UAE News

Thu 08-05-2025 11:22 AM

Emirates Group Soars to Record Profits; Dubai Airport Expansion Gains Momentum

DUBAI, May, 2025 — Today’s UAE business news highlights significant economic growth and strategic development. The Emirates Group announced a record-breaking profit of AED 22.7 billion, leading to a generous bonus of 22 weeks’ salary for its employees. This strong performance underscores the recovery and expansion of the aviation sector in Dubai.

In terms of infrastructure, the expansion of Al Maktoum International Airport is progressing, with contracts awarded for enabling works and a second runway. This development aims to create a massive aviation hub capable of handling 260 million passengers annually and supporting one million jobs in Dubai South.

The UAE’s industrial sector is also experiencing a boost, with industrial exports surging to $53.6 billion. This growth is attributed to the country’s focus on local manufacturing and the establishment of new global trade partnerships.

Mon 10-03-2025 12:43 PM

Dubai has been ranked the world’s leading destination for attracting greenfield foreign direct investment for the fourth consecutive year.

DUBAI, 9th March, 2025 — Financial Times Ltd.’s ‘fDi Markets’ data confirms Dubai’s position as the leading global destination for Greenfield Foreign Direct Investment (FDI) projects for the fourth consecutive year.

Dubai’s 2024 foreign direct investment (FDI) capital inflow totaled an estimated AED 52.3 billion (USD 14.24 billion), representing a 33.2% surge from the AED 39.26 billion (USD 10.69 billion) recorded in 2023 and establishing a new annual record for the emirate since 2020.

In 2024, Dubai achieved a record high of 1,117 Greenfield foreign direct investment (FDI) projects, surpassing all previous years. Furthermore, with 1,826 announced FDI projects—an 11% increase over the 1,650 projects in 2023—Dubai established a new historical benchmark in FDI attraction, as reported by the Department of Economy and Tourism’s (DET) Dubai FDI Monitor. This represents the highest number of total announced FDI projects in the emirate’s history. These FDI projects generated an estimated 58,680 jobs in 2024, a 31% increase compared to the 44,745 jobs created in 2023.

His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, stated that Dubai’s prominent position in global investment is a direct result of the visionary leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.

Dubai’s consistent growth as a premier global destination for foreign direct investment (FDI) underscores its unwavering commitment to delivering exceptional investor value. The city’s four-year reign as the world’s leading recipient of Greenfield FDI exemplifies its capacity to not only establish new global benchmarks for sustained, rapid economic expansion but also to proactively adapt its investment offerings to the evolving international market. This achievement stems from a strategic vision that proactively addresses economic and technological advancements, directly supporting the ambitious goals of the Dubai Economic Agenda D33—doubling the emirate’s economy by 2033 and securing its position among the world’s top three urban economies.

His Highness Sheikh Hamdan bin Mohammed stated: “Dubai’s latest FDI rankings represent a significant achievement in our ongoing development. Despite global economic challenges, Dubai continues to attract investment, businesses, and skilled professionals, offering stability, superior infrastructure, and a vibrant business environment. We remain dedicated to cultivating innovation, enhancing economic competitiveness, and creating a supportive ecosystem that enables businesses and investors to thrive. Our ambitious goals solidify Dubai’s position as a future-oriented city and a global center for leading talent and innovative enterprises.”

Dubai’s proactive strategies have established it as a leading global hub for foreign direct investment (FDI). The emirate’s compelling business environment, supportive regulatory framework, robust infrastructure, and strategic geographical position make it highly attractive to investors. In 2024, it secured fourth place globally in attracting Greenfield FDI capital, an improvement from its fifth-place ranking in 2023, and maintained its top position in the Middle East and Africa (MEA) region, signifying a substantial enhancement in its investment appeal, as reported by the Financial Times Ltd.’s ‘fDi Markets’ data.

In 2024, the city’s global ranking for jobs created via inward foreign direct investment (FDI) improved from fourth to third, achieving the top spot in the Middle East and Africa (MEA) region. This growth reflects a significant increase in talent acquisition across key sectors including business services, software IT services, real estate, transportation and warehousing, financial services, industrial equipment, consumer products, and communications. This success underscores the city’s vibrant business environment, strategic economic policies, and capacity to attract highly skilled professionals, solidifying its status as a premier destination for investment and innovation.

Dubai maintained its global leadership in attracting foreign direct investment (FDI) headquarters projects for the third consecutive year, securing 50 projects in 2024. Regionally, Dubai ranked first in the Middle East and Africa (MEA) for greenfield FDI projects, capital investment, and job creation.

Dubai’s robust economic environment and sustainable growth are underscored by its 2024 FDI performance, a direct result of transformative projects and strategies implemented under the Dubai Economic Agenda D33. This initiative aims to solidify Dubai’s position as a premier global hub for business and leisure. Dubai’s continued leadership in investment excellence and economic dynamism is evidenced by its 6.2% global market share and 55% share of the Middle East’s total Greenfield FDI projects.

Dubai Department of Economy and Tourism (DET) Director General Helal Saeed Almarri stated that Dubai’s continued ability to attract capital investment, even amidst global economic uncertainty, reflects the visionary leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, as well as Dubai’s robust economy and commitment to a forward-thinking investment environment. This capital inflow further demonstrates investor, multinational corporation, and global talent confidence in Dubai’s resilient ecosystem, supported by strong public-private partnerships and the transformative objectives of the Dubai Economic Agenda (D33). Dubai remains dedicated to establishing new global competitiveness benchmarks through proactive regulatory frameworks, affordable energy solutions, and strategic international collaborations, fostering a thriving business ecosystem. Our emphasis on innovation, startup development, and digital infrastructure ensures Dubai’s continued appeal as a prime location for global economic growth, opportunity, and success. Collectively, we are developing a city recognized as a premier global destination for tourism, residency, employment, and investment.

FDI Markets data indicates Dubai’s global leadership in Greenfield FDI projects, capital investment, and job creation across diverse sectors. These include consumer goods, industrial and transportation/warehousing clusters; food and beverage, tourism, cybersecurity, and e-commerce. Dubai’s attraction of high-value FDI and job creation across multiple industries solidifies its position as a leading business expansion hub and a global center for trade, technology, and innovation-driven growth. Furthermore, it achieved the top ranking in Greenfield projects within financial services, headquarters, real estate, and artificial intelligence (AI). Dubai’s share of global FDI projects in Advanced Information Technologies (AIT) rose from 7.3% in 2023 to 8% in 2024, reinforcing its status as the premier global destination for AIT-related FDI.

Mr. Hadi Badri, Chief Executive Officer of the Dubai Economic Development Corporation (DEDC), the economic development affiliate of the Department of Economic Tourism (DET), stated that Dubai’s record-breaking influx of Greenfield Foreign Direct Investment (FDI) projects in 2024 underscores its ongoing commitment to cultivating a vibrant and prosperous business ecosystem. This accomplishment reflects both global investor confidence and Dubai’s robust economic infrastructure and long-term strategic vision. This success is driven by a dedication to fostering inter-industry collaboration, providing cutting-edge solutions, and implementing a diversified economic strategy. Aligned with the ambitious objectives of the Dubai Economic Agenda D33, we remain focused on developing innovative initiatives that promote sustainable growth. With the unwavering support of our leadership and stakeholders, Dubai is poised to become a global leader in innovation, inclusivity, and sustainable value creation.

Regarding foreign direct investment (FDI) project types in Dubai, New Forms of Investments (NFIs) experienced a significant 23% increase, indicating heightened investor confidence in innovative capital allocation strategies. Reinvestments showed a substantial 98% surge, reflecting sustained investor confidence and ongoing business expansion within the emirate. Venture capital-backed FDI grew by 39%, solidifying Dubai’s status as a dynamic hub for startups and high-growth ventures. Furthermore, mergers and acquisitions (M&As) increased by 8%, demonstrating robust corporate interest in strategic partnerships and market consolidation.

The Dubai FDI Monitor indicates that the leading five source countries contributed 63% of the total estimated foreign direct investment (FDI) capital inflow into Dubai during 2024. India led as the top source country, representing 21.5% of the total estimated FDI capital, followed by the United States (13.7%), France (11%), the United Kingdom (10%), and Switzerland (6.9%). Regarding the total number of announced FDI projects, the top five source countries accounted for approximately 55%, with the United Kingdom leading at 17%, followed by India (15%), the United States (14%), France (4.5%), and Italy (4%).

In 2024, the top five sectors attracted 53% of total estimated foreign direct investment (FDI) capital inflows into Dubai, while comprising 68% of all announced FDI projects. By FDI capital, the leading sectors were hotels and tourism (14%), real estate (14%), software and IT services (9.2%), building materials (9%), and financial services (6.8%). In terms of FDI projects, the leading sectors were business services (19.2%), food and beverages (16.5%), software and IT services (14.3%), textiles (9.6%), and consumer products (8.3%).

The UN Conference on Trade and Development projects moderate global foreign direct investment (FDI) growth in 2025, fueled by economic stability, technological progress, and geopolitical factors. Dubai’s FDI outlook for 2025 remains positive despite global uncertainty and evolving economic conditions. The city anticipates continued substantial investment inflows, especially in high-technology and innovation sectors. Given strong investor demand for long-term, inflation-hedged assets, Dubai’s supportive regulatory framework and investment incentives will ensure its continued appeal to private equity and sovereign wealth fund.

Mon 04-12-2023 2:13 PM

The President of the UAE and the UN Secretary-General discussed the COP28 agenda and regional developments.

DUBAI, 4th December, 2023 — President His Highness Sheikh Mohamed bin Zayed Al Nahyan held a meeting with UN Secretary-General António Guterres at the COP28 UN Climate Change Conference in Dubai Expo City on Sunday.

The President and the UN Secretary-General engaged in discussions during the meeting, focusing on COP28 agenda items and the conference’s critical role in fostering international collaboration to effectively address climate change for the benefit of present and future generations.

The UN Secretary-General lauded Sheikh Mohamed bin Zayed Al Nahyan’s initiative to establish a $30 billion fund for global climate solutions, designed to address the climate financing shortfall and ensure affordable access.

The meeting also addressed collaborative efforts between the UAE and UN agencies, focusing on support for global peace, climate action, sustainable development, and humanitarian initiatives at both regional and international levels.

Moreover, both parties examined several regional and international matters of shared concern, focusing particularly on the situation in the Occupied Palestinian Territories. They stressed the necessity of international intervention to secure a Gaza ceasefire, safeguard civilians, prevent forced displacement, and guarantee the safe, consistent, and substantial delivery of humanitarian assistance. Additionally, discussions emphasized the critical importance of preventing regional conflict escalation and pursuing a two-state solution for peace, as essential for regional stability, fostering an environment conducive to increased cooperation in the Middle East, and promoting the development and prosperity of its people.

Thu 30-11-2023 1:33 PM

Etihad Rail will commence passenger service between Abu Dhabi and Al Dhafra.

ABU DHABI, 30th November, 2023 — Etihad Rail will commence passenger service between Abu Dhabi and the Al Dhafra region, subsequent to the agreement’s execution.

Etihad Rail and Adnoc’s strategic partnership has yielded a passenger rail service between Abu Dhabi and Al Dhafrah, approximately 250 kilometers west of the capital, as confirmed by Wam.

Etihad Rail’s Chairman, Sheikh Theyab bin Mohamed, affirmed the UAE’s railway network’s crucial role in supporting national strategic objectives across multiple sectors, as reported by the state news agency, Wam.

A comprehensive rail network is a critical component of infrastructure in major global cities and nations, and Etihad Rail is similarly vital to the UAE’s sustainable development.

The commencement date for the UAE’s passenger rail service remains unconfirmed. Last year, however, Sakamkam in Fujairah was designated as the location for the inaugural passenger station.

Etihad Rail announced the full operational status of its extensive freight network in February, officially inaugurated by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai. The network comprises 38 locomotives and over 1,000 freight wagons.

The national rail network, spanning approximately 900 kilometers and extending to Oman, is projected to decrease carbon emissions by up to 21 percent.

Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology and COP28 President-designate, also serving as Managing Director and Group Chief Executive of Adnoc, was also in attendance at the agreement signing.

This collaboration with Etihad Rail reinforces ADNOC’s dedication to promoting sustainable transportation solutions and infrastructure development within the UAE. It also underscores ADNOC’s proactive pursuit of strategic partnerships and the implementation of innovative technologies to expedite emissions reduction, aligning with our 2045 net-zero target.

Upon operationalization, this partnership will facilitate inter-city travel for ADNOC employees between Abu Dhabi and Al Dhafra. Furthermore, it is anticipated to establish a precedent for future collaborations between other organizations and Etihad Rail.

Tue 28-11-2023 11:42 AM

UAE produces cleanest oil barrel in the world: Top official

ABU DHABI, 28th November, 2023 — UAE produces the cleanest barrel of oil in the world as it moves towards the strategic net zero goal by the year 2050, an Emirati top official said.

“In the oil and gas sector, we are making sure that we are producing the cleanest barrel in the world,” said Suhail Mohamed Al Mazrouei, UAE Minister of Energy.

When less greenhouse gas emissions occur while producing oil, that is known as a clean barrel. This came on the sidelines of the World Green Economy Summit, being held at Madinat Jumeirah. Several ministers, government officials and dignitaries have gathered to discuss climate change and the global green economy. WGES is a platform to drive dialogue and action amongst industry stakeholders. It also helps build partnerships by connecting creative minds across different sectors, which showcases innovative solutions and leading practices to inspire change.

Al Mazrouei stressed upon the announcement made by the national oil company, ADNOC’s sustainability strategy. “ADNOC to achieve zero methane by the year 2030 and to achieve net zero by the year 2045, five years before our national target of 2050. That should give you an idea of how committed we are to our goals,” said Al Mazrouei.

Elaborating on the other sectors such as infrastructure, transportation, shipping and energy, Al Mazrouei highlighted that the UAE intends to grow green energy capacity to the level of 19.8 Giga Watt in the next 7 years.

“We recently updated the UAE energy strategy 2050 with more ambitious targets including tripling the renewable energy capacity by the year 2030, increasing the share of clean energy capacity to 30 per cent, reducing the energy consumption through improving efficiencies by up to 45 per cent by the year 2050,” said Al Mazrouei adding that these targets will be achievable through investments of up to Dhs200 billion.

In the construction industry, the minister noted that the UAE is focused on developing low-carbon building materials. “We are focused on implementing sustainable construction practices with a focus on circular economy,” said Al Mazrouei. By the year 2050, half of the vehicles on the road to be hybrid or electric vehicles. “In the transport sector, we have planned to increase the share of electrical and hybrid vehicles to 50 percent of the total vehicles on the roads by 2050. To achieve this goal we constantly expand our network of EV charging stations,” said Al Mazrouei.“

We are probably to be the first country to put a pricing mechanism that will be announced later this year of next year incentivizing the private sector to invest in EV charging stations infrastructure,” said Al Mazrouei. In the maritime and shipping sector, UAE will be launching the Blue Pass aimed at creating a cluster of local and international maritime organisations to exchange their services.

“We have also signed the Clydebank declaration that aims to establish green shipping corridors,” said Al Mazrouei. The Clydebank Declaration outlines a commitment to fostering the establishment of environmentally friendly shipping corridors. This involves collaboration between nations and various stakeholders within the industry, aiming to enhance cooperative efforts both among countries and between countries.Al Mazrouei also mentioned the UAE taking measures to develop sustainable aviation fuel and low-carbon aviation fuel for a green aviation sector.

Tue 07-11-2023 9:06 AM

Travellers from the UAE can now visit Bosnia and Herzegovina without a visa

DUBAI, 7th November, 2023 — If you’ve always wanted to visit the Balkans, and you’re a UAE passport holder, you now don’t have to worry about applying for a visa.

UAE citizens can travel to Bosnia and Herzegovina without the hassle of visa applications, reducing the cost and processes required to enter the European country.

The UAE and the Balkan country signed a Memorandum of Understanding (MoU) on Monday November 6 to create more opportunities for trade and smoother travel.

UAE passport holders have visa-free travel to 136 countries and territories. These also include Canada, Hong Kong, Ireland, Germany, Mexico and many more.

Bosnia and Herzegovina is home to jaw-dropping landscapes, with rugged mountains, lush forests, and crystal-clear rivers.

Located in the heart of the Balkans in southeastern Europe, the country has an emerging food scene and one of the most beautiful (and not so crowded) old towns in Europe.

Mon 06-11-2023 2:23 PM

UAE issues guidance on combating use of unlicensed virtual asset service providers

DUBAI, 6th November, 2023 — The UAE has issued guidance to help financial institutions combat the use of unlicensed virtual asset service providers, as the Arab world’s second-largest economy continues to strengthen financial sector regulation.

The guidance was issued by the National Anti-Money Laundering and Combating Financing of Terrorism and Financing of Illegal Organisations Committee, the UAE Central Bank said on Monday.

It aims to educate licensed financial institutions (LFIs) and the wider public sector on the risks associated with unlicensed virtual asset service providers (Vasps).

The guidance, prepared in collaboration with UAE supervisors, comes at a time when virtual assets have become more accessible through digital channels, the Central Bank said. “As our digital economy matures, our work on combating all kind of financial crimes intensifies through raising awareness of their risks and emphasising the importance of compliance with relevant regulations and legislation to ensure the integrity of the UAE’s financial system,” said Khaled Balama, Governor of the UAE Central Bank and chairman of the committee.

The Emirates has made significant progress in combating money laundering, the financing of terrorism and weapons proliferation over the past few years. The country has passed strict laws and issued a number of regulations over the years to clamp down on financial crime.

The new guidance aligns with the Financial Action Task Force’s instructions and aims to provide the reporting entities – including LFIs, designated non-financial businesses and professions, as well as licensed virtual asset service providers – with a comprehensive road map to enhance their governance and operational processes.

It also explains how to identify and address governance challenges and emerging risks, and also underlines the importance of compliance with anti-money laundering regulations issued by supervisory authorities.

“It specifically requires them to remain vigilant of the various fraudulent methods unlicensed Vasps adopt [and] continue to manage money laundering, financing of terrorism and proliferation financing risks effectively,” the Central Bank said.

It also aims to ensure emerging risks are factored into their business and customer risk assessments and ensure due diligence is conducted to identify instances of forged documents and sanctions evasion, the regulator added.

Fri 03-11-2023 7:02 PM

UAE reveals new corporate tax decisions for free zone companies

ABU DHABI, 3rd November, 2023 — The UAE Ministry of Finance on Friday announced new corporate tax decisions for companies in free zones as it seeks to standardise regulations with international frameworks.

The new decisions aim to clarify the scope of both qualifying and excluded activities in the corporate tax regime, giving more certainty to free zone businesses. They include Cabinet Decision No. 100 of 2023 that addresses the identification of qualifying income, and Ministerial Decision No. 265 of 2023, which applies to qualifying activities and excluded activities.

“These new decisions reflect the continued significant role of free zones in the UAE’s economic diversification strategies and commitment to aligning with international taxation standards,” Younis Haji Al Khoori, undersecretary at the Ministry of Finance, said.

“The certainty of a competitive corporate tax regime and offering a special regime for free zones cements the UAE’s position as a leading global hub for business and investment and drives its sustainable development agenda.”

The UAE introduced the federal corporate tax with a standard statutory rate of 9 per cent starting from the financial year beginning on or after June 1. Under the regulations, companies operating in free zones can pay zero per cent tax on income from certain qualifying activities and transactions.

Qualifying activities include fund, wealth and investment management services, the manufacture and processing of goods or materials, reinsurance services, the holding of shares and other securities and the ownership, management and operation of ships.

Other qualifying activities include services provided by headquarters to related parties, Treasury and financing services provided to related parties, the financing and leasing of aircraft (including engines and rotable components), logistics services, as well as distributions in or from a designated zone that meet the relevant conditions and any ancillary activities related to these. They can also benefit from a tax exemption on income earned from transactions with mainland UAE businesses or those in a foreign jurisdiction.

According to the latest updated cabinet decision, the definition of qualifying income has been expanded to cover revenue generated from owning or utilising qualifying intellectual property. This calculation follows the methodology outlined in the Organisation for Economic Co-operation and Development’s modified nexus approach, the ministry said.

Meanwhile, the ministerial decision has now included qualifying commodities trading as an eligible activity for corporate tax. The move allows for the zero per cent corporate tax rate to apply to income earned from the physical trading of metals, minerals, energy, and agricultural commodities that are traded on a recognised stock exchange.

This provision also covers income from derivative trading used for hedging against the risks associated with these trading activities, the ministry said. The ministerial decision also explains the precise boundaries of qualifying activities and excluded activities, it added.

Fri 03-11-2023 6:32 PM

Dubai Puts Casino Plans on Backburner as Abu Dhabi Pushes Ahead

DUBAI, 3rd November, 2023 — Ever since the framework for legalised gaming was set up by the United Arab Emirates (UAE) in September, it seemed that Dubai would swiftly move to permit casinos. However, it seems that Abu Dhabi and Ras Al Khaimah would be the first ones to have a casino before Dubai as the latter has reportedly put its plans on hold.

Abu Dhabi is currently mapping out three locations for a potential casino establishment. People with knowledge of the matter told Bloomberg that Yas Island – where the Yas Marina Formula One Circuit, Ferrari World and Warner Bros. theme parks are situated – along with one more place near the city’s port, are being considered. Ras Al Khaimah, on the other hand, has announced plans for a $3.9 billion integrated resort, partnering with Wynn Resorts Ltd.

Dubai, however, has put the plans aside as government officials stated that gambling was not a priority due to the already booming tourism sector, people aware of the matter said. This may lead to changes in plans to introduce casinos.

Plans to legalise gambling were made back after the UAE formed a federal authority for commercial gaming called General Commercial Gaming Regulatory Authority (GCGRA). Currently, it is believed that each emirate will get licence for a single casino, however, this policy can change in future.

The UAE casino market is expected to surpass Singapore’s in terms of revenue once it picks up pace. As per estimates, revenue from casinos in the UAE could reach $6.6 billion.

Bill Hornbuckle, CEO of MGM Resorts International, expressed optimism that gambling will eventually take place at the resort they are developing in Dubai.

“We have a project which is now underway that we began to work on back in 2015 – it is on Plateau Island, it’s at the base of Jumeirah beach and the base of Burj Al Arab, they look at each other,” Hornbuckle said.

“We’re positive. I’d love to be in Dubai with an operating company that has a casino in it, but one step and one day at a time,” he added.

An expert believes that even in case Dubai does not allow casinos, it will still benefit greatly when it comes to tourism due to increased visitor traffic for casinos in Abu Dhabi or Ras Al Khaimah.

Fri 03-11-2023 16:25 PM

UAE flag a symbol of the country’s strength and unity: RAK Ruler

RAS AL KHAIMAH, 3rd November, 2023 — H.H. Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, affirmed that the UAE flag is a symbol of the country’s strength and unity, and will remain raised high with the will and determination of the UAE people, and their tireless efforts.

H.H. Sheikh Saud made this statement while attending the flag-raising ceremony held at Al Qawasim Cornish in Ras Al Khaimah to mark UAE Flag Day, accompanied by H.H. Sheikh Mohammed bin Saud bin Saqr Al Qasimi, Crown Prince of Ras Al Khaimah, and a number of officials and local department heads.

Today, we celebrate our flag, which symbolises our loyalty and belonging to our beloved homeland and the upholding of our national values and principles established by the UAE Founding Fathers, the Ruler of Ras Al Khaimah said.

Sheikh Saud extended his congratulations to President His Highness Sheikh Mohamed bin Zayed Al Nahyan, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister and Chairman of the Presidential Court, and Their Highnesses the Supreme Council Members and Rulers of the Emirates, as well as to the UAE people and residents.