Economy

The United Arab Emirates (UAE) has secured its position as the world’s second-highest recipient of greenfield Foreign Direct Investment (FDI) announcements in 2023, following closely behind the United States. The revelation comes from the latest report by the United Nations Conference on Trade and Development (UNCTAD). The report sheds light on the UAE’s remarkable 28 percent increase in greenfield FDI announcements in ...

Foreign Direct Investment (FDI) serves as the lifeblood for the growth of numerous economies, playing a pivotal role in propelling the development of diverse sectors in the Middle East, particularly those extending beyond the confines of the oil industry. Sharjah in particular is rapidly establishing itself as a burgeoning hub for FDI, a testament to its strategic appeal in the ...

The Sharjah FDI Office (Invest in Sharjah) actively explored economic collaboration and investment synergies between Sharjah and prominent business communities in India during its participation in the 27th edition of the World Investment Conference. Organised by the World Association of Investment Promotion Agencies (WAIPA) from December 11-14 in New Delhi, India, the event served as a platform to highlight promising ...

Hamriyah Freezone Authority (HFZA) and Amazon UAE have signed a lease agreement for a new logistics center which will enhance delivery services for customers in the Northern Emirates. In line with HFZA’s vision to bolster economic growth and innovation in the region, the agreement supports Amazon UAE’s commitment to investing in its presence across the country. Once launched, the new ...

Sheikh Abdullah bin Salem bin Sultan Al Qasimi, Deputy Ruler of Sharjah and Deputy Chairman of the Executive Council, and Sheikh Sultan bin Ahmed bin Sultan Al Qasimi, Deputy Ruler of Sharjah and Deputy Chairman of the Executive Council, attended the meeting. Over the course of the meeting, attendees heard updates on development initiatives spanning a wide range of industries ...

From surviving to thriving in the post-COVID-19 world, small and medium enterprises (SMEs) in the UAE are optimistic about the rest of 2023. These are the findings of the second edition of the Mastercard Eastern Europe, Middle East, and Africa (EEMEA) SME Confidence Index. The inaugural SME Confidence Index delved into the impact of the pandemic on SMEs across sectors, ...

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, chaired the UAE Cabinet meeting at Qasr Al Watan, Abu Dhabi, in the presence of His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister and Minister of the Presidential Court; H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy ...

In a milestone step towards international cooperation and advancement of the media industry, Sharjah Media City (Shams) has signed an MoU with Munhwa Broadcasting Corporation (MBC), the largest television and radio broadcasting company in the Republic of South Korea. His Excellency Rashid Abdullah Al Obed, Managing Director of Sharjah Media City, and Hyoung-Mun Choi, Director of Business Centre and Head ...

The UAE is among the top 10 most powerful passports in the world for investment opportunities, thanks to its stable economy and focus on innovation, according to a new index by investment migration consultancy firm Global Citizen Solutions. The UAE came sixth out of 197 countries on the investment index, with advantages such as zero personal taxation and a high gross national ...

Sharjah Entrepreneurship Centre (Sheraa) has signed a memorandum of understanding (MoU) with Wio Bank, the region’s first platform bank, to empower ecosystem players with Wio platform that is built to reboot banking for the new digital age. The agreement comes within the framework of Sheraa’s vision on the importance of robust, reliable and reputable financial services management for all established ...