Latest news with #EmiratesNewsAgency
Hi Dubai
3 hours ago
- Business
- Hi Dubai
UAE Economy Set to Grow 4.6% in 2025 as Non-Oil Sectors Drive Momentum
The UAE's economy is on track for robust growth, with the World Bank projecting a 4.6% expansion in 2025 and further strengthening to 4.9% through 2026 and 2027, driven primarily by non-oil sectors. According to the latest Gulf Economic Update , released by the World Bank based on data through June 1, non-oil industries will remain the engine of growth across the UAE, expanding by 4.9% in 2025. This performance reflects the country's ongoing efforts to diversify its economy and reduce reliance on hydrocarbons. The wider GCC region is also expected to rebound, with growth forecast at 3.2% in 2025 and rising to 4.5% in 2026. The report highlights a regional economic uptick from 0.3% in 2023 to 1.7% in 2024, fueled by strong private consumption, increased investment, and structural reforms. GCC countries are navigating global headwinds, including uncertainties around trade and the risk of a broader economic slowdown. The World Bank stresses the need for accelerated reform to bolster regional trade and economic diversification. Safaa El Tayeb El-Kogali, World Bank Director for the GCC, praised the bloc's resilience and emphasized the importance of 'strategic fiscal policies, targeted investments, and a strong focus on innovation and job creation.' The report also explores the impact of fiscal policy on stability, noting that public spending has helped shield GCC economies during downturns. A one-unit rise in fiscal spending can lift non-oil output by up to 0.45 units, underscoring the importance of smart budget strategies amid fluctuating oil prices. News Source: Emirates News Agency
Hi Dubai
3 hours ago
- Business
- Hi Dubai
Global FDI Rose 4% in 2024 to $1.5 Trillion: UNCTAD
Global foreign direct investment (FDI) dropped 11 percent in 2024, marking the second year of decline and underscoring growing concerns over volatility and fragmentation in international capital flows, according to the United Nations Conference on Trade and Development (UNCTAD). Released Thursday in Geneva, UNCTAD's World Investment Report 2025 noted that despite a 4 percent rise in global FDI to $1.5 trillion last year, the increase was driven largely by transient financial flows through European investment hubs — masking underlying weaknesses in long-term investment trends. The report warned that geopolitical tensions, trade fragmentation, and intensifying industrial policy competition are reshaping the global investment landscape, eroding investor confidence and deepening disparities between developed and developing markets. Developed economies saw FDI fall sharply by 22 percent, with Europe experiencing a dramatic 58 percent plunge. North America stood out with a 23 percent rise, led by inflows into the United States. FDI to developing countries held relatively steady. Asia remained the top recipient despite a slight 3 percent decline, while Southeast Asia posted a 10 percent rise. Africa recorded a 75 percent surge, primarily due to a major project in Egypt, while Latin America and the Caribbean saw a 12 percent drop. In the Middle East, investment remained strong, bolstered by Gulf nations' economic diversification initiatives. Structurally vulnerable economies showed mixed results: FDI rose in least developed countries and small island states but fell in landlocked developing nations. UNCTAD emphasized the need to reform global investment frameworks to support sustainable development, ahead of the upcoming Fourth International Conference on Financing for Development, where world leaders will address growing financing gaps. News Source: Emirates News Agency
Hi Dubai
3 hours ago
- Business
- Hi Dubai
UAE Ranks 10th Globally as FDI Inflows Reach Record AED 167.6 Billion in 2024
The UAE has secured its place among the world's top ten destinations for foreign direct investment (FDI), attracting a record AED 167.6 billion (USD 45.6 billion) in inflows in 2024, according to the UNCTAD World Investment Report 2025. The achievement marks a 48% year-on-year increase and reinforces the country's standing as a magnet for global capital amid a challenging international landscape. This performance places the UAE tenth globally for total FDI inflows and second worldwide—after the United States—in newly announced greenfield investment projects, with 1,369 initiatives launched in 2024. The country also captured 37% of all FDI entering the Middle East region. His Highness Sheikh Mohammed bin Rashid Al Maktoum credited the milestone to the visionary leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, highlighting the UAE's strong economic foundation and clear development focus. 'Our message is simple: development is the key to stability, and the economy is the most important policy,' he said. Key sectors driving investment include software and IT services, business services, renewable energy, oil and gas, and real estate. Greenfield FDI into the energy sector alone reached AED 4.8 billion (USD 1.3 billion), supporting national goals to expand renewable energy capacity by 2030. The Ministry of Investment attributed the surge to investor-friendly policies such as full foreign ownership, a 9% corporate tax rate, streamlined licensing, and legal reforms. Minister of Investment Mohamed Hassan Alsuwaidi said the UAE's strategic framework and long-term vision continue to position it as a global investment leader. With cumulative FDI stock reaching USD 270.6 billion in 2024 and a 10.5% compound annual growth rate since 2015, the UAE now aims to attract AED 1.3 trillion in FDI by 2030 under its National Investment Strategy. News Source: Emirates News Agency
Hi Dubai
19 hours ago
- Entertainment
- Hi Dubai
Museum of the Future Launches Fourth Edition of Future Heroes Summer Camp
The Museum of the Future is bringing back its popular Future Heroes Summer Camp for the fourth year, offering children aged 6 to 13 a dynamic three-week programme focused on innovation, sustainability, and future skills. Running from 21 July to 7 August 2025, the camp promises a hands-on, theme-based learning experience designed to inspire curiosity and creativity. Weekly themes will spotlight areas such as space science, entrepreneurship, and climate action, with children grouped by age for tailored, age-appropriate sessions. Participants will engage in real-world challenges and workshops featuring topics like robot programming, 3D printing, and smart app design. They'll also have the chance to interact with thought leaders and professionals across diverse industries. The initiative aligns with the museum's broader mission to be a platform for forward-thinking education and supports Dubai's vision of empowering youth with skills in leadership, communication, and design thinking. By combining play with purpose, the Future Heroes Summer Camp aims to nurture a new generation of problem-solvers and changemakers ready to shape the world ahead. News Source: Emirates News Agency
Hi Dubai
a day ago
- Business
- Hi Dubai
UAE Approves AED1.2 Billion in Housing Support as Part of Bold National Housing Push
The UAE has approved AED1.2 billion in housing support for 1,838 citizens in the first half of 2025, reaffirming its commitment to improving quality of life and strengthening social stability through the Sheikh Zayed Housing Programme. Since its inception, the programme has delivered AED50 billion in housing support, benefiting more than 93,000 Emiratis. The initiative is part of the country's long-term strategy to empower families and drive sustainable urban development. The UAE Cabinet has also rolled out a new financing policy for the programme extending to 2041. The plan targets 40,000 housing support decisions in four phases, with 13,000 in the first phase alone at an estimated AED11.5 billion. The new model integrates federal funding with support from national banks, easing the financial load on the treasury while offering more flexible financing options for citizens. Between 2021 and 2024, the programme recorded a 50% cut in processing time for support decisions and increased homeownership among Emiratis to 91% — a 17% rise since 2017. Private sector contributions now account for 76% of housing funding. Complementary initiatives such as the 'Flexible Loan' and 'Reuse of Housing Assistance Value' offer tailored financial solutions, while the award-winning 'Manzili' bundle has drastically reduced red tape, saving millions of work hours and slashing emissions. In a further show of global leadership, the UAE has been elected President of the UN-Habitat General Assembly and secured a seat on its Executive Board, strengthening its voice in international housing and urban development efforts. News Source: Emirates News Agency
