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UAE: 50 Projects to Increase Growth, Double Foreign Investments

New projects in the UAE for 50 years involving various government and private institutions (WAM)
New projects in the UAE for 50 years involving various government and private institutions (WAM)
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UAE: 50 Projects to Increase Growth, Double Foreign Investments

New projects in the UAE for 50 years involving various government and private institutions (WAM)
New projects in the UAE for 50 years involving various government and private institutions (WAM)

The UAE will launch 50 new national projects this month to support the country’s development journey, Vice President and Prime Minister of the UAE and Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum and Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, Sheikh Mohamed bin Zayed Al Nahyan announced.

Sheikh Mohammed bin Rashid Al Maktoum said that the UAE will start the new phase of government work this year in a different way.

Sheikh Mohamed said: “After consulting with my brother Mohammed bin Zayed, we will announce 50 national projects during September. The UAE does not have the luxury of time and will not wait for global conditions to create its future. The UAE makes its future by itself. September 5 will be the beginning.”

For his part, Sheikh Mohamed bin Zayed Al Nahyan called on the UAE people to take part in these projects by harnessing their knowledge, creativity, and resourcefulness to seize the opportunities of the future.”

"The new projects aim to advance the UAE’s economy, a top national priority, to ensure a decent life for citizens and residents, double the Foreign Direct Investment and boost the UAE’s status as an incubator for talents and investors from all over the world.

They aim to transform the UAE into a comprehensive hub in all sectors and areas of creativity and innovation, positioning the UAE as a land of opportunities and a destination for those seeking a global testbed of bold and successful ideas.

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Gold on Track for Weekly Gain on Trump Uncertainty; US Jobs Report Awaited

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
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Gold on Track for Weekly Gain on Trump Uncertainty; US Jobs Report Awaited

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk

Gold prices inched higher on Friday as uncertainty around US President-elect Donald Trump's policies firmed demand for bullion, while investors awaited a key jobs report to assess the Federal Reserve's rate cut trajectory.
Spot gold edged 0.2% higher to $2,675.49 per ounce as of 0725 GMT. Bullion has gained more than 1% so far this week, set for its highest weekly jump since mid-November. US gold futures rose 0.3% to $2,698.30.
The US non-farm payrolls report is due at 1330 GMT. According to a Reuters survey, payrolls are expected to have increased by 160,000 in December, following a jump of 227,000 in November.
"We expect gold to drop a little in case the non-farm payroll report comes on a higher side," said Jigar Trivedi, senior analyst at Reliance Securities.
"Gold found support after a weaker-than-expected private employment report for December reinforced the notion that the Fed may need to adopt a less cautious approach to rate cuts," Trivedi said.
Kansas City Fed President Jeff Schmid on Thursday signaled a reluctance to cut rates again as the Fed faces a resilient economy and inflation that remains above its 2% target.
Trump's proposed tariffs and immigration policies may also prolong the fight against inflation.
Traders now expect the first Fed rate cut this year in either May or June, according to the CME FedWatch Tool.
Gold acts as a hedge against inflation, but higher interest rates reduce the appeal of holding the bullion.
Spot silver was up 0.3% to $30.2 per ounce and the COMEX contract was trading at $31.17, both near one-month peaks.
"Our view is that the incoming US administration will tailor economic and trade policy to promote national prosperity, and that silver will recover along with gold in the second half (of 2025) to $35 per ounce," Deutsche Bank said in a note.
Platinum shed 0.4% to $955.97 and palladium added 0.9% to $934.16. All three metals were also set for weekly gains.