finance & economy

June 19, 2019

ABU DHABI, 18th June, 2019 (WAM) -- Non-oil trade exchange between the UAE and Costa Rica grew 33 percent from US$19.8 million in 2017 to $26.3 million in 2018 following the opening of their embassies in Abu Dhabi and San Jose in 2017 and 2018, respectively, according to a report by the Ministry of Foreign Affairs and International Cooperation.

'UAE's exports to Costa Rica totaled $2.2 million in 2017, with imports estimated at $16.4 million and re-exports at $1.2 million,' added the report, released to mark the current visit paid by Ahmed Ali Al Sayegh, Minister of State, to San Jose.

'UAE's"...

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June 19, 2019

ABU DHABI, 18th June, 2019 (WAM) -- The United Arab Emirates drew up to AED111.7 billion in FDI during the period from 2016 through 2018, bringing its overall volume of foreign investments to circa AED511 billion.

According to the World Investment Report 2019, recently released by the United Nations Conference on Trade and Development, the UAE ranked 27th globally in attracting FDI flows in 2018, three positions up from its 2017's classification by UNCTAD.

Overall, the report said, the UAE received in 2018 direct foreign investments of more US$10.4 billion, maintaining"...

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June 19, 2019

The escalating trade war between the world’s two biggest economies is denting regional and global demand for steel, forcing the UAE’s Emirates Steel to rationalise its cost base to offset the impact of slower sales, its chief executive said.

'It’s difficult, challenging, and there is no sell, you see a trend of slowing demand not only in the region but also the whole world,” Saeed Al Remeithi told The National.

'Also from the raw materials point of view, prices are going up,” he added.

Emirates"...

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June 19, 2019

DUBAI, 18th June, 2019 (WAM) -- Dubai Customs took an active part in the WCO IT/TI Conference and Exhibition, which was held between 12th-14th June, 2019, in the Azerbaijani capital, Baku.

Ahmed Mahboob Musabih, Director-General of Dubai Customs headed the delegation to the conference which took place under the theme 'New technologies for SMART borders – New opportunities for Trade, Travel, and Transport' and explored implications of the digital world on Customs and other Government agencies in the future.

'For the first time, the WCO has merged its"...

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June 19, 2019

Just a few months after joining Andersen Global as a collaborating firm, KSP Legal and Tax Advice (KSP T.Srokosz i Wspólnicy Sp.k.), has adopted the name Andersen Tax & Legal and joined the Andersen Tax & Legal team in Poland. The Andersen name now has broad coverage in Poland with Andersen Tax & Legal offices in both Warsaw and Katowice. Marcin Matyka will be Managing Partner of Andersen Tax & Legal in Warsaw, while the team in Katowice will continue to be led by Office Managing Partner Magdalena Patryas.

“We are excited to adopt the Andersen name and be a part of a global organization where we can provide best-in-class"...

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June 18, 2019

Drake & Scull International, the Dubai-based contractor under investigation by the UAE regulator amid financial restructuring, said it appointed a new chairman and board member following resignations by some of the company's top brass last month.

The board of DSI appointed Shafiq Abdelhamid as chairman - its second in less than seven months - and Abdallah Al Matrooshi as a member of the audit committee, the company said on Monday in a filing to the Dubai Financial Market, where its shares trade.

Former chairman Obaid Bin Touq, who was appointed to the post"...

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June 18, 2019

Total business activity in Dubai's private sector non-oil economy increased at its strongest rate for nine years in May, according to new research.

The seasonally adjusted Emirates NBD Dubai Economy Tracker Index said activity growth remained partly driven by competitive pricing, notably in the construction and wholesale and retail sectors.

The index rose to a 52-month high of 58.5 in May, from 57.9 in April, reflecting sharper growth of total activity and new business, while the contribution from employment was almost neutral.

Wholesale"...

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June 18, 2019

DUBAI, 17th June, 2019 (WAM) -- The Ministry of Finance, MoF, today signed an agreement to encourage and protect investments between the UAE and the Hong Kong Government, as part of the ministry's efforts to protect the nation’s investments abroad and to attract foreign investments.

The agreement was signed by Younis Al Khoori, Under-Secretary of MoF and Dr. Bernard Chan, Hong Kong's Under-Secretary for Commerce and Economic Development, in the presence of officials from both sides.

Commenting on the agreement, Al Khoori highlighted the importance of"...

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June 18, 2019

Project Management Institute (PMI) today released its 2019 Pulse of the Profession® In-Depth Report: AI Innovators: Cracking the Code on Project Performance. The report provides an in-depth look at how artificial intelligence (AI) is impacting organizations and the project management profession. Findings reveal that AI disruption is happening and at a large scale: 81 percent of respondents report their organization is being impacted by AI technologies; 37 percent say adopting AI technologies is a high priority for their organization; and project professionals say they expect the proportion of the projects they manage using AI will jump from 23 to 37 percent over the next three years.

This"...

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June 17, 2019

The opening day this year’s Dubai Summer Surprises on June 21 will see outlets offerings discounts of up to 90 percent, according to the Dubai Festivals and Retail Establishment.

In an interview with Gulf News, Sahaila Saqer Obaid Ghubash, the DFRE’s director of festivals and events, said that the event is likely to increase consumer spending through discounts at fashion and retail outlets in the city.

“There will be weekly surprises too and on occasions, in addition to daily discounts start from a minimum 25 per cent going all the way up to 75 per"...

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