Month: October 2023

In an effort to maintain continuity and generational shifts, the new curriculum, the Dubai Family Business Administration curriculum, aims to empower new family enterprises.

Dubai has launched a new initiative to support family companies, which are an essential component of the regional economy. Sheikh Maktoum Bin Mohammed, the deputy ruler, deputy prime minister, and minister of finance, made the announcement.

According to a statement on Zawya, the new curriculum, the Dubai Family Business Administration curriculum, seeks to empower new family enterprises in an effort to ensure continuation and generational shifts. It was jointly introduced by the Mohammed Bin Rashid Center for Leadership Development and the Dubai Centre for The family Businesses.

The deputy ruler stated on X, previously known as Twitter, “Family companies are integral to Dubai’s economic prosperity, and by strengthening them, we strive to accomplish the goals stated in economic cities globally.” According to the UAE Department of Economy, over 70% of employees work for family firms, and 90% of private-sector businesses are family-owned.

Family businesses in Dubai provide 40% of the city’s GDP. Mohammad Ali Rashed Lootah, president and chief executive officer of the Dubai Chambers, emphasized the significance of family-owned enterprises in Dubai’s aspirations for sustainable development. He emphasized the management program’s contribution to developing second-tier competences, boosting Dubai’s competitiveness, and making it a sought-after location for business.

The Dubai Centre for Family-owned companies was established by Dubai Chambers to provide family-owned businesses with leader transition, planning for succession, and growth training. Sheikh Maktoum added in a statement that “this program is an expansion of a series of programs and plans aimed at assisting family-owned enterprises, and its success indicates the development of Dubai’s business community.”

Dubai’s ability to retain its top spot in luring Greenfield FDI projects attests to its capacity to provide international investors unrivaled development potential and value.

According to Financial Times ‘fDi Markets’ statistics, the extensive internet-based database on cross-border Greenfield investments, Dubai continues to be the top global location for acquiring Greenfield Foreign Direct Investment (FDI) initiatives, thanks to the emirate acquiring 511 Greenfield projects in H1 2023.

Dubai has surpassed Singapore, which was in second position, by 325 projects as it continues to set new standards for performance globally as an investment destination. Dubai’s global share of attracting Greenfield FDI projects throughout the first half of 2023 was 6.58%, up from 3.83% during the exact same six-month period in 2018.

The outcomes, which highlight the emirate’s position as a significant investment destination, are in line with the 10-year Dubai Economy Agenda D33, which intends to double the emirate’s economy over the course of that time.

His Majesty The Crown Prince of Dubai and the head of The Executive Council of Dubai, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, stated: “Dubai’s ability to maintain its top ranking in luring Greenfield FDI projects demonstrates the city’s ability to create unrivaled growth opportunities and value for international investors.
The emirate has accelerated its efforts to promote diversification of the economy and innovation under the visionary direction of His Royal Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and the Prime Minister of the UAE and Ruler of Dubai.

His dedication, along with his embrace of cutting-edge technologies, is paving the way for a future rife with possibilities for growth and wealth. We continue to endeavor to establish a purchasing environment that not only earns the trust of entrepreneurs from across the world but also inspires them to contribute to Dubai’s transformation in line with the clear growth path outlined under the Dubai Economic Agenda D33.

The Dubai’s Department of Economy and Tourism (DET) in Dubai recently released new statistics that indicates the city registered a total of 880 declared FDI projects during January and the end of June of this year, an increase of 70% year over year. The Uae FDI Monitor keeps track of, verifies, and evaluates all kinds of FDI projects that have been declared in the emirate.

Additionally, according to data from the Dubai FDI Monitor, 65% of all announced FDI projects are Greenfield FDI projects in Dubai. According to the research, when contrasting H1 2023 with a comparable period in 2022, Reinvestment FDIs climbed from 3% to 4.4% year over year.

Global Greenfield foreign direct investment attraction increased year over year in Dubai as well, hitting AED20.87 billion (USD5.68 billion). Dubai improved from eighth place globally in H1 2022 to sixth place globally in H1 2023, according to the Financial Times Ltd. “fDi Markets” statistics.

In addition, in accordance with Financial Times Ltd. “fDi Markets” data, Dubai ranks first internationally in the attractiveness of HQ FDI projects after luring 33 HQ operations in the very first half of this year, beating out London and Singapore.

The renowned Sobha Group of Dubai has promised a staggering Rs 1,000 crore to the building of the the Sabarmati Riverfront in Ahmedabad, marking an unprecedented step toward foreign investment in Indian infrastructure projects.
This kind gift underlines not just the importance of the endeavor but also the expanding trade connections between Indian and the UAE. Here is a detailed analysis of this development.
The 1976-founded Sobha Group, which has its roots in Dubai, United Arab Emirates, has developed into one of the major real estate builders in the area. The organization has completed multiple famous projects in both India and the Middle East under the direction of its founder at P.N.C. Menon.

A memorandum of Understanding (MoU) has been signed between the Gujarati government & the Dubai-based Sobha Company for the creation of the the Sabarmati Riverfront Project’s third phase.
The MoU was executed in the presence of Gujarat’s chief minister, Bhupendra Patel.

The Sobha Group’s founder, PNC Menon, committed to donating Rs 1,000 crore during the ensuing five years for the construction of the the Sabarmati Riverfront. His past promise to donate half of his own wealth to organizations that benefit regional communities and advance the general development and prosperity of the country is reflected in this donation.

The Ahmedabad Municipality Corporation (AMC) created a special purpose vehicle (SPV), Sabarmati River Development Corporations Limited (SRFDCL) in 1997 with the goal of transforming the Sabarmati Waterfront into a key urban resource for the city.The project is divided into three parts. Phase 1 of the development included 11.5 km of promenades for pedestrians, cyclists, and motorists to get to the lake. It has a lot of public amenities at the municipal level, including stunning gardens and parks, riverfront walkways, the Atal the Bridge, a park devoted to biodiversity, state-of-the-art athletic venues, and an event space.
Authorized in October 2020, the upcoming second phase of River East would extend the existing 11.5 km by 5.8 km.

In order to provide equitable, sustainable, and vibrant urban regions that empowers people and foster economic growth, the third stage of the project will be carried out in collaboration between SOBHA Realty Dubai with the state of Gujarat government.

Another section of the Sabarmati riverfront will be transformed over the 4.5 km stretch of the third phase, which will feature artistic development on both sides of the river.
The Sobha Group, which is renowned for its dedication to quality, prompt delivery, and creative designs, invested in the Sabarmati Riverfront project because they recognized India’s potential for growth.

The Ahmedabad Municipality Corporation (AMC) has launched the ambitious Sabarmati Waterfront Development Project in an effort to revitalize the Sabarmati River, which flows through the city.

According to a survey released on Wednesday, non-oil business activity in the United Arab Emirates grew more quickly in September than it had the month before as new orders came in at their quickest rate in four years.

The adjusted for seasonality S&P Global UAE Procurement Managers’ Index increased from 55.0 in August to 56.7 in September, well above the 50.0 threshold that indicates activity expansion.

The updated orders subindex increased to 64.7 from 57.6 in the month before, and the pace of expansion being the quickest since June 2019, according to the survey, which was the main driver of the overall index.

According to David Owen, principal economist at S and P Global Market Intelligence, the increase in new business was aided by companies gaining new clients in both domestic and international markets.

According to the poll, the production subindex grew to 62.8 in Sept from 61.9 the month before, reflecting an increase in new orders, current projects, and new marketing. This suggested that activity was continuing to grow strongly.

According to the study, businesses’ outlook for the coming year improved in September as a result of the ongoing high demand and new customers.