity, and GDP per capita. Since 1989, the IMD World Competitiveness Report has been a respected model showing how the UAE continues to make strategic strides concerning the advancement of its eco...

  In the 2024 World Competitiveness Report, the UAE now ranks 7th. This demonstrates the visionary leadership and strategic initiatives in the country that drive its development. This position is remarkable for the fact that nations like Norway, Iceland or Japan have been overtaken, emphasizing UAE’s dedication to promoting a strong economic environment and promoting innovation within different industries. His Highness Sheikh Mohammed Bin Rashid Al Maktoum’s recognition of the collaborative efforts between government, economy, and development sectors, underscores a common resolve to ensure UAE remains competitive in international competition as can be witnessed from her top ratios on employment, internet penetration and ability of governments to change(nationally or locally). The recent IMD World Competitiveness Report has brought up the strong performance of the UAE in terms of economic, administrative as well as social indicators in addition to showing how it has managed to overc...

  The exemplary partnership between UAE and China celebrating 40 years of diplomatic relations. The highlight of the historic moment was brought out in an Op-Ed attributed to Hussain bin Ibrahim Al Hammadi, the UAE Ambassador to China, who pointed out that it coincided with the two day state visit to China by President Sheikh Mohamed bin Zayed Al Nahyan from 30-31 May, 2024. Since its inception in 1984, the dynamics of this relationship have gained much stature to date. The relationship is complicated in that there are over a hundred and thirty treaties between two nations and much money is exchanged. Given the increasing speed at which the relationship is moving forward, it is obvious that by 2023 there was no simplicity $ 80.6 billion worth trade with Emirates which alone indicated strength.$11.4 billion have been invested by UAE in China and, on the other hand, $6.9 billion worth of Chinese investments have been made in the UAE thereby emphasizing a mutually advantageous relatio...

  The UAE economy is expected to grow by 6.7% by 2025, up from 3.8% in the current year as a result of the country's strategic drive for economic diversification and strong trade ties with neighboring states. These significant progresses have been due to prudent political allocation and favorable geostrategic developments following Covid-19 pandemic. The UAE government has been unwavering in implementing a long-term vision that aligns with the UN 2030 Agenda with a focus on sustainability, knowledge and innovation. Unleashing market forces, assisting foreign trade coupled with infrastructure building and establishment of systems that would enable private sector involvement has been part and parcel of this policy. The development of changes that foster an economy driven by new ideas, along with more use of digital tools, has helped UAE to diversify its economy significantly, primarily in areas that are not related to oil. BMI's Chief Global Economist, John Ashbourne, is very hop...

  The UAE has invested $14 billion in Egypt and will help the country achieve major progress in its development agenda. On Friday during a cabinet meeting held at the Secretariat Office Building (SOB) in Cairo, the Egyptian Prime Minister Mr. Mostafa Madbouly confirmed having received that amount from them, thus indicating his government’s dependence on this financial boost for economic empowerment purposes.  This payment marks the second tranche of a monumental $35 billion investment deal inked in February, aimed at advancing the development of Ras Al-Hekma, a promising new resort city nestled along Egypt's northern coast. Since the first $15 billion was extended in March, Egypt has had a significant increase in overseas investments showing that people are more confident about how it will perform economically in future. Not to mention further financial backing guaranteed by organizations such as World Bank, European Union among others have placed Egypt on a good stand to use ...

  During his speech at the Dubai Fintech Summit, Abdulla bin Touq Al Marri, the Minister of Economy for the UAE, laid out ambitious economic growth objectives. Al Marri set a bold target of achieving a robust 7% annual increase in the nation's GDP. He emphasized the necessity of diversifying beyond traditional sectors like real estate and tourism, highlighting the considerable potential in non-oil industries such as sustainable tourism, health tech, and AI. This strategic focus positions the UAE as a pioneering center for global innovation. Despite facing recent challenges such as unprecedented floods, the UAE's economy has demonstrated remarkable resilience. Business activities persevered even during adverse weather conditions, thanks to the country's robust infrastructure, particularly its high-speed WiFi connectivity. Minister Al Marri credited this resilience to the UAE's forward-thinking approach to infrastructure development. As the UAE looks ahead, it remains com...

  The United Arab Emirates (UAE) economy has showcased remarkable resilience and growth in the first nine months of 2023, with a notable 3.3% increase in GDP, as reported by the Federal Competitiveness and Statistics Centre. This expansion, fueled by robust performance across various sectors, underscores the nation's steadfast commitment to economic diversification and development. Particularly noteworthy is the surge in non-oil GDP by 5.9%, which now constitutes a significant 74% of the overall GDP contribution. This surge reflects the UAE's strategic vision to pivot away from reliance on hydrocarbons, positioning itself as a global hub for investment and innovation. Sectors such as financial services, construction, and transport and storage have emerged as key drivers of growth, showcasing strong performance during this period. The impressive growth in non-oil sectors underscores the success of the UAE's economic diversification efforts, attracting foreign investment and ...

The Mohammed bin Rashid Al Maktoum Global Initiatives has initiated an extensive collaboration with the Iraqi Kurdistan Regional Government, focusing on expanding digital education through its Digital School initiative. This partnership aims to provide advanced digital educational services and methodologies to benefit 100,000 students over the next three years. Marking the beginning of this new phase, a Memorandum of Understanding was signed, with ambitions to extend the school's innovative solutions globally. Supported by Dubai Cares, the initiative includes comprehensive measures such as training for digital teachers, development of a digital education platform in Kurdish, conversion of the regional curriculum into interactive digital formats, and establishment of digital education spaces within schools. Additionally, essential digital education tools like computers and projectors will be provided to create effective learning environments. The UAE's Vision for Education: Educ...

  The UAE's ascent to becoming one of the best countries in the world to launch a new business in 2024 is a testament to its unwavering commitment to fostering a conducive environment for entrepreneurship. Ranking 12th overall on the prestigious IMD World Competitiveness rankings, the UAE has made significant strides from its 17th position last year. This remarkable improvement underscores the country's competitive business landscape and robust economic growth, defying global challenges and uncertainties. Several factors have contributed to the UAE's high ranking on the IMD World Competitiveness index. Notably, the nation boasts low startup costs, well-developed infrastructure, and favorable tax rates, making it an attractive destination for budding entrepreneurs. Moreover, access to funding, coupled with extensive government support for entrepreneurs, has further bolstered the UAE's appeal as a business-friendly economy. Additionally, the presence of a skilled multinat...

  In today's interconnected world, investing in women isn't just about economic growth—it's a fundamental human rights issue. Despite progress, gender inequality persists, perpetuated by global economic systems that often prioritize profit over the well-being of individuals. Women bear the brunt of these inequalities, facing barriers to economic agency and autonomy due to factors like unpaid care work, pay disparities, and limited access to resources and opportunities. Furthermore, the impacts of climate change exacerbate these challenges, disproportionately affecting women and girls worldwide. As the world grapples with the consequences of unbridled consumption and unsustainable practices, it's crucial to recognize the interconnectedness of economic, social, and environmental factors in shaping women's experiences and opportunities. Investing in women isn't just about closing the gender gap—it's about creating a more equitable and sustainable future for all...

  Get ready for a trade boom! Viet Nam and the United Arab Emirates (UAE) are hitting the gas pedal on negotiations for a game-changing Comprehensive Economic Partnership Agreement (CEPA). This deal has the potential to supercharge trade, create a boatload of new jobs, and propel both economies to new heights. The two countries have already been seeing some serious green in their bilateral trade relationship. In 2023 alone, Viet Nam exported over $4 billion worth of goods to the UAE, while imports from the UAE topped $676 million. That's a sweet increase of 4.3% and 16% year-on-year, respectively! Smartphones, computers, and seafood are just a few of the goodies Viet Nam is sending over, while they're bringing in essentials like plastics and fuel from the UAE. o, why the sudden rush to lock down a CEPA? Well, think of it as removing the training wheels on their trade bikes. This agreement would slash pesky tariffs, fling open market doors wider than ever, and welcome a wave of ...

  Dubai-based global port operator DP World has made a significant move in the Indian market, signing multiple Memoranda of Understanding (MoUs) with the provincial government of Gujarat. This strategic partnership promises to revolutionize India's port infrastructure and logistics landscape, paving the way for increased trade and economic growth. The MoUs encompass a wide range of projects, including the development of multi-purpose deep-draught ports in South Gujarat and along the western coast towards Kutch. Additionally, special Economic Zones are planned for Jamnagar and Kutch, while Gati Shakti Cargo Terminals (GCT) and Private Freight Stations are slated for Dahej, Vadodara, Rajkot, Bedi, and Morbi. This comprehensive plan addresses India's critical need for modern and efficient logistics infrastructure, boosting its competitiveness in the global market. The estimated value of these MoUs stands at INR 250 billion (approximately US$3 billion), showcasing DP World's un...

Dubai, nestled within the United Arab Emirates (UAE), is swiftly emerging as the go-to destination for entrepreneurs and businesses worldwide, particularly from Africa. With a population exceeding three million, the city has implemented a series of strategic incentives that have led to remarkable per capita incomes, low unemployment rates, and robust economic growth. Notably, long-term residency options, a low-tax environment, streamlined business processes, and efficient setups have proven instrumental in attracting substantial foreign investments. In recent years, Dubai's business-friendly environment has positioned it as a beacon for global talent and capital, drawing enterprises from densely populated economies. The city's commitment to creating a conducive business landscape is evident in its continuous efforts to enhance efficiency, safety, and cost-effectiveness. According to analysts at Anjarwalla Collins & Haidermota, a UAE-based international legal consulting firm...

  A $2billion memorandum of understanding (MoU) was signed by the UAE and Jordan to strengthen their relationship in key investment areas. This is a significant development. This cooperative endeavor focuses on important areas including development and infrastructure projects with the goal of fortifying the two countries' long-standing strategic relationship. Mohammed Hassan Al-Suwaidi, the UAE's minister of investments, and Zeina Toukan, the Jordanian minister of planning and international cooperation, formally signed the memorandum of understanding. This partnership further cements the UAE's commitment to promoting sustainable development initiatives in Jordan and the broader region. Additionally, the Abu Dhabi Developmental Holding Co. and the Jordan Investment Fund have entered into a strategic partnership agreement, creating a joint investment fund. Al-Suwaidi emphasized their shared vision to explore new opportunities and pave the way for growth that benefits both ...