Onjo Simson

  As we step into 2025, the UAE is poised to significantly expand its Comprehensive Economic Partnership Agreement (CEPA) network by signing additional agreements. The UAE's Minister of State for Foreign Trade,  Dr. Thani bin Ahmed Al Zeyoudi, aiming to foster an international trade relationships, enhancing its economic footprint  and cement the UAE’s position in the global marketplace.  So  this strategic move aims to fuel economic growth and achieve ambitious trade goals.  Precisely, The UAE has set a bold target to boost its non-oil trade to $1 trillion by 2031. This target is part of a broader vision to double the economy and surpass $800 billion by 2030. The expansion of the CEPA network is a crucial step toward achieving these goals. In 2024, (which is a successful year to UAE) their foreign trade saw impressive growth, surpassing AED 1.395 trillion in the first half of the year alone, which was an 11.2% increase compared to the same period in 2023. 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...

  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 US-UAE Business Council effectively catalyzes the transformative partnership between UAE and the United States as they embark on economic collaboration and innovation. Having been formed in 2007, this entity functions as a sign of hope, encouraging business to business programs while leading the way in broadening and deepening trade ties between the two countries. The Council holds a crucial position in moving forward interests that benefit both economies by promoting mutually advantageous undertakings that contribute to the advancement and welfare of the UAE and America. The UAE is known for its role as a global leader in economic diversification as well as sustainability concerning different sectors such as energy or technology or even infrastructure improvements with its commitment to establish international relations.  In terms of renewable energy introduction rate increment targets, there has been outlined a new strategy where substantial funds (such as those provide...

  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 United Arab Emirates has made a significant stride towards becoming a global leader in artificial intelligence and advanced technology with the establishment of the Artificial Intelligence and Advanced Technology Council (AIATC). This initiative, spearheaded by President Sheikh Mohamed bin Zayed Al Nahyan, reflects the nation's commitment to embracing cutting-edge innovation and harnessing its power for the benefit of its citizens and beyond. The AIATC's primary focus will be on developing and implementing comprehensive policies and strategies that foster research, infrastructure development, and investments in the realm of AI and advanced technology within the emirate of Abu Dhabi. This strategic approach will not only ensure responsible and ethical development of these technologies but also create an environment conducive to attracting top talent and investments, solidifying Abu Dhabi's position as a regional hub for innovation in this sector. Peng Xaio just declar...

  The establishment of a national electronic payment corporation is a crucial step toward modernization, as announced by Iraq's Central Bank . The program, which embraces digital solutions to improve accessibility and efficiency, heralds a progressive change in the financial landscape of the nation. The action is in line with worldwide trends, according to which countries are realizing more and more how crucial digital payment infrastructure is to financial inclusion and economic prosperity. The national business for e-payments is set to simplify financial transactions throughout Iraq and offer its citizens safe and convenient digital payment choices. This breakthrough occurs at a pivotal moment in the global digital transformation process, as Iraq is eager to capitalize on the potential advantages of a digital economy. It is anticipated that the national corporation will be crucial in lowering dependency on conventional banking techniques, advancing financial literacy, and cultiva...

  Iraq, a nation with a rich history and a promising future, is setting its sights on a significant budgetary shift that prioritizes the development of crucial infrastructure projects . This strategic move reflects a dedication to fostering sustainable growth, enhancing connectivity, and revitalizing the nation's economic landscape. As Iraq's leaders allocate resources towards these transformative endeavors, a new chapter in the country's progress is poised to unfold.   The Imperative of Infrastructure Investment:   The decision to pivot the budget towards infrastructure projects is rooted in the recognition of their far-reaching impact. Strong and modern infrastructure forms the backbone of a thriving economy, enabling efficient transportation, improving public services, and attracting investment. Iraq's commitment to this endeavor signifies a proactive approach to overcoming challenges and positioning the nation for long-term success.   Unlocking Econom...