Total volume of personal loans in the UAE increased to AED 349.9 billion in February 2017, according to a UAE Central Bank report issued on Tuesday, which affirmed the banks’ continual contribution to the overall wellbeing and growth of the economy. By providing personal and corporate finance facilities, as well as creation of jobs, the UAE banks continue to play a dynamic role in establishing a robust economic development process through the mobilisation of financial resources, ensuring the required financing for the support of the national economy and creating the required investments, the report added.
Khalifa bin Salem Al Mansouri, Acting Under-Secretary of the Department of Economic Development in Abu Dhabi, is expecting Abu Dhabi’s economy to achieve a growth rate of between 3.5 to 3.7 percent during the current year, in light of the emirate’s ongoing implementation of large projects, an increase in private sector investments and oil price stability.
Eng. Sultan bin Saeed Al Mansouri, Minister of Economy, has predicted that the national economy will achieve a growth rate of between 3.5 to 4 percent during the current year amid activity and intensity of the performance of vital economic sectors. He noted this growth will be spurred by the country’s growing investment attractiveness, with a view to achieve numerous accomplishments in national economic indicators.
One of awardees of the First Cycle of the prestigious UAE Research Programme for Rain Enhancement Science has filed a provisional patent with the United States Patent and Trademark Office, USPTO, for a promising new application of nanotechnology to cloud seeding techniques.
The Federal Competitiveness and Statistics Authority has revealed the results of a survey about the public use of social media. According to the survey, the results show that WhatsApp and Facebook are the most popular with 97 percent and 89 percent, followed by YouTube with 73 percent. The least popular form of social media are Snapchat and LinkedIn, with 27 percent and 16 percent. LinkedIn is used mostly by the age group between 22 and 34 years old, while the age group between 18 and 21 years old had the highest rate of social media usage.
Abu Dhabi is set to play a leading role in coordinating efforts to meet the pressures of feeding 520 million people by 2030, one of the biggest challenges facing the Middle East today. MENA Food Production 2030 will take place at the Abu Dhabi National Exhibition Centre on 20th and 21st March during the Global Forum for Innovations in Agriculture, GFIA, an established annual event in the UAE capital. It will drive critical dialogue between government, food producers, scientists and investors to establish secure, sustainable and profitable food production systems.
Abu Dhabi Fund for Development (ADFD) deposited AED1.47 billion into the Central Bank of Sudan (CBOS) to secure increased liquidity and stimulate economic growth in Sudan. His Excellency Mohammed Saif Al Suwaidi, Director General of ADFD, signed an agreement to that effect with His Excellency Hazim Abdegadir Ahmed Babiker, Governor and Chairman of the Board of the CBOS.
CFA Society Emirates, the Association of CFA Charter holders and members in the UAE, will host the 8th Middle East Investment Conference, MEIC, next month in Abu Dhabi. As significant shifts in oil prices, geopolitical developments and national budget revisions continue to affect the investment climate across the Middle East, the conference will bring together regional and international investment professionals to consider the most pressing issues facing investors today, under the theme, 'Beyond Borders: MENA’s Role in the Global Economy'.
Navdeep Suri, Indian Ambassador to the UAE, has praised the exceptional ties between the UAE and India, which have witnessed unprecedented development in the areas of investment and trade relations, among others. India will welcome His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces on 26th January as the chief guest for its Republic Day celebrations, Suri said.