Here is a look at the top five news stories that made the headlines this week. Headlines include the UAE President’s visit to the US, the UAE Central Bank revising its GDP forecast, Microsoft setting up an engineering development center in Abu Dhabi, a report that highlights the growth of centi-millionaire communities in Dubai, Abu Dhabi and Riyadh, and CEPA negotiations between the UAE and New Zealand.
UAE President Sheikh Mohamed meets Joe Biden, reaffirms commitment to US partnership
President His Highness Sheikh Mohamed bin Zayed Al Nahyan spoke of the ‘power of partnerships’ during talks with US President Joe Biden at the White House.
Sheikh Mohamed reaffirmed the UAE’s unwavering commitment to its US partnership and hailed the power of building bridges with nations that share the same values and ambitions for a brighter future.
Sheikh Mohamed and Biden discussed the depth of the strategic relationship between the UAE and the US and their joint determination to further strengthen these bonds.
The two leaders reviewed various aspects of the longstanding bilateral ties, particularly in the fields of trade and investment, the economy, advanced technology, space, renewable energy, climate action, sustainability and food security. They expressed their keenness to expand collaboration in these areas to help advance both countries’ shared ambitions for global prosperity and stability.
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UAE Central Bank raises country’s GDP growth forecast for 2024 to 4 percent, 6 percent for 2025
The Central Bank of the UAE (CBUAE) has updated its GDP growth forecast for 2024, raising it to 4 percent from the previous estimate of 3.9 percent, thanks to stronger performance in the oil sector.
Looking ahead to 2025, growth is set to rise to 6 percent, driven by sustained momentum in the non-hydrocarbon sector, alongside a significant increase in hydrocarbon production.
As outlined in the Quarterly Economic Review released by the central bank, growth projections are primarily influenced by the tourism, transportation, financial and insurance services, construction and real estate, and communications sectors. However, the current level of oil production in 2024 is expected to slightly temper overall growth.
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Microsoft to set up engineering development center in Abu Dhabi
Microsoft Corp. is expanding its Global Engineering Development Center footprint to the UAE, the company announced.
A new development center, which will be established in Abu Dhabi, is Microsoft’s first engineering center to be launched in the Arab world, joining the company’s global portfolio of development centers across key strategic locations around the world.
The Abu Dhabi center will be part of a global ecosystem of centers dedicated to the creation of AI innovations, cloud technologies and advanced cybersecurity solutions. The engineering teams at the center will create cutting-edge solutions that will be part of Microsoft solutions globally.
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Dubai, Abu Dhabi, Riyadh centi-millionaire communities to grow over 150 percent by 2040: Report
Centi-millionaire communities currently include 29,350 individuals worldwide with liquid investable assets of $100 million or more, according to the Centi-Millionaire Report 2024 by Henley & Partners. This number will likely grow, particularly in emerging markets like Dubai, Abu Dhabi and Riyadh.
The growth trajectory of centi-millionaire populations is most prominent in Asian and Middle Eastern cities including Hangzhou, Shenzhen, Taipei, Dubai and Abu Dhabi, which will see increases of over 150 percent in their centi-millionaire communities by 2040. Emerging markets including Riyadh in Saudi Arabia and Bengaluru in India will also enjoy growth of over 150 percent in their centi-populations over the next 16 years.
In contrast, some of the world’s more established capitals including Chicago, Moscow, Zurich and Madrid will likely experience sluggish growth of less than 50 percent in their centi-millionaire communities between now and 2040.
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UAE, New Zealand sign CEPA agreement to reduce tariffs, enhance trade and investment flows
The UAE and New Zealand have successfully concluded negotiations towards a Comprehensive Economic Partnership Agreement (CEPA) that will, once signed and implemented, enhance trade and investment flows between the two nations.
Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and Todd McClay, New Zealand’s Minister of Trade, signed the joint statement, further expanding the UAE’s ongoing CEPA program.
Once implemented, the UAE-New Zealand CEPA will reduce or remove tariffs, eliminate unnecessary trade barriers, improve market access, and create new platforms for investment and private sector collaboration with one of the world’s most globalized economies.
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