Newsletter 14/2018

Stay tuned with the Italian Chamber of Commerce in the UAE!

“THE GERMAN – ITALIAN NETWORKING , FOCUSED ON CONSTRUCTION – LOGISTICS AND FOOD “
Al Grissino, 24th Of June 2018
in collaboration with
AHK, German – Emirati Joint Chamber of Commerce

A selection of news articles that featured in official publications in UAE and Italy related to the business, economy and culture of the two countries.

DUBAI TO HOST TOLERANCE SUMMIT
As some parts of the world are reeling from strife and hatred, the UAE will strive to leas the way to boots pluralism and embrace diversity, organizers of the upcoming World Tolerance Summit in Dubai. the first-ever World Tolerance Summit is organized by the International Institute for Tolerance, a part of the Mohammed bin Rashid Al Maktoum Global Initiatives, and is happening from November 15 to 16 in Dubai, to coincide with the International Day for Tolerance, the annual event declared by the United Nations to generate public awareness of the dangers of intolerance. The summit will host a gathering of around 1000 government leaders, key personalities from the private and public sectors, youth representatives, social leaders, social influencers and the international diplomatic community in a platform that seeks innovative solutions and o forge fruitful partnerships that will help promote respect for diversity and productive pluralism.
Source: Khaleej Times

WHY UAE HAS BECOME MORE AFFORDABLE FOR EXPATS
The UAE has become a more affordable country now for expats as the cost of living has declined despite the introduction of value-added tax (VAT) earlier this year. This can be attributed to a consistent fall in rents, a strong local currency and lower oil prices last year. According to Mercer’s annual cost of living survey, Dubai dropped from 19th position to the 26th, while the UAE’s capital city was rated 40th as compared to 22nd in 2017 ranking of the world’s 209 most expensive cities. Among the factors which contributed to that, the VAT which will not have a big impact on the cost of living because the recent measured announced by the Government such as freeing and reducing certain fees across differ sectors of the economy; oil prices last year and the strength of the US dollar-pegged UAE dirham, which resulted in cheaper imports of food and other items into the UAE.
Source: Khaleej Times

DRIVE ALL YOU WANT
Fuel prices in the UAE, which reached its peak this month since the Country opted for deregulation in 2015, are still among the lowest in the world because governments in other Countries have imposed taxes on the consumption of fuel. Compared to the UAE, prices in the Nordica Staes such as Norway and Sweden are higher by nearly 250% and 220%, respectively. In Saudi Arabia, fuel prices are the cheapest, which are nearly less than half of UAE prices.
Source: Khaleej Times

AN EMIRATI IN SPACE IN 10 MONTHS
The UAE has officially announced the date when its first astronaut would jet off into space: April 2019. In 10 months, an Emirati astronaut would embark on a 10-day mission on board Russia’s Soyuz-MS spacecraft to the International Space Station. An Agreement to this effect was signed by the Mohammed Bin Rashid Space Centre and the Russian Federal Space Agency on Wednesday.
Source: Khaleej Times

DUBAI AMONG WORLD’S TOP 30 FASTEST GROWING CITIES
Dubai’s prospects for the near-term look strong as the Emirate’s economy and real estate are undergoing the most rapid growth in the Middle East for the short-term period. The JLL’s latest City Momentum Index 2018 data of top 30 cities disclosed that Dubai has been ranked 27th for the short-term growth prospects, ahead of Bangkok, Seatte and Bucharest. However, the Emirate was rated 11th among the top 30 most dynamic cities in JLL’s report last year. Dubai would be a key driver of the UAE’s economy growth with its non-oil economy on track to record a 3.7% growth in 2018 compared to 3.3% in the previous year. Dubai has been taking a number of initiatives through its Plan 2021, Dubai 10X and Dubai Industrial Strategy 2030 that would drive the Emirate’s growth in multiple sectors.
Source: Khaleej Times

DIFC GRAND MOSQUE TO OPEN IN GATE AVENUE BY NEXT YEAR
Gate Avenues gearing up to bring its most-anticipated state-of-art mosque, which will be known as “DIFC Grand Mosque”, to the Centre’s existing urban infrastructure. The Mosque is scheduled to open in 2019. From a design perspective, the 14.500 sq.ft. DIFC Grand Mosque is set to create a new vernacular for this typology in the UAE, offering a modern, nonconformist facility with references to tradition. The building form is a simple cube within a cube, reflecting the iconic Gate Building of DIFC. The interiors tend to be more elaborate as it introduces an expansive main chandelier that is inspired by the traditional Muqarnas.
Source: Khaleej Times

SAUDI WINS STATUS UPGRADE
The game-changing addition of Saudi Arabia, the largest Arab economy, to global index compiler MSCI’s emerging markets benchmark will act as a pivotal catalyst for the GCC sock markets and could help attract $40 bln in foreign inflows into the kingdom. The milestone decision is the second key development for the Saudi bourse known as Tadawul – the largest Arab stock market with capitalization of over $525 bln – after the global FTSE Russel Index granted it secondary emerging market status in March. Mohammed bin Abdullah Elkuwaiz, chairman of the Saudi Capital Market Authority, said while funds inflows are expected from both passive and active funds, the MSCI upgrade of Saudi bourse would boost the appeal of oil giant Saudi Aramco’s proposal initial public offering.
Source: Khaleej Times

FREEDOM AT MIDNIGHT
Saudi women drove to work and ran errands on Sunday, the 24th of June, relishing the freedom to move about relying on men after the kingdom lifted the world’s last remaining ban on women driving. It’s a historical moment for women who have been at mercy of their husbands, fathers, brothers and drivers to move around. The ban has relegated women to the backseat, restricting when they could meet friends, where they could spend their time and how they could plain out their day.  Some women didn’t wait until the morning to drive, jumping in their cars at the stroke of midnight and steering their way through the capital’s still busy streets.
Source: Khaleej Times

SAUDI WOMEN BEHIND THE WHEEL MAY REV UP ECONOMY BY $90 BLN
Allowing Saudi women to drive could help the Kingdom of Saudi Arabia reap as much income as selling shares in Saudi Aramco. The move could add as much as $90 bln to economic output by 2030, with the benefits extending beyond that date. Selling as much as 5% stake in Saudi Arabian Oil Co could generate about $100 bln. Lifting the ban on driving is likely to increase the number of women seeking jobs, boosting the size of the workforce and lifting overall incomes and output. Ending the ban is one of the most socially-consequential reforms consequential reforms implemented by Saudi Arabia’s Crown prince Mohammed bin Salma. It’s also a key part of his plan to veer the economy from its reliance on oil.
Source: Khaleej Times