عربي English Türkçe اردو فارسى
Logo
Latest News
Business

UAE to Attract $160 Bln in New Economy Investments over Next Three Decades

Two employees in Strata Manufacturing check up a locally manufactured component of satellites. (WAM)
Two employees in Strata Manufacturing check up a locally manufactured component of satellites. (WAM)
TT
TT

UAE to Attract $160 Bln in New Economy Investments over Next Three Decades

Two employees in Strata Manufacturing check up a locally manufactured component of satellites. (WAM)
Two employees in Strata Manufacturing check up a locally manufactured component of satellites. (WAM)

UAE Minister of Economy Abdullah bin Touq Al Marri said that the UAE aims to attract $160 billion worth of investments in new economic sectors over the next three decades.

 

The minister affirmed that the growth potential of the global economy is linked to creating more investment opportunities in new economic sectors, including the space industry, food, agriculture, healthcare, transportation, renewable energy, circular economy models, and advanced technology, as well as investing in digital infrastructure development and employing artificial intelligence and virtual reality technologies, to enhance their contribution to economic growth.

 

The minister added that the UAE aims to become a global model of green growth and circular economy, contributing to sustainable economic growth through cooperation with partners, to open new markets for national exports, enhance the competitiveness of the national economy, and improve the business environment.

 

During the “Make it in the Emirates Forum,” Al Marri stressed that the industrial and manufacturing sector is a priority and a key pillar for strengthening the soft power of the national economy and enhancing its competitiveness in international markets, WAM reported.

 

He also noted that the national industry is capable of competing in regional and global markets in various sectors, such as aviation, transportation, logistical services, renewable energy, mining, food, petrochemicals, pharmaceuticals, and others.

 

Al Marri stated that the ministry is working in collaboration with its strategic partners on several initiatives and policies to create investment opportunities in new economies while continuing efforts to create an appropriate environment for start-ups and family businesses.

 

He also explained that the UAE achieved record growth in 2022, with a GDP growth rate of 7.6 percent, one of the highest economic growth rates in the world.

 

Projections for 2023 indicate that the national economy will continue to grow at 3.9 percent, with non-oil output growth at 4.2 percent, according to estimates by the Central Bank of the UAE.

 

The percentages are expected to increase in 2024, reaching 4.3 percent for GDP and 4.6 percent for non-oil output.

 

Most Viewed

 
 
Business

Russia's Central Bank Holds Off on Interest Rate Hike

People skate at an ice rink installed at the Red Square decorated for the New Year and Christmas festivities, with the St. Basil's Cathedral, left, and the Kremlin, right, in the background in Moscow, Russia, Friday, Dec. 20, 2024. (AP Photo/Alexander Zemlianichenko)
People skate at an ice rink installed at the Red Square decorated for the New Year and Christmas festivities, with the St. Basil's Cathedral, left, and the Kremlin, right, in the background in Moscow, Russia, Friday, Dec. 20, 2024. (AP Photo/Alexander Zemlianichenko)
TT
TT

Russia's Central Bank Holds Off on Interest Rate Hike

People skate at an ice rink installed at the Red Square decorated for the New Year and Christmas festivities, with the St. Basil's Cathedral, left, and the Kremlin, right, in the background in Moscow, Russia, Friday, Dec. 20, 2024. (AP Photo/Alexander Zemlianichenko)
People skate at an ice rink installed at the Red Square decorated for the New Year and Christmas festivities, with the St. Basil's Cathedral, left, and the Kremlin, right, in the background in Moscow, Russia, Friday, Dec. 20, 2024. (AP Photo/Alexander Zemlianichenko)

Russia's central bank has left its benchmark interest rate at 21%, holding off on further increases as it struggles to snuff out inflation fueled by the government's spending on the war against Ukraine.
The decision comes amid criticism from influential business figures, including tycoons close to the Kremlin, that high rates are putting the brakes on business activity and the economy.
According to The Associated Press, the central bank said in a statement that credit conditions had tightened “more than envisaged” by the October rate hike that brought the benchmark to its current record level.
The bank said it would assess the need for any future increases at its next meeting and that inflation was expected to fall to an annual 4% next year from its current 9.5%
Factories are running three shifts making everything from vehicles to clothing for the military, while a labor shortage is driving up wages and fat enlistment bonuses are putting more rubles in people's bank accounts to spend. All that is driving up prices.
On top of that, the weakening Russian ruble raises the prices of imported goods like cars and consumer electronics from China, which has become Russia's biggest trade partner since Western sanctions disrupted economic relations with Europe and the US.
High rates can dampen inflation but also make it more expensive for businesses to get the credit they need to operate and invest.
Critics of the central bank rates and its Governor Elvira Nabiullina have included Sergei Chemezov, the head of state-controlled defense and technology conglomerate Rostec, and steel magnate Alexei Mordashov.
Russian President Vladimir Putin opened his annual news conference on Thursday by saying the economy is on track to grow by nearly 4% this year and that while inflation is “an alarming sign," wages have risen at the same rate and that "on the whole, this situation is stable and secure.”
He acknowledged there had been criticism of the central bank, saying that “some experts believe that the Central Bank could have been more effective and could have started using certain instruments earlier.”
Nabiullina said in November that while the economy is growing, “the rise in prices for the vast majority of goods and services shows that demand is outrunning the expansion of economic capacity and the economy’s potential.”
Russia's military spending is enabled by oil exports, which have shifted from Europe to new customers in India and China who aren't observing sanctions such as a $60 per barrel price cap on Russian oil sales.