Day: May 14, 2023

Dubai retained its No. 1 spot globally for attracting Greenfield FDI projects in 2022, further reinforcing its position as the world’s top foreign direct investment hub, according to the latest data from the 2022 Financial Times ‘fDi Markets’ report. Retaining its top spot for a second successive year, Dubai achieved 89.5 percent YoY growth in total announced FDI projects in 2022, while total FDI capital surged 80.3 percent over the same period, further consolidating the emirate’s status as one of the top three global cities, a key goal of the Dubai Economic Agenda D33 launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai. H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council said: “Dubai’s ability to secure the No. 1 global ranking for Greenfield FDI projects for the second year in a row demonstrates its ability to sustain its compelling investment value proposition even at a time when the worldwide economy is facing headwinds. Driven by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the emirate offers the deep stability, sustainability, infrastructure and opportunity-rich environment needed to ensure the long-term trust of international investors, businesses and entrepreneurs. Over the years, Dubai has forged dynamic partnerships with global investors to accelerate innovation and create enduring economic value. Dubai leads the world in attracting FDI in a wide range of industries, especially future-oriented sectors, a fact that is a testament to the strategic vision articulated in the Dubai Economic Agenda D33, which aims to consolidate Dubai’s position as one of the world’s top urban economies.” Financial Times Ltd. ‘fDi Markets’ data for 2022 showed that Dubai continued to maintain and improve its leadership position across key FDI attraction metrics. The emirate ranked first in attracting FDI projects into tourism, business services, financial services, transport and warehousing, consumer products, and software and IT services sectors. Dubai also emerged as the 2022 world leader in attracting FDI projects in the creative industries cluster, in research and development projects, and in attracting FDI project headquarters by hosting international companies’ global and regional headquarters. Helal Saeed Almarri, Director General of Dubai’s Department of Economy and Tourism, said: “Dubai’s leading global FDI ranking underpins a comprehensive framework of initiatives that were launched to further strengthen the city’s business and investment environment, based on the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. “Our strategy to further consolidate the city’s position as one of the top three global cities, in line with the Dubai Economic Agenda, D33, is again strengthened by the achievement of attracting and stimulating FDI and reflects the confidence investors, multinational companies, start-ups, and global talent have in Dubai. The growth of the city’s share in global Greenfield FDI projects clearly indicates our strategy’s effectiveness and also highlights the city’s position as the capital of the global digital economy and a hub for innovation and technology, further ensuring that increasing FDI inflow remains a top priority and key goal of the D33 Agenda,” Helal Almarri added. Overall in 2022, Dubai ranked seventh globally in attracting Greenfield FDI Capital and fifth globally in FDI Jobs. From a MENA perspective, Dubai ranked second in FDI Capital and first in FDI Jobs. Compared to 2021, Greenfield FDI (wholly owned) and new forms of investments increased by 6 percent in 2022. The new forms of investments demonstrate the level of Dubai’s domestic market maturity and the diverse non-equity-based partnership opportunities across joint ventures, strategic alliances, sub-contracting, licensing, production-sharing franchising, and turnkey projects. The emirate’s share in attracting global Greenfield FDI projects reached 4 percent, an increase of 1.9 percent compared to 2021, with a record 837 projects enabling the city to achieve the highest growth in global shares across the past seven years, according to data from Financial Times’ fDi Markets, the most comprehensive online database on cross-border Greenfield investments. Dubai attracted a total of 1,173 FDI projects in 2022. Dubai FDI Monitor’s data also revealed that the total estimated FDI capital flowing into Dubai in 2022 was AED47 billion ($12.8 billion) compared to AED26.07 billion in 2021. An estimated 38,447 jobs were created in Dubai in 2022 compared to 24,932 jobs in 2021. The top five source countries for FDI projects accounted for 54 percent of the total in 2022, split among the United States (20 percent), the United Kingdom (13 percent), India (12 percent), France (5 percent), and Switzerland (4 percent). Additionally, the top five source countries for FDI capital accounted for 72 percent of the total estimated flows into the emirate in 2022, split among Canada (41 percent), the United Kingdom (12 percent), the United States (11 percent), India (4 percent), and Switzerland (4 percent). The top five sectors – transportation and warehousing, hotels and tourism, renewable energy, software and IT services, and consumer products – accounted for 76 percent of the total estimated flows into Dubai and 68% of announced FDI projects — the transportation and warehousing sector led the pack with a dominant 45 percent share of FDI capital. Dubai FDI Monitor data also revealed that the top five business functions accounted for 78 percent of total estimated flows into Dubai, while 93 percent accounted for the total announced FDI projects in 2022. Business services also remained a prominent business function based on FDI projects and FDI capital in 2022. Types of foreign direct investment by projects Compared to 2021, Dubai leads the world in a number of important metrics as a result of attracting different types of FDI projects and capital, including Greenfield FDI and new forms of investments: mergers, acquisitions, reinvestments, VC-backed FDI and greenfield joint ventures. Complementing the 2022 increase in FDI capital, the hotels and tourism sector and the software and IT services sector catalysed growth in total estimated jobs created through FDI. High and medium-tech FDI projects accounted for 63 percent of the projects recorded in this sector in 2022, highlighting Dubai’s position as a preferred destination for high-tech FDI projects and a global centre for specialised talent in the digital economy.

Source: Emirates News Agency

The Arab Youth Centre, in cooperation with the European Union Delegation to the UAE, announced the opening of applications to join the “Skills Bootcamp for Non-Experts” (SBNE). This initiative is created to help Arab youth enhance their skills in the art of professional negotiation, with a focus on climate change and sustainability ahead of COP28 in Dubai this year. The camp will be hosted at the Arab Youth Centre headquarters in Abu Dhabi from 30th May to 1st June and will include more than 30 participants. The camp comes under the umbrella of the “Young Arab Diplomatic Leaders” programme, which enables Arab youth leadership in diplomacy and strives to hone Arab youth skills in professional negotiation. It qualifies these individuals to gain experience and knowledge that facilitate active participation in international discussions and negotiations. SBNE additionally seeks to highlight and represent the Arab community in the field of climate change. Andrea Matteo Fontana, Ambassador of the European Union to the UAE, said, “We are pleased to partner with the Arab Youth Centre on this initiative to upskill Arab youth in professional negotiation and empower them to participate actively in international discussions, especially in the field of climate change. The “Skills Bootcamp for Non-Experts” initiative contributes to the UAE objective of ensuring that young people’s perspectives are at the heart of global policymaking on climate change and aligns with the EU’s aims to empower youth and foster people-to-people relations with the Gulf.” Haya Aseer, Project Manager of the Arab Youth Diplomatic Leaders Programme, said, “By engaging the Arab youth population, our camp seeks to build necessary skill sets ahead of the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28), hosted by the UAE from 30th November to 12th December, 2023. The camp directly benefits from the vision adopted by COP28 to empower Arab youth and amplify their participation in issues of common humanitarian concern by building their capacities in policies and negotiations, specifically about climate change – the theme of the conference.” The camp incorporates training and educational workshops implemented by reputable institutions with a proven track record in the field. Additionally, the camp conducts an interactive simulation of negotiations enabling young participants to apply their new knowledge and experience gained during training. Participation requires that the applicant be a young Arab between the ages of 18 and 35 years and have a keen interest or achievements in addressing the challenge of climate change. Those interested may register by visiting the Arab Youth Centre’s official social media platforms and digital channels. The objectives of the bootcamp include raising awareness of climate change issues and the importance of evolving climate action across the board. This includes increasing interest in annual COP conferences and raising awareness about the role of individuals, civil society, and economic and political actors in supporting climate action. Through highly informative interactive simulation activities, young participants will acquire advanced skills and knowledge of negotiation, pluralism and coalition-building techniques. Hazem Hussein

Source: Emirates News Agency

Abdullah Al Muwaji, Chairman of Ajman Chamber of Commerce and Industry (ACCI), praised the growth in the volume of investments and the successive commercial developments witnessed by the Ajman China Mall as it is one of the most important commercial and investment destinations in Ajman. He expressed the ACCI’s readiness to provide all facilities available to Chinese companies wishing to invest in Ajman as part of the ACCI’s keenness to develop a renewed global economic relations network that supports expansion and business development opportunities in Ajman and enhances the strength and position of Ajman as a leading centre in attracting Chinese investments in particular and foreign investments in general. This was stated at his meeting with the delegation of the Ajman China Mall, headed by Luo Feng General Manager, in the presence of Nasser Al Dhafri, Executive Director of the Member Support and Innovation Sector at the Ajman Chamber. Al Muwaji affirmed that the ACCI is keen to increase trade and investment exchange with the Chinese side, enhance the attractiveness of leading Chinese companies in the fields of technology, clean and alternative energy, and waste-to-energy applications, and benefit from the distinguished experiences and practices of the Chinese side that support the ACCI’s directions during the next phase regarding the adoption of alternative energy solutions by companies and factories in Ajman and the utilisation of solar energy, in line with the Year of Sustainability and the UAE’s preparations to host COP 28. Statistics indicate that non-oil trade between the UAE and China during 2022 reached more than AED264 billion, compared to about AED223 billion in 2021, with a growth rate of 18 percent. The re-export rates between Ajman and China witnessed remarkable growth during the past three years, at about 60 percent. Luo Feng, General Manager of Ajman China Mall, appreciated the efforts of the ACCI in providing an attractive investment environment in Ajman, pointing to the growth in the volume of Chinese investments in Ajman as a result of the interest of the wise leadership and the support of the authorities concerned with economic affairs in Ajman, which was reflected in the quality of the performance of the Ajman China Mall and the growth of significantly increase the occupancy rate. The attendees recommended intensifying participation in specialised exhibitions and conferences in Ajman and China to discover investment opportunities and areas of joint cooperation at the governmental and private levels and open horizons for cooperation between business owners and investors from the two countries. Hazem Hussein

Source: Emirates News Agency

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, announced that the 7th edition of the Arab Reading Challenge for 2023 has seen record participation and an 11 percent increase compared to last year’s numbers. Around 24.8 million students, including over 22,500 people of determination, are taking part in this year’s Challenge. His Highness Sheikh Mohammed bin Rashid Al Maktoum said: “With a record participation of 24.8 million students from 46 countries, the Arab Reading Challenge has become the world’s largest reading project. Focusing exclusively on reading in Arabic, our aim is to instil in the young generation a love of our language, and strengthen their connection to the Arab culture, roots and civilisation. “Thank you to everyone who has supported and contributed to this global project in every participating country, and thank you to more than 150,000 reading supervisors who made this achievement a reality,” He added. A Race to Knowledge Mohammad Abdullah Al Gergawi, Minister of Cabinet Affairs and Secretary-General of Mohammed bin Rashid Al Maktoum Global Initiatives said: “The Arab Reading Challenge, launched by H.H. Sheikh Mohammed bin Rashid Al Maktoum 7 years ago, has become a milestone for developing reading and accumulating knowledge. It has also become a great motivation to dive deeper into the beauty of the Arabic language and its vast potential to accommodate modern sciences. “This year’s 7th Arab Reading Challenge is particularly significant for many reasons. For the first time ever, the Challenge has added a new category for People of Determination to help nurture their potential and enhance their inclusion in the Arab cultural scene and in the community in general. We are thrilled that 22,506 students of determination have moved up to the final round of qualifications in participating countries,” he added. Strengthening the Value of Cultural Openness The final round of country-level qualifications for the 7th Arab Reading Challenge, the largest Arab initiative of its kind organised by the Mohammed bin Rashid Al Maktoum Global Initiatives, has kicked off and will see the selection of Challenge Champions for each participating country. The winners will go on to compete for the Arab Reading Challenge Champion title, which will be announced during the final ceremony in Dubai. Launched in its first edition in the academic year 2015/2016, the Arab Reading Challenge reflects the vision of H.H. Sheikh Mohammed bin Rashid Al Maktoum and his belief that “reading is the first step towards a better future driven by knowledge and learning.” The Challenge aims to highlight the importance of reading, develop comprehension and self-expression using correct Arabic language, and nurture creative thinking skills to help enrich Arabic content and cement the Arabic language’s standing as a language of thought, science, research and creativity that can play a role in cultural dialogue and openness. A New ‘People of Determination’ Category The 7th edition of the Arab Reading Challenge saw the addition of the ‘People of Determination’ category, a major improvement to the initiative that reflects the importance of their participation and of giving them the chance to prove their capabilities and enhance their skills. Over 22,500 students of determination, who have read 25 books according to the conditions of participation, have moved up to the final rounds. Moving up the Challenge Stages The Challenge comprises several rounds of qualification for students who have successfully read and summarized the contents of 50 books. Qualifications start at the class level and end at the country level before the winners move to the final round. The selection of winners is based on strict and unified criteria that include an assessment of all relevant aspects. Ongoing Success The 7th edition of the Arab Reading Challenge builds on the success of previous Challenges. Syrian student Sham Al Bakour was crowned Champion of the 6th Arab Reading Challenge, which saw the participation of 22.27 million students from 44 countries. The 5th edition welcomed over 21 million participants from 52 countries, with Jordanian student Abdullah Mohammed Abu Khalaf crowned as its Champion. Title of the 4th Arab Reading Challenge, with 13.5 million students from 49 countries, was won by Hadeel Anwar from Sudan, while that of the 3rd edition saw the participation of 10.5 million students from 44 countries and was won by Maryam Amjoun from Morocco. The 2nd edition saw the participation of 7.4 million students from 26 countries and was won by Afaf Sherif from Palestine, while the 1st ever Arab Reading Challenge recorded 3.6 million students from 19 countries, with Abdullah Farah Jalloud from Algeria crowned as its Champion.

Source: Emirates News Agency

The Abu Dhabi Chamber of Commerce and Industry (ADCCI) announced its sponsorship of the Emirates Labour Market Award, organised under the patronage of His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister and Minister of the Presidential Court. The Award aims to recognise the efforts of leading private sector entities and outstanding individuals and highlight successful practices in the labour market across a range of sectors in the country. The Abu Dhabi Chamber’s sponsorship of the first edition of the Award aligns with its position as a stimulator of the private sector and a trusted partner for the public and private sectors. The Chamber plays a leading role in supporting national projects and initiatives that strengthen the reputation of the UAE and support its journey towards increasing the labour market’s productivity, efficiency, and competitiveness. The Chamber strives to improve the well-being and quality of life of the private sector’s workforce. Dr. Abdulrahman Al Awar, Minister of Human Resources and Emiratisation and Chairman of the Supervisory Committee of the Award, said, “The Emirates Labour Market Award aligns with our wise leadership’s vision for building a competitive knowledge-based economy and consolidating the UAE’s leading reputation in enhancing the flexibility and efficiency of the labour market. The UAE is working towards providing a healthy and dynamic professional environment that keeps up with current and future developments and changes. This plays a pivotal role in bolstering the country’s global standing as an ideal destination for nurturing talent, promoting investment and employment opportunities, and providing a high quality of life.” “The Abu Dhabi Chamber has been instrumental in supporting the government’s efforts to enhance the economy. With its leading business system, the Chamber supports policies, initiatives, and projects that recognise excellence, creativity, and innovation. The Chamber also plays a key role in enhancing the competitiveness and distinguished performance levels of the business ecosystem in the Emirate of Abu Dhabi and the UAE,” he added. Abdulla Mohamed Al Mazrui, Chairman of the Abu Dhabi Chamber, said, “We are proud to sponsor the first edition of the Emirates Labour Market Award. This step supports our efforts to achieve our strategic goals through empowering the private sector at the emirate level and reaching the highest levels of performance within a competitive business environment.” “One of the Chamber’s top priorities is to serve as a major contributor to the national economic development. This serves as an impetus for us to take part in supporting and sponsoring national initiatives that propel growth in the UAE’s business and economic scene and raise the performance levels of investors, entrepreneurs, and employees,” he added. The objectives of the award align with the strategy of the Abu Dhabi Chamber for the next three years, which aims to support the emirate’s economy by empowering the private sector and enhancing its competitiveness, making Abu Dhabi the first choice in the MENA region for doing business by 2025. The Award will include a category for the Leading Establishment in the Labour Market, sub-categories covering SMEs, large and very large companies, a category for an outstanding workforce, and more. The Award ceremony will be held in November.

Source: Emirates News Agency

The Emirates Red Crescent (ERC) delegation distributed food parcels to more than 600 medical personnel working in hospitals in the Syrian Governorate of Latakia, as part of “Operation Gallant Knight 2” launched by the Joint Operations Command of the Ministry of Defence. The ERC delegation announced the continuation of the second phase of its initiative, “We did not forget You”, which aligns with the UAE’s constant humanitarian and relief efforts in cooperation with competent Syrian entities and the Syrian Arab Red Crescent. The UAE continues to support Syrians through the recovery and rehabilitation process by providing food and medical supplies. Mohammed Khamis Al Kaabi, Head of the Emirates Red Crescent delegation in Syria, indicated that the initiative organised by ERC distributed food parcels to more than 600 doctors and nurses, playing a crucial role since the earthquake in Syria. The initiative comes as a continuation of the UAE’s giving to the fraternal people of Syria. Hazem Hussein

Source: Emirates News Agency