Latest news with #AED1
Sharjah 24
12-07-2025
- Business
- Sharjah 24
Mohammed bin Rashid issues law regulating contracting activities
The new law sets out a unified regulatory framework for contractor classification, oversight, transparency and accountability, supporting Dubai's goals for sustainable growth. It also aligns with the emirate's building codes, planning regulations, and long-term development strategy. A key provision of the law is the establishment of the 'Contracting Activities Regulation and Development Committee', which will be formed by a decision of the Chairman of The Executive Council of Dubai. The committee, chaired by a representative from Dubai Municipality, will include members from government authorities and entities concerned with contracting activities. The committee will be responsible for approving contracting activities in Dubai, identifying entities responsible for supervising each activity, overseeing the implementation of the law, proposing new policies and legislation for the sector, and resolving any jurisdictional disputes that may arise between regulatory entities. The committee will also adopt a code of ethics for the sector, coordinate with both public and private stakeholders, and review and act upon recommendations submitted by the authorities. The law applies to all contractors operating in Dubai, including those based in special development zones and free zones such as the Dubai International Financial Centre. Contracting activities related to airports and their associated infrastructure, as well as any other activities exempted by a decision from the Chairman of The Executive Council based on the committee's recommendation, are excluded from the scope of the law. Dubai Municipality has been assigned the responsibility of establishing, operating, and managing an integrated electronic system for all contracting activities in the emirate. This system will be linked to the 'Invest in Dubai' platform and serve as the central registry for contractors. Dubai Municipality is also tasked with preparing a code of conduct for the sector, classifying contractors engaged in construction, building, and demolition activities, and issuing professional competency certificates to technical personnel. The law outlines rules for contractor registration. Contractors must comply with all relevant legislation and operate within their approved classification and capacity. They are prohibited from exceeding their technical or financial limits or subcontracting without prior approval. Penalties for violating the provisions of the law or any related decisions include fines ranging from AED1,000 to AED100,000. Repeat violations within a year may result in doubled fines, up to a maximum of AED200,000. Additional actions may include suspension from contracting activities for up to one year, downgrading of classification, removal from the registry, cancellation of commercial licenses, and suspension or de-registration of technical staff and revocation of their professional certificates. All contractors operating in Dubai at the time the law comes into force are required to regularise their status within a year. This period may be extended by the Committee for another year if necessary. Contractors whose registration expires during this period will be allowed to renew it upon submitting a declaration pledging to comply with the law's provisions within the given timeframe. Any existing legislation that conflicts with this law will be annulled. The law will be effective six months after its publication in the Official Gazette.
Hi Dubai
07-07-2025
- Business
- Hi Dubai
Dubai Land Department Partners with Crypto.com to Advance Digital Real Estate Investment
Dubai Land Department (DLD) has signed a cooperation agreement with to develop a digital investment environment for virtual real estate assets, marking a significant step toward integrating blockchain and digital currencies into Dubai's property sector. The partnership supports the Dubai Government's broader digital transformation agenda and aligns with the Dubai Real Estate Strategy 2033, which targets AED1 trillion in real estate transactions by the end of the decade. It also builds on recent plans to allow government fee payments using digital currencies. Under the memorandum, both parties will explore blockchain-driven solutions for digital real estate transactions, including property tokenisation, digital custody, and investor verification. The aim is to enhance liquidity and create a seamless, secure framework for smart real estate investment. The agreement was signed by His Excellency Omar Hamad BuShehab, Director General of DLD, and Mohamed Abdul Latif Al Hakim, authorised signatory for in the presence of senior officials from both organisations. will provide technical support, propose digital currency solutions, and deliver analytical tools to aid decision-making. DLD, in turn, will offer regulatory support and oversee compliance with local laws. This initiative is part of Dubai's continued push to position itself as a global hub for tech-led investment and innovation, reinforcing its ambition to become the world's leading destination to live, work, and invest. News Source: Emirates News Agency
Al Etihad
30-06-2025
- Business
- Al Etihad
Khorfakkan Mango Festival concludes on high note
30 June 2025 19:22 SHARIAH (WAM)The Mango Festival concluded yesterday, Sunday, its fourth edition on a high note at Expo Khorfakkan. Organised by the Sharjah Chamber of Commerce and Industry (SCCI) alongside the Municipal Council of Khorfakkan and Khorfakkan City Municipality, the 3-day extravagansa took place from June 27 to 29, under the theme 'Mango: Our Fruit, Our Wealth'.This year's edition achieved remarkable success, attracting over 20,000 visitors from within and beyond the UAE, a 100% increase in attendance, and generating more than AED1 million in total featured the participation of more than 40 local farmers and several agriculture and fertilisation from Saudi Arabia, Oman, Pakistan, and Uganda further highlighted the event's expanding international festival showcased more than 150 premium mango varieties and provided a unique opportunity for visitors to explore Khorfakkan's and the Eastern Region's leading agricultural also attracted strong participation from productive families, along with local, regional, and international exhibitors. Their presence created an ideal platform for networking and knowledge exchange around best practices in mango farming and agribusiness Mohammed Al-Mansouri, Director of Expo Khorfakkan, noted that the Mango Festival has solidified its status as one of the UAE's leading agricultural and heritage-themed emphasised its growing role in raising community awareness about the importance of the agricultural sector in achieving sustainable development, ensuring food security, and preserving the UAE's cultural heritage for future from Saudi Arabia, Oman, Pakistan, and Uganda highlighted that the festival offered valuable opportunities for knowledge exchange among mango farmers. It served as an ideal platform to explore diverse experiences in cultivating mango trees across various environments, as well as methods for improving yield and utilising mangoes in different food industries. Mohammed Al Darmaki, Head of the Coordination and Follow-Up Committee of the Mango Festival, stated that the committee worked diligently to turn the festival's vision into comprehensive operational plans. He highlighted efforts to streamline participation for farmers and home-based producers while enhancing the overall visitor experience.
Hi Dubai
16-06-2025
- Business
- Hi Dubai
UAE GDP Rises by 4 Percent as Non-Oil Sectors Drive Growth in 2024
The UAE's economy grew by 4 percent in 2024, with real GDP reaching AED1,776 billion, driven largely by robust performance across non-oil sectors, according to official data released by the Federal Competitiveness and Statistics Centre. Non-oil GDP climbed 5 percent year-over-year to AED1,342 billion, making up 75.5 percent of the total economic output. Oil-related activities contributed AED434 billion, highlighting the country's continued push toward economic diversification. Minister of Economy Abdulla bin Touq Al Marri said the figures reflect renewed momentum in the UAE's economic development and mark key progress toward the nation's 'We the UAE 2031' vision, which targets a GDP of AED3 trillion by the next decade. He credited the leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan and His Highness Sheikh Mohammed bin Rashid Al Maktoum for steering the country toward a sustainable, knowledge-driven economy. Hanan Mansour Ahli, Managing Director of the FCSC, noted the growth signals strong execution of a diversification strategy focused on long-term sustainability and global competitiveness. Among the fastest-growing sectors in 2024, transport and storage led with a 9.6 percent growth, bolstered by a surge in air travel as UAE airports handled 147.8 million passengers—a 10 percent rise. The construction sector followed with an 8.4 percent increase, while financial services, hospitality, and real estate also posted solid gains. Trade, manufacturing, and financial services were the top contributors to non-oil GDP, together accounting for over 43 percent of economic activity, underscoring the UAE's transformation into a multi-sector powerhouse. News Source: Emirates News Agency
Dubai Eye
15-06-2025
- Business
- Dubai Eye
UAE's GDP grows by 4% in 2024 to AED 1.77 trillion
The UAE's real GDP touched AED1.77 trillion in 2024, marking a 4 per cent growth, with non-oil sectors accounting for 75.5 per cent of the national economy. Figures released by the Federal Competitiveness and Statistics Centre (FCSC) show that non-oil GDP grew by 5 per cent, totalling AED1,342 billion, while oil-related activities contributed AED434 billion. UAE's Minister of Economy, Abdulla bin Touq Al Marri, highlighted that these indicators reflect the sustained success of the nation's economic strategies, which are driving the transition toward an innovative, knowledge-based and sustainable economic model aligned with global trends and emerging technologies. "With each milestone, we are moving closer to achieving the UAE's target of raising GDP to AED3 trillion by the next decade, while reinforcing its position as a global hub for the new economy, driven by sustainable development, international competitiveness and forward-looking leadership," he added. The transport and storage sector emerged as the fastest-growing contributor to GDP in 2024, recording a 9.6 per cent year-over-year growth, with UAE airports' exceptional performance contributing to it. The building and construction sector followed with an 8.4 per cent growth rate, supported by substantial investments in urban infrastructure. Financial and insurance activities expanded by 7 per cent, while the hospitality sector, encompassing hotels and restaurants, rose by 5.7 per cent. Meanwhile, the real estate sector recorded a 4.8 per cent growth. With regard to non-oil economic activities that contributed most to the GDP, the trade sector contributed 16.8 per cent, the manufacturing sector accounted for 13.5 per cent, and financial and insurance activities contributed 13.2 per cent. Construction and building contributed 11.7 per cent, while real estate activities accounted for 7.8 per cent of the non-oil GDP.
