Mohammed bin Rashid Launches Dubai 2040 Urban Master Plan

 Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, launches the Dubai 2040 Urban Master Plan - WAM
Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, launches the Dubai 2040 Urban Master Plan - WAM
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Mohammed bin Rashid Launches Dubai 2040 Urban Master Plan

 Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, launches the Dubai 2040 Urban Master Plan - WAM
Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, launches the Dubai 2040 Urban Master Plan - WAM

Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, made the announcement on Saturday under the Dubai 2040 Urban Master Plan that maps out a comprehensive future map for sustainable urban development in the city.

Aligned with the UAE’s vision for the next 50 years, the Plan is focused on enhancing people’s happiness and quality of life.

The people-centric Plan focuses on reinforcing Dubai’s competitiveness as a global destination by providing a wide diversity of lifestyle and investment opportunities for citizens, residents and visitors over the next 20 years.

Designed to realize the president's vision to make Dubai the city with the world’s best quality of life, the plan aims to provide the highest standards of urban infrastructure and facilities.

Sheikh Mohammed bin Rashid Al Maktoum said the visionary development journey started by the late Sheikh Rashid bin Saeed Al Maktoum in the sixties continues to guide Dubai’s evolution into a city that promotes the greatest human values and possibilities and an environment where people from around the world can thrive.

"Our strategic development plans are focused on creating the best possible environment and infrastructure to enhance the community’s happiness and wellbeing and support the fulfilment of the greatest human aspirations for both our citizens and people from around the world. Drawing inspiration from global best practices and adapting them to local needs and requirements, we have created a development model that offers the best possible quality of life and creates the conditions for sustainable prosperity," he said.

"Our goal is to create a truly inclusive environment that not only meets the needs of Dubai’s diverse population, but also inspires them to tap into their creative and innovative capacities and realize their true potential," he added.

"By constantly striving to raise benchmarks and implementing diligent strategic planning, we have joined the ranks of the world’s leaders in various spheres and sectors. With a clear vision and a deep understanding of what it takes to succeed in an evolving global environment, we continue to work to shape an even greater future rich with opportunities," Sheikh Mohammed noted.

The new Master Plan is the seventh such plan developed for the emirate since 1960. Between 1960 and 2020, the population of Dubai has multiplied 80 times from 40,000 in 1960 to 3.3 million by the end of 2020 and increased in cultural diversity to include people from over 200 nationalities, state news agency WAM reported.

The urban and built area of the emirate increased 170-fold from 3.2 square km in the same period.

The new Master Plan also seeks to provide sustainable and flexible means of mobility as well a foster greater economic activity and attract foreign investments to new sectors.

Other objectives include enhancing environmental sustainability, safeguarding the emirate’s cultural and urban heritage and developing a comprehensive legislation and planning governance model.



Saudi Arabia Issues 438 Industrial Licenses Worth $1.28 Billion in July

File photo of the Saudi capital Riyadh - File/AAWSAT
File photo of the Saudi capital Riyadh - File/AAWSAT
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Saudi Arabia Issues 438 Industrial Licenses Worth $1.28 Billion in July

File photo of the Saudi capital Riyadh - File/AAWSAT
File photo of the Saudi capital Riyadh - File/AAWSAT

Saudi Arabia's Ministry of Industry and Mineral Resources issued 438 new industrial licenses in July 2026, representing investments of approximately SAR 4.82 billion ($1.28 billion), while 189 factories began actual production during the same month, with investments totaling SAR 1.95 billion ($520 million), according to data from the ministry's National Industrial and Mining Information Center.

Ministry spokesperson Jarrah Al-Jarrah said the new industrial licenses are expected to create more than 3,708 jobs across various regions of the Kingdom.

He added that the factories that began production in July created 2,807 new jobs, reflecting the continued expansion of Saudi Arabia's industrial base and the growing number of factories entering operation.

The Ministry of Industry and Mineral Resources publishes monthly industrial activity indicators through the National Industrial and Mining Information Center to track new licenses, investment volumes and factories beginning production, as well as developments in the Kingdom's industrial sector.


GCC Chief Emphasizes Gulf Integration, Diversified Partnerships at IMF MENAP Meeting

Gulf Cooperation Council (GCC) Secretary-General Jasem Albudaiwi - SPA
Gulf Cooperation Council (GCC) Secretary-General Jasem Albudaiwi - SPA
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GCC Chief Emphasizes Gulf Integration, Diversified Partnerships at IMF MENAP Meeting

Gulf Cooperation Council (GCC) Secretary-General Jasem Albudaiwi - SPA
Gulf Cooperation Council (GCC) Secretary-General Jasem Albudaiwi - SPA

Gulf Cooperation Council (GCC) Secretary-General Jasem Albudaiwi underscored that GCC economies have demonstrated strong resilience against global economic shocks and geopolitical shifts, supported by solid fundamentals, substantial financial reserves, robust banking sectors, and prudent fiscal management.

Albudaiwi delivered his remarks during a meeting of the finance ministers and central bank governors of the Middle East, North Africa, Afghanistan, and Pakistan (MENAP) region with International Monetary Fund (IMF) Managing Director Kristalina Georgieva, held on the sidelines of the 2026 IMF and World Bank Group Annual Meetings in Bangkok, SPA reported.

Albudaiwi pointed out that recent geopolitical developments have impacted global energy production, maritime shipping, and trade flows, demonstrating the close link between Gulf stability and broader global economic security. He noted that disruptions along key energy corridors and trade routes inevitably reverberate across international markets.

Albudaiwi affirmed that the GCC economies possess the capacity to sustain recovery and growth through 2027 and beyond, propelled by strategic investments and non-oil diversification. He emphasized the necessity of balancing short-term economic responses with long-term fiscal sustainability, maintaining adequate buffers to mitigate future market volatility.

Highlighting future growth sectors, the secretary-general cited advanced industries, digital infrastructure, artificial intelligence, and human capital development, alongside empowering the private sector to expand its role in global value chains.

Concluding his address, Albudaiwi stressed that long-term resilience requires advancing Gulf economic integration, upgrading logistical corridors, and diversifying international partnerships to transform ongoing global challenges into sustainable economic opportunities.


Turkish Cenbank Says to Maintain Tight Monetary Stance Till Price Stability

Turkish Central Bank Governor Fatih Karahan speaks during a press conference in Istanbul, Türkiye, February 7, 2025. REUTERS/Dilara Senkaya
Turkish Central Bank Governor Fatih Karahan speaks during a press conference in Istanbul, Türkiye, February 7, 2025. REUTERS/Dilara Senkaya
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Turkish Cenbank Says to Maintain Tight Monetary Stance Till Price Stability

Turkish Central Bank Governor Fatih Karahan speaks during a press conference in Istanbul, Türkiye, February 7, 2025. REUTERS/Dilara Senkaya
Turkish Central Bank Governor Fatih Karahan speaks during a press conference in Istanbul, Türkiye, February 7, 2025. REUTERS/Dilara Senkaya

Turkish Central Bank Governor Fatih Karahan on Wednesday said the bank would maintain its tight monetary policy until price stability is achieved.

According to Reuters, He was speaking about Türkiye's monetary policy and macroeconomic outlook during a visit to Bangkok for a meeting of the World Bank.

Here are some details from the governor's presentation:

* Underlying inflation ⁠is moderating despite ⁠elevated energy prices
* Soft demand dampens inflationary impulses from supply shocks
* Proactive measures limit the possible contagion from trade-restricted funds
* Turkish lira preference remains strong under tight monetary policy
* The ⁠tight monetary policy stance, which will be maintained until price stability is achieved, will strengthen the disinflation process through demand, exchange rate, and expectation channels
* The Monetary Policy Committee (MPC) will determine the policy rate by taking into account realized and expected inflation and its underlying trend in a way to ensure ⁠the tightness ⁠required by the projected disinflation path in line with the interim targets
* Monetary policy decisions are made prudently on a meeting-by-meeting basis with a focus on the inflation outlook
* Monetary policy stance will be tightened in case of a significant deviation in inflation outlook from the interim targets