Dubai's economy should motor at its fastest pace since before the global financial crisis as investor interest rebounds this year, underscoring the government's move to set up an investment regulatory body.
Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai, passed a law on Monday establishing the Dubai Investment Development Agency.
The agency will be tasked with boosting Dubai's reputation as an international business centre for attracting investment and laying the foundations for a proper investment environment, according to a statement carried by Wam, the official news agency.
"Attracting investment will continue to be part of Dubai's formula," said Shady Shaher, senior economist for Middle East and North Africa at Standard Chartered. "Dubai has recovered quite strongly over the last couple of years and 2014 will continue that theme. Trade and investment remains focused around its fundamental strengths – trade, tourism and logistics."
Emirates NBD forecasts Dubai growth of 4.7 per cent, compared to 4.5 per cent last year. Growth has not reached such heights since before the emirate's financial crisis in 2009.
The wider UAE economy should expand by 4.5 per cent this year, estimated Mr Shaher, up from 4.4 per cent last year.
Dubai's economy has received a boost since 2011 because of its reputation as a haven of stability following the Arab Spring. Arab investors purchased property, while some relocated their business from other parts of the region. Investor sentiment has also been lifted by the easing of the emirate's debt crisis as well as the securing in November of the right to host the World Expo 2020.
"I have seen that since the beginning of last year there has been an increase in interest, especially companies from Europe that decided after the [Dubai] crisis to set up here," said Jörg Seifert, a lawyer with Dubai-based Al Sharif Advocates & Legal Consultants. "Some companies were doing business with Dubai before the crisis and once that eased they felt it was the right time to set up."
The most recent foreign direct investment data shows flows reached Dh29.4 billion in 2012, up by 26.5 per cent on the year before, according to Dubai FDI, the foreign investment office. It is not yet clear how Dubai FDI will work alongside the Investment Development Agency. Both are under the control of the Department of Economic Development.
The new agency will also be responsible for laying the framework for an investment climate, as well as "consolidating investor trust in Dubai's investment environment", said Wam. It will promote projects and investment opportunities available.
It will also be responsible for drawing up the general policy and strategic investment plan of the emirate, in addition to coordinating with other government bodies to create "preferential advantages" that spur investment, said Wam. The agency will propose economic sectors that require investment, as well as drawing up a database of existing projects in Dubai and relevant data for companies wanting to set up.
Underlining the emirate's growing attraction for business, the property adviser CBRE released a report on Monday showing that almost one in three global companies had identified the Middle East as an area for potential growth. Within the region, Dubai remained the primary destination of choice, it said.
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COMPANY PROFILE
Name: Ejari
Based: Riyadh, Saudi Arabia
Founders: Yazeed Al Shamsi, Fahad Albedah, Mohammed Alkhelewy and Khalid Almunif
Sector: PropTech
Total funding: $1 million
Investors: Sanabil 500 Mena, Hambro Perks' Oryx Fund and angel investors
Number of employees: 8
MATCH INFO
World Cup qualifier
Thailand 2 (Dangda 26', Panya 51')
UAE 1 (Mabkhout 45+2')
If you go
The flights
There are various ways of getting to the southern Serengeti in Tanzania from the UAE. The exact route and airstrip depends on your overall trip itinerary and which camp you’re staying at.
Flydubai flies direct from Dubai to Kilimanjaro International Airport from Dh1,350 return, including taxes; this can be followed by a short flight from Kilimanjaro to the Serengeti with Coastal Aviation from about US$700 (Dh2,500) return, including taxes. Kenya Airways, Emirates and Etihad offer flights via Nairobi or Dar es Salaam.
MORE ON TURKEY'S SYRIA OFFENCE
FIXTURES
All kick-off times UAE (+4 GMT)
Brackets denote aggregate score
Tuesday:
Roma (1) v Shakhtar Donetsk (2), 11.45pm
Manchester United (0) v Sevilla (0), 11.45pm
Wednesday:
Besiktas (0) v Bayern Munich (5), 9pm
Barcelona (1) v Chelsea (1), 11.45pm
Fight Night
FIGHT NIGHT
Four title fights:
Amir Khan v Billy Dib - WBC International title
Hughie Fury v Samuel Peter - Heavyweight co-main event
Dave Penalosa v Lerato Dlamini - WBC Silver title
Prince Patel v Michell Banquiz - IBO World title
Six undercard bouts:
Michael Hennessy Jr v Abdul Julaidan Fatah
Amandeep Singh v Shakhobidin Zoirov
Zuhayr Al Qahtani v Farhad Hazratzada
Lolito Sonsona v Isack Junior
Rodrigo Caraballo v Sajid Abid
Ali Kiydin v Hemi Ahio
What is cyberbullying?
Cyberbullying or online bullying could take many forms such as sending unkind or rude messages to someone, socially isolating people from groups, sharing embarrassing pictures of them, or spreading rumors about them.
Cyberbullying can take place on various platforms such as messages, on social media, on group chats, or games.
Parents should watch out for behavioural changes in their children.
When children are being bullied they they may be feel embarrassed and isolated, so parents should watch out for signs of signs of depression and anxiety
Match info
Deccan Gladiators 87-8
Asif Khan 25, Dwayne Bravo 2-16
Maratha Arabians 89-2
Chadwick Walton 51 not out
Arabians won the final by eight wickets
COMPANY PROFILE
Name: Haltia.ai
Started: 2023
Co-founders: Arto Bendiken and Talal Thabet
Based: Dubai, UAE
Industry: AI
Number of employees: 41
Funding: About $1.7 million
Investors: Self, family and friends
ROUTE TO TITLE
Round 1: Beat Leolia Jeanjean 6-1, 6-2
Round 2: Beat Naomi Osaka 7-6, 1-6, 7-5
Round 3: Beat Marie Bouzkova 6-4, 6-2
Round 4: Beat Anastasia Potapova 6-0, 6-0
Quarter-final: Beat Marketa Vondrousova 6-0, 6-2
Semi-final: Beat Coco Gauff 6-2, 6-4
Final: Beat Jasmine Paolini 6-2, 6-2
FIXTURES
Thu Mar 15 – West Indies v Afghanistan, UAE v Scotland
Fri Mar 16 – Ireland v Zimbabwe
Sun Mar 18 – Ireland v Scotland
Mon Mar 19 – West Indies v Zimbabwe
Tue Mar 20 – UAE v Afghanistan
Wed Mar 21 – West Indies v Scotland
Thu Mar 22 – UAE v Zimbabwe
Fri Mar 23 – Ireland v Afghanistan
The top two teams qualify for the World Cup
Classification matches
The top-placed side out of Papua New Guinea, Hong Kong or Nepal will be granted one-day international status. UAE and Scotland have already won ODI status, having qualified for the Super Six.
Thu Mar 15 – Netherlands v Hong Kong, PNG v Nepal
Sat Mar 17 – 7th-8th place playoff, 9th-10th place playoff
Seven Winters in Tehran
Director : Steffi Niederzoll
Starring: Reyhaneh Jabbari, Shole Pakravan, Zar Amir Ebrahimi
Rating: 4/5
Dubai World Cup nominations
UAE: Thunder Snow/Saeed bin Suroor (trainer), North America/Satish Seemar, Drafted/Doug Watson, New Trails/Ahmad bin Harmash, Capezzano, Gronkowski, Axelrod, all trained by Salem bin Ghadayer
USA: Seeking The Soul/Dallas Stewart, Imperial Hunt/Luis Carvajal Jr, Audible/Todd Pletcher, Roy H/Peter Miller, Yoshida/William Mott, Promises Fulfilled/Dale Romans, Gunnevera/Antonio Sano, XY Jet/Jorge Navarro, Pavel/Doug O’Neill, Switzerland/Steve Asmussen.
Japan: Matera Sky/Hideyuki Mori, KT Brace/Haruki Sugiyama. Bahrain: Nine Below Zero/Fawzi Nass. Ireland: Tato Key/David Marnane. Hong Kong: Fight Hero/Me Tsui. South Korea: Dolkong/Simon Foster.
Maestro
Director: Bradley Cooper
Starring: Bradley Cooper, Carey Mulligan, Maya Hawke
Rating: 3/5
UAE currency: the story behind the money in your pockets